UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-03015
Ohio National Fund, Inc.
(Exact name of registrant as specified in charter)
One Financial Way, Cincinnati, Ohio
| 45242
| |
(Address of principal executive offices) | (Zip Code) |
CT Corporation 300 E. Lombard St., Suite 1400 Baltimore, MD 21202
(Name and address of agent for service)
Registrant’s telephone number, including area code: 513-794-6971
Date of fiscal year end: December 31
Date of reporting period: June 30, 2023
Item 1. Reports To Stockholders.
(a)
OHIO NATIONAL FUND, INC.
1 | ||||
The following pages contain Performance, Comments from Adviser/Sub-Adviser, Change in Value of $10,000 Investment, Portfolio Composition, Top Holdings and Schedule of Investments (all of which are unaudited) for each of the Fund’s Portfolios: | ||||
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Message
Dear Investor:
In our letter at the end of 2022, we said, “Undoubtedly, 2023 will be eventful.” The first half of 2023 has, indeed, proved to be quite eventful. From a global perspective, inflation, and the reactions to it, defined the state of the global economy. Inflation in most developed economies reached highs in 2022. Despite falling from a U.S. high of 9.1% in mid-year 2022, stubbornly high inflation readings continued to put pressure on consumers. The best tool to tame inflation (as in too much borrowing and spending) is to raise interest rates, thus making borrowing more expensive. In response to high inflation, the U.S. Federal Reserve (the “Fed”) continually raised the Fed Funds Rate throughout the first half of the year. After starting the year at 4.10%, by June of 2023, the rate reached 5.08%, its highest reading since late 2007.
Raising interest rates is a heavy tool that can push the economy into a recession. While a recession has not yet happened in the U.S., we did see some dramatic consequences of higher interest rates during 2023 with the liquidity crunch and eventual collapses of Silicon Valley Bank, Signature Bank, and First Republic Bank. Additionally, in Switzerland, the venerable Credit Suisse was rescued by its competitor, UBS. Beyond the banking crisis, other measures of economic health, including labor markets, remain quite strong.
From a geopolitical perspective, the conflict resulting from Russia’s invasion of Ukraine continued to stress economic and financial markets across Europe. Also, many European countries have experienced higher and much stickier inflation than the U.S. Looking to Asia, the U.S./China relationship has cooled significantly. A major contributor to negative relations this year was the shooting down of a Chinese spy balloon after drifting across the continental U.S. Additionally, the possibility of conflict over Taiwan and the South China Sea are some of the more challenging issues these two global powers will face.
During the first half of the year, stocks experienced a strong bull market. The largest rally occurred within technology stocks, particularly larger cap names. The seven stocks with outsized performance have been dubbed the “magnificent seven.” They include Apple, Microsoft, Nvidia, Amazon, Meta, Alphabet, and Tesla. As the market capitalization of these stocks grows, so does their concentration within indexes. This concentration effect has pushed up passive investments that track the technology indexes and negatively impacted the relative performance of many active managers so far in 2023. Fixed income investments generally produced positive returns during the first half of the year—a reversal of the trend in 2022, which saw a large decline in bond markets. The yield curve remains inverted, as it has been since mid-2022. While there is some historical precedent indicating that a yield curve inversion is indicative of a coming recession, we do not yet know where this inversion will lead. Overall, though, stock and bond markets experienced positive results, causing the overall economic picture to brighten when compared to the end of last year.
Equity Markets
Equity markets experienced strong performance during the first half of 2023. Within domestic equity markets, the S&P 500®, S&P MidCap 400®, and Russell 2000® indices all posted positive returns, with double-digit positive returns across the large capitalization spectrum. Growth stocks outperformed value stocks by a wide margin during the six months ended June 30, 2023. The S&P 500® Value Index returned 12.15%, while the S&P 500® Growth Index returned 21.25%. This outperformance of growth is a reversal from the end of 2022 but is a realignment of the decade-long trend
1
favoring growth companies. Given the inflationary difficulties and general economic weakness within foreign equity markets, returns for foreign large-capitalization stocks underperformed their U.S. large-cap peers. However, global developed market equities outperformed U.S. mid-cap and small-cap stocks.
A summary of returns for key equity benchmarks is presented below:
YTD June 30, 2023 U.S. Dollar Total Returns | ||||
Index | (price and dividend) | |||
S&P 500® | 16.89 | % | ||
S&P 500® Growth | 21.25 | % | ||
S&P 500® Value | 12.15 | % | ||
S&P MidCap 400® | 8.84 | % | ||
Russell 2000® | 8.09 | % | ||
MSCI All Country World Ex-USA (Net) | 9.47 | % | ||
MSCI Emerging Markets (Net) | 4.89 | % |
Fixed Income Markets
Fixed-income markets experienced moderately positive returns during the first half of 2023. As discussed previously, interest rates moved upward, but at a slower pace than in 2022, and the yield curve (defined here as the difference between a 2-year interest rate vs. a 10-year interest rate) remained inverted. Generally, fixed-income credit markets, specifically lower-quality issues, have a higher correlation to that of stocks. As economic news strengthens, lower-quality securities tend to outperform U.S. Treasuries and agency securities. Throughout the first half of the year, credit risk was rewarded more than interest rate risk, leading to returns in corporate bonds, both low and high quality, that outperformed Treasuries and other agency securities.
The Bloomberg U.S. Aggregate Bond Index posted a total return of 2.09% during the first half of 2023. Lower-quality indices, like the Bloomberg Corporate Bond Index and the Bloomberg U.S. Corporate High Yield Bond Index, provided total returns of 3.21% and 5.38%, respectively. The Bloomberg U.S. Securitized Index, a higher quality, shorter duration index, provided a return of 1.82% for the six-month period. The table below illustrates the returns of the various indices.
YTD June 30, 2023 U.S. Dollar Total Returns | ||||
Index | (price and interest) | |||
Bloomberg U.S. Aggregate Bond | 2.09 | % | ||
Bloomberg U.S. Treasury | 1.59 | % | ||
Bloomberg U.S. Securitized | 1.82 | % | ||
Bloomberg U.S. Corporate Bond | 3.21 | % | ||
Bloomberg U.S. Corporate High Yield Bond | 5.38 | % |
The Ohio National Fund, Inc.
The Ohio National Fund continues to offer a wide array of investment options that can be used to build a diversified portfolio. During the first half of 2023, 15 of the 22 actively managed Portfolios beat their respective peer groups, substantially beating the success rate of active managers as a whole. In addition, before expenses, the returns of the three index Portfolios performed in line with their respective indices during the six-month period.
2
Looking Ahead
The prospect of a soft landing, in which inflation can be tamed while avoiding recession, increased in the first half of 2023. However, recession remains a fear as the Fed continues to signal a willingness to bring down inflation, even at the expense of economic growth. Additionally, the full consequences of the Fed’s tightening tend to lag, meaning that even without meaningful interest rate changes moving forward, the effects of the previous year will continue to be felt. Generally, uncertainty abounds as we move to the second half of 2023. However, the general fear of a recession has dimmed during the last six months, and there are plenty of opportunities for a surprise to the upside. Within equity markets, valuations are, on the whole, not stretched. The Nasdaq-100® index, which is weighted heavily towards technology, has announced a special rebalance with the purpose of bringing the “magnificent seven” stocks to a more manageable weight across the index. Within fixed-income markets, we continue to look for a resolution or improvement in the unusually long yield curve inversion. However, we believe that the worst of the Fed’s interest rate hikes are behind us.
Thank you for entrusting your assets with Ohio National Fund, Inc. We look forward to serving your financial needs in the years ahead.
Thank you for your trust,
Thomas G. Mooney
Interim President, Ohio National Fund, Inc.
3
Ohio National Fund, Inc. | ON Bond Portfolio (Unaudited) |
Objective/Strategy |
The ON Bond Portfolio seeks a high level of income and opportunity for capital appreciation consistent with preservation of capital by investing, under normal circumstances, at least 80% of its net assets in corporate debt securities.
Performance as of June 30, 2023 |
Average Annual returns | ||||
One year | 1.71 | % | ||
Five years | 1.64 | % | ||
Ten years | 2.31 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price and reinvestment of dividends and capital gains. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information up to the most recent month end, call toll-free 1-877-781-6392.
The Portfolio is not open to direct retail investment. Beneficial interest in the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts, or as an underlying investment by the ON Model Portfolios. 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 0.61% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 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 six-month period ended June 30, 2023, the Portfolio returned 3.09% versus 3.24% for its benchmark, the ICE BofA U.S. Corporate Index.
Q. What affected the Portfolio’s performance?
A. Fixed income markets registered positive returns during the first half of 2023, despite the Federal Reserve raising the Fed Funds rate. While shorter term interest rates increased, longer term interest rates declined slightly. Credit spreads also declined slightly during the period. In this environment, longer duration and lower quality bonds outperformed the benchmark, while shorter duration and higher quality bonds underperformed the benchmark.
The Portfolio’s duration was slightly shorter than the benchmark during the period, which detracted from performance compared to the benchmark. In addition, industry allocation detracted modestly from performance. Lastly, the performance of regional bank bonds in the Portfolio detracted from performance. These items were the primary drivers contributing to the Portfolio’s underperformance. On the positive side, security selection contributed to positive performance versus the benchmark. The Portfolio’s exposure to longer duration, non-cyclical bonds also provided positive relative performance. (1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.
The ICE BofA U.S. Corporate 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.
4 | (continued) |
Ohio National Fund, Inc. | ON Bond Portfolio (Unaudited) (Continued) |
Portfolio Composition as of June 30, 2023 (1) |
% of Net Assets | ||||
Corporate Bonds (4) | 92.7 | |||
Asset-Backed Securities (4) | 2.3 | |||
U.S. Treasury Obligations | 0.9 | |||
Other Net Assets | 4.1 | |||
|
| |||
100.0 | ||||
|
|
(1) | Composition of Portfolio subject to change. |
(2) | Short-term investments have been excluded from the list of Top 10 Portfolio Holdings. |
(3) | Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher. |
(4) | Sectors (Corporate Bonds, Asset-Backed Securities): |
% of Net Assets | ||||
Financials | 25.7 | |||
Industrials | 10.4 | |||
Consumer Staples | 10.0 | |||
Consumer Discretionary | 9.1 | |||
Energy | 8.5 | |||
Utilities | 7.7 | |||
Materials | 6.9 | |||
Health Care | 5.7 | |||
Communication Services | 4.7 | |||
Information Technology | 3.5 | |||
Real Estate | 2.8 | |||
|
| |||
95.0 | ||||
|
|
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||
1. | Lear Corp. 4.250%, 05/15/2029 | 1.7 | ||
2. | Amgen, Inc. 5.600%, 03/02/2043 | 1.3 | ||
3. | Marriott International, Inc. 4.900%, 04/15/2029 | 1.3 | ||
4. | MPLX LP 5.000%, 03/01/2033 | 1.3 | ||
5. | Kinross Gold Corp. 4.500%, 07/15/2027 | 1.3 | ||
6. | Mosaic Co. / The 4.050%, 11/15/2027 | 1.3 | ||
7. | Hasbro, Inc. 3.900%, 11/19/2029 | 1.2 | ||
8. | Ares Capital Corp. 3.200%, 11/15/2031 | 1.2 | ||
9. | Boeing Co. / The 3.200%, 03/01/2029 | 1.2 | ||
10. | Bank of Montreal 3.803%, 12/15/2032 | 1.1 |
5 |
Ohio National Fund, Inc. | ON Bond Portfolio | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds – 92.7% | Rate | Maturity | Face Amount | Value | ||||||||||||||||
COMMUNICATION SERVICES – 4.7% | ||||||||||||||||||||
AT&T, Inc. (Diversified Telecom. Svs.) | 4.900% | 08/15/2037 | $1,000,000 | $ | 938,540 | |||||||||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital (Media) | 3.700% | 04/01/2051 | 1,000,000 | 631,879 | ||||||||||||||||
Comcast Corp. (Media) | 3.250% | 11/01/2039 | 3,000,000 | 2,379,673 | ||||||||||||||||
Meta Platforms, Inc. (Interactive Media & Svs.) | 4.950% | 05/15/2033 | 1,000,000 | 999,226 | ||||||||||||||||
Time Warner Cable LLC (Media) | 6.550% | 05/01/2037 | 2,000,000 | 1,917,348 | ||||||||||||||||
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 3.875% | 04/15/2030 | 1,800,000 | 1,658,283 | ||||||||||||||||
Verizon Communications, Inc. (Diversified Telecom. Svs.) | 4.400% | 11/01/2034 | 1,500,000 | 1,384,460 | ||||||||||||||||
Verizon Communications, Inc. (Diversified Telecom. Svs.) | 2.875% | 11/20/2050 | 1,000,000 | 651,488 | ||||||||||||||||
|
| |||||||||||||||||||
10,560,897 | ||||||||||||||||||||
|
| |||||||||||||||||||
CONSUMER DISCRETIONARY – 9.1% | ||||||||||||||||||||
Amazon.com, Inc. (Broadline Retail) | 3.875% | 08/22/2037 | 1,000,000 | 913,151 | ||||||||||||||||
Aptiv PLC (Automobile Components) | 4.350% | 03/15/2029 | 1,000,000 | 960,382 | ||||||||||||||||
Aptiv PLC / Aptiv Corp. (Automobile Components) | 3.250% | 03/01/2032 | 2,000,000 | 1,712,317 | ||||||||||||||||
Best Buy Co., Inc. (Specialty Retail) | 1.950% | 10/01/2030 | 1,500,000 | 1,208,287 | ||||||||||||||||
Expedia Group, Inc. (Hotels, Restaurants & Leisure) | 4.625% | 08/01/2027 | 1,000,000 | 969,048 | ||||||||||||||||
Hasbro, Inc. (Leisure Products) | 3.900% | 11/19/2029 | 3,000,000 | 2,710,921 | ||||||||||||||||
Home Depot, Inc. / The (Specialty Retail) | 2.375% | 03/15/2051 | 2,000,000 | 1,239,117 | ||||||||||||||||
Lear Corp. (Automobile Components) | 4.250% | 05/15/2029 | 4,000,000 | 3,735,616 | ||||||||||||||||
Lowe’s Cos., Inc. (Specialty Retail) | 3.000% | 10/15/2050 | 2,000,000 | 1,310,859 | ||||||||||||||||
M.D.C. Holdings, Inc. (Household Durables) | 3.850% | 01/15/2030 | 2,000,000 | 1,754,910 | ||||||||||||||||
Magna International, Inc. (Automobile Components) | 3.625% | 06/15/2024 | 1,000,000 | 980,037 | ||||||||||||||||
Marriott International, Inc. (Hotels, Restaurants & Leisure) | 4.900% | 04/15/2029 | 3,000,000 | 2,918,826 | ||||||||||||||||
|
| |||||||||||||||||||
20,413,471 | ||||||||||||||||||||
|
| |||||||||||||||||||
CONSUMER STAPLES – 10.0% | ||||||||||||||||||||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages) | 4.700% | 02/01/2036 | 2,000,000 | 1,945,229 | ||||||||||||||||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages) | 4.900% | 02/01/2046 | 1,000,000 | 955,791 | ||||||||||||||||
Anheuser-Busch InBev Worldwide, Inc. (Beverages) | 4.600% | 04/15/2048 | 2,000,000 | 1,856,501 | ||||||||||||||||
B.A.T. Capital Corp. (Tobacco) | 3.215% | 09/06/2026 | 1,000,000 | 929,412 | ||||||||||||||||
B.A.T. Capital Corp. (Tobacco) | 4.700% | 04/02/2027 | 2,000,000 | 1,936,449 | ||||||||||||||||
Brown-Forman Corp. (Beverages) | 4.750% | 04/15/2033 | 2,000,000 | 2,007,491 | ||||||||||||||||
Coca-Cola Co. / The (Beverages) | 3.000% | 03/05/2051 | 1,000,000 | 761,877 | ||||||||||||||||
Coca-Cola Co. / The (Beverages) | 2.500% | 03/15/2051 | 1,000,000 | 683,185 | ||||||||||||||||
Constellation Brands, Inc. (Beverages) | 5.000% | 02/02/2026 | 500,000 | 498,129 | ||||||||||||||||
Hershey Co. / The (Food Products) | 1.700% | 06/01/2030 | 1,800,000 | 1,493,213 | ||||||||||||||||
JBS U.S.A. LUX SA / JBS U.S.A. Food Co. / JBS U.S.A. Finance, Inc. (Food Products) | (a | ) | 5.750% | 04/01/2033 | 1,200,000 | 1,127,943 | ||||||||||||||
Kimberly-Clark Corp. (Household Products) | 1.050% | 09/15/2027 | 2,000,000 | 1,726,207 | ||||||||||||||||
Kraft Heinz Foods Co. (Food Products) | 4.625% | 10/01/2039 | 1,200,000 | 1,084,297 | ||||||||||||||||
Philip Morris International, Inc. (Tobacco) | 3.375% | 08/15/2029 | 2,500,000 | 2,258,926 | ||||||||||||||||
Pilgrim’s Pride Corp. (Food Products) | 6.250% | 07/01/2033 | 1,500,000 | 1,452,888 | ||||||||||||||||
Smithfield Foods, Inc. (Food Products) | (a | ) | 3.000% | 10/15/2030 | 2,000,000 | 1,568,113 | ||||||||||||||
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22,285,651 | ||||||||||||||||||||
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ENERGY – 8.5% | ||||||||||||||||||||
Baker Hughes Holdings LLC / Baker Hughes Co-Obligor, Inc. (Energy Equip. & Svs.) | 4.080% | 12/15/2047 | 2,000,000 | 1,614,596 | ||||||||||||||||
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels) | 3.017% | 01/16/2027 | 1,000,000 | 940,869 | ||||||||||||||||
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels) | 1.749% | 08/10/2030 | 1,000,000 | 818,853 | ||||||||||||||||
Chevron Corp. (Oil, Gas & Consumable Fuels) | 2.236% | 05/11/2030 | 1,800,000 | 1,566,407 | ||||||||||||||||
Energy Transfer LP (Oil, Gas & Consumable Fuels) | 4.950% | 06/15/2028 | 2,000,000 | 1,939,942 | ||||||||||||||||
Halliburton Co. (Energy Equip. & Svs.) | 4.850% | 11/15/2035 | 1,000,000 | 941,647 | ||||||||||||||||
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 5.300% | 12/01/2034 | 1,000,000 | 962,822 | ||||||||||||||||
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 4.750% | 09/15/2044 | 1,000,000 | 836,354 | ||||||||||||||||
MPLX LP (Oil, Gas & Consumable Fuels) | 5.000% | 03/01/2033 | 3,000,000 | 2,873,654 | ||||||||||||||||
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 5.850% | 01/15/2026 | 1,200,000 | 1,204,440 | ||||||||||||||||
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 6.000% | 06/15/2035 | 1,000,000 | 994,878 | ||||||||||||||||
Shell International Finance B.V. (Oil, Gas & Consumable Fuels) | 4.000% | 05/10/2046 | 1,000,000 | 849,283 | ||||||||||||||||
Tennessee Gas Pipeline Co. LLC (Oil, Gas & Consumable Fuels) | (a | ) | 2.900% | 03/01/2030 | 1,000,000 | 853,978 | ||||||||||||||
Texas Eastern Transmission LP (Oil, Gas & Consumable Fuels) | (a | ) | 4.150% | 01/15/2048 | 1,000,000 | 791,960 | ||||||||||||||
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels) | 3.750% | 06/15/2027 | 1,000,000 | 943,699 | ||||||||||||||||
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels) | 5.400% | 03/04/2044 | 1,000,000 | 921,090 | ||||||||||||||||
|
| |||||||||||||||||||
19,054,472 | ||||||||||||||||||||
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FINANCIALS – 25.7% | ||||||||||||||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Financial Services) | 3.300% | 01/30/2032 | 1,500,000 | 1,227,148 | ||||||||||||||||
American Express Co. (Rate is fixed until 08/03/2032, at which point, the rate becomes SOFR + 176) (Consumer Finance) | (b | ) | 4.420% | 08/03/2033 | 1,800,000 | 1,698,479 | ||||||||||||||
Ares Capital Corp. (Capital Markets) | 3.200% | 11/15/2031 | 3,500,000 | 2,682,974 | ||||||||||||||||
Bank of America Corp. (Banks) | 3.875% | 08/01/2025 | 1,000,000 | 971,625 |
6 | (continued) |
Ohio National Fund, Inc. | ON Bond Portfolio (Continued) |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||||||||
FINANCIALS (continued) | ||||||||||||||||||||
Bank of America Corp. (Rate is fixed until 03/08/2032, at which point, the rate becomes H15T5Y + 200) (Banks) | (b | ) | 3.846% | 03/08/2037 | $1,000,000 | $ | 855,124 | |||||||||||||
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 | 2,468,187 | ||||||||||||||
BlackRock, Inc. (Capital Markets) | 2.400% | 04/30/2030 | 1,000,000 | 865,301 | ||||||||||||||||
BlackRock, Inc. (Capital Markets) | 2.100% | 02/25/2032 | 2,000,000 | 1,612,874 | ||||||||||||||||
Capital One Bank U.S.A. N.A. (Rate is fixed until 01/28/2025, at which point, the rate becomes SOFR + 91) (Consumer Finance) | (b | ) | 2.280% | 01/28/2026 | 1,500,000 | 1,399,626 | ||||||||||||||
Charles Schwab Corp. / The (Capital Markets) | 3.300% | 04/01/2027 | 2,000,000 | 1,850,624 | ||||||||||||||||
Citigroup, Inc. (Banks) | 3.700% | 01/12/2026 | 1,000,000 | 959,299 | ||||||||||||||||
Citigroup, Inc. (Banks) | 4.450% | 09/29/2027 | 2,000,000 | 1,909,657 | ||||||||||||||||
Credit Suisse AG (Banks) | 7.950% | 01/09/2025 | 2,000,000 | 2,040,485 | ||||||||||||||||
Discover Bank (Rate is fixed until 08/09/2023, at which point, the rate becomes USISOA05 + 173) (Banks) | (b | ) | 4.682% | 08/09/2028 | 2,000,000 | 1,828,615 | ||||||||||||||
General Motors Financial Co., Inc. (Consumer Finance) | 6.400% | 01/09/2033 | 2,000,000 | 2,032,881 | ||||||||||||||||
Goldman Sachs Group, Inc. / The (Capital Markets) | 3.750% | 05/22/2025 | 2,000,000 | 1,930,321 | ||||||||||||||||
Intercontinental Exchange, Inc. (Capital Markets) | 3.750% | 12/01/2025 | 1,000,000 | 970,634 | ||||||||||||||||
Jefferies Financial Group, Inc. (Capital Markets) | 4.850% | 01/15/2027 | 1,800,000 | 1,763,239 | ||||||||||||||||
JPMorgan Chase & Co. (Banks) | 3.625% | 12/01/2027 | 2,000,000 | 1,874,922 | ||||||||||||||||
JPMorgan Chase & Co. (Rate is fixed until 05/13/2030, at which point, the rate becomes TSFR3M + 252) (Banks) | (b | ) | 2.956% | 05/13/2031 | 2,000,000 | 1,714,901 | ||||||||||||||
KeyCorp (Rate is fixed until 06/01/2032, at which point, the rate becomes SOFRINDX + 206) (Banks) | (b | ) | 4.789% | 06/01/2033 | 2,500,000 | 2,095,846 | ||||||||||||||
Marsh & McLennan Cos., Inc. (Insurance) | 3.500% | 06/03/2024 | 1,400,000 | 1,370,675 | ||||||||||||||||
Mitsubishi UFJ Financial Group, Inc. (Rate is fixed until 02/22/2033, at which point, the rate becomes H15T1Y + 163) (Banks) | (b | ) | 5.441% | 02/22/2034 | 2,000,000 | 1,992,494 | ||||||||||||||
Morgan Stanley (Capital Markets) | 3.950% | 04/23/2027 | 1,000,000 | 946,832 | ||||||||||||||||
Morgan Stanley (Rate is fixed until 10/18/2027, at which point, the rate becomes SOFR + 224) (Capital Markets) | (b | ) | 6.296% | 10/18/2028 | 2,000,000 | 2,055,100 | ||||||||||||||
PNC Bank N.A. (Banks) | 2.700% | 10/22/2029 | 2,500,000 | 2,089,082 | ||||||||||||||||
State Street Corp. (Capital Markets) | 2.200% | 03/03/2031 | 2,000,000 | 1,624,965 | ||||||||||||||||
Synchrony Financial (Consumer Finance) | 4.250% | 08/15/2024 | 1,000,000 | 964,131 | ||||||||||||||||
Synchrony Financial (Consumer Finance) | 5.150% | 03/19/2029 | 2,000,000 | 1,814,567 | ||||||||||||||||
Truist Financial Corp. (Rate is fixed until 10/28/2032, at which point, the rate becomes SOFR + 230) (Banks) | (b | ) | 6.123% | 10/28/2033 | 1,000,000 | 1,014,823 | ||||||||||||||
U.S. Bancorp (Banks) | 1.375% | 07/22/2030 | 2,000,000 | 1,529,505 | ||||||||||||||||
Wells Fargo & Co. (Banks) | 3.000% | 04/22/2026 | 1,000,000 | 940,299 | ||||||||||||||||
Wells Fargo & Co. (Rate is fixed until 10/30/2029, at which point, the rate becomes TSFR3M + 143) (Banks) | (b | ) | 2.879% | 10/30/2030 | 2,000,000 | 1,727,369 | ||||||||||||||
Wells Fargo & Co. (Rate is fixed until 04/30/2040, at which point, the rate becomes SOFR + 253) (Banks) | (b | ) | 3.068% | 04/30/2041 | 1,200,000 | 882,619 | ||||||||||||||
Wells Fargo & Co. (Banks) | 4.650% | 11/04/2044 | 1,000,000 | 848,317 | ||||||||||||||||
Westpac Banking Corp. (Rate is fixed until 02/04/2025, at which point, the rate becomes H15T5Y + 135) (Banks) | (b | ) | 2.894% | 02/04/2030 | 1,500,000 | 1,401,490 | ||||||||||||||
Westpac Banking Corp. (Rate is fixed until 11/23/2026, at which point, the rate becomes USISOA05 + 224) (Banks) | (b | ) | 4.322% | 11/23/2031 | 1,800,000 | 1,667,477 | ||||||||||||||
|
| |||||||||||||||||||
57,622,507 | ||||||||||||||||||||
|
| |||||||||||||||||||
HEALTH CARE – 5.7% | ||||||||||||||||||||
AbbVie, Inc. (Biotechnology) | 3.200% | 11/21/2029 | 1,000,000 | 904,276 | ||||||||||||||||
AbbVie, Inc. (Biotechnology) | 4.250% | 11/21/2049 | 2,000,000 | 1,726,259 | ||||||||||||||||
Amgen, Inc. (Biotechnology) | 5.600% | 03/02/2043 | 3,000,000 | 3,009,078 | ||||||||||||||||
HCA, Inc. (Health Care Providers & Svs.) | 5.250% | 06/15/2026 | 1,000,000 | 989,070 | ||||||||||||||||
Quest Diagnostics, Inc. (Health Care Providers & Svs.) | 2.950% | 06/30/2030 | 2,000,000 | 1,758,639 | ||||||||||||||||
Quest Diagnostics, Inc. (Health Care Providers & Svs.) | 2.800% | 06/30/2031 | 1,000,000 | 860,761 | ||||||||||||||||
Regeneron Pharmaceuticals, Inc. (Biotechnology) | 1.750% | 09/15/2030 | 1,800,000 | 1,434,725 | ||||||||||||||||
UnitedHealth Group, Inc. (Health Care Providers & Svs.) | 5.050% | 04/15/2053 | 2,000,000 | 1,987,894 | ||||||||||||||||
|
| |||||||||||||||||||
12,670,702 | ||||||||||||||||||||
|
| |||||||||||||||||||
INDUSTRIALS – 8.1% | ||||||||||||||||||||
Air Lease Corp. (Trading Companies & Distributors) | 2.300% | 02/01/2025 | 2,000,000 | 1,880,652 | ||||||||||||||||
BAE Systems PLC (Aerospace & Defense) | (a | ) | 1.900% | 02/15/2031 | 2,000,000 | 1,605,813 | ||||||||||||||
Boeing Co. / The (Aerospace & Defense) | 3.200% | 03/01/2029 | 3,000,000 | 2,682,298 | ||||||||||||||||
Canadian Pacific Railway Co. (Ground Transportation) | 2.050% | 03/05/2030 | 1,300,000 | 1,090,494 | ||||||||||||||||
FedEx Corp. (Air Freight & Logistics) | 4.900% | 01/15/2034 | 2,000,000 | 1,955,307 | ||||||||||||||||
Lockheed Martin Corp. (Aerospace & Defense) | 1.850% | 06/15/2030 | 1,200,000 | 998,405 | ||||||||||||||||
Lockheed Martin Corp. (Aerospace & Defense) | 3.600% | 03/01/2035 | 1,000,000 | 893,854 | ||||||||||||||||
Northrop Grumman Corp. (Aerospace & Defense) | 2.930% | 01/15/2025 | 1,000,000 | 960,967 | ||||||||||||||||
Parker-Hannifin Corp. (Machinery) | 4.200% | 11/21/2034 | 1,400,000 | 1,281,884 | ||||||||||||||||
TTX Co. (Ground Transportation) | (a | ) | 5.650% | 12/01/2052 | 2,000,000 | 2,119,846 |
7 | (continued) |
Ohio National Fund, Inc. | ON Bond Portfolio (Continued) |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||||||||
INDUSTRIALS (continued) | ||||||||||||||||||||
Union Pacific Corp. (Ground Transportation) | 3.250% | 08/15/2025 | $1,000,000 | $ | 961,435 | |||||||||||||||
Waste Connections, Inc. (Commercial Svs. & Supplies) | 4.250% | 12/01/2028 | 1,800,000 | 1,731,760 | ||||||||||||||||
|
| |||||||||||||||||||
18,162,715 | ||||||||||||||||||||
|
| |||||||||||||||||||
INFORMATION TECHNOLOGY – 3.5% | ||||||||||||||||||||
Broadcom, Inc. (Semiconductors & Equip.) | (a | ) | 2.600% | 02/15/2033 | 2,000,000 | 1,562,987 | ||||||||||||||
Intel Corp. (Semiconductors & Equip.) | 4.875% | 02/10/2026 | 2,000,000 | 1,994,198 | ||||||||||||||||
Micron Technology, Inc. (Semiconductors & Equip.) | 6.750% | 11/01/2029 | 2,000,000 | 2,078,983 | ||||||||||||||||
VMware, Inc. (Software) | 2.200% | 08/15/2031 | 2,800,000 | 2,200,240 | ||||||||||||||||
|
| |||||||||||||||||||
7,836,408 | ||||||||||||||||||||
|
| |||||||||||||||||||
MATERIALS – 6.9% | ||||||||||||||||||||
Anglo American Capital PLC (Metals & Mining) | (a | ) | 4.750% | 04/10/2027 | 1,000,000 | 966,438 | ||||||||||||||
Anglo American Capital PLC (Metals & Mining) | (a | ) | 4.000% | 09/11/2027 | 800,000 | 751,998 | ||||||||||||||
Dow Chemical Co. / The (Chemicals) | 4.250% | 10/01/2034 | 1,402,000 | 1,273,165 | ||||||||||||||||
Glencore Funding LLC (Metals & Mining) | (a | ) | 2.850% | 04/27/2031 | 2,000,000 | 1,650,875 | ||||||||||||||
Kinross Gold Corp. (Metals & Mining) | 4.500% | 07/15/2027 | 3,000,000 | 2,872,573 | ||||||||||||||||
Mosaic Co. / The (Chemicals) | 4.050% | 11/15/2027 | 3,000,000 | 2,856,526 | ||||||||||||||||
Nutrien Ltd. (Chemicals) | 4.200% | 04/01/2029 | 1,900,000 | 1,793,835 | ||||||||||||||||
RPM International, Inc. (Chemicals) | 4.250% | 01/15/2048 | 3,000,000 | 2,292,017 | ||||||||||||||||
Steel Dynamics, Inc. (Metals & Mining) | 3.250% | 01/15/2031 | 1,200,000 | 1,040,051 | ||||||||||||||||
|
| |||||||||||||||||||
15,497,478 | ||||||||||||||||||||
|
| |||||||||||||||||||
REAL ESTATE – 2.8% | ||||||||||||||||||||
Alexandria Real Estate Equities, Inc. (Office REITs) | 3.950% | 01/15/2028 | 1,000,000 | 931,787 | ||||||||||||||||
Healthcare Realty Holdings LP (Health Care REITs) | 3.875% | 05/01/2025 | 1,400,000 | 1,328,121 | ||||||||||||||||
Healthcare Realty Holdings LP (Health Care REITs) | 3.625% | 01/15/2028 | 1,000,000 | 884,803 | ||||||||||||||||
VICI Properties LP / VICI Note Co., Inc. (Specialized REITs) | (a | ) | 4.625% | 12/01/2029 | 1,300,000 | 1,180,231 | ||||||||||||||
Welltower OP LLC (Health Care REITs) | 4.250% | 04/01/2026 | 1,000,000 | 966,950 | ||||||||||||||||
Welltower OP LLC (Health Care REITs) | 2.700% | 02/15/2027 | 1,000,000 | 904,850 | ||||||||||||||||
|
| |||||||||||||||||||
6,196,742 | ||||||||||||||||||||
|
| |||||||||||||||||||
UTILITIES – 7.7% | ||||||||||||||||||||
AEP Transmission Co. LLC (Electric Utilities) | 4.000% | 12/01/2046 | 1,000,000 | 838,186 | ||||||||||||||||
AEP Transmission Co. LLC (Electric Utilities) | 3.750% | 12/01/2047 | 1,351,000 | 1,077,889 | ||||||||||||||||
Ameren Corp. (Multi-Utilities) | 3.500% | 01/15/2031 | 2,000,000 | 1,784,752 | ||||||||||||||||
Berkshire Hathaway Energy Co. (Multi-Utilities) | 3.250% | 04/15/2028 | 1,900,000 | 1,748,732 | ||||||||||||||||
Commonwealth Edison Co. (Electric Utilities) | 4.350% | 11/15/2045 | 2,000,000 | 1,743,138 | ||||||||||||||||
Connecticut Light & Power Co. / The (Electric Utilities) | 4.000% | 04/01/2048 | 1,000,000 | 841,870 | ||||||||||||||||
Duke Energy Corp. (Electric Utilities) | 3.750% | 09/01/2046 | 1,000,000 | 756,423 | ||||||||||||||||
Duke Energy Indiana LLC (Electric Utilities) | 5.400% | 04/01/2053 | 500,000 | 503,939 | ||||||||||||||||
Eversource Energy (Electric Utilities) | 3.300% | 01/15/2028 | 1,000,000 | 920,635 | ||||||||||||||||
FirstEnergy Transmission LLC (Electric Utilities) | (a | ) | 4.550% | 04/01/2049 | 1,800,000 | 1,501,607 | ||||||||||||||
Florida Power & Light Co. (Electric Utilities) | 3.150% | 10/01/2049 | 2,000,000 | 1,457,999 | ||||||||||||||||
Jersey Central Power & Light Co. (Electric Utilities) | (a | ) | 4.300% | 01/15/2026 | 900,000 | 870,512 | ||||||||||||||
NiSource, Inc. (Multi-Utilities) | 5.250% | 03/30/2028 | 2,000,000 | 1,998,418 | ||||||||||||||||
Public Service Electric & Gas Co. (Multi-Utilities) | 3.600% | 12/01/2047 | 1,500,000 | 1,177,695 | ||||||||||||||||
|
| |||||||||||||||||||
17,221,795 | ||||||||||||||||||||
|
| |||||||||||||||||||
Total Corporate Bonds (Cost $232,496,734) | $ | 207,522,838 | ||||||||||||||||||
|
| |||||||||||||||||||
Asset-Backed Securities – 2.3% | Rate | Maturity | Face Amount | Value | ||||||||||||||||
INDUSTRIALS – 2.3% | ||||||||||||||||||||
Air Canada 2017-1 Class B Pass Through Trust | (a | ) | 3.700% | 01/15/2026 | $1,398,809 | $ | 1,298,163 | |||||||||||||
FedEx Corp. 2020-1 Class AA Pass Through Trust | 1.875% | 02/20/2034 | 2,598,955 | 2,120,137 | ||||||||||||||||
United Airlines 2016-1 Class B Pass Through Trust | 3.650% | 01/07/2026 | 1,029,167 | 947,348 | ||||||||||||||||
United Airlines 2019-2 Class AA Pass Through Trust | 2.700% | 05/01/2032 | 858,997 | 719,437 | ||||||||||||||||
|
| |||||||||||||||||||
Total Asset-Backed Securities (Cost $5,885,929) | $5,085,085 | |||||||||||||||||||
|
| |||||||||||||||||||
U.S. Treasury Obligations – 0.9% | Rate | Maturity | Face Amount | Value | ||||||||||||||||
U.S. Treasury Note | 4.500% | 11/15/2025 | $2,000,000 | $ | 1,989,609 | |||||||||||||||
|
| |||||||||||||||||||
Total U.S. Treasury Obligations (Cost $2,016,148) | $ | 1,989,609 | ||||||||||||||||||
|
| |||||||||||||||||||
Total Investments – 95.9% (Cost $240,398,811) | (c | ) | $ | 214,597,532 | ||||||||||||||||
|
| |||||||||||||||||||
Other Assets in Excess of Liabilities – 4.1% | 9,137,866 | |||||||||||||||||||
|
| |||||||||||||||||||
Net Assets – 100.0% | $ | 223,735,398 | ||||||||||||||||||
|
|
Percentages are stated as a percent of net assets.
8 | (continued) |
Ohio National Fund, Inc. | ON Bond Portfolio (Continued) |
Schedule of Investments | June 30, 2023 (Unaudited) |
Abbreviations:
H15T1Y: | U.S. Treasury Yield Curve Rate T-Note Constant Maturity 1 Year, 5.400% at 06/30/2023 | |
H15T5Y: | U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 4.130% at 06/30/2023 | |
REITs: | Real Estate Investment Trusts SOFR: Secured Overnight Financing Rate, 5.090% at 06/30/2023 | |
TSFR3M: | Quarterly CME Term SOFR, 5.268% at 06/30/2023 | |
USSW5: | USD Swap Semi 30/360 5 Year, 4.219% at 06/30/2023 |
Footnotes:
(a) | Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers under Rule 144A. At June 30, 2023, the value of these securities totaled $17,850,464, or 8.0% of the Portfolio’s net assets. |
(b) | Security is a fixed-then-variable rate instrument in which the coupon or dividend rate is fixed until a later specified date, then is adjusted periodically. Rates stated, including interest rate caps and floors, if any, are those in effect at June 30, 2023. |
(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.
9 |
Ohio National Fund, Inc. | ON BlackRock Balanced Allocation Portfolio (Unaudited) |
Objective/Strategy |
The ON BlackRock Balanced Allocation Portfolio seeks a high level of long-term total return consistent with preservation of capital by investing in stocks, bonds, and money market instruments.
Performance as of June 30, 2023 |
Average Annual returns | ||||
One year | 13.33 | % | ||
Five years | 6.97 | % | ||
Ten years | 9.73 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price and reinvestment of dividends and capital gains. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information up to the most recent month end, call toll-free 1-877-781-6392.
The Portfolio is not open to direct retail investment. Beneficial interest in the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts, or as an underlying investment by the ON Model Portfolios. 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 0.55% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 can be found in the Portfolio’s Financial Highlights.
Comments from Sub-Adviser/Adviser |
Q. How did the Portfolio perform in comparison to its benchmarks during the reporting period?
A. For the six-month period ended June 30, 2023, the Portfolio returned 12.65% versus 16.89% 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 U.S. Corporate Index, returned 12.67% for the six-month period ended June 30, 2023.
Q. What affected the Portfolio’s performance?
A. The Portfolio’s equity and fixed income sleeves underperformed the primary benchmark, and the fixed income sleeve slightly underperformed the fixed income portion of the secondary benchmark. As equities had higher returns than fixed income securities during the period, the Portfolio’s allocation to fixed income securities was the primary driver of underperformance compared to the primary benchmark.
In the equity sleeve, security selection in Health Care was the primary source of weakness, with adverse performance across providers and health insurers. This includes positioning around sentiment for weight loss drugs, deal activity for biopharma amid patent expiration, and the impact to health insurers amid an expected surge in expenses.
Sentiment measures detracted, as insights designed to capture sentiment from bond markets and measures that evaluate institutional investor interest struggled during the six-month period.
Fundamental measures that evaluate managerial quality also detracted. Other nontraditional measures of company quality, such as those that evaluate company benefits and insights with a preference for founder led companies, also struggled.
Macro thematic insights helped offset the weakness by capturing the artificial intelligence (”AI”) related market rally. Specifically, industry positioning driven by inventory trends, expectations of a soft economic
landing and news sentiment motivated an overweight to the Information Technology sector. Elsewhere, fundamental valuation measures also provided ballast. Derivatives had no significant impact on performance.
In the fixed income sleeve, security selection in the Financials sector was the primary source of weakness, driven by exposure to regional banks following the bank failures that occurred in the first half of 2023. Security selection in the Consumer Staples sector also detracted from performance vs. the benchmark. On the positive side, security selection in the Utilities and Information Technology sectors enhanced performance. Lastly, a small allocation to government bonds detracted from performance during the period, as corporate bonds outperformed. (1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.
The S&P 500® Index is a capitalization-weighted index designed to measure performance of the broad domestic market through changes in the aggregate market value of 500 stocks representing all major industries. The index presented includes the effects of reinvested dividends.
The ICE BofA U.S. Corporate 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.
10 | (continued) |
Ohio National Fund, Inc. | ON BlackRock Balanced Allocation Portfolio (Unaudited) (Continued) |
Portfolio Composition as of June 30, 2023 (1) |
% of Net Assets | ||||
Common Stocks (4) | 73.8 | |||
Corporate Bonds (4) | 24.6 | |||
Asset-Backed Securities (4) | 0.5 | |||
U.S. Treasury Obligations | 0.2 | |||
Other Net Assets | 0.9 | |||
|
| |||
100.0 | ||||
|
|
(1) | Composition of Portfolio subject to change. |
(2) | Short-term investments have been excluded from the list of Top 10 Portfolio Holdings. |
(3) | Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher. |
(4) | Sectors (Common Stocks, Corporate Bonds, Asset-Backed Securities): |
% of Net Assets | ||||
Information Technology | 22.3 | |||
Financials | 15.6 | |||
Health Care | 11.7 | |||
Consumer Discretionary | 9.6 | |||
Industrials | 9.3 | |||
Consumer Staples | 8.6 | |||
Communication Services | 7.5 | |||
Energy | 5.3 | |||
Utilities | 3.7 | |||
Materials | 2.8 | |||
Real Estate | 2.5 | |||
|
| |||
98.9 | ||||
|
|
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||||
1. | Apple, Inc. | 6.1 | ||||
2. | Microsoft Corp. | 5.8 | ||||
3. | NVIDIA Corp. | 2.9 | ||||
4. | Amazon.com, Inc. | 2.8 | ||||
5. | Alphabet, Inc. Class A | 2.2 | ||||
6. | Meta Platforms, Inc. Class A | 1.5 | ||||
7. | Chevron Corp. | 1.3 | ||||
8. | Alphabet, Inc. Class C | 1.3 | ||||
9. | Walmart, Inc. | 1.3 | ||||
10. | PepsiCo, Inc. | 1.3 |
11 |
Ohio National Fund, Inc. | ON BlackRock Balanced Allocation Portfolio | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks – 73.8% | Shares | Value | ||||||||||
COMMUNICATION SERVICES – 6.1% | ||||||||||||
Activision Blizzard, Inc. (Entertainment) | (a | ) | 4,540 | $ | 382,722 | |||||||
Alphabet, Inc. Class A (Interactive Media & Svs.) | (a | ) | 77,701 | 9,300,810 | ||||||||
Alphabet, Inc. Class C (Interactive Media & Svs.) | (a | ) | 45,942 | 5,557,604 | ||||||||
Comcast Corp. Class A (Media) | 44,921 | 1,866,467 | ||||||||||
Fox Corp. Class A (Media) | 78,014 | 2,652,476 | ||||||||||
Fox Corp. Class B (Media) | 1,481 | 47,229 | ||||||||||
Meta Platforms, Inc. Class A (Interactive Media & Svs.) | (a | ) | 22,569 | 6,476,852 | ||||||||
Warner Bros Discovery, Inc. (Entertainment) | (a | ) | 13,685 | 171,610 | ||||||||
|
| |||||||||||
26,455,770 | ||||||||||||
|
| |||||||||||
CONSUMER DISCRETIONARY – 8.2% | ||||||||||||
Amazon.com, Inc. (Broadline Retail) | (a | ) | 94,094 | 12,266,094 | ||||||||
AutoNation, Inc. (Specialty Retail) | (a | ) | 3,060 | 503,706 | ||||||||
Best Buy Co., Inc. (Specialty Retail) | 8,753 | 717,308 | ||||||||||
eBay, Inc. (Broadline Retail) | 52,785 | 2,358,962 | ||||||||||
Five Below, Inc. (Specialty Retail) | (a | ) | 2,468 | 485,061 | ||||||||
General Motors Co. (Automobiles) | 61,500 | 2,371,440 | ||||||||||
Home Depot, Inc. / The (Specialty Retail) | 10,009 | 3,109,196 | ||||||||||
Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods) | (a | ) | 4,096 | 1,550,336 | ||||||||
McDonald’s Corp. (Hotels, Restaurants & Leisure) | 3,149 | 939,693 | ||||||||||
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods) | 6,085 | 671,601 | ||||||||||
Tesla, Inc. (Automobiles) | (a | ) | 19,961 | 5,225,191 | ||||||||
TJX Cos., Inc. / The (Specialty Retail) | 29,778 | 2,524,877 | ||||||||||
Travel + Leisure Co. (Hotels, Restaurants & Leisure) | 44,055 | 1,777,179 | ||||||||||
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 5,459 | 756,344 | ||||||||||
|
| |||||||||||
35,256,988 | ||||||||||||
|
| |||||||||||
CONSUMER STAPLES – 5.1% | ||||||||||||
Hershey Co. / The (Food Products) | 14,587 | 3,642,374 | ||||||||||
Kimberly-Clark Corp. (Household Products) | 23,817 | 3,288,175 | ||||||||||
PepsiCo, Inc. (Beverages) | 29,333 | 5,433,058 | ||||||||||
Procter & Gamble Co. / The (Household Products) | 28,760 | 4,364,043 | ||||||||||
Walmart, Inc. (Consumer Staples Distribution & Retail) | 34,749 | 5,461,848 | ||||||||||
|
| |||||||||||
22,189,498 | ||||||||||||
|
| |||||||||||
ENERGY – 2.6% | ||||||||||||
Chevron Corp. (Oil, Gas & Consumable Fuels) | 35,977 | 5,660,981 | ||||||||||
ConocoPhillips (Oil, Gas & Consumable Fuels) | 16,127 | 1,670,918 | ||||||||||
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | 6,347 | 726,351 | ||||||||||
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | 10,252 | 1,099,527 | ||||||||||
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 5,014 | 584,632 | ||||||||||
Phillips 66 (Oil, Gas & Consumable Fuels) | 5,039 | 480,620 | ||||||||||
Targa Resources Corp. (Oil, Gas & Consumable Fuels) | 12,018 | 914,570 | ||||||||||
|
| |||||||||||
11,137,599 | ||||||||||||
|
| |||||||||||
FINANCIALS – 9.0% | ||||||||||||
Allstate Corp. / The (Insurance) | 12,522 | 1,365,399 | ||||||||||
American Express Co. (Consumer Finance) | 15,077 | 2,626,413 | ||||||||||
Bank of America Corp. (Banks) | 118,666 | 3,404,528 | ||||||||||
Bank of New York Mellon Corp. / The (Capital Markets) | 15,420 | 686,498 | ||||||||||
Berkshire Hathaway, Inc. Class B (Financial Services) | (a | ) | 5,893 | 2,009,513 | ||||||||
Citigroup, Inc. (Banks) | 30,002 | 1,381,292 | ||||||||||
JPMorgan Chase & Co. (Banks) | 8,296 | 1,206,570 | ||||||||||
Marsh & McLennan Cos., Inc. (Insurance) | 19,334 | 3,636,339 | ||||||||||
Mastercard, Inc. Class A (Financial Services) | 12,206 | 4,800,620 | ||||||||||
MetLife, Inc. (Insurance) | 70,167 | 3,966,540 | ||||||||||
Moody’s Corp. (Capital Markets) | 1,244 | 432,564 | ||||||||||
Nasdaq, Inc. (Capital Markets) | 56,880 | 2,835,468 | ||||||||||
PayPal Holdings, Inc. (Financial Services) | (a | ) | 28,964 | 1,932,768 | ||||||||
S&P Global, Inc. (Capital Markets) | 1,746 | 699,954 | ||||||||||
Travelers Cos., Inc. / The (Insurance) | 14,927 | 2,592,223 | ||||||||||
Visa, Inc. (Financial Services) | 22,749 | 5,402,432 | ||||||||||
|
| |||||||||||
38,979,121 | ||||||||||||
|
| |||||||||||
HEALTH CARE – 10.4% | ||||||||||||
Abbott Laboratories (Health Care Equip. & Supplies) | 16,852 | 1,837,205 | ||||||||||
AbbVie, Inc. (Biotechnology) | 8,097 | 1,090,909 | ||||||||||
Agilent Technologies, Inc. (Life Sciences Tools & Svs.) | 23,260 | 2,797,015 | ||||||||||
Amgen, Inc. (Biotechnology) | 19,351 | 4,296,309 |
12 | (continued) |
Ohio National Fund, Inc. | ON BlackRock Balanced Allocation Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
HEALTH CARE (continued) | ||||||||||||
Becton Dickinson & Co. (Health Care Equip. & Supplies) | 4,674 | $ | 1,233,983 | |||||||||
Boston Scientific Corp. (Health Care Equip. & Supplies) | (a | ) | 75,256 | 4,070,597 | ||||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 66,300 | 4,239,885 | ||||||||||
Cigna Group / The (Health Care Providers & Svs.) | 9,818 | 2,754,931 | ||||||||||
CVS Health Corp. (Health Care Providers & Svs.) | 52,766 | 3,647,714 | ||||||||||
Danaher Corp. (Life Sciences Tools & Svs.) | 5,934 | 1,424,160 | ||||||||||
Elevance Health, Inc. (Health Care Providers & Svs.) | 7,469 | 3,318,402 | ||||||||||
Eli Lilly & Co. (Pharmaceuticals) | 3,865 | 1,812,608 | ||||||||||
Gilead Sciences, Inc. (Biotechnology) | 13,022 | 1,003,605 | ||||||||||
Incyte Corp. (Biotechnology) | (a | ) | 52,277 | 3,254,243 | ||||||||
Johnson & Johnson (Pharmaceuticals) | 9,001 | 1,489,845 | ||||||||||
Regeneron Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 1,709 | 1,227,985 | ||||||||
Stryker Corp. (Health Care Equip. & Supplies) | 6,971 | 2,126,782 | ||||||||||
Ultragenyx Pharmaceutical, Inc. (Biotechnology) | (a | ) | 11,242 | 518,593 | ||||||||
UnitedHealth Group, Inc. (Health Care Providers & Svs.) | 6,140 | 2,951,130 | ||||||||||
|
| |||||||||||
45,095,901 | ||||||||||||
|
| |||||||||||
INDUSTRIALS – 6.8% | ||||||||||||
AECOM (Construction & Engineering) | 32,531 | 2,755,050 | ||||||||||
Allegion PLC (Building Products) | 12,547 | 1,505,891 | ||||||||||
AMETEK, Inc. (Electrical Equip.) | 2,273 | 367,953 | ||||||||||
Cintas Corp. (Commercial Svs. & Supplies) | 3,505 | 1,742,265 | ||||||||||
Cummins, Inc. (Machinery) | 2,723 | 667,571 | ||||||||||
Deere & Co. (Machinery) | 6,152 | 2,492,729 | ||||||||||
Eaton Corp. PLC (Electrical Equip.) | 6,281 | 1,263,109 | ||||||||||
General Dynamics Corp. (Aerospace & Defense) | 12,434 | 2,675,175 | ||||||||||
Honeywell International, Inc. (Industrial Conglomerates) | 13,304 | 2,760,580 | ||||||||||
Illinois Tool Works, Inc. (Machinery) | 12,424 | 3,107,988 | ||||||||||
Lockheed Martin Corp. (Aerospace & Defense) | 4,771 | 2,196,473 | ||||||||||
Snap-on, Inc. (Machinery) | 4,927 | 1,419,912 | ||||||||||
Timken Co. / The (Machinery) | 11,972 | 1,095,797 | ||||||||||
W.W. Grainger, Inc. (Trading Companies & Distributors) | 4,323 | 3,409,075 | ||||||||||
Xylem, Inc. (Machinery) | 15,143 | 1,705,405 | ||||||||||
|
| |||||||||||
29,164,973 | ||||||||||||
|
| |||||||||||
INFORMATION TECHNOLOGY – 21.1% | ||||||||||||
Adobe, Inc. (Software) | (a | ) | 6,145 | 3,004,844 | ||||||||
Apple, Inc. (Tech. Hardware, Storage & Periph.) | 136,096 | 26,398,541 | ||||||||||
Applied Materials, Inc. (Semiconductors & Equip.) | 32,436 | 4,688,299 | ||||||||||
Autodesk, Inc. (Software) | (a | ) | 2,928 | 599,098 | ||||||||
Dropbox, Inc. Class A (Software) | (a | ) | 23,093 | 615,890 | ||||||||
Flex Ltd. (Electronic Equip., Instr. & Comp.) | (a | ) | 46,047 | 1,272,739 | ||||||||
Fortinet, Inc. (Software) | (a | ) | 11,174 | 844,643 | ||||||||
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.) | 148,631 | 2,497,001 | ||||||||||
HP, Inc. (Tech. Hardware, Storage & Periph.) | 33,956 | 1,042,789 | ||||||||||
Intel Corp. (Semiconductors & Equip.) | 68,940 | 2,305,354 | ||||||||||
Intuit, Inc. (Software) | 2,519 | 1,154,181 | ||||||||||
Juniper Networks, Inc. (Communications Equip.) | 20,456 | 640,886 | ||||||||||
Lattice Semiconductor Corp. (Semiconductors & Equip.) | (a | ) | 4,705 | 452,009 | ||||||||
Manhattan Associates, Inc. (Software) | (a | ) | 11,171 | 2,232,859 | ||||||||
Micron Technology, Inc. (Semiconductors & Equip.) | 14,685 | 926,770 | ||||||||||
Microsoft Corp. (Software) | 74,235 | 25,279,987 | ||||||||||
NVIDIA Corp. (Semiconductors & Equip.) | 30,024 | 12,700,753 | ||||||||||
NXP Semiconductors N.V. (Semiconductors & Equip.) | 2,629 | 538,104 | ||||||||||
QUALCOMM, Inc. (Semiconductors & Equip.) | 6,506 | 774,474 | ||||||||||
Salesforce, Inc. (Software) | (a | ) | 12,231 | 2,583,921 | ||||||||
Synopsys, Inc. (Software) | (a | ) | 1,637 | 712,766 | ||||||||
|
| |||||||||||
91,265,908 | ||||||||||||
|
| |||||||||||
MATERIALS – 1.5% | ||||||||||||
Ecolab, Inc. (Chemicals) | 21,205 | 3,958,761 | ||||||||||
FMC Corp. (Chemicals) | 10,254 | 1,069,902 | ||||||||||
LyondellBasell Industries N.V. Class A (Chemicals) | 6,932 | 636,566 | ||||||||||
Steel Dynamics, Inc. (Metals & Mining) | 6,714 | 731,356 | ||||||||||
|
| |||||||||||
6,396,585 | ||||||||||||
|
| |||||||||||
REAL ESTATE – 1.5% | ||||||||||||
Equity Residential (Residential REITs) | 32,721 | 2,158,604 |
13 | (continued) |
Ohio National Fund, Inc. | ON BlackRock Balanced Allocation Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||||||
REAL ESTATE (continued) | ||||||||||||||||
SBA Communications Corp. (Specialized REITs) | 8,343 | $ | 1,933,574 | |||||||||||||
Simon Property Group, Inc. (Retail REITs) | 21,322 | 2,462,265 | ||||||||||||||
|
| |||||||||||||||
6,554,443 | ||||||||||||||||
|
| |||||||||||||||
UTILITIES – 1.5% | ||||||||||||||||
DTE Energy Co. (Multi-Utilities) | 26,131 | 2,874,933 | ||||||||||||||
PPL Corp. (Electric Utilities) | 135,160 | 3,576,333 | ||||||||||||||
|
| |||||||||||||||
6,451,266 | ||||||||||||||||
|
| |||||||||||||||
Total Common Stocks (Cost $283,659,299) | $ | 318,948,052 | ||||||||||||||
|
| |||||||||||||||
Corporate Bonds – 24.6% | Rate | Maturity | Face Amount | Value | ||||||||||||
COMMUNICATION SERVICES – 1.4% | ||||||||||||||||
AT&T, Inc. (Diversified Telecom. Svs.) | 4.900% | 08/15/2037 | $ | 1,000,000 | $ | 938,541 | ||||||||||
Comcast Corp. (Media) | 3.250% | 11/01/2039 | 2,000,000 | 1,586,448 | ||||||||||||
Time Warner Cable LLC (Media) | 6.550% | 05/01/2037 | 1,000,000 | 958,674 | ||||||||||||
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 3.875% | 04/15/2030 | 1,200,000 | 1,105,522 | ||||||||||||
Verizon Communications, Inc. (Diversified Telecom. Svs.) | 4.400% | 11/01/2034 | 1,000,000 | 922,973 | ||||||||||||
Verizon Communications, Inc. (Diversified Telecom. Svs.) | 2.875% | 11/20/2050 | 1,000,000 | 651,488 | ||||||||||||
|
| |||||||||||||||
6,163,646 | ||||||||||||||||
|
| |||||||||||||||
CONSUMER DISCRETIONARY – 1.4% | ||||||||||||||||
Amazon.com, Inc. (Broadline Retail) | 3.875% | 08/22/2037 | 1,000,000 | �� | 913,151 | |||||||||||
Best Buy Co., Inc. (Specialty Retail) | 1.950% | 10/01/2030 | 1,000,000 | 805,525 | ||||||||||||
Expedia Group, Inc. (Hotels, Restaurants & Leisure) | 4.625% | 08/01/2027 | 1,000,000 | 969,048 | ||||||||||||
Hasbro, Inc. (Leisure Products) | 3.900% | 11/19/2029 | 2,000,000 | 1,807,281 | ||||||||||||
Lear Corp. (Automobile Components) | 3.500% | 05/30/2030 | 1,000,000 | 875,860 | ||||||||||||
Lowe’s Cos., Inc. (Specialty Retail) | 3.000% | 10/15/2050 | 1,000,000 | 655,429 | ||||||||||||
|
| |||||||||||||||
6,026,294 | ||||||||||||||||
|
| |||||||||||||||
CONSUMER STAPLES – 3.5% | ||||||||||||||||
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc. (Beverages) | 4.700% | 02/01/2036 | 2,000,000 | 1,945,229 | ||||||||||||
B.A.T. Capital Corp. (Tobacco) | 3.215% | 09/06/2026 | 1,000,000 | 929,412 | ||||||||||||
B.A.T. Capital Corp. (Tobacco) | 4.700% | 04/02/2027 | 1,000,000 | 968,224 | ||||||||||||
Campbell Soup Co. (Food Products) | 4.150% | 03/15/2028 | 2,000,000 | 1,914,500 | ||||||||||||
Coca-Cola Co. / The (Beverages) | 3.000% | 03/05/2051 | 2,000,000 | 1,523,754 | ||||||||||||
Diageo Capital PLC (Beverages) | 2.375% | 10/24/2029 | 2,000,000 | 1,733,460 | ||||||||||||
Hershey Co. / The (Food Products) | 1.700% | 06/01/2030 | 1,200,000 | 995,476 | ||||||||||||
JBS U.S.A. LUX SA / JBS U.S.A. Food Co. / JBS U.S.A. Finance, Inc. (Food Products) | (b) | 5.750% | 04/01/2033 | 800,000 | 751,962 | |||||||||||
Kraft Heinz Foods Co. (Food Products) | 4.625% | 10/01/2039 | 800,000 | 722,865 | ||||||||||||
Philip Morris International, Inc. (Tobacco) | 3.375% | 08/15/2029 | 1,000,000 | 903,570 | ||||||||||||
Pilgrim’s Pride Corp. (Food Products) | 6.250% | 07/01/2033 | 1,000,000 | 968,592 | ||||||||||||
Target Corp. (Consumer Staples Distribution & Retail) | 2.350% | 02/15/2030 | 2,000,000 | 1,731,999 | ||||||||||||
|
| |||||||||||||||
15,089,043 | ||||||||||||||||
|
| |||||||||||||||
ENERGY – 2.7% | ||||||||||||||||
Baker Hughes Holdings LLC (Energy Equip. & Svs.) | 3.337% | 12/15/2027 | 1,000,000 | 926,445 | ||||||||||||
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels) | 3.017% | 01/16/2027 | 1,000,000 | 940,869 | ||||||||||||
Chevron Corp. (Oil, Gas & Consumable Fuels) | 2.236% | 05/11/2030 | 1,200,000 | 1,044,271 | ||||||||||||
Energy Transfer LP (Oil, Gas & Consumable Fuels) | 4.950% | 06/15/2028 | 1,000,000 | 969,971 | ||||||||||||
Halliburton Co. (Energy Equip. & Svs.) | 4.850% | 11/15/2035 | 1,000,000 | 941,648 | ||||||||||||
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 5.300% | 12/01/2034 | 1,000,000 | 962,822 | ||||||||||||
MPLX LP (Oil, Gas & Consumable Fuels) | 5.000% | 03/01/2033 | 2,000,000 | 1,915,769 | ||||||||||||
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 5.850% | 01/15/2026 | 800,000 | 802,960 | ||||||||||||
Shell International Finance B.V. (Oil, Gas & Consumable Fuels) | 4.000% | 05/10/2046 | 1,500,000 | 1,273,925 | ||||||||||||
Tennessee Gas Pipeline Co. LLC (Oil, Gas & Consumable Fuels) | (b) | 2.900% | 03/01/2030 | 1,000,000 | 853,978 | |||||||||||
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels) | 3.750% | 06/15/2027 | 1,000,000 | 943,699 | ||||||||||||
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels) | 5.400% | 03/04/2044 | 100,000 | 92,109 | ||||||||||||
|
| |||||||||||||||
11,668,466 | ||||||||||||||||
|
| |||||||||||||||
FINANCIALS – 6.6% | ||||||||||||||||
AerCap Ireland Capital DAC (Financial Services) | 4.875% | 01/16/2024 | 1,000,000 | 992,973 | ||||||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Financial Services) | 3.300% | 01/30/2032 | 1,000,000 | 818,099 | ||||||||||||
American Express Co. (Rate is fixed until 08/03/2032, at which point, the rate becomes SOFR + 176) (Consumer Finance) | (c) | 4.420% | 08/03/2033 | 1,200,000 | 1,132,319 | |||||||||||
Ares Capital Corp. (Capital Markets) | 3.200% | 11/15/2031 | 1,500,000 | 1,149,846 | ||||||||||||
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 | 176,299 | |||||||||||
BlackRock, Inc. (Capital Markets) | 2.100% | 02/25/2032 | 1,000,000 | 806,437 |
14 | (continued) |
Ohio National Fund, Inc. | ON BlackRock Balanced Allocation Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||||
FINANCIALS (continued) | ||||||||||||||||
Capital One Bank U.S.A. N.A. (Rate is fixed until 01/28/2025, at which point, the rate becomes SOFR + 91) (Consumer Finance) | (c) | 2.280% | 01/28/2026 | $ | 1,000,000 | $ | 933,084 | |||||||||
Charles Schwab Corp. / The (Capital Markets) | 3.300% | 04/01/2027 | 1,000,000 | 925,312 | ||||||||||||
Citigroup, Inc. (Banks) | 4.125% | 07/25/2028 | 1,000,000 | 942,567 | ||||||||||||
Citigroup, Inc. (Rate is fixed until 11/05/2029, at which point, the rate becomes SOFR + 142) (Banks) | (c) | 2.976% | 11/05/2030 | 1,000,000 | 866,571 | |||||||||||
Citigroup, Inc. (Rate is fixed until 05/01/2031, at which point, the rate becomes SOFR + 117) (Banks) | (c) | 2.561% | 05/01/2032 | 2,000,000 | 1,633,053 | |||||||||||
Discover Bank (Banks) | 2.450% | 09/12/2024 | 1,000,000 | 947,018 | ||||||||||||
Discover Bank (Rate is fixed until 08/09/2023, at which point, the rate becomes USISOA05 + 173) (Banks) | (c) | 4.682% | 08/09/2028 | 250,000 | 228,577 | |||||||||||
General Motors Financial Co., Inc. (Consumer Finance) | 2.700% | 06/10/2031 | 2,000,000 | 1,595,202 | ||||||||||||
Goldman Sachs Group, Inc. / The (Capital Markets) | 3.750% | 05/22/2025 | 1,000,000 | 965,161 | ||||||||||||
JPMorgan Chase & Co. (Banks) | 3.625% | 12/01/2027 | 1,000,000 | 937,461 | ||||||||||||
JPMorgan Chase & Co. (Rate is fixed until 05/13/2030, at which point, the rate becomes TSFR3M + 252) (Banks) | (c) | 2.956% | 05/13/2031 | 1,000,000 | 857,450 | |||||||||||
Morgan Stanley (Capital Markets) | 3.950% | 04/23/2027 | 1,000,000 | 946,832 | ||||||||||||
Morgan Stanley (Rate is fixed until 01/22/2030, at which point, the rate becomes SOFR + 114) (Capital Markets) | (c) | 2.699% | 01/22/2031 | 1,500,000 | 1,275,740 | |||||||||||
PNC Bank N.A. (Banks) | 4.050% | 07/26/2028 | 1,950,000 | 1,796,409 | ||||||||||||
State Street Corp. (Capital Markets) | 2.200% | 03/03/2031 | 1,000,000 | 812,483 | ||||||||||||
Synchrony Financial (Consumer Finance) | 4.250% | 08/15/2024 | 1,000,000 | 964,131 | ||||||||||||
Truist Bank (Rate is fixed until 09/17/2024, at which point, the rate becomes H15T5Y + 115) (Banks) | (c) | 2.636% | 09/17/2029 | 2,500,000 | 2,307,744 | |||||||||||
U.S. Bancorp (Banks) | 1.375% | 07/22/2030 | 1,000,000 | 764,752 | ||||||||||||
Wells Fargo & Co. (Banks) | 3.000% | 04/22/2026 | 1,500,000 | 1,410,449 | ||||||||||||
Wells Fargo & Co. (Rate is fixed until 04/30/2040, at which point, the rate becomes SOFR + 253) (Banks) | (c) | 3.068% | 04/30/2041 | 800,000 | 588,413 | |||||||||||
Westpac Banking Corp. (Rate is fixed until 02/04/2025, at which point, the rate becomes H15T5Y + 135) (Banks) | (c) | 2.894% | 02/04/2030 | 1,500,000 | 1,401,490 | |||||||||||
Westpac Banking Corp. (Rate is fixed until 11/23/2026, at which point, the rate becomes USISOA05 + 224) (Banks) | (c) | 4.322% | 11/23/2031 | 200,000 | 185,275 | |||||||||||
|
| |||||||||||||||
28,361,147 | ||||||||||||||||
|
| |||||||||||||||
HEALTH CARE – 1.3% | ||||||||||||||||
AbbVie, Inc. (Biotechnology) | 3.200% | 11/21/2029 | 1,000,000 | 904,276 | ||||||||||||
HCA, Inc. (Health Care Providers & Svs.) | 5.250% | 06/15/2026 | 2,000,000 | 1,978,141 | ||||||||||||
Regeneron Pharmaceuticals, Inc. (Biotechnology) | 1.750% | 09/15/2030 | 1,200,000 | 956,483 | ||||||||||||
UnitedHealth Group, Inc. (Health Care Providers & Svs.) | 3.875% | 12/15/2028 | 2,000,000 | 1,915,981 | ||||||||||||
|
| |||||||||||||||
5,754,881 | ||||||||||||||||
|
| |||||||||||||||
INDUSTRIALS – 2.0% | ||||||||||||||||
Air Lease Corp. (Trading Companies & Distributors) | 2.300% | 02/01/2025 | 2,000,000 | 1,880,652 | ||||||||||||
Boeing Co. / The (Aerospace & Defense) | 3.200% | 03/01/2029 | 1,500,000 | 1,341,149 | ||||||||||||
FedEx Corp. (Air Freight & Logistics) | 4.900% | 01/15/2034 | 1,000,000 | 977,653 | ||||||||||||
Lockheed Martin Corp. (Aerospace & Defense) | 1.850% | 06/15/2030 | 800,000 | 665,603 | ||||||||||||
TTX Co. (Ground Transportation) | (b) | 5.650% | 12/01/2052 | 1,000,000 | 1,059,923 | |||||||||||
United Rentals North America, Inc. (Trading Companies & Distributors) | 4.875% | 01/15/2028 | 1,000,000 | 951,590 | ||||||||||||
Waste Connections, Inc. (Commercial Svs. & Supplies) | 2.600% | 02/01/2030 | 2,000,000 | 1,730,364 | ||||||||||||
|
| |||||||||||||||
8,606,934 | ||||||||||||||||
|
| |||||||||||||||
INFORMATION TECHNOLOGY – 1.2% | ||||||||||||||||
Broadcom, Inc. (Semiconductors & Equip.) | (b) | 2.600% | 02/15/2033 | 1,000,000 | 781,494 | |||||||||||
HP, Inc. (Tech. Hardware, Storage & Periph.) | 2.650% | 06/17/2031 | 2,000,000 | 1,612,199 | ||||||||||||
Oracle Corp. (Software) | 4.300% | 07/08/2034 | 2,100,000 | 1,907,144 | ||||||||||||
VMware, Inc. (Software) | 2.200% | 08/15/2031 | 1,200,000 | 942,960 | ||||||||||||
|
| |||||||||||||||
5,243,797 | ||||||||||||||||
|
| |||||||||||||||
MATERIALS – 1.3% | ||||||||||||||||
Dow Chemical Co. / The (Chemicals) | 4.250% | 10/01/2034 | 1,402,000 | 1,273,165 | ||||||||||||
Glencore Funding LLC (Metals & Mining) | (b) | 2.850% | 04/27/2031 | 2,000,000 | 1,650,875 | |||||||||||
Kinross Gold Corp. (Metals & Mining) | 4.500% | 07/15/2027 | 1,000,000 | 957,525 | ||||||||||||
Mosaic Co. / The (Chemicals) | 4.050% | 11/15/2027 | 1,000,000 | 952,175 | ||||||||||||
Steel Dynamics, Inc. (Metals & Mining) | 3.250% | 01/15/2031 | 800,000 | 693,367 | ||||||||||||
|
| |||||||||||||||
5,527,107 | ||||||||||||||||
|
| |||||||||||||||
REAL ESTATE – 1.0% | ||||||||||||||||
Alexandria Real Estate Equities, Inc. (Office REITs) | 3.950% | 01/15/2028 | 1,000,000 | 931,787 | ||||||||||||
American Tower Corp. (Specialized REITs) | 2.750% | 01/15/2027 | 2,000,000 | 1,819,541 | ||||||||||||
VICI Properties LP / VICI Note Co., Inc. (Specialized REITs) | (b) | 4.625% | 12/01/2029 | 700,000 | 635,509 | |||||||||||
Welltower OP LLC (Health Care REITs) | 2.700% | 02/15/2027 | 1,000,000 | 904,850 | ||||||||||||
|
| |||||||||||||||
4,291,687 | ||||||||||||||||
|
|
15 | (continued) |
Ohio National Fund, Inc. | ON BlackRock Balanced Allocation Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||||
UTILITIES – 2.2% | ||||||||||||||||
AEP Transmission Co. LLC (Electric Utilities) | 4.000% | 12/01/2046 | $ | 1,000,000 | $ | 838,186 | ||||||||||
AEP Transmission Co. LLC (Electric Utilities) | 3.750% | 12/01/2047 | 1,000,000 | 797,845 | ||||||||||||
Ameren Corp. (Multi-Utilities) | 2.500% | 09/15/2024 | 1,000,000 | 958,252 | ||||||||||||
Ameren Corp. (Multi-Utilities) | 3.500% | 01/15/2031 | 1,000,000 | 892,376 | ||||||||||||
Black Hills Corp. (Multi-Utilities) | 3.050% | 10/15/2029 | 1,000,000 | 856,026 | ||||||||||||
Commonwealth Edison Co. (Electric Utilities) | 4.350% | 11/15/2045 | 1,000,000 | 871,569 | ||||||||||||
Connecticut Light & Power Co. / The (Electric Utilities) | 4.000% | 04/01/2048 | 1,000,000 | 841,870 | ||||||||||||
Duke Energy Corp. (Electric Utilities) | 3.750% | 09/01/2046 | 1,500,000 | 1,134,635 | ||||||||||||
Duke Energy Indiana LLC (Electric Utilities) | 3.250% | 10/01/2049 | 1,000,000 | 715,060 | ||||||||||||
FirstEnergy Transmission LLC (Electric Utilities) | (b) | 4.550% | 04/01/2049 | 200,000 | 166,845 | |||||||||||
Florida Power & Light Co. (Electric Utilities) | 3.150% | 10/01/2049 | 1,000,000 | 728,999 | ||||||||||||
Public Service Electric & Gas Co. (Multi-Utilities) | 3.600% | 12/01/2047 | 1,000,000 | 785,130 | ||||||||||||
|
| |||||||||||||||
9,586,793 | ||||||||||||||||
|
| |||||||||||||||
Total Corporate Bonds (Cost $123,202,580) | $ | 106,319,795 | ||||||||||||||
|
| |||||||||||||||
Asset-Backed Securities – 0.5% | Rate | Maturity | Face Amount | Value | ||||||||||||
INDUSTRIALS – 0.5% | ||||||||||||||||
FedEx Corp. 2020-1 Class AA Pass Through Trust | 1.875% | 02/20/2034 | $ | 1,732,637 | $ | 1,413,425 | ||||||||||
United Airlines 2016-1 Class B Pass Through Trust | 3.650% | 01/07/2026 | 114,352 | 105,261 | ||||||||||||
United Airlines 2019-2 Class AA Pass Through Trust | 2.700% | 05/01/2032 | 858,997 | 719,437 | ||||||||||||
|
| |||||||||||||||
Total Asset-Backed Securities (Cost $2,705,986) | $ | 2,238,123 | ||||||||||||||
|
| |||||||||||||||
U.S. Treasury Obligations – 0.2% | Rate | Maturity | Face Amount | Value | ||||||||||||
U.S. Treasury Note | 1.875% | 02/15/2032 | $ | 1,000,000 | $ | 856,563 | ||||||||||
|
| |||||||||||||||
Total U.S. Treasury Obligations (Cost $957,192) | $ | 856,563 | ||||||||||||||
|
| |||||||||||||||
Total Investments – 99.1% (Cost $410,525,057) | (d) | $ | 428,362,533 | |||||||||||||
Other Assets in Excess of Liabilities – 0.9% | (e) | 4,027,964 | ||||||||||||||
|
| |||||||||||||||
Net Assets – 100.0% | $ | 432,390,497 | ||||||||||||||
|
|
Percentages are stated as a percent of net assets.
Abbreviations:
H15T5Y: | U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 4.130% at 06/30/2023 | |
REITs: | Real Estate Investment Trusts SOFR: Secured Overnight Financing Rate, 5.090% at 06/30/2023 | |
TSFR3M: | Quarterly CME Term SOFR, 5.268% at 06/30/2023 | |
USSW5: | USD Swap Semi 30/360 5 Year, 4.219% at 06/30/2023 |
Footnotes:
(a) | Non-income producing security. |
(b) | Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers under Rule 144A. At June 30, 2023, the value of these securities totaled $5,900,586, or 1.4% of the Portfolio’s net assets. |
(c) | Security is a fixed-then-variable rate instrument in which the coupon or dividend rate is fixed until a later specified date, then is adjusted periodically. Rates stated, including interest rate caps and floors, if any, are those in effect at June 30, 2023. |
(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. |
(e) | Includes $212,800 of cash pledged as collateral for the futures contracts outstanding at June 30, 2023. 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 | June 30, 2023 (Unaudited) |
Description | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable (Payable) | ||||||||||||
CME E-mini S&P 500 Index - Long | 19 | September 15, 2023 | $ | 4,152,718 | $ | 4,263,838 | $111,120 | $45,569 |
The accompanying notes are an integral part of these financial statements.
16 |
Ohio National Fund, Inc. | ON BlackRock Advantage International Equity Portfolio (Unaudited) |
Objective/Strategy |
The ON Blackrock Advantage International Equity Portfolio seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in non-U.S. equity securities and equity-like instruments of companies that are components of, or have characteristics similar to, the companies included in the MSCI EAFE Index (Net - USD).
Performance as of June 30, 2023 |
Average Annual returns | ||||
One year | 21.08 | % | ||
Five years | 4.92 | % | ||
Ten years | 4.47 | % |
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 the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts, or as an underlying investment by the ON Model Portfolios. 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 0.89% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 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 six-month period ended June 30, 2023, the Portfolio returned 12.91% versus 11.67% for its benchmark, the MSCI EAFE Index (Net –USD).
Q. What affected the Portfolio’s performance?
A. The broadening market rally near period-end provided a strong tailwind to the performance of overall stock selection. Traditional valuation insights that evaluate financial statement data, and contrarian quality measures, such as a firm’s ability to internally finance operations and balance sheet strength, collectively drove overweight positions into economically sensitive parts of the market. This included cyclicals, such as consumer travel and capital goods names, which benefited returns amid declining recession concerns. Sentiment insights that capture both management and analyst views drove gains as focus shifted towards growth and the outlook for earnings. Despite positive performance from more contrarian fundamental quality insights, nontraditional measures of company quality with a growth flavor struggled. These insights that evaluate company controversy exposure, board diversity, and employee turnover proved less relevant as markets focused on macro dynamics.
Elsewhere, macro thematic insights that evaluate company revenue derived from China detracted as economic momentum in the region slowed. This was highlighted through an unsuccessful underweight to Machinery names. Derivatives had no significant impact on performance. (1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.
The MSCI 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.
17 | (continued) |
Ohio National Fund, Inc. | ON BlackRock Advantage International Equity Portfolio (Unaudited) (Continued) |
Portfolio Composition as of June 30, 2023 (1) |
% of Net Assets | ||||
Common Stocks (4) (5) | 96.9 | |||
Preferred Securities (4) (5) | 0.7 | |||
Other Net Assets | 2.4 | |||
|
| |||
100.0 | ||||
|
|
(1) | Composition of Portfolio subject to change. |
(2) | Short-term investments have been excluded from the list of Top 10 Portfolio Holdings. |
(3) | Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher. |
(4) | Sectors (Common Stocks, Preferred Securities): |
% of Net Assets | ||||
Japan | 20.4 | |||
France | 12.8 | |||
United Kingdom | 12.3 | |||
Switzerland | 10.3 | |||
Germany | 10.0 | |||
Australia | 6.4 | |||
Netherlands | 5.3 | |||
Spain | 3.8 | |||
Denmark | 2.8 | |||
Hong Kong | 2.3 |
(5) | Sectors (Common Stocks, Preferred Securities): |
% of Net Assets | ||||
Industrials | 18.1 | |||
Financials | 14.9 | |||
Health Care | 12.0 | |||
Consumer Discretionary | 11.5 | |||
Consumer Staples | 11.0 | |||
Information Technology | 10.0 | |||
Materials | 8.7 | |||
Communication Services | 3.9 | |||
Energy | 3.6 | |||
Utilities | 2.7 | |||
Real Estate | 1.2 | |||
|
| |||
97.6 | ||||
|
|
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||||
1. | Nestle SA | 3.0 | ||||
2. | ASML Holding N.V. | 2.7 | ||||
3. | Novartis AG | 2.2 | ||||
4. | LVMH Moet Hennessy Louis Vuitton SE | 2.2 | ||||
5. | Novo Nordisk A/S Class B | 2.2 | ||||
6. | SAP SE | 1.8 | ||||
7. | Shell PLC | 1.6 | ||||
8. | Schneider Electric SE | 1.5 | ||||
9. | BHP Group Ltd. | 1.5 | ||||
10. | Mitsubishi UFJ Financial Group, Inc. | 1.4 |
18 |
Ohio National Fund, Inc. | ON BlackRock Advantage International Equity Portfolio | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks – 96.9% | Shares | Value | ||||||||
JAPAN – 20.4% | ||||||||||
Advantest Corp. (Information Technology) | (a) | 900 | $ | 120,568 | ||||||
ANA Holdings, Inc. (Industrials) | (a)(b) | 3,900 | 93,049 | |||||||
Asahi Kasei Corp. (Materials) | (a) | 26,200 | 177,847 | |||||||
Astellas Pharma, Inc. (Health Care) | (a) | 202,600 | 3,019,038 | |||||||
Central Japan Railway Co. (Industrials) | (a) | 14,900 | 1,868,554 | |||||||
Concordia Financial Group Ltd. (Financials) | (a) | 13,800 | 54,388 | |||||||
Dai-ichi Life Holdings, Inc. (Financials) | (a) | 41,300 | 792,232 | |||||||
Daito Trust Construction Co. Ltd. (Real Estate) | (a) | 12,000 | 1,217,593 | |||||||
Daiwa House Industry Co. Ltd. (Real Estate) | (a) | 48,700 | 1,287,117 | |||||||
DMG Mori Co. Ltd. (Industrials) | (a) | 26,200 | 457,406 | |||||||
ENEOS Holdings, Inc. (Energy) | (a) | 16,400 | 56,191 | |||||||
Fast Retailing Co. Ltd. (Consumer Discretionary) | (a) | 3,500 | 898,530 | |||||||
FUJIFILM Holdings Corp. (Information Technology) | (a) | 25,300 | 1,502,590 | |||||||
Hitachi Ltd. (Industrials) | (a) | 39,300 | 2,432,340 | |||||||
Honda Motor Co. Ltd. (Consumer Discretionary) | (a) | 15,100 | 456,149 | |||||||
J. Front Retailing Co. Ltd. (Consumer Discretionary) | (a) | 34,600 | 332,699 | |||||||
Japan Airport Terminal Co. Ltd. (Industrials) | (a) | 2,900 | 131,272 | |||||||
Japan Post Bank Co. Ltd. (Financials) | (a) | 50,000 | 391,735 | |||||||
Japan Post Holdings Co. Ltd. (Financials) | (a) | 32,600 | 234,412 | |||||||
Japan Tobacco, Inc. (Consumer Staples) | (a) | 170,800 | 3,743,777 | |||||||
JGC Holdings Corp. (Industrials) | (a) | 6,800 | 88,638 | |||||||
Kakaku.com, Inc. (Communication Services) | (a) | 37,400 | 538,516 | |||||||
Kao Corp. (Consumer Staples) | (a) | 25,100 | 909,112 | |||||||
KDDI Corp. (Communication Services) | (a) | 22,700 | 701,563 | |||||||
Kirin Holdings Co. Ltd. (Consumer Staples) | (a) | 7,900 | 115,374 | |||||||
Kobayashi Pharmaceutical Co. Ltd. (Consumer Staples) | (a) | 9,700 | 527,779 | |||||||
Konica Minolta, Inc. (Information Technology) | (a) | 9,700 | 33,456 | |||||||
Lawson, Inc. (Consumer Staples) | (a) | 71,100 | 3,158,445 | |||||||
Marui Group Co. Ltd. (Financials) | (a) | 39,300 | 687,214 | |||||||
Mitsubishi Chemical Group Corp. (Materials) | (a) | 198,200 | 1,195,031 | |||||||
Mitsubishi Corp. (Industrials) | (a) | 91,900 | 4,454,768 | |||||||
Mitsubishi Electric Corp. (Industrials) | (a) | 2,600 | 36,537 | |||||||
Mitsubishi Gas Chemical Co., Inc. (Materials) | (a) | 107,900 | 1,574,651 | |||||||
Mitsubishi HC Capital, Inc. (Financials) | (a) | 65,600 | 390,877 | |||||||
Mitsubishi UFJ Financial Group, Inc. (Financials) | (a) | 685,100 | 5,056,972 | |||||||
Mitsui Fudosan Co. Ltd. (Real Estate) | (a) | 16,500 | 329,209 | |||||||
Mizuho Financial Group, Inc. (Financials) | (a) | 50,500 | 770,786 | |||||||
MS&AD Insurance Group Holdings, Inc. (Financials) | (a) | 97,000 | 3,456,268 | |||||||
Murata Manufacturing Co. Ltd. (Information Technology) | (a) | 700 | 40,166 | |||||||
Nexon Co. Ltd. (Communication Services) | (a) | 13,800 | 264,435 | |||||||
NIDEC CORP (Industrials) | (a) | 23,600 | 1,297,196 | |||||||
Nikon Corp. (Consumer Discretionary) | (a) | 3,800 | 49,384 | |||||||
Nintendo Co. Ltd. (Communication Services) | (a) | 6,100 | 277,475 | |||||||
Nippon Express Holdings, Inc. (Industrials) | (a) | 21,800 | 1,229,475 |
Common Stocks (Continued) | Shares | Value | ||||||||
JAPAN (continued) | ||||||||||
Nippon Paint Holdings Co. Ltd. (Materials) | (a) | 6,300 | $ | 52,082 | ||||||
Nippon Telegraph & Telephone Corp. (Communication Services) | (a) | 198,800 | 235,557 | |||||||
Nissan Motor Co. Ltd. (Consumer Discretionary) | (a) | 11,400 | 47,078 | |||||||
Nitto Denko Corp. (Materials) | (a) | 1,100 | 81,537 | |||||||
Nomura Holdings, Inc. (Financials) | (a) | 15,400 | 58,447 | |||||||
Obic Co. Ltd. (Information Technology) | (a) | 2,900 | 464,936 | |||||||
Olympus Corp. (Health Care) | (a) | 6,700 | 106,053 | |||||||
Omron Corp. (Information Technology) | (a) | 4,800 | 294,043 | |||||||
Ono Pharmaceutical Co. Ltd. (Health Care) | (a) | 1,900 | 34,450 | |||||||
Oracle Corp. (Information Technology) | (a) | 5,700 | 423,570 | |||||||
Oriental Land Co. Ltd (Consumer Discretionary) | (a) | 3,400 | 132,740 | |||||||
ORIX Corp. (Financials) | (a) | 47,100 | 861,392 | |||||||
Otsuka Holdings Co. Ltd. (Health Care) | (a) | 23,800 | 872,284 | |||||||
Recruit Holdings Co. Ltd. (Industrials) | (a) | 70,100 | 2,237,138 | |||||||
Renesas Electronics Corp. (Information Technology) | (a)(b) | 10,900 | 206,280 | |||||||
Resona Holdings, Inc. (Financials) | (a) | 161,900 | 775,799 | |||||||
Sega Sammy Holdings, Inc. (Consumer Discretionary) | (a) | 30,300 | 648,422 | |||||||
Sekisui House Ltd. (Consumer Discretionary) | (a) | 41,600 | 841,822 | |||||||
Shionogi & Co. Ltd. (Health Care) | (a) | 26,800 | 1,132,304 | |||||||
Skylark Holdings Co. Ltd. (Consumer Discretionary) | (a)(b) | 5,400 | 67,520 | |||||||
SoftBank Corp. (Communication Services) | (a) | 62,800 | 671,833 | |||||||
SoftBank Group Corp. (Communication Services) | (a) | 23,000 | 1,091,618 | |||||||
Sompo Holdings, Inc. (Financials) | (a) | 20,600 | 923,502 | |||||||
Sumitomo Chemical Co. Ltd. (Materials) | (a) | 56,000 | 170,463 | |||||||
Sumitomo Mitsui Financial Group, Inc. (Financials) | (a) | 11,200 | 479,373 | |||||||
Sumitomo Mitsui Trust Holdings, Inc. (Financials) | (a) | 4,900 | 175,334 | |||||||
Sumitomo Realty & Development Co. Ltd. (Real Estate) | (a) | 10,700 | 265,198 | |||||||
T&D Holdings, Inc. (Financials) | (a) | 54,700 | 808,150 | |||||||
Takeda Pharmaceutical Co. Ltd. (Health Care) | (a) | 100,100 | 3,146,248 | |||||||
Terumo Corp. (Health Care) | (a) | 16,900 | 537,490 | |||||||
Tokio Marine Holdings, Inc. (Financials) | (a) | 115,300 | 2,662,184 | |||||||
Tokyo Electron Ltd. (Information Technology) | (a) | 10,500 | 1,503,638 | |||||||
Toshiba Corp. (Industrials) | (a) | 8,600 | 269,559 | |||||||
Toyota Motor Corp. (Consumer Discretionary) | (a) | 150,800 | 2,409,940 | |||||||
Unicharm Corp. (Consumer Staples) | (a) | 10,200 | 377,920 | |||||||
Yamada Holdings Co. Ltd. (Consumer Discretionary) | (a) | 243,400 | 717,093 | |||||||
ZOZO, Inc. (Consumer Discretionary) | (a) | 50,900 | 1,053,464 | |||||||
|
| |||||||||
73,287,275 | ||||||||||
|
| |||||||||
FRANCE – 12.8% | ||||||||||
Air Liquide SA (Materials) | (a) | 342 | 61,315 | |||||||
Arkema SA (Materials) | (a) | 10,387 | 979,801 | |||||||
Bureau Veritas SA (Industrials) | (a) | 41,804 | 1,146,675 | |||||||
Capgemini SE (Information Technology) | (a) | 8,109 | 1,536,179 | |||||||
Carrefour SA (Consumer Staples) | (a) | 79,277 | 1,502,392 | |||||||
Credit Agricole SA (Financials) | (a) | 62,148 | 738,279 | |||||||
Dassault Aviation SA (Industrials) | (a) | 11,871 | 2,375,260 | |||||||
Dassault Systemes SE (Information Technology) | (a) | 62,987 | 2,793,228 | |||||||
Engie SA (Utilities) | (a) | 101,910 | 1,695,083 |
19 | (continued) |
Ohio National Fund, Inc. | ON BlackRock Advantage International Equity Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||
FRANCE (continued) | ||||||||||
EssilorLuxottica SA (Health Care) | (a) | 473 | $ | 89,514 | ||||||
Getlink SE (Industrials) | (a) | 4,654 | 79,185 | |||||||
Hermes International (Consumer Discretionary) | (a) | 2,265 | 4,927,388 | |||||||
La Francaise des Jeux SAEM (Consumer Discretionary) | (a) | 3,440 | 135,443 | |||||||
Legrand SA (Industrials) | (a) | 471 | 46,724 | |||||||
L’Oreal SA (Consumer Staples) | (a) | 10,024 | 4,677,976 | |||||||
LVMH Moet Hennessy Louis Vuitton SE (Consumer Discretionary) | (a) | 8,228 | 7,764,976 | |||||||
Pernod Ricard SA (Consumer Staples) | (a) | 7,052 | 1,558,064 | |||||||
Safran SA (Industrials) | (a) | 21,989 | 3,454,729 | |||||||
Sanofi (Health Care) | (a) | 18,621 | 1,996,228 | |||||||
Schneider Electric SE (Industrials) | (a) | 29,723 | 5,417,526 | |||||||
Thales SA (Industrials) | (a) | 5,807 | 869,238 | |||||||
TotalEnergies SE (Energy) | (a) | 4,773 | 273,553 | |||||||
Ubisoft Entertainment SA (Communication Services) | (a)(b) | 36,733 | 1,038,298 | |||||||
Vallourec SA (Energy) | (a)(b) | 1,948 | 22,997 | |||||||
Veolia Environnement SA (Utilities) | (a) | 26,771 | 846,405 | |||||||
|
| |||||||||
46,026,456 | ||||||||||
|
| |||||||||
UNITED KINGDOM – 12.3% | ||||||||||
Anglo American PLC (Materials) | (a) | 10,903 | 309,039 | |||||||
AstraZeneca PLC (Health Care) | (a) | 34,827 | 4,988,557 | |||||||
Auto Trader Group PLC (Communication Services) | (a) | 164,724 | 1,276,715 | |||||||
Aviva PLC (Financials) | (a) | 13,506 | 68,071 | |||||||
BAE Systems PLC (Industrials) | (a) | 13,443 | 158,613 | |||||||
Barclays PLC (Financials) | (a) | 192,853 | 376,707 | |||||||
BP PLC (Energy) | (a) | 758,568 | 4,444,331 | |||||||
British American Tobacco PLC (Consumer Staples) | (a) | 142,206 | 4,717,887 | |||||||
Bunzl PLC (Industrials) | (a) | 1,671 | 63,620 | |||||||
Centrica PLC (Utilities) | (a) | 460,463 | 725,152 | |||||||
CNH Industrial N.V. (Industrials) | (a) | 12,395 | 179,153 | |||||||
Compass Group PLC (Consumer Discretionary) | (a) | 2,093 | 58,548 | |||||||
ConvaTec Group PLC (Health Care) | (a) | 53,777 | 140,235 | |||||||
Endeavour Mining PLC (Materials) | (a) | 7,523 | 180,902 | |||||||
Greggs PLC (Consumer Discretionary) | (a) | 622 | 20,177 | |||||||
GSK PLC (Health Care) | (a) | 79,996 | 1,413,104 | |||||||
Halma PLC (Information Technology) | (a) | 3,953 | 114,425 | |||||||
HSBC Holdings PLC (Financials) | (a) | 247,765 | 1,959,673 | |||||||
IG Group Holdings PLC (Financials) | (a) | 25,654 | 220,505 | |||||||
IMI PLC (Industrials) | (a) | 20,815 | 434,959 | |||||||
Intertek Group PLC (Industrials) | (a) | 4,705 | 255,388 | |||||||
London Stock Exchange Group PLC (Financials) | (a) | 11,713 | 1,241,188 | |||||||
Reckitt Benckiser Group PLC (Consumer Staples) | (a) | 6,665 | 500,543 | |||||||
RELX PLC (Industrials) | (a) | 10,748 | 358,321 | |||||||
Rightmove PLC (Communication Services) | (a) | 76,728 | 509,699 | |||||||
Rio Tinto PLC (Materials) | (a) | 48,078 | 3,054,372 | |||||||
Rotork PLC (Industrials) | (a) | 132 | 512 | |||||||
Shell PLC (Energy) | (a) | 197,706 | 5,886,418 | |||||||
Smiths Group PLC (Industrials) | (a) | 157,616 | 3,297,887 | |||||||
Spectris PLC (Information Technology) | (a) | 24,282 | 1,108,570 | |||||||
Standard Chartered PLC (Financials) | (a) | 131,908 | 1,150,386 | |||||||
Tesco PLC (Consumer Staples) | (a) | 512,847 | 1,620,613 | |||||||
Travis Perkins PLC (Industrials) | (a) | 6,709 | 69,434 | |||||||
Unilever PLC (Consumer Staples) | (a) | 36,166 | 1,885,786 | |||||||
Vodafone Group PLC (Communication Services) | (a) | 1,366,639 | 1,289,450 | |||||||
|
| |||||||||
44,078,940 | ||||||||||
|
| |||||||||
SWITZERLAND – 10.3% | ||||||||||
ABB Ltd. (Industrials) | (a) | 122,656 | 4,826,305 |
Common Stocks (Continued) | Shares | Value | ||||||||
SWITZERLAND (continued) | ||||||||||
Chocoladefabriken Lindt & Spruengli AG (Consumer Staples) | (a) | 2 | $ | 248,116 | ||||||
Chocoladefabriken Lindt & Spruengli AG NVS (Consumer Staples) | (a) | 146 | 1,833,999 | |||||||
Cie Financiere Richemont SA (Consumer Discretionary) | (a) | 17,946 | 3,044,963 | |||||||
Clariant AG (Materials) | (a) | 6,799 | 98,281 | |||||||
Dufry AG (Consumer Discretionary) | (a)(b) | 1,571 | 71,613 | |||||||
Flughafen Zurich AG (Industrials) | (a) | 137 | 28,475 | |||||||
Givaudan SA (Materials) | (a) | 748 | 2,481,446 | |||||||
Holcim AG (Materials) | (a) | 3,949 | 265,501 | |||||||
Logitech International SA (Information Technology) | (a) | 33,797 | 2,009,467 | |||||||
Nestle SA (Consumer Staples) | (a) | 88,548 | 10,654,512 | |||||||
Novartis AG (Health Care) | (a) | 80,131 | 8,087,413 | |||||||
Roche Holding AG NVS (Health Care) | (a) | 9,397 | 2,871,681 | |||||||
Sika AG (Materials) | (a) | 752 | 215,089 | |||||||
Sonova Holding AG (Health Care) | (a) | 74 | 19,713 | |||||||
Temenos AG (Information Technology) | (a) | 2,514 | 200,170 | |||||||
|
| |||||||||
36,956,744 | ||||||||||
|
| |||||||||
GERMANY – 9.3% | ||||||||||
Aurubis AG (Materials) | (a) | 1,157 | 99,137 | |||||||
BASF SE (Materials) | (a) | 9,710 | 471,445 | |||||||
Bayer AG (Health Care) | (a) | 9,478 | 524,001 | |||||||
Bayerische Motoren Werke AG (Consumer Discretionary) | (a) | 19,692 | 2,418,500 | |||||||
Covestro AG (Materials) | (a)(b) | 27,277 | 1,416,369 | |||||||
Deutsche Bank AG (Financials) | (a) | 99,786 | 1,047,083 | |||||||
Deutsche Telekom AG (Communication Services) | (a) | 31,754 | 692,140 | |||||||
Evonik Industries AG (Materials) | (a) | 40,850 | 776,478 | |||||||
Freenet AG (Communication Services) | (a) | 26,955 | 676,083 | |||||||
Fresenius SE & Co. KGaA (Health Care) | (a) | 1,242 | 34,379 | |||||||
GEA Group AG (Industrials) | (a) | 37,999 | 1,588,056 | |||||||
HUGO BOSS AG (Consumer Discretionary) | (a) | 5,990 | 467,586 | |||||||
Infineon Technologies AG (Information Technology) | (a) | 108,155 | 4,460,369 | |||||||
KION Group AG (Industrials) | (a) | 582 | 23,403 | |||||||
Mercedes-Benz Group AG (Consumer Discretionary) | (a) | 58,925 | 4,742,377 | |||||||
Nemetschek SE (Information Technology) | (a) | 6,895 | 516,350 | |||||||
SAP SE (Information Technology) | (a) | 47,826 | 6,530,350 | |||||||
Scout24 SE (Communication Services) | (a) | 20,512 | 1,300,254 | |||||||
Siemens AG (Industrials) | (a) | 25,303 | 4,211,647 | |||||||
Siemens Energy AG (Industrials) | (a)(b) | 7,360 | 129,919 | |||||||
TeamViewer SE (Information Technology) | (a)(b) | 72,516 | 1,163,836 | |||||||
Zalando SE (Consumer Discretionary) | (a)(b) | 7,304 | 210,146 | |||||||
|
| |||||||||
33,499,908 | ||||||||||
|
| |||||||||
AUSTRALIA – 6.4% | ||||||||||
Ampol Ltd. (Energy) | (a) | 8,419 | 168,865 | |||||||
Aristocrat Leisure Ltd. (Consumer Discretionary) | (a) | 135,814 | 3,516,835 | |||||||
Beach Energy Ltd. (Energy) | (a) | 90,993 | 82,266 | |||||||
BHP Group Ltd. (Materials) | (a) | 177,289 | 5,289,777 | |||||||
Brambles Ltd. (Industrials) | (a) | 78,527 | 755,805 | |||||||
Cochlear Ltd. (Health Care) | (a) | 226 | 34,582 | |||||||
Commonwealth Bank of Australia (Financials) | (a) | 6,404 | 429,419 | |||||||
CSL Ltd. (Health Care) | (a) | 9,945 | 1,840,311 | |||||||
Flight Centre Travel Group Ltd. (Consumer Discretionary) | (a)(b) | 14,528 | 185,140 | |||||||
Fortescue Metals Group Ltd. (Materials) | (a) | 188,977 | 2,814,434 | |||||||
GPT Group / The (Real Estate) | (a) | 94,150 | 260,200 |
20 | (continued) |
Ohio National Fund, Inc. | ON BlackRock Advantage International Equity Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||
AUSTRALIA (continued) | ||||||||||
JB Hi-Fi Ltd. (Consumer Discretionary) | (a) | 870 | $ | 25,440 | ||||||
Lottery Corp. Ltd. / The | (a) | 115,564 | 396,362 | |||||||
Macquarie Group Ltd. (Financials) | (a) | 21,363 | 2,545,727 | |||||||
Rio Tinto Ltd. (Materials) | (a) | 13,915 | 1,070,877 | |||||||
Sandfire Resources Ltd. (Materials) | (a)(b) | 7,878 | 31,234 | |||||||
Santos Ltd. (Energy) | (a) | 15,512 | 78,129 | |||||||
Sonic Healthcare Ltd. (Health Care) | (a) | 57,342 | 1,363,916 | |||||||
Steadfast Group Ltd. (Financials) | (a) | 32,010 | 128,292 | |||||||
Westpac Banking Corp. (Financials) | (a) | 51,803 | 738,979 | |||||||
Worley Ltd. (Industrials) | (a) | 100,362 | 1,061,860 | |||||||
|
| |||||||||
22,818,450 | ||||||||||
|
| |||||||||
NETHERLANDS – 5.3% | ||||||||||
Argenx SE (Health Care) | (a)(b) | 820 | 319,033 | |||||||
ASML Holding N.V. | (a) | 13,501 | 9,772,982 | |||||||
BE Semiconductor Industries N.V. | (a) | 225 | 24,392 | |||||||
ING Groep N.V. (Financials) | (a) | 185,726 | 2,508,151 | |||||||
Koninklijke KPN N.V. | (a) | 281,936 | 1,006,482 | |||||||
NN Group N.V. (Financials) | (a) | 2,323 | 86,197 | |||||||
QIAGEN N.V. (Health Care) | (a)(b) | 2,936 | 131,701 | |||||||
Signify N.V. (Industrials) | (a) | 37,850 | 1,061,342 | |||||||
Wolters Kluwer N.V. (Industrials) | (a) | 32,676 | 4,149,031 | |||||||
|
| |||||||||
19,059,311 | ||||||||||
|
| |||||||||
SPAIN – 3.8% | ||||||||||
Acciona SA (Utilities) | (a) | 7,799 | 1,324,526 | |||||||
ACS Actividades de Construccion y Servicios SA (Industrials) | (a) | 7,442 | 261,659 | |||||||
Amadeus IT Group SA | (a)(b) | 20,741 | 1,581,320 | |||||||
Banco Bilbao Vizcaya Argentaria SA | (a) | 348,208 | 2,684,934 | |||||||
Banco Santander SA (Financials) | (a) | 674,932 | 2,504,326 | |||||||
Bankinter SA (Financials) | (a) | 96,947 | 597,789 | |||||||
CaixaBank SA (Financials) | (a) | 388,851 | 1,612,896 | |||||||
Grifols SA (Health Care) | (a)(b) | 5,347 | 68,578 | |||||||
Industria de Diseno Textil SA | (a) | 24,016 | 933,076 | |||||||
Repsol SA (Energy) | (a) | 42,330 | 615,479 | |||||||
Telefonica SA | (a) | 383,664 | 1,556,459 | |||||||
|
| |||||||||
13,741,042 | ||||||||||
|
| |||||||||
DENMARK – 2.8% | ||||||||||
Genmab A/S (Health Care) | (a)(b) | 1,930 | 732,524 | |||||||
Novo Nordisk A/S Class B | (a) | 47,911 | 7,738,285 | |||||||
Novozymes A/S (Materials) | (a) | 31,683 | 1,475,610 | |||||||
|
| |||||||||
9,946,419 | ||||||||||
|
| |||||||||
HONG KONG – 2.3% | ||||||||||
AIA Group Ltd. (Financials) | (a) | 470,400 | 4,799,577 | |||||||
Galaxy Entertainment Group Ltd. | (a)(b) | 7,000 | 44,676 | |||||||
Jardine Matheson Holdings Ltd. | (a) | 42,300 | 2,145,494 | |||||||
New World Development Co. Ltd. | (a) | 421,000 | 1,039,857 | |||||||
Sino Land Co. Ltd. (Real Estate) | (a) | 40,000 | 49,188 | |||||||
|
| |||||||||
8,078,792 | ||||||||||
|
| |||||||||
ITALY – 2.2% | ||||||||||
Assicurazioni Generali SpA (Financials) | (a) | 24,139 | 491,623 | |||||||
Enel SpA (Utilities) | (a) | 418,905 | 2,821,866 | |||||||
Ferrari N.V. (Consumer Discretionary) | (a) | 82 | 26,846 |
Common Stocks (Continued) | Shares | Value | ||||||||
ITALY (continued) | ||||||||||
Intesa Sanpaolo SpA (Financials) | (a) | 377,707 | $ | 992,732 | ||||||
Mediobanca Banca di Credito Finanziario SpA (Financials) | (a) | 59,438 | 712,764 | |||||||
Moncler SpA (Consumer Discretionary) | (a) | 616 | 42,623 | |||||||
Poste Italiane SpA (Financials) | (a) | 11,264 | 122,205 | |||||||
Recordati Industria Chimica e Farmaceutica SpA (Health Care) | (a) | 10,807 | 516,529 | |||||||
Snam SpA (Utilities) | (a) | 219,198 | 1,145,535 | |||||||
UniCredit SpA (Financials) | (a) | 41,277 | 962,587 | |||||||
|
| |||||||||
7,835,310 | ||||||||||
|
| |||||||||
SWEDEN – 1.7% | ||||||||||
Assa Abloy AB Class B (Industrials) | (a) | 101,566 | 2,438,019 | |||||||
Electrolux AB Class B | (a) | 11,297 | 154,396 | |||||||
Elekta AB Class B (Health Care) | (a) | 134,688 | 1,041,682 | |||||||
Evolution AB (Consumer Discretionary) | (a) | 1,482 | 187,799 | |||||||
Industrivarden AB Class C (Financials) | (a) | 17,327 | 478,135 | |||||||
Investor AB Class B (Financials) | (a) | 25,539 | 511,035 | |||||||
Saab AB Class B (Industrials) | (a) | 22,775 | 1,231,188 | |||||||
Swedish Orphan Biovitrum AB | (a)(b) | 3,683 | 71,829 | |||||||
|
| |||||||||
6,114,083 | ||||||||||
|
| |||||||||
BELGIUM – 1.6% | ||||||||||
Anheuser-Busch InBev SA / N.V. | (a) | 27,300 | 1,546,169 | |||||||
Elia Group SA / N.V. (Utilities) | (a) | 1,812 | 230,188 | |||||||
Groupe Bruxelles Lambert N.V. | (a) | 2,893 | 228,003 | |||||||
Sofina SA (Financials) | (a) | 1,284 | 266,193 | |||||||
Solvay SA (Materials) | (a) | 30,035 | 3,363,845 | |||||||
|
| |||||||||
5,634,398 | ||||||||||
|
| |||||||||
NORWAY – 1.4% | ||||||||||
DNB Bank ASA (Financials) | (a) | 93,391 | 1,746,015 | |||||||
Equinor ASA (Energy) | (a) | 22,480 | 653,037 | |||||||
Gjensidige Forsikring ASA (Financials) | (a) | 73,858 | 1,183,754 | |||||||
Kongsberg Gruppen ASA (Industrials) | (a) | 8,180 | 372,095 | |||||||
Telenor ASA (Communication Services) | (a) | 92,972 | 942,478 | |||||||
Var Energi ASA (Energy) | (a) | 16,516 | 44,929 | |||||||
|
| |||||||||
4,942,308 | ||||||||||
|
| |||||||||
LUXEMBOURG – 1.1% | ||||||||||
ArcelorMittal SA (Materials) | (a) | 132,248 | 3,603,032 | |||||||
Tenaris SA (Energy) | (a) | 20,572 | 307,833 | |||||||
|
| |||||||||
3,910,865 | ||||||||||
|
| |||||||||
SINGAPORE – 1.1% | ||||||||||
Jardine Cycle & Carriage Ltd. | (a) | 61,100 | 1,577,027 | |||||||
Singapore Airlines Ltd. (Industrials) | (a) | 437,800 | 2,316,995 | |||||||
|
| |||||||||
3,894,022 | ||||||||||
|
| |||||||||
IRELAND – 0.9% | ||||||||||
Experian PLC (Industrials) | (a) | 84,115 | 3,232,165 | �� | ||||||
|
| |||||||||
AUSTRIA – 0.8% | ||||||||||
ams-OSRAM AG | (a)(b) | 64,839 | 466,888 | |||||||
ANDRITZ AG (Industrials) | (a) | 12,606 | 703,454 | |||||||
BAWAG Group AG (Financials) | (a) | 9,094 | 419,935 | |||||||
OMV AG (Energy) | (a) | 3,098 | 131,268 | |||||||
Raiffeisen Bank International AG | (a)(b) | 66,922 | 1,062,934 | |||||||
|
| |||||||||
2,784,479 | ||||||||||
|
| |||||||||
PORTUGAL – 0.2% | ||||||||||
EDP - Energias de Portugal SA | (a) | 157,162 | 769,283 | |||||||
|
|
21 | (continued) |
Ohio National Fund, Inc. | ON BlackRock Advantage International Equity Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||
NEW ZEALAND – 0.1% | ||||||||||
Xero Ltd. (Information Technology) | (a)(b) | 6,603 | $ | 527,717 | ||||||
|
| |||||||||
ISRAEL – 0.1% | ||||||||||
Bank Hapoalim BM (Financials) | (a) | 13,193 | 108,201 | |||||||
Teva Pharmaceutical Industries Ltd. (Health Care) | (a)(b) | 30,924 | 234,820 | |||||||
|
| |||||||||
343,021 | ||||||||||
|
| |||||||||
Total Common Stocks (Cost $320,560,892) | $ | 347,480,988 | ||||||||
|
|
Preferred Securities – 0.7% | Rate | Quantity | Value | |||||||||
GERMANY – 0.7% | ||||||||||||
Bayerische Motoren Werke AG (Consumer Discretionary) | (a) | 8.216% (c) | 3,215 | $ | 365,556 | |||||||
Volkswagen AG | (a) | 22.622% (c) | 15,660 | 2,100,436 | ||||||||
|
| |||||||||||
Total Preferred Securities (Cost $2,486,442) |
| $ | 2,465,992 | |||||||||
|
| |||||||||||
Total Investments – 97.6% (Cost $323,047,334) |
| (d) | $ | 349,946,980 | ||||||||
Other Assets in Excess of Liabilities – 2.4% |
| (e) | 8,614,270 | |||||||||
|
| |||||||||||
Net Assets – 100.0% | $ | 358,561,250 | ||||||||||
|
|
Percentages are stated as a percent of net assets.
Abbreviations:
NVS: Non Voting Shares
Footnotes:
(a) | Security traded on a foreign exchange has been valued at an estimate of fair value that is different than the local market close price. These fair value estimates are determined by an independent fair valuation service that has been approved by the Board. These securities represent $349,946,980 or 97.6% of the Portfolio’s net assets. |
(b) | Non-income producing security. |
(c) | Represents twelve-month dividend yield. Rates are determined by actual distributions, which are impacted by factors unique to each preference share such as board authorization, distributable earnings, and preferred payout features compared to other classes of equity. |
(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. |
(e) | Includes $235,555 of cash pledged as collateral for the futures contracts outstanding at June 30, 2023. 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 | June 30, 2023 (Unaudited) |
Description | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable (Payable) | ||||||
MSCI EAFE Index - Long | 63 | September 15, 2023 | $6,739,816 | $6,789,825 | $50,009 | $86,680 |
The accompanying notes are an integral part of these financial statements.
22 |
Ohio National Fund, Inc. | ON Janus Henderson Forty Portfolio (Unaudited) |
Objective/Strategy |
The ON Janus Henderson Forty Portfolio (renamed ON Fidelity Institutional AM® Equity Growth Portfolio as of July 28, 2023) seeks long-term capital growth by investing primarily in domestic and foreign equity securities selected for growth potential.
Performance as of June 30, 2023 |
Average Annual returns | ||||
One year | 27.66 | % | ||
Five years | 11.42 | % | ||
Ten years | 14.43 | % |
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 the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts, or as an underlying investment by the ON Model Portfolios. 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 0.85% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 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 six-month period ended June 30, 2023, the Portfolio returned 26.05% versus 29.02% for its benchmark, the Russell 1000® Growth Index.
Q. What affected the Portfolio’s performance?
A. Due to the concentrated nature of the Portfolio, relative underperformance was largely due to the individual stocks in the Portfolio rather than a market condition or investment strategy that worked for or against the Portfolio. At the sector level, stock selection in the Financials sector, as well as stock selection and an overweight allocation to the Materials sector, were the largest detractors from benchmark-relative performance. From an individual stock perspective, Apple, Inc., The Charles Schwab Corp., and Deere and Co. were the top detractors from performance.
At the sector level, stock selection in the Communication Services sector and an underweight allocation to the Consumer Staples sector contributed to benchmark-relative performance. From an individual stock perspective, Meta Platforms, Inc. Class A, Advanced Micro Devices, Inc., and Core & Main, Inc. Class A were the top contributors to performance. (1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.
The Russell 1000® Growth Index is a market-capitalization weighted index of those firms in the Russell 1000® Index with higher price-to-book ratios and higher forecasted growth values. The Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. The index presented 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.
23 | (continued) |
Ohio National Fund, Inc. | ON Janus Henderson Forty Portfolio (Unaudited) (Continued) |
Portfolio Composition as of June 30, 2023 (1) |
% of Net Assets | ||||
Common Stocks (4) | 98.8 | |||
Discount Notes | 0.9 | |||
Other Net Assets | 0.3 | |||
|
| |||
100.0 | ||||
|
|
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||||
1. | Microsoft Corp. | 11.1 | ||||
2. | Apple, Inc. | 8.3 | ||||
3. | Amazon.com, Inc. | 6.5 | ||||
4. | NVIDIA Corp. | 4.3 | ||||
5. | Workday, Inc. Class A | 3.6 | ||||
6. | Meta Platforms, Inc. Class A | 3.3 | ||||
7. | Core & Main, Inc. Class A | 3.1 | ||||
8. | Howmet Aerospace, Inc. | 3.1 | ||||
9. | Mastercard, Inc. Class A | 3.0 | ||||
10. | ASML Holding N.V. | 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. |
(4) | Sectors (Common Stocks): |
% of Net Assets | ||||
Information Technology | 38.2 | |||
Consumer Discretionary | 14.7 | |||
Health Care | 11.0 | |||
Financials | 9.4 | |||
Industrials | 8.9 | |||
Materials | 6.0 | |||
Communication Services | 5.6 | |||
Real Estate | 5.0 | |||
|
| |||
98.8 | ||||
|
|
24 |
Ohio National Fund, Inc. | ON Janus Henderson Forty Portfolio |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks – 98.8% | Shares | Value | ||||||||||
COMMUNICATION SERVICES – 5.6% | ||||||||||||
Alphabet, Inc. Class C (Interactive Media & Svs.) | (a | ) | 9,896 | $ | 1,197,119 | |||||||
Meta Platforms, Inc. Class A (Interactive Media & Svs.) | (a | ) | 5,890 | 1,690,312 | ||||||||
|
| |||||||||||
2,887,431 | ||||||||||||
|
| |||||||||||
CONSUMER DISCRETIONARY – 14.7% |
| |||||||||||
Amazon.com, Inc. (Broadline Retail) | (a | ) | 25,845 | 3,369,154 | ||||||||
Booking Holdings, Inc. (Hotels, Restaurants & Leisure) | (a | ) | 414 | 1,117,937 | ||||||||
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure) | (a | ) | 10,481 | 534,217 | ||||||||
LVMH Moet Hennessy Louis Vuitton SE (Textiles, Apparel & Luxury Goods) | (b | ) | 1,087 | 1,025,830 | ||||||||
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods) | 3,831 | 422,827 | ||||||||||
Rivian Automotive, Inc. Class A (Automobiles) | (a | ) | 10,624 | 176,996 | ||||||||
TJX Cos., Inc. / The (Specialty Retail) | 10,946 | 928,111 | ||||||||||
|
| |||||||||||
7,575,072 | ||||||||||||
|
| |||||||||||
FINANCIALS – 9.4% | ||||||||||||
Charles Schwab Corp. / The (Capital Markets) | 13,192 | 747,723 | ||||||||||
Cullen / Frost Bankers, Inc. (Banks) | 5,988 | 643,890 | ||||||||||
Mastercard, Inc. Class A (Financial Services) | 3,889 | 1,529,544 | ||||||||||
Progressive Corp. / The (Insurance) | 5,190 | 687,000 | ||||||||||
Visa, Inc. (Financial Services) | 5,217 | 1,238,933 | ||||||||||
|
| |||||||||||
4,847,090 | ||||||||||||
|
| |||||||||||
HEALTH CARE – 11.0% | ||||||||||||
AbbVie, Inc. (Biotechnology) | 8,650 | 1,165,414 | ||||||||||
Apellis Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 2,865 | 261,002 | ||||||||
Argenx SE – ADR (Biotechnology) | (a | ) | 694 | 270,473 | ||||||||
Danaher Corp. (Life Sciences Tools & Svs.) | 5,315 | 1,275,600 | ||||||||||
Illumina, Inc. (Life Sciences Tools & Svs.) | (a | ) | 5,417 | 1,015,633 | ||||||||
Madrigal Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 1,489 | 343,959 | ||||||||
Teleflex, Inc. (Health Care Equip. & Supplies) | 4,602 | 1,113,822 | ||||||||||
Vaxcyte, Inc. (Biotechnology) | (a | ) | 4,474 | 223,432 | ||||||||
|
| |||||||||||
5,669,335 | ||||||||||||
|
| |||||||||||
INDUSTRIALS – 8.9% | ||||||||||||
Core & Main, Inc. Class A (Trading Companies & Distributors) | (a | ) | 51,307 | 1,607,961 |
Common Stocks (Continued) | Shares | Value | ||||||||||
INDUSTRIALS (continued) | ||||||||||||
Deere & Co. (Machinery) | 3,338 | $ | 1,352,524 | |||||||||
Howmet Aerospace, Inc. (Aerospace & Defense) | 32,176 | 1,594,643 | ||||||||||
|
| |||||||||||
4,555,128 | ||||||||||||
|
| |||||||||||
INFORMATION TECHNOLOGY – 38.2% | ||||||||||||
Adobe, Inc. (Software) | (a | ) | 1,254 | 613,193 | ||||||||
Advanced Micro Devices, Inc. (Semiconductors & Equip.) | (a | ) | 11,648 | 1,326,824 | ||||||||
Apple, Inc. (Tech. Hardware, Storage & Periph.) | 22,093 | 4,285,379 | ||||||||||
ASML Holding N.V. (Semiconductors & Equip.) | 2,025 | 1,467,619 | ||||||||||
Atlassian Corp. Class A (Software) | (a | ) | 6,304 | 1,057,874 | ||||||||
Microsoft Corp. (Software) | 16,727 | 5,696,213 | ||||||||||
NVIDIA Corp. (Semiconductors & Equip.) | 5,258 | 2,224,239 | ||||||||||
Texas Instruments, Inc. (Semiconductors & Equip.) | 6,324 | 1,138,447 | ||||||||||
Workday, Inc. Class A (Software) | (a | ) | 8,105 | 1,830,838 | ||||||||
|
| |||||||||||
19,640,626 | ||||||||||||
|
| |||||||||||
MATERIALS – 6.0% | ||||||||||||
Crown Holdings, Inc. (Containers & Packaging) | 13,798 | 1,198,632 | ||||||||||
Freeport-McMoRan, Inc. (Metals & Mining) | 13,650 | 546,000 | ||||||||||
Linde PLC (Chemicals) | 2,388 | 910,019 | ||||||||||
Sherwin-Williams Co. / The (Chemicals) | 1,575 | 418,194 | ||||||||||
|
| |||||||||||
3,072,845 | ||||||||||||
|
| |||||||||||
REAL ESTATE – 5.0% | ||||||||||||
American Tower Corp. (Specialized REITs) | 5,963 | 1,156,464 | ||||||||||
CoStar Group, Inc. (Real Estate Mgmt. & Development) | (a | ) | 15,910 | 1,415,990 | ||||||||
|
| |||||||||||
2,572,454 | ||||||||||||
|
| |||||||||||
Total Common Stocks (Cost $40,825,902) | $ | 50,819,981 | ||||||||||
|
| |||||||||||
Discount Notes – 0.9% | Shares | Value | ||||||||||
Fannie Mae Discount Notes. 4.652%, 7/03/2023 | 500,000 | $ | 500,000 | |||||||||
|
| |||||||||||
Total Discount Notes (Cost $499,871) | $ | 500,000 | ||||||||||
|
| |||||||||||
Total Investments – 99.7% (Cost $41,325,773) | (c | ) | $ | 51,319,981 | ||||||||
Other Assets in Excess of | 129,036 | |||||||||||
|
| |||||||||||
Net Assets – 100.0% | $ | 51,449,017 | ||||||||||
|
|
Percentages are stated as a percent of net assets.
Abbreviations:
ADR: | American Depositary Receipts |
REITs: | Real Estate Investment Trusts |
Footnotes:
(a) | Non-income producing security. |
(b) | Security traded on a foreign exchange has been valued at an estimate of fair value that is different than the local market close price. These fair value estimates are determined by an independent fair valuation service that has been approved by the Board. These securities represent $1,025,830 or 2.0% of the Portfolio’s net assets. |
(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.
25 |
Ohio National Fund, Inc. | ON AB Small Cap Portfolio (Unaudited) |
Objective/Strategy |
The ON AB Small Cap Portfolio seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity securities of smaller capitalization companies with market capitalizations at the time of investment that fall within the lowest 20% of the total U.S. equity market capitalization (excluding companies with market capitalizations of less than $10 million).
Performance as of June 30, 2023 |
Average Annual returns | ||||
One year | 12.51 | % | ||
Five years | 4.37 | % | ||
Ten years | 9.54 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price and reinvestment of dividends and capital gains. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information up to the most recent month end, call toll-free 1-877-781-6392.
The Portfolio is not open to direct retail investment. Beneficial interest in the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts, or as an underlying investment by the ON Model Portfolios. 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 0.85% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 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 six-month period ended June 30, 2023, the Portfolio returned 11.10% versus 8.09% for its benchmark, the Russell 2000® Index.
Q. What affected the Portfolio’s performance?
A. Both security selection and sector allocation contributed to the Portfolio’s relative return. From a security selection perspective, selections within Information Technology, Consumer Discretionary and Materials were the largest contributors to relative returns, while selections within Health Care, Real Estate and Consumer Staples were the largest detractors. From a sector allocation perspective, the Portfolio’s overweight to Information Technology, underweight to Financials and underweight to Utilities were the largest contributors to relative returns. An underweight to Materials and overweight to Consumer Staples detracted slightly. During the six-month period, small-cap growth outperformed small-cap core and small-cap value, which contributed to the Portfolio’s relative performance.
Leading contributors to relative performance included Onto Innovation, Inc., SPS Commerce, Inc., and Manhattan Associates, Inc. Individual detractors from relative performance included National Vision Holdings, Inc., Helmerich & Payne, Inc., and Silk Road Medical, Inc. (1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.
The Russell 2000® Index measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000® Index includes the 2,000 firms from the Russell 3000® Index with the smallest market capitalizations. The Russell 3000® Index represents 98% of the investable U.S. equity market.
Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.
26 | (continued) |
Ohio National Fund, Inc. | ON AB Small Cap Portfolio (Unaudited) (Continued) |
Portfolio Composition as of June 30, 2023 (1) |
% of Net Assets | ||||
Common Stocks (4) | 99.6 | |||
Exchange Traded Funds | 0.2 | |||
Other Net Assets | 0.2 | |||
|
| |||
100.0 | ||||
|
|
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||||
1. | SPS Commerce, Inc. | 1.4 | ||||
2. | Comfort Systems U.S.A., Inc. | 1.1 | ||||
3. | Onto Innovation, Inc. | 1.1 | ||||
4. | Meritage Homes Corp. | 1.1 | ||||
5. | Lantheus Holdings, Inc. | 0.9 | ||||
6. | Novanta, Inc. | 0.9 | ||||
7. | Altair Engineering, Inc. Class A | 0.8 | ||||
8. | RLI Corp. | 0.8 | ||||
9. | Hilton Grand Vacations, Inc. | 0.8 | ||||
10. | Chefs’ Warehouse, Inc. / The | 0.8 |
(1) | Composition of Portfolio subject to change. |
(2) | Short-term investments have been excluded from the list of Top 10 Portfolio Holdings. |
(3) | Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher. |
(4) | Sectors (Common Stocks): |
% of Net Assets | ||||
Industrials | 18.9 | |||
Information Technology | 18.7 | |||
Health Care | 16.4 | |||
Consumer Discretionary | 14.2 | |||
Financials | 12.3 | |||
Consumer Staples | 5.0 | |||
Energy | 4.9 | |||
Real Estate | 3.8 | |||
Materials | 3.3 | |||
Communication Services | 1.1 | |||
Utilities | 1.0 | |||
|
| |||
99.6 | ||||
|
|
27 |
Ohio National Fund, Inc. | ON AB Small Cap Portfolio | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks – 99.6% | Shares | Value | ||||||||||
COMMUNICATION SERVICES – 1.1% |
| |||||||||||
AMC Networks, Inc. Class A (Media) | (a | ) | 3,530 | $ | 42,184 | |||||||
Cargurus, Inc. (Interactive Media & Svs.) | (a | ) | 5,410 | 122,428 | ||||||||
Cars.com, Inc. (Interactive Media & Svs.) | (a | ) | 5,115 | 101,379 | ||||||||
Cinemark Holdings, Inc. (Entertainment) | (a | ) | 9,019 | 148,814 | ||||||||
Cogent Communications Holdings, Inc. (Diversified Telecom. Svs.) | 3,530 | 237,534 | ||||||||||
EW Scripps Co. / The Class A (Media) | (a | ) | 8,220 | 75,213 | ||||||||
Gogo, Inc. (Wireless Telecom. Svs.) | (a | ) | 4,843 | 82,379 | ||||||||
Lumen Technologies, Inc. (Diversified Telecom. Svs.) | 57,080 | 129,001 | ||||||||||
Shutterstock, Inc. (Interactive Media & Svs.) | 2,040 | 99,287 | ||||||||||
TechTarget, Inc. (Media) | (a | ) | 2,320 | 72,222 | ||||||||
Telephone and Data Systems, Inc. (Wireless Telecom. Svs.) | 11,170 | 91,929 | ||||||||||
Yelp, Inc. (Interactive Media & Svs.) | (a | ) | 4,550 | 165,665 | ||||||||
|
| |||||||||||
1,368,035 | ||||||||||||
|
| |||||||||||
CONSUMER DISCRETIONARY – 14.2% |
| |||||||||||
Abercrombie & Fitch Co. Class A (Specialty Retail) | (a | ) | 3,030 | 114,170 | ||||||||
Academy Sports & Outdoors, Inc. (Specialty Retail) | 6,319 | 341,542 | ||||||||||
Adtalem Global Education, Inc. (Diversified Consumer Svs.) | (a | ) | 3,040 | 104,394 | ||||||||
American Axle & Manufacturing Holdings, Inc. (Automobile Components) | (a | ) | 19,150 | 158,370 | ||||||||
American Eagle Outfitters, Inc. (Specialty Retail) | 10,150 | 119,770 | ||||||||||
Asbury Automotive Group, Inc. (Specialty Retail) | (a | ) | 1,306 | 313,989 | ||||||||
Bloomin’ Brands, Inc. (Hotels, Restaurants & Leisure) | 6,750 | 181,507 | ||||||||||
Boot Barn Holdings, Inc. (Specialty Retail) | (a | ) | 2,520 | 213,419 | ||||||||
Buckle, Inc. / The (Specialty Retail) | 948 | 32,801 | ||||||||||
Cavco Industries, Inc. (Household Durables) | (a | ) | 600 | 177,000 | ||||||||
Century Communities, Inc. (Household Durables) | 1,830 | 140,215 | ||||||||||
Cheesecake Factory, Inc. / The (Hotels, Restaurants & Leisure) | 3,690 | 127,600 | ||||||||||
Cracker Barrel Old Country Store, Inc. (Hotels, Restaurants & Leisure) | 1,380 | 128,588 | ||||||||||
Dana, Inc. (Automobile Components) | 7,780 | 132,260 | ||||||||||
Dave & Buster’s Entertainment, Inc. (Hotels, Restaurants & Leisure) | (a | ) | 3,360 | 149,722 | ||||||||
Designer Brands, Inc. Class A (Specialty Retail) | 10,040 | 101,404 | ||||||||||
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure) | 1,080 | 62,672 | ||||||||||
Dorman Products, Inc. (Automobile Components) | (a | ) | 2,510 | 197,863 | ||||||||
European Wax Center, Inc. Class A (Diversified Consumer Svs.) | (a | ) | 22,178 | 413,176 | ||||||||
Five Below, Inc. (Specialty Retail) | (a | ) | 3,887 | 763,951 | ||||||||
Floor & Decor Holdings, Inc. Class A (Specialty Retail) | (a | ) | 335 | 34,827 | ||||||||
Fox Factory Holding Corp. (Automobile Components) | (a | ) | 7,221 | 783,551 | ||||||||
Frontdoor, Inc. (Diversified Consumer Svs.) | (a | ) | 5,721 | 182,500 | ||||||||
Gentherm, Inc. (Automobile Components) | (a | ) | 2,750 | 155,402 | ||||||||
Global-e Online Ltd. (Broadline Retail) | (a | ) | 3,943 | 161,426 | ||||||||
Green Brick Partners, Inc. (Household Durables) | (a | ) | 3,212 | 182,442 | ||||||||
Group 1 Automotive, Inc. (Specialty Retail) | 920 | 237,452 | ||||||||||
Hanesbrands, Inc. (Textiles, Apparel & Luxury Goods) | 21,640 | 98,246 | ||||||||||
Hilton Grand Vacations, Inc. (Hotels, Restaurants & Leisure) | (a | ) | 21,163 | 961,647 | ||||||||
Installed Building Products, Inc. (Household Durables) | 1,958 | 274,433 |
Common Stocks (Continued) | Shares | Value | ||||||||||
CONSUMER DISCRETIONARY (continued) |
| |||||||||||
Jack in the Box, Inc. (Hotels, Restaurants & Leisure) | 1,400 | $ | 136,542 | |||||||||
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods) | 3,960 | 166,716 | ||||||||||
La-Z-Boy, Inc. (Household Durables) | 4,820 | 138,045 | ||||||||||
LCI Industries (Automobile Components) | 2,180 | 275,465 | ||||||||||
Leslie’s, Inc. (Specialty Retail) | (a | ) | 9,849 | 92,482 | ||||||||
LGI Homes, Inc. (Household Durables) | (a | ) | 1,930 | 260,338 | ||||||||
Life Time Group Holdings, Inc. (Hotels, Restaurants & Leisure) | (a | ) | 36,255 | 713,136 | ||||||||
Lithia Motors, Inc. (Specialty Retail) | 2,598 | 790,078 | ||||||||||
M.D.C. Holdings, Inc. (Household Durables) | 4,850 | 226,834 | ||||||||||
M/I Homes, Inc. (Household Durables) | (a | ) | 1,770 | 154,326 | ||||||||
Meritage Homes Corp. (Household Durables) | 8,684 | 1,235,473 | ||||||||||
Monarch Casino & Resort, Inc. (Hotels, Restaurants & Leisure) | 1,660 | 116,947 | ||||||||||
National Vision Holdings, Inc. (Specialty Retail) | (a | ) | 5,680 | 137,967 | ||||||||
Oxford Industries, Inc. (Textiles, Apparel & Luxury Goods) | 950 | 93,499 | ||||||||||
Planet Fitness, Inc. Class A (Hotels, Restaurants & Leisure) | (a | ) | 8,475 | 571,554 | ||||||||
Sabre Corp. (Hotels, Restaurants & Leisure) | (a | ) | 21,199 | 67,625 | ||||||||
Savers Value Village, Inc. (Consumer Staples Distribution & Retail) | (a | ) | 14,806 | 350,902 | ||||||||
Shake Shack, Inc. Class A (Hotels, Restaurants & Leisure) | (a | ) | 3,100 | 240,932 | ||||||||
Signet Jewelers Ltd. (Specialty Retail) | 2,810 | 183,381 | ||||||||||
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure) | (a | ) | 5,473 | 142,189 | ||||||||
Skyline Champion Corp. (Household Durables) | (a | ) | 10,420 | 681,989 | ||||||||
Sonos, Inc. (Household Durables) | (a | ) | 9,149 | 149,403 | ||||||||
Steven Madden Ltd. (Textiles, Apparel & Luxury Goods) | 6,550 | 214,119 | ||||||||||
Stride, Inc. (Diversified Consumer Svs.) | (a | ) | 2,963 | 110,312 | ||||||||
Sturm Ruger & Co., Inc. (Leisure Products) | 2,740 | 145,110 | ||||||||||
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure) | 7,324 | 822,339 | ||||||||||
Tri Pointe Homes, Inc. (Household Durables) | (a | ) | 7,833 | 257,392 | ||||||||
Urban Outfitters, Inc. (Specialty Retail) | (a | ) | 4,130 | 136,827 | ||||||||
Vista Outdoor, Inc. (Leisure Products) | (a | ) | 5,450 | 150,802 | ||||||||
Wingstop, Inc. (Hotels, Restaurants & Leisure) | 4,106 | 821,857 | ||||||||||
Winnebago Industries, Inc. (Automobiles) | 2,890 | 192,734 | ||||||||||
Wolverine World Wide, Inc. (Textiles, Apparel & Luxury Goods) | 7,240 | 106,356 | ||||||||||
|
| |||||||||||
16,930,010 | ||||||||||||
|
| |||||||||||
CONSUMER STAPLES – 5.0% | ||||||||||||
Cal-Maine Foods, Inc. (Food Products) | 2,520 | 113,400 | ||||||||||
Central Garden & Pet Co. Class A (Household Products) | (a | ) | 3,610 | 131,621 | ||||||||
Chefs’ Warehouse, Inc. / The (Consumer Staples Distribution & Retail) | (a | ) | 26,535 | 948,892 | ||||||||
e.l.f. Beauty, Inc. (Personal Care Products) | (a | ) | 3,300 | 376,959 | ||||||||
Edgewell Personal Care Co. (Personal Care Products) | 4,650 | 192,091 | ||||||||||
Fresh Del Monte Produce, Inc. (Food Products) | 6,300 | 161,973 | ||||||||||
Freshpet, Inc. (Food Products) | (a | ) | 10,716 | 705,220 | ||||||||
Grocery Outlet Holding Corp. (Consumer Staples Distribution & Retail) | (a | ) | 25,269 | 773,484 | ||||||||
Hain Celestial Group, Inc. / The (Food Products) | (a | ) | 5,981 | 74,822 | ||||||||
Hostess Brands, Inc. (Food Products) | (a | ) | 10,075 | 255,099 | ||||||||
Inter Parfums, Inc. (Personal Care Products) | 1,150 | 155,515 | ||||||||||
J & J Snack Foods Corp. (Food Products) | 1,300 | 205,868 | ||||||||||
Medifast, Inc. (Personal Care Products) | 1,020 | 94,003 | ||||||||||
MGP Ingredients, Inc. (Beverages) | 1,020 | 108,406 | ||||||||||
National Beverage Corp. (Beverages) | (a | ) | 2,645 | 127,886 |
| 28 | (continued) |
Ohio National Fund, Inc. | ON AB Small Cap Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
CONSUMER STAPLES (continued) | ||||||||||||
Nu Skin Enterprises, Inc. Class A (Personal Care Products) | 3,254 | $ | 108,033 | |||||||||
PriceSmart, Inc. (Consumer Staples Distribution & Retail) | 1,900 | 140,714 | ||||||||||
Simply Good Foods Co. / The (Food Products) | (a | ) | 7,200 | 263,448 | ||||||||
TreeHouse Foods, Inc. (Food Products) | (a | ) | 4,709 | 237,239 | ||||||||
United Natural Foods, Inc. (Consumer Staples Distribution & Retail) | (a | ) | 4,820 | 94,231 | ||||||||
Vector Group Ltd. (Tobacco) | 13,620 | 174,472 | ||||||||||
Vital Farms, Inc. (Food Products) | (a | ) | 21,851 | 261,993 | ||||||||
WD-40 Co. (Household Products) | 1,140 | 215,061 | ||||||||||
|
| |||||||||||
5,920,430 | ||||||||||||
|
| |||||||||||
ENERGY – 4.9% | ||||||||||||
Archrock, Inc. (Energy Equip. & Svs.) | 12,140 | 124,435 | ||||||||||
California Resources Corp. (Oil, Gas & Consumable Fuels) | 4,270 | 193,388 | ||||||||||
Callon Petroleum Co. (Oil, Gas & Consumable Fuels) | (a | ) | 4,750 | 166,582 | ||||||||
ChampionX Corp. (Energy Equip. & Svs.) | 29,322 | 910,155 | ||||||||||
Civitas Resources, Inc. (Oil, Gas & Consumable Fuels) | 3,439 | 238,563 | ||||||||||
CONSOL Energy, Inc. (Oil, Gas & Consumable Fuels) | 2,250 | 152,572 | ||||||||||
Core Laboratories, Inc. (Energy Equip. & Svs.) | 7,290 | 169,492 | ||||||||||
CVR Energy, Inc. (Oil, Gas & Consumable Fuels) | 3,470 | 103,961 | ||||||||||
Green Plains, Inc. (Oil, Gas & Consumable Fuels) | (a | ) | 3,850 | 124,124 | ||||||||
Helmerich & Payne, Inc. (Energy Equip. & Svs.) | 6,780 | 240,351 | ||||||||||
Matador Resources Co. (Oil, Gas & Consumable Fuels) | 6,406 | 335,162 | ||||||||||
NexTier Oilfield Solutions, Inc. (Energy Equip. & Svs.) | (a | ) | 14,580 | 130,345 | ||||||||
Northern Oil and Gas, Inc. (Oil, Gas & Consumable Fuels) | 4,380 | 150,322 | ||||||||||
Oceaneering International, Inc. (Energy Equip. & Svs.) | (a | ) | 6,440 | 120,428 | ||||||||
Patterson-UTI Energy, Inc. (Energy Equip. & Svs.) | 15,640 | 187,211 | ||||||||||
Permian Resources Corp. (Oil, Gas & Consumable Fuels) | 51,479 | 564,210 | ||||||||||
RPC, Inc. (Energy Equip. & Svs.) | 15,490 | 110,754 | ||||||||||
SM Energy Co. (Oil, Gas & Consumable Fuels) | 8,360 | 264,427 | ||||||||||
Southwestern Energy Co. (Oil, Gas & Consumable Fuels) | (a | ) | 84,258 | 506,391 | ||||||||
Talos Energy, Inc. (Oil, Gas & Consumable Fuels) | (a | ) | 7,240 | 100,419 | ||||||||
TechnipFMC PLC (Energy Equip. & Svs.) | (a | ) | 44,737 | 743,529 | ||||||||
U.S. Silica Holdings, Inc. (Energy Equip. & Svs.) | (a | ) | 7,450 | 90,369 | ||||||||
World Kinect Corp. (Oil, Gas & Consumable Fuels) | 4,930 | 101,952 | ||||||||||
|
| |||||||||||
5,829,142 | ||||||||||||
|
| |||||||||||
FINANCIALS – 12.3% | ||||||||||||
American Equity Investment Life Holding Co. (Insurance) | 4,630 | 241,269 | ||||||||||
Ameris Bancorp (Banks) | 5,910 | 202,181 | ||||||||||
Apollo Commercial Real Estate Finance, Inc. (Mortgage REIT) | 11,680 | 132,218 | ||||||||||
Arbor Realty Trust, Inc. (Mortgage REIT) | 10,954 | 162,338 | ||||||||||
Artisan Partners Asset Management, Inc. | ||||||||||||
Class A (Capital Markets) | 4,150 | 163,137 | ||||||||||
Assured Guaranty Ltd. (Insurance) | 4,380 | 244,404 | ||||||||||
Atlantic Union Bankshares Corp. (Banks) | 4,630 | 120,149 | ||||||||||
Axos Financial, Inc. (Banks) | (a | ) | 4,330 | 170,775 | ||||||||
BancFirst Corp. (Banks) | 1,079 | 99,268 | ||||||||||
Bancorp, Inc. / The (Banks) | (a | ) | 3,600 | 117,540 | ||||||||
Bank of Hawaii Corp. (Banks) | 2,400 | 98,952 |
Common Stocks (Continued) | Shares | Value | ||||||||||
FINANCIALS (continued) | ||||||||||||
BankUnited, Inc. (Banks) | 8,010 | $ | 172,616 | |||||||||
Banner Corp. (Banks) | 3,130 | 136,687 | ||||||||||
Bread Financial Holdings, Inc. (Consumer Finance) | 3,242 | 101,766 | ||||||||||
Brightsphere Investment Group, Inc. (Capital Markets) | 2,827 | 59,226 | ||||||||||
Brookline Bancorp, Inc. (Banks) | 11,040 | 96,490 | ||||||||||
Community Bank System, Inc. (Banks) | 4,580 | 214,710 | ||||||||||
Customers Bancorp, Inc. (Banks) | (a | ) | 2,500 | 75,650 | ||||||||
CVB Financial Corp. (Banks) | 10,890 | 144,619 | ||||||||||
Dime Community Bancshares, Inc. (Banks) | 5,370 | 94,673 | ||||||||||
Eagle Bancorp, Inc. (Banks) | 3,330 | 70,463 | ||||||||||
EVERTEC, Inc. (Financial Services) | 5,340 | 196,672 | ||||||||||
First BanCorp (Banks) | 18,380 | 224,604 | ||||||||||
First Financial Bancorp (Banks) | 7,980 | 163,111 | ||||||||||
First Hawaiian, Inc. (Banks) | 11,000 | 198,110 | ||||||||||
Flywire Corp. (Financial Services) | (a | ) | 25,953 | 805,581 | ||||||||
Fulton Financial Corp. (Banks) | 10,030 | 119,558 | ||||||||||
Genworth Financial, Inc. Class A (Insurance) | (a | ) | 48,010 | 240,050 | ||||||||
Hilltop Holdings, Inc. (Banks) | 3,760 | 118,290 | ||||||||||
Houlihan Lokey, Inc. (Capital Markets) | 8,527 | 838,289 | ||||||||||
Independent Bank Corp. (Banks) | 3,783 | 168,381 | ||||||||||
Independent Bank Group, Inc. (Banks) | 2,520 | 87,016 | ||||||||||
James River Group Holdings Ltd. (Insurance) | 4,800 | 87,648 | ||||||||||
Kinsale Capital Group, Inc. (Insurance) | 81 | 30,310 | ||||||||||
KKR Real Estate Finance Trust, Inc. (Mortgage REIT) | 8,420 | 102,471 | ||||||||||
Lakeland Financial Corp. (Banks) | 1,840 | 89,277 | ||||||||||
Mercury General Corp. (Insurance) | 2,302 | 69,682 | ||||||||||
Moelis & Co. Class A (Capital Markets) | 4,030 | 182,720 | ||||||||||
Mr. Cooper Group, Inc. (Financial Services) | (a | ) | 6,180 | 312,955 | ||||||||
National Bank Holdings Corp. Class A (Banks) | 270 | 7,841 | ||||||||||
Navient Corp. (Consumer Finance) | 5,980 | 111,108 | ||||||||||
NBT Bancorp, Inc. (Banks) | 2,870 | 91,410 | ||||||||||
New York Mortgage Trust, Inc. (Mortgage REIT) | 9,680 | 96,026 | ||||||||||
NMI Holdings, Inc. Class A (Financial Services) | (a | ) | 7,570 | 195,457 | ||||||||
Northwest Bancshares, Inc. (Banks) | 9,360 | 99,216 | ||||||||||
P10, Inc. Class A (Capital Markets) | 22,908 | 258,860 | ||||||||||
Pacific Premier Bancorp, Inc. (Banks) | 8,070 | 166,888 | ||||||||||
Park National Corp. (Banks) | 1,420 | 145,294 | ||||||||||
Payoneer Global, Inc. (Financial Services) | (a | ) | 13,287 | 63,911 | ||||||||
Piper Sandler Cos. (Capital Markets) | 1,530 | 197,768 | ||||||||||
PRA Group, Inc. (Consumer Finance) | (a | ) | 4,720 | 107,852 | ||||||||
ProAssurance Corp. (Insurance) | 7,110 | 107,290 | ||||||||||
PROG Holdings, Inc. (Consumer Finance) | (a | ) | 4,081 | 131,082 | ||||||||
Radian Group, Inc. (Financial Services) | 9,730 | 245,974 | ||||||||||
Ready Capital Corp. (Mortgage REIT) | 9,780 | 110,318 | ||||||||||
Renasant Corp. (Banks) | 4,640 | 121,243 | ||||||||||
RLI Corp. (Insurance) | 7,149 | 975,624 | ||||||||||
Ryan Specialty Holdings, Inc. Class A (Insurance) | (a | ) | 15,543 | 697,725 | ||||||||
Seacoast Banking Corp. of Florida (Banks) | 5,331 | 117,815 | ||||||||||
ServisFirst Bancshares, Inc. (Banks) | 3,930 | 160,816 | ||||||||||
Shift4 Payments, Inc. Class A (Financial Services) | (a | ) | 9,999 | 679,032 | ||||||||
Simmons First National Corp. Class A (Banks) | 9,350 | 161,288 | ||||||||||
Southside Bancshares, Inc. (Banks) | 4,430 | 115,889 | ||||||||||
StepStone Group, Inc. Class A (Capital Markets) | 21,567 | 535,077 | ||||||||||
Stewart Information Services Corp. (Insurance) | 3,030 | 124,654 | ||||||||||
Stifel Financial Corp. (Capital Markets) | 9,169 | 547,114 | ||||||||||
StoneX Group, Inc. (Capital Markets) | (a | ) | 1,380 | 114,650 | ||||||||
Triumph Financial, Inc. (Banks) | (a | ) | 2,360 | 143,299 | ||||||||
Trupanion, Inc. (Insurance) | (a | ) | 2,899 | 57,052 | ||||||||
Trustmark Corp. (Banks) | 4,200 | 88,704 | ||||||||||
Two Harbors Investment Corp. (Mortgage REIT) | 10,558 | 146,545 |
| 29 | (continued) |
Ohio National Fund, Inc. | ON AB Small Cap Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
FINANCIALS (continued) | ||||||||||||
United Community Banks, Inc. (Banks) | 8,232 | $ | 205,718 | |||||||||
Walker & Dunlop, Inc. (Financial Services) | 2,560 | 202,470 | ||||||||||
Washington Federal, Inc. (Banks) | 4,050 | 107,406 | ||||||||||
Westamerica BanCorp (Banks) | 2,230 | 85,409 | ||||||||||
WSFS Financial Corp. (Banks) | 5,151 | 194,296 | ||||||||||
|
| |||||||||||
14,671,977 | ||||||||||||
|
| |||||||||||
HEALTH CARE – 16.4% | ||||||||||||
AdaptHealth Corp. (Health Care Providers & Svs.) | (a | ) | 6,591 | 80,212 | ||||||||
Addus HomeCare Corp. (Health Care Providers & Svs.) | (a | ) | 1,090 | 101,043 | ||||||||
Agiliti, Inc. (Health Care Providers & Svs.) | (a | ) | 7,300 | 120,450 | ||||||||
AMN Healthcare Services, Inc. (Health Care Providers & Svs.) | (a | ) | 2,870 | 313,174 | ||||||||
Amphastar Pharmaceuticals, Inc. (Pharmaceuticals) | (a | ) | 3,480 | 199,996 | ||||||||
Apollo Medical Holdings, Inc. (Health Care Providers & Svs.) | (a | ) | 2,740 | 86,584 | ||||||||
Ascendis Pharma A/S – ADR (Biotechnology) | (a | ) | 2,978 | 265,787 | ||||||||
AtriCure, Inc. (Health Care Equip. & Supplies) | (a | ) | 16,002 | 789,859 | ||||||||
Blueprint Medicines Corp. (Biotechnology) | (a | ) | 8,293 | 524,118 | ||||||||
Catalyst Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 6,422 | 86,312 | ||||||||
Certara, Inc. (Health Care Technology) | (a | ) | 6,570 | 119,640 | ||||||||
CONMED Corp. (Health Care Equip. & Supplies) | 2,520 | 342,443 | ||||||||||
Corcept Therapeutics, Inc. (Pharmaceuticals) | (a | ) | 9,360 | 208,260 | ||||||||
CorVel Corp. (Health Care Providers & Svs.) | (a | ) | 840 | 162,540 | ||||||||
Cytek Biosciences, Inc. (Life Sciences Tools & Svs.) | (a | ) | 10,000 | 85,400 | ||||||||
Cytokinetics, Inc. (Biotechnology) | (a | ) | 6,940 | 226,383 | ||||||||
Dynavax Technologies Corp. (Biotechnology) | (a | ) | 7,903 | 102,107 | ||||||||
Embecta Corp. (Health Care Equip. & Supplies) | 4,021 | 86,854 | ||||||||||
Emergent BioSolutions, Inc. (Biotechnology) | (a | ) | 3,789 | 27,849 | ||||||||
Enhabit, Inc. (Health Care Providers & Svs.) | (a | ) | 3,459 | 39,779 | ||||||||
Ensign Group, Inc. / The (Health Care Providers & Svs.) | 4,350 | 415,251 | ||||||||||
Glaukos Corp. (Health Care Equip. & Supplies) | (a | ) | 3,959 | 281,920 | ||||||||
Guardant Health, Inc. (Health Care Providers & Svs.) | (a | ) | 21,823 | 781,263 | ||||||||
Harmony Biosciences Holdings, Inc. (Pharmaceuticals) | (a | ) | 1,940 | 68,269 | ||||||||
Inari Medical, Inc. (Health Care Equip. & Supplies) | (a | ) | 11,314 | 657,796 | ||||||||
Insmed, Inc. (Biotechnology) | (a | ) | 18,735 | 395,308 | ||||||||
Integer Holdings Corp. (Health Care Equip. & Supplies) | (a | ) | 2,840 | 251,652 | ||||||||
Intellia Therapeutics, Inc. (Biotechnology) | (a | ) | 8,320 | 339,290 | ||||||||
Intra-Cellular Therapies, Inc. (Pharmaceuticals) | (a | ) | 10,366 | 656,375 | ||||||||
iRhythm Technologies, Inc. (Health Care Equip. & Supplies) | (a | ) | 5,347 | 557,799 | ||||||||
Ironwood Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 10,510 | 111,826 | ||||||||
IVERIC bio, Inc. (Biotechnology) | (a | ) | 5,210 | 204,961 | ||||||||
Karuna Therapeutics, Inc. (Biotechnology) | (a | ) | 1,432 | 310,529 | ||||||||
Lantheus Holdings, Inc. (Health Care Equip. & Supplies) | (a | ) | 12,722 | 1,067,630 | ||||||||
Legend Biotech Corp. – ADR (Biotechnology) | (a | ) | 6,695 | 462,156 | ||||||||
Ligand Pharmaceuticals, Inc. (Pharmaceuticals) | (a | ) | 20 | 1,442 | ||||||||
Madrigal Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 1,844 | 425,964 | ||||||||
Merit Medical Systems, Inc. (Health Care Equip. & Supplies) | (a | ) | 4,190 | 350,452 | ||||||||
Mesa Laboratories, Inc. (Life Sciences Tools & Svs.) | 710 | 91,235 | ||||||||||
ModivCare, Inc. (Health Care Providers & Svs.) | (a | ) | 1,273 | 57,552 |
Common Stocks (Continued) | Shares | Value | ||||||||||
HEALTH CARE (continued) | ||||||||||||
MoonLake Immunotherapeutics (Biotechnology) | (a | ) | 7,028 | $ | 358,428 | |||||||
Morphic Holding, Inc. (Biotechnology) | (a | ) | 5,911 | 338,878 | ||||||||
Myriad Genetics, Inc. (Biotechnology) | (a | ) | 6,470 | 149,975 | ||||||||
Natera, Inc. (Biotechnology) | (a | ) | 13,052 | 635,110 | ||||||||
NeoGenomics, Inc. (Health Care Providers & Svs.) | (a | ) | 10,157 | 163,223 | ||||||||
NuVasive, Inc. (Health Care Equip. & Supplies) | (a | ) | 3,370 | 140,158 | ||||||||
Orthofix Medical, Inc. (Health Care Equip. & Supplies) | (a | ) | 2,169 | 39,172 | ||||||||
Pacira BioSciences, Inc. (Pharmaceuticals) | (a | ) | 3,660 | 146,656 | ||||||||
Pediatrix Medical Group, Inc. (Health Care Providers & Svs.) | (a | ) | 7,430 | 105,580 | ||||||||
Prestige Consumer Healthcare, Inc. (Pharmaceuticals) | (a | ) | 4,080 | 242,474 | ||||||||
Privia Health Group, Inc. (Health Care Providers & Svs.) | (a | ) | 5,845 | 152,613 | ||||||||
RadNet, Inc. (Health Care Providers & Svs.) | (a | ) | 3,880 | 126,566 | ||||||||
REGENXBIO, Inc. (Biotechnology) | (a | ) | 5,120 | 102,349 | ||||||||
Relay Therapeutics, Inc. (Biotechnology) | (a | ) | 14,673 | 184,293 | ||||||||
Repligen Corp. (Life Sciences Tools & Svs.) | (a | ) | 2,896 | 409,668 | ||||||||
Revance Therapeutics, Inc. (Pharmaceuticals) | (a | ) | 13,288 | 336,319 | ||||||||
Schrodinger, Inc. (Health Care Technology) | (a | ) | 3,250 | 162,240 | ||||||||
Select Medical Holdings Corp. (Health Care Providers & Svs.) | 9,420 | 300,121 | ||||||||||
Silk Road Medical, Inc. (Health Care Equip. & Supplies) | (a | ) | 12,495 | 405,963 | ||||||||
Simulations Plus, Inc. (Health Care Technology) | 2,050 | 88,827 | ||||||||||
Supernus Pharmaceuticals, Inc. (Pharmaceuticals) | (a | ) | 5,118 | 153,847 | ||||||||
Tandem Diabetes Care, Inc. (Health Care Equip. & Supplies) | (a | ) | 3,980 | 97,669 | ||||||||
Treace Medical Concepts, Inc. (Health Care Equip. & Supplies) | (a | ) | 29,956 | 766,274 | ||||||||
Ultragenyx Pharmaceutical, Inc. (Biotechnology) | (a | ) | 6,232 | 287,482 | ||||||||
Vaxcyte, Inc. (Biotechnology) | (a | ) | 9,639 | 481,372 | ||||||||
Veradigm, Inc. (Health Care Technology) | (a | ) | 11,420 | 143,892 | ||||||||
Vericel Corp. (Biotechnology) | (a | ) | 3,990 | 149,904 | ||||||||
Viking Therapeutics, Inc. (Biotechnology) | (a | ) | 15,092 | 244,641 | ||||||||
Vir Biotechnology, Inc. (Biotechnology) | (a | ) | 18,041 | 442,546 | ||||||||
Viridian Therapeutics, Inc. (Biotechnology) | (a | ) | 12,547 | 298,493 | ||||||||
Xencor, Inc. (Biotechnology) | (a | ) | 3,850 | 96,135 | ||||||||
Zentalis Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 10,928 | 308,279 | ||||||||
|
| |||||||||||
19,516,607 | ||||||||||||
|
| |||||||||||
INDUSTRIALS – 18.9% | ||||||||||||
3D Systems Corp. (Machinery) | (a | ) | 10,730 | 106,549 | ||||||||
AAON, Inc. (Building Products) | 3,530 | 334,679 | ||||||||||
AAR Corp. (Aerospace & Defense) | (a | ) | 2,140 | 123,606 | ||||||||
ABM Industries, Inc. (Commercial Svs. & Supplies) | 5,880 | 250,782 | ||||||||||
ACV Auctions, Inc. Class A (Commercial Svs. & Supplies) | (a | ) | 44,488 | 768,308 | ||||||||
Aerojet Rocketdyne Holdings, Inc. (Aerospace & Defense) | (a | ) | 6,090 | 334,158 | ||||||||
AeroVironment, Inc. (Aerospace & Defense) | (a | ) | 1,930 | 197,400 | ||||||||
Alamo Group, Inc. (Machinery) | 640 | 117,702 | ||||||||||
Albany International Corp. Class A (Machinery) | 2,590 | 241,595 | ||||||||||
Allegiant Travel Co. (Passenger Airlines) | (a | ) | 1,130 | 142,696 | ||||||||
Applied Industrial Technologies, Inc. (Trading Companies & Distributors) | 2,480 | 359,178 | ||||||||||
ArcBest Corp. (Ground Transportation) | 2,440 | 241,072 | ||||||||||
Arcosa, Inc. (Construction & Engineering) | 4,130 | 312,930 | ||||||||||
Astec Industries, Inc. (Machinery) | 2,850 | 129,504 | ||||||||||
Axon Enterprise, Inc. (Aerospace & Defense) | (a | ) | 2,523 | 492,288 | ||||||||
AZEK Co., Inc. / The (Building Products) | (a | ) | 3,049 | 92,354 |
| 30 | (continued) |
Ohio National Fund, Inc. | ON AB Small Cap Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
INDUSTRIALS (continued) | ||||||||||||
AZZ, Inc. (Building Products) | 3,380 | $ | 146,895 | |||||||||
Barnes Group, Inc. (Machinery) | 3,250 | 137,118 | ||||||||||
Boise Cascade Co. (Trading Companies & Distributors) | 2,160 | 195,156 | ||||||||||
Brady Corp. Class A (Commercial Svs. & Supplies) | 4,230 | 201,221 | ||||||||||
Comfort Systems U.S.A., Inc. (Construction & Engineering) | 8,225 | 1,350,545 | ||||||||||
CSG Systems International, Inc. (Professional Svs.) | 2,350 | 123,939 | ||||||||||
Curtiss-Wright Corp. (Aerospace & Defense) | 3,985 | 731,885 | ||||||||||
Deluxe Corp. (Commercial Svs. & Supplies) | 5,150 | 90,022 | ||||||||||
Driven Brands Holdings, Inc. (Commercial Svs. & Supplies) | (a | ) | 25,834 | 699,068 | ||||||||
Dycom Industries, Inc. (Construction & Engineering) | (a | ) | 1,830 | 207,980 | ||||||||
Encore Wire Corp. (Electrical Equip.) | 1,350 | 251,006 | ||||||||||
EnPro Industries, Inc. (Machinery) | 1,080 | 144,212 | ||||||||||
Esab Corp. (Machinery) | 11,476 | 763,613 | ||||||||||
ESCO Technologies, Inc. (Machinery) | 2,290 | 237,313 | ||||||||||
Federal Signal Corp. (Machinery) | 5,150 | 329,754 | ||||||||||
Forward Air Corp. (Air Freight & Logistics) | 2,420 | 256,786 | ||||||||||
Franklin Electric Co., Inc. (Machinery) | 3,280 | 337,512 | ||||||||||
FTI Consulting, Inc. (Professional Svs.) | (a | ) | 3,164 | 601,793 | ||||||||
Generac Holdings, Inc. (Electrical Equip.) | (a | ) | 1,086 | 161,955 | ||||||||
Gibraltar Industries, Inc. (Building Products) | (a | ) | 1,840 | 115,773 | ||||||||
GMS, Inc. (Trading Companies & Distributors) | (a | ) | 2,500 | 173,000 | ||||||||
Granite Construction, Inc. (Construction & Engineering) | 2,660 | 105,815 | ||||||||||
Griffon Corp. (Building Products) | 3,260 | 131,378 | ||||||||||
Hexcel Corp. (Aerospace & Defense) | 11,376 | 864,804 | ||||||||||
Hillenbrand, Inc. (Machinery) | 4,220 | 216,402 | ||||||||||
HNI Corp. (Commercial Svs. & Supplies) | 4,200 | 118,356 | ||||||||||
Hub Group, Inc. Class A (Air Freight & Logistics) | (a | ) | 2,970 | 238,550 | ||||||||
Insperity, Inc. (Professional Svs.) | 5,345 | 635,841 | ||||||||||
ITT, Inc. (Machinery) | 7,674 | 715,294 | ||||||||||
John Bean Technologies Corp. (Machinery) | 2,745 | 332,968 | ||||||||||
Kennametal, Inc. (Machinery) | 4,990 | 141,666 | ||||||||||
Korn Ferry (Professional Svs.) | 4,710 | 233,333 | ||||||||||
Matson, Inc. (Marine Transportation) | 2,170 | 168,674 | ||||||||||
Middleby Corp. / The (Machinery) | (a | ) | 4,725 | 698,497 | ||||||||
MillerKnoll, Inc. (Commercial Svs. & Supplies) | 5,062 | 74,816 | ||||||||||
Moog, Inc. Class A (Aerospace & Defense) | 2,460 | 266,738 | ||||||||||
Mueller Industries, Inc. (Machinery) | 3,090 | 269,695 | ||||||||||
MYR Group, Inc. (Construction & Engineering) | (a | ) | 1,370 | 189,526 | ||||||||
NEXTracker, Inc. Class A (Electrical Equip.) | (a | ) | 8,291 | 330,065 | ||||||||
NV5 Global, Inc. (Professional Svs.) | (a | ) | 779 | 86,290 | ||||||||
OPENLANE, Inc. (Commercial Svs. & Supplies) | (a | ) | 420 | 6,392 | ||||||||
Pitney Bowes, Inc. (Commercial Svs. & Supplies) | 23,790 | 84,217 | ||||||||||
Resideo Technologies, Inc. (Building Products) | (a | ) | 12,440 | 219,690 | ||||||||
RXO, Inc. (Ground Transportation) | (a | ) | 7,405 | 167,871 | ||||||||
Saia, Inc. (Ground Transportation) | (a | ) | 2,320 | 794,391 | ||||||||
Shoals Technologies Group, Inc. Class A (Electrical Equip.) | (a | ) | 29,547 | 755,221 | ||||||||
SiteOne Landscape Supply, Inc. (Trading Companies & Distributors) | (a | ) | 4,005 | 670,277 | ||||||||
SkyWest, Inc. (Passenger Airlines) | (a | ) | 5,280 | 215,002 | ||||||||
SPX Technologies, Inc. (Machinery) | (a | ) | 3,807 | 323,481 | ||||||||
Sun Country Airlines Holdings, Inc. (Passenger Airlines) | (a | ) | 2,170 | 48,782 | ||||||||
Tetra Tech, Inc. (Commercial Svs. & Supplies) | 4,458 | 729,953 | ||||||||||
Trinity Industries, Inc. (Machinery) | 4,950 | 127,265 | ||||||||||
TTEC Holdings, Inc. (Professional Svs.) | 1,750 | 59,220 | ||||||||||
UniFirst Corp. (Commercial Svs. & Supplies) | 1,270 | 196,863 | ||||||||||
Veritiv Corp. (Trading Companies & Distributors) | 1,000 | 125,610 |
Common Stocks (Continued) | Shares | Value | ||||||||||
INDUSTRIALS (continued) | ||||||||||||
Verra Mobility Corp. (Professional Svs.) | (a | ) | 8,958 | $ | 176,652 | |||||||
XPO, Inc. (Ground Transportation) | (a | ) | 8,038 | 474,242 | ||||||||
|
| |||||||||||
22,495,184 | ||||||||||||
|
| |||||||||||
INFORMATION TECHNOLOGY – 18.7% |
| |||||||||||
ADTRAN Holdings, Inc. (Communications Equip.) | 5,190 | 54,651 | ||||||||||
Advanced Energy Industries, Inc. (Electronic Equip., Instr. & Comp.) | 3,220 | 358,869 | ||||||||||
Agilysys, Inc. (Software) | (a | ) | 1,420 | 97,469 | ||||||||
Alarm.com Holdings, Inc. (Software) | (a | ) | 3,760 | 194,317 | ||||||||
Allegro MicroSystems, Inc. (Semiconductors & Equip.) | (a | ) | 9,626 | 434,518 | ||||||||
Altair Engineering, Inc. Class A (Software) | (a | ) | 12,992 | 985,313 | ||||||||
Axcelis Technologies, Inc. (Semiconductors & Equip.) | (a | ) | 2,350 | 430,825 | ||||||||
Badger Meter, Inc. (Electronic Equip., Instr. & Comp.) | 1,780 | 262,657 | ||||||||||
BlackLine, Inc. (Software) | (a | ) | 10,918 | 587,607 | ||||||||
Braze, Inc. Class A (Software) | (a | ) | 19,171 | 839,498 | ||||||||
Cohu, Inc. (Semiconductors & Equip.) | (a | ) | 4,400 | 182,864 | ||||||||
Corsair Gaming, Inc. (Tech. Hardware, Storage & Periph.) | (a | ) | 9,060 | 160,724 | ||||||||
Digital Turbine, Inc. (Software) | (a | ) | 6,023 | 55,893 | ||||||||
DigitalOcean Holdings, Inc. (IT Svs.) | (a | ) | 17,042 | 684,066 | ||||||||
Diodes, Inc. (Semiconductors & Equip.) | (a | ) | 3,700 | 342,213 | ||||||||
DoubleVerify Holdings, Inc. (Software) | (a | ) | 5,445 | 211,919 | ||||||||
Extreme Networks, Inc. (Communications Equip.) | (a | ) | 8,430 | 219,602 | ||||||||
Fabrinet (Electronic Equip., Instr. & Comp.) | (a | ) | 2,200 | 285,736 | ||||||||
Five9, Inc. (Software) | (a | ) | 11,336 | 934,653 | ||||||||
FormFactor, Inc. (Semiconductors & Equip.) | (a | ) | 6,810 | 233,038 | ||||||||
Freshworks, Inc. Class A (Software) | (a | ) | 7,379 | 129,723 | ||||||||
Harmonic, Inc. (Communications Equip.) | (a | ) | 6,990 | 113,028 | ||||||||
Insight Enterprises, Inc. (Electronic Equip., Instr. & Comp.) | (a | ) | 1,950 | 285,363 | ||||||||
Instructure Holdings, Inc. (Software) | (a | ) | 16,828 | 423,392 | ||||||||
InterDigital, Inc. (Software) | 2,560 | 247,168 | ||||||||||
Itron, Inc. (Electronic Equip., Instr. & Comp.) | (a | ) | 3,750 | 270,375 | ||||||||
Knowles Corp. (Electronic Equip., Instr. & Comp.) | (a | ) | 8,500 | 153,510 | ||||||||
Kulicke & Soffa Industries, Inc. (Semiconductors & Equip.) | 3,430 | 203,914 | ||||||||||
Lattice Semiconductor Corp. (Semiconductors & Equip.) | (a | ) | 8,480 | 814,674 | ||||||||
Littelfuse, Inc. (Electronic Equip., Instr. & Comp.) | 2,815 | 820,038 | ||||||||||
LiveRamp Holdings, Inc. (Software) | (a | ) | 4,660 | 133,090 | ||||||||
MACOM Technology Solutions Holdings, Inc. (Semiconductors & Equip.) | (a | ) | 9,720 | 636,952 | ||||||||
Manhattan Associates, Inc. (Software) | (a | ) | 4,017 | 802,918 | ||||||||
MaxLinear, Inc. (Semiconductors & Equip.) | (a | ) | 5,930 | 187,151 | ||||||||
Monday.com Ltd. (Software) | (a | ) | 3,755 | 642,931 | ||||||||
N-able, Inc. (Software) | (a | ) | 8,840 | 127,384 | ||||||||
NetScout Systems, Inc. (Communications Equip.) | (a | ) | 5,976 | 184,957 | ||||||||
Novanta, Inc. (Electronic Equip., Instr. & Comp.) | (a | ) | 5,789 | 1,065,755 | ||||||||
Onto Innovation, Inc. (Semiconductors & Equip.) | (a | ) | 11,196 | 1,303,998 | ||||||||
OSI Systems, Inc. (Electronic Equip., Instr. & Comp.) | (a | ) | 1,080 | 127,256 | ||||||||
PC Connection, Inc. (Electronic Equip., Instr. & Comp.) | 2,690 | 121,319 | ||||||||||
Perficient, Inc. (IT Svs.) | (a | ) | 2,710 | 225,824 | ||||||||
Plexus Corp. (Electronic Equip., Instr. & Comp.) | (a | ) | 2,500 | 245,600 | ||||||||
Progress Software Corp. (Software) | 3,160 | 183,596 | ||||||||||
Rambus, Inc. (Semiconductors & Equip.) | (a | ) | 6,660 | 427,372 |
| 31 | (continued) |
Ohio National Fund, Inc. | ON AB Small Cap Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
INFORMATION TECHNOLOGY (continued) |
| |||||||||||
Rogers Corp. (Electronic Equip., Instr. & Comp.) | (a | ) | 1,630 | $ | 263,946 | |||||||
Sanmina Corp. (Electronic Equip., Instr. & Comp.) | (a | ) | 3,720 | 224,204 | ||||||||
Silicon Laboratories, Inc. (Semiconductors & Equip.) | (a | ) | 4,120 | 649,889 | ||||||||
SiTime Corp. (Semiconductors & Equip.) | (a | ) | 1,000 | 117,970 | ||||||||
Smartsheet, Inc. Class A (Software) | (a | ) | 15,236 | 582,929 | ||||||||
SPS Commerce, Inc. (Software) | (a | ) | 8,477 | 1,628,093 | ||||||||
Ultra Clean Holdings, Inc. (Semiconductors & Equip.) | (a | ) | 1,621 | 62,344 | ||||||||
Universal Display Corp. (Semiconductors & Equip.) | 6,205 | 894,327 | ||||||||||
Viasat, Inc. (Communications Equip.) | (a | ) | 4,730 | 195,160 | ||||||||
Viavi Solutions, Inc. (Communications Equip.) | (a | ) | 19,550 | 221,501 | ||||||||
Xperi, Inc. (Software) | (a | ) | 3,460 | 45,499 | ||||||||
|
| |||||||||||
22,319,582 | ||||||||||||
|
| |||||||||||
MATERIALS – 3.3% | ||||||||||||
Arconic Corp. (Metals & Mining) | (a | ) | 8,080 | 239,006 | ||||||||
ATI, Inc. (Metals & Mining) | (a | ) | 7,790 | 344,552 | ||||||||
Balchem Corp. (Chemicals) | 1,890 | 254,791 | ||||||||||
Carpenter Technology Corp. (Metals & Mining) | 4,690 | 263,250 | ||||||||||
Element Solutions, Inc. (Chemicals) | 31,166 | 598,387 | ||||||||||
H.B. Fuller Co. (Chemicals) | 4,520 | 323,225 | ||||||||||
Ingevity Corp. (Chemicals) | (a | ) | 2,070 | 120,391 | ||||||||
Innospec, Inc. (Chemicals) | 2,190 | 219,964 | ||||||||||
Livent Corp. (Chemicals) | (a | ) | 12,820 | 351,653 | ||||||||
Materion Corp. (Metals & Mining) | 1,320 | 150,744 | ||||||||||
Mativ Holdings, Inc. (Chemicals) | 3,890 | 58,817 | ||||||||||
Minerals Technologies, Inc. (Chemicals) | 2,160 | 124,610 | ||||||||||
O-I Glass, Inc. (Containers & Packaging) | (a | ) | 10,397 | 221,768 | ||||||||
Quaker Chemical Corp. (Chemicals) | 1,100 | 214,390 | ||||||||||
Stepan Co. (Chemicals) | 1,770 | 169,141 | ||||||||||
Sylvamo Corp. (Paper & Forest Products) | 2,721 | 110,064 | ||||||||||
Warrior Met Coal, Inc. (Metals & Mining) | 3,860 | 150,347 | ||||||||||
|
| |||||||||||
3,915,100 | ||||||||||||
|
| |||||||||||
REAL ESTATE – 3.8% | ||||||||||||
American Assets Trust, Inc. (Diversified REITs) | 5,070 | 97,344 | ||||||||||
Brandywine Realty Trust (Office REITs) | 14,450 | 67,192 | ||||||||||
CareTrust REIT, Inc. (Health Care REITs) | 8,080 | 160,469 | ||||||||||
Cushman & Wakefield PLC (Real Estate Mgmt. & Development) | (a | ) | 10,490 | 85,808 | ||||||||
DiamondRock Hospitality Co. (Hotel & Resort REITs) | 18,760 | 150,268 | ||||||||||
Douglas Emmett, Inc. (Office REITs) | 10,290 | 129,345 | ||||||||||
Easterly Government Properties, Inc. (Office REITs) | 6,200 | 89,900 | ||||||||||
Elme Communities (Residential REITs) | 7,650 | 125,766 | ||||||||||
Essential Properties Realty Trust, Inc. (Diversified REITs) | 9,500 | 223,630 | ||||||||||
Four Corners Property Trust, Inc. (Specialized REITs) | 6,770 | 171,958 | ||||||||||
Getty Realty Corp. (Retail REITs) | 5,630 | 190,407 |
Common Stocks (Continued) | Shares | Value | ||||||||||
REAL ESTATE (continued) | ||||||||||||
Global Net Lease, Inc. (Diversified REITs) | 9,430 | $ | 96,940 | |||||||||
Innovative Industrial Properties, Inc. (Industrial REITs) | 2,040 | 148,940 | ||||||||||
JBG SMITH Properties (Office REITs) | 8,040 | 120,922 | ||||||||||
Kennedy-Wilson Holdings, Inc. (Real Estate Mgmt. & Development) | 7,260 | 118,556 | ||||||||||
LTC Properties, Inc. (Health Care REITs) | 60 | 1,981 | ||||||||||
LXP Industrial Trust (Industrial REITs) | 23,230 | 226,492 | ||||||||||
Macerich Co. / The (Retail REITs) | 13,030 | 146,848 | ||||||||||
Marcus & Millichap, Inc. (Real Estate Mgmt. & Development) | 2,590 | 81,611 | ||||||||||
NexPoint Residential Trust, Inc. (Residential REITs) | 1,600 | 72,768 | ||||||||||
Office Properties Income Trust (Office REITs) | 6,400 | 49,280 | ||||||||||
Outfront Media, Inc. (Specialized REITs) | 9,680 | 152,170 | ||||||||||
Pebblebrook Hotel Trust (Hotel & Resort REITs) | 8,200 | 114,308 | ||||||||||
Phillips Edison & Co., Inc. (Retail REITs) | 7,110 | 242,309 | ||||||||||
Retail Opportunity Investments Corp. (Retail REITs) | 10,100 | 136,451 | ||||||||||
Safehold, Inc. (Specialized REITs) | 3,330 | 79,021 | ||||||||||
SITE Centers Corp. (Retail REITs) | 14,460 | 191,161 | ||||||||||
SL Green Realty Corp. (Office REITs) | 3,900 | 117,195 | ||||||||||
St. Joe Co. / The (Real Estate Mgmt. & Development) | 70 | 3,384 | ||||||||||
Sunstone Hotel Investors, Inc. (Hotel & Resort REITs) | 15,043 | 152,235 | ||||||||||
Tanger Factory Outlet Centers, Inc. (Retail REITs) | 10,180 | 224,673 | ||||||||||
Uniti Group, Inc. (Specialized REITs) | 20,270 | 93,647 | ||||||||||
Urban Edge Properties (Retail REITs) | 8,010 | 123,594 | ||||||||||
Veris Residential, Inc. (Residential REITs) | (a | ) | 10,860 | 174,303 | ||||||||
Xenia Hotels & Resorts, Inc. (Hotel & Resort REITs) | 10,060 | 123,839 | ||||||||||
|
| |||||||||||
4,484,715 | ||||||||||||
|
| |||||||||||
UTILITIES – 1.0% | ||||||||||||
American States Water Co. (Water Utilities) | 3,140 | 273,180 | ||||||||||
Avista Corp. (Multi-Utilities) | 5,790 | 227,373 | ||||||||||
California Water Service Group (Water Utilities) | 4,230 | 218,395 | ||||||||||
Chesapeake Utilities Corp. (Gas Utilities) | 1,500 | 178,500 | ||||||||||
Otter Tail Corp. (Electric Utilities) | 2,681 | 211,692 | ||||||||||
SJW Group (Water Utilities) | 1,720 | 120,589 | ||||||||||
|
| |||||||||||
1,229,729 | ||||||||||||
|
| |||||||||||
Total Common Stocks | $ | 118,680,511 | ||||||||||
|
| |||||||||||
Exchange Traded Funds – 0.2% | Shares | Value | ||||||||||
iShares Core S&P Small-Cap ETF | 1,920 | $ | 191,328 | |||||||||
|
| |||||||||||
Total Exchange Traded Funds | $ | 191,328 | ||||||||||
|
| |||||||||||
Total Investments – 99.8% | (b | ) | $ | 118,871,839 | ||||||||
Other Assets in Excess of |
| 296,071 | ||||||||||
|
| |||||||||||
Net Assets – 100.0% | $ | 119,167,910 | ||||||||||
|
|
Percentages are stated as a percent of net assets. | ||
Abbreviations: | ||
ADR: | American Depositary Receipts | |
ETF: | Exchange Traded Fund | |
REITs: | Real Estate Investment Trusts | |
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.
32 |
Ohio National Fund, Inc. | ON AB Mid Cap Core Portfolio (Unaudited) |
Objective/Strategy |
The ON AB Mid Cap Core Portfolio seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity securities of mid-capitalization companies with public stock market capitalization at the time of investment that are within the range of market capitalizations of the companies constituting the Russell Midcap® Index.
Performance as of June 30, 2023 |
Average Annual returns | ||||
One year | 14.19 | % | ||
Five years | 7.90 | % | ||
Ten years | 9.65 | % |
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 the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts, or as an underlying investment by the ON Model Portfolios. 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 0.88% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 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 six-month period ended June 30, 2023, the Portfolio returned 9.18% versus 9.01% for its benchmark, the Russell Midcap® Index.
Q. What affected the Portfolio’s performance?
A. Security selection detracted from relative returns while sector allocation was the driver of the Portfolio’s relative outperformance. From a security selection perspective, selections within Information Technology, Financials and Materials were the largest contributors to relative returns, while selections within Consumer Discretionary, Consumer Staples and Health Care were the largest detractors from returns. From a sector allocation perspective, the Portfolio’s overweight to Industrials, underweight to Utilities and overweight to Information Technology were the largest contributors to relative returns. An underweight to Communication Services and overweights to Financials and Energy were the largest detractors. During the performance period, mid-caps outperformed small to mid-caps, which detracted from the Portfolio’s performance.
Leading contributors to relative performance included First Citizens Bancshares, Inc. Class A, Vertiv Holdings Co. and XPO, Inc. Leading detractors from relative performance included Zions Bancorp N.A., National Vision Holdings, Inc. and Comerica, Inc. Derivatives had no significant impact on performance. (1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.
The Russell Midcap® Index measures the performance of the mid-cap segment of the US equity universe. The Russell Midcap® Index is a subset of the Russell 1000® Index. It includes approximately 800 of the smallest securities based on a combination of their market cap and current index membership.
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 AB Mid Cap Core Portfolio (Unaudited) (Continued) |
Portfolio Composition as of June 30, 2023 (1) |
% of Net Assets | ||||
Common Stocks (4) | 99.6 | |||
Exchange Traded Funds | 0.2 | |||
Other Net Assets | 0.2 | |||
|
| |||
100.0 | ||||
|
|
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||||||
1. | Builders FirstSource, Inc. | 0.9 | ||||||
2. | PTC, Inc. | 0.7 | ||||||
3. | Fair Isaac Corp. | 0.7 | ||||||
4. | First Citizens BancShares, Inc. Class A | 0.6 | ||||||
5. | Five Below, Inc. | 0.6 | ||||||
6. | Dynatrace, Inc. | 0.6 | ||||||
7. | PulteGroup, Inc. | 0.6 | ||||||
8. | Howmet Aerospace, Inc. | 0.6 | ||||||
9. | Kinsale Capital Group, Inc. | 0.6 | ||||||
10. | Lattice Semiconductor Corp. | 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 | ||||
Industrials | 22.0 | |||
Information Technology | 16.3 | |||
Financials | 14.4 | |||
Consumer Discretionary | 12.9 | |||
Health Care | 12.3 | |||
Real Estate | 5.4 | |||
Energy | 4.5 | |||
Materials | 3.8 | |||
Utilities | 3.1 | |||
Consumer Staples | 3.0 | |||
Communication Services | 1.9 | |||
|
| |||
99.6 | ||||
|
|
34 |
Ohio National Fund, Inc. | ON AB Mid Cap Core Portfolio | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks – 99.6% | Shares | Value | ||||||||||
COMMUNICATION SERVICES – 1.9% |
| |||||||||||
Criteo SA – ADR (Media) | (a) | 8,980 | $ | 302,985 | ||||||||
Electronic Arts, Inc. (Entertainment) | 960 | 124,512 | ||||||||||
Fox Corp. Class A (Media) | 2,040 | 69,360 | ||||||||||
Interpublic Group of Cos., Inc. / The (Media) | 2,400 | 92,592 | ||||||||||
Liberty Broadband Corp. Class A (Media) | (a) | 480 | 38,270 | |||||||||
Liberty Broadband Corp. Class C (Media) | (a) | 660 | 52,873 | |||||||||
Liberty Media Corp. - Liberty Formula One Class C (Entertainment) | (a) | 1,385 | 104,263 | |||||||||
Match Group, Inc. (Interactive Media & Svs.) | (a) | 920 | 38,502 | |||||||||
Omnicom Group, Inc. (Media) | 930 | 88,489 | ||||||||||
Paramount Global Class B (Media) | 126 | 2,005 | ||||||||||
Pinterest, Inc. Class A (Interactive Media & Svs.) | (a) | 3,220 | 88,035 | |||||||||
ROBLOX Corp. Class A (Entertainment) | (a) | 1,750 | 70,525 | |||||||||
Sirius XM Holdings, Inc. (Media) | 10,060 | 45,572 | ||||||||||
Spotify Technology SA (Entertainment) | (a) | 550 | 88,302 | |||||||||
Take-Two Interactive Software, Inc. (Entertainment) | (a) | 470 | 69,165 | |||||||||
Trade Desk, Inc. / The Class A (Media) | (a) | 1,700 | 131,274 | |||||||||
Warner Bros Discovery, Inc. (Entertainment) | (a) | 7,731 | 96,947 | |||||||||
ZoomInfo Technologies, Inc. (Interactive Media & Svs.) | (a) | 1,570 | 39,862 | |||||||||
|
| |||||||||||
1,543,533 | ||||||||||||
|
| |||||||||||
CONSUMER DISCRETIONARY – 12.9% |
| |||||||||||
ADT, Inc. (Diversified Consumer Svs.) | 43,096 | 259,869 | ||||||||||
Advance Auto Parts, Inc. (Specialty Retail) | 380 | 26,714 | ||||||||||
Aptiv PLC (Automobile Components) | (a) | 1,100 | 112,299 | |||||||||
Aramark (Hotels, Restaurants & Leisure) | 1,962 | 84,464 | ||||||||||
Bath & Body Works, Inc. (Specialty Retail) | 7,120 | 267,000 | ||||||||||
Best Buy Co., Inc. (Specialty Retail) | 940 | 77,033 | ||||||||||
Burlington Stores, Inc. (Specialty Retail) | (a) | 1,842 | 289,912 | |||||||||
CarMax, Inc. (Specialty Retail) | (a) | 671 | 56,163 | |||||||||
Cava Group, Inc. (Hotels, Restaurants & Leisure) | (a) | 3,192 | 130,712 | |||||||||
Coupang, Inc. (Broadline Retail) | (a) | 3,690 | 64,206 | |||||||||
D.R. Horton, Inc. (Household Durables) | 1,350 | 164,281 | ||||||||||
Dana, Inc. (Automobile Components) | 10,800 | 183,600 | ||||||||||
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | 530 | 88,552 | ||||||||||
Deckers Outdoor Corp. (Textiles, Apparel & Luxury Goods) | (a) | 768 | 405,243 | |||||||||
Dine Brands Global, Inc. (Hotels, Restaurants & Leisure) | 3,790 | 219,934 | ||||||||||
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure) | 180 | 60,658 | ||||||||||
DoorDash, Inc. Class A (Hotels, Restaurants & Leisure) | (a) | 1,011 | 77,261 | |||||||||
DraftKings, Inc. Class A (Hotels, Restaurants & Leisure) | (a) | 3,400 | 90,338 | |||||||||
eBay, Inc. (Broadline Retail) | 1,920 | 85,805 | ||||||||||
Etsy, Inc. (Broadline Retail) | (a) | 484 | 40,951 | |||||||||
Expedia Group, Inc. (Hotels, Restaurants & Leisure) | (a) | 570 | 62,352 | |||||||||
Five Below, Inc. (Specialty Retail) | (a) | 2,548 | 500,784 | |||||||||
Garmin Ltd. (Household Durables) | 610 | 63,617 | ||||||||||
Gentex Corp. (Automobile Components) | 2,170 | 63,494 | ||||||||||
Genuine Parts Co. (Distributors) | 610 | 103,230 | ||||||||||
Global-e Online Ltd. (Broadline Retail) | (a) | 1,468 | 60,100 | |||||||||
Goodyear Tire & Rubber Co. / The (Automobile Components) | (a) | 15,620 | 213,682 | |||||||||
Hasbro, Inc. (Leisure Products) | 770 | 49,873 | ||||||||||
Hilton Grand Vacations, Inc. (Hotels, Restaurants & Leisure) | (a) | 7,386 | 335,620 | |||||||||
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure) | 1,120 | 163,016 | ||||||||||
Hyatt Hotels Corp. Class A (Hotels, Restaurants & Leisure) | 690 | 79,060 | ||||||||||
Lennar Corp. Class A (Household Durables) | 1,100 | 137,841 | ||||||||||
Lithia Motors, Inc. (Specialty Retail) | 1,127 | 342,732 | ||||||||||
LKQ Corp. (Distributors) | 1,630 | 94,980 | ||||||||||
Lucid Group, Inc. (Automobiles) | (a) | 5,190 | 35,759 | |||||||||
MGM Resorts International (Hotels, Restaurants & Leisure) | 1,930 | 84,766 | ||||||||||
Mohawk Industries, Inc. (Household Durables) | (a) | 370 | 38,169 |
Common Stocks (Continued) | Shares | Value | ||||||||||
CONSUMER DISCRETIONARY (continued) |
| |||||||||||
NVR, Inc. (Household Durables) | (a) | 67 | $ | 425,492 | ||||||||
Papa John’s International, Inc. (Hotels, Restaurants & Leisure) | 2,680 | 197,864 | ||||||||||
Planet Fitness, Inc. Class A (Hotels, Restaurants & Leisure) | (a) | 4,286 | 289,048 | |||||||||
Pool Corp. (Distributors) | 1,049 | 392,997 | ||||||||||
PulteGroup, Inc. (Household Durables) | 6,170 | 479,286 | ||||||||||
PVH Corp. (Textiles, Apparel & Luxury Goods) | 4,020 | 341,579 | ||||||||||
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | 3,133 | 386,299 | ||||||||||
RH (Specialty Retail) | (a) | 110 | 36,255 | |||||||||
Rivian Automotive, Inc. Class A (Automobiles) | (a) | 5,850 | 97,461 | |||||||||
Ross Stores, Inc. (Specialty Retail) | 1,180 | 132,313 | ||||||||||
Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure) | (a) | 790 | 81,955 | |||||||||
Sally Beauty Holdings, Inc. (Specialty Retail) | (a) | 15,960 | 197,106 | |||||||||
Tapestry, Inc. (Textiles, Apparel & Luxury Goods) | 8,046 | 344,369 | ||||||||||
Taylor Morrison Home Corp. (Household Durables) | (a) | 5,256 | 256,335 | |||||||||
Tractor Supply Co. (Specialty Retail) | 470 | 103,917 | ||||||||||
Ulta Beauty, Inc. (Specialty Retail) | (a) | 230 | 108,237 | |||||||||
Under Armour, Inc. Class A (Textiles, Apparel & Luxury Goods) | (a) | 3,140 | 22,671 | |||||||||
V.F. Corp. (Textiles, Apparel & Luxury Goods) | 1,330 | 25,390 | ||||||||||
Vail Resorts, Inc. (Hotels, Restaurants & Leisure) | 1,399 | 352,212 | ||||||||||
Victoria’s Secret & Co. (Specialty Retail) | (a) | 386 | 6,728 | |||||||||
Williams-Sonoma, Inc. (Specialty Retail) | 2,330 | 291,576 | ||||||||||
Wingstop, Inc. (Hotels, Restaurants & Leisure) | 2,143 | 428,943 | ||||||||||
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 1,150 | 159,333 | ||||||||||
|
| |||||||||||
10,371,436 | ||||||||||||
|
| |||||||||||
CONSUMER STAPLES – 3.0% |
| |||||||||||
Boston Beer Co., Inc. / The Class A (Beverages) | (a) | 60 | 18,506 | |||||||||
Brown-Forman Corp. Class B (Beverages) | 1,000 | 66,780 | ||||||||||
Bunge Ltd. (Food Products) | 860 | 81,141 | ||||||||||
Campbell Soup Co. (Food Products) | 1,600 | 73,136 | ||||||||||
Church & Dwight Co., Inc. (Household Products) | 1,020 | 102,235 | ||||||||||
Clorox Co. / The (Household Products) | 510 | 81,110 | ||||||||||
Conagra Brands, Inc. (Food Products) | 2,060 | 69,463 | ||||||||||
Dollar Tree, Inc. (Consumer Staples Distribution & Retail) | (a) | 970 | 139,195 | |||||||||
Freshpet, Inc. (Food Products) | (a) | 4,827 | 317,665 | |||||||||
Grocery Outlet Holding Corp. (Consumer Staples Distribution & Retail) | (a) | 10,945 | 335,026 | |||||||||
Hain Celestial Group, Inc. / The (Food Products) | (a) | 15,650 | 195,782 | |||||||||
Hormel Foods Corp. (Food Products) | 1,650 | 66,363 | ||||||||||
J.M. Smucker Co. / The (Food Products) | 580 | 85,649 | ||||||||||
Kellogg Co. (Food Products) | 1,220 | 82,228 | ||||||||||
Kroger Co. / The (Consumer Staples Distribution & Retail) | 3,100 | 145,700 | ||||||||||
Lamb Weston Holdings, Inc. (Food Products) | 510 | 58,625 | ||||||||||
McCormick & Co., Inc. (Food Products) | 1,010 | 88,102 | ||||||||||
Nomad Foods Ltd. (Food Products) | (a) | 17,662 | 309,438 | |||||||||
Tyson Foods, Inc. Class A (Food Products) | 1,180 | 60,227 | ||||||||||
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail) | 2,410 | 68,661 | ||||||||||
|
| |||||||||||
| 2,445,032 |
| ||||||||||
|
| |||||||||||
ENERGY – 4.5% |
| |||||||||||
APA Corp. (Oil, Gas & Consumable Fuels) | 1,270 | 43,396 | ||||||||||
Baker Hughes Co. (Energy Equip. & Svs.) | 3,800 | 120,118 | ||||||||||
Cameco Corp. (Oil, Gas & Consumable Fuels) | 12,030 | 376,900 | ||||||||||
ChampionX Corp. (Energy Equip. & Svs.) | 9,790 | 303,881 | ||||||||||
Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels) | 980 | 149,313 | ||||||||||
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels) | 690 | 57,739 | ||||||||||
Coterra Energy, Inc. (Oil, Gas & Consumable Fuels) | 2,820 | 71,346 |
| 35 | (continued) |
Ohio National Fund, Inc. | ON AB Mid Cap Core Portfolio (Continued) | |
Schedule of Investments
| June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
ENERGY (continued) |
| |||||||||||
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 2,370 | $ | 114,566 | |||||||||
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 650 | 85,384 | ||||||||||
Halliburton Co. (Energy Equip. & Svs.) | 3,900 | 128,661 | ||||||||||
Hess Corp. (Oil, Gas & Consumable Fuels) | 1,130 | 153,623 | ||||||||||
HF Sinclair Corp. (Oil, Gas & Consumable Fuels) | 4,554 | 203,154 | ||||||||||
Magnolia Oil & Gas Corp. Class A (Oil, Gas & Consumable Fuels) | 14,144 | 295,610 | ||||||||||
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | 2,720 | 62,614 | ||||||||||
Matador Resources Co. (Oil, Gas & Consumable Fuels) | 3,476 | 181,864 | ||||||||||
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 1,810 | 111,713 | ||||||||||
Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | 1,180 | 44,923 | ||||||||||
Permian Resources Corp. (Oil, Gas & Consumable Fuels) | 20,256 | 222,006 | ||||||||||
Phillips 66 (Oil, Gas & Consumable Fuels) | 1,700 | 162,146 | ||||||||||
Southwestern Energy Co. (Oil, Gas & Consumable Fuels) | (a) | 31,878 | 191,587 | |||||||||
Targa Resources Corp. (Oil, Gas & Consumable Fuels) | 910 | 69,251 | ||||||||||
TechnipFMC PLC (Energy Equip. & Svs.) | (a) | 15,137 | 251,577 | |||||||||
Texas Pacific Land Corp. (Oil, Gas & Consumable Fuels) | 40 | 52,660 | ||||||||||
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels) | 5,010 | 163,476 | ||||||||||
|
| |||||||||||
3,617,508 | ||||||||||||
|
| |||||||||||
FINANCIALS – 14.4% |
| |||||||||||
Aflac, Inc. (Insurance) | 2,600 | 181,480 | ||||||||||
AGNC Investment Corp. (Mortgage REIT) | 4,250 | 43,053 | ||||||||||
Allstate Corp. / The (Insurance) | 940 | 102,498 | ||||||||||
Ally Financial, Inc. (Consumer Finance) | 1,520 | 41,055 | ||||||||||
American Financial Group, Inc. (Insurance) | 2,830 | 336,062 | ||||||||||
Ameriprise Financial, Inc. (Capital Markets) | 480 | 159,437 | ||||||||||
Apollo Global Management, Inc. (Financial Services) | 1,752 | 134,571 | ||||||||||
Arch Capital Group Ltd. (Insurance) | (a) | 1,920 | 143,712 | |||||||||
Ares Management Corp. Class A (Capital Markets) | 3,350 | 322,772 | ||||||||||
Arthur J. Gallagher & Co. (Insurance) | 780 | 171,265 | ||||||||||
Bank of New York Mellon Corp. / The (Capital Markets) | 2,520 | 112,190 | ||||||||||
BankUnited, Inc. (Banks) | 5,260 | 113,353 | ||||||||||
Block, Inc. (Financial Services) | (a) | 1,820 | 121,157 | |||||||||
Brown & Brown, Inc. (Insurance) | 1,430 | 98,441 | ||||||||||
Carlyle Group, Inc. / The (Capital Markets) | 1,790 | 57,191 | ||||||||||
CBOE Global Markets, Inc. (Capital Markets) | 2,884 | 398,021 | ||||||||||
Cincinnati Financial Corp. (Insurance) | 680 | 66,178 | ||||||||||
Citizens Financial Group, Inc. (Banks) | 1,740 | 45,379 | ||||||||||
Comerica, Inc. (Banks) | 8,162 | 345,742 | ||||||||||
Discover Financial Services (Consumer Finance) | 1,250 | 146,063 | ||||||||||
East West Bancorp, Inc. (Banks) | 1,000 | 52,790 | ||||||||||
Euronet Worldwide, Inc. (Financial Services) | (a) | 536 | 62,910 | |||||||||
Everest Re Group Ltd. (Insurance) | 1,040 | 355,534 | ||||||||||
FactSet Research Systems, Inc. (Capital Markets) | 230 | 92,150 | ||||||||||
Fidelity National Information Services, Inc. (Financial Services) | 1,990 | 108,853 | ||||||||||
Fifth Third Bancorp (Banks) | 2,900 | 76,009 | ||||||||||
First BanCorp (Banks) | 24,490 | 299,268 | ||||||||||
First Citizens BancShares, Inc. Class A (Banks) | 398 | 510,813 | ||||||||||
First Hawaiian, Inc. (Banks) | 15,725 | 283,207 | ||||||||||
First Horizon Corp. (Banks) | 2,360 | 26,597 | ||||||||||
FleetCor Technologies, Inc. (Financial Services) | (a) | 340 | 85,367 | |||||||||
Flywire Corp. (Financial Services) | (a) | 10,188 | 316,236 | |||||||||
Franklin Resources, Inc. (Capital Markets) | 2,540 | 67,843 | ||||||||||
Global Payments, Inc. (Financial Services) | 960 | 94,579 | ||||||||||
Hanover Insurance Group, Inc. / The (Insurance) | 2,050 | 231,712 | ||||||||||
Hartford Financial Services Group, Inc. / The (Insurance) | 1,470 | 105,869 | ||||||||||
Huntington Bancshares, Inc. (Banks) | 4,980 | 53,684 |
Common Stocks (Continued) | Shares | Value | ||||||||||
FINANCIALS (continued) |
| |||||||||||
Invesco Ltd. (Capital Markets) | 2,820 | $ | 47,404 | |||||||||
Jack Henry & Associates, Inc. (Financial Services) | 470 | 78,645 | ||||||||||
Kemper Corp. (Insurance) | 4,140 | 199,796 | ||||||||||
KeyCorp (Banks) | 3,650 | 33,726 | ||||||||||
Kinsale Capital Group, Inc. (Insurance) | 1,242 | 464,756 | ||||||||||
KKR & Co., Inc. (Capital Markets) | 2,230 | 124,880 | ||||||||||
Loews Corp. (Insurance) | 1,370 | 81,351 | ||||||||||
LPL Financial Holdings, Inc. (Capital Markets) | 280 | 60,880 | ||||||||||
M&T Bank Corp. (Banks) | 520 | 64,355 | ||||||||||
Markel Group, Inc. (Insurance) | (a) | 60 | 82,991 | |||||||||
MarketAxess Holdings, Inc. (Capital Markets) | 802 | 209,659 | ||||||||||
Moelis & Co. Class A (Capital Markets) | 5,177 | 234,725 | ||||||||||
MSCI, Inc. (Capital Markets) | 329 | 154,396 | ||||||||||
Nasdaq, Inc. (Capital Markets) | 1,410 | 70,289 | ||||||||||
Northern Trust Corp. (Capital Markets) | 780 | 57,829 | ||||||||||
NU Holdings Ltd. Class A (Banks) | (a) | 7,760 | 61,226 | |||||||||
PJT Partners, Inc. Class A (Capital Markets) | 3,522 | 245,272 | ||||||||||
Principal Financial Group, Inc. (Insurance) | 1,190 | 90,250 | ||||||||||
Prudential Financial, Inc. (Insurance) | 1,630 | 143,799 | ||||||||||
Raymond James Financial, Inc. (Capital Markets) | 870 | 90,280 | ||||||||||
Regions Financial Corp. (Banks) | 3,530 | 62,905 | ||||||||||
Reinsurance Group of America, Inc. (Insurance) | 1,523 | 211,225 | ||||||||||
Rocket Cos., Inc. Class A (Financial Services) | (a) | 5,490 | 49,190 | |||||||||
Selective Insurance Group, Inc. (Insurance) | 2,120 | 203,414 | ||||||||||
Shift4 Payments, Inc. Class A (Financial Services) | (a) | 4,557 | 309,466 | |||||||||
State Street Corp. (Capital Markets) | 1,440 | 105,379 | ||||||||||
Stifel Financial Corp. (Capital Markets) | 5,280 | 315,058 | ||||||||||
Synchrony Financial (Consumer Finance) | 2,390 | 81,069 | ||||||||||
Synovus Financial Corp. (Banks) | 6,710 | 202,978 | ||||||||||
T. Rowe Price Group, Inc. (Capital Markets) | 920 | 103,058 | ||||||||||
Texas Capital Bancshares, Inc. (Banks) | (a) | 4,959 | 255,389 | |||||||||
Tradeweb Markets, Inc. Class A (Capital Markets) | 940 | 64,371 | ||||||||||
W.R. Berkley Corp. (Insurance) | 1,432 | 85,290 | ||||||||||
Webster Financial Corp. (Banks) | 5,786 | 218,422 | ||||||||||
Willis Towers Watson PLC (Insurance) | 530 | 124,815 | ||||||||||
Wintrust Financial Corp. (Banks) | 4,000 | 290,480 | ||||||||||
XP, Inc. Class A (Capital Markets) | (a) | 2,360 | 55,366 | |||||||||
Zions Bancorp N.A. (Banks) | 8,600 | 230,996 | ||||||||||
|
| |||||||||||
11,528,421 | ||||||||||||
|
| |||||||||||
HEALTH CARE – 12.3% |
| |||||||||||
Acadia Healthcare Co., Inc. (Health Care Providers & Svs.) | (a) | 4,040 | 321,746 | |||||||||
ACELYRIN, Inc. (Biotechnology) | (a) | 4,131 | 86,338 | |||||||||
Agilent Technologies, Inc. (Life Sciences Tools & Svs.) | 1,260 | 151,515 | ||||||||||
Align Technology, Inc. (Health Care Equip. & Supplies) | (a) | 270 | 95,483 | |||||||||
Alnylam Pharmaceuticals, Inc. (Biotechnology) | (a) | 540 | 102,568 | |||||||||
AmerisourceBergen Corp. (Health Care Providers & Svs.) | 630 | 121,231 | ||||||||||
Arcus Biosciences, Inc. (Biotechnology) | (a) | 3,917 | 79,554 | |||||||||
Ascendis Pharma A/S – ADR (Biotechnology) | (a) | 996 | 88,893 | |||||||||
AtriCure, Inc. (Health Care Equip. & Supplies) | (a) | 5,772 | 284,906 | |||||||||
Avantor, Inc. (Life Sciences Tools & Svs.) | (a) | 14,606 | 300,007 | |||||||||
Baxter International, Inc. (Health Care Equip. & Supplies) | 1,700 | 77,452 | ||||||||||
Biogen, Inc. (Biotechnology) | (a) | 500 | 142,425 | |||||||||
BioMarin Pharmaceutical, Inc. (Biotechnology) . | (a) | 640 | 55,475 | |||||||||
Bio-Rad Laboratories, Inc. Class A (Life Sciences Tools & Svs.) | (a) | 120 | 45,494 | |||||||||
Blueprint Medicines Corp. (Biotechnology) | (a) | 2,464 | 155,725 | |||||||||
Cardinal Health, Inc. (Health Care Providers & Svs.) | 950 | 89,841 | ||||||||||
Catalent, Inc. (Pharmaceuticals) | (a) | 679 | 29,441 | |||||||||
Charles River Laboratories International, Inc. (Life Sciences Tools & Svs.) | (a) | 230 | 48,358 | |||||||||
Cooper Cos., Inc. / The (Health Care Equip. & Supplies) | 201 | 77,069 | ||||||||||
DaVita, Inc. (Health Care Providers & Svs.) | (a) | 650 | 65,306 |
| 36 | (continued) |
Ohio National Fund, Inc. | ON AB Mid Cap Core Portfolio (Continued) | |
Schedule of Investments
| June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
HEALTH CARE (continued) |
| |||||||||||
Dexcom, Inc. (Health Care Equip. & Supplies) | (a) | 1,480 | $ | 190,195 | ||||||||
Envista Holdings Corp. (Health Care Equip. & Supplies) | (a) | 10,350 | 350,244 | |||||||||
Exact Sciences Corp. (Biotechnology) | (a) | 640 | 60,096 | |||||||||
Guardant Health, Inc. (Health Care Providers & Svs.) | (a) | 8,044 | 287,975 | |||||||||
Hologic, Inc. (Health Care Equip. & Supplies) | (a) | 1,160 | 93,925 | |||||||||
Horizon Therapeutics PLC (Biotechnology) | (a) | 810 | 83,309 | |||||||||
ICON PLC (Life Sciences Tools & Svs.) | (a) | 871 | 217,924 | |||||||||
ICU Medical, Inc. (Health Care Equip. & Supplies) | (a) | 274 | 48,824 | |||||||||
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies) | (a) | 350 | 175,780 | |||||||||
Illumina, Inc. (Life Sciences Tools & Svs.) | (a) | 530 | 99,370 | |||||||||
Inari Medical, Inc. (Health Care Equip. & Supplies) | (a) | 3,918 | 227,793 | |||||||||
Incyte Corp. (Biotechnology) | (a) | 740 | 46,065 | |||||||||
Insulet Corp. (Health Care Equip. & Supplies) | (a) | 977 | 281,708 | |||||||||
Integra LifeSciences Holdings Corp. (Health Care Equip. & Supplies) | (a) | 6,617 | 272,157 | |||||||||
Intellia Therapeutics, Inc. (Biotechnology) | (a) | 2,766 | 112,797 | |||||||||
Intra-Cellular Therapies, Inc. (Pharmaceuticals) | (a) | 3,002 | 190,087 | |||||||||
IQVIA Holdings, Inc. (Life Sciences Tools & Svs.) | (a) | 780 | 175,321 | |||||||||
iRhythm Technologies, Inc. (Health Care Equip. & Supplies) | (a) | 1,792 | 186,941 | |||||||||
IVERIC bio, Inc. (Biotechnology) | (a) | 943 | 37,098 | |||||||||
Karuna Therapeutics, Inc. (Biotechnology) | (a) | 853 | 184,973 | |||||||||
Laboratory Corp. of America Holdings (Health Care Providers & Svs.) | 400 | 96,532 | ||||||||||
Lantheus Holdings, Inc. (Health Care Equip. & Supplies) | (a) | 4,248 | 356,492 | |||||||||
Legend Biotech Corp. – ADR (Biotechnology) | (a) | 2,289 | 158,010 | |||||||||
Madrigal Pharmaceuticals, Inc. (Biotechnology) | (a) | 544 | 125,664 | |||||||||
Maravai LifeSciences Holdings, Inc. Class A (Life Sciences Tools & Svs.) | (a) | 1,960 | 24,363 | |||||||||
Masimo Corp. (Health Care Equip. & Supplies) | (a) | 330 | 54,302 | |||||||||
Mettler-Toledo International, Inc. (Life Sciences Tools & Svs.) | (a) | 90 | 118,048 | |||||||||
Molina Healthcare, Inc. (Health Care Providers & Svs.) | (a) | 300 | 90,372 | |||||||||
Morphic Holding, Inc. (Biotechnology) | (a) | 1,848 | 105,946 | |||||||||
Natera, Inc. (Biotechnology) | (a) | 6,590 | 320,669 | |||||||||
Neurocrine Biosciences, Inc. (Biotechnology) | (a) | 802 | 75,629 | |||||||||
Pediatrix Medical Group, Inc. (Health Care Providers & Svs.) | (a) | 19,115 | 271,624 | |||||||||
QIAGEN N.V. (Life Sciences Tools & Svs.) | (a) | 1,580 | 71,147 | |||||||||
Quest Diagnostics, Inc. (Health Care Providers & Svs.) | 580 | 81,525 | ||||||||||
Repligen Corp. (Life Sciences Tools & Svs.) | (a) | 1,483 | 209,785 | |||||||||
ResMed, Inc. (Health Care Equip. & Supplies) | 590 | 128,915 | ||||||||||
Revance Therapeutics, Inc. (Pharmaceuticals) | (a) | 4,062 | 102,809 | |||||||||
Revvity, Inc. (Life Sciences Tools & Svs.) | 420 | 49,892 | ||||||||||
Royalty Pharma PLC Class A (Pharmaceuticals) | 1,610 | 49,491 | ||||||||||
Sarepta Therapeutics, Inc. (Biotechnology) | (a) | 2,287 | 261,907 | |||||||||
Seagen, Inc. (Biotechnology) | (a) | 530 | 102,004 | |||||||||
Shockwave Medical, Inc. (Health Care Equip. & Supplies) | (a) | 200 | 57,082 | |||||||||
Silk Road Medical, Inc. (Health Care Equip. & Supplies) | �� | (a) | 4,456 | 144,775 | ||||||||
STERIS PLC (Health Care Equip. & Supplies) | 346 | 77,843 | ||||||||||
Ultragenyx Pharmaceutical, Inc. (Biotechnology) | (a) | 2,928 | 135,069 | |||||||||
Universal Health Services, Inc. Class B (Health Care Providers & Svs.) | 510 | 80,463 | ||||||||||
Vaxcyte, Inc. (Biotechnology) | (a) | 2,745 | 137,085 | |||||||||
Veeva Systems, Inc. Class A (Health Care Technology) | (a) | 560 | 110,729 | |||||||||
Viatris, Inc. (Pharmaceuticals) | 5,730 | 57,185 | ||||||||||
Viking Therapeutics, Inc. (Biotechnology) | (a) | 4,643 | 75,263 | |||||||||
Vir Biotechnology, Inc. (Biotechnology) | (a) | 4,312 | 105,773 |
Common Stocks (Continued) | Shares | Value | ||||||||||
HEALTH CARE (continued) |
| |||||||||||
Waters Corp. (Life Sciences Tools & Svs.) | (a) | 253 | $ | 67,435 | ||||||||
West Pharmaceutical Services, Inc. (Life Sciences Tools & Svs.) | 300 | 114,741 | ||||||||||
Zimmer Biomet Holdings, Inc. (Health Care Equip. & Supplies) | 850 | 123,760 | ||||||||||
|
| |||||||||||
9,883,738 | ||||||||||||
|
| |||||||||||
INDUSTRIALS – 22.0% |
| |||||||||||
A.O. Smith Corp. (Building Products) | 1,130 | 82,241 | ||||||||||
AECOM (Construction & Engineering) | 670 | 56,742 | ||||||||||
AGCO Corp. (Machinery) | 520 | 68,338 | ||||||||||
Alaska Air Group, Inc. (Passenger Airlines) | (a) | 5,989 | 318,495 | |||||||||
Allegion PLC (Building Products) | 570 | 68,411 | ||||||||||
AMETEK, Inc. (Electrical Equip.) | 943 | 152,653 | ||||||||||
Arcosa, Inc. (Construction & Engineering) | 1,512 | 114,564 | ||||||||||
Axon Enterprise, Inc. (Aerospace & Defense) | (a) | 2,258 | 440,581 | |||||||||
AZEK Co., Inc. / The (Building Products) | (a) | 1,378 | 41,740 | |||||||||
Booz Allen Hamilton Holding Corp. (Professional Svs.) | 920 | 102,672 | ||||||||||
Broadridge Financial Solutions, Inc. (Professional Svs.) | 477 | 79,006 | ||||||||||
Builders FirstSource, Inc. (Building Products) | (a) | 5,682 | 772,752 | |||||||||
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | 790 | 74,537 | ||||||||||
Carlisle Cos., Inc. (Building Products) | 1,493 | 382,999 | ||||||||||
Carrier Global Corp. (Building Products) | 3,550 | 176,470 | ||||||||||
Cintas Corp. (Commercial Svs. & Supplies) | 360 | 178,949 | ||||||||||
Clarivate PLC (Professional Svs.) | (a) | 4,040 | 38,501 | |||||||||
CNH Industrial N.V. (Machinery) | 3,960 | 57,024 | ||||||||||
Copart, Inc. (Commercial Svs. & Supplies) | (a) | 1,688 | 153,962 | |||||||||
Crane NXT Co. (Machinery) | 3,508 | 197,992 | ||||||||||
Cummins, Inc. (Machinery) | 610 | 149,548 | ||||||||||
Curtiss-Wright Corp. (Aerospace & Defense) | 1,569 | 288,163 | ||||||||||
Delta Air Lines, Inc. (Passenger Airlines) | (a) | 2,620 | 124,555 | |||||||||
Dover Corp. (Machinery) | 590 | 87,114 | ||||||||||
Driven Brands Holdings, Inc. (Commercial Svs. & Supplies) | (a) | 11,458 | 310,053 | |||||||||
Dycom Industries, Inc. (Construction & Engineering) | (a) | 3,849 | 437,439 | |||||||||
Equifax, Inc. (Professional Svs.) | 490 | 115,297 | ||||||||||
Expeditors International of Washington, Inc. (Air Freight & Logistics) | 540 | 65,410 | ||||||||||
Fastenal Co. (Trading Companies & Distributors) | 2,350 | 138,626 | ||||||||||
Ferguson PLC (Trading Companies & Distributors) | 690 | 108,544 | ||||||||||
Fluor Corp. (Construction & Engineering) | (a) | 10,300 | 304,880 | |||||||||
Fortive Corp. (Machinery) | 1,210 | 90,472 | ||||||||||
FTI Consulting, Inc. (Professional Svs.) | (a) | 1,376 | 261,715 | |||||||||
Generac Holdings, Inc. (Electrical Equip.) | (a) | 250 | 37,283 | |||||||||
Genpact Ltd. (Professional Svs.) | 6,480 | 243,454 | ||||||||||
Graco, Inc. (Machinery) | 990 | 85,487 | ||||||||||
HEICO Corp. Class A (Aerospace & Defense) | 600 | 84,360 | ||||||||||
Herc Holdings, Inc. (Trading Companies & Distributors) | 2,843 | 389,065 | ||||||||||
Hexcel Corp. (Aerospace & Defense) | 3,920 | 297,998 | ||||||||||
Howmet Aerospace, Inc. (Aerospace & Defense) | 9,641 | 477,808 | ||||||||||
Hubbell, Inc. (Electrical Equip.) | 180 | 59,681 | ||||||||||
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | 260 | 59,176 | ||||||||||
IDEX Corp. (Machinery) | 350 | 75,341 | ||||||||||
Ingersoll Rand, Inc. (Machinery) | 6,111 | 399,415 | ||||||||||
ITT, Inc. (Machinery) | 3,162 | 294,730 | ||||||||||
J.B. Hunt Transport Services, Inc. (Ground Transportation) | 195 | 35,301 | ||||||||||
Jacobs Solutions, Inc. (Professional Svs.) | 500 | 59,445 | ||||||||||
Knight-Swift Transportation Holdings, Inc. (Ground Transportation) | 6,695 | 371,974 | ||||||||||
Korn Ferry (Professional Svs.) | 3,250 | 161,005 | ||||||||||
Leidos Holdings, Inc. (Professional Svs.) | 750 | 66,360 | ||||||||||
Lennox International, Inc. (Building Products) | 230 | 74,996 | ||||||||||
Lyft, Inc. Class A (Ground Transportation) | (a) | 1,370 | 13,138 | |||||||||
Masco Corp. (Building Products) | 1,190 | 68,282 |
| 37 | (continued) |
Ohio National Fund, Inc. | ON AB Mid Cap Core Portfolio (Continued) | |
Schedule of Investments
| June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
INDUSTRIALS (continued) |
| |||||||||||
Masonite International Corp. (Building Products) | (a) | 2,500 | $ | 256,100 | ||||||||
MasTec, Inc. (Construction & Engineering) | (a) | 2,551 | 300,941 | |||||||||
Middleby Corp. / The (Machinery) | (a) | 1,958 | 289,451 | |||||||||
Nordson Corp. (Machinery) | 360 | 89,345 | ||||||||||
Old Dominion Freight Line, Inc. (Ground Transportation) | 400 | 147,900 | ||||||||||
Oshkosh Corp. (Machinery) | 3,700 | 320,383 | ||||||||||
Otis Worldwide Corp. (Machinery) | 1,680 | 149,537 | ||||||||||
Owens Corning (Building Products) | 790 | 103,095 | ||||||||||
PACCAR, Inc. (Machinery) | 2,085 | 174,410 | ||||||||||
Parker-Hannifin Corp. (Machinery) | 520 | 202,821 | ||||||||||
Paychex, Inc. (Professional Svs.) | 1,320 | 147,668 | ||||||||||
Pentair PLC (Machinery) | 1,180 | 76,228 | ||||||||||
Quanta Services, Inc. (Construction & Engineering) | 480 | 94,296 | ||||||||||
Regal Rexnord Corp. (Electrical Equip.) | 2,530 | 389,367 | ||||||||||
Republic Services, Inc. (Commercial Svs. & Supplies) | 860 | 131,726 | ||||||||||
Robert Half International, Inc. (Professional Svs.) | 3,520 | 264,774 | ||||||||||
Rockwell Automation, Inc. (Electrical Equip.) | 470 | 154,841 | ||||||||||
Rollins, Inc. (Commercial Svs. & Supplies) | 2,040 | 87,373 | ||||||||||
Saia, Inc. (Ground Transportation) | (a) | 997 | 341,383 | |||||||||
Sensata Technologies Holding PLC (Electrical Equip.) | 7,031 | 316,325 | ||||||||||
Shoals Technologies Group, Inc. Class A (Electrical Equip.) | (a) | 11,342 | 289,902 | |||||||||
SiteOne Landscape Supply, Inc. (Trading Companies & Distributors) | (a) | 2,010 | 336,394 | |||||||||
Snap-on, Inc. (Machinery) | 210 | 60,520 | ||||||||||
Southwest Airlines Co. (Passenger Airlines) | 2,410 | 87,266 | ||||||||||
Spirit AeroSystems Holdings, Inc. Class A (Aerospace & Defense) | 7,118 | 207,774 | ||||||||||
SS&C Technologies Holdings, Inc. (Professional Svs.) | 1,030 | 62,418 | ||||||||||
Star Bulk Carriers Corp. (Marine Transportation) | 10,960 | 193,992 | ||||||||||
Tetra Tech, Inc. (Commercial Svs. & Supplies) | 1,955 | 320,112 | ||||||||||
TFI International, Inc. (Ground Transportation) | 2,304 | 262,564 | ||||||||||
Timken Co. / The (Machinery) | 3,430 | 313,948 | ||||||||||
Toro Co. / The (Machinery) | 670 | 68,106 | ||||||||||
Trane Technologies PLC (Building Products) | 980 | 187,435 | ||||||||||
TransDigm Group, Inc. (Aerospace & Defense) | 220 | 196,717 | ||||||||||
TransUnion (Professional Svs.) | 780 | 61,097 | ||||||||||
Trex Co., Inc. (Building Products) | (a) | 710 | 46,548 | |||||||||
U-Haul Holding Co. (Ground Transportation) | 100 | 5,532 | ||||||||||
U-Haul Holding Co. NVS (Ground Transportation) | 900 | 45,603 | ||||||||||
United Airlines Holdings, Inc. (Passenger Airlines) | (a) | 1,100 | 60,357 | |||||||||
United Rentals, Inc. (Trading Companies & Distributors) | 298 | 132,720 | ||||||||||
Verisk Analytics, Inc. (Professional Svs.) | 649 | 146,693 | ||||||||||
Vertiv Holdings Co. (Electrical Equip.) | 14,936 | 369,965 | ||||||||||
W.W. Grainger, Inc. (Trading Companies & Distributors) | 180 | 141,946 | ||||||||||
Watsco, Inc. (Trading Companies & Distributors) | 260 | 99,182 | ||||||||||
Westinghouse Air Brake Technologies Corp. (Machinery) | 930 | 101,993 | ||||||||||
XPO, Inc. (Ground Transportation) | (a) | 6,118 | 360,962 | |||||||||
Xylem, Inc. (Machinery) | 730 | 82,213 | ||||||||||
|
| |||||||||||
17,674,667 | ||||||||||||
|
| |||||||||||
INFORMATION TECHNOLOGY – 16.3% |
| |||||||||||
ACI Worldwide, Inc. (Software) | (a) | 8,580 | 198,799 | |||||||||
Akamai Technologies, Inc. (IT Svs.) | (a) | 660 | 59,314 | |||||||||
Amdocs Ltd. (IT Svs.) | 1,000 | 98,850 | ||||||||||
Amkor Technology, Inc. (Semiconductors & Equip.) | 8,970 | 266,857 | ||||||||||
Amphenol Corp. Class A (Electronic Equip., Instr. & Comp.) | 2,390 | 203,030 | ||||||||||
ANSYS, Inc. (Software) | (a) | 350 | 115,595 | |||||||||
Aspen Technology, Inc. (Software) | (a) | 310 | 51,959 | |||||||||
Avnet, Inc. (Electronic Equip., Instr. & Comp.) | 6,699 | 337,965 |
Common Stocks (Continued) | Shares | Value | ||||||||||
INFORMATION TECHNOLOGY (continued) |
| |||||||||||
Belden, Inc. (Electronic Equip., Instr. & Comp.) | 2,960 | $ | 283,124 | |||||||||
Bentley Systems, Inc. Class B (Software) | 1,100 | 59,653 | ||||||||||
BILL Holdings, Inc. (Software) | (a) | 490 | 57,257 | |||||||||
CDW Corp. (Electronic Equip., Instr. & Comp.) | 590 | 108,265 | ||||||||||
Cloudflare, Inc. Class A (IT Svs.) | (a) | 900 | 58,833 | |||||||||
Cognizant Technology Solutions Corp. Class A (IT Svs.) | 1,710 | 111,629 | ||||||||||
CommVault Systems, Inc. (Software) | (a) | 3,930 | 285,397 | |||||||||
Corning, Inc. (Electronic Equip., Instr. & Comp.) | 3,080 | 107,923 | ||||||||||
Crowdstrike Holdings, Inc. Class A (Software) | (a) | 727 | 106,774 | |||||||||
Datadog, Inc. Class A (Software) | (a) | 924 | 90,903 | |||||||||
DigitalOcean Holdings, Inc. (IT Svs.) | (a) | 6,059 | 243,208 | |||||||||
DocuSign, Inc. (Software) | (a) | 740 | 37,807 | |||||||||
Dropbox, Inc. Class A (Software) | (a) | 2,970 | 79,210 | |||||||||
Dynatrace, Inc. (Software) | (a) | 9,642 | 496,274 | |||||||||
Enphase Energy, Inc. (Semiconductors & Equip.) | (a) | 550 | 92,114 | |||||||||
Entegris, Inc. (Semiconductors & Equip.) | 680 | 75,358 | ||||||||||
EPAM Systems, Inc. (IT Svs.) | (a) | 220 | 49,445 | |||||||||
Fair Isaac Corp. (Software) | (a) | 658 | 532,460 | |||||||||
First Solar, Inc. (Semiconductors & Equip.) | (a) | 370 | 70,333 | |||||||||
Five9, Inc. (Software) | (a) | 5,119 | 422,062 | |||||||||
FormFactor, Inc. (Semiconductors & Equip.) | (a) | 8,670 | 296,687 | |||||||||
Freshworks, Inc. Class A (Software) | (a) | 16,246 | 285,605 | |||||||||
Gartner, Inc. (IT Svs.) | (a) | 390 | 136,621 | |||||||||
Gen Digital, Inc. (Software) | 15,880 | 294,574 | ||||||||||
GLOBALFOUNDRIES, Inc. (Semiconductors & Equip.) | (a) | 860 | 55,539 | |||||||||
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.) | 5,300 | 89,040 | ||||||||||
HP, Inc. (Tech. Hardware, Storage & Periph.) | 3,620 | 111,170 | ||||||||||
HubSpot, Inc. (Software) | (a) | 741 | 394,279 | |||||||||
Jabil, Inc. (Electronic Equip., Instr. & Comp.) | 301 | 32,487 | ||||||||||
Juniper Networks, Inc. (Communications Equip.) | 2,480 | 77,698 | ||||||||||
Keysight Technologies, Inc. (Electronic Equip., Instr. & Comp.) | (a) | 760 | 127,262 | |||||||||
Kulicke & Soffa Industries, Inc. (Semiconductors & Equip.) | 4,130 | 245,528 | ||||||||||
Lattice Semiconductor Corp. (Semiconductors & Equip.) | (a) | 4,777 | 458,926 | |||||||||
Littelfuse, Inc. (Electronic Equip., Instr. & Comp.) | 1,147 | 334,133 | ||||||||||
Lumentum Holdings, Inc. (Communications Equip.) | (a) | 4,720 | 267,766 | |||||||||
MACOM Technology Solutions Holdings, Inc. (Semiconductors & Equip.) | (a) | 3,293 | 215,790 | |||||||||
Manhattan Associates, Inc. (Software) | (a) | 2,269 | 453,528 | |||||||||
Marvell Technology, Inc. (Semiconductors & Equip.) | 2,880 | 172,166 | ||||||||||
Microchip Technology, Inc. (Semiconductors & Equip.) | 2,046 | 183,301 | ||||||||||
Monday.com Ltd. (Software) | (a) | 1,441 | 246,728 | |||||||||
MongoDB, Inc. (IT Svs.) | (a) | 1,081 | 444,280 | |||||||||
Monolithic Power Systems, Inc. (Semiconductors & Equip.) | 576 | 311,172 | ||||||||||
National Instruments Corp. (Electronic Equip., Instr. & Comp.) | 1,449 | 83,173 | ||||||||||
Novanta, Inc. (Electronic Equip., Instr. & Comp.) | (a) | 2,063 | 379,798 | |||||||||
ON Semiconductor Corp. (Semiconductors & Equip.) | (a) | 1,964 | 185,755 | |||||||||
Palantir Technologies, Inc. Class A (Software) | (a) | 6,290 | 96,426 | |||||||||
PTC, Inc. (Software) | (a) | 3,834 | 545,578 | |||||||||
Qorvo, Inc. (Semiconductors & Equip.) | (a) | 470 | 47,954 | |||||||||
Skyworks Solutions, Inc. (Semiconductors & Equip.) | 680 | 75,269 | ||||||||||
Smartsheet, Inc. Class A (Software) | (a) | 7,016 | 268,432 | |||||||||
Splunk, Inc. (Software) | (a) | 660 | 70,019 | |||||||||
Synaptics, Inc. (Semiconductors & Equip.) | (a) | 2,800 | 239,064 | |||||||||
Teledyne Technologies, Inc. (Electronic Equip., Instr. & Comp.) | (a) | 175 | 71,944 | |||||||||
Teradyne, Inc. (Semiconductors & Equip.) | 680 | 75,704 | ||||||||||
Twilio, Inc. Class A (IT Svs.) | (a) | 620 | 39,444 | |||||||||
Tyler Technologies, Inc. (Software) | (a) | 180 | 74,965 | |||||||||
Ubiquiti, Inc. (Communications Equip.) | 200 | 35,150 | ||||||||||
Unity Software, Inc. (Software) | (a) | 2,300 | 99,866 |
| 38 | (continued) |
Ohio National Fund, Inc. | ON AB Mid Cap Core Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
INFORMATION TECHNOLOGY (continued) |
| |||||||||||
Universal Display Corp. (Semiconductors & Equip.) | 2,744 | $ | 395,493 | |||||||||
VeriSign, Inc. (IT Svs.) | (a) | 410 | 92,648 | |||||||||
Western Digital Corp. (Tech. Hardware, Storage & Periph.) | (a) | 1,250 | 47,413 | |||||||||
Wolfspeed, Inc. (Semiconductors & Equip.) | (a) | 772 | 42,915 | |||||||||
Zebra Technologies Corp. Class A (Electronic Equip., Instr. & Comp.) | (a) | 220 | 65,083 | |||||||||
Zoom Video Communications, Inc. Class A (Software) | (a) | 870 | 59,056 | |||||||||
Zscaler, Inc. (Software) | (a) | 370 | 54,131 | |||||||||
|
| |||||||||||
13,079,958 | ||||||||||||
|
| |||||||||||
MATERIALS – 3.8% |
| |||||||||||
Albemarle Corp. (Chemicals) | 470 | 104,852 | ||||||||||
Alcoa Corp. (Metals & Mining) | 894 | 30,333 | ||||||||||
Amcor PLC (Containers & Packaging) | 6,490 | 64,770 | ||||||||||
ATI, Inc. (Metals & Mining) | (a) | 7,660 | 338,802 | |||||||||
Avery Dennison Corp. (Containers & Packaging) | 30 | 5,154 | ||||||||||
Ball Corp. (Containers & Packaging) | 1,300 | 75,673 | ||||||||||
Berry Global Group, Inc. (Containers & Packaging) | 6,370 | 409,846 | ||||||||||
Celanese Corp. (Chemicals) | 490 | 56,742 | ||||||||||
CF Industries Holdings, Inc. (Chemicals) | 221 | 15,342 | ||||||||||
Corteva, Inc. (Chemicals) | 3,080 | 176,484 | ||||||||||
Crown Holdings, Inc. (Containers & Packaging) | 630 | 54,728 | ||||||||||
DuPont de Nemours, Inc. (Chemicals) | 1,582 | 113,018 | ||||||||||
Eastman Chemical Co. (Chemicals) | 660 | 55,255 | ||||||||||
FMC Corp. (Chemicals) | 2,342 | 244,364 | ||||||||||
Huntsman Corp. (Chemicals) | 9,215 | 248,989 | ||||||||||
International Flavors & Fragrances, Inc. (Chemicals) | 939 | 74,735 | ||||||||||
International Paper Co. (Containers & Packaging) | 1,610 | 51,214 | ||||||||||
LyondellBasell Industries N.V. Class A (Chemicals) | 1,050 | 96,422 | ||||||||||
Martin Marietta Materials, Inc. (Construction Materials) | 250 | 115,423 | ||||||||||
Mosaic Co. / The (Chemicals) | 1,320 | 46,200 | ||||||||||
Nucor Corp. (Metals & Mining) | 850 | 139,383 | ||||||||||
Packaging Corp. of America (Containers & Packaging) | 520 | 68,723 | ||||||||||
PPG Industries, Inc. (Chemicals) | 970 | 143,851 | ||||||||||
Sealed Air Corp. (Containers & Packaging) | 1,230 | 49,200 | ||||||||||
Steel Dynamics, Inc. (Metals & Mining) | 662 | 72,112 | ||||||||||
Vulcan Materials Co. (Construction Materials) | 540 | 121,738 | ||||||||||
Westrock Co. (Containers & Packaging) | 1,370 | 39,826 | ||||||||||
|
| |||||||||||
3,013,179 | ||||||||||||
|
| |||||||||||
REAL ESTATE – 5.4% |
| |||||||||||
Alexandria Real Estate Equities, Inc. (Office REITs) | 550 | 62,419 | ||||||||||
American Homes 4 Rent Class A (Residential REITs) | 2,060 | 73,027 | ||||||||||
Americold Realty Trust, Inc. (Industrial REITs) | 1,890 | 61,047 | ||||||||||
Apartment Income REIT Corp. (Residential REITs) | 7,714 | 278,398 | ||||||||||
AvalonBay Communities, Inc. (Residential REITs) | 570 | 107,884 | ||||||||||
Boston Properties, Inc. (Office REITs) | 700 | 40,313 | ||||||||||
Broadstone Net Lease, Inc. (Diversified REITs) | 12,131 | 187,303 | ||||||||||
CBRE Group, Inc. Class A (Real Estate Mgmt. & Development) | (a) | 1,370 | 110,573 | |||||||||
CoStar Group, Inc. (Real Estate Mgmt. & Development) | (a) | 1,620 | 144,180 | |||||||||
CubeSmart (Specialized REITs) | 6,990 | 312,173 | ||||||||||
Digital Realty Trust, Inc. (Specialized REITs) | 980 | 111,593 | ||||||||||
Equity LifeStyle Properties, Inc. (Residential REITs) | 1,100 | 73,579 | ||||||||||
Equity Residential (Residential REITs) | 1,510 | 99,615 |
Common Stocks (Continued) | Shares | Value | ||||||||||
REAL ESTATE (continued) |
| |||||||||||
Essex Property Trust, Inc. (Residential REITs) | 270 | $ | 63,261 | |||||||||
Extra Space Storage, Inc. (Specialized REITs) | 530 | 78,890 | ||||||||||
First Industrial Realty Trust, Inc. (Industrial REITs) | 3,069 | 161,552 | ||||||||||
Gaming and Leisure Properties, Inc. (Specialized REITs) | 1,640 | 79,474 | ||||||||||
Healthpeak Properties, Inc. (Health Care REITs) | 2,220 | 44,622 | ||||||||||
Host Hotels & Resorts, Inc. (Hotel & Resort REITs) | 3,060 | 51,500 | ||||||||||
Invitation Homes, Inc. (Residential REITs) | 2,300 | 79,120 | ||||||||||
Iron Mountain, Inc. (Specialized REITs) | 1,900 | 107,958 | ||||||||||
Jones Lang LaSalle, Inc. (Real Estate Mgmt. & Development) | (a) | 410 | 63,878 | |||||||||
Kimco Realty Corp. (Retail REITs) | 3,630 | 71,584 | ||||||||||
Lamar Advertising Co. Class A (Specialized REITs) | 767 | 76,125 | ||||||||||
Mid-America Apartment Communities, Inc. (Residential REITs) | 480 | 72,893 | ||||||||||
Physicians Realty Trust (Health Care REITs) | 18,364 | 256,912 | ||||||||||
Realty Income Corp. (Retail REITs) | 2,650 | 158,443 | ||||||||||
Regency Centers Corp. (Retail REITs) | 1,200 | 74,124 | ||||||||||
SBA Communications Corp. (Specialized REITs) | 420 | 97,339 | ||||||||||
Simon Property Group, Inc. (Retail REITs) | 1,340 | 154,743 | ||||||||||
STAG Industrial, Inc. (Industrial REITs) | 9,820 | 352,342 | ||||||||||
Sun Communities, Inc. (Residential REITs) | 460 | 60,012 | ||||||||||
UDR, Inc. (Residential REITs) | 1,640 | 70,454 | ||||||||||
Ventas, Inc. (Health Care REITs) | 1,530 | 72,323 | ||||||||||
VICI Properties, Inc. (Specialized REITs) | 3,360 | 105,605 | ||||||||||
W.P. Carey, Inc. (Diversified REITs) | 1,020 | 68,911 | ||||||||||
Welltower, Inc. (Health Care REITs) | 1,710 | 138,322 | ||||||||||
Weyerhaeuser Co. (Specialized REITs) | 3,060 | 102,541 | ||||||||||
|
| |||||||||||
4,325,032 | ||||||||||||
|
| |||||||||||
UTILITIES – 3.1% |
| |||||||||||
AES Corp. / The (Ind. Power & Renewable Elec.) | 2,310 | 47,886 | ||||||||||
Ameren Corp. (Multi-Utilities) | 1,010 | 82,487 | ||||||||||
American Water Works Co., Inc. (Water Utilities) | 750 | 107,062 | ||||||||||
Atmos Energy Corp. (Gas Utilities) | 530 | 61,660 | ||||||||||
Avangrid, Inc. (Electric Utilities) | 1,500 | 56,520 | ||||||||||
CenterPoint Energy, Inc. (Multi-Utilities) | 2,070 | 60,341 | ||||||||||
CMS Energy Corp. (Multi-Utilities) | 1,180 | 69,325 | ||||||||||
Consolidated Edison, Inc. (Multi-Utilities) | 1,410 | 127,464 | ||||||||||
Constellation Energy Corp. (Electric Utilities) | 1,120 | 102,536 | ||||||||||
DTE Energy Co. (Multi-Utilities) | 790 | 86,916 | ||||||||||
Edison International (Electric Utilities) | 1,470 | 102,092 | ||||||||||
Entergy Corp. (Electric Utilities) | 830 | 80,817 | ||||||||||
Essential Utilities, Inc. (Water Utilities) | 1,620 | 64,654 | ||||||||||
Eversource Energy (Electric Utilities) | 1,400 | 99,288 | ||||||||||
FirstEnergy Corp. (Electric Utilities) | 2,210 | 85,925 | ||||||||||
IDACORP, Inc. (Electric Utilities) | 3,550 | 364,230 | ||||||||||
PG&E Corp. (Electric Utilities) | (a) | 7,056 | 121,928 | |||||||||
Portland General Electric Co. (Electric Utilities) | 6,910 | 323,595 | ||||||||||
PPL Corp. (Electric Utilities) | 3,140 | 83,084 | ||||||||||
Public Service Enterprise Group, Inc. (Multi-Utilities) | 2,070 | 129,603 | ||||||||||
WEC Energy Group, Inc. (Multi-Utilities) | 1,290 | 113,830 | ||||||||||
Xcel Energy, Inc. (Electric Utilities) | 2,150 | 133,665 | ||||||||||
|
| |||||||||||
2,504,908 | ||||||||||||
|
| |||||||||||
Total Common Stocks (Cost $80,210,066) |
| $ | 79,987,412 | |||||||||
|
|
Exchange Traded Funds – 0.2% | Shares | Value | ||||||||||
iShares Russell Mid-Cap ETF | 2,096 | $ | 153,071 | |||||||||
|
| |||||||||||
Total Exchange Traded Funds (Cost $146,466) |
| $ | 153,071 | |||||||||
|
| |||||||||||
Total Investments – 99.8% | (b | ) | $ | 80,140,483 | ||||||||
|
| |||||||||||
Other Assets in Excess of Liabilities – 0.2% | 179,848 | |||||||||||
|
| |||||||||||
Net Assets – 100.0% | $ | 80,320,331 | ||||||||||
|
|
Percentages are stated as a percent of net assets.
| ||||
| 39 | (continued) |
Ohio National Fund, Inc. | ON AB Mid Cap Core Portfolio (Continued) | |
Schedule of Investments
| June 30, 2023 (Unaudited) |
Abbreviations:
ADR: | American Depositary Receipts |
ETF: | Exchange Traded Fund |
NVS: | Non Voting Shares |
REITs: | Real Estate Investment Trusts |
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.
| 40 |
Ohio National Fund, Inc. | ON S&P 500® Index Portfolio (Unaudited) |
Objective/Strategy |
The ON S&P 500® Index Portfolio seeks total return approximating that of the Standard & Poor’s 500® Index (S&P 500® Index), at a risk level consistent with that of the S&P 500® Index by investing, under normal circumstances, more than 80% of its net assets in the common stocks and other securities of companies that are included in the S&P 500® Index.
Performance as of June 30, 2023 |
Average Annual returns | ||||
One year | 19.15 | % | ||
Five years | 11.89 | % | ||
Ten years | 12.40 | % |
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 the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts, or as an underlying investment by the ON Model Portfolios. 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 0.38% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 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 six-month period ended June 30, 2023, the Portfolio returned 16.68% versus 16.89% for its benchmark, the S&P 500® Index.
Q. What affected the Portfolio’s performance?
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 six-month period 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. There was no impact from either sector allocation or stock selection that caused any significant performance variance between the Portfolio and its benchmark. Information Technology, Consumer Discretionary and Communication Services were the top contributors for the six-month period. Energy, Health Care and Utilities were the top detractors from performance. Because the Portfolio weights its holdings to be similar to those utilized by the benchmark, there were no holdings that significantly contributed to, or detracted from, the Portfolio’s benchmark-relative performance. Benchmark constituents that contributed the most to Portfolio and benchmark returns were Apple, Inc., Microsoft Corp., and NVIDIA Corp. Pfizer, Inc., UnitedHealth Group, Inc., and Abbvie, Inc. were the leading detractors. Derivatives had no significant impact on the Portfolio’s performance.(1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting. Investors cannot invest directly in an index, although they can invest in its underlying securities or funds.
The S&P 500® Index is a capitalization-weighted index designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index presented 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.
41 | (continued) |
Ohio National Fund, Inc. | ON S&P 500® Index Portfolio (Unaudited) (Continued) |
Portfolio Composition as of June 30, 2023 (1) |
% of Net Assets | ||||
Common Stocks (4) | 100.3 | |||
U.S. Treasury Obligations | 0.0 | |||
Less Net Liabilities | (0.3 | ) | ||
|
| |||
100.0 | ||||
|
|
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||||||
1. | Apple, Inc. | 7.7 | ||||||
2. | Microsoft Corp. | 6.8 | ||||||
3. | Amazon.com, Inc. | 3.2 | ||||||
4. | NVIDIA Corp. | 2.8 | ||||||
5. | Alphabet, Inc. Class A | 1.9 | ||||||
6. | Tesla, Inc. | 1.9 | ||||||
7. | Meta Platforms, Inc. Class A | 1.7 | ||||||
8. | Alphabet, Inc. Class C | 1.7 | ||||||
9. | Berkshire Hathaway, Inc. Class B | 1.7 | ||||||
10. | UnitedHealth Group, Inc. | 1.2 |
(1) | Composition of Portfolio subject to change. |
(2) | Short-term investments have been excluded from the list of Top 10 Portfolio Holdings. |
(3) | Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher. |
(4) | Sectors (Common Stocks): |
% of Net Assets | ||||
Information Technology | 28.3 | |||
Health Care | 13.5 | |||
Financials | 12.5 | |||
Consumer Discretionary | 10.7 | |||
Industrials | 8.5 | |||
Communication Services | 8.4 | |||
Consumer Staples | 6.7 | |||
Energy | 4.1 | |||
Utilities | 2.6 | |||
Materials | 2.5 | |||
Real Estate | 2.5 | |||
|
| |||
100.3 | ||||
|
|
42 |
Ohio National Fund, Inc. | ON S&P 500® Index Portfolio | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks – 100.3% | Shares | Value | ||||||||||
COMMUNICATION SERVICES – 8.4% | ||||||||||||
Activision Blizzard, Inc. (Entertainment) | (a | ) | 21,008 | $ | 1,770,974 | |||||||
Alphabet, Inc. Class A (Interactive Media & Svs.) | (a | ) | 174,462 | 20,883,102 | ||||||||
Alphabet, Inc. Class C (Interactive Media & Svs.) | (a | ) | 150,025 | 18,148,524 | ||||||||
AT&T, Inc. (Diversified Telecom. Svs.) | 209,915 | 3,348,144 | ||||||||||
Charter Communications, Inc. Class A (Media) | (a | ) | 3,049 | 1,120,111 | ||||||||
Comcast Corp. Class A (Media) | 122,121 | 5,074,128 | ||||||||||
Electronic Arts, Inc. (Entertainment) | 7,651 | 992,335 | ||||||||||
Fox Corp. Class A (Media) | 7,999 | 271,966 | ||||||||||
Fox Corp. Class B (Media) | 3,791 | 120,895 | ||||||||||
Interpublic Group of Cos., Inc. / The (Media) | 11,411 | 440,236 | ||||||||||
Live Nation Entertainment, Inc. (Entertainment) | (a | ) | 4,258 | 387,946 | ||||||||
Match Group, Inc. (Interactive Media & Svs.) | (a | ) | 8,235 | 344,635 | ||||||||
Meta Platforms, Inc. Class A (Interactive Media & Svs.) | (a | ) | 64,953 | 18,640,212 | ||||||||
Netflix, Inc. (Entertainment) | (a | ) | 13,053 | 5,749,716 | ||||||||
News Corp. Class A (Media) | 10,971 | 213,935 | ||||||||||
News Corp. Class B (Media) | 3,846 | 75,843 | ||||||||||
Omnicom Group, Inc. (Media) | 5,831 | 554,820 | ||||||||||
Paramount Global Class B (Media) | 14,876 | 236,677 | ||||||||||
Take-Two Interactive Software, Inc. (Entertainment) | (a | ) | 4,636 | 682,234 | ||||||||
T-Mobile U.S., Inc. (Wireless Telecom. Svs.) | (a | ) | 16,920 | 2,350,188 | ||||||||
Verizon Communications, Inc. (Diversified Telecom. Svs.) | 123,428 | 4,590,287 | ||||||||||
Walt Disney Co. / The (Entertainment) | (a | ) | 53,647 | 4,789,604 | ||||||||
Warner Bros Discovery, Inc. (Entertainment) | (a | ) | 65,091 | 816,241 | ||||||||
|
| |||||||||||
91,602,753 | ||||||||||||
|
| |||||||||||
CONSUMER DISCRETIONARY – 10.7% | ||||||||||||
Advance Auto Parts, Inc. (Specialty Retail) | 1,781 | 125,204 | ||||||||||
Amazon.com, Inc. (Broadline Retail) | (a | ) | 262,093 | 34,166,444 | ||||||||
Aptiv PLC (Automobile Components) | (a | ) | 7,921 | 808,655 | ||||||||
AutoZone, Inc. (Specialty Retail) | (a | ) | 540 | 1,346,414 | ||||||||
Bath & Body Works, Inc. (Specialty Retail) | 6,766 | 253,725 | ||||||||||
Best Buy Co., Inc. (Specialty Retail) | 5,760 | 472,032 | ||||||||||
Booking Holdings, Inc. (Hotels, Restaurants & Leisure) | (a | ) | 1,085 | 2,929,858 | ||||||||
BorgWarner, Inc. (Automobile Components) | 6,824 | 333,762 | ||||||||||
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure) | (a | ) | 6,262 | 319,174 | ||||||||
CarMax, Inc. (Specialty Retail) | (a | ) | 4,655 | 389,624 | ||||||||
Carnival Corp. (Hotels, Restaurants & Leisure) | (a | ) | 29,695 | 559,157 | ||||||||
Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure) | (a | ) | 811 | 1,734,729 | ||||||||
D.R. Horton, Inc. (Household Durables) | 9,106 | 1,108,109 | ||||||||||
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | 3,545 | 592,299 | ||||||||||
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure) | 1,029 | 346,763 | ||||||||||
eBay, Inc. (Broadline Retail) | 15,675 | 700,516 | ||||||||||
Etsy, Inc. (Broadline Retail) | (a | ) | 3,656 | 309,334 | ||||||||
Expedia Group, Inc. (Hotels, Restaurants & Leisure) | (a | ) | 4,158 | 454,844 | ||||||||
Ford Motor Co. (Automobiles) | 115,401 | 1,746,017 | ||||||||||
Garmin Ltd. (Household Durables) | 4,480 | 467,219 | ||||||||||
General Motors Co. (Automobiles) | 40,829 | 1,574,366 | ||||||||||
Genuine Parts Co. (Distributors) | 4,109 | 695,366 | ||||||||||
Hasbro, Inc. (Leisure Products) | 3,824 | 247,680 | ||||||||||
Hilton Worldwide Holdings, Inc. (Hotels, Restaurants & Leisure) | 7,780 | 1,132,379 | ||||||||||
Home Depot, Inc. / The (Specialty Retail) | 29,728 | 9,234,706 | ||||||||||
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure) | (a | ) | 9,644 | 559,352 | ||||||||
Lennar Corp. Class A (Household Durables) | 7,442 | 932,557 | ||||||||||
LKQ Corp. (Distributors) | 7,413 | 431,956 | ||||||||||
Lowe’s Cos., Inc. (Specialty Retail) | 17,505 | 3,950,879 | ||||||||||
Marriott International, Inc. Class A (Hotels, Restaurants & Leisure) | 7,575 | 1,391,452 |
Common Stocks (Continued) | Shares | Value | ||||||||||
CONSUMER DISCRETIONARY (continued) |
| |||||||||||
McDonald’s Corp. (Hotels, Restaurants & Leisure) | 21,440 | $ | 6,397,910 | |||||||||
MGM Resorts International (Hotels, Restaurants & Leisure) | 8,780 | 385,618 | ||||||||||
Mohawk Industries, Inc. (Household Durables) | (a | ) | 1,584 | 163,405 | ||||||||
Newell Brands, Inc. (Household Durables) | 11,274 | 98,084 | ||||||||||
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods) | 36,154 | 3,990,317 | ||||||||||
Norwegian Cruise Line Holdings Ltd. (Hotels, Restaurants & Leisure) | (a | ) | 12,458 | 271,211 | ||||||||
NVR, Inc. (Household Durables) | (a | ) | 89 | 565,205 | ||||||||
O’Reilly Automotive, Inc. (Specialty Retail) | (a | ) | 1,787 | 1,707,121 | ||||||||
Pool Corp. (Distributors) | 1,153 | 431,960 | ||||||||||
PulteGroup, Inc. (Household Durables) | 6,536 | 507,716 | ||||||||||
Ralph Lauren Corp. (Textiles, Apparel & Luxury Goods) | 1,221 | 150,549 | ||||||||||
Ross Stores, Inc. (Specialty Retail) | 10,039 | 1,125,673 | ||||||||||
Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure) | (a | ) | 6,441 | 668,189 | ||||||||
Starbucks Corp. (Hotels, Restaurants & Leisure) | 33,667 | 3,335,053 | ||||||||||
Tapestry, Inc. (Textiles, Apparel & Luxury Goods) | 6,861 | 293,651 | ||||||||||
Tesla, Inc. (Automobiles) | (a | ) | 79,104 | 20,707,054 | ||||||||
TJX Cos., Inc. / The (Specialty Retail) | 33,801 | 2,865,987 | ||||||||||
Tractor Supply Co. (Specialty Retail) | 3,214 | 710,615 | ||||||||||
Ulta Beauty, Inc. (Specialty Retail) | (a | ) | 1,467 | 690,363 | ||||||||
V.F. Corp. (Textiles, Apparel & Luxury Goods) | 9,852 | 188,075 | ||||||||||
Whirlpool Corp. (Household Durables) | 1,623 | 241,486 | ||||||||||
Wynn Resorts Ltd. (Hotels, Restaurants & Leisure) | 3,053 | 322,427 | ||||||||||
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 8,231 | 1,140,405 | ||||||||||
|
| |||||||||||
116,272,646 | ||||||||||||
|
| |||||||||||
CONSUMER STAPLES – 6.7% Altria Group, Inc. (Tobacco) | 52,442 | 2,375,623 | ||||||||||
Archer-Daniels-Midland Co. (Food Products) | 16,000 | 1,208,960 | ||||||||||
Brown-Forman Corp. Class B (Beverages) | 5,329 | 355,871 | ||||||||||
Bunge Ltd. (Food Products) | 4,393 | 414,480 | ||||||||||
Campbell Soup Co. (Food Products) | 5,819 | 265,986 | ||||||||||
Church & Dwight Co., Inc. (Household Products) | 7,175 | 719,150 | ||||||||||
Clorox Co. / The (Household Products) | 3,630 | 577,315 | ||||||||||
Coca-Cola Co. / The (Beverages) | 114,289 | 6,882,484 | ||||||||||
Colgate-Palmolive Co. (Household Products) | 24,354 | 1,876,232 | ||||||||||
Conagra Brands, Inc. (Food Products) | 13,983 | 471,507 | ||||||||||
Constellation Brands, Inc. Class A (Beverages) | 4,737 | 1,165,918 | ||||||||||
Costco Wholesale Corp. (Consumer Staples Distribution & Retail) | 13,022 | 7,010,784 | ||||||||||
Dollar General Corp. (Consumer Staples Distribution & Retail) | 6,434 | 1,092,365 | ||||||||||
Dollar Tree, Inc. (Consumer Staples Distribution & Retail) | (a | ) | 6,096 | 874,776 | ||||||||
Estee Lauder Cos., Inc. / The Class A (Personal Care Products) | 6,806 | 1,336,562 | ||||||||||
General Mills, Inc. (Food Products) | 17,266 | 1,324,302 | ||||||||||
Hershey Co. / The (Food Products) | 4,332 | 1,081,700 | ||||||||||
Hormel Foods Corp. (Food Products) | 8,419 | 338,612 | ||||||||||
J.M. Smucker Co. / The (Food Products) | 3,118 | 460,435 | ||||||||||
Kellogg Co. (Food Products) | 7,540 | 508,196 | ||||||||||
Keurig Dr Pepper, Inc. (Beverages) | 24,707 | 772,588 | ||||||||||
Kimberly-Clark Corp. (Household Products) | 9,905 | 1,367,484 | ||||||||||
Kraft Heinz Co. / The (Food Products) | 23,464 | 832,972 | ||||||||||
Kroger Co. / The (Consumer Staples Distribution & Retail) | 19,187 | 901,789 | ||||||||||
Lamb Weston Holdings, Inc. (Food Products) | 4,309 | 495,320 | ||||||||||
McCormick & Co., Inc. (Food Products) | 7,359 | 641,926 | ||||||||||
Molson Coors Beverage Co. Class B (Beverages) | 5,474 | 360,408 |
| 43 | (continued) |
Ohio National Fund, Inc. | ON S&P 500® Index Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
CONSUMER STAPLES (continued) | ||||||||||||
Mondelez International, Inc. Class A (Food Products) | 40,015 | $ | 2,918,694 | |||||||||
Monster Beverage Corp. (Beverages) | (a | ) | 22,463 | 1,290,275 | ||||||||
PepsiCo, Inc. (Beverages) | 40,459 | 7,493,816 | ||||||||||
Philip Morris International, Inc. (Tobacco) | 45,583 | 4,449,812 | ||||||||||
Procter & Gamble Co. / The (Household Products) | 69,207 | 10,501,470 | ||||||||||
Sysco Corp. (Consumer Staples Distribution & Retail) | 14,876 | 1,103,799 | ||||||||||
Target Corp. (Consumer Staples Distribution & Retail) | 13,551 | 1,787,377 | ||||||||||
Tyson Foods, Inc. Class A (Food Products) | 8,416 | 429,553 | ||||||||||
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail) | 21,031 | 599,173 | ||||||||||
Walmart, Inc. (Consumer Staples Distribution & Retail) | 41,187 | 6,473,773 | ||||||||||
|
| |||||||||||
72,761,487 | ||||||||||||
|
| |||||||||||
ENERGY – 4.1% | ||||||||||||
APA Corp. (Oil, Gas & Consumable Fuels) | 9,146 | 312,519 | ||||||||||
Baker Hughes Co. (Energy Equip. & Svs.) | 29,729 | 939,734 | ||||||||||
Chevron Corp. (Oil, Gas & Consumable Fuels) | 51,170 | 8,051,599 | ||||||||||
ConocoPhillips (Oil, Gas & Consumable Fuels) | 35,535 | 3,681,781 | ||||||||||
Coterra Energy, Inc. (Oil, Gas & Consumable Fuels) | 22,134 | 559,990 | ||||||||||
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 18,838 | 910,629 | ||||||||||
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 5,306 | 696,996 | ||||||||||
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | 17,177 | 1,965,736 | ||||||||||
EQT Corp. (Oil, Gas & Consumable Fuels) | 10,705 | 440,297 | ||||||||||
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | 118,715 | 12,732,184 | ||||||||||
Halliburton Co. (Energy Equip. & Svs.) | 26,494 | 874,037 | ||||||||||
Hess Corp. (Oil, Gas & Consumable Fuels) | 8,119 | 1,103,778 | ||||||||||
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 57,912 | 997,245 | ||||||||||
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | 17,980 | 413,900 | ||||||||||
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 12,462 | 1,453,069 | ||||||||||
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 21,098 | 1,240,562 | ||||||||||
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 13,138 | 810,877 | ||||||||||
Phillips 66 (Oil, Gas & Consumable Fuels) | 13,478 | 1,285,532 | ||||||||||
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | 6,864 | 1,422,083 | ||||||||||
Schlumberger Ltd. / N.V. (Energy Equip. & Svs.) | 41,862 | 2,056,261 | ||||||||||
Targa Resources Corp. (Oil, Gas & Consumable Fuels) | 6,616 | 503,478 | ||||||||||
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | 10,617 | 1,245,374 | ||||||||||
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels) | 35,768 | 1,167,110 | ||||||||||
|
| |||||||||||
44,864,771 | ||||||||||||
|
| |||||||||||
FINANCIALS – 12.5% | ||||||||||||
Aflac, Inc. (Insurance) | 16,153 | 1,127,479 | ||||||||||
Allstate Corp. / The (Insurance) | 7,713 | 841,026 | ||||||||||
American Express Co. (Consumer Finance) | 17,456 | 3,040,835 | ||||||||||
American International Group, Inc. | ||||||||||||
(Insurance) | 21,253 | 1,222,898 | ||||||||||
Ameriprise Financial, Inc. (Capital Markets) | 3,062 | 1,017,074 | ||||||||||
Aon PLC Class A (Insurance) | 5,998 | 2,070,510 | ||||||||||
Arch Capital Group Ltd. (Insurance) | (a | ) | 10,927 | 817,886 | ||||||||
Arthur J. Gallagher & Co. (Insurance) | 6,293 | 1,381,754 | ||||||||||
Assurant, Inc. (Insurance) | 1,534 | 192,854 | ||||||||||
Bank of America Corp. (Banks) | 203,561 | 5,840,165 |
Common Stocks (Continued) | Shares | Value | ||||||||||
FINANCIALS (continued) | ||||||||||||
Bank of New York Mellon Corp. / The (Capital Markets) | 21,101 | $ | 939,417 | |||||||||
Berkshire Hathaway, Inc. Class B (Financial Services) | (a | ) | 52,361 | 17,855,101 | ||||||||
BlackRock, Inc. (Capital Markets) | 4,398 | 3,039,634 | ||||||||||
Brown & Brown, Inc. (Insurance) | 6,953 | 478,645 | ||||||||||
Capital One Financial Corp. (Consumer Finance) | 11,206 | 1,225,600 | ||||||||||
CBOE Global Markets, Inc. (Capital Markets) | 3,117 | 430,177 | ||||||||||
Charles Schwab Corp. / The (Capital Markets) | 43,635 | 2,473,232 | ||||||||||
Chubb Ltd. (Insurance) | 12,163 | 2,342,107 | ||||||||||
Cincinnati Financial Corp. (Insurance) | 4,594 | 447,088 | ||||||||||
Citigroup, Inc. (Banks) | 57,161 | 2,631,692 | ||||||||||
Citizens Financial Group, Inc. (Banks) | 14,344 | 374,092 | ||||||||||
CME Group, Inc. (Capital Markets) | 10,565 | 1,957,589 | ||||||||||
Comerica, Inc. (Banks) | 3,931 | 166,517 | ||||||||||
Discover Financial Services (Consumer Finance) | 7,452 | 870,766 | ||||||||||
Everest Re Group Ltd. (Insurance) | 1,252 | 428,009 | ||||||||||
FactSet Research Systems, Inc. (Capital Markets) | 1,120 | 448,728 | ||||||||||
Fidelity National Information Services, Inc. (Financial Services) | 17,395 | 951,506 | ||||||||||
Fifth Third Bancorp (Banks) | 19,852 | 520,321 | ||||||||||
Fiserv, Inc. (Financial Services) | (a | ) | 18,131 | 2,287,226 | ||||||||
FleetCor Technologies, Inc. (Financial Services) | (a | ) | 2,163 | 543,086 | ||||||||
Franklin Resources, Inc. (Capital Markets) | 8,395 | 224,230 | ||||||||||
Global Payments, Inc. (Financial Services) | 7,689 | 757,520 | ||||||||||
Globe Life, Inc. (Insurance) | 2,635 | 288,849 | ||||||||||
Goldman Sachs Group, Inc. / The (Capital Markets) | 9,762 | 3,148,635 | ||||||||||
Hartford Financial Services Group, Inc. / The (Insurance) | 9,085 | 654,302 | ||||||||||
Huntington Bancshares, Inc. (Banks) | 42,606 | 459,293 | ||||||||||
Intercontinental Exchange, Inc. (Capital Markets) | 16,447 | 1,859,827 | ||||||||||
Invesco Ltd. (Capital Markets) | 13,584 | 228,347 | ||||||||||
Jack Henry & Associates, Inc. (Financial Services) | 2,154 | 360,429 | ||||||||||
JPMorgan Chase & Co. (Banks) | 85,806 | 12,479,625 | ||||||||||
KeyCorp (Banks) | 27,179 | 251,134 | ||||||||||
Lincoln National Corp. (Insurance) | 4,648 | 119,732 | ||||||||||
Loews Corp. (Insurance) | 5,607 | 332,944 | ||||||||||
M&T Bank Corp. (Banks) | 4,854 | �� | 600,731 | |||||||||
MarketAxess Holdings, Inc. (Capital Markets) | 1,094 | 285,993 | ||||||||||
Marsh & McLennan Cos., Inc. (Insurance) | 14,525 | 2,731,862 | ||||||||||
Mastercard, Inc. Class A (Financial Services) | 24,570 | 9,663,381 | ||||||||||
MetLife, Inc. (Insurance) | 18,885 | 1,067,569 | ||||||||||
Moody’s Corp. (Capital Markets) | 4,635 | 1,611,682 | ||||||||||
Morgan Stanley (Capital Markets) | 38,251 | 3,266,635 | ||||||||||
MSCI, Inc. (Capital Markets) | 2,351 | 1,103,301 | ||||||||||
Nasdaq, Inc. (Capital Markets) | 9,888 | 492,917 | ||||||||||
Northern Trust Corp. (Capital Markets) | 6,093 | 451,735 | ||||||||||
PayPal Holdings, Inc. (Financial Services) | (a | ) | 32,759 | 2,186,008 | ||||||||
PNC Financial Services Group, Inc. / The (Banks) | 11,719 | 1,476,008 | ||||||||||
Principal Financial Group, Inc. (Insurance) | 6,581 | 499,103 | ||||||||||
Progressive Corp. / The (Insurance) | 17,190 | 2,275,440 | ||||||||||
Prudential Financial, Inc. (Insurance) | 10,711 | 944,924 | ||||||||||
Raymond James Financial, Inc. (Capital Markets) | 5,574 | 578,414 | ||||||||||
Regions Financial Corp. (Banks) | 27,438 | 488,945 | ||||||||||
S&P Global, Inc. (Capital Markets) | 9,632 | 3,861,372 | ||||||||||
State Street Corp. (Capital Markets) | 9,800 | 717,164 | ||||||||||
Synchrony Financial (Consumer Finance) | 12,665 | 429,597 | ||||||||||
T. Rowe Price Group, Inc. (Capital Markets) | 6,597 | 738,996 | ||||||||||
Travelers Cos., Inc. / The (Insurance) | 6,786 | 1,178,457 | ||||||||||
Truist Financial Corp. (Banks) | 39,106 | 1,186,867 | ||||||||||
U.S. Bancorp (Banks) | 40,958 | 1,353,252 |
| 44 | (continued) |
Ohio National Fund, Inc. | ON S&P 500® Index Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
FINANCIALS (continued) | ||||||||||||
Visa, Inc. (Financial Services) | 47,515 | $ | 11,283,862 | |||||||||
W.R. Berkley Corp. (Insurance) | 5,953 | 354,561 | ||||||||||
Wells Fargo & Co. (Banks) | 110,179 | 4,702,440 | ||||||||||
Willis Towers Watson PLC (Insurance) | 3,121 | 734,996 | ||||||||||
Zions Bancorp N.A. (Banks) | 4,379 | 117,620 | ||||||||||
135,511,713 | ||||||||||||
HEALTH CARE – 13.5% | ||||||||||||
Abbott Laboratories (Health Care Equip. & Supplies) | 51,060 | 5,566,561 | ||||||||||
AbbVie, Inc. (Biotechnology) | 51,803 | 6,979,418 | ||||||||||
Agilent Technologies, Inc. (Life Sciences Tools & Svs.) | 8,691 | 1,045,093 | ||||||||||
Align Technology, Inc. (Health Care Equip. & Supplies) | (a | ) | 2,086 | 737,693 | ||||||||
AmerisourceBergen Corp. (Health Care Providers & Svs.) | 4,746 | 913,273 | ||||||||||
Amgen, Inc. (Biotechnology) | 15,688 | 3,483,050 | ||||||||||
Baxter International, Inc. (Health Care Equip. & Supplies) | 14,822 | 675,290 | ||||||||||
Becton Dickinson & Co. (Health Care Equip. & Supplies) | 8,341 | 2,202,107 | ||||||||||
Biogen, Inc. (Biotechnology) | (a | ) | 4,252 | 1,211,182 | ||||||||
Bio-Rad Laboratories, Inc. Class A (Life Sciences Tools & Svs.) | (a | ) | 628 | 238,087 | ||||||||
Bio-Techne Corp. (Life Sciences Tools & Svs.) | 4,589 | 374,600 | ||||||||||
Boston Scientific Corp. (Health Care Equip. & Supplies) | (a | ) | 42,227 | 2,284,058 | ||||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 61,697 | 3,945,523 | ||||||||||
Cardinal Health, Inc. (Health Care Providers & Svs.) | 7,461 | 705,587 | ||||||||||
Catalent, Inc. (Pharmaceuticals) | (a | ) | 5,205 | 225,689 | ||||||||
Centene Corp. (Health Care Providers & Svs.) | (a | ) | 16,118 | 1,087,159 | ||||||||
Charles River Laboratories International, Inc. (Life Sciences Tools & Svs.) | (a | ) | 1,485 | 312,221 | ||||||||
Cigna Group / The (Health Care Providers & Svs.) | 8,689 | 2,438,133 | ||||||||||
Cooper Cos., Inc. / The (Health Care Equip. & Supplies) | 1,446 | 554,440 | ||||||||||
CVS Health Corp. (Health Care Providers & Svs.) | 37,642 | 2,602,191 | ||||||||||
Danaher Corp. (Life Sciences Tools & Svs.) | 19,503 | 4,680,720 | ||||||||||
DaVita, Inc. (Health Care Providers & Svs.) | (a | ) | 1,631 | 163,867 | ||||||||
DENTSPLY SIRONA, Inc. (Health Care Equip. & Supplies) | 6,322 | 253,006 | ||||||||||
Dexcom, Inc. (Health Care Equip. & Supplies) | (a | ) | 11,384 | 1,462,958 | ||||||||
Edwards Lifesciences Corp. (Health Care Equip. & Supplies) | (a | ) | 17,802 | 1,679,263 | ||||||||
Elevance Health, Inc. (Health Care Providers & Svs.) | 6,961 | 3,092,703 | ||||||||||
Eli Lilly & Co. (Pharmaceuticals) | 23,136 | 10,850,321 | ||||||||||
GE HealthCare Technologies, Inc. (Health Care Equip. & Supplies) | 11,481 | 932,716 | ||||||||||
Gilead Sciences, Inc. (Biotechnology) | 36,629 | 2,822,997 | ||||||||||
HCA Healthcare, Inc. (Health Care Providers & Svs.) | 6,060 | 1,839,089 | ||||||||||
Henry Schein, Inc. (Health Care Providers & Svs.) | (a | ) | 3,883 | 314,911 | ||||||||
Hologic, Inc. (Health Care Equip. & Supplies) | (a | ) | 7,186 | 581,850 | ||||||||
Humana, Inc. (Health Care Providers & Svs.) | 3,670 | 1,640,967 | ||||||||||
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies) | (a | ) | 2,438 | 1,224,437 | ||||||||
Illumina, Inc. (Life Sciences Tools & Svs.) | (a | ) | 4,643 | 870,516 | ||||||||
Incyte Corp. (Biotechnology) | (a | ) | 5,458 | 339,760 | ||||||||
Insulet Corp. (Health Care Equip. & Supplies) | (a | ) | 2,043 | 589,079 | ||||||||
Intuitive Surgical, Inc. (Health Care Equip. & Supplies) | (a | ) | 10,290 | 3,518,563 | ||||||||
IQVIA Holdings, Inc. (Life Sciences Tools & Svs.) | (a | ) | 5,451 | 1,225,221 | ||||||||
Johnson & Johnson (Pharmaceuticals) | 76,309 | 12,630,666 |
Common Stocks (Continued) | Shares | Value | ||||||||||
HEALTH CARE (continued) | ||||||||||||
Laboratory Corp. of America Holdings (Health Care Providers & Svs.) | 2,602 | $ | 627,941 | |||||||||
McKesson Corp. (Health Care Providers & Svs.) | 3,984 | 1,702,403 | ||||||||||
Medtronic PLC (Health Care Equip. & Supplies) | 39,064 | 3,441,538 | ||||||||||
Merck & Co., Inc. (Pharmaceuticals) | 74,520 | 8,598,863 | ||||||||||
Mettler-Toledo International, Inc. (Life Sciences Tools & Svs.) | (a | ) | 645 | 846,008 | ||||||||
Moderna, Inc. (Biotechnology) | (a | ) | 9,627 | 1,169,680 | ||||||||
Molina Healthcare, Inc. (Health Care Providers & Svs.) | (a | ) | 1,699 | 511,807 | ||||||||
Organon & Co. (Pharmaceuticals) | 7,448 | 154,993 | ||||||||||
Pfizer, Inc. (Pharmaceuticals) | 165,767 | 6,080,334 | ||||||||||
Quest Diagnostics, Inc. (Health Care Providers & Svs.) | 3,278 | 460,756 | ||||||||||
Regeneron Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 3,168 | 2,276,335 | ||||||||
ResMed, Inc. (Health Care Equip. & Supplies) | 4,316 | 943,046 | ||||||||||
Revvity, Inc. (Life Sciences Tools & Svs.) | 3,656 | 434,296 | ||||||||||
STERIS PLC (Health Care Equip. & Supplies) | 2,916 | 656,042 | ||||||||||
Stryker Corp. (Health Care Equip. & Supplies) | 9,921 | 3,026,798 | ||||||||||
Teleflex, Inc. (Health Care Equip. & Supplies) | 1,392 | 336,906 | ||||||||||
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.) | 11,327 | 5,909,862 | ||||||||||
UnitedHealth Group, Inc. (Health Care Providers & Svs.) | 27,337 | 13,139,256 | ||||||||||
Universal Health Services, Inc. Class B (Health Care Providers & Svs.) | 1,864 | 294,083 | ||||||||||
Vertex Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 7,564 | 2,661,847 | ||||||||
Viatris, Inc. (Pharmaceuticals) | 34,858 | 347,883 | ||||||||||
Waters Corp. (Life Sciences Tools & Svs.) | (a | ) | 1,746 | 465,379 | ||||||||
West Pharmaceutical Services, Inc. (Life Sciences Tools & Svs.) | 2,180 | 833,785 | ||||||||||
Zimmer Biomet Holdings, Inc. (Health Care Equip. & Supplies) | 6,128 | 892,237 | ||||||||||
Zoetis, Inc. (Pharmaceuticals) | 13,572 | 2,337,234 | ||||||||||
146,444,277 | ||||||||||||
INDUSTRIALS – 8.5% | ||||||||||||
3M Co. (Industrial Conglomerates) | 16,197 | 1,621,158 | ||||||||||
A.O. Smith Corp. (Building Products) | 3,678 | 267,685 | ||||||||||
Alaska Air Group, Inc. (Passenger Airlines) | (a | ) | 3,783 | 201,180 | ||||||||
Allegion PLC (Building Products) | 2,610 | 313,252 | ||||||||||
American Airlines Group, Inc. (Passenger Airlines) | (a | ) | 19,370 | 347,498 | ||||||||
AMETEK, Inc. (Electrical Equip.) | 6,767 | 1,095,442 | ||||||||||
Automatic Data Processing, Inc. (Professional Svs.) | 12,129 | 2,665,833 | ||||||||||
Axon Enterprise, Inc. (Aerospace & Defense) | (a | ) | 2,044 | 398,825 | ||||||||
Boeing Co. / The (Aerospace & Defense) | (a | ) | 16,605 | 3,506,312 | ||||||||
Broadridge Financial Solutions, Inc. (Professional Svs.) | 3,481 | 576,558 | ||||||||||
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | 3,380 | 318,903 | ||||||||||
Carrier Global Corp. (Building Products) | 24,491 | 1,217,448 | ||||||||||
Caterpillar, Inc. (Machinery) | 15,132 | 3,723,229 | ||||||||||
Ceridian HCM Holding, Inc. (Professional Svs.) | (a | ) | 4,598 | 307,928 | ||||||||
Cintas Corp. (Commercial Svs. & Supplies) | 2,541 | 1,263,080 | ||||||||||
Copart, Inc. (Commercial Svs. & Supplies) | (a | ) | 12,604 | 1,149,611 | ||||||||
CSX Corp. (Ground Transportation) | 59,700 | 2,035,770 | ||||||||||
Cummins, Inc. (Machinery) | 4,157 | 1,019,130 | ||||||||||
Deere & Co. (Machinery) | 7,917 | 3,207,889 | ||||||||||
Delta Air Lines, Inc. (Passenger Airlines) | (a | ) | 18,872 | 897,175 | ||||||||
Dover Corp. (Machinery) | 4,086 | 603,298 | ||||||||||
Eaton Corp. PLC (Electrical Equip.) | 11,702 | 2,353,272 | ||||||||||
Emerson Electric Co. (Electrical Equip.) | 16,774 | 1,516,202 | ||||||||||
Equifax, Inc. (Professional Svs.) | 3,601 | 847,315 | ||||||||||
Expeditors International of Washington, Inc. (Air Freight & Logistics) | 4,461 | 540,361 |
| 45 | (continued) |
Ohio National Fund, Inc. | ON S&P 500® Index Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
INDUSTRIALS (continued) | ||||||||||||
Fastenal Co. (Trading Companies & Distributors) | 16,764 | $ | 988,908 | |||||||||
FedEx Corp. (Air Freight & Logistics) | 6,794 | 1,684,233 | ||||||||||
Fortive Corp. (Machinery) | 10,386 | 776,561 | ||||||||||
Generac Holdings, Inc. (Electrical Equip.) | (a | ) | 1,848 | 275,592 | ||||||||
General Dynamics Corp. (Aerospace & Defense) | 6,606 | 1,421,281 | ||||||||||
General Electric Co. (Industrial Conglomerates) | 31,989 | 3,513,992 | ||||||||||
Honeywell International, Inc. (Industrial Conglomerates) | 19,542 | 4,054,965 | ||||||||||
Howmet Aerospace, Inc. (Aerospace & Defense) | 10,875 | 538,965 | ||||||||||
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | 1,177 | 267,885 | ||||||||||
IDEX Corp. (Machinery) | 2,233 | 480,676 | ||||||||||
Illinois Tool Works, Inc. (Machinery) | 8,120 | 2,031,299 | ||||||||||
Ingersoll Rand, Inc. (Machinery) | 11,869 | 775,758 | ||||||||||
J.B. Hunt Transport Services, Inc. (Ground Transportation) | 2,455 | 444,429 | ||||||||||
Jacobs Solutions, Inc. (Professional Svs.) | 3,745 | 445,243 | ||||||||||
Johnson Controls International PLC (Building Products) | 20,137 | 1,372,135 | ||||||||||
L3Harris Technologies, Inc. (Aerospace & Defense) | 5,563 | 1,089,068 | ||||||||||
Leidos Holdings, Inc. (Professional Svs.) | 3,995 | 353,478 | ||||||||||
Lockheed Martin Corp. (Aerospace & Defense) | 6,619 | 3,047,255 | ||||||||||
Masco Corp. (Building Products) | 6,576 | 377,331 | ||||||||||
Nordson Corp. (Machinery) | 1,567 | 388,898 | ||||||||||
Norfolk Southern Corp. (Ground Transportation) | 6,684 | 1,515,664 | ||||||||||
Northrop Grumman Corp. (Aerospace & Defense) | 4,192 | 1,910,714 | ||||||||||
Old Dominion Freight Line, Inc. (Ground Transportation) | 2,641 | 976,510 | ||||||||||
Otis Worldwide Corp. (Machinery) | 12,133 | 1,079,958 | ||||||||||
PACCAR, Inc. (Machinery) | 15,352 | 1,284,195 | ||||||||||
Parker-Hannifin Corp. (Machinery) | 3,767 | 1,469,281 | ||||||||||
Paychex, Inc. (Professional Svs.) | 9,419 | 1,053,703 | ||||||||||
Paycom Software, Inc. (Professional Svs.) | 1,419 | 455,839 | ||||||||||
Pentair PLC (Machinery) | 4,862 | 314,085 | ||||||||||
Quanta Services, Inc. (Construction & Engineering) | 4,263 | 837,466 | ||||||||||
Raytheon Technologies Corp. (Aerospace & Defense) | 42,906 | 4,203,072 | ||||||||||
Republic Services, Inc. (Commercial Svs. & Supplies) | 6,042 | 925,453 | ||||||||||
Robert Half International, Inc. (Professional Svs.) | 3,163 | 237,921 | ||||||||||
Rockwell Automation, Inc. (Electrical Equip.) | 3,372 | 1,110,905 | ||||||||||
Rollins, Inc. (Commercial Svs. & Supplies) | 6,734 | 288,417 | ||||||||||
Snap-on, Inc. (Machinery) | 1,560 | 449,576 | ||||||||||
Southwest Airlines Co. (Passenger Airlines) | 17,372 | 629,040 | ||||||||||
Stanley Black & Decker, Inc. (Machinery) | 4,456 | 417,572 | ||||||||||
Textron, Inc. (Aerospace & Defense) | 5,879 | 397,597 | ||||||||||
Trane Technologies PLC (Building Products) | 6,692 | 1,279,912 | ||||||||||
TransDigm Group, Inc. (Aerospace & Defense) | 1,533 | 1,370,763 | ||||||||||
Union Pacific Corp. (Ground Transportation) | 17,901 | 3,662,903 | ||||||||||
United Airlines Holdings, Inc. | ||||||||||||
(Passenger Airlines) | (a | ) | 9,611 | 527,356 | ||||||||
United Parcel Service, Inc. Class B (Air Freight & Logistics) | 21,290 | 3,816,232 | ||||||||||
United Rentals, Inc. (Trading Companies & Distributors) | 2,018 | 898,757 | ||||||||||
Verisk Analytics, Inc. (Professional Svs.) | 4,251 | 960,853 | ||||||||||
W.W. Grainger, Inc. (Trading Companies & Distributors) | 1,311 | 1,033,841 | ||||||||||
Waste Management, Inc. (Commercial Svs. & Supplies) | 10,873 | 1,885,596 |
Common Stocks (Continued) | Shares | Value | ||||||||||
INDUSTRIALS (continued) |
| |||||||||||
Westinghouse Air Brake Technologies Corp. (Machinery) | 5,313 | $ | 582,677 | |||||||||
Xylem, Inc. (Machinery) | 7,029 | 791,606 | ||||||||||
|
| |||||||||||
92,689,770 | ||||||||||||
|
| |||||||||||
INFORMATION TECHNOLOGY – 28.3% | ||||||||||||
Accenture PLC Class A (IT Svs.) | 18,544 | 5,722,308 | ||||||||||
Adobe, Inc. (Software) | (a | ) | 13,468 | 6,585,717 | ||||||||
Advanced Micro Devices, Inc. | (a | ) | 47,284 | 5,386,120 | ||||||||
Akamai Technologies, Inc. (IT Svs.) | (a | ) | 4,432 | 398,304 | ||||||||
Amphenol Corp. Class A (Electronic Equip., Instr. & Comp.) | 17,502 | 1,486,795 | ||||||||||
Analog Devices, Inc. (Semiconductors & Equip.) | 14,854 | 2,893,708 | ||||||||||
ANSYS, Inc. (Software) | (a | ) | 2,545 | 840,537 | ||||||||
Apple, Inc. (Tech. Hardware, Storage & Periph.) | 434,123 | 84,206,838 | ||||||||||
Applied Materials, Inc. (Semiconductors & Equip.) | 24,818 | 3,587,194 | ||||||||||
Arista Networks, Inc. (Communications Equip.) | (a | ) | 7,334 | 1,188,548 | ||||||||
Autodesk, Inc. (Software) | (a | ) | 6,287 | 1,286,383 | ||||||||
Broadcom, Inc. (Semiconductors & Equip.) | 12,242 | 10,619,078 | ||||||||||
Cadence Design Systems, Inc. (Software) | (a | ) | 8,007 | 1,877,802 | ||||||||
CDW Corp. (Electronic Equip., Instr. & Comp.) | 3,962 | 727,027 | ||||||||||
Cisco Systems, Inc. (Communications Equip.) | 120,279 | 6,223,235 | ||||||||||
Cognizant Technology Solutions Corp. Class A (IT Svs.) | 14,909 | 973,260 | ||||||||||
Corning, Inc. (Electronic Equip., Instr. & Comp.) | 22,456 | 786,858 | ||||||||||
DXC Technology Co. (IT Svs.) | (a | ) | 6,680 | 178,490 | ||||||||
Enphase Energy, Inc. (Semiconductors & Equip.) | (a | ) | 4,018 | 672,935 | ||||||||
EPAM Systems, Inc. (IT Svs.) | (a | ) | 1,713 | 384,997 | ||||||||
F5, Inc. (Communications Equip.) | (a | ) | 1,755 | 256,686 | ||||||||
Fair Isaac Corp. (Software) | (a | ) | 734 | 593,960 | ||||||||
First Solar, Inc. (Semiconductors & Equip.) | (a | ) | 2,910 | 553,162 | ||||||||
Fortinet, Inc. (Software) | (a | ) | 19,136 | 1,446,490 | ||||||||
Gartner, Inc. (IT Svs.) | (a | ) | 2,317 | 811,668 | ||||||||
Gen Digital, Inc. (Software) | 16,820 | 312,011 | ||||||||||
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.) | 37,947 | 637,510 | ||||||||||
HP, Inc. (Tech. Hardware, Storage & Periph.) | 25,488 | 782,736 | ||||||||||
Intel Corp. (Semiconductors & Equip.) | 122,469 | 4,095,363 | ||||||||||
International Business Machines Corp. (IT Svs.) | 26,663 | 3,567,776 | ||||||||||
Intuit, Inc. (Software) | 8,237 | 3,774,111 | ||||||||||
Juniper Networks, Inc. (Communications Equip.) | 9,518 | 298,199 | ||||||||||
Keysight Technologies, Inc. (Electronic Equip., Instr. & Comp.) | (a | ) | 5,233 | 876,266 | ||||||||
KLA Corp. (Semiconductors & Equip.) | 4,029 | 1,954,146 | ||||||||||
Lam Research Corp. (Semiconductors & Equip.) | 3,945 | 2,536,083 | ||||||||||
Microchip Technology, Inc. (Semiconductors & Equip.) | 16,089 | 1,441,413 | ||||||||||
Micron Technology, Inc. (Semiconductors & Equip.) | 32,136 | 2,028,103 | ||||||||||
Microsoft Corp. (Software) | 218,320 | 74,346,693 | ||||||||||
Monolithic Power Systems, Inc. (Semiconductors & Equip.) | 1,317 | 711,483 | ||||||||||
Motorola Solutions, Inc. (Communications Equip.) | 4,928 | 1,445,284 | ||||||||||
NetApp, Inc. (Tech. Hardware, Storage & Periph.) | 6,258 | 478,111 | ||||||||||
NVIDIA Corp. (Semiconductors & Equip.) | 72,617 | 30,718,443 | ||||||||||
NXP Semiconductors N.V. (Semiconductors & Equip.) | 7,628 | 1,561,299 | ||||||||||
ON Semiconductor Corp. (Semiconductors & Equip.) | (a | ) | 12,684 | 1,199,653 | ||||||||
Oracle Corp. (Software) | 45,184 | 5,380,963 |
| 46 | (continued) |
Ohio National Fund, Inc. | ON S&P 500® Index Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
INFORMATION TECHNOLOGY (continued) |
| |||||||||||
Palo Alto Networks, Inc. (Software) | (a | ) | 8,885 | $ | 2,270,206 | |||||||
PTC, Inc. (Software) | (a | ) | 3,145 | 447,533 | ||||||||
Qorvo, Inc. (Semiconductors & Equip.) | (a | ) | 2,951 | 301,091 | ||||||||
QUALCOMM, Inc. (Semiconductors & Equip.) | 32,708 | 3,893,560 | ||||||||||
Roper Technologies, Inc. (Software) | 3,130 | 1,504,904 | ||||||||||
Salesforce, Inc. (Software) | (a | ) | 28,745 | �� | 6,072,669 | |||||||
Seagate Technology Holdings PLC (Tech. Hardware, Storage & Periph.) | 5,596 | 346,225 | ||||||||||
ServiceNow, Inc. (Software) | (a | ) | 5,982 | 3,361,705 | ||||||||
Skyworks Solutions, Inc. (Semiconductors & Equip.) | 4,704 | 520,686 | ||||||||||
SolarEdge Technologies, Inc. (Semiconductors & Equip.) | (a | ) | 1,641 | 441,511 | ||||||||
Synopsys, Inc. (Software) | (a | ) | 4,472 | 1,947,154 | ||||||||
TE Connectivity Ltd. (Electronic Equip., Instr. & Comp.) | 9,261 | 1,298,022 | ||||||||||
Teledyne Technologies, Inc. (Electronic Equip., Instr. & Comp.) | (a | ) | 1,374 | 564,865 | ||||||||
Teradyne, Inc. (Semiconductors & Equip.) | 4,574 | 509,223 | ||||||||||
Texas Instruments, Inc. (Semiconductors & Equip.) | 26,652 | 4,797,893 | ||||||||||
Trimble, Inc. (Electronic Equip., Instr. & Comp.) | (a | ) | 7,345 | 388,844 | ||||||||
Tyler Technologies, Inc. (Software) | (a | ) | 1,237 | 515,173 | ||||||||
VeriSign, Inc. (IT Svs.) | (a | ) | 2,651 | 599,046 | ||||||||
Western Digital Corp. (Tech. Hardware, Storage & Periph.) | (a | ) | 9,412 | 356,997 | ||||||||
Zebra Technologies Corp. Class A (Electronic Equip., Instr. & Comp.) | (a | ) | 1,500 | 443,745 | ||||||||
|
| |||||||||||
308,414,798 | ||||||||||||
|
| |||||||||||
MATERIALS – 2.5% | ||||||||||||
Air Products and Chemicals, Inc. (Chemicals) | 6,522 | 1,953,535 | ||||||||||
Albemarle Corp. (Chemicals) | 3,445 | 768,545 | ||||||||||
Amcor PLC (Containers & Packaging) | 43,394 | 433,072 | ||||||||||
Avery Dennison Corp. (Containers & Packaging) | 2,356 | 404,761 | ||||||||||
Ball Corp. (Containers & Packaging) | 9,196 | 535,299 | ||||||||||
Celanese Corp. (Chemicals) | 2,942 | 340,684 | ||||||||||
CF Industries Holdings, Inc. (Chemicals) | 5,753 | 399,373 | ||||||||||
Corteva, Inc. (Chemicals) | 20,879 | 1,196,367 | ||||||||||
Dow, Inc. (Chemicals) | 20,762 | 1,105,784 | ||||||||||
DuPont de Nemours, Inc. (Chemicals) | 13,480 | 963,011 | ||||||||||
Eastman Chemical Co. (Chemicals) | 3,454 | 289,169 | ||||||||||
Ecolab, Inc. (Chemicals) | 7,272 | 1,357,610 | ||||||||||
FMC Corp. (Chemicals) | 3,691 | 385,119 | ||||||||||
Freeport-McMoRan, Inc. (Metals & Mining) | 42,102 | 1,684,080 | ||||||||||
International Flavors & Fragrances, Inc. (Chemicals) | 7,532 | 599,472 | ||||||||||
International Paper Co. (Containers & Packaging) | 10,266 | 326,561 | ||||||||||
Linde PLC (Chemicals) | 14,376 | 5,478,406 | ||||||||||
LyondellBasell Industries N.V. Class A (Chemicals) | 7,422 | 681,562 | ||||||||||
Martin Marietta Materials, Inc. (Construction Materials) | 1,817 | 838,891 | ||||||||||
Mosaic Co. / The (Chemicals) | 9,845 | 344,575 | ||||||||||
Newmont Corp. (Metals & Mining) | 23,316 | 994,660 | ||||||||||
Nucor Corp. (Metals & Mining) | 7,381 | 1,210,336 | ||||||||||
Packaging Corp. of America (Containers & Packaging) | 2,660 | 351,546 | ||||||||||
PPG Industries, Inc. (Chemicals) | 6,912 | 1,025,050 | ||||||||||
Sealed Air Corp. (Containers & Packaging) | 4,334 | 173,360 | ||||||||||
Sherwin-Williams Co. / The (Chemicals) | 6,889 | 1,829,167 | ||||||||||
Steel Dynamics, Inc. (Metals & Mining) | 4,688 | 510,664 | ||||||||||
Vulcan Materials Co. (Construction Materials) | 3,902 | 879,667 | ||||||||||
Westrock Co. (Containers & Packaging) | 7,394 | 214,943 | ||||||||||
|
| |||||||||||
27,275,269 | ||||||||||||
|
| |||||||||||
REAL ESTATE – 2.5% | ||||||||||||
Alexandria Real Estate Equities, Inc. | ||||||||||||
(Office REITs) | 4,593 | 521,260 |
Common Stocks (Continued) | Shares | Value | ||||||||||
REAL ESTATE (continued) | ||||||||||||
American Tower Corp. (Specialized REITs) | 13,689 | $ | 2,654,845 | |||||||||
AvalonBay Communities, Inc. (Residential REITs) | 4,172 | 789,634 | ||||||||||
Boston Properties, Inc. (Office REITs) | 4,189 | 241,245 | ||||||||||
Camden Property Trust (Residential REITs) | 3,103 | 337,824 | ||||||||||
CBRE Group, Inc. Class A (Real Estate Mgmt. & Development) | (a | ) | 9,116 | 735,752 | ||||||||
CoStar Group, Inc. (Real Estate Mgmt. & Development) | (a | ) | 11,999 | 1,067,911 | ||||||||
Crown Castle, Inc. (Specialized REITs) | 12,744 | 1,452,051 | ||||||||||
Digital Realty Trust, Inc. (Specialized REITs) | 8,560 | 974,727 | ||||||||||
Equinix, Inc. (Specialized REITs) | 2,748 | 2,154,267 | ||||||||||
Equity Residential (Residential REITs) | 9,992 | 659,172 | ||||||||||
Essex Property Trust, Inc. (Residential REITs) | 1,869 | 437,907 | ||||||||||
Extra Space Storage, Inc. (Specialized REITs) | 3,952 | 588,255 | ||||||||||
Federal Realty Investment Trust (Retail REITs) | 2,156 | 208,636 | ||||||||||
Healthpeak Properties, Inc. (Health Care REITs) | 16,096 | 323,530 | ||||||||||
Host Hotels & Resorts, Inc. (Hotel & Resort REITs) | 20,996 | 353,363 | ||||||||||
Invitation Homes, Inc. (Residential REITs) | 17,051 | 586,554 | ||||||||||
Iron Mountain, Inc. (Specialized REITs) | 8,505 | 483,254 | ||||||||||
Kimco Realty Corp. (Retail REITs) | 18,024 | 355,433 | ||||||||||
Mid-America Apartment Communities, Inc. (Residential REITs) | 3,411 | 517,994 | ||||||||||
Prologis, Inc. (Industrial REITs) | 27,133 | 3,327,320 | ||||||||||
Public Storage (Specialized REITs) | 4,652 | 1,357,826 | ||||||||||
Realty Income Corp. (Retail REITs) | 19,829 | 1,185,576 | ||||||||||
Regency Centers Corp. (Retail REITs) | 4,543 | 280,621 | ||||||||||
SBA Communications Corp. (Specialized REITs) | 3,179 | 736,765 | ||||||||||
Simon Property Group, Inc. (Retail REITs) | 9,612 | 1,109,994 | ||||||||||
UDR, Inc. (Residential REITs) | 9,115 | 391,580 | ||||||||||
Ventas, Inc. (Health Care REITs) | 11,728 | 554,383 | ||||||||||
VICI Properties, Inc. (Specialized REITs) | 29,507 | 927,405 | ||||||||||
Welltower, Inc. (Health Care REITs) | 14,612 | 1,181,965 | ||||||||||
Weyerhaeuser Co. (Specialized REITs) | 21,514 | 720,934 | ||||||||||
|
| |||||||||||
27,217,983 | ||||||||||||
|
| |||||||||||
UTILITIES – 2.6% | ||||||||||||
AES Corp. / The (Ind. Power & Renewable Elec.) | 19,576 | 405,810 | ||||||||||
Alliant Energy Corp. (Electric Utilities) | 7,416 | 389,192 | ||||||||||
Ameren Corp. (Multi-Utilities) | 7,682 | 627,389 | ||||||||||
American Electric Power Co., Inc. (Electric Utilities) | 15,130 | 1,273,946 | ||||||||||
American Water Works Co., Inc. (Water Utilities) | 5,715 | 815,816 | ||||||||||
Atmos Energy Corp. (Gas Utilities) | 4,217 | 490,606 | ||||||||||
CenterPoint Energy, Inc. (Multi-Utilities) | 18,513 | 539,654 | ||||||||||
CMS Energy Corp. (Multi-Utilities) | 8,536 | 501,490 | ||||||||||
Consolidated Edison, Inc. (Multi-Utilities) | 10,177 | 920,001 | ||||||||||
Constellation Energy Corp. (Electric Utilities) | 9,515 | 871,098 | ||||||||||
Dominion Energy, Inc. (Multi-Utilities) | 24,549 | 1,271,393 | ||||||||||
DTE Energy Co. (Multi-Utilities) | 6,035 | 663,971 | ||||||||||
Duke Energy Corp. (Electric Utilities) | 22,641 | 2,031,803 | ||||||||||
Edison International (Electric Utilities) | 11,242 | 780,757 | ||||||||||
Entergy Corp. (Electric Utilities) | 6,193 | 603,012 | ||||||||||
Evergy, Inc. (Electric Utilities) | 6,685 | 390,538 | ||||||||||
Eversource Energy (Electric Utilities) | 10,238 | 726,079 | ||||||||||
Exelon Corp. (Electric Utilities) | 29,213 | 1,190,137 | ||||||||||
FirstEnergy Corp. (Electric Utilities) | 15,943 | 619,864 | ||||||||||
NextEra Energy, Inc. (Electric Utilities) | 59,415 | 4,408,593 | ||||||||||
NiSource, Inc. (Multi-Utilities) | 12,239 | 334,736 | ||||||||||
NRG Energy, Inc. (Electric Utilities) | 6,779 | 253,467 | ||||||||||
PG&E Corp. (Electric Utilities) | (a | ) | 47,461 | 820,126 | ||||||||
Pinnacle West Capital Corp. (Electric Utilities) | 3,364 | 274,031 | ||||||||||
PPL Corp. (Electric Utilities) | 21,645 | 572,727 | ||||||||||
Public Service Enterprise Group, Inc. (Multi-Utilities) | 14,664 | 918,113 | ||||||||||
Sempra Energy (Multi-Utilities) | 9,249 | 1,346,562 |
| 47 | (continued) |
Ohio National Fund, Inc. | ON S&P 500® Index Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||
UTILITIES (continued) | ||||||||
Southern Co. / The (Electric Utilities) | 32,032 | $ | 2,250,248 | |||||
WEC Energy Group, Inc. (Multi-Utilities) | 9,253 | 816,485 | ||||||
Xcel Energy, Inc. (Electric Utilities) | 16,181 | 1,005,973 | ||||||
|
| |||||||
28,113,617 | ||||||||
|
| |||||||
Total Common Stocks (Cost $681,835,024) |
| $ | 1,091,169,084 | |||||
|
|
U.S. Treasury Obligations – 0.0% | Rate | Maturity | Face Amount | Value | ||||||||||
U.S. Treasury Bill (b) | 0.000 | % | 09/07/2023 | $200,000 | $ | 198,117 | ||||||||
|
| |||||||||||||
Total U.S. Treasury Obligations (Cost $198,062) | $ | 198,117 | ||||||||||||
|
| |||||||||||||
Total Investments – 100.3% |
| (c) | $ | 1,091,367,201 | ||||||||||
Liabilities in Excess of Other Assets – (0.3)% |
| (b) | (3,442,193 | ) | ||||||||||
|
| |||||||||||||
Net Assets – 100.0% | $ | 1,087,925,008 | ||||||||||||
|
|
Percentages are stated as a percent of net assets.
Abbreviations:
REITs: Real Estate Investment Trusts
Footnotes:
(a) | Non-income producing security. |
(b) | Security is fully pledged, in addition to $50,281 of the Portfolio’s cash holdings, as collateral for the futures contracts outstanding at June 30, 2023. See also the following Schedule of Open Futures Contracts. |
(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.
Schedule of Open Futures Contracts | June 30, 2023 (Unaudited) |
Description | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable (Payable) | ||||||||
CME E-mini S&P 500 Index - Long | 22 | September 15, 2023 | $4,850,225 | $4,937,075 | $86,850 | $55,099 |
The accompanying notes are an integral part of these financial statements.
| 48 |
Ohio National Fund, Inc. | ON BlackRock Advantage Large Cap Value Portfolio (Unaudited) |
Objective/Strategy |
The ON BlackRock Advantage Large Cap Value Portfolio seeks growth of capital by investing under normal circumstances, at least 80% of its net assets in stocks of large capitalization companies with market capitalizations at the time of investment that are within the range of market capitalizations of the companies in the Russell 1000® Value Index for the previous twelve months.
Performance as of June 30, 2023 |
Average Annual returns | ||||
One year | 11.25 | % | ||
Five years | 7.36 | % | ||
Ten years | 8.25 | % |
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 the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts, or as an underlying investment by the ON Model Portfolios. 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 0.73% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 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 six-month period ended June 30, 2023, the Portfolio returned 5.33% versus 5.12% for its benchmark, the Russell 1000® Value Index.
Q. What affected the Portfolio’s performance?
A. Fundamental and macro thematic stock selection insights drove outperformance. Macro thematic insights contributed to performance by capturing the artificial intelligence (“AI”) related market rally. Specifically, industry positioning driven by inventory trends, expectations of a soft economic landing and news sentiment motivated an overweight to the Information Technology sector. Within fundamental measures, traditional valuation insights that evaluate company sales, cash flows, research expenditures, and other financial statement metrics also drove positive performance. These measures helped to positively position the Portfolio around the Banks industry during the financial crisis earlier in the six-month period.
Security selection in Health Care was the primary source of weakness, with adverse performance across providers and health insurers. This includes positioning around sentiment for weight loss drugs, deal activity for biopharma amid patent expiration, and the impact to health insurers amid an expected surge in expenses. Sentiment measures detracted, as insights designed to capture sentiment from bond markets and measures that evaluate institutional investor interest struggled. Nontraditional measures of company quality declined, with insights that evaluate
company benefits detracting from performance. Defensive quality insights also declined amid the market rally later in the six-month period. Derivatives had no significant impact on the Portfolio’s performance. (1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.
The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected and historical growth rates.
Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.
49 | (continued) |
Ohio National Fund, Inc. | ON BlackRock Advantage Large Cap Value Portfolio (Unaudited) (Continued) |
Portfolio Composition as of June 30, 2023 (1) |
% of Net Assets | ||||
Common Stocks (4) | 99.7 | |||
Other Net Assets | 0.3 | |||
|
| |||
100.0 | ||||
|
|
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||||||
1. | Chevron Corp. | 2.6 | ||||||
2. | Berkshire Hathaway, Inc. Class B | 2.3 | ||||||
3. | Walmart, Inc. | 2.3 | ||||||
4. |
| Honeywell International, Inc. | 1.7 | |||||
5. | Bristol-Myers Squibb Co. | 1.6 | ||||||
6. | Comcast Corp. Class A | 1.5 | ||||||
7. | CVS Health Corp. | 1.5 | ||||||
8. | Procter & Gamble Co. / The | 1.5 | ||||||
9. | JPMorgan Chase & Co. | 1.5 | ||||||
10. | Boston Scientific 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 | ||||
Financials | 19.2 | |||
Health Care | 16.9 | |||
Industrials | 13.8 | |||
Information Technology | 9.8 | |||
Consumer Staples | 9.3 | |||
Energy | 6.9 | |||
Consumer Discretionary | 6.4 | |||
Communication Services | 4.8 | |||
Real Estate | 4.5 | |||
Utilities | 4.2 | |||
Materials | 3.9 | |||
|
| |||
99.7 | ||||
|
|
| 50 |
Ohio National Fund, Inc. | ON BlackRock Advantage Large Cap Value Portfolio | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks – 99.7% | Shares | Value | ||||||||
COMMUNICATION SERVICES – 4.8% | ||||||||||
Alphabet, Inc. Class A (Interactive Media & Svs.) | (a) | 18,180 | $ | 2,176,146 | ||||||
AT&T, Inc. (Diversified Telecom. Svs.) | 38,903 | 620,503 | ||||||||
Comcast Corp. Class A (Media) | 73,972 | 3,073,537 | ||||||||
Electronic Arts, Inc. (Entertainment) | 5,082 | 659,135 | ||||||||
Fox Corp. Class A (Media) | 69,518 | 2,363,612 | ||||||||
Fox Corp. Class B (Media) | 1,498 | 47,771 | ||||||||
Verizon Communications, Inc. (Diversified Telecom. Svs.) | 18,836 | 700,511 | ||||||||
Warner Bros Discovery, Inc. (Entertainment) | (a) | 6,688 | 83,868 | |||||||
|
| |||||||||
9,725,083 | ||||||||||
|
| |||||||||
CONSUMER DISCRETIONARY – 6.4% | ||||||||||
Amazon.com, Inc. (Broadline Retail) | (a) | 10,603 | 1,382,207 | |||||||
AutoNation, Inc. (Specialty Retail) | (a) | 2,149 | 353,747 | |||||||
Best Buy Co., Inc. (Specialty Retail) | 8,825 | 723,209 | ||||||||
Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | 3,161 | 219,279 | ||||||||
Cava Group, Inc. (Hotels, Restaurants & Leisure) | (a) | 2,648 | 108,436 | |||||||
eBay, Inc. (Broadline Retail) | 38,580 | 1,724,140 | ||||||||
General Motors Co. (Automobiles) | 72,362 | 2,790,279 | ||||||||
Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods) | (a) | 1,833 | 693,790 | |||||||
McDonald’s Corp. (Hotels, Restaurants & Leisure) | 2,310 | 689,327 | ||||||||
MGM Resorts International (Hotels, Restaurants & Leisure) | 14,012 | 615,407 | ||||||||
Savers Value Village, Inc. (Consumer Staples Distribution & Retail) | (a) | 3,429 | 81,267 | |||||||
Taylor Morrison Home Corp. (Household Durables) | (a) | 23,961 | 1,168,578 | |||||||
TJX Cos., Inc. / The (Specialty Retail) | 8,358 | 708,675 | ||||||||
Toll Brothers, Inc. (Household Durables) | 4,727 | 373,764 | ||||||||
Travel + Leisure Co. (Hotels, Restaurants & Leisure) | 16,929 | 682,916 | ||||||||
Under Armour, Inc. Class C (Textiles, Apparel & Luxury Goods) | (a) | 1,944 | 13,044 | |||||||
Whirlpool Corp. (Household Durables) | 4,307 | 640,838 | ||||||||
|
| |||||||||
12,968,903 | ||||||||||
|
| |||||||||
CONSUMER STAPLES – 9.3% | ||||||||||
Archer-Daniels-Midland Co. (Food Products) | 22,862 | 1,727,453 | ||||||||
Coca-Cola Co. / The (Beverages) | 12,077 | 727,277 | ||||||||
General Mills, Inc. (Food Products) | 4,813 | 369,157 | ||||||||
Hershey Co. / The (Food Products) | 8,670 | 2,164,899 | ||||||||
Kellogg Co. (Food Products) | 5,190 | 349,806 | ||||||||
Keurig Dr Pepper, Inc. (Beverages) | 6,515 | 203,724 | ||||||||
Kimberly-Clark Corp. (Household Products) | 15,690 | 2,166,161 | ||||||||
PepsiCo, Inc. (Beverages) | 14,861 | 2,752,554 | ||||||||
Procter & Gamble Co. / The (Household Products) | 19,767 | 2,999,445 | ||||||||
Target Corp. (Consumer Staples Distribution & Retail) | 5,088 | 671,107 | ||||||||
Walmart, Inc. (Consumer Staples Distribution & Retail) | 29,200 | 4,589,656 | ||||||||
|
| |||||||||
18,721,239 | ||||||||||
|
| |||||||||
ENERGY – 6.9% | ||||||||||
Chevron Corp. (Oil, Gas & Consumable Fuels) | 33,383 | 5,252,815 | ||||||||
ConocoPhillips (Oil, Gas & Consumable Fuels) | 25,231 | 2,614,184 | ||||||||
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | 7,772 | 889,428 | ||||||||
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | 23,152 | 2,483,052 | ||||||||
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | 33,141 | 762,906 | ||||||||
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 2,953 | 344,320 | ||||||||
Phillips 66 (Oil, Gas & Consumable Fuels) | 7,355 | 701,520 |
Common Stocks (Continued) | Shares | Value | ||||||||||
ENERGY (continued) | ||||||||||||
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | 4,072 | $ | 477,645 | |||||||||
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels) | 13,366 | 436,132 | ||||||||||
|
| |||||||||||
13,962,002 | ||||||||||||
|
| |||||||||||
FINANCIALS – 19.2% | ||||||||||||
Allstate Corp. / The (Insurance) | 15,521 | 1,692,410 | ||||||||||
American Express Co. (Consumer Finance) | 12,751 | 2,221,224 | ||||||||||
Bank of America Corp. (Banks) | 81,719 | 2,344,518 | ||||||||||
Bank of New York Mellon Corp. / The (Capital Markets) | 46,313 | 2,061,855 | ||||||||||
Berkshire Hathaway, Inc. Class B (Financial Services) | (a | ) | 13,581 | 4,631,121 | ||||||||
Block, Inc. (Financial Services) | (a | ) | 6,768 | 450,546 | ||||||||
Citigroup, Inc. (Banks) | 43,357 | 1,996,156 | ||||||||||
Everest Re Group Ltd. (Insurance) | 873 | 298,444 | ||||||||||
Fidelity National Information Services, Inc. (Financial Services) | 7,001 | 382,955 | ||||||||||
Intercontinental Exchange, Inc. (Capital Markets) | 6,807 | 769,736 | ||||||||||
Invesco Ltd. (Capital Markets) | 34,272 | 576,112 | ||||||||||
JPMorgan Chase & Co. (Banks) | 20,384 | 2,964,649 | ||||||||||
KeyCorp (Banks) | 87,085 | 804,665 | ||||||||||
Marsh & McLennan Cos., Inc. (Insurance) | 10,999 | 2,068,692 | ||||||||||
Mastercard, Inc. Class A (Financial Services) | 1,384 | 544,327 | ||||||||||
MetLife, Inc. (Insurance) | 49,014 | 2,770,761 | ||||||||||
Nasdaq, Inc. (Capital Markets) | 38,607 | 1,924,559 | ||||||||||
PayPal Holdings, Inc. (Financial Services) | (a | ) | 19,365 | 1,292,226 | ||||||||
Prudential Financial, Inc. (Insurance) | 3,915 | 345,381 | ||||||||||
S&P Global, Inc. (Capital Markets) | 3,353 | 1,344,184 | ||||||||||
Synchrony Financial (Consumer Finance) | 23,943 | 812,147 | ||||||||||
Travelers Cos., Inc. / The (Insurance) | 14,587 | 2,533,178 | ||||||||||
Truist Financial Corp. (Banks) | 11,902 | 361,226 | ||||||||||
U.S. Bancorp (Banks) | 19,597 | 647,485 | ||||||||||
Unum Group (Insurance) | 8,997 | 429,157 | ||||||||||
Visa, Inc. (Financial Services) | 4,077 | 968,206 | ||||||||||
Wells Fargo & Co. (Banks) | 34,354 | 1,466,229 | ||||||||||
|
| |||||||||||
38,702,149 | ||||||||||||
|
| |||||||||||
HEALTH CARE – 16.9% | ||||||||||||
Abbott Laboratories (Health Care Equip. & Supplies) | 9,092 | 991,210 | ||||||||||
ACELYRIN, Inc. (Biotechnology) | (a | ) | 3,353 | 70,078 | ||||||||
Agilent Technologies, Inc. (Life Sciences Tools & Svs.) | 11,937 | 1,435,424 | ||||||||||
Amgen, Inc. (Biotechnology) | 8,459 | 1,878,067 | ||||||||||
Becton Dickinson & Co. (Health Care Equip. & Supplies) | 5,769 | 1,523,074 | ||||||||||
Biogen, Inc. (Biotechnology) | (a | ) | 1,063 | 302,796 | ||||||||
Boston Scientific Corp. (Health Care Equip. & Supplies) | (a | ) | 53,594 | 2,898,899 | ||||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 49,799 | 3,184,646 | ||||||||||
Cigna Group / The (Health Care Providers & Svs.) | 6,984 | 1,959,710 | ||||||||||
CVS Health Corp. (Health Care Providers & Svs.) | 43,764 | 3,025,405 | ||||||||||
Danaher Corp. (Life Sciences Tools & Svs.) | 8,214 | 1,971,360 | ||||||||||
Elevance Health, Inc. (Health Care Providers & Svs.) | 5,209 | 2,314,307 | ||||||||||
Gilead Sciences, Inc. (Biotechnology) | 11,375 | 876,671 | ||||||||||
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies) | (a | ) | 780 | 391,739 | ||||||||
Incyte Corp. (Biotechnology) | (a | ) | 33,067 | 2,058,421 | ||||||||
Johnson & Johnson (Pharmaceuticals) | 16,398 | 2,714,197 | ||||||||||
Merck & Co., Inc. (Pharmaceuticals) | 2,083 | 240,357 | ||||||||||
Neurocrine Biosciences, Inc. (Biotechnology) | (a | ) | 5,045 | 475,744 | ||||||||
Pfizer, Inc. (Pharmaceuticals) | 55,234 | 2,025,983 | ||||||||||
Regeneron Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 1,341 | 963,562 |
51 | (continued) |
Ohio National Fund, Inc. | ON BlackRock Advantage Large Cap Value Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
HEALTH CARE (continued) | ||||||||||||
Stryker Corp. (Health Care Equip. & Supplies) | 5,677 | $ | 1,731,996 | |||||||||
Teladoc Health, Inc. (Health Care Technology) | (a | ) | 24,849 | 629,177 | ||||||||
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.) | 710 | 370,443 | ||||||||||
|
| |||||||||||
34,033,266 | ||||||||||||
|
| |||||||||||
INDUSTRIALS – 13.8% | ||||||||||||
A.O. Smith Corp. (Building Products) | 6,141 | 446,942 | ||||||||||
AECOM (Construction & Engineering) | 25,183 | 2,132,748 | ||||||||||
Allegion PLC (Building Products) | 6,483 | 778,090 | ||||||||||
AMETEK, Inc. (Electrical Equip.) | 4,404 | 712,920 | ||||||||||
Cintas Corp. (Commercial Svs. & Supplies) | 1,385 | 688,456 | ||||||||||
Cummins, Inc. (Machinery) | 2,736 | 670,758 | ||||||||||
Curtiss-Wright Corp. (Aerospace & Defense) | 3,490 | 640,973 | ||||||||||
Deere & Co. (Machinery) | 3,225 | 1,306,738 | ||||||||||
Eaton Corp. PLC (Electrical Equip.) | 9,570 | 1,924,527 | ||||||||||
General Dynamics Corp. (Aerospace & Defense) | 9,956 | 2,142,033 | ||||||||||
Honeywell International, Inc. (Industrial Conglomerates) | 16,899 | 3,506,543 | ||||||||||
Illinois Tool Works, Inc. (Machinery) | 6,663 | 1,666,816 | ||||||||||
Insperity, Inc. (Professional Svs.) | 1,915 | 227,808 | ||||||||||
Johnson Controls International PLC (Building Products) | 4,367 | 297,567 | ||||||||||
Lockheed Martin Corp. (Aerospace & Defense) | 3,817 | 1,757,271 | ||||||||||
Norfolk Southern Corp. (Ground Transportation) | 1,600 | 362,816 | ||||||||||
Northrop Grumman Corp. (Aerospace & Defense) | 1,258 | 573,396 | ||||||||||
Oshkosh Corp. (Machinery) | 9,073 | 785,631 | ||||||||||
Ryder System, Inc. (Ground Transportation) | 737 | 62,490 | ||||||||||
Schneider National, Inc. Class B (Ground Transportation) | 14,258 | 409,490 | ||||||||||
Snap-on, Inc. (Machinery) | 6,562 | 1,891,103 | ||||||||||
Textron, Inc. (Aerospace & Defense) | 3,792 | 256,453 | ||||||||||
Timken Co. / The (Machinery) | 15,783 | 1,444,618 | ||||||||||
Trane Technologies PLC (Building Products) | 1,477 | 282,491 | ||||||||||
W.W. Grainger, Inc. (Trading Companies & Distributors) | 1,697 | 1,338,237 | ||||||||||
Xylem, Inc. (Machinery) | 14,213 | 1,600,668 | ||||||||||
|
| |||||||||||
27,907,583 | ||||||||||||
|
| |||||||||||
INFORMATION TECHNOLOGY – 9.8% | ||||||||||||
Apple, Inc. (Tech. Hardware, Storage & Periph.) | 3,567 | 691,891 | ||||||||||
Applied Materials, Inc. (Semiconductors & Equip.) | 13,129 | 1,897,666 | ||||||||||
Flex Ltd. (Electronic Equip., Instr. & Comp.) | (a | ) | 52,592 | 1,453,643 | ||||||||
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.) | 147,830 | 2,483,544 | ||||||||||
HP, Inc. (Tech. Hardware, Storage & Periph.) | 11,167 | 342,939 | ||||||||||
Intel Corp. (Semiconductors & Equip.) | 66,362 | 2,219,145 |
Common Stocks (Continued) | Shares | Value | ||||||||||
INFORMATION TECHNOLOGY (continued) | ||||||||||||
Juniper Networks, Inc. (Communications Equip.) | 44,892 | $ | 1,406,466 | |||||||||
Manhattan Associates, Inc. (Software) | (a | ) | 6,113 | 1,221,867 | ||||||||
Micron Technology, Inc. (Semiconductors & Equip.) | 21,057 | 1,328,907 | ||||||||||
Microsoft Corp. (Software) | 6,510 | 2,216,915 | ||||||||||
NVIDIA Corp. (Semiconductors & Equip.) | 4,017 | 1,699,271 | ||||||||||
QUALCOMM, Inc. (Semiconductors & Equip.) | 4,483 | 533,656 | ||||||||||
Salesforce, Inc. (Software) | (a | ) | 9,033 | 1,908,312 | ||||||||
Zoom Video Communications, Inc. Class A (Software) | (a | ) | 6,877 | 466,811 | ||||||||
|
| |||||||||||
19,871,033 | ||||||||||||
|
| |||||||||||
MATERIALS – 3.9% | ||||||||||||
Ecolab, Inc. (Chemicals) | 13,386 | 2,499,032 | ||||||||||
FMC Corp. (Chemicals) | 8,722 | 910,053 | ||||||||||
Huntsman Corp. (Chemicals) | 7,830 | 211,567 | ||||||||||
LyondellBasell Industries N.V. Class A (Chemicals) | 10,488 | 963,113 | ||||||||||
Newmont Corp. (Metals & Mining) | 14,659 | 625,353 | ||||||||||
Reliance Steel & Aluminum Co. (Metals & Mining) | 1,584 | 430,199 | ||||||||||
|
| |||||||||||
Steel Dynamics, Inc. (Metals & Mining) | 6,583 | 717,086 | ||||||||||
|
| |||||||||||
United States Steel Corp. (Metals & Mining) | 19,192 | 479,992 | ||||||||||
Westlake Corp. (Chemicals) | 8,762 | 1,046,796 | ||||||||||
7,883,191 | ||||||||||||
REAL ESTATE – 4.5% | ||||||||||||
Alexandria Real Estate Equities, Inc. (Office REITs) | 4,707 | 534,197 | ||||||||||
Brixmor Property Group, Inc. (Retail REITs) | 16,120 | 354,640 | ||||||||||
Equity Residential (Residential REITs) | 39,291 | 2,592,027 | ||||||||||
Kimco Realty Corp. (Retail REITs) | 51,631 | 1,018,163 | ||||||||||
Prologis, Inc. (Industrial REITs) | 10,611 | 1,301,227 | ||||||||||
SBA Communications Corp. (Specialized REITs) | 4,392 | 1,017,890 | ||||||||||
Simon Property Group, Inc. (Retail REITs) | 19,801 | 2,286,620 | ||||||||||
|
| |||||||||||
9,104,764 | ||||||||||||
|
| |||||||||||
UTILITIES – 4.2% | ||||||||||||
CMS Energy Corp. (Multi-Utilities) | 26,383 | 1,550,001 | ||||||||||
DTE Energy Co. (Multi-Utilities) | 21,297 | 2,343,096 | ||||||||||
Entergy Corp. (Electric Utilities) | 6,586 | 641,279 | ||||||||||
Evergy, Inc. (Electric Utilities) | 17,358 | 1,014,055 | ||||||||||
PPL Corp. (Electric Utilities) | 87,648 | 2,319,166 | ||||||||||
Xcel Energy, Inc. (Electric Utilities) | 9,947 | 618,405 | ||||||||||
|
| |||||||||||
8,486,002 | ||||||||||||
|
| |||||||||||
Total Common Stocks |
| $ | 201,365,215 | |||||||||
|
| |||||||||||
Total Investments – 99.7% | (b | ) | $ | 201,365,215 | ||||||||
Other Assets in Excess of | (c | ) | 655,662 | |||||||||
|
| |||||||||||
Net Assets – 100.0% | $ | 202,020,877 | ||||||||||
|
|
Percentages are stated as a percent of net assets.
Abbreviations:
REITs: Real Estate Investment Trusts
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. |
(c) | Includes $135,520 of cash pledged as collateral for the futures contracts outstanding at June 30, 2023. See also the following Schedule of Open Futures Contracts. |
The accompanying notes are an integral part of these financial statements.
52 |
Ohio National Fund, Inc. | ON BlackRock Advantage Large Cap Value Portfolio (Continued) | |
Schedule of Open Futures Contracts | June 30, 2023 (Unaudited) |
Description | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable (Payable) | ||||||||||||
CME E-mini S&P 500 Index - Long | 11 | September 15, 2023 | $ | 2,407,788 | $ | 2,468,538 | $60,750 | $28,875 |
The accompanying notes are an integral part of these financial statements.
53 |
Ohio National Fund, Inc. | ON Federated High Income Bond Portfolio (Unaudited) |
Objective/Strategy |
The ON Federated High Income Bond Portfolio seeks high current income by investing, under normal circumstances, at least 80% of its net assets in lower rated corporate debt obligations commonly referred to as “junk bonds”. The Portfolio’s investments are generally rated BB or lower by Standard & Poor’s or Fitch, or Ba or lower by Moody’s.
Performance as of June 30, 2023 |
Average Annual returns | ||||
One year | 7.73 | % | ||
Five years | 3.08 | % | ||
Ten years | 4.05 | % |
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 the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts, or as an underlying investment by the ON Model Portfolios. 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 0.84% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 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 six-month period ended June 30, 2023, the Portfolio returned 5.01% versus 5.42% for its benchmark, the ICE BofA U.S. High Yield Constrained Index.
Q. What affected the Portfolio’s performance?
A. During the reporting period, the Portfolio’s investment strategy focused on: (a) sector allocation; and (b) security selection. These were the most significant factors affecting the Portfolio’s performance relative to the benchmark. Allocation was the main driver of underperformance, specifically within media. Top contributors to performance were an overweight to the capital goods sector and security selection therein, an underweight to the poorly performing telecommunications sector, and selection within the technology and electronics sector. Top detractors were an overweight to the poorly performing media sector, as well as selection therein, an underweight to the strong performing leisure sector, specifically not owning cruise line companies, as well as selection and an underweight to the retail sector. Top individual contributors were Diamond BC BV 4.625%, 10/01/2029, Madison IAQ LLC 5.875%, 06/30/2029, and Polar U.S. Borrower LLC / Schenectady International Group, Inc. 6.75%, 05/15/2026. Top individual detractors were iHeartCommunications, Inc. 8.375%, 05/01/2027, Enviva Partners LP / Enviva Partners Finance Corp., 6.500%, 01/15/2026, and DISH DBS Corp. 5.125% 06/01/2029. Derivatives had no significant impact on the Portfolio’s performance. (1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. All returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.
The ICE BofA U.S. High Yield Constrained Index tracks the performance of below investment grade, but not in default, U.S. dollar denominated corporate bonds publicly issued in the U.S. domestic market, and includes issues with a credit rating of BBB or below, as rated by Moody’s and S&P.
Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.
| 54 | (continued) |
Ohio National Fund, Inc. | ON Federated High Income Bond Portfolio (Unaudited) (Continued) |
Portfolio Composition as of June 30, 2023 |
% of Net Assets | ||||
Corporate Bonds (4) | 96.1 | |||
Common Stocks (4) | 0.0 | |||
Rights (4) | 0.0 | |||
Other Net Assets | 3.9 | |||
|
| |||
100.0 | ||||
|
|
(1) | Composition of Portfolio subject to change. |
(2) | Short-term investments have been excluded from the list of Top 10 Portfolio Holdings. |
(3) | Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher. |
(4) | Sectors (Common Stocks, Corporate Bonds, Rights): |
% of Net Assets | ||||
Communication Services | 14.8 | |||
Energy | 13.2 | |||
Consumer Discretionary | 12.7 | |||
Financials | 12.3 | |||
Materials | 10.4 | |||
Industrials | 9.9 | |||
Information Technology | 7.8 | |||
Health Care | 7.4 | |||
Utilities | 3.7 | |||
Consumer Staples | 2.9 | |||
Real Estate | 1.0 | |||
|
| |||
96.1 | ||||
|
|
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||||
1. | HUB International Ltd. 7.000%, 05/01/2026 | 1.6 | ||||
2. | 1011778 B.C. ULC / New Red Finance, Inc. 4.000%, 10/15/2030 | 1.0 | ||||
3. | CCO Holdings LLC / CCO Holdings Capital Corp. 4.750%, 03/01/2030 | 1.0 | ||||
4. | Clarios Global LP / Clarios U.S. Finance Co. 8.500%, 05/15/2027 | 1.0 | ||||
5. | BroadStreet Partners, Inc. 5.875%, 04/15/2029 | 0.9 | ||||
6. | Allied Universal Holdco LLC / Allied Universal Finance Corp. 9.750%, 07/15/2027 | 0.9 | ||||
7. | Clydesdale Acquisition Holdings, Inc. 8.750%, 04/15/2030 | 0.9 | ||||
8. | McAfee Corp. 7.375%, 02/15/2030 | 0.9 | ||||
9. | NFP Corp. 6.875%, 08/15/2028 | 0.9 | ||||
10. | Garda World Security Corp. 9.500%, 11/01/2027 | 0.8 |
55 |
Ohio National Fund, Inc. | ON Federated High Income Bond Portfolio | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds – 96.1% | Rate | Maturity | Face Amount | Value | ||||||||||
COMMUNICATION SERVICES – 14.8% | ||||||||||||||
Audacy Capital Corp. (Media) | (a) | 6.750% | 03/31/2029 | $ 350,000 | $ | 7,920 | ||||||||
Cars.com, Inc. (Interactive Media & Svs.) | (a) | 6.375% | 11/01/2028 | 375,000 | 345,300 | |||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (a) | 5.125% | 05/01/2027 | 200,000 | 186,249 | |||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (a) | 5.000% | 02/01/2028 | 650,000 | 592,208 | |||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (a) | 5.375% | 06/01/2029 | 125,000 | 113,012 | |||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (a) | 4.750% | 03/01/2030 | 1,425,000 | 1,218,494 | |||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (a) | 4.500% | 08/15/2030 | 250,000 | 208,173 | |||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (a) | 4.250% | 01/15/2034 | 100,000 | 75,577 | |||||||||
CMG Media Corp. (Media) | (a) | 8.875% | 12/15/2027 | 950,000 | 665,804 | |||||||||
CSC Holdings LLC (Media) | 5.250% | 06/01/2024 | 375,000 | 348,766 | ||||||||||
CSC Holdings LLC (Media) | (a) | 5.500% | 04/15/2027 | 600,000 | 499,193 | |||||||||
CSC Holdings LLC (Media) | (a) | 7.500% | 04/01/2028 | 200,000 | 113,994 | |||||||||
CSC Holdings LLC (Media) | (a) | 4.125% | 12/01/2030 | 200,000 | 139,905 | |||||||||
CSC Holdings LLC (Media) | (a) | 4.625% | 12/01/2030 | 675,000 | 300,333 | |||||||||
CSC Holdings LLC (Media) | (a) | 3.375% | 02/15/2031 | 200,000 | 135,378 | |||||||||
CSC Holdings LLC (Media) | (a) | 4.500% | 11/15/2031 | 150,000 | 104,582 | |||||||||
Cumulus Media New Holdings, Inc. (Media) | (a) | 6.750% | 07/01/2026 | 181,000 | 124,412 | |||||||||
Directv Financing LLC / Directv Financing Co-Obligor, Inc. (Media) | (a) | 5.875% | 08/15/2027 | 400,000 | 362,254 | |||||||||
DISH DBS Corp. (Media) | (a) | 5.250% | 12/01/2026 | 450,000 | 360,978 | |||||||||
DISH DBS Corp. (Media) | 7.375% | 07/01/2028 | 100,000 | 53,500 | ||||||||||
DISH DBS Corp. (Media) | 5.125% | 06/01/2029 | 600,000 | 278,608 | ||||||||||
DISH Network Corp. (Media) | (a) | 11.750% | 11/15/2027 | 125,000 | 121,989 | |||||||||
Entegris Escrow Corp. (Media) | (a) | 5.950% | 06/15/2030 | 350,000 | 335,521 | |||||||||
Gray Escrow II, Inc. (Media) | (a) | 5.375% | 11/15/2031 | 175,000 | 115,988 | |||||||||
Gray Television, Inc. (Media) | (a) | 5.875% | 07/15/2026 | 750,000 | 672,481 | |||||||||
Gray Television, Inc. (Media) | (a) | 7.000% | 05/15/2027 | 75,000 | 63,986 | |||||||||
Gray Television, Inc. (Media) | (a) | 4.750% | 10/15/2030 | 75,000 | 50,860 | |||||||||
iHeartCommunications, Inc. (Media) | 8.375% | 05/01/2027 | 475,707 | 316,906 | ||||||||||
iHeartCommunications, Inc. (Media) | (a) | 4.750% | 01/15/2028 | 100,000 | 75,389 | |||||||||
Lamar Media Corp. (Media) | 4.875% | 01/15/2029 | 150,000 | 139,500 | ||||||||||
Lamar Media Corp. (Media) | 3.625% | 01/15/2031 | 100,000 | 84,250 | ||||||||||
Match Group Holdings II LLC (Interactive Media & Svs.) | (a) | 5.000% | 12/15/2027 | 200,000 | 185,483 | |||||||||
Match Group Holdings II LLC (Interactive Media & Svs.) | (a) | 4.625% | 06/01/2028 | 75,000 | 68,895 | |||||||||
Match Group Holdings II LLC (Interactive Media & Svs.) | (a) | 4.125% | 08/01/2030 | 350,000 | 299,775 | |||||||||
Match Group Holdings II LLC (Interactive Media & Svs.) | (a) | 3.625% | 10/01/2031 | 150,000 | 123,291 | |||||||||
Midas OpCo Holdings LLC (Media) | (a) | 5.625% | 08/15/2029 | 1,000,000 | 855,732 | |||||||||
Millennium Escrow Corp. (Interactive Media & Svs.) | (a) | 6.625% | 08/01/2026 | 175,000 | 128,806 | |||||||||
Nexstar Media, Inc. (Media) | (a) | 5.625% | 07/15/2027 | 175,000 | 163,116 | |||||||||
Nexstar Media, Inc. (Media) | (a) | 4.750% | 11/01/2028 | 750,000 | 650,636 | |||||||||
ROBLOX Corp. (Entertainment) | (a) | 3.875% | 05/01/2030 | 275,000 | 231,833 | |||||||||
Scripps Escrow II, Inc. (Media) | (a) | 3.875% | 01/15/2029 | 100,000 | 80,744 | |||||||||
Scripps Escrow II, Inc. (Media) | (a) | 5.375% | 01/15/2031 | 225,000 | 158,580 | |||||||||
Scripps Escrow, Inc. (Media) | (a) | 5.875% | 07/15/2027 | 200,000 | 161,892 | |||||||||
Sinclair Television Group, Inc. (Media) | (a) | 5.125% | 02/15/2027 | 125,000 | 105,904 | |||||||||
Sinclair Television Group, Inc. (Media) | (a) | 5.500% | 03/01/2030 | 525,000 | 302,636 | |||||||||
Sirius XM Radio, Inc. (Media) | (a) | 3.125% | 09/01/2026 | 225,000 | 201,431 | |||||||||
Sirius XM Radio, Inc. (Media) | (a) | 5.000% | 08/01/2027 | 75,000 | 69,584 | |||||||||
Sirius XM Radio, Inc. (Media) | (a) | 4.000% | 07/15/2028 | 175,000 | 152,053 | |||||||||
Sirius XM Radio, Inc. (Media) | (a) | 4.125% | 07/01/2030 | 475,000 | 387,863 | |||||||||
Sirius XM Radio, Inc. (Media) | (a) | 3.875% | 09/01/2031 | 300,000 | 231,988 | |||||||||
Sprint LLC (Wireless Telecom. Svs.) | 7.625% | 02/15/2025 | 300,000 | 306,440 | ||||||||||
TEGNA, Inc. (Media) | 5.000% | 09/15/2029 | 750,000 | 647,056 | ||||||||||
Telenet Finance Luxembourg Notes SARL (Media) | (a) | 5.500% | 03/01/2028 | 800,000 | 733,600 | |||||||||
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 3.375% | 04/15/2029 | 200,000 | 180,610 | ||||||||||
Univision Communications, Inc. (Media) | (a) | 4.500% | 05/01/2029 | 275,000 | 236,268 | |||||||||
Univision Communications, Inc. (Media) | (a) | 7.375% | 06/30/2030 | 150,000 | 142,818 | |||||||||
UPC Broadband Finco B.V. (Media) | (a) | 4.875% | 07/15/2031 | 900,000 | 740,781 | |||||||||
Urban One, Inc. (Media) | (a) | 7.375% | 02/01/2028 | 400,000 | 348,452 | |||||||||
Virgin Media Finance PLC (Media) | (a) | 5.000% | 07/15/2030 | 200,000 | 159,219 | |||||||||
Virgin Media Secured Finance PLC (Media) | (a) | 4.500% | 08/15/2030 | 200,000 | 167,664 | |||||||||
Virgin Media Vendor Financing Notes IV DAC (Media) | (a) | 5.000% | 07/15/2028 | 575,000 | 502,971 | |||||||||
Vmed O2 U.K. Financing I PLC (Wireless Telecom. Svs.) | (a) | 4.250% | 01/31/2031 | 200,000 | 161,712 | |||||||||
Vmed O2 U.K. Financing I PLC (Wireless Telecom. Svs.) | (a) | 4.750% | 07/15/2031 | 400,000 | 332,599 | |||||||||
VZ Secured Financing B.V. (Media) | (a) | 5.000% | 01/15/2032 | 550,000 | 442,952 | |||||||||
WMG Acquisition Corp. (Entertainment) | (a) | 3.750% | 12/01/2029 | 125,000 | 108,058 | |||||||||
WMG Acquisition Corp. (Entertainment) | (a) | 3.875% | 07/15/2030 | 75,000 | 64,696 | |||||||||
Ziggo Bond Co. B.V. (Diversified Telecom. Svs.) | (a) | 6.000% | 01/15/2027 | 425,000 | 390,074 | |||||||||
|
| |||||||||||||
18,437,722 | ||||||||||||||
|
|
56 | (continued) |
Ohio National Fund, Inc. | ON Federated High Income Bond Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||
CONSUMER DISCRETIONARY – 12.7% | ||||||||||||||
1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure) | (a) | 4.000% | 10/15/2030 | $1,500,000 | $ | 1,283,749 | ||||||||
Academy Ltd. (Specialty Retail) | (a) | 6.000% | 11/15/2027 | 300,000 | 288,000 | |||||||||
Adient Global Holdings Ltd. (Automobile Components) | (a) | 4.875% | 08/15/2026 | 300,000 | 284,987 | |||||||||
Adient Global Holdings Ltd. (Automobile Components) | (a) | 7.000% | 04/15/2028 | 100,000 | 101,101 | |||||||||
Affinity Interactive (Hotels, Restaurants & Leisure) | (a) | 6.875% | 12/15/2027 | 400,000 | 351,999 | |||||||||
Aramark Services, Inc. (Hotels, Restaurants & Leisure) | (a) | 6.375% | 05/01/2025 | 425,000 | 424,608 | |||||||||
Aramark Services, Inc. (Hotels, Restaurants & Leisure) | (a) | 5.000% | 02/01/2028 | 100,000 | 94,254 | |||||||||
Asbury Automotive Group, Inc. (Specialty Retail) | (a) | 4.625% | 11/15/2029 | 300,000 | 266,287 | |||||||||
Asbury Automotive Group, Inc. (Specialty Retail) | (a) | 5.000% | 02/15/2032 | 200,000 | 174,139 | |||||||||
Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | 4.750% | 12/01/2027 | 275,000 | 260,556 | ||||||||||
Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | (a) | 4.750% | 06/15/2031 | 200,000 | 178,671 | |||||||||
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure) | (a) | 6.250% | 07/01/2025 | 325,000 | 323,495 | |||||||||
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure) | (a) | 8.125% | 07/01/2027 | 450,000 | 460,561 | |||||||||
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure) | (a) | 4.625% | 10/15/2029 | 250,000 | 218,303 | |||||||||
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure) | (a) | 7.000% | 02/15/2030 | 150,000 | 150,636 | |||||||||
Caesars Resort Collection LLC / CRC Finco, Inc. (Hotels, Restaurants & Leisure) | (a) | 5.750% | 07/01/2025 | 225,000 | 227,660 | |||||||||
Churchill Downs, Inc. (Hotels, Restaurants & Leisure) | (a) | 5.500% | 04/01/2027 | 300,000 | 288,429 | |||||||||
Churchill Downs, Inc. (Hotels, Restaurants & Leisure) | (a) | 6.750% | 05/01/2031 | 125,000 | 123,594 | |||||||||
Clarios Global LP / Clarios U.S. Finance Co. (Automobile Components) | (a) | 6.250% | 05/15/2026 | 112,000 | 111,279 | |||||||||
Clarios Global LP / Clarios U.S. Finance Co. (Automobile Components) | (a) | 8.500% | 05/15/2027 | 1,200,000 | 1,201,963 | |||||||||
Dana, Inc. (Automobile Components) | 4.250% | 09/01/2030 | 250,000 | 208,134 | ||||||||||
Dana, Inc. (Automobile Components) | 4.500% | 02/15/2032 | 100,000 | 83,002 | ||||||||||
Dornoch Debt Merger Sub, Inc. (Automobile Components) | (a) | 6.625% | 10/15/2029 | 625,000 | 509,859 | |||||||||
Garda World Security Corp. (Diversified Consumer Svs.) | (a) | 9.500% | 11/01/2027 | 1,103,000 | 1,065,601 | |||||||||
Gates Global LLC / Gates Corp. (Automobile Components) | (a) | 6.250% | 01/15/2026 | 950,000 | 934,804 | |||||||||
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure) | (a) | 5.750% | 05/01/2028 | 50,000 | 49,236 | |||||||||
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure) | 4.875% | 01/15/2030 | 150,000 | 139,863 | ||||||||||
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure) | (a) | 3.625% | 02/15/2032 | 200,000 | 166,747 | |||||||||
IHO Verwaltungs GmbH (Automobile Components) | (a)(b) | 4.750%, 5.500% PIK | 09/15/2026 | 400,000 | 369,036 | |||||||||
IHO Verwaltungs GmbH (Automobile Components) | (a)(b) | 6.000%, 6.750% PIK | 05/15/2027 | 500,000 | 470,262 | |||||||||
KFC Holding Co. / Pizza Hut Holdings LLC / Taco Bell of America LLC (Hotels, Restaurants & Leisure) | (a) | 4.750% | 06/01/2027 | 350,000 | 337,827 | |||||||||
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods) | (a) | 4.125% | 11/15/2029 | 200,000 | 167,008 | |||||||||
MGM Resorts International (Hotels, Restaurants & Leisure) | 4.625% | 09/01/2026 | 198,000 | 186,708 | ||||||||||
MGM Resorts International (Hotels, Restaurants & Leisure) | 4.750% | 10/15/2028 | 75,000 | 68,089 | ||||||||||
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp. (Hotels, Restaurants & Leisure) | (a) | 4.875% | 05/01/2029 | 200,000 | 176,610 | |||||||||
Mohegan Tribal Gaming Authority (Hotels, Restaurants & Leisure) | (a) | 8.000% | 02/01/2026 | 850,000 | 811,750 | |||||||||
Penn Entertainment, Inc. (Hotels, Restaurants & Leisure) | (a) | 5.625% | 01/15/2027 | 50,000 | 46,754 | |||||||||
Penn Entertainment, Inc. (Hotels, Restaurants & Leisure) | (a) | 4.125% | 07/01/2029 | 250,000 | 205,175 | |||||||||
Raptor Acquisition Corp. / Raptor Co-Issuer LLC (Hotels, Restaurants & Leisure) | (a) | 4.875% | 11/01/2026 | 50,000 | 47,125 | |||||||||
Real Hero Merger Sub 2, Inc. (Automobile Components) | (a) | 6.250% | 02/01/2029 | 300,000 | 246,000 | |||||||||
Scientific Games Holdings LP / Scientific Games U.S. FinCo, Inc. (Hotels, Restaurants & Leisure) | (a) | 6.625% | 03/01/2030 | 400,000 | 352,000 | |||||||||
Scientific Games International, Inc. (Hotels, Restaurants & Leisure) | (a) | 8.625% | 07/01/2025 | 350,000 | 357,437 | |||||||||
Scientific Games International, Inc. (Hotels, Restaurants & Leisure) | (a) | 7.250% | 11/15/2029 | 250,000 | 250,312 | |||||||||
SeaWorld Parks & Entertainment, Inc. (Hotels, Restaurants & Leisure) | (a) | 5.250% | 08/15/2029 | 450,000 | 402,785 | |||||||||
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure) | (a) | 5.500% | 04/15/2027 | 275,000 | 258,899 | |||||||||
Six Flags Theme Parks, Inc. (Hotels, Restaurants & Leisure) | (a) | 7.000% | 07/01/2025 | 25,000 | 25,125 | |||||||||
Station Casinos LLC (Hotels, Restaurants & Leisure) | (a) | 4.500% | 02/15/2028 | 200,000 | 179,514 | |||||||||
Station Casinos LLC (Hotels, Restaurants & Leisure) | (a) | 4.625% | 12/01/2031 | 200,000 | 168,500 | |||||||||
William Carter Co. / The (Textiles, Apparel & Luxury Goods) | (a) | 5.625% | 03/15/2027 | 275,000 | 266,840 | |||||||||
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | (a) | 4.750% | 01/15/2030 | 75,000 | 70,231 | |||||||||
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 4.625% | 01/31/2032 | 100,000 | 90,334 | ||||||||||
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 5.375% | 04/01/2032 | 150,000 | 142,569 | ||||||||||
ZF North America Capital, Inc. (Automobile Components) | (a) | 6.875% | 04/14/2028 | 200,000 | 202,537 | |||||||||
|
| |||||||||||||
15,870,944 | ||||||||||||||
|
| |||||||||||||
CONSUMER STAPLES – 2.9% | ||||||||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Consumer Staples Distribution & Retail) | (a) | 5.875% | 02/15/2028 | 100,000 | 97,174 | |||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Consumer Staples Distribution & Retail) | (a) | 6.500% | 02/15/2028 | 175,000 | 175,291 | |||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Consumer Staples Distribution & Retail) | (a) | 3.500% | 03/15/2029 | 300,000 | 259,692 | |||||||||
BellRing Brands, Inc. (Personal Care Products) | (a) | 7.000% | 03/15/2030 | 550,000 | 553,437 | |||||||||
Edgewell Personal Care Co. (Personal Care Products) | (a) | 5.500% | 06/01/2028 | 175,000 | 165,414 | |||||||||
Edgewell Personal Care Co. (Personal Care Products) | (a) | 4.125% | 04/01/2029 | 200,000 | 174,500 | |||||||||
Energizer Holdings, Inc. (Household Products) | (a) | 6.500% | 12/31/2027 | 100,000 | 96,142 | |||||||||
Energizer Holdings, Inc. (Household Products) | (a) | 4.750% | 06/15/2028 | 150,000 | 133,740 | |||||||||
Energizer Holdings, Inc. (Household Products) | (a) | 4.375% | 03/31/2029 | 425,000 | 366,222 |
57 | (continued) |
Ohio National Fund, Inc. | ON Federated High Income Bond Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||
CONSUMER STAPLES (continued) | ||||||||||||||
Performance Food Group, Inc. (Consumer Staples Distribution & Retail) | (a) | 5.500% | 10/15/2027 | $ 150,000 | $ | 144,530 | ||||||||
Performance Food Group, Inc. (Consumer Staples Distribution & Retail) | (a) | 4.250% | 08/01/2029 | 250,000 | 222,578 | |||||||||
Post Holdings, Inc. (Food Products) | (a) | 5.750% | 03/01/2027 | 230,000 | 224,508 | |||||||||
Post Holdings, Inc. (Food Products) | (a) | 5.625% | 01/15/2028 | 450,000 | 432,383 | |||||||||
U.S. Foods, Inc. (Consumer Staples Distribution & Retail) | (a) | 6.250% | 04/15/2025 | 100,000 | 99,958 | |||||||||
U.S. Foods, Inc. (Consumer Staples Distribution & Retail) | (a) | 4.750% | 02/15/2029 | 350,000 | 320,442 | |||||||||
U.S. Foods, Inc. (Consumer Staples Distribution & Retail) | (a) | 4.625% | 06/01/2030 | 175,000 | 156,842 | |||||||||
|
| |||||||||||||
3,622,853 | ||||||||||||||
|
| |||||||||||||
ENERGY – 13.2% | ||||||||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 7.875% | 05/15/2026 | 125,000 | 126,773 | |||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 5.750% | 03/01/2027 | 250,000 | 241,109 | |||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 5.750% | 01/15/2028 | 625,000 | 595,806 | |||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 5.375% | 06/15/2029 | 625,000 | 580,738 | |||||||||
Antero Resources Corp. (Oil, Gas & Consumable Fuels) | (a) | 5.375% | 03/01/2030 | 225,000 | 208,293 | |||||||||
Archrock Partners LP / Archrock Partners Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 6.875% | 04/01/2027 | 625,000 | 600,000 | |||||||||
Archrock Partners LP / Archrock Partners Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 6.250% | 04/01/2028 | 450,000 | 422,487 | |||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 7.000% | 11/01/2026 | 425,000 | 411,260 | |||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 8.250% | 12/31/2028 | 100,000 | 98,340 | |||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 5.875% | 06/30/2029 | 75,000 | 66,911 | |||||||||
Berry Petroleum Co. LLC (Oil, Gas & Consumable Fuels) | (a) | 7.000% | 02/15/2026 | 175,000 | 161,875 | |||||||||
Callon Petroleum Co. (Oil, Gas & Consumable Fuels) | 8.250% | 07/15/2025 | 150,000 | 148,875 | ||||||||||
Callon Petroleum Co. (Oil, Gas & Consumable Fuels) | 6.375% | 07/01/2026 | 125,000 | 121,674 | ||||||||||
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels) | 4.500% | 10/01/2029 | 100,000 | 91,776 | ||||||||||
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels) | 4.000% | 03/01/2031 | 325,000 | 286,159 | ||||||||||
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels) | 3.250% | 01/31/2032 | 150,000 | 123,397 | ||||||||||
Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels) | 4.625% | 10/15/2028 | 50,000 | 46,689 | ||||||||||
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels) | (a) | 5.500% | 02/01/2026 | 50,000 | 48,748 | |||||||||
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels) | (a) | 5.875% | 02/01/2029 | 50,000 | 47,494 | |||||||||
Chord Energy Corp. (Oil, Gas & Consumable Fuels) | (a) | 6.375% | 06/01/2026 | 75,000 | 74,353 | |||||||||
Civitas Resources, Inc. (Oil, Gas & Consumable Fuels) | (a) | 8.375% | 07/01/2028 | 100,000 | 101,130 | |||||||||
Civitas Resources, Inc. (Oil, Gas & Consumable Fuels) | (a) | 8.750% | 07/01/2031 | 50,000 | 50,690 | |||||||||
CNX Midstream Partners LP (Oil, Gas & Consumable Fuels) | (a) | 4.750% | 04/15/2030 | 425,000 | 360,479 | |||||||||
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels) | (a) | 6.750% | 03/01/2029 | 500,000 | 457,473 | |||||||||
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels) | (a) | 5.875% | 01/15/2030 | 100,000 | 86,817 | |||||||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 8.000% | 04/01/2029 | 300,000 | 303,723 | |||||||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 7.375% | 02/01/2031 | 25,000 | 24,641 | |||||||||
CrownRock LP / CrownRock Finance, Inc. (Oil, Gas & Consumable Fuels) | (a) | 5.625% | 10/15/2025 | 525,000 | 517,230 | |||||||||
CrownRock LP / CrownRock Finance, Inc. (Oil, Gas & Consumable Fuels) | (a) | 5.000% | 05/01/2029 | 50,000 | 46,813 | |||||||||
DT Midstream, Inc. (Oil, Gas & Consumable Fuels) | (a) | 4.375% | 06/15/2031 | 200,000 | 172,251 | |||||||||
Endeavor Energy Resources LP / EER Finance, Inc. (Oil, Gas & Consumable Fuels) | (a) | 5.750% | 01/30/2028 | 100,000 | 97,818 | |||||||||
Enviva Partners LP / Enviva Partners Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 6.500% | 01/15/2026 | 700,000 | 551,250 | |||||||||
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels) | (a) | 7.500% | 06/01/2027 | 275,000 | 277,632 | |||||||||
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels) | (a) | 6.500% | 07/01/2027 | 275,000 | 271,225 | |||||||||
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels) | 5.500% | 07/15/2028 | 350,000 | 331,176 | ||||||||||
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels) | (a) | 4.500% | 01/15/2029 | 100,000 | 89,189 | |||||||||
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels) | (a) | 4.750% | 01/15/2031 | 675,000 | 591,289 | |||||||||
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels) | 6.500% | 07/15/2048 | 75,000 | 67,827 | ||||||||||
Hess Midstream Operations LP (Oil, Gas & Consumable Fuels) | (a) | 5.125% | 06/15/2028 | 300,000 | 280,767 | |||||||||
Hess Midstream Operations LP (Oil, Gas & Consumable Fuels) | (a) | 4.250% | 02/15/2030 | 100,000 | 87,250 | |||||||||
Hess Midstream Operations LP (Oil, Gas & Consumable Fuels) | (a) | 5.500% | 10/15/2030 | 100,000 | 92,500 | |||||||||
Holly Energy Partners LP / Holly Energy Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 6.375% | 04/15/2027 | 175,000 | 172,869 | |||||||||
Holly Energy Partners LP / Holly Energy Finance Corp. (Oil, Gas & Consumable Fuels) | (a) | 5.000% | 02/01/2028 | 300,000 | 276,738 | |||||||||
Nabors Industries Ltd. (Energy Equip. & Svs.) | (a) | 7.250% | 01/15/2026 | 100,000 | 93,352 | |||||||||
Nabors Industries Ltd. (Energy Equip. & Svs.) | (a) | 7.500% | 01/15/2028 | 275,000 | 240,641 | |||||||||
Nabors Industries, Inc. (Oil, Gas & Consumable Fuels) | (a) | 7.375% | 05/15/2027 | 50,000 | 47,577 | |||||||||
NuStar Logistics LP (Oil, Gas & Consumable Fuels) | 5.625% | 04/28/2027 | 300,000 | 288,270 | ||||||||||
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 8.875% | 07/15/2030 | 375,000 | 431,017 | ||||||||||
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 6.625% | 09/01/2030 | 200,000 | 207,820 | ||||||||||
PDC Energy, Inc. (Oil, Gas & Consumable Fuels) | 5.750% | 05/15/2026 | 250,000 | 248,999 | ||||||||||
Permian Resources Operating LLC (Oil, Gas & Consumable Fuels) | (a) | 6.875% | 04/01/2027 | 350,000 | 344,750 | |||||||||
Precision Drilling Corp. (Energy Equip. & Svs.) | (a) | 7.125% | 01/15/2026 | 200,000 | 197,490 | |||||||||
Precision Drilling Corp. (Energy Equip. & Svs.) | (a) | 6.875% | 01/15/2029 | 175,000 | 158,116 | |||||||||
Range Resources Corp. (Oil, Gas & Consumable Fuels) | 4.875% | 05/15/2025 | 75,000 | 73,504 | ||||||||||
Range Resources Corp. (Oil, Gas & Consumable Fuels) | 8.250% | 01/15/2029 | 200,000 | 208,240 |
58 | (continued) |
Ohio National Fund, Inc. | ON Federated High Income Bond Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||
ENERGY (continued) | ||||||||||||||
Range Resources Corp. (Oil, Gas & Consumable Fuels) | (a) | 4.750% | 02/15/2030 | $ 125,000 | $ | 112,031 | ||||||||
Rockcliff Energy II LLC (Oil, Gas & Consumable Fuels) | (a) | 5.500% | 10/15/2029 | 200,000 | 184,491 | |||||||||
SM Energy Co. (Oil, Gas & Consumable Fuels) | 6.750% | 09/15/2026 | 275,000 | 268,045 | ||||||||||
SM Energy Co. (Oil, Gas & Consumable Fuels) | 6.625% | 01/15/2027 | 25,000 | 24,281 | ||||||||||
SM Energy Co. (Oil, Gas & Consumable Fuels) | 6.500% | 07/15/2028 | 50,000 | 48,000 | ||||||||||
Southwestern Energy Co. (Oil, Gas & Consumable Fuels) | 8.375% | 09/15/2028 | 225,000 | 234,232 | ||||||||||
Southwestern Energy Co. (Oil, Gas & Consumable Fuels) | 5.375% | 03/15/2030 | 75,000 | 69,990 | ||||||||||
Southwestern Energy Co. (Oil, Gas & Consumable Fuels) | 4.750% | 02/01/2032 | 75,000 | 66,100 | ||||||||||
Tap Rock Resources LLC (Oil, Gas & Consumable Fuels) | (a) | 7.000% | 10/01/2026 | 325,000 | 334,750 | |||||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels) | 5.000% | 01/15/2028 | 425,000 | 405,593 | ||||||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels) | 5.500% | 03/01/2030 | 375,000 | 360,889 | ||||||||||
Targa Resources Partners LP / Targa Resources Partners Finance Corp. (Oil, Gas & Consumable Fuels) | 4.875% | 02/01/2031 | 75,000 | 69,310 | ||||||||||
TransMontaigne Partners LP / TLP Finance Corp. (Oil, Gas & Consumable Fuels) | 6.125% | 02/15/2026 | 225,000 | 194,550 | ||||||||||
U.S.A. Compression Partners LP / U.S.A. Compression Finance Corp. (Energy Equip. & Svs.) | 6.875% | 04/01/2026 | 925,000 | 906,125 | ||||||||||
U.S.A. Compression Partners LP / U.S.A. Compression Finance Corp. (Energy Equip. & Svs.) | 6.875% | 09/01/2027 | 150,000 | 143,234 | ||||||||||
Western Midstream Operating LP (Oil, Gas & Consumable Fuels) | 4.650% | 07/01/2026 | 50,000 | 48,100 | ||||||||||
Western Midstream Operating LP (Oil, Gas & Consumable Fuels) | 4.500% | 03/01/2028 | 175,000 | 165,023 | ||||||||||
Western Midstream Operating LP (Oil, Gas & Consumable Fuels) | 4.750% | 08/15/2028 | 75,000 | 71,183 | ||||||||||
Western Midstream Operating LP (Oil, Gas & Consumable Fuels) | 5.300% | 03/01/2048 | 500,000 | 417,363 | ||||||||||
|
| |||||||||||||
16,474,600 | ||||||||||||||
|
| |||||||||||||
FINANCIALS – 12.3% | ||||||||||||||
Ally Financial, Inc. (Consumer Finance) | 5.750% | 11/20/2025 | 125,000 | 120,383 | ||||||||||
AmWINS Group, Inc. (Insurance) | (a) | 4.875% | 06/30/2029 | 400,000 | 361,193 | |||||||||
Ardonagh Midco 2 PLC (Insurance) | (a)(b) | 11.500%, 12.750% PIK | 01/15/2027 | 700,000 | 644,000 | |||||||||
AssuredPartners, Inc. (Insurance) | (a) | 7.000% | 08/15/2025 | 550,000 | 543,163 | |||||||||
AssuredPartners, Inc. (Insurance) | (a) | 5.625% | 01/15/2029 | 200,000 | 173,108 | |||||||||
BroadStreet Partners, Inc. (Insurance) | (a) | 5.875% | 04/15/2029 | 1,350,000 | 1,171,178 | |||||||||
Ford Motor Credit Co. LLC (Consumer Finance) | 4.063% | 11/01/2024 | 375,000 | 362,879 | ||||||||||
Ford Motor Credit Co. LLC (Consumer Finance) | 5.125% | 06/16/2025 | 400,000 | 389,012 | ||||||||||
Ford Motor Credit Co. LLC (Consumer Finance) | 3.375% | 11/13/2025 | 575,000 | 534,678 | ||||||||||
Ford Motor Credit Co. LLC (Consumer Finance) | 4.389% | 01/08/2026 | 225,000 | 212,941 | ||||||||||
Ford Motor Credit Co. LLC (Consumer Finance) | 2.700% | 08/10/2026 | 200,000 | 178,555 | ||||||||||
Ford Motor Credit Co. LLC (Consumer Finance) | 4.271% | 01/09/2027 | 450,000 | 416,551 | ||||||||||
Ford Motor Credit Co. LLC (Consumer Finance) | 7.350% | 11/04/2027 | 225,000 | 229,752 | ||||||||||
Ford Motor Credit Co. LLC (Consumer Finance) | 5.113% | 05/03/2029 | 525,000 | 486,890 | ||||||||||
Ford Motor Credit Co. LLC (Consumer Finance) | 4.000% | 11/13/2030 | 275,000 | 235,010 | ||||||||||
GTCR AP Finance, Inc. (Insurance) | (a) | 8.000% | 05/15/2027 | 500,000 | 490,121 | |||||||||
GYP Holdings III Corp. (Building Products) | (a) | 4.625% | 05/01/2029 | 325,000 | 286,000 | |||||||||
HUB International Ltd. (Insurance) | (a) | 7.000% | 05/01/2026 | 1,950,000 | 1,944,842 | |||||||||
HUB International Ltd. (Insurance) | (a) | 5.625% | 12/01/2029 | 575,000 | 515,822 | |||||||||
HUB International Ltd. (Insurance) | (a) | 7.250% | 06/15/2030 | 150,000 | 154,890 | |||||||||
Jones Deslauriers Insurance Management, Inc. (Insurance) | (a) | 8.500% | 03/15/2030 | 325,000 | 331,568 | |||||||||
Jones Deslauriers Insurance Management, Inc. (Insurance) | (a) | 10.500% | 12/15/2030 | 300,000 | 300,924 | |||||||||
Navient Corp. (Consumer Finance) | 6.750% | 06/25/2025 | 175,000 | 172,060 | ||||||||||
Navient Corp. (Consumer Finance) | 6.750% | 06/15/2026 | 200,000 | 192,841 | ||||||||||
Navient Corp. (Consumer Finance) | 5.500% | 03/15/2029 | 350,000 | 298,400 | ||||||||||
Navient Corp. (Consumer Finance) | 9.375% | 07/25/2030 | 125,000 | 124,331 | ||||||||||
NFP Corp. (Insurance) | (a) | 6.875% | 08/15/2028 | 1,250,000 | 1,085,025 | |||||||||
NFP Corp. (Insurance) | (a) | 7.500% | 10/01/2030 | 375,000 | 363,077 | |||||||||
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Financial Services) | (a) | 3.625% | 03/01/2029 | 200,000 | 168,094 | |||||||||
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Financial Services) | (a) | 3.875% | 03/01/2031 | 350,000 | 283,800 | |||||||||
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Financial Services) | (a) | 4.000% | 10/15/2033 | 400,000 | 312,896 | |||||||||
Ryan Specialty Group LLC (Insurance) | (a) | 4.375% | 02/01/2030 | 275,000 | 243,430 | |||||||||
United Wholesale Mortgage LLC (Financial Services) | (a) | 5.500% | 11/15/2025 | 700,000 | 666,055 | |||||||||
United Wholesale Mortgage LLC (Financial Services) | (a) | 5.750% | 06/15/2027 | 175,000 | 159,768 | |||||||||
United Wholesale Mortgage LLC (Financial Services) | (a) | 5.500% | 04/15/2029 | 225,000 | 192,938 | |||||||||
USI, Inc. (Insurance) | (a) | 6.875% | 05/01/2025 | 1,025,000 | 1,017,312 | |||||||||
|
| |||||||||||||
15,363,487 | ||||||||||||||
|
| |||||||||||||
HEALTH CARE – 7.4% | ||||||||||||||
AdaptHealth LLC (Health Care Providers & Svs.) | (a) | 4.625% | 08/01/2029 | 250,000 | 199,542 | |||||||||
AdaptHealth LLC (Health Care Providers & Svs.) | (a) | 5.125% | 03/01/2030 | 175,000 | 141,750 | |||||||||
AHP Health Partners, Inc. (Health Care Providers & Svs.) | (a) | 5.750% | 07/15/2029 | 350,000 | 301,780 | |||||||||
Avantor Funding, Inc. (Health Care Equip. & Supplies) | (a) | 4.625% | 07/15/2028 | 575,000 | 532,981 | |||||||||
Avantor Funding, Inc. (Health Care Equip. & Supplies) | (a) | 3.875% | 11/01/2029 | 300,000 | 262,659 | |||||||||
Bausch Health Americas, Inc. (Pharmaceuticals) | (a) | 8.500% | 01/31/2027 | 400,000 | 218,968 | |||||||||
Bausch Health Cos., Inc. (Pharmaceuticals) | (a) | 6.125% | 02/01/2027 | 200,000 | 128,040 |
59 | (continued) |
Ohio National Fund, Inc. | ON Federated High Income Bond Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||
HEALTH CARE (continued) | ||||||||||||||
Bausch Health Cos., Inc. (Pharmaceuticals) | (a) | 5.000% | 02/15/2029 | $ 175,000 | $ | 72,159 | ||||||||
Bausch Health Cos., Inc. (Pharmaceuticals) | (a) | 6.250% | 02/15/2029 | 175,000 | 74,375 | |||||||||
Bausch Health Cos., Inc. (Pharmaceuticals) | (a) | 7.250% | 05/30/2029 | 350,000 | 148,750 | |||||||||
Centene Corp. (Health Care Providers & Svs.) | 4.250% | 12/15/2027 | 450,000 | 420,730 | ||||||||||
Centene Corp. (Health Care Providers & Svs.) | 4.625% | 12/15/2029 | 300,000 | 276,131 | ||||||||||
Centene Corp. (Health Care Providers & Svs.) | 3.375% | 02/15/2030 | 50,000 | 42,972 | ||||||||||
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.) | (a) | 6.000% | 01/15/2029 | 50,000 | 42,062 | |||||||||
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.) | (a) | 6.875% | 04/15/2029 | 300,000 | 187,356 | |||||||||
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.) | (a) | 6.125% | 04/01/2030 | 150,000 | 89,358 | |||||||||
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.) | (a) | 5.250% | 05/15/2030 | 225,000 | 177,239 | |||||||||
Embecta Corp. (Health Care Equip. & Supplies) | (a) | 5.000% | 02/15/2030 | 100,000 | 83,028 | |||||||||
Embecta Corp. (Health Care Equip. & Supplies) | (a) | 6.750% | 02/15/2030 | 250,000 | 224,040 | |||||||||
Garden Spinco Corp. (Health Care Equip. & Supplies) | (a) | 8.625% | 07/20/2030 | 100,000 | 107,475 | |||||||||
Grifols Escrow Issuer SA (Biotechnology) | (a) | 4.750% | 10/15/2028 | 675,000 | 585,819 | |||||||||
HCA, Inc. (Health Care Providers & Svs.) | 3.500% | 09/01/2030 | 200,000 | 175,310 | ||||||||||
HealthEquity, Inc. (Health Care Providers & Svs.) | (a) | 4.500% | 10/01/2029 | 525,000 | 462,699 | |||||||||
IQVIA, Inc. (Health Care Technology) | (a) | 5.000% | 10/15/2026 | 300,000 | 289,672 | |||||||||
IQVIA, Inc. (Life Sciences Tools & Svs.) | (a) | 6.500% | 05/15/2030 | 200,000 | 201,975 | |||||||||
Legacy LifePoint Health LLC (Health Care Providers & Svs.) | (a) | 6.750% | 04/15/2025 | 150,000 | 139,323 | |||||||||
Legacy LifePoint Health LLC (Health Care Providers & Svs.) | (a) | 4.375% | 02/15/2027 | 125,000 | 96,721 | |||||||||
LifePoint Health, Inc. (Health Care Providers & Svs.) | (a) | 5.375% | 01/15/2029 | 25,000 | 14,766 | |||||||||
Medline Borrower LP (Health Care Equip. & Supplies) | (a) | 3.875% | 04/01/2029 | 325,000 | 282,446 | |||||||||
Medline Borrower LP (Health Care Equip. & Supplies) | (a) | 5.250% | 10/01/2029 | 1,075,000 | 932,776 | |||||||||
MPH Acquisition Holdings LLC (Health Care Providers & Svs.) | (a) | 5.750% | 11/01/2028 | 100,000 | 75,250 | |||||||||
Organon & Co. / Organon Foreign Debt Co-Issuer B.V. (Pharmaceuticals) | (a) | 5.125% | 04/30/2031 | 450,000 | 371,261 | |||||||||
Pediatrix Medical Group, Inc. (Health Care Providers & Svs.) | (a) | 5.375% | 02/15/2030 | 125,000 | 115,000 | |||||||||
Prestige Brands, Inc. (Pharmaceuticals) | (a) | 3.750% | 04/01/2031 | 175,000 | 144,881 | |||||||||
RegionalCare Hospital Partners Holdings, Inc. / LifePoint Health, Inc. (Health Care Providers & Svs.) | (a) | 9.750% | 12/01/2026 | 100,000 | 83,863 | |||||||||
Syneos Health, Inc. (Life Sciences Tools & Svs.) | (a) | 3.625% | 01/15/2029 | 175,000 | 171,076 | |||||||||
Tenet Healthcare Corp. (Health Care Providers & Svs.) | 4.875% | 01/01/2026 | 300,000 | 292,197 | ||||||||||
Tenet Healthcare Corp. (Health Care Providers & Svs.) | 6.250% | 02/01/2027 | 125,000 | 123,721 | ||||||||||
Tenet Healthcare Corp. (Health Care Providers & Svs.) | 5.125% | 11/01/2027 | 400,000 | 381,871 | ||||||||||
Tenet Healthcare Corp. (Health Care Providers & Svs.) | 6.125% | 10/01/2028 | 300,000 | 288,810 | ||||||||||
Tenet Healthcare Corp. (Health Care Providers & Svs.) | 4.250% | 06/01/2029 | 150,000 | 135,514 | ||||||||||
Tenet Healthcare Corp. (Health Care Providers & Svs.) | (a) | 6.750% | 05/15/2031 | 125,000 | 125,304 | |||||||||
|
| |||||||||||||
9,221,650 | ||||||||||||||
|
| |||||||||||||
INDUSTRIALS – 9.9% | ||||||||||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies) | (a) | 6.625% | 07/15/2026 | 200,000 | 189,789 | |||||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies) | (a) | 9.750% | 07/15/2027 | 1,300,000 | 1,149,139 | |||||||||
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (Passenger Airlines) | (a) | 5.500% | 04/20/2026 | 175,000 | 173,371 | |||||||||
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (Passenger Airlines) | (a) | 5.750% | 04/20/2029 | 150,000 | 145,647 | |||||||||
American Builders & Contractors Supply Co., Inc. (Trading Companies & Distributors) | (a) | 4.000% | 01/15/2028 | 175,000 | 159,488 | |||||||||
BCPE Empire Holdings, Inc. (Commercial Svs. & Supplies) | (a) | 7.625% | 05/01/2027 | 850,000 | 790,504 | |||||||||
Camelot Return Merger Sub, Inc. (Building Products) | (a) | 8.750% | 08/01/2028 | 100,000 | 94,499 | |||||||||
Clarivate Science Holdings Corp. (Professional Svs.) | (a) | 3.875% | 07/01/2028 | 75,000 | 66,483 | |||||||||
Clarivate Science Holdings Corp. (Professional Svs.) | (a) | 4.875% | 07/01/2029 | 400,000 | 354,842 | |||||||||
Cornerstone Building Brands, Inc. (Building Products) | (a) | 6.125% | 01/15/2029 | 175,000 | 138,250 | |||||||||
CP Atlas Buyer, Inc. (Building Products) | (a) | 7.000% | 12/01/2028 | 525,000 | 412,125 | |||||||||
Dun & Bradstreet Corp. / The (Professional Svs.) | (a) | 5.000% | 12/15/2029 | 300,000 | 264,519 | |||||||||
Foundation Building Materials, Inc. (Trading Companies & Distributors) | (a) | 6.000% | 03/01/2029 | 800,000 | 668,000 | |||||||||
Garda World Security Corp. (Commercial Svs. & Supplies) | (a) | 4.625% | 02/15/2027 | 175,000 | 160,125 | |||||||||
Garda World Security Corp. (Commercial Svs. & Supplies) | (a) | 7.750% | 02/15/2028 | 150,000 | 148,893 | |||||||||
Garda World Security Corp. (Commercial Svs. & Supplies) | (a) | 6.000% | 06/01/2029 | 300,000 | 245,837 | |||||||||
H&E Equipment Services, Inc. (Trading Companies & Distributors) | (a) | 3.875% | 12/15/2028 | 300,000 | 259,734 | |||||||||
Interface, Inc. (Commercial Svs. & Supplies) | (a) | 5.500% | 12/01/2028 | 125,000 | 101,328 | |||||||||
Madison IAQ LLC (Commercial Svs. & Supplies) | (a) | 4.125% | 06/30/2028 | 50,000 | 44,015 | |||||||||
Madison IAQ LLC (Commercial Svs. & Supplies) | (a) | 5.875% | 06/30/2029 | 900,000 | 728,918 | |||||||||
MIWD Holdco II LLC / MIWD Finance Corp. (Building Products) | (a) | 5.500% | 02/01/2030 | 75,000 | 61,875 | |||||||||
OPENLANE, Inc. (Commercial Svs. & Supplies) | (a) | 5.125% | 06/01/2025 | 45,000 | 44,099 | |||||||||
Ritchie Bros Holdings, Inc. (Commercial Svs. & Supplies) | (a) | 6.750% | 03/15/2028 | 75,000 | 75,594 | |||||||||
Ritchie Bros Holdings, Inc. (Commercial Svs. & Supplies) | (a) | 7.750% | 03/15/2031 | 75,000 | 77,807 | |||||||||
Science Applications International Corp. (Professional Svs.) | (a) | 4.875% | 04/01/2028 | 75,000 | 69,753 | |||||||||
Sensata Technologies B.V. (Electrical Equip.) | (a) | 5.875% | 09/01/2030 | 200,000 | 194,457 | |||||||||
Sensata Technologies, Inc. (Electrical Equip.) | (a) | 4.375% | 02/15/2030 | 125,000 | 111,781 | |||||||||
Sensata Technologies, Inc. (Electrical Equip.) | (a) | 3.750% | 02/15/2031 | 25,000 | 21,387 | |||||||||
Solaris Midstream Holdings LLC (Commercial Svs. & Supplies) | (a) | 7.625% | 04/01/2026 | 400,000 | 387,106 | |||||||||
SPX FLOW, Inc. (Machinery) | (a) | 8.750% | 04/01/2030 | 450,000 | 404,992 | |||||||||
Stena International SA (Transportation Infrastructure) | (a) | 6.125% | 02/01/2025 | 300,000 | 292,231 | |||||||||
TK Elevator U.S. Newco, Inc. (Building Products) | (a) | 5.250% | 07/15/2027 | 325,000 | 300,259 |
60 | (continued) |
Ohio National Fund, Inc. | ON Federated High Income Bond Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||
INDUSTRIALS (continued) | ||||||||||||||
TransDigm U.K. Holdings PLC (Aerospace & Defense) | 6.875% | 05/15/2026 | $ 275,000 | $ | 272,439 | |||||||||
TransDigm, Inc. (Aerospace & Defense) | (a) | 6.250% | 03/15/2026 | 600,000 | 597,068 | |||||||||
TransDigm, Inc. (Aerospace & Defense) | 6.375% | 06/15/2026 | 550,000 | 542,854 | ||||||||||
TransDigm, Inc. (Aerospace & Defense) | 5.500% | 11/15/2027 | 150,000 | 141,480 | ||||||||||
TransDigm, Inc. (Aerospace & Defense) | 4.625% | 01/15/2029 | 125,000 | 111,195 | ||||||||||
TransDigm, Inc. (Aerospace & Defense) | 4.875% | 05/01/2029 | 425,000 | 379,637 | ||||||||||
United Rentals North America, Inc. (Trading Companies & Distributors) | 5.500% | 05/15/2027 | 25,000 | 24,605 | ||||||||||
United Rentals North America, Inc. (Trading Companies & Distributors) | 4.875% | 01/15/2028 | 325,000 | 309,267 | ||||||||||
United Rentals North America, Inc. (Trading Companies & Distributors) | 5.250% | 01/15/2030 | 75,000 | 71,589 | ||||||||||
United Rentals North America, Inc. (Trading Companies & Distributors) | 3.875% | 02/15/2031 | 50,000 | 43,290 | ||||||||||
United Rentals North America, Inc. (Trading Companies & Distributors) | 3.750% | 01/15/2032 | 150,000 | 127,044 | ||||||||||
Watco Cos. LLC / Watco Finance Corp. (Ground Transportation) | (a) | 6.500% | 06/15/2027 | 400,000 | 380,119 | |||||||||
WESCO Distribution, Inc. (Trading Companies & Distributors) | (a) | 7.125% | 06/15/2025 | 100,000 | 101,053 | |||||||||
WESCO Distribution, Inc. (Trading Companies & Distributors) | (a) | 7.250% | 06/15/2028 | 225,000 | 229,513 | |||||||||
White Cap Buyer LLC (Building Products) | (a) | 6.875% | 10/15/2028 | 425,000 | 385,156 | |||||||||
White Cap Parent LLC (Building Products) | (a)(b) | 8.250%, 9.000% PIK | 03/15/2026 | 325,000 | 311,327 | |||||||||
|
| |||||||||||||
12,364,483 | ||||||||||||||
|
| |||||||||||||
INFORMATION TECHNOLOGY – 7.8% | ||||||||||||||
AthenaHealth Group, Inc. (Software) | (a) | 6.500% | 02/15/2030 | 1,125,000 | 946,845 | |||||||||
Black Knight InfoServ LLC (IT Svs.) | (a) | 3.625% | 09/01/2028 | 275,000 | 246,125 | |||||||||
Boxer Parent Co., Inc. (Software) | (a) | 9.125% | 03/01/2026 | 325,000 | 323,375 | |||||||||
Capstone Borrower, Inc. (Software) | (a) | 8.000% | 06/15/2030 | 300,000 | 296,253 | |||||||||
Central Parent, Inc. / CDK Global, Inc. (Software) | (a) | 7.250% | 06/15/2029 | 550,000 | 543,835 | |||||||||
Ciena Corp. (Communications Equip.) | (a) | 4.000% | 01/31/2030 | 75,000 | 65,344 | |||||||||
Cloud Software Group, Inc. (Software) | (a) | 6.500% | 03/31/2029 | 400,000 | 356,152 | |||||||||
Cloud Software Group, Inc. (Software) | (a) | 9.000% | 09/30/2029 | 225,000 | 196,523 | |||||||||
Coherent Corp. (Electronic Equip., Instr. & Comp.) | (a) | 5.000% | 12/15/2029 | 475,000 | 428,740 | |||||||||
Consensus Cloud Solutions, Inc. (Software) | (a) | 6.000% | 10/15/2026 | 200,000 | 181,500 | |||||||||
Consensus Cloud Solutions, Inc. (Software) | (a) | 6.500% | 10/15/2028 | 300,000 | 256,500 | |||||||||
Elastic N.V. (Software) | (a) | 4.125% | 07/15/2029 | 425,000 | 366,636 | |||||||||
Fair Isaac Corp. (Software) | (a) | 4.000% | 06/15/2028 | 125,000 | 114,676 | |||||||||
Gartner, Inc. (IT Svs.) | (a) | 4.500% | 07/01/2028 | 50,000 | 46,710 | |||||||||
Gartner, Inc. (IT Svs.) | (a) | 3.750% | 10/01/2030 | 125,000 | 108,865 | |||||||||
Go Daddy Operating Co. LLC / GD Finance Co., Inc. (IT Svs.) | (a) | 5.250% | 12/01/2027 | 350,000 | 332,500 | |||||||||
Helios Software Holdings, Inc. / ION Corporate Solutions Finance SARL (Software) | (a) | 4.625% | 05/01/2028 | 375,000 | 318,750 | |||||||||
McAfee Corp. (Software) | (a) | 7.375% | 02/15/2030 | 1,250,000 | 1,086,903 | |||||||||
NCR Corp. (Software) | (a) | 5.000% | 10/01/2028 | 225,000 | 200,797 | |||||||||
NCR Corp. (Software) | (a) | 5.125% | 04/15/2029 | 50,000 | 44,263 | |||||||||
NCR Corp. (Software) | (a) | 6.125% | 09/01/2029 | 50,000 | 50,042 | |||||||||
NCR Corp. (Software) | (a) | 5.250% | 10/01/2030 | 325,000 | 282,556 | |||||||||
Open Text Corp. (Software) | (a) | 3.875% | 12/01/2029 | 350,000 | 292,552 | |||||||||
Rocket Software, Inc. (Software) | (a) | 6.500% | 02/15/2029 | 625,000 | 526,374 | |||||||||
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.) | (a) | 8.250% | 12/15/2029 | 125,000 | 130,559 | |||||||||
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.) | (a) | 9.625% | 12/01/2032 | 425,250 | 469,237 | |||||||||
SS&C Technologies, Inc. (Professional Svs.) | (a) | 5.500% | 09/30/2027 | 600,000 | 574,397 | |||||||||
Synaptics, Inc. (Semiconductors & Equip.) | (a) | 4.000% | 06/15/2029 | 125,000 | 104,796 | |||||||||
TTM Technologies, Inc. (Electronic Equip., Instr. & Comp.) | (a) | 4.000% | 03/01/2029 | 450,000 | 382,486 | |||||||||
Veritas U.S., Inc. / Veritas Bermuda Ltd. (Software) | (a) | 7.500% | 09/01/2025 | 475,000 | 385,422 | |||||||||
Viavi Solutions, Inc. (Communications Equip.) | (a) | 3.750% | 10/01/2029 | 75,000 | 63,728 | |||||||||
|
| |||||||||||||
9,723,441 | ||||||||||||||
|
| |||||||||||||
MATERIALS – 10.4% | ||||||||||||||
ARD Finance SA (Containers & Packaging) | (a)(b) | 6.500%, 7.250% PIK | 06/30/2027 | 653,176 | 529,168 | |||||||||
Ardagh Metal Packaging Finance U.S.A. LLC / Ardagh Metal Packaging Finance PLC (Containers & Packaging) | (a) | 4.000% | 09/01/2029 | 475,000 | 376,197 | |||||||||
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging) | (a) | 5.250% | 08/15/2027 | 775,000 | 656,488 | |||||||||
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging) | (a) | 5.250% | 08/15/2027 | 275,000 | 232,947 | |||||||||
Axalta Coating Systems LLC (Chemicals) | (a) | 3.375% | 02/15/2029 | 150,000 | 127,688 | |||||||||
Axalta Coating Systems LLC / Axalta Coating Systems Dutch Holding B B.V. (Chemicals) | (a) | 4.750% | 06/15/2027 | 150,000 | 141,382 | |||||||||
Ball Corp. (Containers & Packaging) | 6.875% | 03/15/2028 | 25,000 | 25,497 | ||||||||||
Ball Corp. (Containers & Packaging) | 6.000% | 06/15/2029 | 100,000 | 99,250 | ||||||||||
Ball Corp. (Containers & Packaging) | 2.875% | 08/15/2030 | 325,000 | 269,791 | ||||||||||
Ball Corp. (Containers & Packaging) | 3.125% | 09/15/2031 | 75,000 | 61,693 | ||||||||||
Berry Global, Inc. (Containers & Packaging) | (a) | 5.625% | 07/15/2027 | 250,000 | 244,688 | |||||||||
Clearwater Paper Corp. (Paper & Forest Products) | (a) | 5.375% | 02/01/2025 | 575,000 | 560,624 | |||||||||
Cleveland-Cliffs, Inc. (Metals & Mining) | (a) | 4.875% | 03/01/2031 | 325,000 | 285,630 | |||||||||
Clydesdale Acquisition Holdings, Inc. (Containers & Packaging) | (a) | 8.750% | 04/15/2030 | 1,250,000 | 1,103,405 | |||||||||
Coeur Mining, Inc. (Metals & Mining) | (a) | 5.125% | 02/15/2029 | 325,000 | 268,125 | |||||||||
Crown Americas LLC / Crown Americas Capital Corp. V (Containers & Packaging) | 4.250% | 09/30/2026 | 50,000 | 47,350 | ||||||||||
Crown Americas LLC / Crown Americas Capital Corp. VI (Containers & Packaging) | 4.750% | 02/01/2026 | 275,000 | 266,521 |
61 | (continued) |
Ohio National Fund, Inc. | ON Federated High Income Bond Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||
MATERIALS (continued) | ||||||||||||||
Diamond BC B.V. (Chemicals) | (a) | 4.625% | 10/01/2029 | $ `750,000 | $ | 756,571 | ||||||||
Element Solutions, Inc. (Chemicals) | (a) | 3.875% | 09/01/2028 | 300,000 | 261,713 | |||||||||
Graphic Packaging International LLC (Containers & Packaging) | (a) | 4.750% | 07/15/2027 | 150,000 | 142,615 | |||||||||
Graphic Packaging International LLC (Containers & Packaging) | (a) | 3.500% | 03/15/2028 | 100,000 | 89,422 | |||||||||
Graphic Packaging International LLC (Containers & Packaging) | (a) | 3.500% | 03/01/2029 | 100,000 | 87,443 | |||||||||
Graphic Packaging International LLC (Containers & Packaging) | (a) | 3.750% | 02/01/2030 | 25,000 | 21,563 | |||||||||
H.B. Fuller Co. (Chemicals) | 4.250% | 10/15/2028 | 125,000 | 111,255 | ||||||||||
Herens Holdco SARL (Chemicals) | (a) | 4.750% | 05/15/2028 | 500,000 | 387,500 | |||||||||
Mauser Packaging Solutions Holding Co. (Containers & Packaging) | (a) | 7.875% | 08/15/2026 | 325,000 | 322,890 | |||||||||
Mauser Packaging Solutions Holding Co. (Containers & Packaging) | (a) | 9.250% | 04/15/2027 | 225,000 | 207,675 | |||||||||
OI European Group B.V. (Containers & Packaging) | (a) | 4.750% | 02/15/2030 | 300,000 | 270,768 | |||||||||
Olympus Water U.S. Holding Corp. (Chemicals) | (a) | 7.125% | 10/01/2027 | 200,000 | 180,320 | |||||||||
Olympus Water U.S. Holding Corp. (Chemicals) | (a) | 4.250% | 10/01/2028 | 200,000 | 158,109 | |||||||||
Olympus Water U.S. Holding Corp. (Chemicals) | (a) | 9.750% | 11/15/2028 | 275,000 | 268,207 | |||||||||
Olympus Water U.S. Holding Corp. (Chemicals) | (a) | 6.250% | 10/01/2029 | 400,000 | 289,320 | |||||||||
Owens-Brockway Glass Container, Inc. (Containers & Packaging) | (a) | 6.375% | 08/15/2025 | 450,000 | 450,893 | |||||||||
Owens-Brockway Glass Container, Inc. (Containers & Packaging) | (a) | 6.625% | 05/13/2027 | 38,000 | 37,627 | |||||||||
Owens-Brockway Glass Container, Inc. (Containers & Packaging) | (a) | 7.250% | 05/15/2031 | 175,000 | 177,188 | |||||||||
Polar U.S. Borrower LLC / Schenectady International Group, Inc. (Chemicals) | (a) | 6.750% | 05/15/2026 | 200,000 | 117,998 | |||||||||
Sealed Air Corp. (Containers & Packaging) | (a) | 4.000% | 12/01/2027 | 200,000 | 182,549 | |||||||||
Sealed Air Corp. (Containers & Packaging) | (a) | 5.000% | 04/15/2029 | 75,000 | 69,783 | |||||||||
SPCM SA (Chemicals) | (a) | 3.375% | 03/15/2030 | 200,000 | 166,371 | |||||||||
SRS Distribution, Inc. (Construction Materials) | (a) | 6.125% | 07/01/2029 | 200,000 | 172,726 | |||||||||
SRS Distribution, Inc. (Construction Materials) | (a) | 6.000% | 12/01/2029 | 750,000 | 647,287 | |||||||||
Standard Industries, Inc. (Construction Materials) | (a) | 5.000% | 02/15/2027 | 1,000,000 | 953,050 | |||||||||
Standard Industries, Inc. (Construction Materials) | (a) | 4.750% | 01/15/2028 | 25,000 | 23,281 | |||||||||
Trivium Packaging Finance B.V. (Containers & Packaging) | (a) | 5.500% | 08/15/2026 | 200,000 | 192,031 | |||||||||
Trivium Packaging Finance B.V. (Containers & Packaging) | (a) | 8.500% | 08/15/2027 | 675,000 | 649,766 | |||||||||
W.R. Grace Holdings LLC (Chemicals) | (a) | 4.875% | 06/15/2027 | 100,000 | 92,743 | |||||||||
W.R. Grace Holdings LLC (Chemicals) | (a) | 5.625% | 08/15/2029 | 250,000 | 204,825 | |||||||||
|
| |||||||||||||
12,989,933 | ||||||||||||||
|
| |||||||||||||
REAL ESTATE – 1.0% | ||||||||||||||
Iron Mountain, Inc. (Specialized REITs) | (a) | 7.000% | 02/15/2029 | 300,000 | 300,505 | |||||||||
Outfront Media Capital LLC / Outfront Media Capital Corp. (Specialized REITs) | (a) | 5.000% | 08/15/2027 | 50,000 | 45,385 | |||||||||
Outfront Media Capital LLC / Outfront Media Capital Corp. (Specialized REITs) | (a) | 4.250% | 01/15/2029 | 100,000 | 84,036 | |||||||||
Outfront Media Capital LLC / Outfront Media Capital Corp. (Specialized REITs) | (a) | 4.625% | 03/15/2030 | 225,000 | 187,449 | |||||||||
RHP Hotel Properties LP / RHP Finance Corp. (Hotel & Resort REITs) | (a) | 7.250% | 07/15/2028 | 75,000 | 75,767 | |||||||||
VICI Properties LP / VICI Note Co., Inc. (Specialized REITs) | (a) | 4.625% | 06/15/2025 | 50,000 | 48,312 | |||||||||
VICI Properties LP / VICI Note Co., Inc. (Specialized REITs) | (a) | 4.250% | 12/01/2026 | 175,000 | 163,709 | |||||||||
VICI Properties LP / VICI Note Co., Inc. (Specialized REITs) | (a) | 3.875% | 02/15/2029 | 50,000 | 43,878 | |||||||||
VICI Properties LP / VICI Note Co., Inc. (Specialized REITs) | (a) | 4.625% | 12/01/2029 | 225,000 | 204,271 | |||||||||
VICI Properties LP / VICI Note Co., Inc. (Specialized REITs) | (a) | 4.125% | 08/15/2030 | 100,000 | 88,043 | |||||||||
|
| |||||||||||||
1,241,355 | ||||||||||||||
|
| |||||||||||||
UTILITIES – 3.7% | ||||||||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. (Gas Utilities) | 5.875% | 08/20/2026 | 400,000 | 376,240 | ||||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. (Gas Utilities) | 5.750% | 05/20/2027 | 100,000 | 91,923 | ||||||||||
Calpine Corp. (Ind. Power & Renewable Elec.) | (a) | 5.250% | 06/01/2026 | 50,000 | 48,285 | |||||||||
Calpine Corp. (Ind. Power & Renewable Elec.) | (a) | 4.500% | 02/15/2028 | 425,000 | 384,766 | |||||||||
Calpine Corp. (Ind. Power & Renewable Elec.) | (a) | 4.625% | 02/01/2029 | 150,000 | 126,552 | |||||||||
Calpine Corp. (Ind. Power & Renewable Elec.) | (a) | 5.000% | 02/01/2031 | 100,000 | 82,707 | |||||||||
Calpine Corp. (Ind. Power & Renewable Elec.) | (a) | 3.750% | 03/01/2031 | 300,000 | 243,031 | |||||||||
Emerald Debt Merger Sub LLC (Electric Utilities) | (a) | 6.625% | 12/15/2030 | 500,000 | 495,625 | |||||||||
NRG Energy, Inc. (Electric Utilities) | 6.625% | 01/15/2027 | 76,000 | 75,444 | ||||||||||
NRG Energy, Inc. (Electric Utilities) | (a) | 3.375% | 02/15/2029 | 25,000 | 20,447 | |||||||||
NRG Energy, Inc. (Electric Utilities) | (a) | 3.625% | 02/15/2031 | 25,000 | 19,516 | |||||||||
NRG Energy, Inc. (Electric Utilities) | (a) | 3.875% | 02/15/2032 | 775,000 | 597,126 | |||||||||
Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities) | 5.875% | 03/01/2027 | 600,000 | 579,705 | ||||||||||
Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities) | (a) | 5.000% | 06/01/2031 | 125,000 | 104,644 | |||||||||
TerraForm Power Operating LLC (Ind. Power & Renewable Elec.) | (a) | 5.000% | 01/31/2028 | 750,000 | 690,495 | |||||||||
TransAlta Corp. (Ind. Power & Renewable Elec.) | 7.750% | 11/15/2029 | 175,000 | 180,163 | ||||||||||
Vistra Operations Co. LLC (Ind. Power & Renewable Elec.) | (a) | 5.500% | 09/01/2026 | 225,000 | 216,505 | |||||||||
Vistra Operations Co. LLC (Ind. Power & Renewable Elec.) | (a) | 5.000% | 07/31/2027 | 375,000 | 351,006 | |||||||||
|
| |||||||||||||
4,684,180 | ||||||||||||||
|
| |||||||||||||
Total Corporate Bonds (Cost $133,607,470) | $ | 119,994,648 | ||||||||||||
|
|
62 | (continued) |
Ohio National Fund, Inc. | ON Federated High Income Bond Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks – 0.0% | Shares | Value | ||||||||
COMMUNICATION SERVICES – 0.0% | ||||||||||
iHeartMedia, Inc. Class A (Media) | (c) | 7,387 | $ | 26,889 | ||||||
|
| |||||||||
Total Common Stocks (Cost $178,496) | $ | 26,889 | ||||||||
|
| |||||||||
Rights – 0.0% | Quantity | Value | ||||||||
COMMUNICATION SERVICES – 0.0% | ||||||||||
Intelsat Jackson Holdings SA (Diversified Telecom. Svs.) | (c) | 591 | $ | 2,807 | ||||||
|
| |||||||||
Total Rights (Cost $0) | $ | 2,807 | ||||||||
|
| |||||||||
Total Investments – 96.1% (Cost $133,785,966) | (d) | $ | 120,024,344 | |||||||
Other Assets in Excess of Liabilities – 3.9% | 4,865,738 | |||||||||
|
| |||||||||
Net Assets – 100.0% | $ | 124,890,082 | ||||||||
|
|
Percentages are stated as a percent of net assets.
Abbreviations:
PIK: | Payment-in-Kind |
REITs: | Real Estate Investment Trusts |
Footnotes:
(a) | Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers under Rule 144A. At June 30, 2023, the value of these securities totaled $99,992,545, or 80.1% of the Portfolio’s net assets. |
(b) | Issuer of the security has the option to make coupon payments in cash or in additional par value of this bond (Payment-in-Kind). |
(c) | Non-income producing security. |
(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.
63 |
Ohio National Fund, Inc. | ON Nasdaq-100® Index Portfolio (Unaudited) |
Objective/Strategy |
The ON Nasdaq-100® Index Portfolio seeks long-term growth of capital by investing, under normal circumstances, more than 80% of its net assets in the common stocks of companies that are included in the Nasdaq-100® Index.
Performance as of June 30, 2023 |
Average Annual returns | ||||
One year | 32.76 | % | ||
Five years | 17.21 | % | ||
Ten years | 18.67 | % |
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 the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts, or as an underlying investment by the ON Model Portfolios. 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 0.43% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 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 six-month period ended June 30, 2023, the Portfolio returned 39.09% versus 39.35% for its benchmark, the Nasdaq-100® Index.
Q. What affected the Portfolio’s performance?
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 six-month period 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. There was no impact from either sector allocation or stock selection that caused any significant performance variance between the Portfolio and its benchmark. Information Technology, Communication Services and Consumer Discretionary were the top contributors for the six-month period. Utilities and Financials were the top detractors from performance. Because the Portfolio weights its holdings to be similar to those utilized by the benchmark, there were no holdings that significantly contributed to, or detracted from, the Portfolio’s benchmark-relative performance. Benchmark constituents that contributed the most to Portfolio and benchmark returns were NVIDIA Corp., Apple, Inc., and Microsoft Corp. Moderna, Inc., Amgen, Inc., and Enphase Energy, Inc. were leading detractors. Derivatives had no significant impact on the Portfolio’s performance. (1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.
The 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.
| 64 | (continued) |
Ohio National Fund, Inc. | ON Nasdaq-100® Index Portfolio (Unaudited) (Continued) |
Portfolio Composition as of June 30, 2023 (1) |
% of Net Assets | ||||
Common Stocks (4) | 100.2 | |||
U.S. Treasury Obligations | 0.0 | |||
Less Net Liabilities | (0.2 | ) | ||
|
| |||
100.0 | ||||
|
|
(1) | Composition of Portfolio subject to change. |
(2) | Short-term investments have been excluded from the list of Top 10 Portfolio Holdings. |
(3) | Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher. |
(4) | Sectors (Common Stocks): |
% of Net Assets | ||||
Information Technology | 51.5 | |||
Communication Services | 16.5 | |||
Consumer Discretionary | 15.2 | |||
Health Care | 5.7 | |||
Consumer Staples | 5.3 | |||
Industrials | 3.9 | |||
Utilities | 1.0 | |||
Financials | 0.5 | |||
Energy | 0.4 | |||
Real Estate | 0.2 | |||
|
| |||
100.2 | ||||
|
|
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||||
1. | Microsoft Corp. | 12.9 | ||||
2. | Apple, Inc. | 12.6 | ||||
3. | NVIDIA Corp. | 7.0 | ||||
4. | Amazon.com, Inc. | 6.9 | ||||
5. | Tesla, Inc. | 4.3 | ||||
6. | Meta Platforms, Inc. Class A | 4.2 | ||||
7. | Alphabet, Inc. Class A | 3.7 | ||||
8. | Alphabet, Inc. Class C | 3.6 | ||||
9. | Broadcom, Inc. | 2.4 | ||||
10. | PepsiCo, Inc. | 1.7 |
| 65 |
Ohio National Fund, Inc. | ON Nasdaq-100® Index Portfolio | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks – 100.2% | Shares | Value | ||||||||||
COMMUNICATION SERVICES – 16.5% |
| |||||||||||
Activision Blizzard, Inc. (Entertainment) | (a | ) | 13,372 | $ | 1,127,260 | |||||||
Alphabet, Inc. Class A (Interactive Media & Svs.) | (a | ) | 79,396 | 9,503,701 | ||||||||
Alphabet, Inc. Class C (Interactive Media & Svs.) | (a | ) | 77,020 | 9,317,109 | ||||||||
Charter Communications, Inc. Class A (Media) | (a | ) | 2,561 | 940,835 | ||||||||
Comcast Corp. Class A (Media) | 70,752 | 2,939,746 | ||||||||||
Electronic Arts, Inc. (Entertainment) | 4,639 | 601,678 | ||||||||||
Meta Platforms, Inc. Class A (Interactive Media & Svs.) | (a | ) | 37,629 | 10,798,770 | ||||||||
Netflix, Inc. (Entertainment) | (a | ) | 7,562 | 3,330,985 | ||||||||
Sirius XM Holdings, Inc. (Media) | 65,796 | 298,056 | ||||||||||
T-Mobile U.S., Inc. (Wireless Telecom. Svs.) | (a | ) | 20,410 | 2,834,949 | ||||||||
Warner Bros Discovery, Inc. (Entertainment) | (a | ) | 41,442 | 519,683 | ||||||||
|
| |||||||||||
42,212,772 | ||||||||||||
|
| |||||||||||
CONSUMER DISCRETIONARY – 15.2% | ||||||||||||
Airbnb, Inc. Class A (Hotels, Restaurants & Leisure) | (a | ) | 7,015 | 899,042 | ||||||||
Amazon.com, Inc. (Broadline Retail) | (a | ) | 134,533 | 17,537,722 | ||||||||
Booking Holdings, Inc. (Hotels, Restaurants & Leisure) | (a | ) | 628 | 1,695,807 | ||||||||
eBay, Inc. (Broadline Retail) | 9,096 | 406,500 | ||||||||||
JD.com, Inc. – ADR (Broadline Retail) | 7,723 | 263,586 | ||||||||||
Lucid Group, Inc. (Automobiles) | (a | ) | 31,120 | 214,417 | ||||||||
Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods) | (a | ) | 2,079 | 786,902 | ||||||||
Marriott International, Inc. Class A (Hotels, Restaurants & Leisure) | 5,184 | 952,249 | ||||||||||
MercadoLibre, Inc. (Broadline Retail) | (a | ) | 854 | 1,011,648 | ||||||||
O’Reilly Automotive, Inc. (Specialty Retail) | (a | ) | 1,036 | 989,691 | ||||||||
PDD Holdings, Inc. – ADR (Broadline Retail) | (a | ) | 10,387 | 718,157 | ||||||||
Ross Stores, Inc. (Specialty Retail) | 5,818 | 652,372 | ||||||||||
Starbucks Corp. (Hotels, Restaurants & Leisure) | 19,500 | 1,931,670 | ||||||||||
Tesla, Inc. (Automobiles) | (a | ) | 41,559 | 10,878,900 | ||||||||
|
| |||||||||||
38,938,663 | ||||||||||||
|
| |||||||||||
CONSUMER STAPLES – 5.3% |
| |||||||||||
Costco Wholesale Corp. (Consumer Staples Distribution & Retail) | 7,544 | 4,061,539 | ||||||||||
Dollar Tree, Inc. (Consumer Staples Distribution & Retail) | (a | ) | 3,749 | 537,982 | ||||||||
Keurig Dr Pepper, Inc. (Beverages) | 23,880 | 746,728 | ||||||||||
Kraft Heinz Co. / The (Food Products) | 20,876 | 741,098 | ||||||||||
Mondelez International, Inc. Class A (Food Products) | 23,165 | 1,689,655 | ||||||||||
Monster Beverage Corp. (Beverages) | (a | ) | 17,805 | 1,022,719 | ||||||||
PepsiCo, Inc. (Beverages) | 23,434 | 4,340,445 | ||||||||||
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail) | 14,678 | 418,176 | ||||||||||
|
| |||||||||||
13,558,342 | ||||||||||||
|
| |||||||||||
ENERGY – 0.4% |
| |||||||||||
Baker Hughes Co. (Energy Equip. & Svs.) | 17,221 | 544,356 | ||||||||||
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 3,080 | 404,589 | ||||||||||
|
| |||||||||||
948,945 | ||||||||||||
|
| |||||||||||
FINANCIALS – 0.5% |
| |||||||||||
PayPal Holdings, Inc. (Financial Services) | (a | ) | 18,979 | 1,266,469 | ||||||||
|
| |||||||||||
HEALTH CARE – 5.7% |
| |||||||||||
Align Technology, Inc. (Health Care Equip. & Supplies) | (a | ) | 1,302 | 460,439 | ||||||||
Amgen, Inc. (Biotechnology) | 9,089 | 2,017,940 | ||||||||||
AstraZeneca PLC – ADR (Pharmaceuticals) | 10,068 | 720,567 | ||||||||||
Biogen, Inc. (Biotechnology) | (a | ) | 2,462 | 701,301 |
Common Stocks (Continued) | Shares | Value | ||||||||||
HEALTH CARE (continued) |
| |||||||||||
Dexcom, Inc. (Health Care Equip. & Supplies) | (a | ) | 6,594 | $ | 847,395 | |||||||
GE HealthCare Technologies, Inc. (Health Care Equip. & Supplies) | 7,734 | 628,310 | ||||||||||
Gilead Sciences, Inc. (Biotechnology) | 21,218 | 1,635,271 | ||||||||||
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies) | (a | ) | 1,412 | 709,149 | ||||||||
Illumina, Inc. (Life Sciences Tools & Svs.) | (a | ) | 2,689 | 504,161 | ||||||||
Intuitive Surgical, Inc. (Health Care Equip. & Supplies) | (a | ) | 5,960 | 2,037,962 | ||||||||
Moderna, Inc. (Biotechnology) | (a | ) | 6,485 | 787,927 | ||||||||
Regeneron Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 1,835 | 1,318,521 | ||||||||
Seagen, Inc. (Biotechnology) | (a | ) | 3,190 | 613,947 | ||||||||
Vertex Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 4,381 | 1,541,718 | ||||||||
|
| |||||||||||
14,524,608 | ||||||||||||
|
| |||||||||||
INDUSTRIALS – 3.9% |
| |||||||||||
Automatic Data Processing, Inc. (Professional Svs.) | 7,027 | 1,544,464 | ||||||||||
Cintas Corp. (Commercial Svs. & Supplies) | 1,730 | 859,948 | ||||||||||
Copart, Inc. (Commercial Svs. & Supplies) | (a | ) | 8,121 | 740,716 | ||||||||
CSX Corp. (Ground Transportation) | 34,583 | 1,179,280 | ||||||||||
Fastenal Co. (Trading Companies & Distributors) | 9,714 | 573,029 | ||||||||||
Honeywell International, Inc. (Industrial Conglomerates) | 11,323 | 2,349,523 | ||||||||||
Old Dominion Freight Line, Inc. (Ground Transportation) | 1,865 | 689,584 | ||||||||||
PACCAR, Inc. (Machinery) | 8,889 | 743,565 | ||||||||||
Paychex, Inc. (Professional Svs.) | 6,133 | 686,099 | ||||||||||
Verisk Analytics, Inc. (Professional Svs.) | 2,463 | 556,712 | ||||||||||
|
| |||||||||||
9,922,920 | ||||||||||||
|
| |||||||||||
INFORMATION TECHNOLOGY – 51.5% |
| |||||||||||
Adobe, Inc. (Software) | (a | ) | 7,803 | 3,815,589 | ||||||||
Advanced Micro Devices, Inc. (Semiconductors & Equip.) | (a | ) | 27,393 | 3,120,337 | ||||||||
Analog Devices, Inc. (Semiconductors & Equip.) | 8,529 | 1,661,534 | ||||||||||
ANSYS, Inc. (Software) | (a | ) | 1,474 | 486,818 | ||||||||
Apple, Inc. (Tech. Hardware, Storage & Periph.) | 165,874 | 32,174,580 | ||||||||||
Applied Materials, Inc. (Semiconductors & Equip.) | 14,284 | 2,064,609 | ||||||||||
ASML Holding N.V. (Semiconductors & Equip.) | 1,493 | 1,082,052 | ||||||||||
Atlassian Corp. Class A (Software) | (a | ) | 2,584 | 433,621 | ||||||||
Autodesk, Inc. (Software) | (a | ) | 3,643 | 745,394 | ||||||||
Broadcom, Inc. (Semiconductors & Equip.) | 7,092 | 6,151,813 | ||||||||||
Cadence Design Systems, Inc. (Software) | (a | ) | 4,638 | 1,087,704 | ||||||||
Cisco Systems, Inc. (Communications Equip.) | 69,317 | 3,586,462 | ||||||||||
Cognizant Technology Solutions Corp. Class A (IT Svs.) | 8,632 | 563,497 | ||||||||||
Crowdstrike Holdings, Inc. Class A (Software) | (a | ) | 3,813 | 560,015 | ||||||||
Datadog, Inc. Class A (Software) | (a | ) | 5,040 | 495,835 | ||||||||
Enphase Energy, Inc. (Semiconductors & Equip.) | (a | ) | 2,331 | 390,396 | ||||||||
Fortinet, Inc. (Software) | (a | ) | 13,356 | 1,009,580 | ||||||||
GLOBALFOUNDRIES, Inc. (Semiconductors & Equip.) | (a | ) | 9,318 | 601,756 | ||||||||
Intel Corp. (Semiconductors & Equip.) | 70,950 | 2,372,568 | ||||||||||
Intuit, Inc. (Software) | 4,764 | 2,182,817 | ||||||||||
KLA Corp. (Semiconductors & Equip.) | 2,334 | 1,132,037 | ||||||||||
Lam Research Corp. (Semiconductors & Equip.) | 2,285 | 1,468,935 | ||||||||||
Marvell Technology, Inc. (Semiconductors & Equip.) | 14,629 | 874,522 |
| 66 | (continued) |
Ohio National Fund, Inc. | ON Nasdaq-100® Index Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
INFORMATION TECHNOLOGY (continued) | ||||||||||||
Microchip Technology, Inc. (Semiconductors & Equip.) | 9,277 | $ | 831,126 | |||||||||
Micron Technology, Inc. (Semiconductors & Equip.) | 18,616 | 1,174,856 | ||||||||||
Microsoft Corp. (Software) | 97,089 | 33,062,688 | ||||||||||
NVIDIA Corp. (Semiconductors & Equip.) | 42,015 | 17,773,185 | ||||||||||
NXP Semiconductors N.V. (Semiconductors & Equip.) | 4,418 | 904,276 | ||||||||||
ON Semiconductor Corp. (Semiconductors & Equip.) | (a | ) | 7,346 | 694,785 | ||||||||
Palo Alto Networks, Inc. (Software) | (a | ) | 5,203 | 1,329,418 | ||||||||
QUALCOMM, Inc. (Semiconductors & Equip.) | 18,949 | 2,255,689 | ||||||||||
Synopsys, Inc. (Software) | (a | ) | 2,588 | 1,126,841 | ||||||||
Texas Instruments, Inc. (Semiconductors & Equip.) | 15,439 | 2,779,329 | ||||||||||
Workday, Inc. Class A (Software) | (a | ) | 3,504 | 791,519 | ||||||||
Zoom Video Communications, Inc. Class A (Software) | (a | ) | 4,268 | 289,712 | ||||||||
Zscaler, Inc. (Software) | (a | ) | 2,469 | 361,215 | ||||||||
|
| |||||||||||
131,437,110 | ||||||||||||
|
|
Common Stocks (Continued) | Shares | Value | ||||||||||
REAL ESTATE – 0.2% | ||||||||||||
CoStar Group, Inc. (Real Estate Mgmt. & Development) | (a | ) | 6,949 | $ | 618,461 | |||||||
UTILITIES – 1.0% | ||||||||||||
American Electric Power Co., Inc. (Electric Utilities) | 8,757 | 737,339 | ||||||||||
Constellation Energy Corp. (Electric Utilities) | 5,518 | 505,173 | ||||||||||
Exelon Corp. (Electric Utilities) | 16,918 | 689,239 | ||||||||||
Xcel Energy, Inc. (Electric Utilities) | 9,362 | 582,036 | ||||||||||
|
| |||||||||||
2,513,787 | ||||||||||||
|
| |||||||||||
Total Common Stocks | $ | 255,942,077 | ||||||||||
|
|
U.S. Treasury Obligations – 0.0% | Rate | Maturity | Face Amount | Value | ||||||||||||
U.S. Treasury Bill | (b) | 0.000% | 09/07/2023 | $100,000 | $ | 99,059 | ||||||||||
|
| |||||||||||||||
Total U.S. Treasury Obligations |
| $ | 99,059 | |||||||||||||
|
| |||||||||||||||
Total Investments – 100.2% |
| (c) | $ | 256,041,136 | ||||||||||||
Liabilities in Excess of Other |
| (b) | (545,415 | ) | ||||||||||||
|
| |||||||||||||||
Net Assets – 100.0% |
| $ | 255,495,721 | |||||||||||||
|
|
Percentages are stated as a percent of net assets.
Abbreviations:
ADR: American Depositary Receipts
Footnotes:
(a) | Non-income producing security. |
(b) | Security is fully pledged, in addition to $2,741 of the Portfolio’s cash holdings, as collateral for the futures contracts outstanding at June 30, 2023. See also the following Schedule of Open Futures Contracts. |
(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.
Schedule of Open Futures Contracts | June 30, 2023 (Unaudited) |
Description | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable (Payable) | ||||||
CME E-mini Nasdaq-100 Index - Long | 6 | September 15, 2023 | $1,808,545 | $1,840,440 | $31,895 | $28,410 |
The accompanying notes are an integral part of these financial statements.
67 |
Ohio National Fund, Inc. | ON BlackRock Advantage Large Cap Core Portfolio (Unaudited) |
Objective/Strategy |
The ON BlackRock Advantage Large Cap Core Portfolio seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in common stocks of the 1,000 largest publicly traded U.S. companies in terms of market capitalization.
Performance as of June 30, 2023 |
Average Annual returns | ||||
One year | 17.95 | % | ||
Five years | 9.01 | % | ||
Ten years | 12.28 | % |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price and reinvestment of dividends and capital gains. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information up to the most recent month end, call toll-free 1-877-781-6392.
The Portfolio is not open to direct retail investment. Beneficial interest in the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts, or as an underlying investment by the ON Model Portfolios. 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 0.69% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 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 six-month period ended June 30, 2023, the Portfolio returned 16.25% versus 16.89% for its benchmark, the S&P 500® Index.
Q. What affected the Portfolio’s performance?
A. Security selection in Health Care was the primary source of weakness, with adverse performance across providers and health insurers. This includes positioning around sentiment for weight loss drugs, deal activity for biopharma amid patent expiration, and the impact to health insurers amid an expected surge in expenses. Sentiment measures detracted, as insights designed to capture sentiment from bond markets and measures that evaluate institutional investor interest struggled. Fundamental measures that evaluate managerial quality also detracted. Other nontraditional measures of company quality, such as those that evaluate company benefits and insights with a preference for founder led companies, also struggled.
Macro thematic insights helped offset the weakness by capturing the artificial intelligence (“AI”) related market rally. Specifically, industry positioning driven by inventory trends, expectations of a soft economic landing and news sentiment motivated an overweight to the Information Technology sector. Elsewhere, fundamental valuation measures also provided ballast. Derivatives had no significant impact on the Portfolio’s performance. (1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.
The S&P 500® Index is a capitalization-weighted index designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index presented 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.
68 | (continued) |
Ohio National Fund, Inc. | ON BlackRock Advantage Large Cap Core Portfolio (Unaudited) (Continued) |
Portfolio Composition as of June 30, 2023 (1) |
% of Net Assets | ||||
Common Stocks (4) | 100.0 | |||
Less Net Liabilities | (0.0 | ) | ||
|
| |||
100.0 | ||||
|
|
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||||||
1. | Apple, Inc. | 8.4 | ||||||
2. | Microsoft Corp. | 7.9 | ||||||
3. | NVIDIA Corp. | 3.9 | ||||||
4. | Amazon.com, Inc. | 3.7 | ||||||
5. | Alphabet, Inc. Class A | 3.0 | ||||||
6. | Meta Platforms, Inc. Class A | 1.9 | ||||||
7. | Chevron Corp. | 1.8 | ||||||
8. | Walmart, Inc. | 1.8 | ||||||
9. | Alphabet, Inc. Class C | 1.7 | ||||||
10. | PepsiCo, 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 | 28.9 | |||
Health Care | 14.1 | |||
Financials | 12.2 | |||
Consumer Discretionary | 11.1 | |||
Industrials | 9.0 | |||
Communication Services | 8.1 | |||
Consumer Staples | 7.0 | |||
Energy | 3.4 | |||
Real Estate | 2.2 | |||
Utilities | 2.0 | |||
Materials | 2.0 | |||
|
| |||
100.0 | ||||
|
|
69 |
Ohio National Fund, Inc. | ON BlackRock Advantage Large Cap Core Portfolio | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks – 100.0% | Shares | Value | ||||||||||
COMMUNICATION SERVICES – 8.1% | ||||||||||||
Alphabet, Inc. Class A (Interactive Media & Svs.) | (a | ) | 81,712 | $ | 9,780,926 | |||||||
Alphabet, Inc. Class C (Interactive Media & Svs.) | (a | ) | 47,455 | 5,740,631 | ||||||||
Comcast Corp. Class A (Media) | 46,520 | 1,932,906 | ||||||||||
Fox Corp. Class A (Media) | 86,254 | 2,932,636 | ||||||||||
Fox Corp. Class B (Media) | 1,539 | 49,079 | ||||||||||
Meta Platforms, Inc. Class A (Interactive Media & Svs.) | (a | ) | 21,866 | 6,275,105 | ||||||||
Warner Bros Discovery, Inc. (Entertainment) | (a | ) | 14,128 | 177,165 | ||||||||
|
| |||||||||||
26,888,448 | ||||||||||||
|
| |||||||||||
CONSUMER DISCRETIONARY – 11.1% | ||||||||||||
Amazon.com, Inc. (Broadline Retail) | (a | ) | 95,117 | 12,399,452 | ||||||||
AutoNation, Inc. (Specialty Retail) | (a | ) | 3,792 | 624,201 | ||||||||
Best Buy Co., Inc. (Specialty Retail) | 9,928 | 813,600 | ||||||||||
eBay, Inc. (Broadline Retail) | 61,869 | 2,764,926 | ||||||||||
Five Below, Inc. (Specialty Retail) | (a | ) | 2,127 | 418,041 | ||||||||
General Motors Co. (Automobiles) | 55,662 | 2,146,327 | ||||||||||
Home Depot, Inc. / The (Specialty Retail) | 10,141 | 3,150,200 | ||||||||||
Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods) | (a | ) | 4,866 | 1,841,781 | ||||||||
McDonald’s Corp. (Hotels, Restaurants & Leisure) | 4,007 | 1,195,729 | ||||||||||
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods) | 4,650 | 513,221 | ||||||||||
Tesla, Inc. (Automobiles) | (a | ) | 20,446 | 5,352,149 | ||||||||
TJX Cos., Inc. / The (Specialty Retail) | 31,881 | 2,703,190 | ||||||||||
Travel + Leisure Co. (Hotels, Restaurants & Leisure) | 50,104 | 2,021,195 | ||||||||||
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 5,850 | 810,517 | ||||||||||
|
| |||||||||||
36,754,529 | ||||||||||||
|
| |||||||||||
CONSUMER STAPLES – 7.0% | ||||||||||||
Hershey Co. / The (Food Products) | 13,900 | 3,470,830 | ||||||||||
Kimberly-Clark Corp. (Household Products) | 22,712 | 3,135,619 | ||||||||||
PepsiCo, Inc. (Beverages) | 30,706 | 5,687,365 | ||||||||||
Procter & Gamble Co. / The (Household Products) | 30,035 | 4,557,511 | ||||||||||
Target Corp. (Consumer Staples Distribution & Retail) | 2,943 | 388,182 | ||||||||||
Walmart, Inc. (Consumer Staples Distribution & Retail) | 36,962 | 5,809,687 | ||||||||||
|
| |||||||||||
23,049,194 | ||||||||||||
|
| |||||||||||
ENERGY – 3.4% | ||||||||||||
Chevron Corp. (Oil, Gas & Consumable Fuels) | 37,231 | 5,858,298 | ||||||||||
ConocoPhillips (Oil, Gas & Consumable Fuels) | 17,670 | 1,830,789 | ||||||||||
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | 6,222 | 712,046 | ||||||||||
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | 11,053 | 1,185,434 | ||||||||||
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 5,311 | 619,262 | ||||||||||
Phillips 66 (Oil, Gas & Consumable Fuels) | 5,857 | 558,641 | ||||||||||
Targa Resources Corp. (Oil, Gas & Consumable Fuels) | 5,752 | 437,727 | ||||||||||
|
| |||||||||||
11,202,197 | ||||||||||||
|
| |||||||||||
FINANCIALS – 12.2% | ||||||||||||
Allstate Corp. / The (Insurance) | 13,914 | 1,517,183 | ||||||||||
American Express Co. (Consumer Finance) | 15,568 | 2,711,946 | ||||||||||
Bank of America Corp. (Banks) | 122,539 | 3,515,644 | ||||||||||
Bank of New York Mellon Corp. / The (Capital Markets) | 16,047 | 714,412 | ||||||||||
Berkshire Hathaway, Inc. Class B (Financial Services) | (a | ) | 6,404 | 2,183,764 | ||||||||
Citigroup, Inc. (Banks) | 28,741 | 1,323,236 | ||||||||||
JPMorgan Chase & Co. (Banks) | 9,103 | 1,323,940 |
Common Stocks (Continued) | Shares | Value | ||||||||||
FINANCIALS (continued) | ||||||||||||
Marsh & McLennan Cos., Inc. (Insurance) | 21,740 | $ | 4,088,859 | |||||||||
Mastercard, Inc. Class A (Financial Services) | 12,949 | 5,092,842 | ||||||||||
MetLife, Inc. (Insurance) | 72,446 | 4,095,372 | ||||||||||
Moody’s Corp. (Capital Markets) | 1,266 | 440,214 | ||||||||||
Nasdaq, Inc. (Capital Markets) | 55,450 | 2,764,182 | ||||||||||
PayPal Holdings, Inc. (Financial Services) | (a | ) | 28,789 | 1,921,090 | ||||||||
S&P Global, Inc. (Capital Markets) | 1,679 | 673,094 | ||||||||||
Travelers Cos., Inc. / The (Insurance) | 14,719 | 2,556,102 | ||||||||||
Visa, Inc. (Financial Services) | 22,849 | 5,426,180 | ||||||||||
|
| |||||||||||
40,348,060 | ||||||||||||
|
| |||||||||||
HEALTH CARE – 14.1% | ||||||||||||
Abbott Laboratories (Health Care Equip. & Supplies) | 17,428 | 1,900,001 | ||||||||||
AbbVie, Inc. (Biotechnology) | 11,684 | 1,574,185 | ||||||||||
Agilent Technologies, Inc. (Life Sciences Tools & Svs.) | 24,351 | 2,928,208 | ||||||||||
Amgen, Inc. (Biotechnology) | 20,415 | 4,532,538 | ||||||||||
Becton Dickinson & Co. (Health Care Equip. & Supplies) | 4,622 | 1,220,254 | ||||||||||
Boston Scientific Corp. (Health Care Equip. & Supplies) | (a | ) | 75,268 | 4,071,246 | ||||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 69,462 | 4,442,095 | ||||||||||
Cigna Group / The (Health Care Providers & Svs.) | 9,853 | 2,764,752 | ||||||||||
CVS Health Corp. (Health Care Providers & Svs.) | 55,600 | 3,843,628 | ||||||||||
Danaher Corp. (Life Sciences Tools & Svs.) | 5,203 | 1,248,720 | ||||||||||
Elevance Health, Inc. (Health Care Providers & Svs.) | 7,739 | 3,438,360 | ||||||||||
Eli Lilly & Co. (Pharmaceuticals) | 3,994 | 1,873,106 | ||||||||||
Gilead Sciences, Inc. (Biotechnology) | 13,136 | 1,012,391 | ||||||||||
Incyte Corp. (Biotechnology) | (a | ) | 52,728 | 3,282,318 | ||||||||
Johnson & Johnson (Pharmaceuticals) | 8,556 | 1,416,189 | ||||||||||
Regeneron Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 1,803 | 1,295,528 | ||||||||
Stryker Corp. (Health Care Equip. & Supplies) | 6,366 | 1,942,203 | ||||||||||
Ultragenyx Pharmaceutical, Inc. (Biotechnology) | (a | ) | 13,581 | 626,492 | ||||||||
UnitedHealth Group, Inc. (Health Care Providers & Svs.) | 6,575 | 3,160,208 | ||||||||||
|
| |||||||||||
46,572,422 | ||||||||||||
|
| |||||||||||
INDUSTRIALS – 9.0% | ||||||||||||
AECOM (Construction & Engineering) | 31,529 | 2,670,191 | ||||||||||
Allegion PLC (Building Products) | 13,944 | 1,673,559 | ||||||||||
Cintas Corp. (Commercial Svs. & Supplies) | 3,556 | 1,767,616 | ||||||||||
Cummins, Inc. (Machinery) | 3,999 | 980,395 | ||||||||||
Deere & Co. (Machinery) | 5,520 | 2,236,649 | ||||||||||
Eaton Corp. PLC (Electrical Equip.) | 6,910 | 1,389,601 | ||||||||||
General Dynamics Corp. (Aerospace & Defense) | 13,819 | 2,973,158 | ||||||||||
Honeywell International, Inc. (Industrial Conglomerates) | 14,274 | 2,961,855 | ||||||||||
Illinois Tool Works, Inc. (Machinery) | 12,887 | 3,223,812 | ||||||||||
Lockheed Martin Corp. (Aerospace & Defense) | 5,353 | 2,464,414 | ||||||||||
Snap-on, Inc. (Machinery) | 4,324 | 1,246,134 | ||||||||||
Timken Co. / The (Machinery) | 11,458 | 1,048,751 | ||||||||||
W.W. Grainger, Inc. (Trading Companies & Distributors) | 3,719 | 2,932,766 | ||||||||||
Xylem, Inc. (Machinery) | 18,784 | 2,115,454 | ||||||||||
|
| |||||||||||
29,684,355 | ||||||||||||
|
| |||||||||||
INFORMATION TECHNOLOGY – 28.9% | ||||||||||||
Adobe, Inc. (Software) | (a | ) | 6,716 | 3,284,057 | ||||||||
Apple, Inc. (Tech. Hardware, Storage & Periph.) | 142,763 | 27,691,739 | ||||||||||
Applied Materials, Inc. (Semiconductors & Equip.) | 33,609 | 4,857,845 |
| 70 | (continued) |
Ohio National Fund, Inc. | ON BlackRock Advantage Large Cap Core Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
INFORMATION TECHNOLOGY (continued) |
| |||||||||||
Autodesk, Inc. (Software) | (a | ) | 2,659 | $ | 544,058 | |||||||
Dropbox, Inc. Class A (Software) | (a | ) | 29,664 | 791,139 | ||||||||
Flex Ltd. (Electronic Equip., Instr. & Comp.) | (a | ) | 31,964 | 883,485 | ||||||||
Fortinet, Inc. (Software) | (a | ) | 13,846 | 1,046,619 | ||||||||
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.) | 168,274 | 2,827,003 | ||||||||||
HP, Inc. (Tech. Hardware, Storage & Periph.) | 40,905 | 1,256,193 | ||||||||||
Intel Corp. (Semiconductors & Equip.) | 72,664 | 2,429,884 | ||||||||||
Intuit, Inc. (Software) | 2,402 | 1,100,572 | ||||||||||
Lattice Semiconductor Corp. (Semiconductors & Equip.) | (a | ) | 5,927 | 569,407 | ||||||||
Manhattan Associates, Inc. (Software) | (a | ) | 14,436 | 2,885,468 | ||||||||
Micron Technology, Inc. (Semiconductors & Equip.) | 15,104 | 953,214 | ||||||||||
Microsoft Corp. (Software) | 76,812 | 26,157,559 | ||||||||||
NVIDIA Corp. (Semiconductors & Equip.) | 30,371 | 12,847,540 | ||||||||||
NXP Semiconductors N.V. (Semiconductors & Equip.) | 2,349 | 480,793 | ||||||||||
QUALCOMM, Inc. (Semiconductors & Equip.) | 10,919 | 1,299,798 | ||||||||||
Salesforce, Inc. (Software) | (a | ) | 12,582 | 2,658,073 | ||||||||
Synopsys, Inc. (Software) | (a | ) | 2,008 | 874,303 | ||||||||
|
| |||||||||||
95,438,749 | ||||||||||||
|
| |||||||||||
MATERIALS – 2.0% | ||||||||||||
Ecolab, Inc. (Chemicals) | 22,139 | 4,133,130 |
Common Stocks (Continued) | Shares | Value | ||||||||||
MATERIALS (continued) |
| |||||||||||
FMC Corp. (Chemicals) | 10,736 | $ | 1,120,194 | |||||||||
LyondellBasell Industries N.V. Class A (Chemicals) | 6,870 | 630,872 | ||||||||||
Steel Dynamics, Inc. (Metals & Mining) | 7,068 | 769,917 | ||||||||||
|
| |||||||||||
6,654,113 | ||||||||||||
|
| |||||||||||
REAL ESTATE – 2.2% | ||||||||||||
Equity Residential (Residential REITs) | 34,811 | 2,296,482 | ||||||||||
SBA Communications Corp. (Specialized REITs) | 9,266 | 2,147,488 | ||||||||||
Simon Property Group, Inc. (Retail REITs) | 24,319 | 2,808,358 | ||||||||||
|
| |||||||||||
7,252,328 | ||||||||||||
|
| |||||||||||
UTILITIES – 2.0% | ||||||||||||
DTE Energy Co. (Multi-Utilities) | 27,125 | 2,984,292 | ||||||||||
IDACORP, Inc. (Electric Utilities) | 1,758 | 180,371 | ||||||||||
PPL Corp. (Electric Utilities) | 135,909 | 3,596,152 | ||||||||||
|
| |||||||||||
6,760,815 | ||||||||||||
|
| |||||||||||
Total Common Stocks | $ | 330,605,210 | ||||||||||
|
| |||||||||||
Total Investments – 100.0% | (b | ) | $ | 330,605,210 | ||||||||
Liabilities in Excess of Other Assets – (0.0)% | (c | ) | (95,051 | ) | ||||||||
|
| |||||||||||
Net Assets – 100.0% | $ | 330,510,159 | ||||||||||
|
|
Percentages are stated as a percent of net assets.
Abbreviations:
REITs: | Real Estate Investment Trusts |
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. |
(c) | Includes $212,800 of cash pledged as collateral for the futures contracts outstanding at June 30, 2023. 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 | June 30, 2023 (Unaudited) |
Description | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable (Payable) | ||||||
CME E-mini S&P 500 Index - Long | 19 | September 15, 2023 | $4,148,092 | $4,263,838 | $115,746 | $41,261 |
The accompanying notes are an integral part of these financial statements.
71 |
Ohio National Fund, Inc. | ON BlackRock Advantage Small Cap Growth Portfolio (Unaudited) |
Objective/Strategy |
The ON BlackRock Advantage Small Cap Growth Portfolio seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in stocks of small capitalization companies with a market capitalization at the time of investment that is no greater than the largest market capitalization of a company in the Russell 2000® Index for the previous twelve months.
Performance as of June 30, 2023 |
Average Annual returns | ||||
One year | 17.37 | % | ||
Five years | 5.15 | % | ||
Ten years | 8.90 | % |
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 the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts, or as an underlying investment by the ON Model Portfolios. 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 0.86% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 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 six-month period ended June 30, 2023, the Portfolio returned 12.87% versus 13.55% for its benchmark, the Russell 2000® Growth Index.
Q. What affected the Portfolio’s performance?
A. Security selection in Health Care was the primary source of weakness, with adverse performance across biotech amid increased deal activity and patent expiration. Sector allocation decisions, in general, also drove underperformance. Fundamental measures detracted, as quality measures struggled. Nontraditional measures of company quality that evaluate corporate culture, employee sentiment, and company benefits also struggled. Although these types of measures have a bit of a growth flavor, they ultimately proved too broad, as the market preference for growth stocks was somewhat narrow. Trending sentiment measures also declined, with insights designed to evaluate forward looking fundamentals and consumer intent measures struggling.
Despite underperformance from other sentiments, select fundamental measures provided ballast. Traditional valuation metrics that evaluate company sales and research expenditures did well, notably near the end of the six-month period. Additionally, defensive quality measures helped motivate a successful underweight to select Financials names, benefiting performance amid banking turmoil. Derivatives had no significant impact on the Portfolio’s performance. (1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.
The Russell 2000® Growth Index measures the performance of the small-cap growth segment of the U.S. equity universe. It includes the Russell 2000® Index companies with higher price-to-value ratios and higher forecasted growth values. The Russell 2000® Index includes the 2000 firms from the Russell 3000® Index with the smallest market capitalizations. The Russell 3000® Index represents 98% of the investable U.S. equity market. The index presented 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.
72 | (continued) |
Ohio National Fund, Inc. | ON BlackRock Advantage Small Cap Growth Portfolio (Unaudited) (Continued) |
Portfolio Composition as of June 30, 2023 (1) |
% of Net Assets | ||||
Common Stocks (4) | 100.1 | |||
Rights (4) | 0.0 | |||
Less Net Liabilities | (0.1 | ) | ||
|
| |||
100.0 | ||||
|
|
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||||||
1. | Franklin Electric Co., Inc. | 1.5 | ||||||
2. | Applied Industrial Technologies, Inc. | 1.4 | ||||||
3. | EMCOR Group, Inc. | 1.2 | ||||||
4. | Lattice Semiconductor Corp. | 1.1 | ||||||
5. | Insperity, Inc. | 1.1 | ||||||
6. | Atkore, Inc. | 1.1 | ||||||
7. | Super Micro Computer, Inc. | 1.1 | ||||||
8. | UFP Industries, Inc. | 1.0 | ||||||
9. | Terex Corp. | 1.0 | ||||||
10. | Power Integrations, Inc. | 1.0 |
(1) | Composition of Portfolio subject to change. |
(2) | Short-term investments have been excluded from the list of Top 10 Portfolio Holdings. |
(3) | Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher. |
(4) | Sectors (Common Stocks, Rights): |
% of Net Assets | ||||
Health Care | 24.3 | |||
Industrials | 21.8 | |||
Information Technology | 19.9 | |||
Consumer Discretionary | 12.1 | |||
Financials | 5.3 | |||
Consumer Staples | 4.1 | |||
Energy | 4.0 | |||
Materials | 2.9 | |||
Communication Services | 2.6 | |||
Real Estate | 1.9 | |||
Utilities | 1.2 | |||
|
| |||
100.1 | ||||
|
|
73 |
Ohio National Fund, Inc. | ON BlackRock Advantage Small Cap Growth Portfolio | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks – 100.1% | Shares | Value | ||||||||||
COMMUNICATION SERVICES – 2.6% | ||||||||||||
Bandwidth, Inc. Class A (Diversified Telecom. Svs.) | (a | ) | 12,048 | $ | 164,817 | |||||||
Bumble, Inc. Class A (Interactive Media & Svs.) | (a | ) | 9,827 | 164,897 | ||||||||
Cargurus, Inc. (Interactive Media & Svs.) | (a | ) | 3,519 | 79,635 | ||||||||
Cinemark Holdings, Inc. (Entertainment) | (a | ) | 22,619 | 373,213 | ||||||||
Eventbrite, Inc. Class A (Interactive Media & Svs.) | (a | ) | 9,898 | 94,526 | ||||||||
EverQuote, Inc. Class A (Interactive Media & Svs.) | (a | ) | 3,933 | 25,565 | ||||||||
IDT Corp. Class B (Diversified Telecom. Svs.) | (a | ) | 8,567 | 221,457 | ||||||||
Integral Ad Science Holding Corp. (Media) | (a | ) | 14,747 | 265,151 | ||||||||
Iridium Communications, Inc. (Diversified Telecom. Svs.) | 12,894 | 800,975 | ||||||||||
Ooma, Inc. (Diversified Telecom. Svs.) | (a | ) | 7,140 | 106,886 | ||||||||
Shutterstock, Inc. (Interactive Media & Svs.) | 8,642 | 420,606 | ||||||||||
Yelp, Inc. (Interactive Media & Svs.) | (a | ) | 16,571 | 603,350 | ||||||||
Ziff Davis, Inc. (Interactive Media & Svs.) | (a | ) | 5,779 | 404,877 | ||||||||
|
| |||||||||||
3,725,955 | ||||||||||||
|
| |||||||||||
CONSUMER DISCRETIONARY – 12.1% | ||||||||||||
1-800-Flowers.com, Inc. Class A (Specialty Retail) | (a | ) | 25,190 | 196,482 | ||||||||
2U, Inc. (Diversified Consumer Svs.) | (a | ) | 27,237 | 109,765 | ||||||||
Accel Entertainment, Inc. (Hotels, Restaurants & Leisure) | (a | ) | 32,387 | 342,007 | ||||||||
Boot Barn Holdings, Inc. (Specialty Retail) | (a | ) | 4,266 | 361,288 | ||||||||
Cava Group, Inc. (Hotels, Restaurants & Leisure) | (a | ) | 1,860 | 76,167 | ||||||||
Chegg, Inc. (Diversified Consumer Svs.) | (a | ) | 9,955 | 88,400 | ||||||||
Crocs, Inc. (Textiles, Apparel & Luxury Goods) | (a | ) | 6,996 | 786,630 | ||||||||
Dillard’s, Inc. Class A (Broadline Retail) | 1,180 | 385,010 | ||||||||||
Duolingo, Inc. (Diversified Consumer Svs.) | (a | ) | 5,107 | 729,995 | ||||||||
Fox Factory Holding Corp. (Automobile Components) | (a | ) | 5,638 | 611,779 | ||||||||
Frontdoor, Inc. (Diversified Consumer Svs.) | (a | ) | 22,712 | 724,513 | ||||||||
GoPro, Inc. Class A (Household Durables) | (a | ) | 57,623 | 238,559 | ||||||||
Hilton Grand Vacations, Inc. (Hotels, Restaurants & Leisure) | (a | ) | 17,716 | 805,015 | ||||||||
Installed Building Products, Inc. (Household Durables) | 3,389 | 475,002 | ||||||||||
iRobot Corp. (Household Durables) | (a | ) | 2,608 | 118,012 | ||||||||
Laureate Education, Inc. (Diversified Consumer Svs.) | 57,044 | 689,662 | ||||||||||
LCI Industries (Automobile Components) | 4,580 | 578,729 | ||||||||||
M.D.C. Holdings, Inc. (Household Durables) | 12,799 | 598,609 | ||||||||||
Malibu Boats, Inc. Class A (Leisure Products) | (a | ) | 7,654 | 448,984 | ||||||||
Modine Manufacturing Co. (Automobile Components) | (a | ) | 8,951 | 295,562 | ||||||||
Murphy U.S.A., Inc. (Specialty Retail) | 3,417 | 1,063,063 | ||||||||||
Papa John’s International, Inc. (Hotels, Restaurants & Leisure) | 8,993 | 663,953 | ||||||||||
Patrick Industries, Inc. (Automobile Components) | 6,155 | 492,400 | ||||||||||
RealReal, Inc. / The (Specialty Retail) | (a | ) | 25,373 | 56,328 | ||||||||
Revolve Group, Inc. (Specialty Retail) | (a | ) | 11,844 | 194,242 | ||||||||
Rush Street Interactive, Inc. (Hotels, Restaurants & Leisure) | (a | ) | 10,070 | 31,418 | ||||||||
Savers Value Village, Inc. (Consumer Staples Distribution & Retail) | (a | ) | 2,347 | 55,624 | ||||||||
Shake Shack, Inc. Class A (Hotels, Restaurants & Leisure) | (a | ) | 10,449 | 812,096 | ||||||||
Skyline Champion Corp. (Household Durables) | (a | ) | 4,109 | 268,934 | ||||||||
Sonic Automotive, Inc. Class A (Specialty Retail) | 10,066 | 479,846 | ||||||||||
Stitch Fix, Inc. Class A (Specialty Retail) | (a | ) | 14,615 | 56,268 | ||||||||
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure) | 11,531 | 1,294,701 |
Common Stocks (Continued) | Shares | Value | ||||||||||
CONSUMER DISCRETIONARY (continued) |
| |||||||||||
Urban Outfitters, Inc. (Specialty Retail) | (a | ) | 18,344 | $ | 607,737 | |||||||
Visteon Corp. (Automobile Components) | (a | ) | 7,584 | 1,089,138 | ||||||||
Wingstop, Inc. (Hotels, Restaurants & Leisure) | 5,645 | 1,129,903 | ||||||||||
|
| |||||||||||
16,955,821 | ||||||||||||
|
| |||||||||||
CONSUMER STAPLES – 4.1% | ||||||||||||
Andersons, Inc. / The (Consumer Staples Distribution & Retail) | 6,606 | 304,867 | ||||||||||
BellRing Brands, Inc. (Personal Care Products) | (a | ) | 11,298 | 413,507 | ||||||||
Cal-Maine Foods, Inc. (Food Products) | 5,910 | 265,950 | ||||||||||
Central Garden & Pet Co. Class A (Household Products) | (a | ) | 9,778 | 356,506 | ||||||||
Coca-Cola Consolidated, Inc. (Beverages) | 546 | 347,267 | ||||||||||
e.l.f. Beauty, Inc. (Personal Care Products) | (a | ) | 9,154 | 1,045,662 | ||||||||
Hostess Brands, Inc. (Food Products) | (a | ) | 17,404 | 440,669 | ||||||||
Lancaster Colony Corp. (Food Products) | 5,056 | 1,016,711 | ||||||||||
Medifast, Inc. (Personal Care Products) | 4,164 | 383,754 | ||||||||||
MGP Ingredients, Inc. (Beverages) | 6,918 | 735,245 | ||||||||||
Sprouts Farmers Market, Inc. (Consumer Staples Distribution & Retail) | (a | ) | 3,892 | 142,953 | ||||||||
Vital Farms, Inc. (Food Products) | (a | ) | 20,905 | 250,651 | ||||||||
|
| |||||||||||
5,703,742 | ||||||||||||
|
| |||||||||||
ENERGY – 4.0% | ||||||||||||
Borr Drilling Ltd. (Energy Equip. & Svs.) | (a | ) | 24,439 | 184,026 | ||||||||
ChampionX Corp. (Energy Equip. & Svs.) | 12,609 | 391,383 | ||||||||||
Energy Fuels, Inc. (Oil, Gas & Consumable Fuels) | (a | ) | 14,224 | 88,758 | ||||||||
Evolution Petroleum Corp. (Oil, Gas & Consumable Fuels) | 29,730 | 239,921 | ||||||||||
Liberty Energy, Inc. (Energy Equip. & Svs.) | 44,614 | 596,489 | ||||||||||
Magnolia Oil & Gas Corp. Class A (Oil, Gas & Consumable Fuels) | 30,008 | 627,167 | ||||||||||
Matador Resources Co. (Oil, Gas & Consumable Fuels) | 14,515 | 759,425 | ||||||||||
Murphy Oil Corp. (Oil, Gas & Consumable Fuels) | 8,632 | 330,606 | ||||||||||
Nabors Industries Ltd. (Energy Equip. & Svs.) | (a | ) | 3,022 | 281,137 | ||||||||
Oceaneering International, Inc. (Energy Equip. & Svs.) | (a | ) | 23,528 | 439,973 | ||||||||
Patterson-UTI Energy, Inc. (Energy Equip. & Svs.) | 24,361 | 291,601 | ||||||||||
Scorpio Tankers, Inc. (Oil, Gas & Consumable Fuels) | 4,584 | 216,502 | ||||||||||
SM Energy Co. (Oil, Gas & Consumable Fuels) | 34,776 | 1,099,965 | ||||||||||
Smart Sand, Inc. (Energy Equip. & Svs.) | (a | ) | 47,289 | 77,554 | ||||||||
|
| |||||||||||
5,624,507 | ||||||||||||
|
| |||||||||||
FINANCIALS – 5.3% | ||||||||||||
Artisan Partners Asset Management, Inc. Class A (Capital Markets) | 12,462 | 489,881 | ||||||||||
Cohen & Steers, Inc. (Capital Markets) | 6,316 | 366,265 | ||||||||||
Federal Agricultural Mortgage Corp. Class C (Financial Services) | 5,318 | 764,409 | ||||||||||
First Financial Bankshares, Inc. (Banks) | 12,534 | 357,094 | ||||||||||
Hamilton Lane, Inc. Class A (Capital Markets) | 10,125 | 809,797 | ||||||||||
Houlihan Lokey, Inc. (Capital Markets) | 8,318 | 817,743 | ||||||||||
Kinsale Capital Group, Inc. (Insurance) | 2,893 | 1,082,561 | ||||||||||
Marqeta, Inc. Class A (Financial Services) | (a | ) | 55,363 | 269,618 | ||||||||
Mercury General Corp. (Insurance) | 10,599 | 320,832 | ||||||||||
Moelis & Co. Class A (Capital Markets) | 7,605 | 344,811 | ||||||||||
Pagseguro Digital Ltd. Class A (Financial Services) | (a | ) | 25,596 | 241,626 | ||||||||
Selective Insurance Group, Inc. (Insurance) | 3,253 | 312,125 | ||||||||||
Selectquote, Inc. (Insurance) | (a | ) | 8,673 | 16,912 | ||||||||
StoneCo Ltd. Class A (Financial Services) | (a | ) | 56,991 | 726,065 |
| 74 | (continued) |
Ohio National Fund, Inc. | ON BlackRock Advantage Small Cap Growth Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
FINANCIALS (continued) | ||||||||||||
Trupanion, Inc. (Insurance) | (a | ) | 5,319 | $ | 104,678 | |||||||
Upstart Holdings, Inc. (Consumer Finance) | (a | ) | 9,855 | 352,908 | ||||||||
|
| |||||||||||
7,377,325 | ||||||||||||
|
| |||||||||||
HEALTH CARE – 24.3% | ||||||||||||
ACADIA Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 12,690 | 303,925 | ||||||||
ACELYRIN, Inc. (Biotechnology) | (a | ) | 2,287 | 47,798 | ||||||||
Aclaris Therapeutics, Inc. (Pharmaceuticals) | (a | ) | 7,879 | 81,705 | ||||||||
Adaptive Biotechnologies Corp. (Life Sciences Tools & Svs.) | (a | ) | 22,888 | 153,578 | ||||||||
Agenus, Inc. (Biotechnology) | (a | ) | 65,236 | 104,378 | ||||||||
Akero Therapeutics, Inc. (Biotechnology) | (a | ) | 4,481 | 209,218 | ||||||||
Alector, Inc. (Biotechnology) | (a | ) | 11,265 | 67,703 | ||||||||
Alkermes PLC (Biotechnology) | (a | ) | 19,720 | 617,236 | ||||||||
ALX Oncology Holdings, Inc. (Biotechnology) | (a | ) | 1,291 | 9,695 | ||||||||
Amarin Corp. PLC – ADR (Biotechnology) | (a | ) | 17,101 | 20,350 | ||||||||
American Well Corp. Class A (Health Care Technology) | (a | ) | 51,120 | 107,352 | ||||||||
Amicus Therapeutics, Inc. (Biotechnology) | (a | ) | 34,993 | 439,512 | ||||||||
AMN Healthcare Services, Inc. (Health Care Providers & Svs.) | (a | ) | 6,660 | 726,739 | ||||||||
Amphastar Pharmaceuticals, Inc. (Pharmaceuticals) | (a | ) | 13,440 | 772,397 | ||||||||
Apellis Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 3,651 | 332,606 | ||||||||
Applied Molecular Transport, Inc. (Biotechnology) | (a | ) | 2,404 | 620 | ||||||||
Aptinyx, Inc. (Biotechnology) | (a | ) | 23,975 | 1,777 | ||||||||
Arrowhead Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 8,746 | 311,882 | ||||||||
Arvinas, Inc. (Pharmaceuticals) | (a | ) | 3,865 | 95,929 | ||||||||
Atara Biotherapeutics, Inc. (Biotechnology) | (a | ) | 26,563 | 42,766 | ||||||||
Athenex, Inc. (Biotechnology) | (a | ) | 587 | 76 | ||||||||
AtriCure, Inc. (Health Care Equip. & Supplies) | (a | ) | 7,974 | 393,597 | ||||||||
Atrion Corp. (Health Care Equip. & Supplies) | 585 | 330,934 | ||||||||||
Avidity Biosciences, Inc. (Biotechnology) | (a | ) | 5,306 | 58,844 | ||||||||
Axonics, Inc. (Health Care Equip. & Supplies) | (a | ) | 6,527 | 329,418 | ||||||||
Axsome Therapeutics, Inc. (Pharmaceuticals) | (a | ) | 3,039 | 218,383 | ||||||||
Beam Therapeutics, Inc. (Biotechnology) | (a | ) | 12,388 | 395,549 | ||||||||
Beyondspring, Inc. (Biotechnology) | (a | ) | 5,417 | 6,392 | ||||||||
Blueprint Medicines Corp. (Biotechnology) | (a | ) | 12,798 | 808,834 | ||||||||
Bridgebio Pharma, Inc. (Biotechnology) | (a | ) | 17,777 | 305,764 | ||||||||
C4 Therapeutics, Inc. (Biotechnology) | (a | ) | 6,485 | 17,834 | ||||||||
CareDx, Inc. (Biotechnology) | (a | ) | 4,195 | 35,658 | ||||||||
Catalyst Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 17,361 | �� | 233,332 | |||||||
Cerus Corp. (Health Care Equip. & Supplies) | (a | ) | 42,400 | 104,304 | ||||||||
Codexis, Inc. (Life Sciences Tools & Svs.) | (a | ) | 17,805 | 49,854 | ||||||||
Coherus Biosciences, Inc. (Biotechnology) | (a | ) | 29,534 | 126,110 | ||||||||
Collegium Pharmaceutical, Inc. (Pharmaceuticals) | (a | ) | 15,250 | 327,722 | ||||||||
Corcept Therapeutics, Inc. (Pharmaceuticals) | (a | ) | 34,077 | 758,213 | ||||||||
Crinetics Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 17,472 | 314,845 | ||||||||
Cytokinetics, Inc. (Biotechnology) | (a | ) | 13,991 | 456,386 | ||||||||
Deciphera Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 9,562 | 134,633 | ||||||||
Denali Therapeutics, Inc. (Biotechnology) | (a | ) | 19,937 | 588,341 | ||||||||
Editas Medicine, Inc. (Biotechnology) | (a | ) | 20,268 | 166,806 | ||||||||
Enanta Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 3,463 | 74,108 | ||||||||
Ensign Group, Inc. / The (Health Care Providers & Svs.) | 11,622 | 1,109,436 | ||||||||||
Evolent Health, Inc. Class A (Health Care Technology) | (a | ) | 21,903 | 663,661 | ||||||||
Fate Therapeutics, Inc. (Biotechnology) | (a | ) | 35,418 | 168,590 | ||||||||
FibroGen, Inc. (Biotechnology) | (a | ) | 7,167 | 19,351 | ||||||||
Foghorn Therapeutics, Inc. (Biotechnology) | (a | ) | 8,256 | 58,122 | ||||||||
Glaukos Corp. (Health Care Equip. & Supplies) | (a | ) | 2,764 | 196,824 |
Common Stocks (Continued) | Shares | Value | ||||||||||
HEALTH CARE (continued) | ||||||||||||
Guardant Health, Inc. (Health Care Providers & Svs.) | (a | ) | 24,902 | $ | 891,492 | |||||||
Haemonetics Corp. (Health Care Equip. & Supplies) | (a | ) | 7,098 | 604,324 | ||||||||
Halozyme Therapeutics, Inc. (Biotechnology) | (a | ) | 16,403 | 591,656 | ||||||||
Harmony Biosciences Holdings, Inc. (Pharmaceuticals) | (a | ) | 5,031 | 177,041 | ||||||||
Harpoon Therapeutics, Inc. (Biotechnology) | (a | ) | 849 | 603 | ||||||||
HealthEquity, Inc. (Health Care Providers & Svs.) | (a | ) | 11,939 | 753,828 | ||||||||
Heron Therapeutics, Inc. (Biotechnology) | (a | ) | 34,692 | 40,243 | ||||||||
ImmunoGen, Inc. (Biotechnology) | (a | ) | 15,869 | 299,448 | ||||||||
Insmed, Inc. (Biotechnology) | (a | ) | 22,842 | 481,966 | ||||||||
Inspire Medical Systems, Inc. (Health Care Equip. & Supplies) | (a | ) | 3,336 | 1,082,999 | ||||||||
Intellia Therapeutics, Inc. (Biotechnology) | (a | ) | 9,714 | 396,137 | ||||||||
Intercept Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 6,783 | 75,020 | ||||||||
Intra-Cellular Therapies, Inc. (Pharmaceuticals) | (a | ) | 8,120 | 514,158 | ||||||||
Invitae Corp. (Health Care Providers & Svs.) | (a | ) | 17,449 | 19,717 | ||||||||
iRhythm Technologies, Inc. (Health Care Equip. & Supplies) | (a | ) | 1,936 | 201,964 | ||||||||
Ironwood Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 39,694 | 422,344 | ||||||||
IVERIC bio, Inc. (Biotechnology) | (a | ) | 12,670 | 498,438 | ||||||||
Karyopharm Therapeutics, Inc. (Biotechnology) | (a | ) | 38,594 | 69,083 | ||||||||
Kiniksa Pharmaceuticals Ltd. Class A (Biotechnology) | (a | ) | 17,844 | 251,244 | ||||||||
Krystal Biotech, Inc. (Biotechnology) | (a | ) | 2,344 | 275,186 | ||||||||
Kymera Therapeutics, Inc. (Biotechnology) | (a | ) | 1,184 | 27,220 | ||||||||
Lantheus Holdings, Inc. (Health Care Equip. & Supplies) | (a | ) | 8,736 | 733,125 | ||||||||
LivaNova PLC (Health Care Equip. & Supplies) | (a | ) | 1,609 | 82,751 | ||||||||
MacroGenics, Inc. (Biotechnology) | (a | ) | 3,552 | 19,003 | ||||||||
Madrigal Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 884 | 204,204 | ||||||||
Medpace Holdings, Inc. (Life Sciences Tools & Svs.) | (a | ) | 1,501 | 360,495 | ||||||||
Merit Medical Systems, Inc. (Health Care Equip. & Supplies) | (a | ) | 11,565 | 967,297 | ||||||||
MiNK Therapeutics, Inc. (Biotechnology) | (a | ) | 952 | 1,999 | ||||||||
Neoleukin Therapeutics, Inc. (Biotechnology) | (a | ) | 9,004 | 7,473 | ||||||||
Nevro Corp. (Health Care Equip. & Supplies) | (a | ) | 3,665 | 93,164 | ||||||||
NGM Biopharmaceuticals, Inc. (Pharmaceuticals) | (a | ) | 9,360 | 24,242 | ||||||||
NuVasive, Inc. (Health Care Equip. & Supplies) | (a | ) | 5,761 | 239,600 | ||||||||
Omnicell, Inc. (Health Care Equip. & Supplies) | (a | ) | 9,174 | 675,849 | ||||||||
Option Care Health, Inc. (Health Care Providers & Svs.) | (a | ) | 36,691 | 1,192,091 | ||||||||
OraSure Technologies, Inc. (Health Care Equip. & Supplies) | (a | ) | 4,376 | 21,924 | ||||||||
Pacira BioSciences, Inc. (Pharmaceuticals) | (a | ) | 4,474 | 179,273 | ||||||||
PhenomeX, Inc. (Life Sciences Tools & Svs.) | (a | ) | 19,349 | 9,481 | ||||||||
Phreesia, Inc. (Health Care Technology) | (a | ) | 11,187 | 346,909 | ||||||||
Prestige Consumer Healthcare, Inc. (Pharmaceuticals) | (a | ) | 7,602 | 451,787 | ||||||||
Privia Health Group, Inc. (Health Care Providers & Svs.) | (a | ) | 8,041 | 209,951 | ||||||||
Progyny, Inc. (Health Care Providers & Svs.) | (a | ) | 15,151 | 596,040 | ||||||||
Prothena Corp. PLC (Biotechnology) | (a | ) | 4,922 | 336,074 | ||||||||
PTC Therapeutics, Inc. (Biotechnology) | (a | ) | 13,616 | 553,763 | ||||||||
Recursion Pharmaceuticals, Inc. Class A (Biotechnology) | (a | ) | 7,184 | 53,664 | ||||||||
REGENXBIO, Inc. (Biotechnology) | (a | ) | 20,826 | 416,312 | ||||||||
Relay Therapeutics, Inc. (Biotechnology) | (a | ) | 14,951 | 187,785 |
| 75 | (continued) |
Ohio National Fund, Inc. | ON BlackRock Advantage Small Cap Growth Portfolio (Continued) | |
Schedule of Investments
| June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||
HEALTH CARE (continued) | ||||||||||
Relmada Therapeutics, Inc. (Pharmaceuticals) | (a) | 5,208 | $ | 12,812 | ||||||
Revance Therapeutics, Inc. (Pharmaceuticals) | (a) | 8,096 | 204,910 | |||||||
REVOLUTION Medicines, Inc. (Biotechnology) | (a) | 11,061 | 295,882 | |||||||
Rigel Pharmaceuticals, Inc. (Biotechnology) | (a) | 88,669 | 114,383 | |||||||
Sage Therapeutics, Inc. (Biotechnology) | (a) | 6,247 | 293,734 | |||||||
Sangamo Therapeutics, Inc. (Biotechnology) | (a) | 18,515 | 24,070 | |||||||
Schrodinger, Inc. (Health Care Technology) | (a) | 6,039 | 301,467 | |||||||
Scilex Holding Co. (Acquired January 06, 2023, Cost $66,789) (Pharmaceuticals) | (a)(b) | 6,373 | 35,498 | |||||||
Seer, Inc. (Life Sciences Tools & Svs.) | (a) | 2,905 | 12,404 | |||||||
Shockwave Medical, Inc. (Health Care Equip. & Supplies) | (a) | 3,429 | 978,671 | |||||||
Sorrento Therapeutics, Inc. (Biotechnology) | (a) | 45,196 | 16,180 | |||||||
STAAR Surgical Co. (Health Care Equip. & Supplies) | (a) | 8,570 | 450,525 | |||||||
Supernus Pharmaceuticals, Inc. (Pharmaceuticals) | (a) | 14,551 | 437,403 | |||||||
Sutro Biopharma, Inc. (Biotechnology) | (a) | 13,219 | 61,468 | |||||||
Tactile Systems Technology, Inc. (Health Care Equip. & Supplies) | (a) | 6,253 | 155,887 | |||||||
TG Therapeutics, Inc. (Biotechnology) | (a) | 13,620 | 338,321 | |||||||
Theravance Biopharma, Inc. (Pharmaceuticals) | (a) | 18,256 | 188,950 | |||||||
Travere Therapeutics, Inc. (Biotechnology) | (a) | 23,811 | 365,737 | |||||||
Twist Bioscience Corp. (Biotechnology) | (a) | 18,464 | 377,773 | |||||||
Vaxcyte, Inc. (Biotechnology) | (a) | 10,029 | 500,848 | |||||||
Vericel Corp. (Biotechnology) | (a) | 5,321 | 199,910 | |||||||
Viemed Healthcare, Inc. (Health Care Providers & Svs.) | (a) | 11,958 | 116,949 | |||||||
Zentalis Pharmaceuticals, Inc. (Biotechnology) | (a) | 1,298 | 36,617 | |||||||
Zynex, Inc. (Health Care Equip. & Supplies) | (a) | 4,771 | 45,754 | |||||||
|
| |||||||||
34,103,607 | ||||||||||
|
| |||||||||
INDUSTRIALS – 21.8% | ||||||||||
Albany International Corp. Class A (Machinery) | 4,267 | 398,026 | ||||||||
Applied Industrial Technologies, Inc. (Trading Companies & Distributors) | 13,314 | 1,928,267 | ||||||||
ASGN, Inc. (Professional Svs.) | (a) | 4,144 | 313,411 | |||||||
Astec Industries, Inc. (Machinery) | 4,352 | 197,755 | ||||||||
Atkore, Inc. (Electrical Equip.) | (a) | 9,433 | 1,470,982 | |||||||
Bloom Energy Corp. Class A (Electrical Equip.) | (a) | 36,804 | 601,745 | |||||||
Chart Industries, Inc. (Machinery) | (a) | 4,266 | 681,664 | |||||||
Cimpress PLC (Commercial Svs. & Supplies) | (a) | 1,170 | 69,592 | |||||||
Comfort Systems U.S.A., Inc. (Construction & Engineering) | 7,051 | 1,157,774 | ||||||||
CSG Systems International, Inc. (Professional Svs.) | 15,886 | 837,828 | ||||||||
Dycom Industries, Inc. (Construction & Engineering) | (a) | 6,720 | 763,728 | |||||||
EMCOR Group, Inc. (Construction & Engineering) | 9,447 | 1,745,617 | ||||||||
EnerSys (Electrical Equip.) | 3,316 | 359,852 | ||||||||
ExlService Holdings, Inc. (Professional Svs.) | (a) | 8,226 | 1,242,620 | |||||||
Exponent, Inc. (Professional Svs.) | 3,501 | 326,713 | ||||||||
Fluor Corp. (Construction & Engineering) | (a) | 18,123 | 536,441 | |||||||
Franklin Covey Co. (Professional Svs.) | (a) | 19,851 | 867,092 | |||||||
Franklin Electric Co., Inc. (Machinery) | 20,468 | 2,106,158 | ||||||||
Herc Holdings, Inc. (Trading Companies & Distributors) | 6,013 | 822,879 | ||||||||
Hub Group, Inc. Class A (Air Freight & Logistics) | (a) | 6,232 | 500,554 | |||||||
Insperity, Inc. (Professional Svs.) | 12,702 | 1,511,030 | ||||||||
JELD-WEN Holding, Inc. (Building Products) | (a) | 7,549 | 132,409 | |||||||
Kforce, Inc. (Professional Svs.) | 18,664 | 1,169,486 | ||||||||
Korn Ferry (Professional Svs.) | 7,395 | 366,348 |
Common Stocks (Continued) | Shares | Value | ||||||||||
INDUSTRIALS (continued) | ||||||||||||
Manitowoc Co., Inc. / The (Machinery) | (a | ) | 2,982 | $ | 56,151 | |||||||
McGrath RentCorp (Trading Companies & Distributors) | 6,361 | 588,265 | ||||||||||
Moog, Inc. Class A (Aerospace & Defense) | 3,441 | 373,108 | ||||||||||
MYR Group, Inc. (Construction & Engineering) | (a | ) | 4,135 | 572,036 | ||||||||
Parsons Corp. (Aerospace & Defense) | (a | ) | 9,048 | 435,571 | ||||||||
Radiant Logistics, Inc. (Air Freight & Logistics) | (a | ) | 10,231 | 68,752 | ||||||||
Rush Enterprises, Inc. Class A (Trading Companies & Distributors) | 7,764 | 471,585 | ||||||||||
Saia, Inc. (Ground Transportation) | (a | ) | 2,265 | 775,559 | ||||||||
Shoals Technologies Group, Inc. Class A (Electrical Equip.) | (a | ) | 13,269 | 339,156 | ||||||||
Simpson Manufacturing Co., Inc. (Building Products) | 9,162 | 1,268,937 | ||||||||||
Sterling Infrastructure, Inc. (Construction & Engineering) | (a | ) | 2,143 | 119,579 | ||||||||
SunPower Corp. (Electrical Equip.) | (a | ) | 32,263 | 316,177 | ||||||||
Terex Corp. (Machinery) | 23,924 | 1,431,373 | ||||||||||
TTEC Holdings, Inc. (Professional Svs.) | 6,055 | 204,901 | ||||||||||
UFP Industries, Inc. (Building Products) | 14,971 | 1,452,936 | ||||||||||
Watts Water Technologies, Inc. Class A (Machinery) | 4,055 | 745,025 | ||||||||||
Werner Enterprises, Inc. (Ground Transportation) | 9,069 | 400,668 | ||||||||||
Xylem, Inc. (Machinery) | 8,147 | 917,515 | ||||||||||
|
| |||||||||||
30,645,265 | ||||||||||||
|
| |||||||||||
INFORMATION TECHNOLOGY – 19.9% | ||||||||||||
8x8, Inc. (Software) | (a | ) | 13,109 | 55,451 | ||||||||
ACI Worldwide, Inc. (Software) | (a | ) | 22,258 | 515,718 | ||||||||
Alarm.com Holdings, Inc. (Software) | (a | ) | 7,198 | 371,993 | ||||||||
Altair Engineering, Inc. Class A (Software) | (a | ) | 6,826 | 517,684 | ||||||||
Ambarella, Inc. (Semiconductors & Equip.) | (a | ) | 4,999 | 418,266 | ||||||||
Amkor Technology, Inc. (Semiconductors & Equip.) | 9,172 | 272,867 | ||||||||||
Appfolio, Inc. Class A (Software) | (a | ) | 2,156 | 371,134 | ||||||||
Appian Corp. Class A (Software) | (a | ) | 6,661 | 317,064 | ||||||||
Asana, Inc. Class A (Software) | (a | ) | 9,833 | 216,719 | ||||||||
Axcelis Technologies, Inc. (Semiconductors & Equip.) | (a | ) | 5,877 | 1,077,430 | ||||||||
Belden, Inc. (Electronic Equip., Instr. & Comp.) | 1,304 | 124,728 | ||||||||||
BlackLine, Inc. (Software) | (a | ) | 6,296 | 338,851 | ||||||||
Box, Inc. Class A (Software) | (a | ) | 30,486 | 895,679 | ||||||||
Calix, Inc. (Communications Equip.) | (a | ) | 12,639 | 630,812 | ||||||||
CommVault Systems, Inc. (Software) | (a | ) | 8,168 | 593,160 | ||||||||
DigitalOcean Holdings, Inc. (IT Svs.) | (a | ) | 4,907 | 196,967 | ||||||||
Domo, Inc. Class B (Software) | (a | ) | 2,462 | 36,093 | ||||||||
Envestnet, Inc. (Software) | (a | ) | 4,458 | 264,582 | ||||||||
ePlus, Inc. (Electronic Equip., Instr. & Comp.) | (a | ) | 11,882 | 668,957 | ||||||||
Everbridge, Inc. (Software) | (a | ) | 5,062 | 136,168 | ||||||||
Extreme Networks, Inc. (Communications Equip.) | (a | ) | 21,063 | 548,691 | ||||||||
Fabrinet (Electronic Equip., Instr. & Comp.) | (a | ) | 1,971 | 255,993 | ||||||||
FormFactor, Inc. (Semiconductors & Equip.) | (a | ) | 7,991 | 273,452 | ||||||||
Hackett Group, Inc. / The (IT Svs.) | 6,448 | 144,113 | ||||||||||
Ichor Holdings Ltd. (Semiconductors & Equip.) | (a | ) | 12,609 | 472,837 | ||||||||
Insight Enterprises, Inc. (Electronic Equip., Instr. & Comp.) | (a | ) | 5,306 | 776,480 | ||||||||
Intapp, Inc. (Software) | (a | ) | 4,993 | 209,257 | ||||||||
Lattice Semiconductor Corp. (Semiconductors & Equip.) | (a | ) | 16,232 | 1,559,408 | ||||||||
MaxLinear, Inc. (Semiconductors & Equip.) | (a | ) | 13,361 | 421,673 | ||||||||
MicroStrategy, Inc. Class A (Software) | (a | ) | 1,143 | 391,386 | ||||||||
Model N, Inc. (Software) | (a | ) | 7,846 | 277,435 | ||||||||
OSI Systems, Inc. (Electronic Equip., Instr. & Comp.) | (a | ) | 6,773 | 798,063 | ||||||||
PagerDuty, Inc. (Software) | (a | ) | 25,015 | 562,337 | ||||||||
PC Connection, Inc. (Electronic Equip., Instr. & Comp.) | 12,511 | 564,246 |
| 76 | (continued) |
Ohio National Fund, Inc. | ON BlackRock Advantage Small Cap Growth Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||
INFORMATION TECHNOLOGY (continued) |
| |||||||||
Perficient, Inc. (IT Svs.) | (a) | 6,636 | $ | 552,978 | ||||||
Power Integrations, Inc. (Semiconductors & Equip.) | 14,977 | 1,417,873 | ||||||||
PROS Holdings, Inc. (Software) | (a) | 9,570 | 294,756 | |||||||
Q2 Holdings, Inc. (Software) | (a) | 25,243 | 780,009 | |||||||
Qualys, Inc. (Software) | (a) | 3,401 | 439,307 | |||||||
Rambus, Inc. (Semiconductors & Equip.) | (a) | 12,733 | 817,077 | |||||||
Rapid7, Inc. (Software) | (a) | 13,590 | 615,355 | |||||||
Sanmina Corp. (Electronic Equip., Instr. & Comp.) | (a) | 3,302 | 199,011 | |||||||
Silicon Laboratories, Inc. (Semiconductors & Equip.) | (a) | 6,926 | 1,092,507 | |||||||
Sprout Social, Inc. Class A (Software) | (a) | 10,567 | 487,773 | |||||||
SPS Commerce, Inc. (Software) | (a) | 4,067 | 781,108 | |||||||
Super Micro Computer, Inc. (Tech. Hardware, Storage & Periph.) | (a) | 5,886 | 1,467,085 | |||||||
Synaptics, Inc. (Semiconductors & Equip.) | (a) | 5,081 | 433,816 | |||||||
Tenable Holdings, Inc. (Software) | (a) | 19,521 | 850,139 | |||||||
Varonis Systems, Inc. (Software) | (a) | 30,100 | 802,165 | |||||||
Workiva, Inc. (Software) | (a) | 9,893 | 1,005,722 | |||||||
Yext, Inc. (Software) | (a) | 56,006 | 633,428 | |||||||
|
| |||||||||
27,945,803 | ||||||||||
|
| |||||||||
MATERIALS – 2.9% | ||||||||||
Cabot Corp. (Chemicals) | 11,289 | 755,121 | ||||||||
Commercial Metals Co. (Metals & Mining) | 6,995 | 368,357 | ||||||||
Constellium SE (Metals & Mining) | (a) | 29,879 | 513,919 | |||||||
H.B. Fuller Co. (Chemicals) | 8,356 | 597,537 | ||||||||
Ingevity Corp. (Chemicals) | (a) | 4,255 | 247,471 | |||||||
Livent Corp. (Chemicals) | (a) | 26,670 | 731,558 | |||||||
Novagold Resources, Inc. (Metals & Mining) | (a) | 65,935 | 263,081 | |||||||
Quaker Chemical Corp. (Chemicals) | 1,818 | 354,328 | ||||||||
Schnitzer Steel Industries, Inc. Class A (Metals & Mining) | 7,765 | 232,872 | ||||||||
Venator Materials PLC (Chemicals) | (a) | 55,792 | 2,790 | |||||||
|
| |||||||||
4,067,034 | ||||||||||
|
|
Common Stocks (Continued) | Shares | Value | ||||||||||
REAL ESTATE – 1.9% |
| |||||||||||
Braemar Hotels & Resorts, Inc. (Hotel & Resort REITs) | 51,306 | $ | 206,250 | |||||||||
Broadstone Net Lease, Inc. (Diversified REITs) | 2 | 31 | ||||||||||
Corporate Office Properties Trust (Office REITs) | 35,452 | 841,985 | ||||||||||
Marcus & Millichap, Inc. (Real Estate Mgmt. & Development) | 10,682 | 336,590 | ||||||||||
NexPoint Residential Trust, Inc. (Residential REITs) | 18,946 | 861,664 | ||||||||||
Outfront Media, Inc. (Specialized REITs) | 20,772 | 326,536 | ||||||||||
Redfin Corp. (Real Estate Mgmt. & Development) | (a) | 4,977 | 61,814 | |||||||||
|
| |||||||||||
2,634,870 | ||||||||||||
|
| |||||||||||
UTILITIES – 1.2% | ||||||||||||
Brookfield Infrastructure Corp. Class A (Gas Utilities) | 18,606 | 848,062 | ||||||||||
Clearway Energy, Inc. Class A (Ind. Power & Renewable Elec.) | 5,330 | 143,910 | ||||||||||
Clearway Energy, Inc. Class C (Ind. Power & Renewable Elec.) | 24,102 | 688,353 | ||||||||||
|
| |||||||||||
1,680,325 | ||||||||||||
|
| |||||||||||
Total Common Stocks (Cost $150,207,150) | $ | 140,464,254 | ||||||||||
|
| |||||||||||
Rights – 0.0% | Quantity | Value | ||||||||||
HEALTH CARE – 0.0% | ||||||||||||
Flexion Therapeutics, Inc. CVR (Biotechnology) | 6,185 | $ | 3,835 | |||||||||
Prevail Therapeutics, Inc. CVR (Biotechnology) | 2,231 | 1,115 | ||||||||||
|
| |||||||||||
Total Rights (Cost $4,950) | $ | 4,950 | ||||||||||
|
| |||||||||||
Total Investments – 100.1% (Cost $150,212,100) | (c | ) | $ | 140,469,204 | ||||||||
Liabilities in Excess of Other Assets – (0.1)% | (d | ) | (70,380 | ) | ||||||||
|
| |||||||||||
Net Assets – 100.0% | $ | 140,398,824 | ||||||||||
|
|
Percentages are stated as a percent of net assets.
Abbreviations:
ADR: | American Depositary Receipts |
CVR: | Contingent Value Right |
REITs: | Real Estate Investment Trusts |
Footnotes:
(a) | Non-income producing security. |
(b) | Represents a security deemed to be restricted. At June 30, 2023, the value of restricted securities in the Portfolio totaled $35,498, or 0.0% of the Portfolio’s net assets. |
(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 $124,000 of cash pledged as collateral for the futures contracts outstanding at June 30, 2023. 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 | June 30, 2023 (Unaudited) |
Description | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable (Payable) | ||||||
CME E-mini Russell 2000 Index - Long | 20 | September 15, 2023 | $1,889,481 | $1,903,700 | $14,219 | $5,035 |
The accompanying notes are an integral part of these financial statements.
77 |
Ohio National Fund, Inc. | ON S&P MidCap 400® Index Portfolio (Unaudited) |
Objective/Strategy |
The ON 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 net assets in the common stocks and other securities included in the S&P MidCap 400® Index.
Performance as of June 30, 2023 |
Average Annual returns | ||||
One year | 17.15 | % | ||
Five years | 7.35 | % | ||
Ten years | 8.85 | % |
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 the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts, or as an underlying investment by the ON Model Portfolios. 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 0.42% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 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 six-month period ended June 30, 2023, the Portfolio returned 8.61% versus 8.84% for its benchmark, the S&P MidCap 400® Index.
Q. What affected the Portfolio’s performance?
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 six-month period 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. There was no impact from either sector allocation or stock selection that caused any significant performance variance between the Portfolio and its benchmark. Industrials, Information Technology and Consumer Discretionary were the top contributors for the six-month period. Financials, Utilities and Energy were the top detractors from performance. Because the Portfolio weights its holdings to be similar to those utilized by the benchmark, there were no holdings that significantly contributed to, or detracted from, the Portfolio’s benchmark-relative performance. Benchmark constituents that contributed the most to Portfolio and benchmark returns were Builders FirstSource, Inc., Super Micro Computer, Inc., and Jabil, Inc. First Horizon Corp., Halozyme Therapeutics, Inc., and Capri Holdings Ltd. were leading detractors. Derivatives had no significant impact on the Portfolio’s performance.(1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.
The S&P 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 19, 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.
78 | (continued) |
Ohio National Fund, Inc. | ON S&P MidCap 400® Index Portfolio (Unaudited) (Continued) |
Portfolio Composition as of June 30, 2023 (1) |
% of Net Assets | ||||
Common Stocks (4) | 101.1 | |||
U.S. Treasury Obligations | 0.0 | |||
Less Net Liabilities | (1.1 | ) | ||
|
| |||
100.0 | ||||
|
|
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||||||||||
1. | Hubbell, Inc. | 0.8 | ||||||||||
2. | Builders FirstSource, Inc. | 0.8 | ||||||||||
3. | Reliance Steel & Aluminum Co. | 0.7 | ||||||||||
4. | Graco, Inc. | 0.6 | ||||||||||
5. | Jabil, Inc. | 0.6 | ||||||||||
6. | Deckers Outdoor Corp. | 0.6 | ||||||||||
7. | Lattice Semiconductor Corp. | 0.6 | ||||||||||
8. | Penumbra, Inc. | 0.6 | ||||||||||
9. | Carlisle Cos., Inc. | 0.6 | ||||||||||
10. | Watsco, Inc. | 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 | ||||
Industrials | 23.2 | |||
Consumer Discretionary | 15.1 | |||
Financials | 13.7 | |||
Information Technology | 10.5 | |||
Health Care | 9.6 | |||
Real Estate | 7.5 | |||
Materials | 7.4 | |||
Consumer Staples | 4.4 | |||
Energy | 4.2 | |||
Utilities | 3.4 | |||
Communication Services | 2.1 | |||
|
| |||
101.1 | ||||
|
|
79 |
Ohio National Fund, Inc. | ON S&P MidCap 400® Index Portfolio | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks – 101.1% | Shares | Value | ||||||||||
COMMUNICATION SERVICES – 2.1% |
| |||||||||||
Cable One, Inc. (Media) | 795 | $ | 522,379 | |||||||||
Frontier Communications Parent, Inc. (Diversified Telecom. Svs.) | (a | ) | 37,639 | 701,591 | ||||||||
Iridium Communications, Inc. (Diversified Telecom. Svs.) | 21,228 | 1,318,683 | ||||||||||
New York Times Co. / The Class A (Media) | 27,622 | 1,087,754 | ||||||||||
Nexstar Media Group, Inc. (Media) | 6,045 | 1,006,795 | ||||||||||
TEGNA, Inc. (Media) | 37,934 | 616,048 | ||||||||||
TripAdvisor, Inc. (Interactive Media & Svs.) | (a | ) | 17,875 | 294,759 | ||||||||
World Wrestling Entertainment, Inc. Class A (Entertainment) | 7,317 | 793,675 | ||||||||||
Ziff Davis, Inc. (Interactive Media & Svs.) | (a | ) | 7,971 | 558,448 | ||||||||
ZoomInfo Technologies, Inc. (Interactive Media & Svs.) | (a | ) | 45,443 | 1,153,798 | ||||||||
|
| |||||||||||
8,053,930 | ||||||||||||
|
| |||||||||||
CONSUMER DISCRETIONARY – 15.1% | ||||||||||||
Adient PLC (Automobile Components) | (a | ) | 15,965 | 611,779 | ||||||||
Aramark (Hotels, Restaurants & Leisure) | 43,933 | 1,891,316 | ||||||||||
Autoliv, Inc. (Automobile Components) | 13,022 | 1,107,391 | ||||||||||
AutoNation, Inc. (Specialty Retail) | (a | ) | 5,305 | 873,256 | ||||||||
Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | 12,944 | 897,925 | ||||||||||
Brunswick Corp. (Leisure Products) | 11,921 | 1,032,835 | ||||||||||
Capri Holdings Ltd. (Textiles, Apparel & Luxury Goods) | (a | ) | 21,192 | 760,581 | ||||||||
Carter’s, Inc. (Textiles, Apparel & Luxury Goods) | 6,353 | 461,228 | ||||||||||
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure) | 4,470 | 525,314 | ||||||||||
Churchill Downs, Inc. (Hotels, Restaurants & Leisure) | 11,107 | 1,545,761 | ||||||||||
Columbia Sportswear Co. (Textiles, Apparel & Luxury Goods) | 5,961 | 460,428 | ||||||||||
Crocs, Inc. (Textiles, Apparel & Luxury Goods) | (a | ) | 10,456 | 1,175,673 | ||||||||
Deckers Outdoor Corp. (Textiles, Apparel & Luxury Goods) | (a | ) | 4,444 | 2,344,921 | ||||||||
Dick’s Sporting Goods, Inc. (Specialty Retail) | 10,366 | 1,370,282 | ||||||||||
Five Below, Inc. (Specialty Retail) | (a | ) | 9,384 | 1,844,331 | ||||||||
Foot Locker, Inc. (Specialty Retail) | 13,388 | 362,949 | ||||||||||
Fox Factory Holding Corp. (Automobile Components) | (a | ) | 7,131 | 773,785 | ||||||||
GameStop Corp. Class A (Specialty Retail) | (a | ) | 42,636 | 1,033,923 | ||||||||
Gap, Inc. / The (Specialty Retail) | 35,965 | 321,167 | ||||||||||
Gentex Corp. (Automobile Components) | 39,397 | 1,152,756 | ||||||||||
Goodyear Tire & Rubber Co. / The (Automobile Components) | (a | ) | 47,780 | 653,630 | ||||||||
Graham Holdings Co. Class B (Diversified Consumer Svs.) | 637 | 364,033 | ||||||||||
Grand Canyon Education, Inc. (Diversified Consumer Svs.) | (a | ) | 5,180 | 534,628 | ||||||||
H&R Block, Inc. (Diversified Consumer Svs.) | 25,672 | 818,167 | ||||||||||
Harley-Davidson, Inc. (Automobiles) | 22,054 | 776,521 | ||||||||||
Helen of Troy Ltd. (Household Durables) | (a | ) | 4,053 | 437,805 | ||||||||
Hilton Grand Vacations, Inc. (Hotels, Restaurants & Leisure) | (a | ) | 12,959 | 588,857 | ||||||||
KB Home (Household Durables) | 13,533 | 699,791 | ||||||||||
Kohl’s Corp. (Broadline Retail) | 18,670 | 430,344 | ||||||||||
Lear Corp. (Automobile Components) | 9,950 | 1,428,323 | ||||||||||
Leggett & Platt, Inc. (Household Durables) | 22,440 | 664,673 | ||||||||||
Light & Wonder, Inc. (Hotels, Restaurants & Leisure) | (a | ) | 15,361 | 1,056,222 | ||||||||
Lithia Motors, Inc. (Specialty Retail) | 4,641 | 1,411,375 | ||||||||||
Macy’s, Inc. (Broadline Retail) | 45,909 | 736,839 | ||||||||||
Marriott Vacations Worldwide Corp. (Hotels, Restaurants & Leisure) | 6,205 | 761,478 | ||||||||||
Mattel, Inc. (Leisure Products) | (a | ) | 59,670 | 1,165,952 |
Common Stocks (Continued) | Shares | Value | ||||||||||
CONSUMER DISCRETIONARY (continued) |
| |||||||||||
Murphy U.S.A., Inc. (Specialty Retail) | 3,378 | $ | 1,050,930 | |||||||||
Nordstrom, Inc. (Broadline Retail) | 19,049 | 389,933 | ||||||||||
Ollie’s Bargain Outlet Holdings, Inc. (Broadline Retail) | (a | ) | 9,704 | 562,153 | ||||||||
Papa John’s International, Inc. (Hotels, Restaurants & Leisure) | 5,010 | 369,888 | ||||||||||
Penn Entertainment, Inc. (Hotels, Restaurants & Leisure) | (a | ) | 25,981 | 624,323 | ||||||||
Planet Fitness, Inc. Class A (Hotels, Restaurants & Leisure) | (a | ) | 14,322 | 965,876 | ||||||||
Polaris, Inc. (Leisure Products) | 9,018 | 1,090,547 | ||||||||||
PVH Corp. (Textiles, Apparel & Luxury Goods) | 10,585 | 899,407 | ||||||||||
RH (Specialty Retail) | (a | ) | 3,010 | 992,066 | ||||||||
Service Corp. International (Diversified Consumer Svs.) | 25,484 | 1,646,012 | ||||||||||
Skechers U.S.A., Inc. Class A (Textiles, Apparel & Luxury Goods) | (a | ) | 22,635 | 1,191,959 | ||||||||
Taylor Morrison Home Corp. (Household Durables) | (a | ) | 18,394 | 897,075 | ||||||||
Tempur Sealy International, Inc. (Household Durables) | 29,007 | 1,162,310 | ||||||||||
Texas Roadhouse, Inc. (Hotels, Restaurants & Leisure) | 11,295 | 1,268,203 | ||||||||||
Thor Industries, Inc. (Automobiles) | 9,022 | 933,777 | ||||||||||
Toll Brothers, Inc. (Household Durables) | 17,360 | 1,372,655 | ||||||||||
TopBuild Corp. (Household Durables) | (a | ) | 5,352 | 1,423,739 | ||||||||
Topgolf Callaway Brands Corp. (Leisure Products) | (a | ) | 23,467 | 465,820 | ||||||||
Travel + Leisure Co. (Hotels, Restaurants & Leisure) | 12,863 | 518,893 | ||||||||||
Under Armour, Inc. Class A (Textiles, Apparel & Luxury Goods) | (a | ) | 31,834 | 229,841 | ||||||||
Under Armour, Inc. Class C (Textiles, Apparel & Luxury Goods) | (a | ) | 31,935 | 214,284 | ||||||||
Valvoline, Inc. (Specialty Retail) | 23,408 | 878,034 | ||||||||||
Visteon Corp. (Automobile Components) | (a | ) | 4,779 | 686,312 | ||||||||
Wendy’s Co. / The (Hotels, Restaurants & Leisure) | 28,420 | 618,135 | ||||||||||
Williams-Sonoma, Inc. (Specialty Retail) | 11,069 | 1,385,175 | ||||||||||
Wingstop, Inc. (Hotels, Restaurants & Leisure) | 5,052 | 1,011,208 | ||||||||||
Wyndham Hotels & Resorts, Inc. (Hotels, Restaurants & Leisure) | 14,475 | 992,551 | ||||||||||
YETI Holdings, Inc. (Leisure Products) | (a | ) | 14,607 | 567,336 | ||||||||
|
| |||||||||||
57,484,681 | ||||||||||||
|
| |||||||||||
CONSUMER STAPLES – 4.4% | ||||||||||||
BellRing Brands, Inc. (Personal Care Products) | (a | ) | 22,387 | 819,364 | ||||||||
BJ’s Wholesale Club Holdings, Inc. (Consumer Staples Distribution & Retail) | (a | ) | 22,655 | 1,427,492 | ||||||||
Boston Beer Co., Inc. / The Class A (Beverages) | (a | ) | 1,583 | 488,260 | ||||||||
Casey’s General Stores, Inc. (Consumer Staples Distribution & Retail) | 6,282 | 1,532,054 | ||||||||||
Celsius Holdings, Inc. (Beverages) | (a | ) | 6,861 | 1,023,593 | ||||||||
Coca-Cola Consolidated, Inc. (Beverages) | 776 | 493,551 | ||||||||||
Coty, Inc. Class A (Personal Care Products) | (a | ) | 61,818 | 759,743 | ||||||||
Darling Ingredients, Inc. (Food Products) | (a | ) | 26,899 | 1,715,887 | ||||||||
Energizer Holdings, Inc. (Household Products) | 11,206 | 376,297 | ||||||||||
Flowers Foods, Inc. (Food Products) | 32,493 | 808,426 | ||||||||||
Grocery Outlet Holding Corp. (Consumer Staples Distribution & Retail) | (a | ) | 15,078 | 461,538 | ||||||||
Ingredion, Inc. (Food Products) | 11,128 | 1,179,012 | ||||||||||
Lancaster Colony Corp. (Food Products) | 3,340 | 671,641 | ||||||||||
Performance Food Group Co. (Consumer Staples Distribution & Retail) | (a | ) | 26,323 | 1,585,697 | ||||||||
Pilgrim’s Pride Corp. (Food Products) | (a | ) | 7,610 | 163,539 |
| 80 | (continued) |
Ohio National Fund, Inc. | ON S&P MidCap 400® Index Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
CONSUMER STAPLES (continued) |
| |||||||||||
Post Holdings, Inc. (Food Products) | (a | ) | 9,025 | $ | 782,016 | |||||||
Sprouts Farmers Market, Inc. (Consumer Staples Distribution & Retail) | (a | ) | 17,372 | 638,074 | ||||||||
U.S. Foods Holding Corp. (Consumer Staples Distribution & Retail) | (a | ) | 38,205 | 1,681,020 | ||||||||
|
| |||||||||||
16,607,204 | ||||||||||||
|
| |||||||||||
ENERGY – 4.2% | ||||||||||||
Antero Midstream Corp. (Oil, Gas & Consumable Fuels) | 56,602 | 656,583 | ||||||||||
Antero Resources Corp. (Oil, Gas & Consumable Fuels) | (a | ) | 46,549 | 1,072,023 | ||||||||
ChampionX Corp. (Energy Equip. & Svs.) | 33,374 | 1,035,929 | ||||||||||
Chord Energy Corp. (Oil, Gas & Consumable Fuels) | 7,004 | 1,077,215 | ||||||||||
CNX Resources Corp. (Oil, Gas & Consumable Fuels) | (a | ) | 27,912 | 494,601 | ||||||||
DT Midstream, Inc. (Oil, Gas & Consumable Fuels) | 16,334 | 809,676 | ||||||||||
Equitrans Midstream Corp. (Oil, Gas & Consumable Fuels) | 73,026 | 698,129 | ||||||||||
HF Sinclair Corp. (Oil, Gas & Consumable Fuels) | 21,721 | 968,974 | ||||||||||
Matador Resources Co. (Oil, Gas & Consumable Fuels) | 19,087 | 998,632 | ||||||||||
Murphy Oil Corp. (Oil, Gas & Consumable Fuels) | 24,736 | 947,389 | ||||||||||
NOV, Inc. (Energy Equip. & Svs.) | 66,374 | 1,064,639 | ||||||||||
Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | 41,222 | 1,569,322 | ||||||||||
PBF Energy, Inc. Class A (Oil, Gas & Consumable Fuels) | 18,494 | 757,144 | ||||||||||
PDC Energy, Inc. (Oil, Gas & Consumable Fuels) | 14,743 | 1,048,817 | ||||||||||
Range Resources Corp. (Oil, Gas & Consumable Fuels) | 40,676 | 1,195,874 | ||||||||||
Southwestern Energy Co. (Oil, Gas & Consumable Fuels) | (a | ) | 185,650 | 1,115,757 | ||||||||
Valaris Ltd. (Energy Equip. & Svs.) | (a | ) | 10,139 | 638,047 | ||||||||
|
| |||||||||||
16,148,751 | ||||||||||||
|
| |||||||||||
FINANCIALS – 13.7% | ||||||||||||
Affiliated Managers Group, Inc. (Capital Markets) | 6,086 | 912,231 | ||||||||||
American Financial Group, Inc. (Insurance) | 11,775 | 1,398,281 | ||||||||||
Annaly Capital Management, Inc. (Mortgage REIT) | 83,258 | 1,665,992 | ||||||||||
Associated Banc-Corp. (Banks) | 25,437 | 412,843 | ||||||||||
Bank OZK (Banks) | 18,172 | 729,788 | ||||||||||
Brighthouse Financial, Inc. (Insurance) | (a | ) | 11,271 | 533,682 | ||||||||
Cadence Bank (Banks) | 30,800 | 604,912 | ||||||||||
Cathay General Bancorp (Banks) | 12,228 | 393,619 | ||||||||||
CNO Financial Group, Inc. (Insurance) | 19,312 | 457,115 | ||||||||||
Columbia Banking System, Inc. (Banks) | 35,142 | 712,680 | ||||||||||
Commerce Bancshares, Inc. (Banks) | 19,132 | 931,728 | ||||||||||
Cullen / Frost Bankers, Inc. (Banks) | 10,856 | 1,167,346 | ||||||||||
East West Bancorp, Inc. (Banks) | 23,847 | 1,258,883 | ||||||||||
Essent Group Ltd. (Financial Services) | 18,082 | 846,238 | ||||||||||
Euronet Worldwide, Inc. (Financial Services) | (a | ) | 7,948 | 932,857 | ||||||||
Evercore, Inc. Class A (Capital Markets) | 5,947 | 734,990 | ||||||||||
Federated Hermes, Inc. (Capital Markets) | 14,335 | 513,910 | ||||||||||
First American Financial Corp. (Insurance) | 17,400 | 992,148 | ||||||||||
First Financial Bankshares, Inc. (Banks) | 21,896 | 623,817 | ||||||||||
First Horizon Corp. (Banks) | 90,663 | 1,021,772 | ||||||||||
FirstCash Holdings, Inc. (Consumer Finance) | 6,209 | 579,486 | ||||||||||
FNB Corp. (Banks) | 60,867 | 696,318 | ||||||||||
Glacier Bancorp, Inc. (Banks) | 18,691 | 582,598 | ||||||||||
Hancock Whitney Corp. (Banks) | 14,511 | 556,932 | ||||||||||
Hanover Insurance Group, Inc. / The (Insurance) | 6,023 | 680,780 |
Common Stocks (Continued) | Shares | Value | ||||||||||
FINANCIALS (continued) | ||||||||||||
Home BancShares, Inc. (Banks) | 31,795 | $ | 724,926 | |||||||||
Interactive Brokers Group, Inc. Class A (Capital Markets) | 17,362 | 1,442,261 | ||||||||||
International Bancshares Corp. (Banks) | 8,901 | 393,424 | ||||||||||
Janus Henderson Group PLC (Capital Markets). | 22,341 | 608,792 | ||||||||||
Jefferies Financial Group, Inc. (Capital Markets) | 31,478 | 1,044,125 | ||||||||||
Kemper Corp. (Insurance) | 10,788 | 520,629 | ||||||||||
Kinsale Capital Group, Inc. (Insurance) | 3,669 | 1,372,940 | ||||||||||
MGIC Investment Corp. (Financial Services) | 48,318 | 762,941 | ||||||||||
New York Community Bancorp, Inc. (Banks) | 121,736 | 1,368,313 | ||||||||||
Old National Bancorp (Banks) | 49,326 | 687,604 | ||||||||||
Old Republic International Corp. (Insurance) | 45,899 | 1,155,278 | ||||||||||
Pinnacle Financial Partners, Inc. (Banks) | 12,937 | 732,881 | ||||||||||
Primerica, Inc. (Insurance) | 6,107 | 1,207,720 | ||||||||||
Prosperity Bancshares, Inc. (Banks) | 15,893 | 897,637 | ||||||||||
Reinsurance Group of America, Inc. (Insurance) | 11,218 | 1,555,824 | ||||||||||
RenaissanceRe Holdings Ltd. (Insurance) | 8,468 | 1,579,451 | ||||||||||
RLI Corp. (Insurance) | 6,835 | 932,772 | ||||||||||
SEI Investments Co. (Capital Markets) | 17,079 | 1,018,250 | ||||||||||
Selective Insurance Group, Inc. (Insurance) | 10,198 | 978,498 | ||||||||||
SLM Corp. (Consumer Finance) | 40,860 | 666,835 | ||||||||||
SouthState Corp. (Banks) | 12,799 | 842,174 | ||||||||||
Starwood Property Trust, Inc. (Mortgage REIT) | 52,612 | 1,020,673 | ||||||||||
Stifel Financial Corp. (Capital Markets) | 17,892 | 1,067,616 | ||||||||||
Synovus Financial Corp. (Banks) | 24,632 | 745,118 | ||||||||||
Texas Capital Bancshares, Inc. (Banks) | (a | ) | 8,070 | 415,605 | ||||||||
UMB Financial Corp. (Banks) | 7,360 | 448,224 | ||||||||||
United Bankshares, Inc. (Banks) | 22,688 | 673,153 | ||||||||||
Unum Group (Insurance) | 31,228 | 1,489,576 | ||||||||||
Valley National Bancorp (Banks) | 71,063 | 550,738 | ||||||||||
Voya Financial, Inc. (Financial Services) | 16,566 | 1,187,948 | ||||||||||
Webster Financial Corp. (Banks) | 29,458 | 1,112,039 | ||||||||||
Western Union Co. / The (Financial Services) | 63,128 | 740,491 | ||||||||||
WEX, Inc. (Financial Services) | (a | ) | 7,222 | 1,314,910 | ||||||||
Wintrust Financial Corp. (Banks) | 10,316 | 749,148 | ||||||||||
|
| |||||||||||
51,949,460 | ||||||||||||
|
| |||||||||||
HEALTH CARE – 9.6% | ||||||||||||
Acadia Healthcare Co., Inc. (Health Care Providers & Svs.) | (a | ) | 15,515 | 1,235,615 | ||||||||
Amedisys, Inc. (Health Care Providers & Svs.) | (a | ) | 5,493 | 502,280 | ||||||||
Arrowhead Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 18,021 | 642,629 | ||||||||
Azenta, Inc. (Life Sciences Tools & Svs.) | (a | ) | 10,986 | 512,826 | ||||||||
Bruker Corp. (Life Sciences Tools & Svs.) | 16,820 | 1,243,334 | ||||||||||
Chemed Corp. (Health Care Providers & Svs.) | 2,532 | 1,371,508 | ||||||||||
Doximity, Inc. Class A (Health Care Technology) | (a | ) | 20,011 | 680,774 | ||||||||
Encompass Health Corp. (Health Care Providers & Svs.) | 16,898 | 1,144,164 | ||||||||||
Enovis Corp. (Health Care Equip. & Supplies) | (a | ) | 8,084 | 518,346 | ||||||||
Envista Holdings Corp. (Health Care Equip. & Supplies) | (a | ) | 27,597 | 933,883 | ||||||||
Exelixis, Inc. (Biotechnology) | (a | ) | 54,895 | 1,049,043 | ||||||||
Globus Medical, Inc. Class A (Health Care Equip. & Supplies) | (a | ) | 13,470 | 802,004 | ||||||||
Haemonetics Corp. (Health Care Equip. & Supplies) | (a | ) | 8,504 | 724,031 | ||||||||
Halozyme Therapeutics, Inc. (Biotechnology) | (a | ) | 22,199 | 800,718 | ||||||||
HealthEquity, Inc. (Health Care Providers & Svs.) | (a | ) | 14,408 | 909,721 | ||||||||
ICU Medical, Inc. (Health Care Equip. & Supplies) | (a | ) | 3,408 | 607,272 | ||||||||
Inari Medical, Inc. (Health Care Equip. & Supplies) | (a | ) | 8,674 | 504,306 | ||||||||
Integra LifeSciences Holdings Corp. (Health Care Equip. & Supplies) | (a | ) | 12,012 | 494,054 |
| 81 | (continued) |
Ohio National Fund, Inc. | ON S&P MidCap 400® Index Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
HEALTH CARE (continued) | ||||||||||||
Jazz Pharmaceuticals PLC (Pharmaceuticals) | (a | ) | 10,790 | $ | 1,337,636 | |||||||
Lantheus Holdings, Inc. (Health Care Equip. & Supplies) | (a | ) | 11,520 | 966,758 | ||||||||
LivaNova PLC (Health Care Equip. & Supplies) | (a | ) | 9,064 | 466,162 | ||||||||
Masimo Corp. (Health Care Equip. & Supplies) | (a | ) | 8,186 | 1,347,006 | ||||||||
Medpace Holdings, Inc. (Life Sciences Tools & Svs.) | (a | ) | 4,165 | 1,000,308 | ||||||||
Neogen Corp. (Health Care Equip. & Supplies) | (a | ) | 36,451 | 792,809 | ||||||||
Neurocrine Biosciences, Inc. (Biotechnology) | (a | ) | 16,449 | 1,551,141 | ||||||||
Omnicell, Inc. (Health Care Equip. & Supplies) | (a | ) | 7,600 | 559,892 | ||||||||
Option Care Health, Inc. (Health Care Providers & Svs.) | (a | ) | 27,880 | 905,821 | ||||||||
Patterson Cos., Inc. (Health Care Providers & Svs.) | 14,660 | 487,592 | ||||||||||
Penumbra, Inc. (Health Care Equip. & Supplies) | (a | ) | 6,449 | 2,218,843 | ||||||||
Perrigo Co. PLC (Pharmaceuticals) | 22,813 | 774,501 | ||||||||||
Progyny, Inc. (Health Care Providers & Svs.) | (a | ) | 12,891 | 507,132 | ||||||||
QuidelOrtho Corp. (Health Care Equip. & Supplies) | (a | ) | 9,099 | 753,943 | ||||||||
R1 RCM, Inc. (Health Care Providers & Svs.) | (a | ) | 23,265 | 429,239 | ||||||||
Repligen Corp. (Life Sciences Tools & Svs.) | (a | ) | 8,730 | 1,234,946 | ||||||||
Shockwave Medical, Inc. (Health Care Equip. & Supplies) | (a | ) | 6,174 | 1,762,121 | ||||||||
Sotera Health Co. (Life Sciences Tools & Svs.) | (a | ) | 16,669 | 314,044 | ||||||||
STAAR Surgical Co. (Health Care Equip. & Supplies) | (a | ) | 8,148 | 428,340 | ||||||||
Syneos Health, Inc. (Life Sciences Tools & Svs.) | (a | ) | 17,475 | 736,397 | ||||||||
Tenet Healthcare Corp. (Health Care Providers & Svs.) | (a | ) | 17,184 | 1,398,434 | ||||||||
United Therapeutics Corp. (Biotechnology) | (a | ) | 7,897 | 1,743,263 | ||||||||
|
| |||||||||||
36,392,836 | ||||||||||||
|
| |||||||||||
INDUSTRIALS – 23.2% | ||||||||||||
Acuity Brands, Inc. (Electrical Equip.) | 5,361 | 874,272 | ||||||||||
Advanced Drainage Systems, Inc. (Building Products) | 10,545 | 1,199,810 | ||||||||||
AECOM (Construction & Engineering) | 23,432 | 1,984,456 | ||||||||||
AGCO Corp. (Machinery) | 10,475 | 1,376,625 | ||||||||||
ASGN, Inc. (Professional Svs.) | (a | ) | 8,311 | 628,561 | ||||||||
Avis Budget Group, Inc. (Ground Transportation) | (a | ) | 4,022 | 919,711 | ||||||||
Brink’s Co. / The (Commercial Svs. & Supplies) | 7,826 | 530,838 | ||||||||||
Builders FirstSource, Inc. (Building Products) | (a | ) | 21,607 | 2,938,552 | ||||||||
BWX Technologies, Inc. (Aerospace & Defense) | 15,416 | 1,103,323 | ||||||||||
CACI International, Inc. Class A (Professional Svs.) | (a | ) | 3,842 | 1,309,507 | ||||||||
Carlisle Cos., Inc. (Building Products) | 8,592 | 2,204,106 | ||||||||||
Chart Industries, Inc. (Machinery) | (a | ) | 7,075 | 1,130,514 | ||||||||
Clean Harbors, Inc. (Commercial Svs. & Supplies) | (a | ) | 8,482 | 1,394,695 | ||||||||
Concentrix Corp. (Professional Svs.) | 7,197 | 581,158 | ||||||||||
Crane Co. (Machinery) | 8,129 | 724,456 | ||||||||||
Crane NXT Co. (Machinery) | 8,129 | 458,801 | ||||||||||
Curtiss-Wright Corp. (Aerospace & Defense) | 6,464 | 1,187,178 | ||||||||||
Donaldson Co., Inc. (Machinery) | 20,445 | 1,278,017 | ||||||||||
EMCOR Group, Inc. (Construction & Engineering) | 8,015 | 1,481,012 | ||||||||||
EnerSys (Electrical Equip.) | 6,887 | 747,377 | ||||||||||
Esab Corp. (Machinery) | 8,731 | 580,961 | ||||||||||
ExlService Holdings, Inc. (Professional Svs.) | (a | ) | 5,605 | 846,691 | ||||||||
Exponent, Inc. (Professional Svs.) | 8,570 | 799,752 | ||||||||||
Flowserve Corp. (Machinery) | 22,109 | 821,349 | ||||||||||
Fluor Corp. (Construction & Engineering) | (a | ) | 24,147 | 714,751 | ||||||||
Fortune Brands Innovations, Inc. (Building Products) | 21,361 | 1,536,924 |
Common Stocks (Continued) | Shares | Value | ||||||||||
INDUSTRIALS (continued) | ||||||||||||
FTI Consulting, Inc. (Professional Svs.) | (a | ) | 5,728 | $ | 1,089,466 | |||||||
GATX Corp. (Trading Companies & Distributors) | 5,951 | 766,132 | ||||||||||
Genpact Ltd. (Professional Svs.) | 28,560 | 1,072,999 | ||||||||||
Graco, Inc. (Machinery) | 28,379 | 2,450,527 | ||||||||||
GXO Logistics, Inc. (Air Freight & Logistics) | (a | ) | 20,049 | 1,259,478 | ||||||||
Hertz Global Holdings, Inc. (Ground Transportation) | (a | ) | 26,572 | 488,659 | ||||||||
Hexcel Corp. (Aerospace & Defense) | 14,223 | 1,081,232 | ||||||||||
Hubbell, Inc. (Electrical Equip.) | 9,034 | 2,995,314 | ||||||||||
Insperity, Inc. (Professional Svs.) | 6,056 | 720,422 | ||||||||||
ITT, Inc. (Machinery) | 13,891 | 1,294,780 | ||||||||||
JetBlue Airways Corp. (Passenger Airlines) | (a | ) | 55,277 | 489,754 | ||||||||
KBR, Inc. (Professional Svs.) | 22,880 | 1,488,573 | ||||||||||
Kirby Corp. (Marine Transportation) | (a | ) | 10,115 | 778,349 | ||||||||
Knight-Swift Transportation Holdings, Inc. (Ground Transportation) | 27,146 | 1,508,232 | ||||||||||
Landstar System, Inc. (Ground Transportation) | 6,058 | 1,166,407 | ||||||||||
Lennox International, Inc. (Building Products) | 5,446 | 1,775,777 | ||||||||||
Lincoln Electric Holdings, Inc. (Machinery) | 9,706 | 1,927,903 | ||||||||||
ManpowerGroup, Inc. (Professional Svs.) | 8,501 | 674,979 | ||||||||||
MasTec, Inc. (Construction & Engineering) | (a | ) | 10,058 | 1,186,542 | ||||||||
Maximus, Inc. (Professional Svs.) | 10,247 | 865,974 | ||||||||||
MDU Resources Group, Inc. (Construction & Engineering) | 34,329 | 718,849 | ||||||||||
Mercury Systems, Inc. (Aerospace & Defense) | (a | ) | 9,810 | 339,328 | ||||||||
Middleby Corp. / The (Machinery) | (a | ) | 9,022 | 1,333,722 | ||||||||
MSA Safety, Inc. (Commercial Svs. & Supplies) | 6,222 | 1,082,379 | ||||||||||
MSC Industrial Direct Co., Inc. Class A (Trading Companies & Distributors) | 7,967 | 759,096 | ||||||||||
nVent Electric PLC (Electrical Equip.) | 27,930 | 1,443,143 | ||||||||||
Oshkosh Corp. (Machinery) | 11,011 | 953,443 | ||||||||||
Owens Corning (Building Products) | 15,191 | 1,982,426 | ||||||||||
Paylocity Holding Corp. (Professional Svs.) | (a | ) | 6,963 | 1,284,882 | ||||||||
Regal Rexnord Corp. (Electrical Equip.) | 11,174 | 1,719,679 | ||||||||||
Ryder System, Inc. (Ground Transportation) | 7,838 | 664,584 | ||||||||||
Saia, Inc. (Ground Transportation) | (a | ) | 4,473 | 1,531,600 | ||||||||
Science Applications International Corp. (Professional Svs.) | 9,102 | 1,023,793 | ||||||||||
Simpson Manufacturing Co., Inc. (Building Products) | 7,193 | 996,231 | ||||||||||
Stericycle, Inc. (Commercial Svs. & Supplies) | (a | ) | 15,584 | 723,721 | ||||||||
Sunrun, Inc. (Electrical Equip.) | (a | ) | 36,349 | 649,193 | ||||||||
Terex Corp. (Machinery) | 11,430 | 683,857 | ||||||||||
Tetra Tech, Inc. (Commercial Svs. & Supplies) | 8,973 | 1,469,239 | ||||||||||
Timken Co. / The (Machinery) | 11,106 | 1,016,532 | ||||||||||
Toro Co. / The (Machinery) | 17,580 | 1,787,007 | ||||||||||
Trex Co., Inc. (Building Products) | (a | ) | 18,342 | 1,202,502 | ||||||||
UFP Industries, Inc. (Building Products) | 10,468 | 1,015,919 | ||||||||||
Univar Solutions, Inc. (Trading Companies & Distributors) | (a | ) | 26,593 | 953,093 | ||||||||
Valmont Industries, Inc. (Construction & Engineering) | 3,550 | 1,033,228 | ||||||||||
Vicor Corp. (Electrical Equip.) | (a | ) | 3,763 | 203,202 | ||||||||
Watsco, Inc. (Trading Companies & Distributors) | 5,634 | 2,149,202 | ||||||||||
Watts Water Technologies, Inc. Class A (Machinery) | 4,620 | 848,833 | ||||||||||
Werner Enterprises, Inc. (Ground Transportation) | 9,936 | 438,972 | ||||||||||
WESCO International, Inc. (Trading Companies & Distributors) | 7,606 | 1,361,930 | ||||||||||
Woodward, Inc. (Aerospace & Defense) | 10,121 | 1,203,488 | ||||||||||
XPO, Inc. (Ground Transportation) | (a | ) | 19,531 | 1,152,329 | ||||||||
|
| |||||||||||
88,160,298 | ||||||||||||
|
|
| 82 | (continued) |
Ohio National Fund, Inc. | ON S&P MidCap 400® Index Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
INFORMATION TECHNOLOGY – 10.5% |
| |||||||||||
ACI Worldwide, Inc. (Software) | (a | ) | 18,261 | $ | 423,107 | |||||||
Allegro MicroSystems, Inc. (Semiconductors & Equip.) | (a | ) | 10,991 | 496,134 | ||||||||
Amkor Technology, Inc. (Semiconductors & Equip.) | 16,978 | 505,096 | ||||||||||
Arrow Electronics, Inc. (Electronic Equip., Instr. & Comp.) | (a | ) | 9,523 | 1,363,979 | ||||||||
Aspen Technology, Inc. (Software) | (a | ) | 4,921 | 824,809 | ||||||||
Avnet, Inc. (Electronic Equip., Instr. & Comp.) | 15,408 | 777,334 | ||||||||||
Belden, Inc. (Electronic Equip., Instr. & Comp.) | 7,173 | 686,097 | ||||||||||
Blackbaud, Inc. (Software) | (a | ) | 7,627 | 542,890 | ||||||||
Calix, Inc. (Communications Equip.) | (a | ) | 9,716 | 484,926 | ||||||||
Ciena Corp. (Communications Equip.) | (a | ) | 25,145 | 1,068,411 | ||||||||
Cirrus Logic, Inc. (Semiconductors & Equip.) | (a | ) | 9,315 | 754,608 | ||||||||
Cognex Corp. (Electronic Equip., Instr. & Comp.) | 29,097 | 1,630,014 | ||||||||||
Coherent Corp. (Electronic Equip., Instr. & Comp.) | (a | ) | 23,496 | 1,197,826 | ||||||||
CommVault Systems, Inc. (Software) | (a | ) | 7,413 | 538,332 | ||||||||
Dropbox, Inc. Class A (Software) | (a | ) | 45,847 | 1,222,739 | ||||||||
Dynatrace, Inc. (Software) | (a | ) | 36,546 | 1,881,023 | ||||||||
Envestnet, Inc. (Software) | (a | ) | 9,171 | 544,299 | ||||||||
IPG Photonics Corp. (Electronic Equip., Instr. & Comp.) | (a | ) | 5,263 | 714,821 | ||||||||
Jabil, Inc. (Electronic Equip., Instr. & Comp.) | 22,368 | 2,414,178 | ||||||||||
Kyndryl Holdings, Inc. (IT Svs.) | (a | ) | 34,518 | 458,399 | ||||||||
Lattice Semiconductor Corp. (Semiconductors & Equip.) | (a | ) | 23,205 | 2,229,304 | ||||||||
Littelfuse, Inc. (Electronic Equip., Instr. & Comp.) | 4,186 | 1,219,424 | ||||||||||
Lumentum Holdings, Inc. (Communications Equip.) | (a | ) | 11,581 | 656,990 | ||||||||
MACOM Technology Solutions Holdings, Inc. (Semiconductors & Equip.) | (a | ) | 8,723 | 571,618 | ||||||||
Manhattan Associates, Inc. (Software) | (a | ) | 10,456 | 2,089,945 | ||||||||
MKS Instruments, Inc. (Semiconductors & Equip.) | 9,680 | 1,046,408 | ||||||||||
National Instruments Corp. (Electronic Equip., Instr. & Comp.) | 22,168 | 1,272,443 | ||||||||||
NCR Corp. (Software) | (a | ) | 23,669 | 596,459 | ||||||||
Novanta, Inc. (Electronic Equip., Instr. & Comp.) | (a | ) | 6,036 | 1,111,228 | ||||||||
Power Integrations, Inc. (Semiconductors & Equip.) | 9,668 | 915,270 | ||||||||||
Qualys, Inc. (Software) | (a | ) | 5,660 | 731,102 | ||||||||
Silicon Laboratories, Inc. (Semiconductors & Equip.) | (a | ) | 5,394 | 850,850 | ||||||||
Super Micro Computer, Inc. (Tech. Hardware, Storage & Periph.) | (a | ) | 7,698 | 1,918,726 | ||||||||
Synaptics, Inc. (Semiconductors & Equip.) | (a | ) | 6,663 | 568,887 | ||||||||
TD SYNNEX Corp. (Electronic Equip., Instr. & Comp.) | 6,999 | 657,906 | ||||||||||
Teradata Corp. (Software) | (a | ) | 17,043 | 910,267 | ||||||||
Universal Display Corp. (Semiconductors & Equip.) | 7,341 | 1,058,058 | ||||||||||
Vishay Intertechnology, Inc. (Electronic Equip., Instr. & Comp.) | 21,508 | 632,335 | ||||||||||
Vontier Corp. (Electronic Equip., Instr. & Comp.) | 26,234 | 844,997 | ||||||||||
Wolfspeed, Inc. (Semiconductors & Equip.) | (a | ) | 20,984 | 1,166,501 | ||||||||
Xerox Holdings Corp. (Tech. Hardware, Storage & Periph.) | 19,051 | 283,669 | ||||||||||
|
| |||||||||||
39,861,409 | ||||||||||||
|
| |||||||||||
MATERIALS – 7.4% | ||||||||||||
Alcoa Corp. (Metals & Mining) | 30,075 | 1,020,445 | ||||||||||
AptarGroup, Inc. (Containers & Packaging) | 11,045 | 1,279,674 | ||||||||||
Ashland, Inc. (Chemicals) | 8,189 | 711,706 | ||||||||||
Avient Corp. (Chemicals) | 14,432 | 590,269 |
Common Stocks (Continued) | Shares | Value | ||||||||||
MATERIALS (continued) | ||||||||||||
Axalta Coating Systems Ltd. (Chemicals) | (a | ) | 37,346 | $ | 1,225,322 | |||||||
Berry Global Group, Inc. (Containers & Packaging) | 20,095 | 1,292,912 | ||||||||||
Cabot Corp. (Chemicals) | 9,465 | 633,114 | ||||||||||
Chemours Co. / The (Chemicals) | 25,145 | 927,599 | ||||||||||
Cleveland-Cliffs, Inc. (Metals & Mining) | (a | ) | 86,832 | 1,455,304 | ||||||||
Commercial Metals Co. (Metals & Mining) | 19,743 | 1,039,666 | ||||||||||
Crown Holdings, Inc. (Containers & Packaging) | 20,246 | 1,758,770 | ||||||||||
Eagle Materials, Inc. (Construction Materials) | 6,078 | 1,133,061 | ||||||||||
Graphic Packaging Holding Co. (Containers & Packaging) | 51,777 | 1,244,201 | ||||||||||
Greif, Inc. Class A (Containers & Packaging) | 4,372 | 301,187 | ||||||||||
Knife River Corp. (Construction Materials) | (a | ) | 8,582 | 373,317 | ||||||||
Louisiana-Pacific Corp. (Paper & Forest Products) | 12,145 | 910,632 | ||||||||||
MP Materials Corp. (Metals & Mining) | (a | ) | 15,571 | 356,265 | ||||||||
NewMarket Corp. (Chemicals) | 1,120 | 450,374 | ||||||||||
Olin Corp. (Chemicals) | 20,268 | 1,041,573 | ||||||||||
Reliance Steel & Aluminum Co. (Metals & Mining) | 9,911 | 2,691,729 | ||||||||||
Royal Gold, Inc. (Metals & Mining) | 11,072 | 1,270,844 | ||||||||||
RPM International, Inc. (Chemicals) | 21,732 | 1,950,012 | ||||||||||
Scotts Miracle-Gro Co. / The (Chemicals) | 6,900 | 432,561 | ||||||||||
Sensient Technologies Corp. (Chemicals) | 7,122 | 506,588 | ||||||||||
Silgan Holdings, Inc. (Containers & Packaging) | 14,125 | 662,321 | ||||||||||
Sonoco Products Co. (Containers & Packaging) | 16,513 | 974,597 | ||||||||||
United States Steel Corp. (Metals & Mining) | 38,175 | 954,757 | ||||||||||
Westlake Corp. (Chemicals) | 5,810 | 694,121 | ||||||||||
Worthington Industries, Inc. (Metals & Mining) | 5,117 | 355,478 | ||||||||||
|
| |||||||||||
28,238,399 | ||||||||||||
|
| |||||||||||
REAL ESTATE – 7.5% | ||||||||||||
Agree Realty Corp. (Retail REITs) | 15,711 | 1,027,342 | ||||||||||
Apartment Income REIT Corp. (Residential REITs) | 25,152 | 907,736 | ||||||||||
Brixmor Property Group, Inc. (Retail REITs) | 50,666 | 1,114,652 | ||||||||||
Corporate Office Properties Trust (Office REITs) | 18,968 | 450,490 | ||||||||||
Cousins Properties, Inc. (Office REITs) | 25,573 | 583,064 | ||||||||||
CubeSmart (Specialized REITs) | 37,876 | 1,691,542 | ||||||||||
EastGroup Properties, Inc. (Industrial REITs) | 7,487 | 1,299,743 | ||||||||||
EPR Properties (Specialized REITs) | 12,691 | 593,939 | ||||||||||
First Industrial Realty Trust, Inc. (Industrial REITs) | 22,293 | 1,173,503 | ||||||||||
Healthcare Realty Trust, Inc. (Health Care REITs) | 64,197 | 1,210,755 | ||||||||||
Highwoods Properties, Inc. (Office REITs) | 17,778 | 425,072 | ||||||||||
Independence Realty Trust, Inc. (Residential REITs) | 37,816 | 689,008 | ||||||||||
Jones Lang LaSalle, Inc. (Real Estate Mgmt. & Development) | (a | ) | 8,052 | 1,254,502 | ||||||||
Kilroy Realty Corp. (Office REITs) | 17,770 | 534,699 | ||||||||||
Kite Realty Group Trust (Retail REITs) | 36,974 | 825,999 | ||||||||||
Lamar Advertising Co. Class A (Specialized REITs) | 14,748 | 1,463,739 | ||||||||||
Life Storage, Inc. (Specialized REITs) | 14,344 | 1,907,178 | ||||||||||
Medical Properties Trust, Inc. (Health Care REITs) | 100,861 | 933,973 | ||||||||||
National Storage Affiliates Trust (Specialized REITs) | 13,844 | 482,187 | ||||||||||
NNN REIT, Inc. (Retail REITs) | 30,695 | 1,313,439 | ||||||||||
Omega Healthcare Investors, Inc. (Health Care REITs) | 39,507 | 1,212,470 | ||||||||||
Park Hotels & Resorts, Inc. (Hotel & Resort REITs) | 36,351 | 466,020 | ||||||||||
Physicians Realty Trust (Health Care REITs) | 40,189 | 562,244 | ||||||||||
PotlatchDeltic Corp. (Specialized REITs) | 13,472 | 711,995 |
| 83 | (continued) |
Ohio National Fund, Inc. | ON S&P MidCap 400® Index Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
REAL ESTATE (continued) | ||||||||||||
Rayonier, Inc. (Specialized REITs) | 24,987 | $ | 784,592 | |||||||||
Rexford Industrial Realty, Inc. (Industrial REITs) | 33,876 | 1,769,005 | ||||||||||
Sabra Health Care REIT, Inc. (Health Care REITs) | 38,975 | 458,736 | ||||||||||
Spirit Realty Capital, Inc. (Retail REITs) | 23,820 | 938,032 | ||||||||||
STAG Industrial, Inc. (Industrial REITs) | 30,239 | 1,084,975 | ||||||||||
Vornado Realty Trust (Office REITs) | 27,172 | 492,900 | ||||||||||
|
| |||||||||||
28,363,531 | ||||||||||||
|
| |||||||||||
UTILITIES – 3.4% | ||||||||||||
ALLETE, Inc. (Electric Utilities) | 9,662 | 560,106 | ||||||||||
Black Hills Corp. (Multi-Utilities) | 11,237 | 677,142 | ||||||||||
Essential Utilities, Inc. (Water Utilities) | 40,558 | 1,618,670 | ||||||||||
Hawaiian Electric Industries, Inc. (Electric Utilities) | 18,472 | 668,686 | ||||||||||
IDACORP, Inc. (Electric Utilities) | 8,531 | 875,281 | ||||||||||
National Fuel Gas Co. (Gas Utilities) | 15,476 | 794,847 | ||||||||||
New Jersey Resources Corp. (Gas Utilities) | 16,346 | 771,531 | ||||||||||
NorthWestern Corp. (Multi-Utilities) | 10,080 | 572,141 | ||||||||||
OGE Energy Corp. (Electric Utilities) | 33,764 | 1,212,465 |
Common Stocks (Continued) | Shares | Value | ||||||||||||||
UTILITIES (continued) |
| |||||||||||||||
ONE Gas, Inc. (Gas Utilities) |
| 9,337 | $ | 717,175 | ||||||||||||
Ormat Technologies, Inc. (Ind. Power & Renewable Elec.) |
| 8,858 | 712,715 | |||||||||||||
PNM Resources, Inc. (Electric Utilities) |
| 14,470 | 652,597 | |||||||||||||
Portland General Electric Co. (Electric Utilities). |
| 16,288 | 762,767 | |||||||||||||
Southwest Gas Holdings, Inc. (Gas Utilities) |
| 11,064 | 704,224 | |||||||||||||
Spire, Inc. (Gas Utilities) |
| 8,867 | 562,522 | |||||||||||||
UGI Corp. (Gas Utilities) |
| 35,288 | 951,717 | |||||||||||||
|
| |||||||||||||||
12,814,586 | ||||||||||||||||
|
| |||||||||||||||
Total Common Stocks (Cost $325,162,532) |
| $ | 384,075,085 | |||||||||||||
|
| |||||||||||||||
U.S. Treasury Obligations – 0.0% | Rate | Maturity | Face Amount | Value | ||||||||||||
U.S. Treasury Bill | 0.000% | 09/07/2023 | $100,000 | $ | 99,059 | |||||||||||
|
| |||||||||||||||
Total U.S. Treasury Obligations (Cost $99,031) |
| $ | 99,059 | |||||||||||||
|
| |||||||||||||||
Total Investments – 101.1% |
| (b) | $ | 384,174,144 | ||||||||||||
Liabilities in Excess of Other Assets – (1.1)% |
| (c) | (4,215,809 | ) | ||||||||||||
|
| |||||||||||||||
Net Assets – 100.0% |
| $ | 379,958,335 | |||||||||||||
|
|
Percentages are stated as a percent of net assets.
Abbreviations:
REITs: | Real Estate Investment Trusts |
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. |
(c) | Includes $216,000 of cash pledged as collateral for the futures contracts outstanding at June 30, 2023. 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 | June 30, 2023 (Unaudited) |
Description | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable (Payable) | ||||||
CME E-mini S&P MidCap 400 Index - Long | 15 | September 15, 2023 | $3,935,125 | $3,966,150 | $31,025 | $8,633 |
The accompanying notes are an integral part of these financial statements.
84 |
Ohio National Fund, Inc. | ON BlackRock Advantage Large Cap Growth Portfolio (Unaudited) |
Objective/Strategy |
The ON BlackRock Advantage Large Cap Growth Portfolio seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in stocks of large capitalization companies with market capitalizations at the time of investment that are within the range of market capitalizations of the companies in the Russell 1000® Growth Index for the previous twelve months.
Performance as of June 30, 2023 |
Average Annual returns | ||||
One year | 20.83 | % | ||
Five years | 10.74 | % | ||
Ten years | 13.46 | % |
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 the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts, or as an underlying investment by the ON Model Portfolios. 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 0.75% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 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 six-month period ended June 30, 2023, the Portfolio returned 28.01% versus 29.02% for its benchmark, the Russell 1000® Growth Index.
Q. What affected the Portfolio’s performance?
A. Security selection, specifically in Health Care, was the primary source of weakness with adverse performance across life sciences and healthcare providers. This includes positioning around sentiment for weight loss drugs, deal activity for biopharma amid patent expiration, and the impact to health insurers amid an expected surge in expenses. Sentiment measures detracted, as insights designed to capture analyst sentiment, insights that evaluate institutional investor interest, and measures designed to gauge sentiment from bond markets struggled. Fundamental measures also struggled, with valuation insights tracking company earnings yield and credit conditions declining. Other nontraditional measures of company quality also detracted from performance.
Macro thematic insights helped offset the weakness by capturing the artificial intelligence (“AI”) related market rally. Specifically, industry positioning driven by inventory trends, expectations of a soft economic landing and news sentiment motivated an overweight to select stocks in the Information Technology sector. Further driving exposure to this theme were select fundamental measures, such as insights that evaluate company research expenditures, which contributed through Information Technology positioning. Derivatives had no significant impact on the Portfolio’s performance. (1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.
The Russell 1000® Growth Index is a market-capitalization weighted index of those firms in the Russell 1000® Index with higher price-to-book ratios and higher forecasted growth values. The Russell 1000® Index measures the performance of the large-cap segment of the U.S. equity universe. The index presented 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.
| 85 | (continued) |
Ohio National Fund, Inc. | ON BlackRock Advantage Large Cap Growth Portfolio (Unaudited) (Continued) |
Portfolio Composition as of June 30, 2023 (1) |
% of Net Assets | ||||
Common Stocks (4) | 99.1 | |||
Other Net Assets | 0.9 | |||
|
| |||
100.0 | ||||
|
|
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||||||||||
1. | Apple, Inc. | 11.8 | ||||||||||
2. | Microsoft Corp. | 10.8 | ||||||||||
3. | Amazon.com, Inc. | 4.9 | ||||||||||
4. | NVIDIA Corp. | 4.9 | ||||||||||
5. | Meta Platforms, Inc. Class A | 3.8 | ||||||||||
6. | Tesla, Inc. | 3.0 | ||||||||||
7. | Alphabet, Inc. Class C | 2.9 | ||||||||||
8. | Visa, Inc. | 2.4 | ||||||||||
9. | UnitedHealth Group, Inc. | 2.1 | ||||||||||
10. | Mastercard, Inc. Class A | 2.1 |
(1) | Composition of Portfolio subject to change. |
(2) | Short-term investments have been excluded from the list of Top 10 Portfolio Holdings. |
(3) | Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher. |
(4) | Sectors (Common Stocks): |
% of Net Assets | ||||
Information Technology | 43.4 | |||
Consumer Discretionary | 15.2 | |||
Health Care | 11.3 | |||
Communication Services | 10.5 | |||
Financials | 6.3 | |||
Industrials | 5.9 | |||
Consumer Staples | 4.7 | |||
Materials | 1.2 | |||
Real Estate | 0.6 | |||
|
| |||
99.1 | ||||
|
|
86 |
Ohio National Fund, Inc. | ON BlackRock Advantage Large Cap Growth Portfolio | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks – 99.1% | Shares | Value | ||||||||||
COMMUNICATION SERVICES – 10.5% |
| |||||||||||
Alphabet, Inc. Class A (Interactive Media & Svs.) | (a | ) | 72,376 | $ | 8,663,407 | |||||||
Alphabet, Inc. Class C (Interactive Media & Svs.) | (a | ) | 103,018 | 12,462,088 | ||||||||
Electronic Arts, Inc. (Entertainment) | 6,473 | 839,548 | ||||||||||
Fox Corp. Class A (Media) | 67,865 | 2,307,410 | ||||||||||
Meta Platforms, Inc. Class A (Interactive Media & Svs.) | (a | ) | 58,200 | 16,702,236 | ||||||||
Netflix, Inc. (Entertainment) | (a | ) | 1,194 | 525,945 | ||||||||
Pinterest, Inc. Class A (Interactive Media & Svs.) | (a | ) | 25,021 | 684,074 | ||||||||
ROBLOX Corp. Class A (Entertainment) | (a | ) | 20,707 | 834,492 | ||||||||
Snap, Inc. Class A (Interactive Media & Svs.) | (a | ) | 166,873 | 1,975,776 | ||||||||
Spotify Technology SA (Entertainment) | (a | ) | 4,924 | 790,548 | ||||||||
|
| |||||||||||
45,785,524 | ||||||||||||
|
| |||||||||||
CONSUMER DISCRETIONARY – 15.2% |
| |||||||||||
Amazon.com, Inc. (Broadline Retail) | (a | ) | 163,609 | 21,328,069 | ||||||||
AutoNation, Inc. (Specialty Retail) | (a | ) | 7,924 | 1,304,370 | ||||||||
Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | 9,889 | 686,000 | ||||||||||
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure) | (a | ) | 25,975 | 1,323,946 | ||||||||
Chewy, Inc. Class A (Specialty Retail) | (a | ) | 11,902 | 469,772 | ||||||||
Crocs, Inc. (Textiles, Apparel & Luxury Goods) | (a | ) | 5,403 | 607,513 | ||||||||
Darden Restaurants, Inc. (Hotels, Restaurants & Leisure) | 3,599 | 601,321 | ||||||||||
eBay, Inc. (Broadline Retail) | 81,811 | 3,656,134 | ||||||||||
Five Below, Inc. (Specialty Retail) | (a | ) | 4,107 | 807,190 | ||||||||
Home Depot, Inc. / The (Specialty Retail) | 12,795 | 3,974,639 | ||||||||||
Lowe’s Cos., Inc. (Specialty Retail) | 11,815 | 2,666,645 | ||||||||||
Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods) | (a | ) | 11,150 | 4,220,275 | ||||||||
MercadoLibre, Inc. (Broadline Retail) | (a | ) | 1,997 | 2,365,646 | ||||||||
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods) | 18,316 | 2,021,537 | ||||||||||
Starbucks Corp. (Hotels, Restaurants & Leisure) | 20,749 | 2,055,396 | ||||||||||
Tesla, Inc. (Automobiles) | (a | ) | 50,681 | 13,266,765 | ||||||||
TJX Cos., Inc. / The (Specialty Retail) | 47,656 | 4,040,752 | ||||||||||
Travel + Leisure Co. (Hotels, Restaurants & Leisure) | 24,354 | 982,440 | ||||||||||
|
| |||||||||||
66,378,410 | ||||||||||||
|
| |||||||||||
CONSUMER STAPLES – 4.7% |
| |||||||||||
Hershey Co. / The (Food Products) | 17,601 | 4,394,970 | ||||||||||
Kimberly-Clark Corp. (Household Products) | 9,316 | 1,286,167 | ||||||||||
PepsiCo, Inc. (Beverages) | 43,088 | 7,980,760 | ||||||||||
Procter & Gamble Co. / The | ||||||||||||
(Household Products) | 11,068 | 1,679,458 | ||||||||||
Walmart, Inc. (Consumer Staples Distribution & Retail) | 32,235 | 5,066,697 | ||||||||||
|
| |||||||||||
20,408,052 | ||||||||||||
|
| |||||||||||
FINANCIALS – 6.3% | ||||||||||||
American Express Co. (Consumer Finance) | 4,498 | 783,552 | ||||||||||
Block, Inc. (Financial Services) | (a | ) | 23,554 | 1,567,990 | ||||||||
Marsh & McLennan Cos., Inc. (Insurance) | 13,960 | 2,625,597 | ||||||||||
Mastercard, Inc. Class A (Financial Services) | 22,898 | 9,005,783 | ||||||||||
MetLife, Inc. (Insurance) | 12,011 | 678,982 | ||||||||||
PayPal Holdings, Inc. (Financial Services) | (a | ) | 36,435 | 2,431,307 | ||||||||
Visa, Inc. (Financial Services) | 43,371 | 10,299,745 | ||||||||||
|
| |||||||||||
27,392,956 | ||||||||||||
|
| |||||||||||
HEALTH CARE – 11.3% | ||||||||||||
AbbVie, Inc. (Biotechnology) | 13,177 | 1,775,337 | ||||||||||
Agilent Technologies, Inc. (Life Sciences Tools & Svs.) | 34,167 | 4,108,582 |
Common Stocks (Continued) | Shares | Value | ||||||||||
HEALTH CARE (continued) | ||||||||||||
Amgen, Inc. (Biotechnology) | 20,303 | $ | 4,507,672 | |||||||||
Boston Scientific Corp. (Health Care Equip. & Supplies) | (a | ) | 87,072 | 4,709,724 | ||||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 52,732 | 3,372,211 | ||||||||||
CVS Health Corp. (Health Care Providers & Svs.) | 27,331 | 1,889,392 | ||||||||||
Elevance Health, Inc. (Health Care Providers & Svs.) | 4,773 | 2,120,596 | ||||||||||
Eli Lilly & Co. (Pharmaceuticals) | 13,426 | 6,296,526 | ||||||||||
Horizon Therapeutics PLC (Biotechnology) | (a | ) | 3,965 | 407,800 | ||||||||
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies) | (a | ) | 1,397 | 701,615 | ||||||||
Incyte Corp. (Biotechnology) | (a | ) | 45,826 | 2,852,669 | ||||||||
Mettler-Toledo International, Inc. (Life Sciences Tools & Svs.) | (a | ) | 528 | 692,546 | ||||||||
Neurocrine Biosciences, Inc. (Biotechnology) | (a | ) | 13,619 | 1,284,272 | ||||||||
Regeneron Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 1,766 | 1,268,942 | ||||||||
Stryker Corp. (Health Care Equip. & Supplies) | 4,917 | 1,500,128 | ||||||||||
Ultragenyx Pharmaceutical, Inc. (Biotechnology) | (a | ) | 34,738 | 1,602,464 | ||||||||
UnitedHealth Group, Inc. (Health Care Providers & Svs.) | 19,521 | 9,382,573 | ||||||||||
Vertex Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 2,111 | 742,882 | ||||||||
|
| |||||||||||
49,215,931 | ||||||||||||
|
| |||||||||||
INDUSTRIALS – 5.9% | ||||||||||||
AECOM (Construction & Engineering) | 18,764 | 1,589,123 | ||||||||||
Allegion PLC (Building Products) | 24,248 | 2,910,245 | ||||||||||
Automatic Data Processing, Inc. (Professional Svs.) | 4,623 | 1,016,089 | ||||||||||
Cintas Corp. (Commercial Svs. & Supplies) | 4,422 | 2,198,088 | ||||||||||
Cummins, Inc. (Machinery) | 3,253 | 797,506 | ||||||||||
Honeywell International, Inc. (Industrial Conglomerates) | 7,127 | 1,478,853 | ||||||||||
Illinois Tool Works, Inc. (Machinery) | 13,721 | 3,432,445 | ||||||||||
Lockheed Martin Corp. (Aerospace & Defense) | 8,062 | 3,711,584 | ||||||||||
Otis Worldwide Corp. (Machinery) | 11,738 | 1,044,799 | ||||||||||
Trane Technologies PLC (Building Products) | 5,762 | 1,102,040 | ||||||||||
Uber Technologies, Inc. (Ground Transportation) | (a | ) | 16,359 | 706,218 | ||||||||
W.W. Grainger, Inc. (Trading Companies & Distributors) | 5,919 | 4,667,664 | ||||||||||
Xylem, Inc. (Machinery) | 10,971 | 1,235,554 | ||||||||||
|
| |||||||||||
25,890,208 | ||||||||||||
|
| |||||||||||
INFORMATION TECHNOLOGY – 43.4% |
| |||||||||||
Adobe, Inc. (Software) | (a | ) | 14,875 | 7,273,726 | ||||||||
Apple, Inc. (Tech. Hardware, Storage & Periph.) | 266,211 | 51,636,948 | ||||||||||
Applied Materials, Inc. (Semiconductors & Equip.) | 55,314 | 7,995,086 | ||||||||||
Autodesk, Inc. (Software) | (a | ) | 11,258 | 2,303,499 | ||||||||
Broadcom, Inc. (Semiconductors & Equip.) | 2,458 | 2,132,143 | ||||||||||
Cadence Design Systems, Inc. (Software) | (a | ) | 2,929 | 686,909 | ||||||||
Crowdstrike Holdings, Inc. Class A (Software) | (a | ) | 6,150 | 903,251 | ||||||||
Dell Technologies, Inc. Class C (Tech. Hardware, Storage & Periph.) | 26,392 | 1,428,071 | ||||||||||
Dropbox, Inc. Class A (Software) | (a | ) | 25,333 | 675,631 | ||||||||
Flex Ltd. (Electronic Equip., Instr. & Comp.) | (a | ) | 102,653 | 2,837,329 | ||||||||
Fortinet, Inc. (Software) | (a | ) | 45,741 | 3,457,562 | ||||||||
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.) | 169,545 | 2,848,356 | ||||||||||
HP, Inc. (Tech. Hardware, Storage & Periph.) | 51,492 | 1,581,319 | ||||||||||
Intel Corp. (Semiconductors & Equip.) | 40,669 | 1,359,971 | ||||||||||
Intuit, Inc. (Software) | 9,657 | 4,424,741 | ||||||||||
KLA Corp. (Semiconductors & Equip.) | 1,322 | 641,196 |
| 87 | (continued) |
Ohio National Fund, Inc. | ON BlackRock Advantage Large Cap Growth Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||
INFORMATION TECHNOLOGY (continued) |
| |||||||||
Lam Research Corp. (Semiconductors & Equip.) | 2,191 | $ | 1,408,506 | |||||||
Lattice Semiconductor Corp. (Semiconductors & Equip.) | (a) | 19,246 | 1,848,963 | |||||||
Manhattan Associates, Inc. (Software) | (a) | 20,764 | 4,150,308 | |||||||
Micron Technology, Inc. (Semiconductors & Equip.) | 26,023 | 1,642,312 | ||||||||
Microsoft Corp. (Software) | 138,425 | 47,139,249 | ||||||||
NVIDIA Corp. (Semiconductors & Equip.) | 50,131 | 21,206,416 | ||||||||
NXP Semiconductors N.V. (Semiconductors & Equip.) | 3,026 | 619,362 | ||||||||
Palo Alto Networks, Inc. (Software) | (a) | 5,568 | 1,422,680 | |||||||
QUALCOMM, Inc. (Semiconductors & Equip.) | 21,727 | 2,586,382 | ||||||||
RingCentral, Inc. Class A (Software) | (a) | 26,931 | 881,452 | |||||||
Salesforce, Inc. (Software) | (a) | 14,372 | 3,036,229 | |||||||
ServiceNow, Inc. (Software) | (a) | 7,165 | 4,026,515 | |||||||
Splunk, Inc. (Software) | (a) | 8,306 | 881,184 | |||||||
Synopsys, Inc. (Software) | (a) | 4,464 | 1,943,670 | |||||||
Teradata Corp. (Software) | (a) | 27,882 | 1,489,178 | |||||||
VeriSign, Inc. (IT Svs.) | (a) | 9,753 | 2,203,885 | |||||||
Zoom Video Communications, Inc. Class A (Software) | (a) | 8,175 | 554,919 | |||||||
|
| |||||||||
189,226,948 | ||||||||||
|
|
Common Stocks (Continued) | Shares | Value | ||||||||
MATERIALS – 1.2% | ||||||||||
Ecolab, Inc. (Chemicals) | 28,211 | $ | 5,266,712 | |||||||
|
| |||||||||
REAL ESTATE – 0.6% | ||||||||||
SBA Communications Corp. (Specialized REITs) | 10,696 | 2,478,905 | ||||||||
Zillow Group, Inc. Class A (Real Estate Mgmt. & Development) | (a) | 80 | 3,936 | |||||||
|
| |||||||||
2,482,841 | ||||||||||
|
| |||||||||
Total Common Stocks |
| $ | 432,047,582 | |||||||
|
| |||||||||
Total Investments – 99.1% | (b) | $ | 432,047,582 | |||||||
Other Assets in Excess of Liabilities – 0.9% | (c) | 4,069,744 | ||||||||
|
| |||||||||
Net Assets – 100.0% | $ | 436,117,326 | ||||||||
|
|
Percentages are stated as a percent of net assets.
Abbreviations:
REITs: Real Estate Investment Trusts
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. |
(c) | Includes $285,600 of cash pledged as collateral for the futures contracts outstanding at June 30, 2023. 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 | June 30, 2023 (Unaudited) |
Description | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable (Payable) | ||||||
CME E-mini Nasdaq-100 Index - Long | 17 | September 15, 2023 | $5,062,710 | $5,214,580 | $151,870 | $73,266 |
The accompanying notes are an integral part of these financial statements.
88 |
Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Unaudited) |
Objective/Strategy |
The ON 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 June 30, 2023 |
Average Annual returns | ||||
One year | 3.41 | % | ||
Five years | 7.27 | % | ||
Since inception (5/1/14) | 7.10 | % |
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 the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts, or as an underlying investment by the ON Model Portfolios. 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 0.88% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 can be found in the Portfolio’s Financial Highlights.
Comments from Sub-Advisers |
Q. How did the Portfolio perform in comparison to its benchmarks during the reporting period?
A. For the six-month period ended June 30, 2023, the Portfolio returned 6.46% versus 16.89% for its benchmark, the S&P 500® Index. The Portfolio’s secondary benchmark, which is comprised of 55% S&P 500® Index and 45% ICE BofA U.S. Broad Market Index, returned 10.08% for the six-month period ended June 30, 2023.
Q. What affected the Portfolio’s performance?
A. The underperformance was driven primarily by security selection within the equity component and an underweight to equities during the six-month period. The Portfolio’s Risk Management Component also did not enhance the Portfolio’s risk-adjusted return for the period. The Portfolio’s return was 2.5% lower than the Balanced Component (the combined active equity and fixed income components) while the Portfolio’s annualized volatility was similar to the Balanced Component.
The equity component underperformance was driven primarily by security selection within Information Technology and Consumer Discretionary, while sector positioning also detracted, led by an overweight to Health Care. Top contributors in the equity sleeve were an overweight to Fortinet, Inc. and underweights to Pfizer, Inc. and Chevron Corp. The Portfolio’s top three laggards were underweights to Apple, Inc. and NVIDIA Corp. and not holding Tesla, Inc.
While the fixed income component underperformed the primary benchmark, it had a positive impact relative to the fixed income portion of the secondary benchmark, driven by sector positioning. Overweights to agency risk and investment grade corporates were the main drivers of
sector outperformance. Security selection also generated outperformance, led by selection in investment grade and non-investment grade corporates. Yield curve positioning was a modest detractor.
The Risk Management Component’s relative underperformance was mainly attributable to losses in options value associated with both premium decay and declines in implied volatilities during the period, as well as the Portfolio having lower average equity exposure, as compared to the Balanced Component, during periods when the equity markets rose. The aggregate impact to the Portfolio’s absolute performance from options for the six-month period was -87 basis points (-0.87%), while the impact from futures was -81 basis points. (1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.
The S&P 500® Index is a capitalization-weighted index designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index includes the effects of reinvested dividends.
The ICE BofA U.S. Broad Market Index measures the performance of U.S. dollar-denominated, investment grade debt securities, including U.S. Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. Securities are cap-weighted based on their amount outstanding times the market price plus accrued interest.
Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.
89 | (continued) |
Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Unaudited) (Continued) |
Portfolio Composition as of June 30, 2023 (1) |
% of Net Assets | ||||
Common Stocks (4) | 51.9 | |||
U.S. Treasury Obligations | 15.9 | |||
Corporate Bonds (4) | 14.0 | |||
Asset-Backed / Mortgage-Backed | ||||
Securities (4) | 6.9 | |||
U.S. Government Agency Mortgage-Backed Securities | 5.0 | |||
Purchased Options | 4.9 | |||
Sovereign Debt Issues | 0.1 | |||
Preferred Securities (4) | 0.1 | |||
Taxable Municipal Bonds | 0.0 | |||
Rights (4) | 0.0 | |||
Money Market Funds | ||||
Less Net Liabilities | 1.2 | |||
|
| |||
100.0 | ||||
|
|
(1) | Composition of Portfolio subject to change. |
(2) | Short-term investments have been excluded from the list of Top 10 Portfolio Holdings. |
(3) | Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher. |
(4) | Sectors (Common Stocks, Corporate Bonds, Preferred Securities, Asset-Backed / Mortgage Backed Securities, Rights): |
% of Net Assets | ||||
Financials | 18.1 | |||
Information Technology | 15.7 | |||
Health Care | 10.9 | |||
Consumer Discretionary | 6.2 | |||
Industrials | 5.2 | |||
Communication Services | 5.0 | |||
Consumer Staples | 4.7 | |||
Energy | 2.9 | |||
Utilities | 2.2 | |||
Materials | 1.2 | |||
Real Estate | 0.8 | |||
|
| |||
72.9 | ||||
|
|
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||||||||||
1. | Microsoft Corp. | 3.5 | ||||||||||
2. | U.S. Treasury Note 1.875%, 02/15/2032 | 2.9 | ||||||||||
3. | U.S. Treasury Note 3.875%, 11/30/2027 | 2.8 | ||||||||||
4. | U.S. Treasury Note 3.250%, 05/15/2042 | 1.9 | ||||||||||
5. | Alphabet, Inc. Class C | 1.9 | ||||||||||
6. | Visa, Inc. | 1.6 | ||||||||||
7. | UnitedHealth Group, Inc. | 1.5 | ||||||||||
8. | U.S. Treasury Note 3.625%, 05/31/2028 | 1.4 | ||||||||||
9. | S&P 500 Index Call Option, Expiration December 2024, Exercise price $4,300 | 1.3 | ||||||||||
10. | Amazon.com, Inc. | 1.2 |
| 90 |
Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks – 51.9% | Shares | Value | ||||||||||
COMMUNICATION SERVICES – 4.3% | ||||||||||||
Alphabet, Inc. Class A (Interactive Media & Svs.) | (a | ) | 13,354 | $ | 1,598,474 | |||||||
Alphabet, Inc. Class C (Interactive Media & Svs.) | (a | ) | 177,837 | 21,512,942 | ||||||||
Charter Communications, Inc. Class A (Media) | (a | ) | 3,531 | 1,297,183 | ||||||||
Comcast Corp. Class A (Media) | 60,984 | 2,533,885 | ||||||||||
Electronic Arts, Inc. (Entertainment) | 21,815 | 2,829,406 | ||||||||||
Fox Corp. Class A (Media) | 9,847 | 334,798 | ||||||||||
Match Group, Inc. (Interactive Media & Svs.) | (a | ) | 7,769 | 325,133 | ||||||||
Meta Platforms, Inc. Class A (Interactive Media & Svs.) | (a | ) | 26,632 | 7,642,851 | ||||||||
Netflix, Inc. (Entertainment) | (a | ) | 9,386 | 4,134,439 | ||||||||
Trade Desk, Inc. / The Class A (Media) | (a | ) | 7,739 | 597,606 | ||||||||
Verizon Communications, Inc. (Diversified Telecom. Svs.) | 105,974 | 3,941,173 | ||||||||||
Walt Disney Co. / The (Entertainment) | (a | ) | 25,791 | 2,302,620 | ||||||||
|
| |||||||||||
49,050,510 | ||||||||||||
|
| |||||||||||
CONSUMER DISCRETIONARY – 4.4% | ||||||||||||
Amazon.com, Inc. (Broadline Retail) | (a | ) | 102,369 | 13,344,823 | ||||||||
AutoZone, Inc. (Specialty Retail) | (a | ) | 1,705 | 4,251,179 | ||||||||
Best Buy Co., Inc. (Specialty Retail) | 4,574 | 374,839 | ||||||||||
Booking Holdings, Inc. (Hotels, Restaurants & Leisure) | (a | ) | 497 | 1,342,064 | ||||||||
BorgWarner, Inc. (Automobile Components) | 7,025 | 343,593 | ||||||||||
Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure) | (a | ) | 1,493 | 3,193,527 | ||||||||
Compass Group PLC – ADR (Hotels, Restaurants & Leisure) | 50,487 | 1,439,889 | ||||||||||
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure) | 944 | 318,119 | ||||||||||
Ferrari N.V. (Automobiles) | 5,295 | 1,721,987 | ||||||||||
General Motors Co. (Automobiles) | 52,368 | 2,019,310 | ||||||||||
Home Depot, Inc. / The (Specialty Retail) | 20,287 | 6,301,954 | ||||||||||
Lennar Corp. Class A (Household Durables) | 7,469 | 935,940 | ||||||||||
LKQ Corp. (Distributors) | 6,240 | 363,605 | ||||||||||
Lululemon Athletica, Inc. (Textiles, Apparel & Luxury Goods) | (a | ) | 3,610 | 1,366,385 | ||||||||
NIKE, Inc. Class B (Textiles, Apparel & Luxury Goods) | 54,738 | 6,041,433 | ||||||||||
NVR, Inc. (Household Durables) | (a | ) | 122 | 774,776 | ||||||||
O’Reilly Automotive, Inc. (Specialty Retail) | (a | ) | 2,702 | 2,581,221 | ||||||||
Tractor Supply Co. (Specialty Retail) | 9,584 | 2,119,022 | ||||||||||
V.F. Corp. (Textiles, Apparel & Luxury Goods) | 13,495 | 257,619 | ||||||||||
Williams-Sonoma, Inc. (Specialty Retail) | 2,365 | 295,956 | ||||||||||
|
| |||||||||||
49,387,241 | ||||||||||||
|
| |||||||||||
CONSUMER STAPLES – 3.6% | ||||||||||||
Altria Group, Inc. (Tobacco) | 44,115 | 1,998,409 | ||||||||||
Archer-Daniels-Midland Co. (Food Products) | 21,769 | 1,644,866 | ||||||||||
BJ’s Wholesale Club Holdings, Inc. (Consumer Staples Distribution & Retail) | (a | ) | 3,943 | 248,448 | ||||||||
Bunge Ltd. (Food Products) | 3,739 | 352,775 | ||||||||||
Casey’s General Stores, Inc. (Consumer Staples Distribution & Retail) | 1,394 | 339,969 | ||||||||||
Clorox Co. / The (Household Products) | 5,259 | 836,391 | ||||||||||
Coca-Cola Co. / The (Beverages) | 42,688 | 2,570,671 | ||||||||||
Colgate-Palmolive Co. (Household Products) | 19,286 | 1,485,793 | ||||||||||
Costco Wholesale Corp. (Consumer Staples Distribution & Retail) | 15,008 | 8,080,007 | ||||||||||
General Mills, Inc. (Food Products) | 18,029 | 1,382,824 | ||||||||||
Keurig Dr Pepper, Inc. (Beverages) | 30,665 | 958,895 | ||||||||||
Kimberly-Clark Corp. (Household Products) | 10,262 | 1,416,772 | ||||||||||
Koninklijke Ahold Delhaize N.V. – ADR (Consumer Staples Distribution & Retail) | 65,680 | 2,235,747 | ||||||||||
Kroger Co. / The (Consumer Staples Distribution & Retail) | 21,167 | 994,849 | ||||||||||
Monster Beverage Corp. (Beverages) | (a | ) | 132,414 | 7,605,860 | ||||||||
Philip Morris International, Inc. (Tobacco) | 25,845 | 2,522,989 | ||||||||||
Procter & Gamble Co. / The (Household Products) | 5,932 | 900,122 | ||||||||||
Sysco Corp. (Consumer Staples Distribution & Retail) | 16,966 | 1,258,877 | ||||||||||
Tyson Foods, Inc. Class A (Food Products) | 14,865 | 758,710 | ||||||||||
Walgreens Boots Alliance, Inc. (Consumer Staples Distribution & Retail) | 27,906 | 795,042 | ||||||||||
Walmart, Inc. (Consumer Staples Distribution & Retail) | 12,833 | 2,017,091 | ||||||||||
|
| |||||||||||
40,405,107 | ||||||||||||
|
| |||||||||||
ENERGY – 1.4% | ||||||||||||
APA Corp. (Oil, Gas & Consumable Fuels) | 9,283 | 317,200 | ||||||||||
Chesapeake Energy Corp. (Oil, Gas & Consumable Fuels) | 3,987 | 333,632 | ||||||||||
Chevron Corp. (Oil, Gas & Consumable Fuels) | 2,574 | 405,019 | ||||||||||
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 13,008 | 628,807 | ||||||||||
Exxon Mobil Corp. (Oil, Gas & Consumable Fuels) | 16,429 | 1,762,010 | ||||||||||
Halliburton Co. (Energy Equip. & Svs.) | 20,617 | 680,155 | ||||||||||
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | 26,468 | 609,293 |
91 | (continued) |
Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
ENERGY (continued) | ||||||||||||
Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | 8,102 | $ | 308,443 | |||||||||
Phillips 66 (Oil, Gas & Consumable Fuels) | 17,492 | 1,668,387 | ||||||||||
Pioneer Natural Resources Co. (Oil, Gas & Consumable Fuels) | 6,981 | 1,446,324 | ||||||||||
Schlumberger Ltd. / N.V. (Energy Equip. & Svs.) | 39,547 | 1,942,549 | ||||||||||
Shell PLC – ADR (Oil, Gas & Consumable Fuels) | 60,153 | 3,632,038 | ||||||||||
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | 14,938 | 1,752,227 | ||||||||||
|
| |||||||||||
15,486,084 | ||||||||||||
|
| |||||||||||
FINANCIALS – 6.7% | ||||||||||||
Ally Financial, Inc. (Consumer Finance) | 11,935 | 322,364 | ||||||||||
American International Group, Inc. (Insurance) | 31,472 | 1,810,899 | ||||||||||
Aon PLC Class A (Insurance) | 4,115 | 1,420,498 | ||||||||||
Bank of New York Mellon Corp. / The (Capital Markets) | 29,457 | 1,311,426 | ||||||||||
Berkshire Hathaway, Inc. Class B (Financial Services) | (a | ) | 8,877 | 3,027,057 | ||||||||
Block, Inc. (Financial Services) | (a | ) | 20,787 | 1,383,791 | ||||||||
Capital One Financial Corp. (Consumer Finance) | 13,304 | 1,455,058 | ||||||||||
CBOE Global Markets, Inc. (Capital Markets) | 7,484 | 1,032,867 | ||||||||||
Everest Re Group Ltd. (Insurance) | 5,698 | 1,947,918 | ||||||||||
Fidelity National Financial, Inc. (Insurance) | 9,134 | 328,824 | ||||||||||
Fidelity National Information Services, Inc. (Financial Services) | 13,601 | 743,975 | ||||||||||
Fiserv, Inc. (Financial Services) | (a | ) | 15,649 | 1,974,121 | ||||||||
Global Payments, Inc. (Financial Services) | 11,017 | 1,085,395 | ||||||||||
Goldman Sachs Group, Inc. / The (Capital Markets) | 6,822 | 2,200,368 | ||||||||||
Houlihan Lokey, Inc. (Capital Markets) | 16,094 | 1,582,201 | ||||||||||
Jack Henry & Associates, Inc. (Financial Services) | 1,758 | 294,166 | ||||||||||
JPMorgan Chase & Co. (Banks) | 32,565 | 4,736,254 | ||||||||||
Loews Corp. (Insurance) | 5,868 | 348,442 | ||||||||||
LPL Financial Holdings, Inc. (Capital Markets) | 5,150 | 1,119,764 | ||||||||||
Markel Group, Inc. (Insurance) | (a | ) | 836 | 1,156,338 | ||||||||
Marsh & McLennan Cos., Inc. (Insurance) | 16,249 | 3,056,112 | ||||||||||
Mastercard, Inc. Class A (Financial Services) | 8,042 | 3,162,919 | ||||||||||
MSCI, Inc. (Capital Markets) | 6,506 | 3,053,201 | ||||||||||
Nasdaq, Inc. (Capital Markets) | 25,280 | 1,260,208 | ||||||||||
Northern Trust Corp. (Capital Markets) | 14,703 | 1,090,080 | ||||||||||
PayPal Holdings, Inc. (Financial Services) | (a | ) | 24,483 | 1,633,751 | ||||||||
Progressive Corp. / The (Insurance) | 10,342 | 1,368,970 | ||||||||||
S&P Global, Inc. (Capital Markets) | 5,681 | 2,277,456 | ||||||||||
Selective Insurance Group, Inc. (Insurance) | 10,625 | 1,019,469 | ||||||||||
State Street Corp. (Capital Markets) | 16,779 | 1,227,887 | ||||||||||
Synchrony Financial (Consumer Finance) | 11,932 | 404,733 | ||||||||||
T. Rowe Price Group, Inc. (Capital Markets) | 10,763 | 1,205,671 | ||||||||||
Truist Financial Corp. (Banks) | 52,353 | 1,588,914 | ||||||||||
U.S. Bancorp (Banks) | 50,869 | 1,680,712 | ||||||||||
Unum Group (Insurance) | 7,541 | 359,706 | ||||||||||
Visa, Inc. (Financial Services) | 76,241 | 18,105,713 | ||||||||||
W.R. Berkley Corp. (Insurance) | 5,844 | 348,069 | ||||||||||
Willis Towers Watson PLC (Insurance) | 15,421 | 3,631,645 | ||||||||||
|
| |||||||||||
75,756,942 | ||||||||||||
|
| |||||||||||
HEALTH CARE – 10.5% | ||||||||||||
Abbott Laboratories (Health Care Equip. & Supplies) | 24,968 | 2,722,011 | ||||||||||
AbbVie, Inc. (Biotechnology) | 33,374 | 4,496,479 | ||||||||||
Align Technology, Inc. (Health Care Equip. & Supplies) | (a | ) | 3,143 | 1,111,491 | ||||||||
AmerisourceBergen Corp. (Health Care Providers & Svs.) | 10,139 | 1,951,048 | ||||||||||
Avantor, Inc. (Life Sciences Tools & Svs.) | (a | ) | 14,950 | 307,073 | ||||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 18,385 | 1,175,721 | ||||||||||
Cardinal Health, Inc. (Health Care Providers & Svs.) | 11,225 | 1,061,548 | ||||||||||
Catalent, Inc. (Pharmaceuticals) | (a | ) | 6,168 | 267,444 | ||||||||
Centene Corp. (Health Care Providers & Svs.) | (a | ) | 44,263 | 2,985,539 | ||||||||
Charles River Laboratories International, Inc. (Life Sciences Tools & Svs.) | (a | ) | 1,499 | 315,165 | ||||||||
Cigna Group / The (Health Care Providers & Svs.) | 7,437 | 2,086,822 | ||||||||||
CVS Health Corp. (Health Care Providers & Svs.) | 29,725 | 2,054,889 | ||||||||||
Edwards Lifesciences Corp. (Health Care Equip. & Supplies) | (a | ) | 74,924 | 7,067,581 | ||||||||
Elevance Health, Inc. (Health Care Providers & Svs.) | 4,342 | 1,929,107 | ||||||||||
Eli Lilly & Co. (Pharmaceuticals) | 15,221 | 7,138,345 | ||||||||||
GE HealthCare Technologies, Inc. (Health Care Equip. & Supplies) | 11,964 | 971,955 | ||||||||||
Genmab A/S – ADR (Biotechnology) | (a | ) | 26,508 | 1,007,569 | ||||||||
Gilead Sciences, Inc. (Biotechnology) | 25,118 | 1,935,844 | ||||||||||
Humana, Inc. (Health Care Providers & Svs.) | 2,801 | 1,252,411 | ||||||||||
IDEXX Laboratories, Inc. (Health Care Equip. & Supplies) | (a | ) | 14,159 | 7,111,075 |
92 | (continued) |
Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
HEALTH CARE (continued) | ||||||||||||
Incyte Corp. (Biotechnology) | (a | ) | 4,027 | $ | 250,681 | |||||||
Intuitive Surgical, Inc. (Health Care Equip. & Supplies) | (a | ) | 23,051 | 7,882,059 | ||||||||
Johnson & Johnson (Pharmaceuticals) | 8,589 | 1,421,651 | ||||||||||
McKesson Corp. (Health Care Providers & Svs.) | 10,582 | 4,521,794 | ||||||||||
Medtronic PLC (Health Care Equip. & Supplies) | 26,438 | 2,329,188 | ||||||||||
Merck & Co., Inc. (Pharmaceuticals) | 44,628 | 5,149,625 | ||||||||||
Mettler-Toledo International, Inc. (Life Sciences Tools & Svs.) | (a | ) | 2,215 | 2,905,283 | ||||||||
Molina Healthcare, Inc. (Health Care Providers & Svs.) | (a | ) | 2,792 | 841,062 | ||||||||
Pfizer, Inc. (Pharmaceuticals) | 79,334 | 2,909,971 | ||||||||||
Royalty Pharma PLC Class A (Pharmaceuticals) | 9,982 | 306,847 | ||||||||||
Teleflex, Inc. (Health Care Equip. & Supplies) | 1,280 | 309,798 | ||||||||||
Tenet Healthcare Corp. (Health Care Providers & Svs.) | (a | ) | 4,287 | 348,876 | ||||||||
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.) | 1,334 | 696,015 | ||||||||||
UnitedHealth Group, Inc. (Health Care Providers & Svs.) | 34,831 | 16,741,172 | ||||||||||
Veeva Systems, Inc. Class A (Health Care Technology) | (a | ) | 25,218 | 4,986,355 | ||||||||
Vertex Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 24,237 | 8,529,243 | ||||||||
Viatris, Inc. (Pharmaceuticals) | 36,296 | 362,234 | ||||||||||
Waters Corp. (Life Sciences Tools & Svs.) | (a | ) | 8,303 | 2,213,082 | ||||||||
Zoetis, Inc. (Pharmaceuticals) | 40,699 | 7,008,775 | ||||||||||
|
| |||||||||||
118,662,828 | ||||||||||||
|
| |||||||||||
INDUSTRIALS – 4.2% | ||||||||||||
3M Co. (Industrial Conglomerates) | 11,990 | 1,200,079 | ||||||||||
AECOM (Construction & Engineering) | 14,794 | 1,252,904 | ||||||||||
AMETEK, Inc. (Electrical Equip.) | 12,878 | 2,084,691 | ||||||||||
Automatic Data Processing, Inc. (Professional Svs.) | 8,093 | 1,778,760 | ||||||||||
Booz Allen Hamilton Holding Corp. (Professional Svs.) | 10,306 | 1,150,150 | ||||||||||
Builders FirstSource, Inc. (Building Products) | (a | ) | 3,148 | 428,128 | ||||||||
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | 2,670 | 251,914 | ||||||||||
Carrier Global Corp. (Building Products) | 16,236 | 807,092 | ||||||||||
Copart, Inc. (Commercial Svs. & Supplies) | (a | ) | 61,799 | 5,636,687 | ||||||||
Deere & Co. (Machinery) | 2,912 | 1,179,913 | ||||||||||
Expeditors International of Washington, Inc. (Air Freight & Logistics) | 4,681 | 567,009 | ||||||||||
Experian PLC – ADR (Professional Svs.) | 43,607 | 1,667,532 | ||||||||||
FedEx Corp. (Air Freight & Logistics) | 5,430 | 1,346,097 | ||||||||||
General Dynamics Corp. (Aerospace & Defense) | 5,660 | 1,217,749 | ||||||||||
Genpact Ltd. (Professional Svs.) | 76,766 | 2,884,099 | ||||||||||
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | 1,291 | 293,832 | ||||||||||
IDEX Corp. (Machinery) | 6,139 | 1,321,481 | ||||||||||
J.B. Hunt Transport Services, Inc. (Ground Transportation) | 1,485 | 268,829 | ||||||||||
Jacobs Solutions, Inc. (Professional Svs.) | 2,629 | 312,562 | ||||||||||
Knight-Swift Transportation Holdings, Inc. (Ground Transportation) | 15,532 | 862,958 | ||||||||||
L3Harris Technologies, Inc. (Aerospace & Defense) | 3,539 | 692,830 | ||||||||||
Leidos Holdings, Inc. (Professional Svs.) | 3,119 | 275,969 | ||||||||||
Lockheed Martin Corp. (Aerospace & Defense) | 8,789 | 4,046,280 | ||||||||||
Masco Corp. (Building Products) | 5,299 | 304,057 | ||||||||||
Northrop Grumman Corp. (Aerospace & Defense) | 2,802 | 1,277,152 | ||||||||||
Otis Worldwide Corp. (Machinery) | 20,853 | 1,856,125 | ||||||||||
Owens Corning (Building Products) | 2,546 | 332,253 | ||||||||||
Paychex, Inc. (Professional Svs.) | 20,916 | 2,339,873 | ||||||||||
Paycom Software, Inc. (Professional Svs.) | 7,529 | 2,418,616 | ||||||||||
Raytheon Technologies Corp. (Aerospace & Defense) | 18,872 | 1,848,701 | ||||||||||
RELX PLC – ADR (Professional Svs.) | 32,064 | 1,071,899 | ||||||||||
Rockwell Automation, Inc. (Electrical Equip.) | 1,965 | 647,369 | ||||||||||
SS&C Technologies Holdings, Inc. (Professional Svs.) | 4,995 | 302,697 | ||||||||||
Textron, Inc. (Aerospace & Defense) | 4,476 | 302,712 | ||||||||||
Trex Co., Inc. (Building Products) | (a | ) | 16,480 | 1,080,429 | ||||||||
Waste Management, Inc. (Commercial Svs. & Supplies) | 6,277 | 1,088,557 | ||||||||||
Westinghouse Air Brake Technologies Corp. (Machinery) | 5,696 | 624,680 | ||||||||||
WillScot Mobile Mini Holdings Corp. (Construction & Engineering) | (a | ) | 5,735 | 274,076 | ||||||||
|
| |||||||||||
47,296,741 | ||||||||||||
|
| |||||||||||
INFORMATION TECHNOLOGY – 14.0% | ||||||||||||
Adobe, Inc. (Software) | (a | ) | 16,604 | 8,119,190 | ||||||||
Amdocs Ltd. (IT Svs.) | 21,435 | 2,118,850 | ||||||||||
Amphenol Corp. Class A (Electronic Equip., Instr. & Comp.) | 16,843 | 1,430,813 | ||||||||||
Apple, Inc. (Tech. Hardware, Storage & Periph.) | 47,755 | 9,263,037 | ||||||||||
Arista Networks, Inc. (Communications Equip.) | (a | ) | 31,649 | 5,129,037 | ||||||||
ASML Holding N.V. (Semiconductors & Equip.) | 2,564 | 1,858,259 | ||||||||||
Autodesk, Inc. (Software) | (a | ) | 14,750 | 3,017,997 |
93 | (continued) |
Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
INFORMATION TECHNOLOGY (continued) | ||||||||||||
Broadcom, Inc. (Semiconductors & Equip.) | 7,673 | $ | 6,655,790 | |||||||||
Cadence Design Systems, Inc. (Software) | (a | ) | 8,890 | 2,084,883 | ||||||||
CDW Corp. (Electronic Equip., Instr. & Comp.) | 5,413 | 993,286 | ||||||||||
Cognex Corp. (Electronic Equip., Instr. & Comp.) | 17,278 | 967,914 | ||||||||||
Cognizant Technology Solutions Corp. Class A (IT Svs.) | 20,996 | 1,370,619 | ||||||||||
Crowdstrike Holdings, Inc. Class A (Software) | (a | ) | 8,920 | 1,310,080 | ||||||||
Dell Technologies, Inc. Class C (Tech. Hardware, Storage & Periph.) | 13,426 | 726,481 | ||||||||||
DocuSign, Inc. (Software) | (a | ) | 10,968 | 560,355 | ||||||||
Entegris, Inc. (Semiconductors & Equip.) | 12,985 | 1,438,998 | ||||||||||
EPAM Systems, Inc. (IT Svs.) | (a | ) | 5,414 | 1,216,796 | ||||||||
Fortinet, Inc. (Software) | (a | ) | 121,331 | 9,171,410 | ||||||||
Gen Digital, Inc. (Software) | 122,601 | 2,274,249 | ||||||||||
Hewlett Packard Enterprise Co. (Tech. Hardware, Storage & Periph.) | 81,633 | 1,371,434 | ||||||||||
Intuit, Inc. (Software) | 4,150 | 1,901,488 | ||||||||||
KLA Corp. (Semiconductors & Equip.) | 1,959 | 950,154 | ||||||||||
Manhattan Associates, Inc. (Software) | (a | ) | 8,844 | 1,767,739 | ||||||||
Microsoft Corp. (Software) | 117,419 | 39,985,866 | ||||||||||
Motorola Solutions, Inc. (Communications Equip.) | 15,619 | 4,580,740 | ||||||||||
NetApp, Inc. (Tech. Hardware, Storage & Periph.) | 8,763 | 669,493 | ||||||||||
Nice Ltd. – ADR (Software) | (a | ) | 3,806 | 785,939 | ||||||||
NVIDIA Corp. (Semiconductors & Equip.) | 24,328 | 10,291,231 | ||||||||||
Oracle Corp. (Software) | 33,557 | 3,996,303 | ||||||||||
PTC, Inc. (Software) | (a | ) | 10,233 | 1,456,156 | ||||||||
Qorvo, Inc. (Semiconductors & Equip.) | (a | ) | 6,338 | 646,666 | ||||||||
QUALCOMM, Inc. (Semiconductors & Equip.) | 54,973 | 6,543,986 | ||||||||||
Roper Technologies, Inc. (Software) | 9,905 | 4,762,324 | ||||||||||
ServiceNow, Inc. (Software) | (a | ) | 9,506 | 5,342,087 | ||||||||
Skyworks Solutions, Inc. (Semiconductors & Equip.) | 10,935 | 1,210,395 | ||||||||||
Synopsys, Inc. (Software) | (a | ) | 4,737 | 2,062,537 | ||||||||
Texas Instruments, Inc. (Semiconductors & Equip.) | 4,132 | 743,843 | ||||||||||
Tyler Technologies, Inc. (Software) | (a | ) | 5,314 | 2,213,122 | ||||||||
VeriSign, Inc. (IT Svs.) | (a | ) | 13,777 | 3,113,189 | ||||||||
VMware, Inc. Class A (Software) | (a | ) | 20,369 | 2,926,822 | ||||||||
Zebra Technologies Corp. Class A (Electronic Equip., Instr. & Comp.) | (a | ) | 2,954 | 873,882 | ||||||||
Zoom Video Communications, Inc. Class A (Software) | (a | ) | 9,591 | 651,037 | ||||||||
|
| |||||||||||
158,554,477 | ||||||||||||
|
| |||||||||||
MATERIALS – 0.9% | ||||||||||||
Amcor PLC (Containers & Packaging) | 72,714 | 725,686 | ||||||||||
Celanese Corp. (Chemicals) | 3,200 | 370,560 | ||||||||||
Cleveland-Cliffs, Inc. (Metals & Mining) | (a | ) | 20,467 | 343,027 | ||||||||
Corteva, Inc. (Chemicals) | 27,965 | 1,602,394 | ||||||||||
Dow, Inc. (Chemicals) | 30,493 | 1,624,057 | ||||||||||
International Paper Co. (Containers & Packaging) | 10,322 | 328,343 | ||||||||||
LyondellBasell Industries N.V. Class A (Chemicals) | 21,328 | 1,958,550 | ||||||||||
Mosaic Co. / The (Chemicals) | 8,235 | 288,225 | ||||||||||
Packaging Corp. of America (Containers & Packaging) | 2,556 | 337,801 | ||||||||||
Sherwin-Williams Co. / The (Chemicals) | 7,592 | 2,015,828 | ||||||||||
|
| |||||||||||
9,594,471 | ||||||||||||
|
| |||||||||||
REAL ESTATE – 0.4% | ||||||||||||
Alexandria Real Estate Equities, Inc. (Office REITs) | 2,586 | 293,485 | ||||||||||
Boston Properties, Inc. (Office REITs) | 4,879 | 280,982 | ||||||||||
Camden Property Trust (Residential REITs) | 2,366 | 257,586 | ||||||||||
CBRE Group, Inc. Class A (Real Estate Mgmt. & Development) | (a | ) | 3,730 | 301,048 | ||||||||
CoStar Group, Inc. (Real Estate Mgmt. & Development) | (a | ) | 8,163 | 726,507 | ||||||||
Crown Castle, Inc. (Specialized REITs) | 6,601 | 752,118 | ||||||||||
Equity Residential (Residential REITs) | 5,307 | 350,103 | ||||||||||
Essex Property Trust, Inc. (Residential REITs) | 1,185 | 277,646 | ||||||||||
Healthpeak Properties, Inc. (Health Care REITs) | 12,017 | 241,542 | ||||||||||
Public Storage (Specialized REITs) | 2,852 | 832,442 | ||||||||||
Simon Property Group, Inc. (Retail REITs) | 3,053 | 352,560 | ||||||||||
Weyerhaeuser Co. (Specialized REITs) | 10,897 | 365,158 | ||||||||||
|
| |||||||||||
5,031,177 | ||||||||||||
|
| |||||||||||
UTILITIES – 1.5% | ||||||||||||
Ameren Corp. (Multi-Utilities) | 13,488 | 1,101,565 | ||||||||||
American Electric Power Co., Inc. (Electric Utilities) | 17,638 | 1,485,120 | ||||||||||
CenterPoint Energy, Inc. (Multi-Utilities) | 56,704 | 1,652,922 | ||||||||||
Consolidated Edison, Inc. (Multi-Utilities) | 13,034 | 1,178,274 |
94 | (continued) |
Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||
| ||||||||||
UTILITIES (continued) | ||||||||||
Dominion Energy, Inc. (Multi-Utilities) | 30,542 | $ | 1,581,770 | |||||||
DTE Energy Co. (Multi-Utilities) | 10,601 | 1,166,322 | ||||||||
Entergy Corp. (Electric Utilities) | 11,200 | 1,090,544 | ||||||||
Essential Utilities, Inc. (Water Utilities) | 14,189 | 566,283 | ||||||||
Evergy, Inc. (Electric Utilities) | 10,192 | 595,417 | ||||||||
Eversource Energy (Electric Utilities) | 15,806 | 1,120,961 | ||||||||
FirstEnergy Corp. (Electric Utilities) | 30,229 | 1,175,303 | ||||||||
NextEra Energy, Inc. (Electric Utilities) | 13,196 | 979,143 | ||||||||
NiSource, Inc. (Multi-Utilities) | 21,696 | 593,386 | ||||||||
Pinnacle West Capital Corp. (Electric Utilities) | 7,631 | 621,621 | ||||||||
Xcel Energy, Inc. (Electric Utilities) | 24,809 | 1,542,375 | ||||||||
|
| |||||||||
16,451,006 | ||||||||||
|
| |||||||||
Total Common Stocks (Cost $511,808,114) | $ | 585,676,584 | ||||||||
|
|
U.S. Treasury Obligations – 15.9% | Rate | Maturity | Face Amount | Value | ||||||||||
| ||||||||||||||
U.S. Treasury Bill | 0.000% | 08/22/2023 | $16,630,000 | $ | 16,510,703 | |||||||||
U.S. Treasury Bill | 0.000% | 09/19/2023 | 7,754,900 | 7,668,175 | ||||||||||
U.S. Treasury Note | 2.250% | 11/15/2024 | 1,865,000 | 1,790,983 | ||||||||||
U.S. Treasury Note | 2.750% | 07/31/2027 | 6,970,600 | 6,571,696 | ||||||||||
U.S. Treasury Note | 4.125% | 10/31/2027 | 2,729,700 | 2,715,412 | ||||||||||
U.S. Treasury Note | 3.875% | 11/30/2027 | 31,496,400 | 31,049,791 | ||||||||||
U.S. Treasury Note | 3.875% | 12/31/2027 | 1,803,600 | 1,778,307 | ||||||||||
U.S. Treasury Note | 3.625% | 03/31/2028 | 1,822,600 | 1,780,168 | ||||||||||
U.S. Treasury Note | 3.500% | 04/30/2028 | 8,572,300 | 8,329,865 | ||||||||||
U.S. Treasury Note | 3.625% | 05/31/2028 | 16,409,600 | 16,050,640 | ||||||||||
U.S. Treasury Note | (b) | 1.875% | 02/15/2032 | 37,869,800 | 32,437,850 | |||||||||
U.S. Treasury Note | 3.500% | 02/15/2033 | 2,468,600 | 2,404,571 | ||||||||||
U.S. Treasury Note | 3.375% | 05/15/2033 | 2,513,700 | 2,424,149 | ||||||||||
U.S. Treasury Note | 1.750% | 08/15/2041 | 2,186,300 | 1,535,961 | ||||||||||
U.S. Treasury Note | 2.375% | 02/15/2042 | 268,200 | 208,808 | ||||||||||
U.S. Treasury Note | 3.250% | 05/15/2042 | 24,263,600 | 21,651,472 | ||||||||||
U.S. Treasury Note | 2.750% | 08/15/2042 | 2,036,600 | 1,678,127 | ||||||||||
U.S. Treasury Note | 4.000% | 11/15/2042 | 4,422,000 | 4,393,672 | ||||||||||
U.S. Treasury Note | 2.250% | 08/15/2049 | 1,246,800 | 905,829 | ||||||||||
U.S. Treasury Note | 2.375% | 11/15/2049 | 338,600 | 252,826 | ||||||||||
U.S. Treasury Note | 1.250% | 05/15/2050 | 3,709,900 | 2,086,094 | ||||||||||
U.S. Treasury Note | 1.875% | 02/15/2051 | 263,000 | 174,145 | ||||||||||
U.S. Treasury Note | 2.375% | 05/15/2051 | 338,200 | 251,444 | ||||||||||
U.S. Treasury Note | 2.000% | 08/15/2051 | 866,300 | 590,539 | ||||||||||
U.S. Treasury Note | (b) | 2.250% | 02/15/2052 | 16,994,700 | 12,281,326 | |||||||||
U.S. Treasury Note | 2.875% | 05/15/2052 | 1,371,700 | 1,136,743 | ||||||||||
U.S. Treasury Note | 3.625% | 05/15/2053 | 1,176,900 | 1,131,111 | ||||||||||
|
| |||||||||||||
Total U.S. Treasury Obligations (Cost $191,155,103) | $ | 179,790,407 | ||||||||||||
|
|
Corporate Bonds – 14.0% | Rate | Maturity | Face Amount | Value | ||||||||||
| ||||||||||||||
COMMUNICATION SERVICES – 0.7% | ||||||||||||||
AT&T, Inc. (Diversified Telecom. Svs.) | 3.650% | 09/15/2059 | $ 33,000 | $ | 22,975 | |||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (c) | 4.500% | 08/15/2030 | 59,000 | 49,129 | |||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (c) | 4.750% | 02/01/2032 | 102,000 | 83,179 | |||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (c) | 4.500% | 06/01/2033 | 209,000 | 164,125 | |||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media) | 5.050% | 03/30/2029 | 519,000 | 494,902 | ||||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media) | 6.484% | 10/23/2045 | 62,000 | 58,287 | ||||||||||
Cox Communications, Inc. (Diversified Telecom. Svs.) | (c) | 5.700% | 06/15/2033 | 282,000 | 284,411 | |||||||||
Discovery Communications LLC (Media) | 5.200% | 09/20/2047 | 75,000 | 61,382 | ||||||||||
Discovery Communications LLC (Media) | 5.300% | 05/15/2049 | 35,000 | 29,003 | ||||||||||
DISH DBS Corp. (Media) | (c) | 5.250% | 12/01/2026 | 1,021,000 | 819,018 | |||||||||
DISH DBS Corp. (Media) | (c) | 5.750% | 12/01/2028 | 158,000 | 117,518 | |||||||||
Entegris Escrow Corp. (Media) | (c) | 4.750% | 04/15/2029 | 209,000 | 194,020 | |||||||||
Fox Corp. (Media) | 5.576% | 01/25/2049 | 1,068,000 | 999,939 | ||||||||||
Globo Comunicacao e Participacoes SA (Media) | 4.875% | 01/22/2030 | 794,000 | 632,233 | ||||||||||
Interpublic Group of Cos., Inc. / The (Media) | 5.375% | 06/15/2033 | 544,000 | 538,290 | ||||||||||
Level 3 Financing, Inc. (Diversified Telecom. Svs.) | (c) | 3.875% | 11/15/2029 | 309,000 | 245,876 | |||||||||
Meta Platforms, Inc. (Interactive Media & Svs.) | 4.950% | 05/15/2033 | 410,000 | 409,683 | ||||||||||
Netflix, Inc. (Entertainment) | 5.875% | 11/15/2028 | 310,000 | 320,169 | ||||||||||
Tencent Holdings Ltd. (Interactive Media & Svs.) | (c) | 3.240% | 06/03/2050 | 201,000 | 131,824 | |||||||||
Time Warner Cable LLC (Media) | 7.300% | 07/01/2038 | 811,000 | 826,466 |
95 | (continued) |
Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||
| ||||||||||||||
COMMUNICATION SERVICES (continued) | ||||||||||||||
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 2.625% | 04/15/2026 | $ 70,000 | $ | 64,872 | |||||||||
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 3.875% | 04/15/2030 | 399,000 | 367,586 | ||||||||||
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 5.050% | 07/15/2033 | 272,000 | 267,076 | ||||||||||
Warnermedia Holdings, Inc. (Media) | 4.279% | 03/15/2032 | 1,122,000 | 995,074 | ||||||||||
|
| |||||||||||||
8,177,037 | ||||||||||||||
|
| |||||||||||||
CONSUMER DISCRETIONARY – 1.8% | ||||||||||||||
Advance Auto Parts, Inc. (Specialty Retail) | 3.900% | 04/15/2030 | 1,335,000 | 1,137,456 | ||||||||||
Alibaba Group Holding Ltd. (Broadline Retail) | 2.125% | 02/09/2031 | 200,000 | 162,840 | ||||||||||
AutoZone, Inc. (Specialty Retail) | 3.750% | 04/18/2029 | 303,000 | 280,126 | ||||||||||
AutoZone, Inc. (Specialty Retail) | 1.650% | 01/15/2031 | 1,010,000 | 788,158 | ||||||||||
Bath & Body Works, Inc. (Specialty Retail) | (c) | 6.625% | 10/01/2030 | 995,000 | 960,561 | |||||||||
Booking Holdings, Inc. (Hotels, Restaurants & Leisure) | 4.625% | 04/13/2030 | 1,302,000 | 1,268,619 | ||||||||||
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure) | (c) | 7.000% | 02/15/2030 | 235,000 | 235,996 | |||||||||
Carnival Corp. (Hotels, Restaurants & Leisure) | (c) | 4.000% | 08/01/2028 | 237,000 | 210,105 | |||||||||
Cedar Fair LP / Canada’s Wonderland Co. / Magnum Management Corp. / Millennium Op (Hotels, Restaurants & Leisure) | 5.375% | 04/15/2027 | 1,000,000 | 950,763 | ||||||||||
Cooperatieve Rabobank UA (Rate is fixed until 02/28/2028, at which point, the rate becomes H15T1Y + 140) (Household Durables) | (c)(d) | 5.564% | 02/28/2029 | 1,027,000 | 1,013,287 | |||||||||
Ford Motor Co. (Automobiles) | 6.100% | 08/19/2032 | 441,000 | 427,398 | ||||||||||
General Motors Co. (Automobiles) | 6.125% | 10/01/2025 | 79,000 | 79,540 | ||||||||||
General Motors Co. (Automobiles) | 4.200% | 10/01/2027 | 94,000 | 89,077 | ||||||||||
General Motors Co. (Automobiles) | 6.800% | 10/01/2027 | 107,000 | 111,149 | ||||||||||
General Motors Co. (Automobiles) | 5.000% | 10/01/2028 | 269,000 | 261,543 | ||||||||||
GLP Capital LP / GLP Financing II, Inc. (Hotels, Restaurants & Leisure) | 3.250% | 01/15/2032 | 2,123,000 | 1,714,139 | ||||||||||
Jaguar Land Rover Automotive PLC (Automobiles) | (c) | 5.500% | 07/15/2029 | 1,227,000 | 1,046,892 | |||||||||
Las Vegas Sands Corp. (Hotels, Restaurants & Leisure) | 3.900% | 08/08/2029 | 1,829,000 | 1,631,945 | ||||||||||
LKQ Corp. (Distributors) | (c) | 5.750% | 06/15/2028 | 520,000 | 518,309 | |||||||||
LKQ Corp. (Distributors) | (c) | 6.250% | 06/15/2033 | 305,000 | 307,299 | |||||||||
Lowe’s Cos., Inc. (Specialty Retail) | 5.800% | 09/15/2062 | 640,000 | 632,951 | ||||||||||
Marriott International, Inc. (Hotels, Restaurants & Leisure) | 5.750% | 05/01/2025 | 1,264,000 | 1,266,381 | ||||||||||
Mattel, Inc. (Leisure Products) | (c) | 3.375% | 04/01/2026 | 128,000 | 117,785 | |||||||||
McDonald’s Corp. (Hotels, Restaurants & Leisure) | 3.500% | 07/01/2027 | 272,000 | 258,940 | ||||||||||
McDonald’s Corp. (Hotels, Restaurants & Leisure) | 2.625% | 09/01/2029 | 1,700,000 | 1,507,727 | ||||||||||
McDonald’s Corp. (Hotels, Restaurants & Leisure) | 3.625% | 09/01/2049 | 90,000 | 70,976 | ||||||||||
MDC Holdings, Inc. (Household Durables) | 6.000% | 01/15/2043 | 1,150,000 | 1,037,232 | ||||||||||
Nissan Motor Co. Ltd. (Automobiles) | (c) | 4.345% | 09/17/2027 | 430,000 | 391,087 | |||||||||
Prosus N.V. (Broadline Retail) | (c) | 3.257% | 01/19/2027 | 629,000 | 568,480 | |||||||||
Ross Stores, Inc. (Specialty Retail) | 4.700% | 04/15/2027 | 280,000 | 273,589 | ||||||||||
Royal Caribbean Cruises Ltd. (Hotels, Restaurants & Leisure) | (c) | 8.250% | 01/15/2029 | 416,000 | 436,739 | |||||||||
Wynn Macau Ltd. (Hotels, Restaurants & Leisure) | (c) | 5.625% | 08/26/2028 | 292,000 | 254,770 | |||||||||
ZF North America Capital, Inc. (Automobile Components) | (c) | 6.875% | 04/14/2028 | 410,000 | 415,201 | |||||||||
ZF North America Capital, Inc. (Automobile Components) | (c) | 7.125% | 04/14/2030 | 205,000 | 208,496 | |||||||||
|
| |||||||||||||
20,635,556 | ||||||||||||||
|
| |||||||||||||
CONSUMER STAPLES – 1.1% | ||||||||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Consumer Staples Distribution & Retail) | (c) | 3.500% | 03/15/2029 | 156,000 | 135,040 | |||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Consumer Staples Distribution & Retail) | (c) | 4.875% | 02/15/2030 | 971,000 | 896,447 | |||||||||
Alimentation Couche-Tard, Inc. (Consumer Staples Distribution & Retail) | (c) | 2.950% | 01/25/2030 | 77,000 | 66,139 | |||||||||
Altria Group, Inc. (Tobacco) | 3.400% | 05/06/2030 | 1,934,000 | 1,706,614 | ||||||||||
B.A.T. Capital Corp. (Tobacco) | 2.259% | 03/25/2028 | 1,460,000 | 1,251,243 | ||||||||||
B.A.T. Capital Corp. (Tobacco) | 7.750% | 10/19/2032 | 189,000 | 207,997 | ||||||||||
Campbell Soup Co. (Food Products) | 3.950% | 03/15/2025 | 113,000 | 109,810 | ||||||||||
Cargill, Inc. (Food Products) | (c) | 1.375% | 07/23/2023 | 77,000 | 76,847 | |||||||||
Cargill, Inc. (Food Products) | (c) | 2.125% | 04/23/2030 | 1,301,000 | 1,089,110 | |||||||||
Coca-Cola Co. / The (Beverages) | 3.375% | 03/25/2027 | 1,376,000 | 1,326,551 | ||||||||||
Coca-Cola Co. / The (Beverages) | 3.450% | 03/25/2030 | 182,000 | 171,718 | ||||||||||
MARB BondCo PLC (Food Products) | 3.950% | 01/29/2031 | 1,483,000 | 1,061,619 | ||||||||||
Mars, Inc. (Food Products) | (c) | 2.700% | 04/01/2025 | 113,000 | 107,944 | |||||||||
Mondelez International Holdings Netherlands BV (Food Products) | (c) | 2.250% | 09/19/2024 | 249,000 | 238,215 | |||||||||
Mondelez International, Inc. (Food Products) | 2.750% | 04/13/2030 | 19,000 | 16,679 | ||||||||||
Natura Cosmeticos SA (Personal Care Products) | 4.125% | 05/03/2028 | 563,000 | 487,036 | ||||||||||
Natura Cosmeticos SA (Personal Care Products) | (c) | 4.125% | 05/03/2028 | 230,000 | 198,967 | |||||||||
PepsiCo, Inc. (Beverages) | 2.625% | 03/19/2027 | 58,000 | 54,037 | ||||||||||
Philip Morris International, Inc. (Tobacco) | 5.000% | 11/17/2025 | 602,000 | 598,897 | ||||||||||
Philip Morris International, Inc. (Tobacco) | 4.875% | 02/13/2026 | 496,000 | 492,490 | ||||||||||
Philip Morris International, Inc. (Tobacco) | 5.625% | 11/17/2029 | 109,000 | 111,064 | ||||||||||
Philip Morris International, Inc. (Tobacco) | 5.375% | 02/15/2033 | 999,000 | 996,799 |
96 | (continued) |
Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||
| ||||||||||||||
CONSUMER STAPLES (continued) | ||||||||||||||
Pilgrim’s Pride Corp. (Food Products) | (c) | 5.875% | 09/30/2027 | $ 347,000 | $ | 342,837 | ||||||||
Pilgrim’s Pride Corp. (Food Products) | 4.250% | 04/15/2031 | 1,000,000 | 857,550 | ||||||||||
Procter & Gamble Co. / The (Household Products) | 3.000% | 03/25/2030 | 68,000 | 62,918 | ||||||||||
Sysco Corp. (Consumer Staples Distribution & Retail) | 2.400% | 02/15/2030 | 72,000 | 61,324 | ||||||||||
|
| |||||||||||||
12,725,892 | ||||||||||||||
|
| |||||||||||||
ENERGY – 1.5% | ||||||||||||||
Apache Corp. (Oil, Gas & Consumable Fuels) | 4.250% | 01/15/2030 | 1,000,000 | 890,700 | ||||||||||
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels) | 4.893% | 09/11/2033 | 571,000 | 565,104 | ||||||||||
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels) | 2.939% | 06/04/2051 | 1,333,000 | 909,655 | ||||||||||
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels) | 5.850% | 02/01/2035 | 860,000 | 835,146 | ||||||||||
Cheniere Corpus Christi Holdings LLC (Oil, Gas & Consumable Fuels) | 3.700% | 11/15/2029 | 557,000 | 504,316 | ||||||||||
Continental Resources, Inc. (Oil, Gas & Consumable Fuels) | (c) | 5.750% | 01/15/2031 | 1,582,000 | 1,503,940 | |||||||||
Continental Resources, Inc. (Oil, Gas & Consumable Fuels) | (c) | 2.875% | 04/01/2032 | 218,000 | 167,490 | |||||||||
Devon Energy Corp. (Oil, Gas & Consumable Fuels) | 5.600% | 07/15/2041 | 195,000 | 183,529 | ||||||||||
Ecopetrol SA (Oil, Gas & Consumable Fuels) | 8.625% | 01/19/2029 | 575,000 | 576,323 | ||||||||||
EQT Corp. (Oil, Gas & Consumable Fuels) | 7.000% | 02/01/2030 | 1,013,000 | 1,060,641 | ||||||||||
GNL Quintero SA (Oil, Gas & Consumable Fuels) | 4.634% | 07/31/2029 | 686,790 | 667,904 | ||||||||||
Hess Corp. (Oil, Gas & Consumable Fuels) | 4.300% | 04/01/2027 | 1,806,000 | 1,732,126 | ||||||||||
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | 6.800% | 03/15/2032 | 1,193,000 | 1,234,176 | ||||||||||
Oleoducto Central SA (Oil, Gas & Consumable Fuels) | (c) | 4.000% | 07/14/2027 | 207,000 | 181,340 | |||||||||
ONEOK Partners LP (Oil, Gas & Consumable Fuels) | 6.125% | 02/01/2041 | 975,000 | 940,596 | ||||||||||
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 6.350% | 01/15/2031 | 127,000 | 130,803 | ||||||||||
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 6.100% | 11/15/2032 | 37,000 | 37,642 | ||||||||||
Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | 7.375% | 11/01/2031 | 985,000 | 1,056,316 | ||||||||||
Plains All American Pipeline LP / PAA Finance Corp. (Oil, Gas & Consumable Fuels) | 3.550% | 12/15/2029 | 136,000 | 119,842 | ||||||||||
Suncor Energy, Inc. (Oil, Gas & Consumable Fuels) | 6.800% | 05/15/2038 | 1,561,000 | 1,656,267 | ||||||||||
Var Energi ASA (Oil, Gas & Consumable Fuels) | (c) | 7.500% | 01/15/2028 | 636,000 | 653,636 | |||||||||
Var Energi ASA (Oil, Gas & Consumable Fuels) | (c) | 8.000% | 11/15/2032 | 784,000 | 829,480 | |||||||||
|
| |||||||||||||
16,436,972 | ||||||||||||||
|
| |||||||||||||
FINANCIALS – 4.5% | ||||||||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Financial Services) | 6.500% | 07/15/2025 | 271,000 | 272,340 | ||||||||||
AIB Group PLC (Rate is fixed until 04/10/2024, at which point, the rate becomes QL + 187) (Banks) | (c)(d)(e) | 4.263% | 04/10/2025 | 448,000 | 437,730 | |||||||||
AIB Group PLC (Rate is fixed until 10/14/2025, at which point, the rate becomes SOFR + 346) (Banks) | (c)(d) | 7.583% | 10/14/2026 | 1,267,000 | 1,286,954 | |||||||||
Ally Financial, Inc. (Rate is fixed until 06/13/2028, at which point, the rate becomes SOFR + 326) (Consumer Finance) | (d) | 6.992% | 06/13/2029 | 573,000 | 565,840 | |||||||||
Argentum Netherlands BV for Swiss Re Ltd. (Rate is fixed until 08/15/2025, at which point, the rate becomes QL + 359) (Insurance) | (d)(e) | 5.750% | 08/15/2050 | 1,500,000 | 1,442,025 | |||||||||
Aviation Capital Group LLC (Financial Services) | (c) | 4.375% | 01/30/2024 | 50,000 | 49,182 | |||||||||
Aviation Capital Group LLC (Financial Services) | (c) | 5.500% | 12/15/2024 | 114,000 | 111,588 | |||||||||
Aviation Capital Group LLC (Financial Services) | (c) | 4.125% | 08/01/2025 | 3,000 | 2,802 | |||||||||
Aviation Capital Group LLC (Financial Services) | (c) | 4.875% | 10/01/2025 | 57,000 | 54,382 | |||||||||
Aviation Capital Group LLC (Financial Services) | (c) | 1.950% | 01/30/2026 | 181,000 | 161,211 | |||||||||
Aviation Capital Group LLC (Financial Services) | (c) | 1.950% | 09/20/2026 | 2,008,000 | 1,739,932 | |||||||||
Aviation Capital Group LLC (Financial Services) | (c) | 3.500% | 11/01/2027 | 50,000 | 44,157 | |||||||||
Aviation Capital Group LLC (Financial Services) | (c) | 6.375% | 07/15/2030 | 70,000 | 69,413 | |||||||||
Banco de Credito del Peru SA (Rate is fixed until 07/01/2025, at which point, the rate becomes H15T5Y + 300) (Banks) | (c)(d) | 3.125% | 07/01/2030 | 244,000 | 223,980 | |||||||||
Banco Santander SA (Rate is fixed until 03/24/2027, at which point, the rate becomes H15T1Y + 200) (Banks) | (d) | 4.175% | 03/24/2028 | 1,800,000 | 1,684,987 | |||||||||
Bank of America Corp. (Rate is fixed until 03/05/2028, at which point, the rate becomes TSFR3M + 133) (Banks) | (d) | 3.970% | 03/05/2029 | 177,000 | 165,713 | |||||||||
Bank of America Corp. (Rate is fixed until 04/29/2030, at which point, the rate becomes SOFR + 215) (Banks) | (d) | 2.592% | 04/29/2031 | 1,441,000 | 1,209,772 | |||||||||
Bank of Ireland Group PLC (Rate is fixed until 09/16/2025, at which point, the rate becomes H15T1Y + 265) (Banks) | (c)(d) | 6.253% | 09/16/2026 | 354,000 | 351,211 | |||||||||
Barclays PLC (Rate is fixed until 11/02/2027, at which point, the rate becomes H15T1Y + 330) (Banks) | (d) | 7.385% | 11/02/2028 | 396,000 | 412,476 | |||||||||
Barclays PLC (Rate is fixed until 05/09/2033, at which point, the rate becomes SOFR + 298) (Banks) | (d) | 6.224% | 05/09/2034 | 453,000 | 451,204 | |||||||||
BNP Paribas SA (Rate is fixed until 02/25/2031, at which point, the rate becomes H15T5Y + 334) (Banks) | (d) | 4.625% | Perpetual | 877,000 | 625,959 | |||||||||
BNP Paribas SA (Rate is fixed until 08/19/2025, at which point, the rate becomes USSW5 + 515) (Banks) | (d) | 7.375% | Perpetual | 200,000 | 193,915 | |||||||||
BNP Paribas SA (Rate is fixed until 11/19/2024, at which point, the rate becomes TSFR3M + 137) (Banks) | (c)(d) | 2.819% | 11/19/2025 | 2,170,000 | 2,069,075 |
97 | (continued) |
Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||
| ||||||||||||||
FINANCIALS (continued) | ||||||||||||||
BNP Paribas SA (Rate is fixed until 01/13/2030, at which point, the rate becomes SOFR + 151) (Banks) | (c)(d) | 3.052% | 01/13/2031 | $ 333,000 | $ | 284,423 | ||||||||
Capital One Financial Corp. (Rate is fixed until 03/01/2029, at which point, the rate becomes SOFR + 179) (Consumer Finance) | (d) | 3.273% | 03/01/2030 | 1,651,000 | 1,401,829 | |||||||||
Citigroup, Inc. (Rate is fixed until 04/23/2028, at which point, the rate becomes TSFR3M + 145) (Banks) | (d) | 4.075% | 04/23/2029 | 212,000 | 199,564 | |||||||||
Citigroup, Inc. (Rate is fixed until 03/20/2029, at which point, the rate becomes TSFR3M + 160) (Banks) | (d) | 3.980% | 03/20/2030 | 145,000 | 134,072 | |||||||||
Cloverie PLC for Zurich Insurance Co. Ltd. (Rate is fixed until 06/24/2026, at which point, the rate becomes QL + 492) (Insurance) | (d)(e) | 5.625% | 06/24/2046 | 1,116,000 | 1,096,224 | |||||||||
Cooperatieve Rabobank UA (Rate is fixed until 04/10/2024, at which point, the rate becomes USSW5 + 189) (Banks) | (d) | 4.000% | 04/10/2029 | 1,000,000 | 971,884 | |||||||||
Danske Bank A/S (Rate is fixed until 04/01/2027, at which point, the rate becomes H15T1Y + 175) (Banks) | (c)(d) | 4.298% | 04/01/2028 | 1,829,000 | 1,707,275 | |||||||||
Deutsche Bank AG (Rate is fixed until 07/14/2025, at which point, the rate becomes SOFR + 319) (Banks) | (d) | 6.119% | 07/14/2026 | 256,000 | 253,150 | |||||||||
Deutsche Bank AG (Rate is fixed until 01/07/2027, at which point, the rate becomes SOFR + 132) (Banks) | (d) | 2.552% | 01/07/2028 | 204,000 | 176,890 | |||||||||
General Motors Financial Co., Inc. (Consumer Finance) | 4.350% | 01/17/2027 | 99,000 | 94,909 | ||||||||||
General Motors Financial Co., Inc. (Consumer Finance) | 2.400% | 10/15/2028 | 1,366,000 | 1,156,587 | ||||||||||
General Motors Financial Co., Inc. (Consumer Finance) | 4.300% | 04/06/2029 | 126,000 | 115,631 | ||||||||||
Global Payments, Inc. (Financial Services) | 3.200% | 08/15/2029 | 75,000 | 65,189 | ||||||||||
Global Payments, Inc. (Financial Services) | 5.400% | 08/15/2032 | 544,000 | 530,094 | ||||||||||
Harley-Davidson Financial Services, Inc. (Consumer Finance) | (c) | 3.050% | 02/14/2027 | 912,000 | 817,394 | |||||||||
Harley-Davidson Financial Services, Inc. (Consumer Finance) | (c) | 6.500% | 03/10/2028 | 153,000 | 153,047 | |||||||||
HSBC Holdings PLC (Rate is fixed until 11/03/2025, at which point, the rate becomes SOFR + 303) (Banks) | (d) | 7.336% | 11/03/2026 | 371,000 | 381,890 | |||||||||
HSBC Holdings PLC (Rate is fixed until 03/13/2027, at which point, the rate becomes TSFR3M + 181) (Banks) | (d) | 4.041% | 03/13/2028 | 265,000 | 248,176 | |||||||||
HSBC Holdings PLC (Rate is fixed until 11/03/2027, at which point, the rate becomes SOFR + 335) (Banks) | (d) | 7.390% | 11/03/2028 | 682,000 | 719,771 | |||||||||
HSBC Holdings PLC (Rate is fixed until 05/24/2031, at which point, the rate becomes SOFR + 119) (Banks) | (d) | 2.804% | 05/24/2032 | 334,000 | 270,142 | |||||||||
HSBC Holdings PLC (Rate is fixed until 11/03/2032, at which point, the rate becomes SOFR + 425) (Banks) | (d) | 8.113% | 11/03/2033 | 781,000 | 866,997 | |||||||||
ING Bank N.V. (Banks) | (c) | 5.800% | 09/25/2023 | 1,306,000 | 1,303,158 | |||||||||
Intesa Sanpaolo SpA (Banks) | (c) | 7.000% | 11/21/2025 | 256,000 | 258,344 | |||||||||
KBC Group N.V. (Rate is fixed until 01/19/2028, at which point, the rate becomes H15T1Y + 210) (Banks) | (c)(d) | 5.796% | 01/19/2029 | 336,000 | 333,663 | |||||||||
Lloyds Banking Group PLC (Rate is fixed until 06/27/2024, at which point, the rate becomes USSW5 + 476) (Banks) | (d) | 7.500% | Perpetual | 806,000 | 769,931 | |||||||||
Lloyds Banking Group PLC (Rate is fixed until 03/06/2028, at which point, the rate becomes H15T1Y + 170) (Banks) | (d) | 5.871% | 03/06/2029 | 331,000 | 328,204 | |||||||||
Lloyds Banking Group PLC (Rate is fixed until 11/15/2032, at which point, the rate becomes H15T1Y + 375) (Banks) | (d) | 7.953% | 11/15/2033 | 611,000 | 662,858 | |||||||||
Magyar Export-Import Bank Zrt (Banks) | (c) | 6.125% | 12/04/2027 | 825,000 | 816,753 | |||||||||
Mastercard, Inc. (Financial Services) | 3.350% | 03/26/2030 | 1,713,000 | 1,596,272 | ||||||||||
Mizuho Financial Group, Inc. (Rate is fixed until 09/13/2029, at which point, the rate becomes SOFR + 157) (Banks) | (d) | 2.869% | 09/13/2030 | 1,261,000 | 1,066,928 | |||||||||
Mizuho Financial Group, Inc. (Rate is fixed until 05/27/2030, at which point, the rate becomes H15T1Y + 165) (Banks) | (d) | 5.739% | 05/27/2031 | 1,027,000 | 1,025,420 | |||||||||
Nationwide Building Society (Financial Services) | (c) | 4.000% | 09/14/2026 | 1,299,000 | 1,192,793 | |||||||||
Nationwide Building Society (Rate is fixed until 02/16/2027, at which point, the rate becomes SOFR + 129) (Financial Services) | (c)(d) | 2.972% | 02/16/2028 | 368,000 | 330,543 | |||||||||
NatWest Group PLC (Rate is fixed until 03/22/2024, at which point, the rate becomes QL + 176) (Banks) | (d)(e) | 4.269% | 03/22/2025 | 560,000 | 550,072 | |||||||||
Nomura Holdings, Inc. (Capital Markets) | 2.999% | 01/22/2032 | 1,330,000 | 1,077,649 | ||||||||||
PayPal Holdings, Inc. (Financial Services) | 2.850% | 10/01/2029 | 1,440,000 | 1,276,917 | ||||||||||
PNC Financial Services Group, Inc. / The (Rate is fixed until 01/24/2033, at which point, the rate becomes SOFR + 193) (Banks) | (d) | 5.068% | 01/24/2034 | 230,000 | 220,561 | |||||||||
Santander Holdings U.S.A., Inc. (Rate is fixed until 01/06/2027, at which point, the rate becomes SOFR + 125) (Banks) | (d) | 2.490% | 01/06/2028 | 1,365,000 | 1,178,924 | |||||||||
Santander U.K. Group Holdings PLC (Rate is fixed until 01/11/2027, at which point, the rate becomes SOFR + 122) (Banks) | (d) | 2.469% | 01/11/2028 | 1,374,000 | 1,199,478 | |||||||||
Societe Generale SA (Rate is fixed until 01/12/2026, at which point, the rate becomes H15T1Y + 230) (Banks) | (c)(d) | 6.447% | 01/12/2027 | 325,000 | 324,239 | |||||||||
Societe Generale SA (Rate is fixed until 01/19/2027, at which point, the rate becomes H15T1Y + 130) (Banks) | (c)(d) | 2.797% | 01/19/2028 | 380,000 | 336,569 |
98 | (continued) |
Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||
| ||||||||||||||
FINANCIALS (continued) | ||||||||||||||
Standard Chartered PLC (Rate is fixed until 03/30/2025, at which point, the rate becomes H15T1Y + 165) (Banks) | (c)(d) | 3.971% | 03/30/2026 | $1,839,000 | $ | 1,757,550 | ||||||||
Swedbank AB (Rate is fixed until 09/17/2024, at which point, the rate becomes H15T5Y + 413) (Banks) | (d) | 5.625% | Perpetual | 200,000 | 188,000 | |||||||||
Swiss Re Finance Luxembourg SA (Rate is fixed until 04/02/2029, at which point, the rate becomes H15T5Y + 358) (Insurance) | (d) | 5.000% | 04/02/2049 | 200,000 | 191,000 | |||||||||
Synchrony Financial (Consumer Finance) | 4.875% | 06/13/2025 | 696,000 | 661,334 | ||||||||||
Synchrony Financial (Consumer Finance) | 3.950% | 12/01/2027 | 720,000 | 627,263 | ||||||||||
Trane Technologies Financing Ltd. (Consumer Finance) | 5.250% | 03/03/2033 | 241,000 | 243,996 | ||||||||||
Truist Financial Corp. (Banks) | 1.950% | 06/05/2030 | 133,000 | 105,674 | ||||||||||
Truist Financial Corp. (Rate is fixed until 01/26/2033, at which point, the rate becomes SOFR + 185) (Banks) | (d) | 5.122% | 01/26/2034 | 644,000 | 610,269 | |||||||||
UBS Group AG (Rate is fixed until 05/12/2025, at which point, the rate becomes H15T1Y + 155) (Capital Markets) | (c)(d) | 4.488% | 05/12/2026 | 267,000 | 258,127 | |||||||||
UBS Group AG (Rate is fixed until 06/05/2025, at which point, the rate becomes SOFR + 204) (Capital Markets) | (c)(d) | 2.193% | 06/05/2026 | 1,445,000 | 1,325,020 | |||||||||
UBS Group AG (Rate is fixed until 07/15/2025, at which point, the rate becomes SOFR + 334) (Capital Markets) | (c)(d) | 6.373% | 07/15/2026 | 753,000 | 748,244 | |||||||||
UniCredit SpA (Rate is fixed until 06/03/2031, at which point, the rate becomes H15T1Y + 155) (Banks) | (c)(d) | 3.127% | 06/03/2032 | 200,000 | 157,720 | |||||||||
Visa, Inc. (Financial Services) | 1.900% | 04/15/2027 | 452,000 | 412,081 | ||||||||||
Visa, Inc. (Financial Services) | 2.050% | 04/15/2030 | 220,000 | 188,416 | ||||||||||
Wells Fargo & Co. (Rate is fixed until 10/30/2029, at which point, the rate becomes TSFR3M + 143) (Banks) | (d) | 2.879% | 10/30/2030 | 298,000 | 257,378 | |||||||||
Wells Fargo & Co. (Rate is fixed until 04/04/2030, at which point, the rate becomes TSFR3M + 403) (Banks) | (d) | 4.478% | 04/04/2031 | 2,033,000 | 1,932,972 | |||||||||
|
| |||||||||||||
50,785,306 | ||||||||||||||
|
| |||||||||||||
HEALTH CARE – 0.4% | ||||||||||||||
AbbVie, Inc. (Biotechnology) | 2.600% | 11/21/2024 | 165,000 | 158,313 | ||||||||||
Amgen, Inc. (Biotechnology) | 3.350% | 02/22/2032 | 159,000 | 140,109 | ||||||||||
Bayer U.S. Finance II LLC (Pharmaceuticals) | (c) | 5.500% | 07/30/2035 | 879,000 | 865,367 | |||||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 3.400% | 07/26/2029 | 624,000 | 579,607 | ||||||||||
Centene Corp. (Health Care Providers & Svs.) | 4.625% | 12/15/2029 | 376,000 | 346,084 | ||||||||||
Centene Corp. (Health Care Providers & Svs.) | 3.375% | 02/15/2030 | 212,000 | 182,201 | ||||||||||
Cigna Group / The (Health Care Providers & Svs.) | 3.200% | 03/15/2040 | 52,000 | 39,974 | ||||||||||
Cigna Group / The (Health Care Providers & Svs.) | 3.400% | 03/15/2050 | 78,000 | 56,999 | ||||||||||
CVS Health Corp. (Health Care Providers & Svs.) | 3.000% | 08/15/2026 | 33,000 | 30,935 | ||||||||||
DH Europe Finance II SARL (Health Care Equip. & Supplies) | 2.200% | 11/15/2024 | 129,000 | 123,540 | ||||||||||
DH Europe Finance II SARL (Health Care Equip. & Supplies) | 2.600% | 11/15/2029 | 71,000 | 62,484 | ||||||||||
Medline Borrower LP (Health Care Equip. & Supplies) | (c) | 3.875% | 04/01/2029 | 240,000 | 208,575 | |||||||||
Pfizer, Inc. (Pharmaceuticals) | 2.625% | 04/01/2030 | 1,080,000 | 960,052 | ||||||||||
|
| |||||||||||||
3,754,240 | ||||||||||||||
|
| |||||||||||||
INDUSTRIALS – 0.9% | ||||||||||||||
Air Lease Corp. (Trading Companies & Distributors) | 2.875% | 01/15/2026 | 28,000 | 25,901 | ||||||||||
Air Lease Corp. (Trading Companies & Distributors) | 3.625% | 04/01/2027 | 15,000 | 13,843 | ||||||||||
Air Lease Corp. (Trading Companies & Distributors) | 2.100% | 09/01/2028 | 107,000 | 88,878 | ||||||||||
Air Lease Corp. (Trading Companies & Distributors) | 4.625% | 10/01/2028 | 883,000 | 829,919 | ||||||||||
Aircastle Ltd. (Trading Companies & Distributors) | 4.125% | 05/01/2024 | 58,000 | 56,437 | ||||||||||
Aircastle Ltd. (Trading Companies & Distributors) | (c) | 5.250% | 08/11/2025 | 1,269,000 | 1,226,302 | |||||||||
Aircastle Ltd. (Trading Companies & Distributors) | 4.250% | 06/15/2026 | 21,000 | 19,777 | ||||||||||
Aircastle Ltd. (Trading Companies & Distributors) | (c) | 2.850% | 01/26/2028 | 332,000 | 282,330 | |||||||||
Carrier Global Corp. (Building Products) | 2.242% | 02/15/2025 | 21,000 | 19,861 | ||||||||||
Carrier Global Corp. (Building Products) | 2.493% | 02/15/2027 | 26,000 | 23,693 | ||||||||||
Delta Air Lines, Inc. / SkyMiles IP Ltd. (Passenger Airlines) | (c) | 4.500% | 10/20/2025 | 715,881 | 700,267 | |||||||||
Delta Air Lines, Inc. / SkyMiles IP Ltd. (Passenger Airlines) | (c) | 4.750% | 10/20/2028 | 156,000 | 151,428 | |||||||||
Embraer Netherlands Finance B.V. (Aerospace & Defense) | (c) | 6.950% | 01/17/2028 | 422,000 | 419,758 | |||||||||
ENA Master Trust (Transportation Infrastructure) | (c) | 4.000% | 05/19/2048 | 203,000 | 151,833 | |||||||||
Equifax, Inc. (Professional Svs.) | 2.600% | 12/01/2024 | 1,138,000 | 1,083,822 | ||||||||||
Equifax, Inc. (Professional Svs.) | 2.600% | 12/15/2025 | 147,000 | 136,753 | ||||||||||
Equifax, Inc. (Professional Svs.) | 3.100% | 05/15/2030 | 240,000 | 206,966 | ||||||||||
ERAC U.S.A. Finance LLC (Ground Transportation) | (c) | 4.600% | 05/01/2028 | 395,000 | 383,580 | |||||||||
ERAC U.S.A. Finance LLC (Ground Transportation) | (c) | 4.900% | 05/01/2033 | 614,000 | 599,971 | |||||||||
Flowserve Corp. (Machinery) | 2.800% | 01/15/2032 | 1,801,000 | 1,435,093 | ||||||||||
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | 3.844% | 05/01/2025 | 205,000 | 197,113 | ||||||||||
Regal Rexnord Corp. (Electrical Equip.) | (c) | 6.050% | 02/15/2026 | 824,000 | 825,046 | |||||||||
RELX Capital, Inc. (Professional Svs.) | 4.750% | 05/20/2032 | 65,000 | 63,769 | ||||||||||
Verisk Analytics, Inc. (Professional Svs.) | 5.750% | 04/01/2033 | 396,000 | 414,570 |
99 | (continued) |
Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||
| ||||||||||||||
INDUSTRIALS (continued) | ||||||||||||||
Westinghouse Air Brake Technologies Corp. (Machinery) | 4.400% | 03/15/2024 | $1,125,000 | $ | 1,109,902 | |||||||||
Westinghouse Air Brake Technologies Corp. (Machinery) | 3.200% | 06/15/2025 | 45,000 | 42,711 | ||||||||||
|
| |||||||||||||
10,509,523 | ||||||||||||||
|
| |||||||||||||
INFORMATION TECHNOLOGY – 1.7% | ||||||||||||||
Apple, Inc. (Tech. Hardware, Storage & Periph.) | 1.250% | 08/20/2030 | 1,070,000 | 868,725 | ||||||||||
Apple, Inc. (Tech. Hardware, Storage & Periph.) | 4.100% | 08/08/2062 | 663,000 | 580,356 | ||||||||||
Broadcom, Inc. (Semiconductors & Equip.) | (c) | 4.000% | 04/15/2029 | 36,000 | 33,250 | |||||||||
Broadcom, Inc. (Semiconductors & Equip.) | 4.150% | 11/15/2030 | 1,143,000 | 1,051,616 | ||||||||||
Broadcom, Inc. (Semiconductors & Equip.) | (c) | 4.150% | 04/15/2032 | 123,000 | 111,410 | |||||||||
Broadcom, Inc. (Semiconductors & Equip.) | (c) | 4.926% | 05/15/2037 | 180,000 | 162,901 | |||||||||
CDW LLC / CDW Finance Corp. (Electronic Equip., Instr. & Comp.) | 4.250% | 04/01/2028 | 1,196,000 | 1,096,889 | ||||||||||
HP, Inc. (Tech. Hardware, Storage & Periph.) | 5.500% | 01/15/2033 | 1,119,000 | 1,099,011 | ||||||||||
Infor, Inc. (Software) | (c) | 1.750% | 07/15/2025 | 1,696,000 | 1,548,529 | |||||||||
Kyndryl Holdings, Inc. (IT Svs.) | 2.050% | 10/15/2026 | 2,046,000 | 1,765,516 | ||||||||||
Lam Research Corp. (Semiconductors & Equip.) | 4.000% | 03/15/2029 | 816,000 | 787,439 | ||||||||||
Lenovo Group Ltd. (Tech. Hardware, Storage & Periph.) | 5.831% | 01/27/2028 | 828,000 | 826,242 | ||||||||||
Lenovo Group Ltd. (Tech. Hardware, Storage & Periph.) | 6.536% | 07/27/2032 | 206,000 | 207,835 | ||||||||||
Micron Technology, Inc. (Semiconductors & Equip.) | 6.750% | 11/01/2029 | 1,089,000 | 1,132,006 | ||||||||||
NXP B.V. / NXP Funding LLC (Semiconductors & Equip.) | 5.550% | 12/01/2028 | 125,000 | 125,775 | ||||||||||
Oracle Corp. (Software) | 2.950% | 04/01/2030 | 1,796,000 | 1,567,667 | ||||||||||
Oracle Corp. (Software) | 2.875% | 03/25/2031 | 225,000 | 192,085 | ||||||||||
Oracle Corp. (Software) | 3.900% | 05/15/2035 | 1,039,000 | 896,505 | ||||||||||
Oracle Corp. (Software) | 3.600% | 04/01/2040 | 134,000 | 103,663 | ||||||||||
Oracle Corp. (Software) | 5.375% | 07/15/2040 | 43,000 | 41,037 | ||||||||||
Oracle Corp. (Software) | 3.650% | 03/25/2041 | 77,000 | 59,323 | ||||||||||
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.) | (c) | 8.250% | 12/15/2029 | 436,000 | 455,389 | |||||||||
SK Hynix, Inc. (Semiconductors & Equip.) | (c) | 2.375% | 01/19/2031 | 304,000 | 234,509 | |||||||||
Skyworks Solutions, Inc. (Semiconductors & Equip.) | 3.000% | 06/01/2031 | 1,331,000 | 1,075,191 | ||||||||||
VMware, Inc. (Software) | 4.500% | 05/15/2025 | 954,000 | 934,333 | ||||||||||
VMware, Inc. (Software) | 4.650% | 05/15/2027 | 293,000 | 284,677 | ||||||||||
Western Digital Corp. (Tech. Hardware, Storage & Periph.) | 2.850% | 02/01/2029 | 1,595,000 | 1,274,355 | ||||||||||
Workday, Inc. (Software) | 3.700% | 04/01/2029 | 42,000 | 38,949 | ||||||||||
Workday, Inc. (Software) | 3.800% | 04/01/2032 | 1,100,000 | 990,300 | ||||||||||
|
| |||||||||||||
19,545,483 | ||||||||||||||
|
| |||||||||||||
MATERIALS – 0.3% | ||||||||||||||
CSN Resources SA (Metals & Mining) | 5.875% | 04/08/2032 | 787,000 | 633,980 | ||||||||||
Freeport Indonesia PT (Metals & Mining) | (c) | 4.763% | 04/14/2027 | 749,000 | 722,908 | |||||||||
Freeport Indonesia PT (Metals & Mining) | 4.763% | 04/14/2027 | 350,000 | 337,807 | ||||||||||
Glencore Funding LLC (Metals & Mining) | (c) | 5.400% | 05/08/2028 | 472,000 | 467,354 | |||||||||
Stillwater Mining Co. (Metals & Mining) | (c) | 4.000% | 11/16/2026 | 300,000 | 266,640 | |||||||||
Volcan Cia Minera S.A.A. (Metals & Mining) | (c) | 4.375% | 02/11/2026 | 31,000 | 23,055 | |||||||||
W.R. Grace Holdings LLC (Chemicals) | (c) | 4.875% | 06/15/2027 | 551,000 | 511,015 | |||||||||
|
| |||||||||||||
2,962,759 | ||||||||||||||
|
| |||||||||||||
REAL ESTATE – 0.4% | ||||||||||||||
American Tower Corp. (Specialized REITs) | 3.650% | 03/15/2027 | 138,000 | 129,188 | ||||||||||
American Tower Corp. (Specialized REITs) | 3.800% | 08/15/2029 | 1,455,000 | 1,327,374 | ||||||||||
American Tower Corp. (Specialized REITs) | 4.050% | 03/15/2032 | 70,000 | 63,742 | ||||||||||
Crown Castle, Inc. (Specialized REITs) | 4.300% | 02/15/2029 | 154,000 | 144,790 | ||||||||||
Crown Castle, Inc. (Specialized REITs) | 3.100% | 11/15/2029 | 279,000 | 242,923 | ||||||||||
Crown Castle, Inc. (Specialized REITs) | 3.300% | 07/01/2030 | 67,000 | 59,180 | ||||||||||
Equinix, Inc. (Specialized REITs) | 3.200% | 11/18/2029 | 1,689,000 | 1,482,813 | ||||||||||
Vornado Realty LP (Office REITs) | 3.400% | 06/01/2031 | 1,326,000 | 959,678 | ||||||||||
|
| |||||||||||||
4,409,688 | ||||||||||||||
|
| |||||||||||||
UTILITIES – 0.7% | ||||||||||||||
AES Panama Generation Holdings SRL (Electric Utilities) | (c) | 4.375% | 05/31/2030 | 282,449 | 241,140 | |||||||||
AES Panama Generation Holdings SRL (Electric Utilities) | 4.375% | 05/31/2030 | 238,842 | 203,912 | ||||||||||
Ameren Corp. (Multi-Utilities) | 3.500% | 01/15/2031 | 669,000 | 597,000 | ||||||||||
American Water Capital Corp. (Water Utilities) | 2.800% | 05/01/2030 | 1,002,000 | 875,837 | ||||||||||
Chile Electricity PEC SpA (Electric Utilities) | (c) | 0.000% | 01/25/2028 | 244,000 | 186,587 | |||||||||
Comision Federal de Electricidad (Electric Utilities) | (c) | 4.688% | 05/15/2029 | 221,000 | 198,427 | |||||||||
Duke Energy Carolinas NC Storm Funding LLC (Electric Utilities) | 2.617% | 07/01/2041 | 200,000 | 146,959 | ||||||||||
Electricite de France SA (Rate is fixed until 06/15/2033, at which point, the rate becomes H15T5Y + 541) (Electric Utilities) | (c)(d) | 9.125% | Perpetual | 253,000 | 259,446 | |||||||||
Enel Chile SA (Electric Utilities) | 4.875% | 06/12/2028 | 688,000 | 661,465 | ||||||||||
Enel Finance International N.V. (Electric Utilities) | (c) | 7.500% | 10/14/2032 | 800,000 | 886,976 | |||||||||
Engie Energia Chile SA (Electric Utilities) | 3.400% | 01/28/2030 | 673,000 | 560,726 |
100 | (continued) |
Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||
| ||||||||||||||
UTILITIES (continued) | �� | |||||||||||||
NRG Energy, Inc. (Electric Utilities) | (c) | 3.750% | 06/15/2024 | $ 308,000 | $ | 297,639 | ||||||||
NRG Energy, Inc. (Electric Utilities) | (c) | 7.000% | 03/15/2033 | 760,000 | 766,297 | |||||||||
Oncor Electric Delivery Co. LLC (Electric Utilities) | 3.700% | 11/15/2028 | 1,164,000 | 1,099,119 | ||||||||||
Pacific Gas and Electric Co. (Electric Utilities) | 4.400% | 03/01/2032 | 985,000 | 852,980 | ||||||||||
|
| |||||||||||||
7,834,510 | ||||||||||||||
|
| |||||||||||||
Total Corporate Bonds (Cost $165,349,459) | $ | 157,776,966 | ||||||||||||
|
| |||||||||||||
Asset-Backed / Mortgage-Backed Securities – 6.9% | Rate | Maturity | Face Amount | Value | ||||||||||
| ||||||||||||||
CONSUMER DISCRETIONARY – 0.0% | ||||||||||||||
Domino’s Pizza Master Issuer LLC 2021-1A A2I | (c) | 2.662% | 04/25/2051 | $ 172,480 | $ | 146,214 | ||||||||
Great Wolf Trust 2019-WOLF C | (c) | TSFR1M + 175 | 12/15/2036 | 79,000 | 77,504 | |||||||||
Hardee’s Funding LLC 2018-1A A23 | (c) | 5.710% | 06/20/2048 | 127,281 | 114,027 | |||||||||
Hardee’s Funding LLC 2020-1A A2 | (c) | 3.981% | 12/20/2050 | 131,665 | 112,058 | |||||||||
|
| |||||||||||||
449,803 | ||||||||||||||
|
| |||||||||||||
FINANCIALS – 6.8% | ||||||||||||||
AB Issuer LLC 2021-1 A2 | (c) | 3.734% | 07/30/2051 | 316,000 | 259,815 | |||||||||
ACM Auto Trust 2023-1A A | (c) | 6.610% | 01/22/2030 | 736,455 | 735,428 | |||||||||
Affirm Asset Securitization Trust 2021-Z1 A | (c) | 1.070% | 08/15/2025 | 46,899 | 45,579 | |||||||||
Affirm Asset Securitization Trust 2021-Z2 A | (c) | 1.170% | 11/16/2026 | 33,005 | 31,832 | |||||||||
AGL CLO 2021-12A D | (c)(e) | QL + 285 | 07/20/2034 | 250,000 | 233,808 | |||||||||
AGL CLO 10 Ltd. 2021-10A A | (c)(e) | QL + 113 | 04/15/2034 | 600,000 | 589,548 | |||||||||
American Credit Acceptance Receivables Trust 2022-3 A | (c) | 4.120% | 02/13/2026 | 337,910 | 336,772 | |||||||||
American Credit Acceptance Receivables Trust 2023-1 A | (c) | 5.450% | 09/14/2026 | 706,762 | 703,608 | |||||||||
Amur Equipment Finance Receivables XI LLC 2022-2A A2 | (c) | 5.300% | 06/21/2028 | 423,764 | 419,821 | |||||||||
AREIT 2022-CRE6 A | (c) | SOFR30A + 125 | 01/20/2037 | 483,367 | 471,856 | |||||||||
Atalaya Equipment Leasing Trust 2021-1A C | (c) | 2.690% | 06/15/2028 | 300,000 | 281,172 | |||||||||
Avant Loans Funding Trust 2021-REV1 A | (c) | 1.210% | 07/15/2030 | 441,000 | 433,512 | |||||||||
Bain Capital Credit CLO 2021-4A D | (c)(e) | QL + 310 | 10/20/2034 | 250,000 | 226,169 | |||||||||
Balboa Bay Loan Funding 2020-1A AR | (c)(e) | QL + 112 | 01/20/2032 | 1,500,000 | 1,480,450 | |||||||||
Balboa Bay Loan Funding 2021-1A D | (c)(e) | QL + 305 | 07/20/2034 | 307,948 | 268,118 | |||||||||
Ballyrock CLO 15 Ltd. 2021-1A C | (c)(e) | QL + 310 | 04/15/2034 | 250,000 | 236,879 | |||||||||
Ballyrock CLO 16 Ltd. 2021-16A C | (c)(e) | QL + 290 | 07/20/2034 | 250,000 | 233,596 | |||||||||
Ballyrock CLO 17 Ltd. 2021-17A A1A | (c)(e) | QL + 115 | 10/20/2034 | 1,000,000 | 982,211 | |||||||||
Ballyrock CLO 17 Ltd. 2021-17A C | (c)(e) | QL + 305 | 10/20/2034 | 250,000 | 235,448 | |||||||||
Battalion CLO 17 Ltd. 2021-17A A1 | (c)(e) | QL + 126 | 03/09/2034 | 600,000 | 587,508 | |||||||||
BBCMS 2020-BID A | (c)(e) | ML + 214 | 10/15/2037 | 301,000 | 282,586 | |||||||||
Bellemeade RE 2021-3A A2 | (c) | SOFR30A + 100 | 09/25/2031 | 286,223 | 279,774 | |||||||||
Bellemeade Re 2022-1 M1C | (c) | SOFR30A + 370 | 01/26/2032 | 327,948 | 317,006 | |||||||||
Bellemeade Re 2022-2 M1A | (c) | SOFR30A + 400 | 09/27/2032 | 959,476 | 979,911 | |||||||||
BFLD Trust 2021-FPM A | (c)(e) | ML + 160 | 06/15/2038 | 462,000 | 439,301 | |||||||||
BX Commercial Mortgage Trust 2019-IMC E | (c)(e) | ML + 215 | 04/15/2034 | 320,787 | 311,671 | |||||||||
Cajun Global LLC 2021-1 A2 | (c) | 3.931% | 11/20/2051 | 60,605 | 51,586 | |||||||||
Carvana Auto Receivables Trust 2021-N3 C | 1.020% | 06/12/2028 | 55,132 | 52,065 | ||||||||||
Carvana Auto Receivables Trust 2021-N4 D | 2.300% | 09/11/2028 | 128,000 | 120,294 | ||||||||||
CIFC Funding 2020-4A A | (c)(e) | QL + 132 | 01/15/2034 | 260,000 | 257,109 | |||||||||
CNH Equipment Trust 2022-C A2 | 5.420% | 07/15/2026 | 1,014,000 | 1,010,822 | ||||||||||
College Ave Student Loans 2021-C C | (c) | 3.060% | 07/26/2055 | 136,800 | 113,000 | |||||||||
COMM 2015-LC23 C | 4.698% | 10/10/2048 | 100,000 | 89,351 | ||||||||||
Connecticut Avenue Securities Trust 2019-R02 1M2 | (c)(e) | ML + 230 | 08/25/2031 | 1,058 | 1,058 | |||||||||
Connecticut Avenue Securities Trust 2019-R03 1M2 | (c)(e) | ML + 215 | 09/25/2031 | 4,907 | 4,913 | |||||||||
Connecticut Avenue Securities Trust 2019-R04 2B1 | (c)(e) | ML + 525 | 06/25/2039 | 812,534 | 856,720 | |||||||||
Connecticut Avenue Securities Trust 2019-R06 2B1 | (c)(e) | ML + 375 | 09/25/2039 | 966,570 | 984,784 | |||||||||
Connecticut Avenue Securities Trust 2019-R07 1M2 | (c)(e) | ML + 210 | 10/25/2039 | 11,193 | 11,210 | |||||||||
Connecticut Avenue Securities Trust 2020-R02 2M2 | (c)(e) | ML + 200 | 01/25/2040 | 89,831 | 89,918 | |||||||||
Connecticut Avenue Securities Trust 2021-R01 1M2 | (c) | SOFR30A + 155 | 10/25/2041 | 462,831 | 453,593 | |||||||||
Connecticut Avenue Securities Trust 2021-R03 1M2 | (c) | SOFR30A + 165 | 12/25/2041 | 117,550 | 113,740 | |||||||||
Connecticut Avenue Securities Trust 2022-R01 1B1 | (c) | SOFR30A + 315 | 12/25/2041 | 305,277 | 299,935 | |||||||||
Connecticut Avenue Securities Trust 2022-R02 2M1 | (c) | SOFR30A + 120 | 01/25/2042 | 244,798 | 243,526 | |||||||||
Connecticut Avenue Securities Trust 2022-R02 2M2 | (c) | SOFR30A + 300 | 01/25/2042 | 960,000 | 951,322 | |||||||||
Connecticut Avenue Securities Trust 2022-R03 1M1 | (c) | SOFR30A + 210 | 03/25/2042 | 1,090,108 | 1,094,282 | |||||||||
Connecticut Avenue Securities Trust 2022-R03 1M2 | (c) | SOFR30A + 350 | 03/25/2042 | 253,631 | 258,851 | |||||||||
Connecticut Avenue Securities Trust 2022-R04 1M2 | (c) | SOFR30A + 310 | 03/25/2042 | 63,262 | 63,886 | |||||||||
Connecticut Avenue Securities Trust 2022-R05 2M2 | (c) | SOFR30A + 300 | 04/25/2042 | 599,367 | 597,122 | |||||||||
Connecticut Avenue Securities Trust 2022-R06 1M1 | (c) | SOFR30A + 275 | 05/25/2042 | 1,234,632 | 1,258,662 | |||||||||
Connecticut Avenue Securities Trust 2022-R07 1M1 | (c) | SOFR30A + 295 | 06/25/2042 | 1,049,881 | 1,074,712 | |||||||||
Connecticut Avenue Securities Trust 2022-R08 1M1 | (c) | SOFR30A + 255 | 07/25/2042 | 958,592 | 972,148 | |||||||||
Connecticut Avenue Securities Trust 2023-R01 1M1 | (c) | SOFR30A + 240 | 12/25/2042 | 771,102 | 775,669 |
101 | (continued) |
Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Asset-Backed / Mortgage-Backed Securities (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||
| ||||||||||||||
FINANCIALS (continued) | ||||||||||||||
Connecticut Avenue Securities Trust 2023-R02 1M1 | (c) | SOFR30A + 230 | 01/25/2043 | $ 464,720 | $ | 466,460 | ||||||||
Connecticut Avenue Securities Trust 2023-R03 2M1 | (c) | SOFR30A + 250 | 04/25/2043 | 708,521 | 714,882 | |||||||||
Connecticut Avenue Securities Trust 2023-R04 1M1 | (c) | SOFR30A + 230 | 05/25/2043 | 1,109,199 | 1,114,432 | |||||||||
CPS Auto Receivables Trust 2021-B C | (c) | 1.230% | 03/15/2027 | 182,359 | 179,302 | |||||||||
CPS Auto Receivables Trust 2021-C D | (c) | 1.690% | 06/15/2027 | 210,000 | 195,870 | |||||||||
CPS Auto Receivables Trust 2022-D A | (c) | 6.090% | 01/15/2027 | 744,677 | 745,061 | |||||||||
CPS Auto Receivables Trust 2023-A A | (c) | 5.540% | 03/16/2026 | 371,605 | 370,155 | |||||||||
Dext ABS 2021-1 C | (c) | 2.290% | 09/15/2028 | 264,000 | 235,263 | |||||||||
Dext ABS 2021-1 D | (c) | 2.810% | 03/15/2029 | 133,000 | 114,000 | |||||||||
Diamond Issuer 2021-1A B | (c) | 2.701% | 11/20/2051 | 271,624 | 222,057 | |||||||||
Donlen Fleet Lease Funding 2021-2 C | (c) | 1.200% | 12/11/2034 | 460,000 | 433,666 | |||||||||
Dryden 78 CLO Ltd. 2020-78A A | (c)(e) | QL + 118 | 04/17/2033 | 1,500,000 | 1,478,028 | |||||||||
DT Auto Owner Trust 2023-1A A | (c) | 5.480% | 04/15/2027 | 756,816 | 754,257 | |||||||||
Elmwood CLO IX Ltd. 2021-2A D | (c)(e) | QL + 295 | 07/20/2034 | 250,000 | 236,374 | |||||||||
Enterprise Fleet Financing 2023-2 A2 | (c) | 5.560% | 04/22/2030 | 1,011,000 | 1,005,376 | |||||||||
Exeter Automobile Receivables Trust 2022-6A A2 | 5.730% | 11/17/2025 | 614,812 | 614,292 | ||||||||||
Fannie Mae Connecticut Avenue Securities 2015-C04 1M2 | (e) | ML + 570 | 04/25/2028 | 48,803 | 51,975 | |||||||||
Fannie Mae Connecticut Avenue Securities 2018-C05 1M2 | (e) | ML + 235 | 01/25/2031 | 638,632 | 649,385 | |||||||||
Fannie Mae Connecticut Avenue Securities 2018-C06 1M2 | (e) | ML + 200 | 03/25/2031 | 135,229 | 135,397 | |||||||||
Fannie Mae Connecticut Avenue Securities 2021-R02 2B1 | (c) | SOFR30A + 330 | 11/25/2041 | 211,036 | 209,454 | |||||||||
Fannie Mae Connecticut Avenue Securities 2021-R02 2M2 | (c) | SOFR30A + 200 | 11/25/2041 | 1,000,000 | 973,185 | |||||||||
FHF Trust 2021-2A A | (c) | 0.830% | 12/15/2026 | 56,390 | 53,712 | |||||||||
FHF Trust 2023-1A A2 | (c) | 6.570% | 06/15/2028 | 450,000 | 445,559 | |||||||||
First Investors Auto Owner Trust 2022-2A A | (c) | 6.260% | 07/15/2027 | 655,016 | 654,619 | |||||||||
Flagship Credit Auto Trust 2023-1 A2 | (c) | 5.380% | 12/15/2026 | 535,000 | 532,327 | |||||||||
Flagship Credit Auto Trust 2023-2 A2 | (c) | 5.760% | 04/15/2027 | 771,000 | 767,171 | |||||||||
Flatiron CLO 2021-1A D | (c)(e) | QL + 290 | 07/19/2034 | 250,000 | 234,423 | |||||||||
Ford Credit Auto Owner Trust 2021-1 D | (c) | 2.310% | 10/17/2033 | 230,000 | 201,112 | |||||||||
Foursight Capital Automobile Receivables Trust 2023-1 A2 | (c) | 5.430% | 10/15/2026 | 650,000 | 645,958 | |||||||||
Freddie Mac Multifamily Structured Credit Risk 2021-MN1 M1 | (c) | SOFR30A + 200 | 01/25/2051 | 28,731 | 27,537 | |||||||||
Freddie Mac REMICS FHR 4981 HS | (e)(f) | ML + 610 | 06/25/2050 | 673,714 | 65,293 | |||||||||
Freddie Mac Stacr Remic Trust 2020-DNA1 M2 | (c)(e) | ML + 170 | 01/25/2050 | 35,107 | 35,108 | |||||||||
Freddie Mac STACR REMIC Trust 2020-DNA6 M2 | (c) | SOFR30A + 200 | 12/25/2050 | 1,177,940 | 1,181,242 | |||||||||
Freddie Mac STACR REMIC Trust 2021-DNA3 B1 | (c) | SOFR30A + 350 | 10/25/2033 | 278,276 | 278,624 | |||||||||
Freddie Mac STACR REMIC Trust 2021-DNA5 B1 | (c) | SOFR30A + 305 | 01/25/2034 | 1,000,000 | 982,558 | |||||||||
Freddie Mac STACR REMIC Trust 2021-DNA7 M2 | (c) | SOFR30A + 180 | 11/25/2041 | 986,480 | 950,477 | |||||||||
Freddie Mac STACR REMIC Trust 2021-HQA2 M1 | (c) | SOFR30A + 70 | 12/25/2033 | 296,818 | 295,334 | |||||||||
Freddie Mac STACR REMIC Trust 2021-HQA3 M2 | (c) | SOFR30A + 210 | 09/25/2041 | 1,000,000 | 950,000 | |||||||||
Freddie Mac STACR REMIC Trust 2021-HQA4 M2 | (c) | SOFR30A + 235 | 12/25/2041 | 1,046,349 | 992,724 | |||||||||
Freddie Mac STACR REMIC Trust 2022-DNA1 M1B | (c) | SOFR30A + 185 | 01/25/2042 | 1,600,000 | 1,548,474 | |||||||||
Freddie Mac STACR REMIC Trust 2022-DNA2 M2 | (c) | SOFR30A + 375 | 02/25/2042 | 295,064 | 296,907 | |||||||||
Freddie Mac STACR REMIC Trust 2022-DNA3 M1A | (c) | SOFR30A + 200 | 04/25/2042 | 1,038,080 | 1,040,997 | |||||||||
Freddie Mac STACR REMIC Trust 2022-DNA3 M1B | (c) | SOFR30A + 290 | 04/25/2042 | 1,600,000 | 1,597,504 | |||||||||
Freddie Mac STACR REMIC Trust 2022-DNA3 M2 | (c) | SOFR30A + 435 | 04/25/2042 | 200,000 | 206,000 | |||||||||
Freddie Mac STACR REMIC Trust 2022-DNA4 M1B | (c) | SOFR30A + 335 | 05/25/2042 | 1,621,038 | 1,639,275 | |||||||||
Freddie Mac STACR REMIC Trust 2022-DNA5 M1B | (c) | SOFR30A + 450 | 06/25/2042 | 1,331,433 | 1,398,005 | |||||||||
Freddie Mac STACR REMIC Trust 2022-DNA6 M1A | (c) | SOFR30A + 215 | 09/25/2042 | 386,259 | 388,593 | |||||||||
Freddie Mac STACR REMIC Trust 2022-DNA7 M1A | (c) | SOFR30A + 250 | 03/25/2052 | 1,015,439 | 1,024,009 | |||||||||
Freddie Mac STACR REMIC Trust 2022-HQA1 M1B | (c) | SOFR30A + 350 | 03/25/2042 | 65,368 | 66,591 | |||||||||
Freddie Mac STACR REMIC Trust 2023-DNA1 M1A | (c) | SOFR30A + 210 | 03/25/2043 | 548,590 | 549,644 | |||||||||
Freddie Mac STACR Trust 2019-DNA4 M2 | (c)(e) | ML + 195 | 10/25/2049 | 4,474 | 4,480 | |||||||||
Freddie Mac Structured Agency Credit Risk Debt Notes 2022-HQA2 M1A | (c) | SOFR30A + 265 | 07/25/2042 | 431,035 | 438,229 | |||||||||
Freddie Mac Structured Agency Credit Risk Debt Notes 2023-DNA2 M1A | (c) | SOFR30A + 210 | 04/25/2043 | 688,846 | 690,757 | |||||||||
FREED ABS Trust 2021-2 C | (c) | 1.940% | 06/19/2028 | 300,707 | 296,305 | |||||||||
Galaxy 30 CLO Ltd. 2022-30A D | (c) | TSFR3M + 335 | 04/15/2035 | 400,000 | 374,347 | |||||||||
GCI Funding I LLC 2021-1 A | (c) | 2.380% | 06/18/2046 | 136,091 | 115,561 | |||||||||
Goldentree Loan Management U.S. CLO 7 Ltd. 2020-7A AR | (c)(e) | QL + 107 | 04/20/2034 | 250,000 | 245,135 | |||||||||
Hertz Vehicle Financing III LLC 2022-1A C | (c) | 2.630% | 06/25/2026 | 220,000 | 201,304 | |||||||||
HFX Funding Issuer 2017-1 | (c) | 3.620% | 03/15/2035 | 280,000 | 265,483 | |||||||||
Home RE 2021-2 M1B | (c) | SOFR30A + 160 | 01/25/2034 | 176,519 | 175,682 | |||||||||
Invesco CLO 2021-1A A1 | (c)(e) | QL + 100 | 04/15/2034 | 1,700,000 | 1,658,580 | |||||||||
JPMBB Commercial Mortgage Securities Trust 2013-C15 AS | 4.420% | 11/15/2045 | 250,000 | 245,291 | ||||||||||
JPMBB Commercial Mortgage Securities Trust 2014-C21 C | 4.798% | 08/15/2047 | 295,000 | 255,398 | ||||||||||
JPMBB Commercial Mortgage Securities Trust 2015-C27 AS | 3.634% | 02/15/2048 | 130,694 | 122,706 | ||||||||||
Kubota Credit Owner Trust 2023-1A A2 | (c) | 5.400% | 02/17/2026 | 1,072,000 | 1,062,330 | |||||||||
LAD Auto Receivables Trust 2021-1A C | (c) | 2.350% | 04/15/2027 | 406,000 | 375,992 | |||||||||
LAD Auto Receivables Trust 2022-1A A | (c) | 5.210% | 06/15/2027 | 535,953 | 529,687 | |||||||||
Lendbuzz Securitization Trust 2023-1A A2 | (c) | 6.920% | 08/15/2028 | 1,392,000 | 1,380,450 | |||||||||
Lendbuzz Securitization Trust 2023-2A A2 | (c) | 7.090% | 10/16/2028 | 530,000 | 526,543 |
102 | (continued) |
Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Asset-Backed / Mortgage-Backed Securities (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||
| ||||||||||||||
FINANCIALS (continued) | ||||||||||||||
Morgan Stanley Capital I Trust 2018-H3 AS | 4.429% | 07/15/2051 | $ 270,000 | $ | 247,571 | |||||||||
MVW 2021-2A C | (c) | 2.230% | 05/20/2039 | 276,339 | 243,973 | |||||||||
Neighborly Issuer 2022-1A A2 | (c) | 3.695% | 01/30/2052 | 225,150 | 183,616 | |||||||||
Neighborly Issuer 2023-1A A2 | (c) | 7.308% | 01/30/2053 | 831,915 | 807,909 | |||||||||
Neighborly Issuer LLC 2021-1A A2 | (c) | 3.584% | 04/30/2051 | 124,094 | 103,532 | |||||||||
Nelnet Student Loan Trust 2021-BA B | (c) | 2.680% | 04/20/2062 | 100,000 | 80,701 | |||||||||
Nelnet Student Loan Trust 2021-DA C | (c) | 3.500% | 04/20/2062 | 100,000 | 81,555 | |||||||||
Neuberger Berman Loan Advisers CLO 2021-42A D | (c)(e) | QL + 280 | 07/16/2035 | 301,613 | 276,783 | |||||||||
Neuberger Berman Loan Advisers CLO 43 Ltd. 2021-43A D | (c)(e) | QL + 310 | 07/17/2035 | 250,000 | 236,434 | |||||||||
NMEF Funding 2022-B A2 | (c) | 6.070% | 06/15/2029 | 361,000 | 358,329 | |||||||||
Oaktown Re VII Ltd. 2021-2 M1A | (c) | SOFR30A + 160 | 04/25/2034 | 272,026 | 271,096 | |||||||||
OCP CLO 2020-18A AR | (c)(e) | QL + 109 | 07/20/2032 | 322,000 | 316,552 | |||||||||
Octane Receivables Trust 2021-2A C | (c) | 2.530% | 05/21/2029 | 209,000 | 183,882 | |||||||||
OneMain Direct Auto Receivables Trust 2022-1A C | (c) | 5.310% | 06/14/2029 | 1,100,000 | 1,057,536 | |||||||||
PMT Credit Risk Transfer Trust 2019-2R A | (c)(e) | ML + 375 | 05/30/2025 | 104,403 | 102,682 | |||||||||
Prestige Auto Receivables Trust 2022-1A A2 | (c) | 5.900% | 07/15/2025 | 705,269 | 704,316 | |||||||||
Rad CLO 11 Ltd. 2021-11A D | (c)(e) | QL + 290 | 04/15/2034 | 250,000 | 234,042 | |||||||||
Regatta XX Funding Ltd. 2021-2A A | (c)(e) | QL + 116 | 10/15/2034 | 450,431 | 441,353 | |||||||||
Regatta XXIV Funding Ltd. 2021-5A D | (c)(e) | QL + 310 | 01/20/2035 | 450,000 | 417,156 | |||||||||
Research-Driven Pagaya Motor Asset Trust VII 2022-3A A | (c) | 5.380% | 11/25/2030 | 675,136 | 660,315 | |||||||||
Rockford Tower CLO 2021-1A D | (c)(e) | QL + 300 | 07/20/2034 | 306,626 | 275,770 | |||||||||
Rockford Tower CLO 2021-2A A1 | (c)(e) | QL + 116 | 07/20/2034 | 250,000 | 243,666 | |||||||||
Santander Bank Auto Credit-Linked Notes Series 2021-1A C | (c) | 3.268% | 12/15/2031 | 268,275 | 259,315 | |||||||||
Santander Bank Auto Credit-Linked Notes Series 2022-A B | (c) | 5.281% | 05/15/2032 | 450,150 | 442,681 | |||||||||
Santander Bank Auto Credit-Linked Notes Series 2022-B B | (c) | 5.721% | 08/16/2032 | 526,425 | 522,935 | |||||||||
Santander Bank Auto Credit-Linked Notes Series 2022-C B | (c) | 6.451% | 12/15/2032 | 748,014 | 746,109 | |||||||||
SEB Funding LLC 2021-1A A2 | (c) | 4.969% | 01/30/2052 | 331,170 | 290,482 | |||||||||
SG Commercial Mortgage Securities Trust 2016-C5 A4 | 3.055% | 10/10/2048 | 250,000 | 227,047 | ||||||||||
Signal Peak CLO 2022-12A C | (c) | TSFR3M + 345 | 07/18/2034 | 1,115,000 | 1,116,992 | |||||||||
TICP CLO XV Ltd. 2020-15A A | (c)(e) | QL + 128 | 04/20/2033 | 1,600,000 | 1,585,600 | |||||||||
United Auto Credit Securitization Trust 2022-2 A | (c) | 4.390% | 04/10/2025 | 249,879 | 249,256 | |||||||||
Upstart Securitization Trust 2021-3 B | (c) | 1.660% | 07/20/2031 | 210,000 | 202,065 | |||||||||
VASA Trust 2021-VASA A | (c)(e) | ML + 90 | 07/15/2039 | 460,000 | 404,189 | |||||||||
Wells Fargo Commercial Mortgage Trust 2016-C35 B | 3.438% | 07/15/2048 | 270,000 | 223,518 | ||||||||||
Westlake Automobile Receivables Trust 2023-1A A2A | (c) | 5.510% | 06/15/2026 | 1,117,000 | 1,112,864 | |||||||||
|
| |||||||||||||
77,028,387 | ||||||||||||||
|
| |||||||||||||
INDUSTRIALS – 0.1% | ||||||||||||||
Avis Budget Rental Car Funding AESOP LLC 2023-5A B | (c) | 6.120% | 04/20/2028 | 464,000 | 458,095 | |||||||||
|
| |||||||||||||
Total Asset-Backed / Mortgage-Backed Securities (Cost $78,642,642) | $ | 77,936,285 | ||||||||||||
|
| |||||||||||||
U.S. Government Agency Mortgage-Backed Securities – 5.0% | Rate | Maturity | Face Amount | Value | ||||||||||
Fannie Mae or Freddie Mac UMBS TBA | 2.000% | 07/15/2053 | $ 1,523,097 | $ | 1,241,978 | |||||||||
Fannie Mae or Freddie Mac UMBS TBA | 2.500% | 07/15/2053 | 11,168,022 | 9,469,261 | ||||||||||
Fannie Mae or Freddie Mac UMBS TBA | 3.000% | 07/15/2053 | 3,024,412 | 2,661,601 | ||||||||||
Fannie Mae or Freddie Mac UMBS TBA | 3.500% | 07/15/2053 | 6,605,359 | 6,018,875 | ||||||||||
Fannie Mae or Freddie Mac UMBS TBA | 4.000% | 07/15/2053 | 2,881,017 | 2,703,542 | ||||||||||
Fannie Mae or Freddie Mac UMBS TBA | 4.500% | 07/15/2053 | 2,854,498 | 2,744,332 | ||||||||||
Fannie Mae or Freddie Mac UMBS TBA | 5.500% | 07/15/2053 | 4,047,000 | 4,027,397 | ||||||||||
Fannie Mae Pool FN AL5310 | 3.500% | 04/01/2044 | 2,067 | 1,929 | ||||||||||
Fannie Mae Pool FN AL5887 | 4.500% | 10/01/2044 | 12,354 | 12,131 | ||||||||||
Fannie Mae Pool FN AL6542 | 4.500% | 03/01/2045 | 18,730 | 18,392 | ||||||||||
Fannie Mae Pool FN AL6620 | 4.500% | 08/01/2042 | 112,635 | 110,116 | ||||||||||
Fannie Mae Pool FN AL6997 | 4.500% | 11/01/2042 | 8,364 | 8,260 | ||||||||||
Fannie Mae Pool FN AL8855 | 3.500% | 07/01/2046 | 7,215 | 6,710 | ||||||||||
Fannie Mae Pool FN AS7168 | 3.500% | 05/01/2046 | 14,231 | 13,226 | ||||||||||
Fannie Mae Pool FN AS7587 | 3.500% | 07/01/2046 | 84,361 | 78,456 | ||||||||||
Fannie Mae Pool FN AS7822 | 3.500% | 08/01/2046 | 164,299 | 152,314 | ||||||||||
Fannie Mae Pool FN AZ9203 | 3.000% | 10/01/2045 | 16,423 | 14,826 | ||||||||||
Fannie Mae Pool FN BA2885 | 3.000% | 10/01/2045 | 38,536 | 34,494 | ||||||||||
Fannie Mae Pool FN BA4752 | 3.000% | 01/01/2046 | 4,955 | 4,449 | ||||||||||
Fannie Mae Pool FN BC1520 | 3.500% | 08/01/2046 | 132,147 | 122,900 | ||||||||||
Fannie Mae Pool FN BC2468 | 3.000% | 03/01/2046 | 91,031 | 81,320 | ||||||||||
Fannie Mae Pool FN BC2488 | 3.000% | 03/01/2046 | 101,487 | 90,966 | ||||||||||
Fannie Mae Pool FN BC9077 | 3.500% | 12/01/2046 | 9,662 | 8,951 | ||||||||||
Fannie Mae Pool FN BH1902 | 3.500% | 12/01/2047 | 8,646 | 8,105 | ||||||||||
Fannie Mae Pool FN BH3892 | 3.500% | 08/01/2047 | 19,532 | 18,050 | ||||||||||
Fannie Mae Pool FN BH6940 | 3.500% | 08/01/2047 | 17,649 | 16,330 | ||||||||||
Fannie Mae Pool FN BJ1692 | 3.500% | 12/01/2047 | 41,760 | 38,914 |
103 | (continued) |
Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
U.S. Government Agency Mortgage-Backed Securities (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||
Fannie Mae Pool FN BJ1695 | 3.500% | 12/01/2047 | $ 5,819 | $ | 5,370 | |||||||||
Fannie Mae Pool FN BJ4558 | 3.500% | 01/01/2048 | 29,917 | 27,879 | ||||||||||
Fannie Mae Pool FN BJ4559 | 3.500% | 01/01/2048 | 11,182 | 10,372 | ||||||||||
Fannie Mae Pool FN BJ4566 | 4.000% | 01/01/2048 | 98,340 | 94,421 | ||||||||||
Fannie Mae Pool FN BJ4567 | 4.000% | 01/01/2048 | 146,325 | 140,245 | ||||||||||
Fannie Mae Pool FN BJ5170 | 3.500% | 03/01/2048 | 8,477 | 7,946 | ||||||||||
Fannie Mae Pool FN BK1964 | 4.000% | 03/01/2048 | 30,082 | 28,892 | ||||||||||
Fannie Mae Pool FN BK1975 | 3.500% | 03/01/2048 | 18,852 | 17,567 | ||||||||||
Fannie Mae Pool FN BK3211 | 4.500% | 03/01/2048 | 31,764 | 31,132 | ||||||||||
Fannie Mae Pool FN BK4157 | 4.000% | 05/01/2048 | 41,657 | 39,716 | ||||||||||
Fannie Mae Pool FN BM3282 | 3.500% | 12/01/2047 | 5,283 | 4,952 | ||||||||||
Fannie Mae Pool FN BM3511 | 4.500% | 02/01/2046 | 66,292 | 65,465 | ||||||||||
Fannie Mae Pool FN BM3912 | 3.000% | 03/01/2047 | 104,734 | 93,835 | ||||||||||
Fannie Mae Pool FN BM4427 | 3.500% | 04/01/2048 | 62,028 | 57,246 | ||||||||||
Fannie Mae Pool FN BM4735 | 3.500% | 04/01/2048 | 76,647 | 71,426 | ||||||||||
Fannie Mae Pool FN BM4896 | 3.000% | 02/01/2047 | 698,786 | 630,863 | ||||||||||
Fannie Mae Pool FN BM5138 | 3.500% | 11/01/2048 | 136,673 | 127,362 | ||||||||||
Fannie Mae Pool FN BM5334 | 3.500% | 01/01/2049 | 32,843 | 30,311 | ||||||||||
Fannie Mae Pool FN BN0012 | 4.500% | 08/01/2048 | 19,778 | 19,297 | ||||||||||
Fannie Mae Pool FN BO3223 | 3.000% | 10/01/2034 | 23,934 | 22,408 | ||||||||||
Fannie Mae Pool FN BO4725 | 2.500% | 11/01/2034 | 40,812 | 37,425 | ||||||||||
Fannie Mae Pool FN BO5957 | 3.000% | 12/01/2034 | 5,267 | 4,933 | ||||||||||
Fannie Mae Pool FN BO7717 | 3.000% | 11/01/2034 | 5,320 | 4,982 | ||||||||||
Fannie Mae Pool FN BU1240 | 3.000% | 03/01/2052 | 1,012,260 | 898,195 | ||||||||||
Fannie Mae Pool FN BU1349 | 3.000% | 02/01/2052 | 796,052 | 706,404 | ||||||||||
Fannie Mae Pool FN BU8919 | 2.500% | 04/01/2052 | 658,824 | 562,965 | ||||||||||
Fannie Mae Pool FN BU8922 | 2.500% | 04/01/2052 | 640,874 | 546,574 | ||||||||||
Fannie Mae Pool FN CA0108 | 3.500% | 08/01/2047 | 17,697 | 16,590 | ||||||||||
Fannie Mae Pool FN CB1113 | 2.000% | 07/01/2051 | 1,069,312 | 872,936 | ||||||||||
Fannie Mae Pool FN CB2538 | 2.500% | 01/01/2052 | 676,628 | 578,221 | ||||||||||
Fannie Mae Pool FN CB3564 | 2.500% | 05/01/2052 | 557,596 | 476,525 | ||||||||||
Fannie Mae Pool FN CB3565 | 2.500% | 05/01/2052 | 436,863 | 372,894 | ||||||||||
Fannie Mae Pool FN FM0029 | 3.000% | 09/01/2046 | 174,950 | 157,945 | ||||||||||
Fannie Mae Pool FN FM1036 | 3.000% | 05/01/2043 | 88,413 | 79,823 | ||||||||||
Fannie Mae Pool FN FS0967 | 2.500% | 03/01/2052 | 733,557 | 626,967 | ||||||||||
Fannie Mae Pool FN MA3211 | 4.000% | 12/01/2047 | 40,579 | 38,789 | ||||||||||
Fannie Mae Pool FN MA3239 | 4.000% | 01/01/2048 | 6,506 | 6,203 | ||||||||||
Freddie Mac Gold Pool FG G60658 | 3.500% | 07/01/2046 | 169,624 | 158,395 | ||||||||||
Freddie Mac Gold Pool FG G61360 | 3.500% | 03/01/2048 | 35,942 | 33,209 | ||||||||||
Freddie Mac Gold Pool FG G61737 | 3.500% | 11/01/2048 | 146,424 | 135,289 | ||||||||||
Freddie Mac Gold Pool FG Q54793 | 4.500% | 03/01/2048 | 27,931 | 27,279 | ||||||||||
Freddie Mac Gold Pool FG Q55394 | 3.500% | 04/01/2048 | 11,571 | 10,691 | ||||||||||
Freddie Mac Pool FR QD8682 | 3.000% | 03/01/2052 | 664,064 | 587,636 | ||||||||||
Freddie Mac Pool FR QE0805 | 2.500% | 04/01/2052 | 615,226 | 523,607 | ||||||||||
Freddie Mac Pool FR QE0808 | 2.500% | 04/01/2052 | 664,037 | 567,421 | ||||||||||
Freddie Mac Pool FR QN0783 | 3.000% | 10/01/2034 | 26,410 | 24,735 | ||||||||||
Freddie Mac Pool FR QN0786 | 3.000% | 10/01/2034 | 60,115 | 56,271 | ||||||||||
Freddie Mac Pool FR QN0951 | 2.500% | 11/01/2034 | 41,994 | 38,510 | ||||||||||
Freddie Mac Pool FR RA6963 | 2.000% | 03/01/2052 | 1,021,351 | 835,605 | ||||||||||
Freddie Mac Pool FR SB0040 | 2.500% | 12/01/2033 | 188,445 | 174,629 | ||||||||||
Freddie Mac Pool FR SB0116 | 2.500% | 11/01/2034 | 48,168 | 44,214 | ||||||||||
Freddie Mac Pool FR SD0932 | 2.500% | 04/01/2052 | 678,836 | 578,901 | ||||||||||
Freddie Mac Pool FR ZA4718 | 3.000% | 10/01/2046 | 126,833 | 113,525 | ||||||||||
Freddie Mac Pool FR ZK8962 | 3.000% | 09/01/2032 | 46,481 | 43,746 | ||||||||||
Freddie Mac Pool FR ZK9009 | 3.000% | 10/01/2032 | 17,024 | 16,009 | ||||||||||
Freddie Mac Pool FR ZK9163 | 3.000% | 01/01/2033 | 25,757 | 24,244 | ||||||||||
Freddie Mac Pool FR ZM1434 | 3.500% | 07/01/2046 | 20,009 | 18,609 | ||||||||||
Freddie Mac Pool FR ZM4821 | 3.500% | 11/01/2047 | 23,520 | 21,742 | ||||||||||
Freddie Mac Pool FR ZM4939 | 3.500% | 11/01/2047 | 42,252 | 39,373 | ||||||||||
Freddie Mac Pool FR ZM5102 | 3.500% | 12/01/2047 | 51,948 | 48,022 | ||||||||||
Freddie Mac Pool FR ZM5228 | 3.500% | 12/01/2047 | 29,456 | 27,449 | ||||||||||
Freddie Mac Pool FR ZM5705 | 3.500% | 02/01/2048 | 14,060 | 13,101 | ||||||||||
Freddie Mac Pool FR ZM5707 | 3.500% | 02/01/2048 | 9,306 | 8,603 | ||||||||||
Freddie Mac Pool FR ZM5945 | 4.000% | 03/01/2048 | 27,130 | 26,065 | ||||||||||
Freddie Mac Pool FR ZM6220 | 4.000% | 04/01/2048 | 12,912 | 12,311 | ||||||||||
Freddie Mac Pool FR ZM6276 | 4.000% | 04/01/2048 | 38,487 | 36,837 | ||||||||||
Freddie Mac Pool FR ZM6427 | 4.000% | 05/01/2048 | 83,821 | 79,916 | ||||||||||
Freddie Mac Pool FR ZN2165 | 4.500% | 12/01/2048 | 42,364 | 42,026 | ||||||||||
Freddie Mac Pool FR ZS4598 | 3.000% | 01/01/2045 | 16,167 | 14,593 | ||||||||||
Freddie Mac Pool FR ZS7403 | 3.000% | 05/01/2031 | 136,260 | 130,149 | ||||||||||
Freddie Mac Pool FR ZS9830 | 3.500% | 10/01/2046 | 167,527 | 155,800 |
104 | (continued) |
Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
U.S. Government Agency Mortgage-Backed Securities (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||||||
Freddie Mac Pool FR ZT0272 | 3.500% | 02/01/2047 | $ 99,236 | $ | 92,290 | |||||||||||||
Freddie Mac Pool FR ZT0337 | 3.500% | 12/01/2044 | 16,822 | 15,725 | ||||||||||||||
Freddie Mac Pool FR ZT0537 | 3.500% | 03/01/2048 | 133,095 | 123,163 | ||||||||||||||
Freddie Mac Pool FR ZT1633 | 4.000% | 03/01/2047 | 8,757 | 8,364 | ||||||||||||||
Ginnie Mae II Jumbo TBA | 3.000% | 07/15/2053 | 1,154,251 | 1,031,296 | ||||||||||||||
Ginnie Mae II Jumbo TBA | 4.000% | 07/15/2053 | 2,802,682 | 2,651,928 | ||||||||||||||
Ginnie Mae II Jumbo TBA | 4.500% | 07/15/2053 | 4,949,000 | 4,776,558 | ||||||||||||||
Ginnie Mae II Jumbo TBA | 5.000% | 07/15/2053 | 6,150,000 | 6,043,336 | ||||||||||||||
|
| |||||||||||||||||
Total U.S. Government Agency Mortgage-Backed Securities (Cost $58,204,947) | $ | 56,634,073 | ||||||||||||||||
|
|
Purchased Options – 4.9% | Notional Amount | Expiration | Exercise Price | Contracts (g) | Value | |||||||||||||
S&P 500 Index Call Option | $ | 49,399,218 | December 2024 | $4,000 | 111 | $ | 9,154,170 | |||||||||||
S&P 500 Index Call Option | 65,420,586 | December 2024 | 4,200 | 147 | 9,792,552 | |||||||||||||
S&P 500 Index Call Option | 111,259,500 | December 2024 | 4,300 | 250 | 14,874,750 | |||||||||||||
S&P 500 Index Call Option | 57,409,902 | December 2024 | 4,400 | 129 | 6,869,250 | |||||||||||||
S&P 500 Index Put Option | 63,195,396 | December 2024 | 4,000 | 142 | 2,154,140 | |||||||||||||
S&P 500 Index Put Option | 40,943,496 | December 2024 | 4,100 | 92 | 1,572,832 | |||||||||||||
S&P 500 Index Put Option | 76,101,498 | December 2024 | 4,200 | 171 | 3,226,770 | |||||||||||||
S&P 500 Index Put Option | 104,583,930 | December 2024 | 4,300 | 235 | 4,949,570 | |||||||||||||
S&P 500 Index Put Option | 57,409,902 | December 2024 | 4,400 | 129 | 3,037,950 | |||||||||||||
|
| |||||||||||||||||
Total Purchased Options (Cost $72,371,624) | $ | 55,631,984 | ||||||||||||||||
|
|
Sovereign Debt Issues – 0.1% | Rate | Maturity | Face Amount | Value | ||||||||||||||||
Colombia Government International Bond | 3.125% | 04/15/2031 | $ | 1,176,000 | $ | 885,528 | ||||||||||||||
Dominican Republic International Bond | (c | ) | 4.875% | 09/23/2032 | 250,000 | 212,473 | ||||||||||||||
|
| |||||||||||||||||||
Total Sovereign Debt Issues (Cost $1,299,372) |
| $ | 1,098,001 | |||||||||||||||||
|
| |||||||||||||||||||
Preferred Securities – 0.1% | Rate | Quantity | Value | |||||||||||||||||
FINANCIALS – 0.1% | ||||||||||||||||||||
Charles Schwab Corp. / The DR (Rate is fixed until 06/01/2026, at which point, the rate becomes H15T5Y + 317) (Capital Markets) | (d) | 4.000% | 455,000 | $ | 369,801 | |||||||||||||||
Citigroup, Inc. DR (Rate is fixed until 05/15/2025, at which point, the rate becomes TSFR3M + 417) (Banks) | (d) | 5.950% | 142,000 | 136,182 | ||||||||||||||||
Citigroup, Inc. DR (Banks) | (e) | QL + 407 | 88,000 | 88,308 | ||||||||||||||||
Citigroup, Inc. (Rate is fixed until 12/10/2025, at which point, the rate becomes H15T5Y + 360) (Banks) | (d) | 4.000% | 101,000 | 86,229 | ||||||||||||||||
Citigroup, Inc. DR (Banks) | (e) | QL + 423 | 27,000 | 27,095 | ||||||||||||||||
Goldman Sachs Group, Inc. / The DR (Rate is fixed until 11/10/2026, at which point, the rate becomes H15T5Y + 295) (Capital Markets) | (d) | 4.125% | 120,000 | 100,315 | ||||||||||||||||
|
| |||||||||||||||||||
807,930 | ||||||||||||||||||||
|
| |||||||||||||||||||
INDUSTRIALS – 0.0% | ||||||||||||||||||||
General Electric Co. (Industrial Conglomerates) | (e) | QL + 333 | 154,000 | 154,000 | ||||||||||||||||
|
| |||||||||||||||||||
UTILITIES – 0.0% | ||||||||||||||||||||
Vistra Corp. (Rate is fixed until 12/15/2026, at which point, the rate becomes H15T5Y + 574) (Ind. Power & Renewable Elec.) | (c)(d) | 7.000% | 107,000 | 93,357 | ||||||||||||||||
|
| |||||||||||||||||||
Total Preferred Securities (Cost $1,201,813) |
| $ | 1,055,287 | |||||||||||||||||
|
| |||||||||||||||||||
Taxable Municipal Bonds – 0.0% | Rate | Maturity | Face Amount | Value | ||||||||||||||||
Ochsner LSU Health System of North Louisiana | 2.510% | 05/15/2031 | $ | 230,000 | $ | 170,165 | ||||||||||||||
University of California | 3.071% | 05/15/2051 | 310,000 | 218,884 | ||||||||||||||||
|
| |||||||||||||||||||
Total Taxable Municipal Bonds (Cost $537,072) |
| $ | 389,049 | |||||||||||||||||
|
| |||||||||||||||||||
Rights – 0.0% | Quantity | Value | ||||||||||||||||||
HEALTH CARE – 0.0% | ||||||||||||||||||||
ABIOMED, Inc. CVR (Health Care Technology) | 4,357 | $ | 0 | |||||||||||||||||
|
| |||||||||||||||||||
Total Rights (Cost $4,444) |
| $ | 0 |
| ||||||||||||||||
|
|
105 | (continued) |
Ohio National Fund, Inc. | ON Risk Managed Balanced Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Money Market Funds – 3.0% | Shares | Value | |||||||
State Street Institutional Liquid Reserves Fund Institutional Class, 5.189% | (h) | 16,810,910 | $ | 16,814,272 | |||||
State Street Institutional U.S. Government Money Market Fund, 5.028% | (h) | 16,810,500 | 16,810,500 | ||||||
|
| ||||||||
Total Money Market Funds (Cost $33,624,732) | $ | 33,624,772 | |||||||
|
| ||||||||
Total Investments – 101.8% (Cost $1,114,199,322) | (i) | $ | 1,149,613,408 | ||||||
Liabilities in Excess of Other Assets – (1.8)% | (20,478,716 | ) | |||||||
|
| ||||||||
Net Assets – 100.0% | $ | 1,129,134,692 | |||||||
|
|
Percentages are stated as a percent of net assets.
Abbreviations: | ||
ADR: | American Depositary Receipts | |
CLO: | Collaterized Loan Obligation | |
CVR: | Contingent Value Right | |
DR: | Depositary Receipt | |
H15T1Y: | U.S. Treasury Yield Curve Rate T-Note Constant Maturity 1 Year, 5.400% at 06/30/2023 | |
H15T5Y: | U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 4.130% at 06/30/2023 | |
ML: | Monthly U.S. LIBOR Rate, 5.218% at 06/30/2023 | |
QL: | Quarterly U.S. LIBOR Rate, 5.545% at 06/30/2023 | |
REITs: | Real Estate Investment Trusts | |
SOFR: | Secured Overnight Financing Rate, 5.090% at 06/30/2023 | |
SOFR30A: | 30 Day Average Secured Overnight Financing Rate, 5.065% at 06/30/2023 | |
TSFR1M: | Monthly CME Term SOFR, 5.141% at 06/30/2023 | |
TSFR3M: | Quarterly CME Term SOFR, 5.268% at 06/30/2023 | |
UMBS TBA: | Uniform Mortgage-Backed Security To Be Announced (“TBA”); the securities backed by fixed rate mortgage loans that are delivered on a future settlement date could be issued by Fannie Mae, Freddie Mac, or a combination thereof. | |
USSW5: | USD Swap Semi 30/360 5 Year, 4.219% at 06/30/2023 |
Footnotes:
(a) | Non-income producing security. |
(b) | Security is partially pledged as collateral for the futures contracts outstanding at June 30, 2023. The market value pledged totaled $13,468,552. 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 June 30, 2023, the value of these securities totaled $121,287,657, or 10.7% of the Portfolio’s net assets. |
(d) | 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 June 30, 2023. |
(e) | A future alternate reference rate has been determined by the issuer. See also Note 2 of the Notes to Financial Statements. |
(f) | Interest-only security |
(g) | 100 shares per contract. |
(h) | Rate represents the seven-day yield at June 30, 2023. |
(i) | 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 | June 30, 2023 (Unaudited) |
Long Futures Contracts
Description | Number of | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable (Payable) | ||||||||||||||||||||||||||||||||||||||||||||
CME E-mini S&P 500 Index - Long | 77 | September 15, 2023 | $ | 16,836,082 | $ | 17,279,763 | $ | 443,681 | $ | 202,125 | ||||||||||||||||||||||||||||||||||||||||
CME Micro E-mini S&P 500 Index - Long | 91 | September 15, 2023 | 1,989,273 | 2,042,154 | 52,881 | 20,825 | ||||||||||||||||||||||||||||||||||||||||||||
CBT 10-Year U.S. Ultra Bond - Long | 147 | September 20, 2023 | 17,525,086 | 17,410,313 | (114,773 | ) | 42,447 | |||||||||||||||||||||||||||||||||||||||||||
CBT 10-Year U.S. Treasury Note - Long | 3,049 | September 20, 2023 | 348,964,424 | 342,297,891 | (6,666,533 | ) | 428,766 | |||||||||||||||||||||||||||||||||||||||||||
CBT U.S. Long Bond - Long | 285 | September 20, 2023 | 36,133,514 | 36,168,281 | 34,767 | 213,750 | ||||||||||||||||||||||||||||||||||||||||||||
CBT U.S. Ultra Bond - Long | 17 | September 20, 2023 | 2,320,238 | 2,315,719 | (4,519 | ) | 14,836 | |||||||||||||||||||||||||||||||||||||||||||
CBT 5-Year U.S. Treasury Note - Long | 756 | September 29, 2023 | 81,967,155 | 80,962,875 | (1,004,280 | ) | (36 | ) | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||
$ | 505,735,772 | $ | 498,476,996 | $ | (7,258,776 | ) | $ | 922,713 | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Short Futures Contracts
Description | Number of | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin (Payable) | ||||||||||||||||||||||||||||||
CBT 2-Year U.S. Treasury Note - Short | 63 | September 29, 2023 | $ | (12,895,083 | ) | $ | (12,810,656 | ) | $ | 84,427 | $ | 967 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||
Total Futures Contracts | $ | 492,840,689 | $ | 485,666,340 | $ | (7,174,349 | ) | $ | 923,680 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
106 |
Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Unaudited) |
Objective/Strategy |
The ON Federated Core Plus Bond Portfolio seeks to provide total return by investing at least 80% of its net assets in fixed-income investments, primarily U.S. dollar denominated, investment-grade, fixed income securities. Investment-grade, fixed income securities are rated in one of the four highest categories (BBB- or higher) by a nationally recognized statistical rating organization (“NRSRO”).
Performance as of June 30, 2023 |
Average Annual returns | ||||
One year | -1.01 | % | ||
Since inception (5/1/20) | -2.67 | % |
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 the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts, or as an underlying investment by the ON Model Portfolios. 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 0.57% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 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 six-month period ended June 30, 2023, the Portfolio returned 1.81% versus 2.13% for its benchmark, the ICE BofA U.S. Broad Market Index.
Q. What affected the Portfolio’s performance?
A. During the reporting period, the Portfolio’s underperformance was due to the its interest rate sensitivity, which was greater than the benchmark at certain times in an interest rate rising period. In addition, the Portfolio’s yield curve steepening bias negatively impacted performance in a period when shorter term rates increased more than longer term rates. Out-of-index allocations to the high yield and trade finance sectors were contributors, as was positive security selection in investment grade corporate, high yield and emerging market bonds. Security selection in U.S. Treasury Securities was a detractor. From an individual security perspective, the top detractors were long positions in the June and September 2023 CBT 5-Year U.S. Treasury Note futures contracts and March CBT 2-Year U.S. Treasury Note futures contract. Top contributors were a short position in the June CBT U.S. Ultra Bond futures contract, short position in the September CBT 5-Year U.S. Treasury Note futures contract, and a long position in the U.S. Treasury Note 2.875%, 05/15/2052. The aggregate impact of futures on the Portfolio’s absolute return for the six-month period was -56 basis points (-0.56%). (1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.
The ICE BofA U.S. Broad Market Index measures the performance of U.S. dollar-denominated, investment grade debt securities, including U.S. Treasury notes and bonds, quasi-government securities, corporate securities, residential and commercial mortgage-backed securities and asset-backed securities. Securities are cap-weighted based on their amount outstanding times the market price plus accrued interest.
Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.
107 | (continued) |
Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Unaudited) (Continued) |
Portfolio Composition as of June 30, 2023 (1) |
% of Net Assets | ||||
U.S. Treasury Obligations | 34.8 | |||
Corporate Bonds (4) | 26.6 | |||
U.S. Government Agency Mortgage-Backed Securities | 23.6 | |||
Investment Companies | 5.9 | |||
Asset-Backed / Mortgage-Backed Securities (4) | 5.2 | |||
Sovereign Debt Issues | 0.3 | |||
Other Net Assets | 3.6 | |||
|
| |||
100.0 | ||||
|
|
(1) | Composition of Portfolio subject to change. |
(2) | Short-term investments have been excluded from the list of Top 10 Portfolio Holdings. |
(3) | Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher. |
(4) | Sectors (Corporate Bonds, Asset-Backed / Mortgage Backed Securities): |
% of Net Assets | ||||
Financials | 12.0 | |||
Industrials | 3.4 | |||
Health Care | 2.7 | |||
Communication Services | 2.5 | |||
Utilities | 2.3 | |||
Energy | 2.3 | |||
Consumer Staples | 1.6 | |||
Information Technology | 1.6 | |||
Real Estate | 1.3 | |||
Consumer Discretionary | 1.1 | |||
Materials | 1.0 | |||
|
| |||
31.8 | ||||
|
|
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||||||
1. | U.S. Treasury Note 2.875%, 05/15/2052 | 4.6 | ||||||
2. | U.S. Treasury Note 3.875%, 11/30/2027 | 3.7 | ||||||
3. | Federated Hermes Core Trust III - Federated Project and Trade Finance Core Fund | 3.5 | ||||||
4. | U.S. Treasury Note 0.875%, 06/30/2026 | 2.9 | ||||||
5. | Federated Hermes Core Trust - Emerging Markets Core Fund | 2.3 | ||||||
6. | U.S. Treasury Note 2.750%, 04/30/2027 | 2.2 | ||||||
7. | U.S. Treasury Note 3.000%, 07/31/2024 | 1.8 | ||||||
8. | U.S. Treasury Note 1.875%, 02/15/2032 | 1.8 | ||||||
9. | U.S. Treasury Note 2.375%, 02/15/2042 | 1.7 | ||||||
10. | U.S. Treasury Note 0.375%, 09/15/2024 | 1.0 |
108 |
Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio | |
Schedule of Investments | June 30, 2023 (Unaudited) |
U.S. Treasury Obligations – 34.8% | Rate | Maturity | Face Amount | Value | ||||||||||||
U.S. Treasury Note | 2.250% | 03/31/2024 | $ | 14,000,000 | $ | 13,672,422 | ||||||||||
U.S. Treasury Note | 2.500% | 04/30/2024 | 8,400,000 | 8,199,516 | ||||||||||||
U.S. Treasury Note | 0.250% | 05/15/2024 | 7,500,000 | 7,171,582 | ||||||||||||
U.S. Treasury Note | 3.000% | 06/30/2024 | 5,000,000 | 4,882,031 | ||||||||||||
U.S. Treasury Note | 3.000% | 07/31/2024 | 10,000,000 | 9,746,485 | ||||||||||||
U.S. Treasury Note | 0.375% | 09/15/2024 | 6,000,000 | 5,655,234 | ||||||||||||
U.S. Treasury Note | 4.500% | 11/30/2024 | 4,500,000 | 4,452,188 | ||||||||||||
U.S. Treasury Note | 0.375% | 12/31/2025 | 3,000,000 | 2,704,102 | ||||||||||||
U.S. Treasury Note | 0.875% | 06/30/2026 | 18,000,000 | 16,218,281 | ||||||||||||
U.S. Treasury Note | 0.625% | 07/31/2026 | 2,400,000 | 2,138,156 | ||||||||||||
U.S. Treasury Note | 1.500% | 01/31/2027 | 3,500,000 | 3,170,371 | ||||||||||||
U.S. Treasury Note | 2.500% | 03/31/2027 | 5,900,000 | 5,529,176 | ||||||||||||
U.S. Treasury Note | (a) | 0.500% | 04/30/2027 | 3,200,000 | 2,773,500 | |||||||||||
U.S. Treasury Note | 2.750% | 04/30/2027 | 12,600,000 | 11,902,570 | ||||||||||||
U.S. Treasury Note | 2.625% | 05/31/2027 | 1,500,000 | 1,409,414 | ||||||||||||
U.S. Treasury Note | 3.875% | 11/30/2027 | 20,500,000 | 20,209,316 | ||||||||||||
U.S. Treasury Note | 1.250% | 03/31/2028 | 575,000 | 503,260 | ||||||||||||
U.S. Treasury Note | 1.500% | 11/30/2028 | 4,200,000 | 3,673,688 | ||||||||||||
U.S. Treasury Note | 1.375% | 12/31/2028 | 3,650,000 | 3,165,947 | ||||||||||||
U.S. Treasury Note | 2.375% | 03/31/2029 | 500,000 | 456,484 | ||||||||||||
U.S. Treasury Note | 3.875% | 11/30/2029 | 1,600,000 | 1,585,500 | ||||||||||||
U.S. Treasury Note | 3.750% | 05/31/2030 | 2,900,000 | 2,859,672 | ||||||||||||
U.S. Treasury Note | 1.125% | 02/15/2031 | 405,000 | 333,049 | ||||||||||||
U.S. Treasury Note | 1.875% | 02/15/2032 | 11,300,000 | 9,679,156 | ||||||||||||
U.S. Treasury Note | 3.375% | 05/15/2033 | 3,850,000 | 3,712,844 | ||||||||||||
U.S. Treasury Note | 1.375% | 11/15/2040 | 525,000 | 351,258 | ||||||||||||
U.S. Treasury Note | 1.875% | 02/15/2041 | 180,000 | 130,718 | ||||||||||||
U.S. Treasury Note | 2.375% | 02/15/2042 | 11,850,000 | 9,225,873 | ||||||||||||
U.S. Treasury Note | 4.000% | 11/15/2042 | 1,600,000 | 1,589,750 | ||||||||||||
U.S. Treasury Note | 2.000% | 02/15/2050 | 3,750,000 | 2,570,654 | ||||||||||||
U.S. Treasury Note | 1.875% | 02/15/2051 | 3,940,000 | 2,608,865 | ||||||||||||
U.S. Treasury Note | 2.875% | 05/15/2052 | 30,800,000 | 25,524,298 | ||||||||||||
U.S. Treasury Note | 4.000% | 11/15/2052 | 2,800,000 | 2,876,125 | ||||||||||||
|
| |||||||||||||||
Total U.S. Treasury Obligations (Cost $208,045,652) | $ | 190,681,485 | ||||||||||||||
|
| |||||||||||||||
Corporate Bonds – 26.6% | Rate | Maturity | Face Amount | Value | ||||||||||||
COMMUNICATION SERVICES – 2.5% | ||||||||||||||||
Alphabet, Inc. (Interactive Media & Svs.) | 2.050% | 08/15/2050 | $ | 750,000 | $ | 469,176 | ||||||||||
America Movil S.A.B. de C.V (Wireless Telecom. Svs.) | 2.875% | 05/07/2030 | 275,000 | 238,995 | ||||||||||||
AT&T, Inc. (Diversified Telecom. Svs.) | 1.700% | 03/25/2026 | 750,000 | 683,619 | ||||||||||||
AT&T, Inc. (Diversified Telecom. Svs.) | 3.800% | 12/01/2057 | 1,870,000 | 1,353,875 | ||||||||||||
Audacy Capital Corp. (Media) | (b) | 6.750% | 03/31/2029 | 75,000 | 1,697 | |||||||||||
Cars.com, Inc. (Interactive Media & Svs.) | (b) | 6.375% | 11/01/2028 | 50,000 | 46,040 | |||||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (b) | 5.000% | 02/01/2028 | 100,000 | 91,109 | |||||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (b) | 4.500% | 08/15/2030 | 125,000 | 104,086 | |||||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (b) | 4.250% | 02/01/2031 | 125,000 | 101,121 | |||||||||||
CCO Holdings LLC / CCO Holdings Capital Corp. (Media) | (b) | 4.500% | 06/01/2033 | 75,000 | 58,896 | |||||||||||
Charter Communications Operating LLC / Charter Communications Operating Capital Corp. (Media) | 6.484% | 10/23/2045 | 750,000 | 705,089 | ||||||||||||
CMG Media Corp. (Media) | (b) | 8.875% | 12/15/2027 | 125,000 | 87,606 | |||||||||||
Comcast Corp. (Media) | 3.450% | 02/01/2050 | 1,450,000 | 1,103,543 | ||||||||||||
CSC Holdings LLC (Media) | (b) | 7.500% | 04/01/2028 | 200,000 | 113,994 | |||||||||||
Cumulus Media New Holdings, Inc. (Media) | (b) | 6.750% | 07/01/2026 | 23,000 | 15,809 | |||||||||||
Directv Financing LLC / Directv Financing Co-Obligor, Inc. (Media) | (b) | 5.875% | 08/15/2027 | 50,000 | 45,282 | |||||||||||
DISH DBS Corp. (Media) | (b) | 5.250% | 12/01/2026 | 50,000 | 40,109 | |||||||||||
DISH DBS Corp. (Media) | 7.375% | 07/01/2028 | 25,000 | 13,375 | ||||||||||||
DISH DBS Corp. (Media) | 5.125% | 06/01/2029 | 75,000 | 34,826 | ||||||||||||
DISH Network Corp. (Media) | (b) | 11.750% | 11/15/2027 | 25,000 | 24,398 | |||||||||||
Entegris Escrow Corp. (Media) | (b) | 5.950% | 06/15/2030 | 50,000 | 47,932 | |||||||||||
Gray Escrow II, Inc. (Media) | (b) | 5.375% | 11/15/2031 | 75,000 | 49,709 | |||||||||||
Gray Television, Inc. (Media) | (b) | 7.000% | 05/15/2027 | 25,000 | 21,329 | |||||||||||
Gray Television, Inc. (Media) | (b) | 4.750% | 10/15/2030 | 75,000 | 50,860 | |||||||||||
Grupo Televisa S.A.B. (Media) | 5.000% | 05/13/2045 | 550,000 | 472,768 | ||||||||||||
iHeartCommunications, Inc. (Media) | 8.375% | 05/01/2027 | 75,000 | 49,963 | ||||||||||||
iHeartCommunications, Inc. (Media) | (b) | 5.250% | 08/15/2027 | 50,000 | 38,235 | |||||||||||
Lamar Media Corp. (Media) | 4.875% | 01/15/2029 | 25,000 | 23,250 | ||||||||||||
Match Group Holdings II LLC (Interactive Media & Svs.) | (b) | 5.000% | 12/15/2027 | 100,000 | 92,741 | |||||||||||
Meta Platforms, Inc. (Interactive Media & Svs.) | 5.600% | 05/15/2053 | 480,000 | 492,966 | ||||||||||||
Midas OpCo Holdings LLC (Media) | (b) | 5.625% | 08/15/2029 | 150,000 | 128,360 |
109 | (continued) |
Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||||
COMMUNICATION SERVICES (continued) | ||||||||||||||||
Netflix, Inc. (Entertainment) | 4.875% | 04/15/2028 | $ | 375,000 | $ | 370,863 | ||||||||||
Nexstar Media, Inc. (Media) | (b) | 5.625% | 07/15/2027 | 125,000 | 116,511 | |||||||||||
Paramount Global (Media) | 4.200% | 05/19/2032 | 525,000 | 439,981 | ||||||||||||
Paramount Global (Media) | 4.900% | 08/15/2044 | 300,000 | 219,916 | ||||||||||||
ROBLOX Corp. (Entertainment) | (b) | 3.875% | 05/01/2030 | 50,000 | 42,152 | |||||||||||
Rogers Communications, Inc. (Wireless Telecom. Svs.) | (b) | 4.500% | 03/15/2042 | 465,000 | 385,997 | |||||||||||
Scripps Escrow, Inc. (Media) | (b) | 5.875% | 07/15/2027 | 50,000 | 40,473 | |||||||||||
Sinclair Television Group, Inc. (Media) | (b) | 5.125% | 02/15/2027 | 25,000 | 21,181 | |||||||||||
Sinclair Television Group, Inc. (Media) | (b) | 5.500% | 03/01/2030 | 75,000 | 43,234 | |||||||||||
Sirius XM Radio, Inc. (Media) | (b) | 3.875% | 09/01/2031 | 200,000 | 154,658 | |||||||||||
Sky Ltd. (Media) | (b) | 3.750% | 09/16/2024 | 375,000 | 366,048 | |||||||||||
Sprint LLC (Wireless Telecom. Svs.) | 7.625% | 03/01/2026 | 50,000 | 51,939 | ||||||||||||
TEGNA, Inc. (Media) | (b) | 4.750% | 03/15/2026 | 25,000 | 23,870 | |||||||||||
TEGNA, Inc. (Media) | 4.625% | 03/15/2028 | 25,000 | 22,063 | ||||||||||||
TEGNA, Inc. (Media) | 5.000% | 09/15/2029 | 25,000 | 21,569 | ||||||||||||
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 3.375% | 04/15/2029 | 50,000 | 45,152 | ||||||||||||
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 3.500% | 04/15/2031 | 300,000 | 264,719 | ||||||||||||
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 3.300% | 02/15/2051 | 500,000 | 350,745 | ||||||||||||
T-Mobile U.S.A., Inc. (Wireless Telecom. Svs.) | 5.650% | 01/15/2053 | 260,000 | 264,004 | ||||||||||||
Univision Communications, Inc. (Media) | (b) | 7.375% | 06/30/2030 | 50,000 | 47,606 | |||||||||||
UPC Broadband Finco B.V. (Media) | (b) | 4.875% | 07/15/2031 | 200,000 | 164,618 | |||||||||||
Urban One, Inc. (Media) | (b) | 7.375% | 02/01/2028 | 50,000 | 43,556 | |||||||||||
Verizon Communications, Inc. (Diversified Telecom. Svs.) | 4.000% | 03/22/2050 | 1,200,000 | 973,645 | ||||||||||||
Virgin Media Finance PLC (Media) | (b) | 5.000% | 07/15/2030 | 200,000 | 159,219 | |||||||||||
Vodafone Group PLC (Wireless Telecom. Svs.) | 4.125% | 05/30/2025 | 325,000 | 317,106 | ||||||||||||
Vodafone Group PLC (Wireless Telecom. Svs.) | 5.250% | 05/30/2048 | 350,000 | 328,730 | ||||||||||||
Walt Disney Co. / The (Entertainment) | 3.800% | 03/22/2030 | 150,000 | 141,754 | ||||||||||||
Walt Disney Co. / The (Entertainment) | 4.700% | 03/23/2050 | 325,000 | 310,673 | ||||||||||||
Walt Disney Co. / The (Entertainment) | 3.600% | 01/13/2051 | 450,000 | 358,077 | ||||||||||||
Warnermedia Holdings, Inc. (Media) | 4.279% | 03/15/2032 | 600,000 | 532,125 | ||||||||||||
Warnermedia Holdings, Inc. (Media) | 5.050% | 03/15/2042 | 620,000 | 522,578 | ||||||||||||
|
| |||||||||||||||
13,945,520 | ||||||||||||||||
|
| |||||||||||||||
CONSUMER DISCRETIONARY – 1.1% | ||||||||||||||||
1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure) | (b) | 4.375% | 01/15/2028 | 50,000 | 46,159 | |||||||||||
1011778 B.C. ULC / New Red Finance, Inc. (Hotels, Restaurants & Leisure) | (b) | 4.000% | 10/15/2030 | 175,000 | 149,771 | |||||||||||
Academy Ltd. (Specialty Retail) | (b) | 6.000% | 11/15/2027 | 50,000 | 48,000 | |||||||||||
Adient Global Holdings Ltd. (Automobile Components) | (b) | 7.000% | 04/15/2028 | 25,000 | 25,275 | |||||||||||
Adient Global Holdings Ltd. (Automobile Components) | (b) | 8.250% | 04/15/2031 | 75,000 | 76,156 | |||||||||||
Advance Auto Parts, Inc. (Specialty Retail) | 3.900% | 04/15/2030 | 675,000 | 575,118 | ||||||||||||
Affinity Interactive (Hotels, Restaurants & Leisure) | (b) | 6.875% | 12/15/2027 | 75,000 | 66,000 | |||||||||||
Amazon.com, Inc. (Broadline Retail) | 3.875% | 08/22/2037 | 425,000 | 388,089 | ||||||||||||
Amazon.com, Inc. (Broadline Retail) | 2.500% | 06/03/2050 | 825,000 | 548,618 | ||||||||||||
Aramark Services, Inc. (Hotels, Restaurants & Leisure) | (b) | 5.000% | 04/01/2025 | 25,000 | 24,634 | |||||||||||
Aramark Services, Inc. (Hotels, Restaurants & Leisure) | (b) | 5.000% | 02/01/2028 | 50,000 | 47,127 | |||||||||||
Asbury Automotive Group, Inc. (Specialty Retail) | (b) | 5.000% | 02/15/2032 | 50,000 | 43,535 | |||||||||||
Boyd Gaming Corp. (Hotels, Restaurants & Leisure) | 4.750% | 12/01/2027 | 50,000 | 47,374 | ||||||||||||
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure) | (b) | 8.125% | 07/01/2027 | 75,000 | 76,760 | |||||||||||
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure) | (b) | 4.625% | 10/15/2029 | 50,000 | 43,661 | |||||||||||
Caesars Entertainment, Inc. (Hotels, Restaurants & Leisure) | (b) | 7.000% | 02/15/2030 | 25,000 | 25,106 | |||||||||||
Caesars Resort Collection LLC / CRC Finco, Inc. (Hotels, Restaurants & Leisure) | (b) | 5.750% | 07/01/2025 | 50,000 | 50,591 | |||||||||||
Churchill Downs, Inc. (Hotels, Restaurants & Leisure) | (b) | 5.500% | 04/01/2027 | 50,000 | 48,072 | |||||||||||
Churchill Downs, Inc. (Hotels, Restaurants & Leisure) | (b) | 6.750% | 05/01/2031 | 25,000 | 24,719 | |||||||||||
Clarios Global LP (Automobiles) | (b) | 6.750% | 05/15/2025 | 22,000 | 22,013 | |||||||||||
Clarios Global LP / Clarios U.S. Finance Co. (Automobile Components) | (b) | 8.500% | 05/15/2027 | 175,000 | 175,286 | |||||||||||
Daimler Truck Finance North America LLC (Automobiles) | (b) | 2.000% | 12/14/2026 | 540,000 | 482,032 | |||||||||||
Daimler Truck Finance North America LLC (Automobiles) | (b) | 2.375% | 12/14/2028 | 180,000 | 155,800 | |||||||||||
Dana Financing Luxembourg SARL (Automobile Components) | (b) | 5.750% | 04/15/2025 | 12,000 | 11,828 | |||||||||||
Dana, Inc. (Automobile Components) | 4.500% | 02/15/2032 | 50,000 | 41,501 | ||||||||||||
Dornoch Debt Merger Sub, Inc. (Automobile Components) | (b) | 6.625% | 10/15/2029 | 125,000 | 101,972 | |||||||||||
Garda World Security Corp. (Diversified Consumer Svs.) | (b) | 9.500% | 11/01/2027 | 175,000 | 169,066 | |||||||||||
Gates Global LLC / Gates Corp. (Automobile Components) | (b) | 6.250% | 01/15/2026 | 125,000 | 123,001 | |||||||||||
General Motors Co. (Automobiles) | 6.125% | 10/01/2025 | 575,000 | 578,928 | ||||||||||||
Hilton Domestic Operating Co., Inc. (Hotels, Restaurants & Leisure) | (b) | 3.625% | 02/15/2032 | 50,000 | 41,687 | |||||||||||
Home Depot, Inc. / The (Specialty Retail) | 3.300% | 04/15/2040 | 950,000 | 771,420 | ||||||||||||
IHO Verwaltungs GmbH (Automobile Components) | (b)(c) | 6.000%, 6.750% PIK | 05/15/2027 | 200,000 | 188,105 | |||||||||||
Kontoor Brands, Inc. (Textiles, Apparel & Luxury Goods) | (b) | 4.125% | 11/15/2029 | 25,000 | 20,876 | |||||||||||
Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp. (Hotels, Restaurants & Leisure) | (b) | 4.875% | 05/01/2029 | 50,000 | 44,152 |
110 | (continued) |
Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||
CONSUMER DISCRETIONARY (continued) | ||||||||||||||
Mohegan Tribal Gaming Authority (Hotels, Restaurants & Leisure) | (b) | 8.000% | 02/01/2026 | $ | 150,000 | $ | 143,250 | |||||||
Penn Entertainment, Inc. (Hotels, Restaurants & Leisure) | (b) | 5.625% | 01/15/2027 | 25,000 | 23,377 | |||||||||
Penn Entertainment, Inc. (Hotels, Restaurants & Leisure) | (b) | 4.125% | 07/01/2029 | 25,000 | 20,518 | |||||||||
Raptor Acquisition Corp. / Raptor Co-Issuer LLC (Hotels, Restaurants & Leisure) | (b) | 4.875% | 11/01/2026 | 25,000 | 23,562 | |||||||||
Real Hero Merger Sub 2, Inc. (Automobile Components) | (b) | 6.250% | 02/01/2029 | 50,000 | 41,000 | |||||||||
Scientific Games Holdings LP / Scientific Games U.S. FinCo, Inc. (Hotels, Restaurants & Leisure) | (b) | 6.625% | 03/01/2030 | 75,000 | 66,000 | |||||||||
Scientific Games International, Inc. (Hotels, Restaurants & Leisure) | (b) | 8.625% | 07/01/2025 | 50,000 | 51,062 | |||||||||
Scientific Games International, Inc. (Hotels, Restaurants & Leisure) | (b) | 7.250% | 11/15/2029 | 50,000 | 50,062 | |||||||||
SeaWorld Parks & Entertainment, Inc. (Hotels, Restaurants & Leisure) | (b) | 5.250% | 08/15/2029 | 50,000 | 44,754 | |||||||||
Six Flags Entertainment Corp. (Hotels, Restaurants & Leisure) | (b) | 5.500% | 04/15/2027 | 50,000 | 47,073 | |||||||||
Station Casinos LLC (Hotels, Restaurants & Leisure) | (b) | 4.500% | 02/15/2028 | 50,000 | 44,878 | |||||||||
Station Casinos LLC (Hotels, Restaurants & Leisure) | (b) | 4.625% | 12/01/2031 | 50,000 | 42,125 | |||||||||
Tractor Supply Co. (Specialty Retail) | 5.250% | 05/15/2033 | 180,000 | 178,605 | ||||||||||
William Carter Co. / The (Textiles, Apparel & Luxury Goods) | (b) | 5.625% | 03/15/2027 | 25,000 | 24,258 | |||||||||
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 4.625% | 01/31/2032 | 75,000 | 67,750 | ||||||||||
ZF North America Capital, Inc. (Automobile Components) | (b) | 6.875% | 04/14/2028 | 150,000 | 151,903 | |||||||||
|
| |||||||||||||
6,302,609 | ||||||||||||||
|
| |||||||||||||
CONSUMER STAPLES – 1.6% | ||||||||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Consumer Staples Distribution & Retail) | (b) | 5.875% | 02/15/2028 | 75,000 | 72,880 | |||||||||
Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC (Consumer Staples Distribution & Retail) | (b) | 6.500% | 02/15/2028 | 25,000 | 25,042 | |||||||||
Alimentation Couche-Tard, Inc. (Consumer Staples Distribution & Retail) | (b) | 3.800% | 01/25/2050 | 625,000 | 453,184 | |||||||||
Altria Group, Inc. (Tobacco) | 3.875% | 09/16/2046 | 800,000 | 560,708 | ||||||||||
Anheuser-Busch InBev Worldwide, Inc. (Beverages) | 4.350% | 06/01/2040 | 300,000 | 275,862 | ||||||||||
B.A.T. Capital Corp. (Tobacco) | 4.540% | 08/15/2047 | 825,000 | 607,092 | ||||||||||
BellRing Brands, Inc. (Personal Care Products) | (b) | 7.000% | 03/15/2030 | 75,000 | 75,469 | |||||||||
Coca-Cola Europacific Partners PLC (Beverages) | (b) | 1.500% | 01/15/2027 | 600,000 | 529,188 | |||||||||
Coca-Cola Femsa S.A.B. de C.V. (Beverages) | 2.750% | 01/22/2030 | 750,000 | 659,320 | ||||||||||
Constellation Brands, Inc. (Beverages) | 3.750% | 05/01/2050 | 500,000 | 393,259 | ||||||||||
Dollar General Corp. (Consumer Staples Distribution & Retail) | 3.875% | 04/15/2027 | 575,000 | 548,655 | ||||||||||
Edgewell Personal Care Co. (Personal Care Products) | (b) | 5.500% | 06/01/2028 | 25,000 | 23,631 | |||||||||
Edgewell Personal Care Co. (Personal Care Products) | (b) | 4.125% | 04/01/2029 | 25,000 | 21,813 | |||||||||
Energizer Holdings, Inc. (Household Products) | (b) | 6.500% | 12/31/2027 | 25,000 | 24,036 | |||||||||
Energizer Holdings, Inc. (Household Products) | (b) | 4.375% | 03/31/2029 | 75,000 | 64,627 | |||||||||
Flowers Foods, Inc. (Food Products) | 3.500% | 10/01/2026 | 675,000 | 633,278 | ||||||||||
Flowers Foods, Inc. (Food Products) | 2.400% | 03/15/2031 | 185,000 | 150,934 | ||||||||||
Grupo Bimbo S.A.B. de C.V. (Food Products) | (b) | 4.875% | 06/27/2044 | 925,000 | 858,164 | |||||||||
Kenvue, Inc. (Personal Care Products) | (b) | 5.050% | 03/22/2028 | 310,000 | 312,458 | |||||||||
Kenvue, Inc. (Personal Care Products) | (b) | 4.900% | 03/22/2033 | 400,000 | 404,726 | |||||||||
Keurig Dr Pepper, Inc. (Beverages) | 4.417% | 05/25/2025 | 36,000 | 35,288 | ||||||||||
Kraft Heinz Foods Co. (Food Products) | 4.375% | 06/01/2046 | 425,000 | 361,188 | ||||||||||
Kroger Co. / The (Consumer Staples Distribution & Retail) | 3.950% | 01/15/2050 | 425,000 | 340,899 | ||||||||||
Performance Food Group, Inc. (Consumer Staples Distribution & Retail) | (b) | 4.250% | 08/01/2029 | 50,000 | 44,516 | |||||||||
Philip Morris International, Inc. (Tobacco) | 3.875% | 08/21/2042 | 715,000 | 565,350 | ||||||||||
Post Holdings, Inc. (Food Products) | (b) | 5.750% | 03/01/2027 | 150,000 | 146,418 | |||||||||
Sysco Corp. (Consumer Staples Distribution & Retail) | 4.450% | 03/15/2048 | 725,000 | 620,155 | ||||||||||
U.S. Foods, Inc. (Consumer Staples Distribution & Retail) | (b) | 4.750% | 02/15/2029 | 50,000 | 45,777 | |||||||||
U.S. Foods, Inc. (Consumer Staples Distribution & Retail) | (b) | 4.625% | 06/01/2030 | 75,000 | 67,218 | |||||||||
Unilever Capital Corp. (Personal Care Products) | 0.375% | 09/14/2023 | 100,000 | 99,056 | ||||||||||
|
| |||||||||||||
9,020,191 | ||||||||||||||
|
| |||||||||||||
ENERGY – 2.3% | ||||||||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels) | (b) | 7.875% | 05/15/2026 | 50,000 | 50,709 | |||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels) | (b) | 5.750% | 03/01/2027 | 25,000 | 24,111 | |||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels) | (b) | 5.750% | 01/15/2028 | 50,000 | 47,664 | |||||||||
Antero Midstream Partners LP / Antero Midstream Finance Corp. (Oil, Gas & Consumable Fuels) | (b) | 5.375% | 06/15/2029 | 75,000 | 69,689 | |||||||||
Antero Resources Corp. (Oil, Gas & Consumable Fuels) | (b) | 5.375% | 03/01/2030 | 50,000 | 46,287 | |||||||||
Archrock Partners LP / Archrock Partners Finance Corp. (Oil, Gas & Consumable Fuels) | (b) | 6.875% | 04/01/2027 | 75,000 | 72,000 | |||||||||
Archrock Partners LP / Archrock Partners Finance Corp. (Oil, Gas & Consumable Fuels) | (b) | 6.250% | 04/01/2028 | 50,000 | 46,943 | |||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels) | (b) | 7.000% | 11/01/2026 | 25,000 | 24,192 | |||||||||
Ascent Resources Utica Holdings LLC / ARU Finance Corp. (Oil, Gas & Consumable Fuels) | (b) | 5.875% | 06/30/2029 | 100,000 | 89,214 | |||||||||
Boardwalk Pipelines LP (Oil, Gas & Consumable Fuels) | 3.400% | 02/15/2031 | 500,000 | 429,491 | ||||||||||
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels) | 3.588% | 04/14/2027 | 825,000 | 788,950 |
111 | (continued) |
Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||
ENERGY (continued) | ||||||||||||||
BP Capital Markets America, Inc. (Oil, Gas & Consumable Fuels) | 4.893% | 09/11/2033 | $ | 140,000 | $ | 138,554 | ||||||||
Callon Petroleum Co. (Oil, Gas & Consumable Fuels) | (b) | 7.500% | 06/15/2030 | 25,000 | 23,597 | |||||||||
Canadian Natural Resources Ltd. (Oil, Gas & Consumable Fuels) | 2.050% | 07/15/2025 | 525,000 | 489,042 | ||||||||||
Cenovus Energy, Inc. (Oil, Gas & Consumable Fuels) | 4.250% | 04/15/2027 | 375,000 | 358,577 | ||||||||||
Cheniere Energy Partners LP (Oil, Gas & Consumable Fuels) | 4.500% | 10/01/2029 | 50,000 | 45,888 | ||||||||||
Cheniere Energy, Inc. (Oil, Gas & Consumable Fuels) | 4.625% | 10/15/2028 | 25,000 | 23,345 | ||||||||||
Chevron Corp. (Oil, Gas & Consumable Fuels) | 3.078% | 05/11/2050 | 475,000 | 353,564 | ||||||||||
Civitas Resources, Inc. (Oil, Gas & Consumable Fuels) | (b) | 8.375% | 07/01/2028 | 25,000 | 25,283 | |||||||||
CNX Midstream Partners LP (Oil, Gas & Consumable Fuels) | (b) | 4.750% | 04/15/2030 | 50,000 | 42,409 | |||||||||
Comstock Resources, Inc. (Oil, Gas & Consumable Fuels) | (b) | 6.750% | 03/01/2029 | 100,000 | 91,495 | |||||||||
Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp. (Oil, Gas & Consumable Fuels) | (b) | 8.000% | 04/01/2029 | 50,000 | 50,621 | |||||||||
CrownRock LP / CrownRock Finance, Inc. (Oil, Gas & Consumable Fuels) | (b) | 5.625% | 10/15/2025 | 75,000 | 73,890 | |||||||||
Diamondback Energy, Inc. (Oil, Gas & Consumable Fuels) | 6.250% | 03/15/2033 | 490,000 | 506,889 | ||||||||||
DT Midstream, Inc. (Oil, Gas & Consumable Fuels) | (b) | 4.375% | 06/15/2031 | 50,000 | 43,063 | |||||||||
Eastern Gas Transmission & Storage, Inc. (Oil, Gas & Consumable Fuels) | 3.900% | 11/15/2049 | 150,000 | 110,276 | ||||||||||
Enbridge Energy Partners LP (Oil, Gas & Consumable Fuels) | 5.500% | 09/15/2040 | 700,000 | 660,666 | ||||||||||
Endeavor Energy Resources LP / EER Finance, Inc. (Oil, Gas & Consumable Fuels) | (b) | 5.750% | 01/30/2028 | 25,000 | 24,455 | |||||||||
Energy Transfer LP (Oil, Gas & Consumable Fuels) | 3.750% | 05/15/2030 | 500,000 | 451,154 | ||||||||||
Energy Transfer LP (Oil, Gas & Consumable Fuels) | 5.750% | 02/15/2033 | 400,000 | 402,618 | ||||||||||
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels) | 5.500% | 07/15/2028 | 75,000 | 70,966 | ||||||||||
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels) | (b) | 4.500% | 01/15/2029 | 50,000 | 44,595 | |||||||||
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels) | (b) | 4.750% | 01/15/2031 | 50,000 | 43,799 | |||||||||
EQM Midstream Partners LP (Oil, Gas & Consumable Fuels) | 6.500% | 07/15/2048 | 75,000 | 67,827 | ||||||||||
Hess Corp. (Oil, Gas & Consumable Fuels) | 5.600% | 02/15/2041 | 655,000 | 626,687 | ||||||||||
Hess Midstream Operations LP (Oil, Gas & Consumable Fuels) | (b) | 5.125% | 06/15/2028 | 25,000 | 23,397 | |||||||||
Hess Midstream Operations LP (Oil, Gas & Consumable Fuels) | (b) | 4.250% | 02/15/2030 | 25,000 | 21,813 | |||||||||
Holly Energy Partners LP / Holly Energy Finance Corp. (Oil, Gas & Consumable Fuels) | (b) | 5.000% | 02/01/2028 | 75,000 | 69,184 | |||||||||
Kinder Morgan, Inc. (Oil, Gas & Consumable Fuels) | 3.250% | 08/01/2050 | 370,000 | 238,600 | ||||||||||
Marathon Oil Corp. (Oil, Gas & Consumable Fuels) | 4.400% | 07/15/2027 | 400,000 | 381,499 | ||||||||||
Marathon Petroleum Corp. (Oil, Gas & Consumable Fuels) | 4.750% | 09/15/2044 | 525,000 | 439,086 | ||||||||||
MPLX LP (Oil, Gas & Consumable Fuels) | 4.950% | 03/14/2052 | 600,000 | 509,577 | ||||||||||
Nabors Industries Ltd. (Energy Equip. & Svs.) | (b) | 7.250% | 01/15/2026 | 25,000 | 23,338 | |||||||||
Nabors Industries Ltd. (Energy Equip. & Svs.) | (b) | 7.500% | 01/15/2028 | 25,000 | 21,877 | |||||||||
NuStar Logistics LP (Oil, Gas & Consumable Fuels) | 6.375% | 10/01/2030 | 25,000 | 23,851 | ||||||||||
Occidental Petroleum Corp. (Oil, Gas & Consumable Fuels) | 6.450% | 09/15/2036 | 75,000 | 76,973 | ||||||||||
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 2.200% | 09/15/2025 | 175,000 | 161,908 | ||||||||||
ONEOK, Inc. (Oil, Gas & Consumable Fuels) | 4.500% | 03/15/2050 | 700,000 | 534,413 | ||||||||||
Ovintiv, Inc. (Oil, Gas & Consumable Fuels) | 7.100% | 07/15/2053 | 350,000 | 360,277 | ||||||||||
PDC Energy, Inc. (Oil, Gas & Consumable Fuels) | 5.750% | 05/15/2026 | 50,000 | 49,800 | ||||||||||
Permian Resources Operating LLC (Oil, Gas & Consumable Fuels) | (b) | 6.875% | 04/01/2027 | 50,000 | 49,250 | |||||||||
Phillips 66 (Oil, Gas & Consumable Fuels) | 0.900% | 02/15/2024 | 150,000 | 145,543 | ||||||||||
Phillips 66 (Oil, Gas & Consumable Fuels) | 3.850% | 04/09/2025 | 300,000 | 291,657 | ||||||||||
Phillips 66 (Oil, Gas & Consumable Fuels) | 4.875% | 11/15/2044 | 375,000 | 343,669 | ||||||||||
Plains All American Pipeline LP / PAA Finance Corp. (Oil, Gas & Consumable Fuels) | 5.150% | 06/01/2042 | 425,000 | 352,608 | ||||||||||
Precision Drilling Corp. (Energy Equip. & Svs.) | (b) | 6.875% | 01/15/2029 | 50,000 | 45,176 | |||||||||
Range Resources Corp. (Oil, Gas & Consumable Fuels) | 8.250% | 01/15/2029 | 50,000 | 52,060 | ||||||||||
Rockcliff Energy II LLC (Oil, Gas & Consumable Fuels) | (b) | 5.500% | 10/15/2029 | 25,000 | 23,061 | |||||||||
SM Energy Co. (Oil, Gas & Consumable Fuels) | 6.750% | 09/15/2026 | 50,000 | 48,735 | ||||||||||
SM Energy Co. (Oil, Gas & Consumable Fuels) | 6.500% | 07/15/2028 | 50,000 | 48,000 | ||||||||||
Southwestern Energy Co. (Oil, Gas & Consumable Fuels) | 5.375% | 03/15/2030 | 25,000 | 23,330 | ||||||||||
Tap Rock Resources LLC (Oil, Gas & Consumable Fuels) | (b) | 7.000% | 10/01/2026 | 50,000 | 51,500 | |||||||||
Targa Resources Corp. (Oil, Gas & Consumable Fuels) | 4.200% | 02/01/2033 | 505,000 | 446,995 | ||||||||||
U.S.A. Compression Partners LP / U.S.A. Compression Finance Corp. (Energy Equip. & Svs.) | 6.875% | 04/01/2026 | 150,000 | 146,939 | ||||||||||
Valero Energy Corp. (Oil, Gas & Consumable Fuels) | 4.350% | 06/01/2028 | 350,000 | 334,550 | ||||||||||
Western Midstream Operating LP (Oil, Gas & Consumable Fuels) | 4.300% | 02/01/2030 | 50,000 | 44,892 | ||||||||||
Western Midstream Operating LP (Oil, Gas & Consumable Fuels) | 5.300% | 03/01/2048 | 75,000 | 62,604 | ||||||||||
Williams Cos., Inc. / The (Oil, Gas & Consumable Fuels) | 3.750% | 06/15/2027 | 600,000 | 566,219 | ||||||||||
|
| |||||||||||||
12,470,891 | ||||||||||||||
|
| |||||||||||||
FINANCIALS – 6.8% | ||||||||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Financial Services) | 3.000% | 10/29/2028 | 165,000 | 142,668 | ||||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (Financial Services) | 3.400% | 10/29/2033 | 350,000 | 281,120 | ||||||||||
AIA Group Ltd. (Insurance) | (b) | 4.950% | 04/04/2033 | 260,000 | 260,068 | |||||||||
Ally Financial, Inc. (Consumer Finance) | 5.750% | 11/20/2025 | 25,000 | 24,077 | ||||||||||
American Express Co. (Consumer Finance) | 3.300% | 05/03/2027 | 825,000 | 770,152 | ||||||||||
AmWINS Group, Inc. (Insurance) | (b) | 4.875% | 06/30/2029 | 75,000 | 67,724 | |||||||||
Ardonagh Midco 2 PLC (Insurance) | (b)(c) | 11.500%, 12.750% PIK | 01/15/2027 | 200,000 | 184,000 | |||||||||
AssuredPartners, Inc. (Insurance) | (b) | 7.000% | 08/15/2025 | 25,000 | 24,689 |
112 | (continued) |
Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||
FINANCIALS (continued) | ||||||||||||||
AssuredPartners, Inc. (Insurance) | (b) | 5.625% | 01/15/2029 | $ | 100,000 | $ | 86,554 | |||||||
Bank of America Corp. (Rate is fixed until 02/13/2025, at which point, the rate becomes TSFR3M + 90) (Banks) | (d) | 2.015% | 02/13/2026 | 1,625,000 | 1,521,764 | |||||||||
Bank of America Corp. (Rate is fixed until 04/29/2030, at which point, the rate becomes SOFR + 215) (Banks) | (d) | 2.592% | 04/29/2031 | 1,900,000 | 1,595,120 | |||||||||
Bank of America Corp. (Rate is fixed until 04/22/2031, at which point, the rate becomes SOFR + 132) (Banks) | (d) | 2.687% | 04/22/2032 | 650,000 | 538,685 | |||||||||
Bank of America Corp. (Rate is fixed until 04/25/2033, at which point, the rate becomes SOFR + 191) (Banks) | (d) | 5.288% | 04/25/2034 | 300,000 | 297,212 | |||||||||
Bank of New York Mellon Corp. / The (Rate is fixed until 06/13/2027, at which point, the rate becomes SOFR + 115) (Capital Markets) | (d) | 3.992% | 06/13/2028 | 300,000 | 287,483 | |||||||||
BlackRock, Inc. (Capital Markets) | 1.900% | 01/28/2031 | 425,000 | 348,518 | ||||||||||
BroadStreet Partners, Inc. (Insurance) | (b) | 5.875% | 04/15/2029 | 200,000 | 173,508 | |||||||||
Capital One Financial Corp. (Rate is fixed until 02/01/2033, at which point, the rate becomes SOFR + 260) (Consumer Finance) | (d) | 5.817% | 02/01/2034 | 350,000 | 333,926 | |||||||||
Chubb INA Holdings, Inc. (Insurance) | 3.350% | 05/03/2026 | 425,000 | 408,317 | ||||||||||
Citigroup, Inc. (Rate is fixed until 04/24/2024, at which point, the rate becomes TSFR3M + 116) (Banks) | (d) | 3.352% | 04/24/2025 | 825,000 | 806,494 | |||||||||
Citigroup, Inc. (Rate is fixed until 01/29/2030, at which point, the rate becomes SOFR + 115) (Banks) | (d) | 2.666% | 01/29/2031 | 1,800,000 | 1,523,688 | |||||||||
Citizens Bank N.A. (Banks) | 3.750% | 02/18/2026 | 725,000 | 660,415 | ||||||||||
CNA Financial Corp. (Insurance) | 5.500% | 06/15/2033 | 600,000 | 585,097 | ||||||||||
Comerica, Inc. (Banks) | 3.800% | 07/22/2026 | 475,000 | 422,895 | ||||||||||
Fidelity National Information Services, Inc. (Financial Services) | 4.700% | 07/15/2027 | 300,000 | 291,883 | ||||||||||
Fidelity National Information Services, Inc. (Financial Services) | 3.100% | 03/01/2041 | 405,000 | 278,706 | ||||||||||
Fiserv, Inc. (Financial Services) | 3.500% | 07/01/2029 | 425,000 | 387,913 | ||||||||||
Fiserv, Inc. (Financial Services) | 5.600% | 03/02/2033 | 170,000 | 173,028 | ||||||||||
FNB Corp. (Banks) | 5.150% | 08/25/2025 | 320,000 | 306,404 | ||||||||||
Ford Motor Credit Co. LLC (Consumer Finance) | 6.950% | 03/06/2026 | 500,000 | 502,649 | ||||||||||
Ford Motor Credit Co. LLC (Consumer Finance) | 7.350% | 11/04/2027 | 200,000 | 204,224 | ||||||||||
Ford Motor Credit Co. LLC (Consumer Finance) | 5.113% | 05/03/2029 | 375,000 | 347,778 | ||||||||||
General Motors Financial Co., Inc. (Consumer Finance) | 2.900% | 02/26/2025 | 825,000 | 782,786 | ||||||||||
General Motors Financial Co., Inc. (Consumer Finance) | 5.000% | 04/09/2027 | 360,000 | 350,323 | ||||||||||
Goldman Sachs Group, Inc. / The (Capital Markets) | 3.500% | 04/01/2025 | 775,000 | 744,457 | ||||||||||
Goldman Sachs Group, Inc. / The (Capital Markets) | 3.800% | 03/15/2030 | 1,400,000 | 1,294,661 | ||||||||||
Goldman Sachs Group, Inc. / The (Rate is fixed until 01/27/2031, at which point, the rate becomes SOFR + 109) (Capital Markets) | (d) | 1.992% | 01/27/2032 | 500,000 | 393,612 | |||||||||
GTCR AP Finance, Inc. (Insurance) | (b) | 8.000% | 05/15/2027 | 75,000 | 73,518 | |||||||||
GYP Holdings III Corp. (Building Products) | (b) | 4.625% | 05/01/2029 | 75,000 | 66,000 | |||||||||
HSBC Holdings PLC (Banks) | 3.900% | 05/25/2026 | 975,000 | 929,076 | ||||||||||
HUB International Ltd. (Insurance) | (b) | 5.625% | 12/01/2029 | 375,000 | 336,406 | |||||||||
HUB International Ltd. (Insurance) | (b) | 7.250% | 06/15/2030 | 25,000 | 25,815 | |||||||||
Huntington Bancshares, Inc. (Rate is fixed until 08/04/2027, at which point, the rate becomes SOFR + 197) (Banks) | (d) | 4.443% | 08/04/2028 | 650,000 | 603,842 | |||||||||
Jefferies Financial Group, Inc. (Capital Markets) | 2.750% | 10/15/2032 | 380,000 | 291,843 | ||||||||||
John Deere Capital Corp. (Consumer Finance) | 5.050% | 03/03/2026 | 450,000 | 451,503 | ||||||||||
John Deere Capital Corp. (Consumer Finance) | 3.450% | 03/07/2029 | 900,000 | 841,658 | ||||||||||
Jones Deslauriers Insurance Management, Inc. (Insurance) | (b) | 8.500% | 03/15/2030 | 50,000 | 51,010 | |||||||||
Jones Deslauriers Insurance Management, Inc. (Insurance) | (b) | 10.500% | 12/15/2030 | 50,000 | 50,154 | |||||||||
JPMorgan Chase & Co. (Banks) | 3.125% | 01/23/2025 | 525,000 | 507,805 | ||||||||||
JPMorgan Chase & Co. (Rate is fixed until 04/22/2030, at which point, the rate becomes SOFR + 204) (Banks) | (d) | 2.522% | 04/22/2031 | 900,000 | 761,260 | |||||||||
JPMorgan Chase & Co. (Rate is fixed until 11/19/2030, at which point, the rate becomes TSFR3M + 111) (Banks) | (d) | 1.764% | 11/19/2031 | 100,000 | 79,142 | |||||||||
JPMorgan Chase & Co. (Rate is fixed until 04/22/2031, at which point, the rate becomes TSFR3M + 125) (Banks) | (d) | 2.580% | 04/22/2032 | 100,000 | 83,062 | |||||||||
JPMorgan Chase & Co. (Rate is fixed until 01/25/2032, at which point, the rate becomes SOFR + 126) (Banks) | (d) | 2.963% | 01/25/2033 | 1,200,000 | 1,010,896 | |||||||||
JPMorgan Chase & Co. (Rate is fixed until 09/14/2032, at which point, the rate becomes SOFR + 258) (Banks) | (d) | 5.717% | 09/14/2033 | 300,000 | 304,348 | |||||||||
JPMorgan Chase & Co. (Rate is fixed until 06/01/2033, at which point, the rate becomes SOFR + 185) (Banks) | (d) | 5.350% | 06/01/2034 | 250,000 | 251,992 | |||||||||
Lincoln National Corp. (Insurance) | 4.000% | 09/01/2023 | 300,000 | 298,418 | ||||||||||
M&T Bank Corp. (Banks) | 3.550% | 07/26/2023 | 575,000 | 573,899 | ||||||||||
M&T Bank Corp. (Rate is fixed until 01/27/2033, at which point, the rate becomes SOFR + 185) (Banks) | (d) | 5.053% | 01/27/2034 | 400,000 | 365,328 | |||||||||
Mercedes-Benz Finance North America LLC (Consumer Finance) | (b) | 4.800% | 03/30/2026 | 600,000 | 593,902 | |||||||||
Metropolitan Life Global Funding I (Insurance) | (b) | 5.150% | 03/28/2033 | 230,000 | 227,470 | |||||||||
Morgan Stanley (Capital Markets) | 6.250% | 08/09/2026 | 775,000 | 791,509 |
113 | (continued) |
Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||
FINANCIALS (continued) | ||||||||||||||
Morgan Stanley (Rate is fixed until 01/24/2028, at which point, the rate becomes TSFR3M + 140) (Capital Markets) | (d) | 3.772% | 01/24/2029 | $ | 750,000 | $ | 700,182 | |||||||
Morgan Stanley (Rate is fixed until 02/13/2031, at which point, the rate becomes SOFR + 103) (Capital Markets) | (d) | 1.794% | 02/13/2032 | 295,000 | 228,831 | |||||||||
Morgan Stanley (Rate is fixed until 04/28/2031, at which point, the rate becomes SOFR + 102) (Capital Markets) | (d) | 1.928% | 04/28/2032 | 250,000 | 195,157 | |||||||||
Morgan Stanley (Rate is fixed until 07/20/2032, at which point, the rate becomes SOFR + 208) (Capital Markets) | (d) | 4.889% | 07/20/2033 | 440,000 | 423,478 | |||||||||
Morgan Stanley (Rate is fixed until 04/21/2033, at which point, the rate becomes SOFR + 187) (Capital Markets) | (d) | 5.250% | 04/21/2034 | 195,000 | 192,552 | |||||||||
Navient Corp. (Consumer Finance) | 4.875% | 03/15/2028 | 75,000 | 64,225 | ||||||||||
Navient Corp. (Consumer Finance) | 5.500% | 03/15/2029 | 50,000 | 42,628 | ||||||||||
NFP Corp. (Insurance) | (b) | 6.875% | 08/15/2028 | 200,000 | 173,604 | |||||||||
NFP Corp. (Insurance) | (b) | 7.500% | 10/01/2030 | 25,000 | 24,205 | |||||||||
Northern Trust Corp. (Capital Markets) | 6.125% | 11/02/2032 | 380,000 | 393,962 | ||||||||||
PNC Bank N.A. (Banks) | 3.875% | 04/10/2025 | 475,000 | 453,427 | ||||||||||
PNC Financial Services Group, Inc. / The (Rate is fixed until 06/06/2032, at which point, therate becomes SOFRINDX + 185) (Banks) | (d) | 4.626% | 06/06/2033 | 830,000 | 763,503 | |||||||||
Prudential Financial, Inc. (Insurance) | 3.700% | 03/13/2051 | 575,000 | 440,474 | ||||||||||
Raymond James Financial, Inc. (Capital Markets) | 4.650% | 04/01/2030 | 100,000 | 97,395 | ||||||||||
Regions Financial Corp. (Banks) | 2.250% | 05/18/2025 | 345,000 | 319,083 | ||||||||||
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Financial Services) | (b) | 2.875% | 10/15/2026 | 50,000 | 44,250 | |||||||||
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Financial Services) | (b) | 3.625% | 03/01/2029 | 75,000 | 63,035 | |||||||||
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (Financial Services) | (b) | 4.000% | 10/15/2033 | 50,000 | 39,112 | |||||||||
Ryan Specialty Group LLC (Insurance) | (b) | 4.375% | 02/01/2030 | 50,000 | 44,260 | |||||||||
S&P Global, Inc. (Capital Markets) | 2.900% | 03/01/2032 | 390,000 | 338,032 | ||||||||||
Stifel Financial Corp. (Capital Markets) | 4.000% | 05/15/2030 | 200,000 | 170,611 | ||||||||||
Toyota Motor Credit Corp. (Consumer Finance) | 3.950% | 06/30/2025 | 600,000 | 586,887 | ||||||||||
Travelers Cos., Inc. / The (Insurance) | 5.450% | 05/25/2053 | 180,000 | 188,385 | ||||||||||
Truist Financial Corp. (Rate is fixed until 10/28/2025, at which point, the rate becomes SOFR + 163) (Banks) | (d) | 5.900% | 10/28/2026 | 500,000 | 495,608 | |||||||||
Truist Financial Corp. (Rate is fixed until 01/26/2033, at which point, the rate becomes SOFR + 185) (Banks) | (d) | 5.122% | 01/26/2034 | 100,000 | 94,762 | |||||||||
Truist Financial Corp. (Rate is fixed until 06/08/2033, at which point, the rate becomes SOFR + 236) (Banks) | (d) | 5.867% | 06/08/2034 | 250,000 | 250,103 | |||||||||
U.S. Bancorp (Rate is fixed until 07/22/2032, at which point, the rate becomes SOFR + 211) (Banks) | (d) | 4.967% | 07/22/2033 | 550,000 | 498,287 | |||||||||
U.S. Bancorp (Rate is fixed until 06/10/2033, at which point, the rate becomes SOFR + 226) (Banks) | (d) | 5.836% | 06/12/2034 | 400,000 | 402,894 | |||||||||
United Wholesale Mortgage LLC (Financial Services) | (b) | 5.500% | 11/15/2025 | 175,000 | 166,514 | |||||||||
USI, Inc. (Insurance) | (b) | 6.875% | 05/01/2025 | 200,000 | 198,500 | |||||||||
Wells Fargo & Co. (Rate is fixed until 02/11/2030, at which point, the rate becomes TSFR3M + 126) (Banks) | (d) | 2.572% | 02/11/2031 | 1,550,000 | 1,312,369 | |||||||||
Wells Fargo & Co. (Rate is fixed until 07/25/2032, at which point, the rate becomes SOFR + 210) (Banks) | (d) | 4.897% | 07/25/2033 | 550,000 | 527,567 | |||||||||
Wells Fargo & Co. (Rate is fixed until 04/24/2033, at which point, the rate becomes SOFR + 202) (Banks) | (d) | 5.389% | 04/24/2034 | 150,000 | 149,042 | |||||||||
|
| |||||||||||||
37,055,378 | ||||||||||||||
|
| |||||||||||||
HEALTH CARE – 2.7% | ||||||||||||||
Abbott Laboratories (Health Care Equip. & Supplies) | 3.750% | 11/30/2026 | 475,000 | 463,101 | ||||||||||
AdaptHealth LLC (Health Care Providers & Svs.) | (b) | 4.625% | 08/01/2029 | 25,000 | 19,954 | |||||||||
AdaptHealth LLC (Health Care Providers & Svs.) | (b) | 5.125% | 03/01/2030 | 25,000 | 20,250 | |||||||||
AHP Health Partners, Inc. (Health Care Providers & Svs.) | (b) | 5.750% | 07/15/2029 | 50,000 | 43,112 | |||||||||
Alcon Finance Corp. (Health Care Equip. & Supplies) | (b) | 2.600% | 05/27/2030 | 600,000 | 511,403 | |||||||||
Amgen, Inc. (Biotechnology) | 5.250% | 03/02/2033 | 340,000 | 340,434 | ||||||||||
Amgen, Inc. (Biotechnology) | 3.375% | 02/21/2050 | 500,000 | 366,325 | ||||||||||
Amgen, Inc. (Biotechnology) | 5.650% | 03/02/2053 | 340,000 | 344,320 | ||||||||||
AstraZeneca PLC (Pharmaceuticals) | 3.125% | 06/12/2027 | 710,000 | 666,320 | ||||||||||
AstraZeneca PLC (Pharmaceuticals) | 1.375% | 08/06/2030 | 225,000 | 181,035 | ||||||||||
Avantor Funding, Inc. (Health Care Equip. & Supplies) | (b) | 4.625% | 07/15/2028 | 75,000 | 69,519 | |||||||||
Avantor Funding, Inc. (Health Care Equip. & Supplies) | (b) | 3.875% | 11/01/2029 | 25,000 | 21,888 | |||||||||
Bausch Health Americas, Inc. (Pharmaceuticals) | (b) | 8.500% | 01/31/2027 | 50,000 | 27,371 | |||||||||
Bausch Health Cos., Inc. (Pharmaceuticals) | (b) | 6.125% | 02/01/2027 | 25,000 | 16,005 | |||||||||
Bausch Health Cos., Inc. (Pharmaceuticals) | (b) | 5.000% | 02/15/2029 | 50,000 | 20,617 | |||||||||
Bausch Health Cos., Inc. (Pharmaceuticals) | (b) | 6.250% | 02/15/2029 | 50,000 | 21,250 | |||||||||
Bayer U.S. Finance LLC (Pharmaceuticals) | (b) | 3.375% | 10/08/2024 | 775,000 | 750,351 | |||||||||
Becton Dickinson & Co. (Health Care Equip. & Supplies) | 4.685% | 12/15/2044 | 264,000 | 239,338 | ||||||||||
Becton Dickinson & Co. (Health Care Equip. & Supplies) | 3.794% | 05/20/2050 | 168,000 | 132,727 |
114 | (continued) |
Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||
HEALTH CARE (continued) | ||||||||||||||
Biogen, Inc. (Biotechnology) | 3.150% | 05/01/2050 | $ | 825,000 | $ | 564,410 | ||||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 0.750% | 11/13/2025 | 245,000 | 222,608 | ||||||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 3.900% | 02/20/2028 | 925,000 | 898,015 | ||||||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 4.250% | 10/26/2049 | 275,000 | 243,780 | ||||||||||
Centene Corp. (Health Care Providers & Svs.) | 4.250% | 12/15/2027 | 200,000 | 186,991 | ||||||||||
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.) | (b) | 5.625% | 03/15/2027 | 25,000 | 22,031 | |||||||||
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.) | (b) | 6.125% | 04/01/2030 | 50,000 | 29,786 | |||||||||
CHS / Community Health Systems, Inc. (Health Care Providers & Svs.) | (b) | 5.250% | 05/15/2030 | 75,000 | 59,080 | |||||||||
CVS Health Corp. (Health Care Providers & Svs.) | 2.875% | 06/01/2026 | 525,000 | 493,439 | ||||||||||
CVS Health Corp. (Health Care Providers & Svs.) | 4.250% | 04/01/2050 | 550,000 | 455,582 | ||||||||||
Danaher Corp. (Life Sciences Tools & Svs.) | 2.600% | 10/01/2050 | 770,000 | 519,546 | ||||||||||
Elevance Health, Inc. (Health Care Providers & Svs.) | 4.750% | 02/15/2033 | 530,000 | 514,765 | ||||||||||
Embecta Corp. (Health Care Equip. & Supplies) | (b) | 6.750% | 02/15/2030 | 50,000 | 44,808 | |||||||||
Garden Spinco Corp. (Health Care Equip. & Supplies) | (b) | 8.625% | 07/20/2030 | 25,000 | 26,869 | |||||||||
GE HealthCare Technologies, Inc. (Health Care Equip. & Supplies) | 6.377% | 11/22/2052 | 405,000 | 450,581 | ||||||||||
HCA, Inc. (Health Care Providers & Svs.) | 5.375% | 09/01/2026 | 75,000 | 74,411 | ||||||||||
HCA, Inc. (Health Care Providers & Svs.) | 5.200% | 06/01/2028 | 90,000 | 89,268 | ||||||||||
HCA, Inc. (Health Care Providers & Svs.) | 3.500% | 07/15/2051 | 600,000 | 415,106 | ||||||||||
HealthEquity, Inc. (Health Care Providers & Svs.) | (b) | 4.500% | 10/01/2029 | 75,000 | 66,100 | |||||||||
Legacy LifePoint Health LLC (Health Care Providers & Svs.) | (b) | 6.750% | 04/15/2025 | 50,000 | 46,441 | |||||||||
LifePoint Health, Inc. (Health Care Providers & Svs.) | (b) | 5.375% | 01/15/2029 | 75,000 | 44,299 | |||||||||
Medline Borrower LP (Health Care Equip. & Supplies) | (b) | 3.875% | 04/01/2029 | 50,000 | 43,453 | |||||||||
Medline Borrower LP (Health Care Equip. & Supplies) | (b) | 5.250% | 10/01/2029 | 175,000 | 151,847 | |||||||||
MPH Acquisition Holdings LLC (Health Care Providers & Svs.) | (b) | 5.750% | 11/01/2028 | 25,000 | 18,813 | |||||||||
Pfizer Investment Enterprises Pte Ltd. (Pharmaceuticals) | 4.450% | 05/19/2028 | 350,000 | 344,012 | ||||||||||
Pfizer Investment Enterprises Pte Ltd. (Pharmaceuticals) | 4.750% | 05/19/2033 | 350,000 | 348,681 | ||||||||||
Pfizer Investment Enterprises Pte Ltd. (Pharmaceuticals) | 5.300% | 05/19/2053 | 275,000 | 285,912 | ||||||||||
Prestige Brands, Inc. (Pharmaceuticals) | (b) | 5.125% | 01/15/2028 | 75,000 | 71,200 | |||||||||
Regeneron Pharmaceuticals, Inc. (Biotechnology) | 2.800% | 09/15/2050 | 702,000 | 452,050 | ||||||||||
Stryker Corp. (Health Care Equip. & Supplies) | 3.500% | 03/15/2026 | 450,000 | 431,681 | ||||||||||
Syneos Health, Inc. (Life Sciences Tools & Svs.) | (b) | 3.625% | 01/15/2029 | 50,000 | 48,879 | |||||||||
Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals) | 2.050% | 03/31/2030 | 350,000 | 290,868 | ||||||||||
Takeda Pharmaceutical Co. Ltd. (Pharmaceuticals) | 3.025% | 07/09/2040 | 650,000 | 492,012 | ||||||||||
Tenet Healthcare Corp. (Health Care Providers & Svs.) | 4.875% | 01/01/2026 | 75,000 | 73,049 | ||||||||||
Tenet Healthcare Corp. (Health Care Providers & Svs.) | 6.125% | 10/01/2028 | 75,000 | 72,203 | ||||||||||
Tenet Healthcare Corp. (Health Care Providers & Svs.) | 4.250% | 06/01/2029 | 25,000 | 22,586 | ||||||||||
Tenet Healthcare Corp. (Health Care Providers & Svs.) | (b) | 6.750% | 05/15/2031 | 25,000 | 25,061 | |||||||||
Thermo Fisher Scientific, Inc. (Life Sciences Tools & Svs.) | 1.215% | 10/18/2024 | 350,000 | 330,950 | ||||||||||
UnitedHealth Group, Inc. (Health Care Providers & Svs.) | 4.500% | 04/15/2033 | 500,000 | 487,001 | ||||||||||
UnitedHealth Group, Inc. (Health Care Providers & Svs.) | 5.050% | 04/15/2053 | 500,000 | 496,974 | ||||||||||
Zoetis, Inc. (Pharmaceuticals) | 3.000% | 05/15/2050 | 725,000 | 505,628 | ||||||||||
|
| |||||||||||||
14,716,096 | ||||||||||||||
|
| |||||||||||||
INDUSTRIALS – 3.4% | ||||||||||||||
Air Lease Corp. (Trading Companies & Distributors) | 5.850% | 12/15/2027 | 520,000 | 519,301 | ||||||||||
Airbus SE (Aerospace & Defense) | (b) | 3.150% | 04/10/2027 | 800,000 | 748,435 | |||||||||
Allegion PLC (Building Products) | 3.500% | 10/01/2029 | 825,000 | 728,609 | ||||||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies) | (b) | 6.625% | 07/15/2026 | 25,000 | 23,724 | |||||||||
Allied Universal Holdco LLC / Allied Universal Finance Corp. (Commercial Svs. & Supplies) | (b) | 6.000% | 06/01/2029 | 200,000 | 147,581 | |||||||||
American Builders & Contractors Supply Co., Inc. (Trading Companies & Distributors) | (b) | 4.000% | 01/15/2028 | 25,000 | 22,784 | |||||||||
Ashtead Capital, Inc. (Trading Companies & Distributors) | (b) | 5.550% | 05/30/2033 | 405,000 | 394,788 | |||||||||
BAE Systems PLC (Aerospace & Defense) | (b) | 3.000% | 09/15/2050 | 700,000 | 480,376 | |||||||||
BCPE Empire Holdings, Inc. (Commercial Svs. & Supplies) | (b) | 7.625% | 05/01/2027 | 125,000 | 116,251 | |||||||||
Boeing Co. / The (Aerospace & Defense) | 2.196% | 02/04/2026 | 1,025,000 | 940,753 | ||||||||||
Boeing Co. / The (Aerospace & Defense) | 2.950% | 02/01/2030 | 250,000 | 217,291 | ||||||||||
Boeing Co. / The (Aerospace & Defense) | 5.805% | 05/01/2050 | 350,000 | 348,723 | ||||||||||
Burlington Northern Santa Fe LLC (Ground Transportation) | 3.000% | 04/01/2025 | 475,000 | 457,165 | ||||||||||
Burlington Northern Santa Fe LLC (Ground Transportation) | 5.200% | 04/15/2054 | 350,000 | 356,969 | ||||||||||
Camelot Return Merger Sub, Inc. (Building Products) | (b) | 8.750% | 08/01/2028 | 25,000 | 23,625 | |||||||||
Canadian Pacific Railway Co. (Ground Transportation) | 1.750% | 12/02/2026 | 90,000 | 80,898 | ||||||||||
Canadian Pacific Railway Co. (Ground Transportation) | 2.050% | 03/05/2030 | 175,000 | 146,797 | ||||||||||
Canadian Pacific Railway Co. (Ground Transportation) | 3.000% | 12/02/2041 | 75,000 | 61,348 | ||||||||||
Canadian Pacific Railway Co. (Ground Transportation) | 3.500% | 05/01/2050 | 675,000 | 516,099 | ||||||||||
Clarivate Science Holdings Corp. (Professional Svs.) | (b) | 4.875% | 07/01/2029 | 75,000 | 66,533 | |||||||||
CNH Industrial N.V. (Machinery) | 3.850% | 11/15/2027 | 625,000 | 587,259 | ||||||||||
Cornerstone Building Brands, Inc. (Building Products) | (b) | 6.125% | 01/15/2029 | 25,000 | 19,750 | |||||||||
CP Atlas Buyer, Inc. (Building Products) | (b) | 7.000% | 12/01/2028 | 50,000 | 39,250 | |||||||||
Dun & Bradstreet Corp. / The (Professional Svs.) | (b) | 5.000% | 12/15/2029 | 50,000 | 44,086 | |||||||||
Equifax, Inc. (Professional Svs.) | 2.600% | 12/15/2025 | 750,000 | 697,721 |
115 | (continued) |
Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||
INDUSTRIALS (continued) | ||||||||||||||
ERAC U.S.A. Finance LLC (Ground Transportation) | (b) | 3.850% | 11/15/2024 | $ | 650,000 | $ | 633,057 | |||||||
ERAC U.S.A. Finance LLC (Ground Transportation) | (b) | 4.600% | 05/01/2028 | 150,000 | 145,663 | |||||||||
ERAC U.S.A. Finance LLC (Ground Transportation) | (b) | 4.900% | 05/01/2033 | 215,000 | 210,088 | |||||||||
Experian Finance PLC (Professional Svs.) | (b) | 4.250% | 02/01/2029 | 350,000 | 331,589 | |||||||||
Foundation Building Materials, Inc. (Trading Companies & Distributors) | (b) | 6.000% | 03/01/2029 | 125,000 | 104,375 | |||||||||
Garda World Security Corp. (Commercial Svs. & Supplies) | (b) | 4.625% | 02/15/2027 | 50,000 | 45,750 | |||||||||
Garda World Security Corp. (Commercial Svs. & Supplies) | (b) | 6.000% | 06/01/2029 | 50,000 | 40,973 | |||||||||
General Dynamics Corp. (Aerospace & Defense) | 1.150% | 06/01/2026 | 745,000 | 673,052 | ||||||||||
GXO Logistics, Inc. (Air Freight & Logistics) | 2.650% | 07/15/2031 | 670,000 | 521,019 | ||||||||||
H&E Equipment Services, Inc. (Trading Companies & Distributors) | (b) | 3.875% | 12/15/2028 | 50,000 | 43,289 | |||||||||
Honeywell International, Inc. (Industrial Conglomerates) | 1.350% | 06/01/2025 | 440,000 | 410,489 | ||||||||||
Honeywell International, Inc. (Industrial Conglomerates) | 2.800% | 06/01/2050 | 370,000 | 274,830 | ||||||||||
Huntington Ingalls Industries, Inc. (Aerospace & Defense) | 3.483% | 12/01/2027 | 850,000 | 779,101 | ||||||||||
Madison IAQ LLC (Commercial Svs. & Supplies) | (b) | 4.125% | 06/30/2028 | 25,000 | 22,007 | |||||||||
Madison IAQ LLC (Commercial Svs. & Supplies) | (b) | 5.875% | 06/30/2029 | 100,000 | 80,991 | |||||||||
Masco Corp. (Building Products) | 3.500% | 11/15/2027 | 350,000 | 327,042 | ||||||||||
MIWD Holdco II LLC / MIWD Finance Corp. (Building Products) | (b) | 5.500% | 02/01/2030 | 25,000 | 20,625 | |||||||||
Northrop Grumman Corp. (Aerospace & Defense) | 3.250% | 01/15/2028 | 825,000 | 769,378 | ||||||||||
Penske Truck Leasing Co. LP / PTL Finance Corp. (Ground Transportation) | (b) | 3.450% | 07/01/2024 | 500,000 | 487,051 | |||||||||
Raytheon Technologies Corp. (Aerospace & Defense) | 5.150% | 02/27/2033 | 680,000 | 689,295 | ||||||||||
Ritchie Bros Holdings, Inc. (Commercial Svs. & Supplies) | (b) | 6.750% | 03/15/2028 | 25,000 | 25,198 | |||||||||
Ritchie Bros Holdings, Inc. (Commercial Svs. & Supplies) | (b) | 7.750% | 03/15/2031 | 25,000 | 25,936 | |||||||||
Ryder System, Inc. (Ground Transportation) | 5.250% | 06/01/2028 | 650,000 | 641,784 | ||||||||||
Solaris Midstream Holdings LLC (Commercial Svs. & Supplies) | (b) | 7.625% | 04/01/2026 | 50,000 | 48,388 | |||||||||
SPX FLOW, Inc. (Machinery) | (b) | 8.750% | 04/01/2030 | 75,000 | 67,499 | |||||||||
Textron, Inc. (Aerospace & Defense) | 3.650% | 03/15/2027 | 600,000 | 562,025 | ||||||||||
TransDigm, Inc. (Aerospace & Defense) | (b) | 6.250% | 03/15/2026 | 75,000 | 74,633 | |||||||||
TransDigm, Inc. (Aerospace & Defense) | 5.500% | 11/15/2027 | 200,000 | 188,640 | ||||||||||
TransDigm, Inc. (Aerospace & Defense) | (b) | 6.750% | 08/15/2028 | 25,000 | 25,095 | |||||||||
Union Pacific Corp. (Ground Transportation) | 2.375% | 05/20/2031 | 585,000 | 494,666 | ||||||||||
United Parcel Service, Inc. (Air Freight & Logistics) | 4.875% | 03/03/2033 | 450,000 | 454,747 | ||||||||||
United Rentals North America, Inc. (Trading Companies & Distributors) | 4.875% | 01/15/2028 | 75,000 | 71,369 | ||||||||||
United Rentals North America, Inc. (Trading Companies & Distributors) | 5.250% | 01/15/2030 | 25,000 | 23,863 | ||||||||||
United Rentals North America, Inc. (Trading Companies & Distributors) | 3.875% | 02/15/2031 | 25,000 | 21,645 | ||||||||||
Valmont Industries, Inc. (Construction & Engineering) | 5.000% | 10/01/2044 | 40,000 | 35,074 | ||||||||||
Verisk Analytics, Inc. (Professional Svs.) | 4.125% | 03/15/2029 | 600,000 | 572,742 | ||||||||||
Watco Cos. LLC / Watco Finance Corp. (Ground Transportation) | (b) | 6.500% | 06/15/2027 | 50,000 | 47,515 | |||||||||
WESCO Distribution, Inc. (Trading Companies & Distributors) | (b) | 7.250% | 06/15/2028 | 100,000 | 102,006 | |||||||||
White Cap Buyer LLC (Building Products) | (b) | 6.875% | 10/15/2028 | 50,000 | 45,312 | |||||||||
White Cap Parent LLC (Building Products) | (b)(c) | 8.250%, 9.000% PIK | 03/15/2026 | 50,000 | 47,896 | |||||||||
Xylem, Inc. (Machinery) | 2.250% | 01/30/2031 | 705,000 | 584,982 | ||||||||||
|
| |||||||||||||
18,556,795 | ||||||||||||||
|
| |||||||||||||
INFORMATION TECHNOLOGY – 1.6% | ||||||||||||||
Apple, Inc. (Tech. Hardware, Storage & Periph.) | 2.900% | 09/12/2027 | 600,000 | 563,009 | ||||||||||
Apple, Inc. (Tech. Hardware, Storage & Periph.) | 4.000% | 05/10/2028 | 625,000 | 614,846 | ||||||||||
Apple, Inc. (Tech. Hardware, Storage & Periph.) | 2.375% | 02/08/2041 | 475,000 | 350,316 | ||||||||||
AthenaHealth Group, Inc. (Software) | (b) | 6.500% | 02/15/2030 | 175,000 | 147,287 | |||||||||
Boxer Parent Co., Inc. (Software) | (b) | 9.125% | 03/01/2026 | 50,000 | 49,750 | |||||||||
Broadcom, Inc. (Semiconductors & Equip.) | 4.150% | 11/15/2030 | 285,000 | 262,214 | ||||||||||
Broadcom, Inc. (Semiconductors & Equip.) | (b) | 3.469% | 04/15/2034 | 510,000 | 418,357 | |||||||||
Broadcom, Inc. (Semiconductors & Equip.) | (b) | 3.187% | 11/15/2036 | 15,000 | 11,336 | |||||||||
Capstone Borrower, Inc. (Software) | (b) | 8.000% | 06/15/2030 | 50,000 | 49,376 | |||||||||
CDW LLC / CDW Finance Corp. (Electronic Equip., Instr. & Comp.) | 2.670% | 12/01/2026 | 480,000 | 430,982 | ||||||||||
Central Parent, Inc. / CDK Global, Inc. (Software) | (b) | 7.250% | 06/15/2029 | 75,000 | 74,159 | |||||||||
Cloud Software Group, Inc. (Software) | (b) | 6.500% | 03/31/2029 | 50,000 | 44,519 | |||||||||
Cloud Software Group, Inc. (Software) | (b) | 9.000% | 09/30/2029 | 25,000 | 21,836 | |||||||||
Coherent Corp. (Electronic Equip., Instr. & Comp.) | (b) | 5.000% | 12/15/2029 | 75,000 | 67,696 | |||||||||
Consensus Cloud Solutions, Inc. (Software) | (b) | 6.000% | 10/15/2026 | 25,000 | 22,687 | |||||||||
Consensus Cloud Solutions, Inc. (Software) | (b) | 6.500% | 10/15/2028 | 50,000 | 42,750 | |||||||||
Elastic N.V. (Software) | (b) | 4.125% | 07/15/2029 | 50,000 | 43,134 | |||||||||
Fortinet, Inc. (Software) | 1.000% | 03/15/2026 | 670,000 | 597,609 | ||||||||||
Go Daddy Operating Co. LLC / GD Finance Co., Inc. (IT Svs.) | (b) | 5.250% | 12/01/2027 | 50,000 | 47,500 | |||||||||
Leidos, Inc. (IT Svs.) | 3.625% | 05/15/2025 | 220,000 | 211,005 | ||||||||||
Leidos, Inc. (IT Svs.) | 4.375% | 05/15/2030 | 525,000 | 482,021 | ||||||||||
McAfee Corp. (Software) | (b) | 7.375% | 02/15/2030 | 175,000 | 152,166 | |||||||||
NCR Corp. (Software) | (b) | 5.000% | 10/01/2028 | 25,000 | 22,311 | |||||||||
NCR Corp. (Software) | (b) | 5.250% | 10/01/2030 | 50,000 | 43,470 | |||||||||
Open Text Corp. (Software) | (b) | 3.875% | 12/01/2029 | 50,000 | 41,793 |
116 | (continued) |
Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||
INFORMATION TECHNOLOGY (continued) | ||||||||||||||
Oracle Corp. (Software) | 6.250% | 11/09/2032 | $ | 600,000 | $ | 636,895 | ||||||||
Oracle Corp. (Software) | 3.600% | 04/01/2050 | 700,000 | 500,191 | ||||||||||
Rocket Software, Inc. (Software) | (b) | 6.500% | 02/15/2029 | 125,000 | 105,275 | |||||||||
Roper Technologies, Inc. (Software) | 1.000% | 09/15/2025 | 525,000 | 477,347 | ||||||||||
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.) | (b) | 8.250% | 12/15/2029 | 25,000 | 26,112 | |||||||||
Seagate HDD Cayman (Tech. Hardware, Storage & Periph.) | (b) | 9.625% | 12/01/2032 | 39,000 | 43,034 | |||||||||
Skyworks Solutions, Inc. (Semiconductors & Equip.) | 1.800% | 06/01/2026 | 50,000 | 44,660 | ||||||||||
SS&C Technologies, Inc. (Professional Svs.) | (b) | 5.500% | 09/30/2027 | 100,000 | 95,733 | |||||||||
Trimble, Inc. (Electronic Equip., Instr. & Comp.) | 6.100% | 03/15/2033 | 350,000 | 354,631 | ||||||||||
TTM Technologies, Inc. (Electronic Equip., Instr. & Comp.) | (b) | 4.000% | 03/01/2029 | 75,000 | 63,748 | |||||||||
VeriSign, Inc. (IT Svs.) | 2.700% | 06/15/2031 | 660,000 | 549,343 | ||||||||||
Veritas U.S., Inc. / Veritas Bermuda Ltd. (Software) | (b) | 7.500% | 09/01/2025 | 50,000 | 40,571 | |||||||||
VMware, Inc. (Software) | 1.400% | 08/15/2026 | 240,000 | 211,930 | ||||||||||
VMware, Inc. (Software) | 2.200% | 08/15/2031 | 190,000 | 149,302 | ||||||||||
Vontier Corp. (Electronic Equip., Instr. & Comp.) | 1.800% | 04/01/2026 | 465,000 | 412,854 | ||||||||||
|
| |||||||||||||
8,523,755 | ||||||||||||||
|
| |||||||||||||
MATERIALS – 1.0% | ||||||||||||||
Albemarle Corp. (Chemicals) | 5.450% | 12/01/2044 | 275,000 | 258,543 | ||||||||||
Anglo American Capital PLC (Metals & Mining) | (b) | 2.875% | 03/17/2031 | 775,000 | 639,885 | |||||||||
Ardagh Packaging Finance PLC / Ardagh Holdings U.S.A., Inc. (Containers & Packaging) | (b) | 5.250% | 08/15/2027 | 300,000 | 254,124 | |||||||||
Ball Corp. (Containers & Packaging) | 6.875% | 03/15/2028 | 25,000 | 25,497 | ||||||||||
Ball Corp. (Containers & Packaging) | 6.000% | 06/15/2029 | 25,000 | 24,813 | ||||||||||
Ball Corp. (Containers & Packaging) | 3.125% | 09/15/2031 | 25,000 | 20,564 | ||||||||||
Clearwater Paper Corp. (Paper & Forest Products) | (b) | 4.750% | 08/15/2028 | 100,000 | 88,016 | |||||||||
Cleveland-Cliffs, Inc. (Metals & Mining) | (b) | 4.875% | 03/01/2031 | 50,000 | 43,943 | |||||||||
Clydesdale Acquisition Holdings, Inc. (Containers & Packaging) | (b) | 8.750% | 04/15/2030 | 275,000 | 242,749 | |||||||||
Coeur Mining, Inc. (Metals & Mining) | (b) | 5.125% | 02/15/2029 | 50,000 | 41,250 | |||||||||
Crown Americas LLC / Crown Americas Capital Corp. V (Containers & Packaging) | 4.250% | 09/30/2026 | 25,000 | 23,675 | ||||||||||
Diamond BC B.V. (Chemicals) | (b) | 4.625% | 10/01/2029 | 100,000 | 100,876 | |||||||||
Glencore Funding LLC (Metals & Mining) | (b) | 1.625% | 04/27/2026 | 475,000 | 428,266 | |||||||||
Glencore Funding LLC (Metals & Mining) | (b) | 3.375% | 09/23/2051 | 400,000 | 269,352 | |||||||||
Graphic Packaging International LLC (Containers & Packaging) | (b) | 3.500% | 03/01/2029 | 50,000 | 43,722 | |||||||||
International Flavors & Fragrances, Inc. (Chemicals) | (b) | 1.832% | 10/15/2027 | 450,000 | 379,460 | |||||||||
Mauser Packaging Solutions Holding Co. (Containers & Packaging) | (b) | 7.875% | 08/15/2026 | 50,000 | 49,675 | |||||||||
Mauser Packaging Solutions Holding Co. (Containers & Packaging) | (b) | 9.250% | 04/15/2027 | 25,000 | 23,075 | |||||||||
OI European Group B.V. (Containers & Packaging) | (b) | 4.750% | 02/15/2030 | 50,000 | 45,128 | |||||||||
Owens-Brockway Glass Container, Inc. (Containers & Packaging) | (b) | 6.625% | 05/13/2027 | 38,000 | 37,627 | |||||||||
Owens-Brockway Glass Container, Inc. (Containers & Packaging) | (b) | 7.250% | 05/15/2031 | 25,000 | 25,313 | |||||||||
Packaging Corp. of America (Containers & Packaging) | 3.650% | 09/15/2024 | 675,000 | 661,035 | ||||||||||
Polar U.S. Borrower LLC / Schenectady International Group, Inc. (Chemicals) | (b) | 6.750% | 05/15/2026 | 25,000 | 14,750 | |||||||||
RPM International, Inc. (Chemicals) | 4.550% | 03/01/2029 | 475,000 | 444,984 | ||||||||||
Sealed Air Corp. (Containers & Packaging) | (b) | 4.000% | 12/01/2027 | 50,000 | 45,637 | |||||||||
SRS Distribution, Inc. (Construction Materials) | (b) | 6.125% | 07/01/2029 | 25,000 | 21,591 | |||||||||
SRS Distribution, Inc. (Construction Materials) | (b) | 6.000% | 12/01/2029 | 125,000 | 107,881 | |||||||||
Standard Industries, Inc. (Construction Materials) | (b) | 5.000% | 02/15/2027 | 150,000 | 142,957 | |||||||||
Synovus Bank (Chemicals) | 5.625% | 02/15/2028 | 300,000 | 271,046 | ||||||||||
Trivium Packaging Finance B.V. (Containers & Packaging) | (b) | 8.500% | 08/15/2027 | 225,000 | 216,589 | |||||||||
W.R. Grace Holdings LLC (Chemicals) | (b) | 4.875% | 06/15/2027 | 25,000 | 23,186 | |||||||||
W.R. Grace Holdings LLC (Chemicals) | (b) | 5.625% | 08/15/2029 | 50,000 | 40,965 | |||||||||
WRKCo, Inc. (Containers & Packaging) | 4.000% | 03/15/2028 | 600,000 | 558,409 | ||||||||||
|
| |||||||||||||
5,614,583 | ||||||||||||||
|
| |||||||||||||
REAL ESTATE – 1.3% | ||||||||||||||
Alexandria Real Estate Equities, Inc. (Office REITs) | 1.875% | 02/01/2033 | 930,000 | 679,624 | ||||||||||
American Tower Corp. (Specialized REITs) | 2.700% | 04/15/2031 | 650,000 | 538,998 | ||||||||||
AvalonBay Communities, Inc. (Residential REITs) | 3.350% | 05/15/2027 | 725,000 | 676,246 | ||||||||||
Boston Properties LP (Office REITs) | 3.650% | 02/01/2026 | 650,000 | 603,024 | ||||||||||
Crown Castle, Inc. (Specialized REITs) | 3.250% | 01/15/2051 | 800,000 | 545,260 | ||||||||||
Healthcare Realty Holdings LP (Health Care REITs) | 2.000% | 03/15/2031 | 525,000 | 403,045 | ||||||||||
Iron Mountain, Inc. (Specialized REITs) | (b) | 7.000% | 02/15/2029 | 50,000 | 50,084 | |||||||||
Kimco Realty OP LLC (Retail REITs) | 2.700% | 10/01/2030 | 550,000 | 453,116 | ||||||||||
Mid-America Apartments LP (Residential REITs) | 4.000% | 11/15/2025 | 725,000 | 701,366 | ||||||||||
Outfront Media Capital LLC / Outfront Media Capital Corp. (Specialized REITs) | (b) | 5.000% | 08/15/2027 | 25,000 | 22,693 | |||||||||
Outfront Media Capital LLC / Outfront Media Capital Corp. (Specialized REITs) | (b) | 4.250% | 01/15/2029 | 50,000 | 42,018 | |||||||||
Piedmont Operating Partnership LP (Office REITs) | 2.750% | 04/01/2032 | 300,000 | 201,994 | ||||||||||
Regency Centers LP (Retail REITs) | 2.950% | 09/15/2029 | 800,000 | 685,671 | ||||||||||
RHP Hotel Properties LP / RHP Finance Corp. (Hotel & Resort REITs) | (b) | 7.250% | 07/15/2028 | 25,000 | 25,256 | |||||||||
UDR, Inc. (Residential REITs) | 3.500% | 01/15/2028 | 725,000 | 662,287 | ||||||||||
VICI Properties LP / VICI Note Co., Inc. (Specialized REITs) | (b) | 4.625% | 06/15/2025 | 75,000 | 72,468 |
117 | (continued) |
Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Corporate Bonds (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||||
REAL ESTATE (continued) | ||||||||||||||||
Welltower OP LLC (Health Care REITs) | 4.250% | 04/01/2026 | $ | 475,000 | $ | 459,301 | ||||||||||
WP Carey, Inc. (Diversified REITs) | 3.850% | 07/15/2029 | 350,000 | 317,532 | ||||||||||||
|
| |||||||||||||||
7,139,983 | ||||||||||||||||
|
| |||||||||||||||
UTILITIES – 2.3% | ||||||||||||||||
Ameren Corp. (Multi-Utilities) | 1.750% | 03/15/2028 | 1,000,000 | 856,329 | ||||||||||||
American Electric Power Co., Inc. (Electric Utilities) | 2.031% | 03/15/2024 | 335,000 | 325,791 | ||||||||||||
American Electric Power Co., Inc. (Electric Utilities) | 5.625% | 03/01/2033 | 380,000 | 386,331 | ||||||||||||
AmeriGas Partners LP / AmeriGas Finance Corp. (Gas Utilities) | 5.500% | 05/20/2025 | 50,000 | 48,260 | ||||||||||||
Black Hills Corp. (Multi-Utilities) | 2.500% | 06/15/2030 | 370,000 | 305,018 | ||||||||||||
Calpine Corp. (Ind. Power & Renewable Elec.) | (b) | 5.000% | 02/01/2031 | 50,000 | 41,354 | |||||||||||
Calpine Corp. (Ind. Power & Renewable Elec.) | (b) | 3.750% | 03/01/2031 | 25,000 | 20,253 | |||||||||||
Constellation Energy Generation LLC (Electric Utilities) | 5.800% | 03/01/2033 | 400,000 | 409,453 | ||||||||||||
Dominion Energy, Inc. (Multi-Utilities) | 1.450% | 04/15/2026 | 670,000 | 601,515 | ||||||||||||
Duke Energy Corp. (Electric Utilities) | 3.750% | 09/01/2046 | 650,000 | 491,675 | ||||||||||||
Duke Energy Corp. (Electric Utilities) | 4.200% | 06/15/2049 | 725,000 | 588,067 | ||||||||||||
Electricite de France SA (Electric Utilities) | (b) | 6.250% | 05/23/2033 | 445,000 | 452,378 | |||||||||||
Emera U.S. Finance LP (Electric Utilities) | 3.550% | 06/15/2026 | 400,000 | 378,224 | ||||||||||||
Emera U.S. Finance LP (Electric Utilities) | 4.750% | 06/15/2046 | 400,000 | 324,481 | ||||||||||||
Emerald Debt Merger Sub LLC (Electric Utilities) | (b) | 6.625% | 12/15/2030 | 75,000 | 74,344 | |||||||||||
Enel Finance International N.V. (Electric Utilities) | (b) | 2.250% | 07/12/2031 | 750,000 | 587,569 | |||||||||||
Eversource Energy (Electric Utilities) | 3.350% | 03/15/2026 | 670,000 | 631,238 | ||||||||||||
Exelon Corp. (Electric Utilities) | 4.050% | 04/15/2030 | 1,175,000 | 1,098,010 | ||||||||||||
Exelon Corp. (Electric Utilities) | 4.100% | 03/15/2052 | 55,000 | 44,337 | ||||||||||||
FirstEnergy Corp. (Electric Utilities) | 2.650% | 03/01/2030 | 250,000 | 210,842 | ||||||||||||
National Fuel Gas Co. (Gas Utilities) | 5.500% | 01/15/2026 | 450,000 | 443,594 | ||||||||||||
National Fuel Gas Co. (Gas Utilities) | 2.950% | 03/01/2031 | 270,000 | 215,993 | ||||||||||||
NextEra Energy Capital Holdings, Inc. (Electric Utilities) | 3.550% | 05/01/2027 | 600,000 | 565,192 | ||||||||||||
NextEra Energy Capital Holdings, Inc. (Electric Utilities) | 2.250% | 06/01/2030 | 600,000 | 499,032 | ||||||||||||
NiSource, Inc. (Multi-Utilities) | 5.250% | 03/30/2028 | 105,000 | 104,917 | ||||||||||||
NiSource, Inc. (Multi-Utilities) | 5.400% | 06/30/2033 | 500,000 | 500,334 | ||||||||||||
NRG Energy, Inc. (Electric Utilities) | 5.750% | 01/15/2028 | 50,000 | 47,383 | ||||||||||||
NRG Energy, Inc. (Electric Utilities) | (b) | 3.875% | 02/15/2032 | 25,000 | 19,262 | |||||||||||
PPL Capital Funding, Inc. (Electric Utilities) | 3.100% | 05/15/2026 | 200,000 | 188,779 | ||||||||||||
Puget Energy, Inc. (Electric Utilities) | 2.379% | 06/15/2028 | 685,000 | 590,764 | ||||||||||||
Sempra Energy (Multi-Utilities) | 3.700% | 04/01/2029 | 590,000 | 538,871 | ||||||||||||
Southern Co. / The (Rate is fixed until 01/15/2026, at which point, the rate becomes H15T5Y + 373) (Electric Utilities) | (d) | 4.000% | 01/15/2051 | 700,000 | 647,374 | |||||||||||
Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities) | 5.875% | 03/01/2027 | 50,000 | 48,309 | ||||||||||||
Suburban Propane Partners LP / Suburban Energy Finance Corp. (Gas Utilities) | (b) | 5.000% | 06/01/2031 | 25,000 | 20,929 | |||||||||||
TerraForm Power Operating LLC (Ind. Power & Renewable Elec.) | (b) | 5.000% | 01/31/2028 | 75,000 | 69,049 | |||||||||||
TransAlta Corp. (Ind. Power & Renewable Elec.) | 7.750% | 11/15/2029 | 25,000 | 25,737 | ||||||||||||
Vistra Operations Co. LLC (Ind. Power & Renewable Elec.) | (b) | 5.500% | 09/01/2026 | 75,000 | 72,168 | |||||||||||
WEC Energy Group, Inc. (Multi-Utilities) | 0.800% | 03/15/2024 | 220,000 | 212,314 | ||||||||||||
WEC Energy Group, Inc. (Multi-Utilities) | 2.200% | 12/15/2028 | 190,000 | 163,430 | ||||||||||||
|
| |||||||||||||||
12,848,900 | ||||||||||||||||
|
| |||||||||||||||
Total Corporate Bonds (Cost $167,670,387) | $ | 146,194,701 | ||||||||||||||
|
| |||||||||||||||
U.S. Government Agency Mortgage-Backed Securities – 23.6% | Rate | Maturity | Face Amount | Value | ||||||||||||
Fannie Mae Pool FN BM4333 | 3.500% | 12/01/2047 | $ | 936,269 | $ | 865,180 | ||||||||||
Fannie Mae Pool FN BN6715 | 4.000% | 06/01/2049 | 2,735,507 | 2,610,413 | ||||||||||||
Fannie Mae Pool FN BP2797 | 2.500% | 05/01/2050 | 1,405,037 | 1,198,895 | ||||||||||||
Fannie Mae Pool FN BP6700 | 2.500% | 09/01/2050 | 3,875,176 | 3,330,040 | ||||||||||||
Fannie Mae Pool FN BP8188 | 2.000% | 09/01/2050 | 6,077,926 | 4,998,883 | ||||||||||||
Fannie Mae Pool FN BQ4558 | 2.000% | 03/01/2051 | 2,032,179 | 1,665,886 | ||||||||||||
Fannie Mae Pool FN BR1844 | 2.500% | 01/01/2051 | 1,152,674 | 983,540 | ||||||||||||
Fannie Mae Pool FN BR4390 | 2.000% | 03/01/2051 | 3,509,732 | 2,881,154 | ||||||||||||
Fannie Mae Pool FN BR9750 | 2.000% | 04/01/2051 | 3,540,952 | 2,904,041 | ||||||||||||
Fannie Mae Pool FN BT7183 | 2.500% | 08/01/2051 | 1,560,739 | 1,332,590 | ||||||||||||
Fannie Mae Pool FN BU3058 | 2.500% | 12/01/2051 | 2,755,516 | 2,339,355 | ||||||||||||
Fannie Mae Pool FN BW7264 | 5.500% | 11/01/2052 | 2,818,399 | 2,813,897 | ||||||||||||
Fannie Mae Pool FN BW7449 | 5.000% | 11/01/2052 | 981,260 | 962,228 | ||||||||||||
Fannie Mae Pool FN BW9916 | 5.000% | 10/01/2052 | 743,064 | 728,279 | ||||||||||||
Fannie Mae Pool FN CA4819 | 4.000% | 12/01/2049 | 941,101 | 895,499 | ||||||||||||
Fannie Mae Pool FN CA5348 | 3.500% | 03/01/2050 | 1,492,833 | 1,374,890 | ||||||||||||
Fannie Mae Pool FN CA5706 | 2.500% | 05/01/2050 | 1,831,128 | 1,562,463 | ||||||||||||
Fannie Mae Pool FN CA6998 | 3.000% | 09/01/2050 | 2,873,792 | 2,551,388 | ||||||||||||
Fannie Mae Pool FN CA8118 | 2.000% | 12/01/2050 | 1,759,798 | 1,447,148 | ||||||||||||
Fannie Mae Pool FN CA9293 | 2.500% | 02/01/2051 | 2,344,496 | 1,999,642 |
118 | (continued) |
Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
U.S. Government Agency Mortgage-Backed Securities (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||
Fannie Mae Pool FN CA9390 | 2.500% | 03/01/2051 | $ | 4,208,415 | $ | 3,573,593 | ||||||||
Fannie Mae Pool FN CB1150 | 3.000% | 07/01/2051 | 1,844,664 | 1,624,807 | ||||||||||
Fannie Mae Pool FN CB1867 | 2.500% | 10/01/2051 | 5,202,330 | 4,414,655 | ||||||||||
Fannie Mae Pool FN CB3335 | 4.500% | 04/01/2052 | 4,679,005 | 4,562,696 | ||||||||||
Fannie Mae Pool FN CB3586 | 3.000% | 05/01/2052 | 3,655,021 | 3,220,022 | ||||||||||
Fannie Mae Pool FN FM2778 | 3.000% | 03/01/2050 | 2,048,826 | 1,819,427 | ||||||||||
Fannie Mae Pool FN FM3734 | 3.500% | 09/01/2049 | 1,106,989 | 1,029,561 | ||||||||||
Fannie Mae Pool FN FM3919 | 4.000% | 05/01/2049 | 694,159 | 667,829 | ||||||||||
Fannie Mae Pool FN FM4122 | 2.000% | 08/01/2050 | 6,167,411 | 5,077,450 | ||||||||||
Fannie Mae Pool FN FM4317 | 3.000% | 09/01/2050 | 2,700,428 | 2,392,909 | ||||||||||
Fannie Mae Pool FN FM4532 | 3.000% | 09/01/2050 | 3,083,440 | 2,733,756 | ||||||||||
Fannie Mae Pool FN FM6708 | 2.500% | 01/01/2051 | 3,052,252 | 2,604,393 | ||||||||||
Fannie Mae Pool FN FM7293 | 2.500% | 05/01/2051 | 1,216,515 | 1,036,887 | ||||||||||
Fannie Mae Pool FN FM7706 | 3.500% | 08/01/2050 | 3,042,770 | 2,804,848 | ||||||||||
Fannie Mae Pool FN FS2041 | 2.000% | 08/01/2051 | 3,781,165 | 3,091,661 | ||||||||||
Fannie Mae Pool FN FS2099 | 1.500% | 04/01/2052 | 1,275,259 | 986,235 | ||||||||||
Fannie Mae Pool FN FS3024 | 4.000% | 09/01/2052 | 1,587,193 | 1,491,776 | ||||||||||
Fannie Mae Pool FN FS3747 | 5.500% | 12/01/2052 | 474,602 | 473,710 | ||||||||||
Fannie Mae Pool FN FS3813 | 4.500% | 11/01/2052 | 1,240,444 | 1,192,773 | ||||||||||
Fannie Mae Pool FN MA4138 | 1.500% | 09/01/2050 | 4,167,714 | 3,231,219 | ||||||||||
Fannie Mae Pool FN MA4255 | 2.000% | 02/01/2051 | 1,589,831 | 1,303,054 | ||||||||||
Fannie Mae Pool FN MA4593 | 4.000% | 03/01/2052 | 814,291 | 764,362 | ||||||||||
Fannie Mae Pool FN MA4732 | 4.000% | 09/01/2052 | 1,940,150 | 1,820,961 | ||||||||||
Fannie Mae Pool FN MA4804 | 4.000% | 11/01/2052 | 790,833 | 742,251 | ||||||||||
Fannie Mae Pool FN MA4980 | 6.000% | 04/01/2053 | 240,882 | 242,992 | ||||||||||
Freddie Mac Pool FR QF1237 | 5.000% | 10/01/2052 | 2,626,982 | 2,576,213 | ||||||||||
Freddie Mac Pool FR QF2557 | 4.500% | 10/01/2052 | 265,031 | 254,836 | ||||||||||
Freddie Mac Pool FR QF6796 | 5.500% | 01/01/2053 | 445,910 | 444,712 | ||||||||||
Freddie Mac Pool FR RA3357 | 2.000% | 08/01/2050 | 1,147,225 | 943,646 | ||||||||||
Freddie Mac Pool FR RA3575 | 2.000% | 09/01/2050 | 5,595,563 | 4,601,717 | ||||||||||
Freddie Mac Pool FR RA5761 | 2.000% | 06/01/2051 | 2,312,066 | 1,895,004 | ||||||||||
Freddie Mac Pool FR RA7279 | 3.500% | 05/01/2052 | 2,761,827 | 2,519,069 | ||||||||||
Freddie Mac Pool FR SD0451 | 3.000% | 10/01/2050 | 842,622 | 746,732 | ||||||||||
Freddie Mac Pool FR SD0625 | 2.500% | 05/01/2051 | 2,049,027 | 1,749,523 | ||||||||||
Freddie Mac Pool FR SD0977 | 3.500% | 02/01/2052 | 5,632,515 | 5,163,774 | ||||||||||
Freddie Mac Pool FR SD1966 | 4.000% | 11/01/2052 | 967,483 | 908,497 | ||||||||||
Freddie Mac Pool FR SD7505 | 4.500% | 08/01/2049 | 715,517 | 701,770 | ||||||||||
Freddie Mac Pool FR SD8104 | 1.500% | 11/01/2050 | 2,028,500 | 1,568,909 | ||||||||||
Freddie Mac Pool FR SD8121 | 2.000% | 01/01/2051 | 1,567,872 | 1,289,400 | ||||||||||
Freddie Mac Pool FR SD8148 | 3.000% | 05/01/2051 | 2,906,131 | 2,566,623 | ||||||||||
Freddie Mac Pool FR SD8210 | 4.000% | 03/01/2052 | 785,048 | 737,392 | ||||||||||
Freddie Mac Pool FR SD8211 | 2.000% | 05/01/2052 | 6,181,120 | 5,041,529 | ||||||||||
Freddie Mac Pool FR SD8214 | 3.500% | 05/01/2052 | 609,560 | 555,585 | ||||||||||
Freddie Mac Pool FR SD8275 | 4.500% | 12/01/2052 | 1,221,657 | 1,174,662 | ||||||||||
Freddie Mac Pool FR ZT1257 | 3.000% | 01/01/2046 | 700,410 | 627,333 | ||||||||||
Ginnie Mae II Pool G2 MA6866 | 3.000% | 09/20/2050 | 1,327,193 | 1,194,251 | ||||||||||
|
| |||||||||||||
Total U.S. Government Agency Mortgage-Backed Securities (Cost $145,838,782) | $ | 129,610,415 | ||||||||||||
|
| |||||||||||||
Investment Companies – 5.9% | Shares | Value | ||||||||||||
Federated Hermes Core Trust - Bank Loan Core Fund (Acquired 06/28/2021, Cost $746,662) | (e)(f) | 77,055 | $ | 668,066 | ||||||||||
Federated Hermes Core Trust - Emerging Markets Core Fund (Acquired 06/28/2021 through 03/24/2023, Cost $14,197,731) | (e)(f) | 1,608,823 | 12,709,703 | |||||||||||
Federated Hermes Core Trust III - Federated Project and Trade Finance Core Fund (Acquired 05/01/2020 through 06/28/2021, Cost $19,222,113) | (f)(g) | 2,176,961 | 19,048,411 | |||||||||||
|
| |||||||||||||
Total Investment Companies (Cost $34,166,506) | $ | 32,426,180 | ||||||||||||
|
| |||||||||||||
Asset-Backed / Mortgage-Backed Securities – 5.2% | Rate | Maturity | Face Amount | Value | ||||||||||
FINANCIALS – 5.2% | ||||||||||||||
AmeriCredit Automobile Receivables Trust 2020-2 D | 2.130% | 03/18/2026 | $ | 180,000 | $ | 170,465 | ||||||||
AmeriCredit Automobile Receivables Trust 2020-3 D | 1.490% | 09/18/2026 | 175,000 | 161,873 | ||||||||||
BANK 2022-BNK40 A4 | 3.507% | 03/15/2064 | 660,000 | 574,021 | ||||||||||
Benchmark 2020-B19 A5 | 1.850% | 09/15/2053 | 1,150,000 | 890,095 | ||||||||||
Benchmark 2021-B26 A2 | 1.957% | 06/15/2054 | 520,000 | 464,295 | ||||||||||
Carmax Auto Owner Trust 2021-1 D | 1.280% | 07/15/2027 | 100,000 | 91,367 | ||||||||||
Chesapeake Funding II LLC 2020-1A D | (b) | 2.830% | 08/15/2032 | 150,000 | 148,340 | |||||||||
Ford Credit Auto Owner Trust 2023-1 C | (b) | 5.580% | 08/15/2035 | 3,000,000 | 2,962,680 | |||||||||
Ford Credit Floorplan Master Owner Trust A 2020-1 D | 2.120% | 09/15/2025 | 395,000 | 384,588 | ||||||||||
Freddie Mac Multifamily Structured Pass Through Certificates K108 A2 | 1.517% | 03/25/2030 | 400,000 | 331,261 | ||||||||||
Freddie Mac Multifamily Structured Pass Through Certificates K109 A2 | 1.558% | 04/25/2030 | 400,000 | 330,956 | ||||||||||
GM Financial Consumer Automobile Receivables Trust 2020-3 D | 1.910% | 09/16/2027 | 400,000 | 382,178 |
119 | (continued) |
Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Asset-Backed / Mortgage-Backed Securities (Continued) | Rate | Maturity | Face Amount | Value | ||||||||||
FINANCIALS (continued) | ||||||||||||||
GS Mortgage-Backed Securities Trust 2022-PJ3 A4 | (b) | 2.500% | 08/25/2052 | $ | 1,843,503 | $ | 1,484,379 | |||||||
Home Partners of America 2022-1 B | (b) | 4.330% | 04/17/2039 | 735,013 | 689,507 | |||||||||
Invitation Homes 2018-SFR4 B | (b)(h) | ML + 125 | 01/17/2038 | 2,999,862 | 2,984,284 | |||||||||
J.P. Morgan Mortgage Trust 2022-1 A2 | (b) | 3.000% | 07/25/2052 | 1,365,623 | 1,146,643 | |||||||||
J.P. Morgan Mortgage Trust 2023-4 1A2 | (b) | 6.000% | 11/25/2053 | 2,000,000 | 1,987,500 | |||||||||
JP Morgan Mortgage Trust 2022-2 A3 | (b) | 2.500% | 08/25/2052 | 1,827,091 | 1,464,313 | |||||||||
JP Morgan Mortgage Trust 2022-3 A3 | (b) | 2.500% | 08/25/2052 | 1,840,579 | 1,482,025 | |||||||||
MMAF Equipment Finance LLC 2020-A A5 | (b) | 1.560% | 10/09/2042 | 750,000 | 650,620 | |||||||||
Navient Private Education Refi Loan Trust 2020-FA A | (b) | 1.220% | 07/15/2069 | 148,469 | 131,781 | |||||||||
PFS Financing Corp. 2020-G B | (b) | 1.570% | 02/15/2026 | 310,000 | 300,558 | |||||||||
Progress Residential 2022-SFR1 E1 | (b) | 3.930% | 02/17/2041 | 900,000 | 767,109 | |||||||||
Progress Residential 2022-SFR2 D | (b) | 3.945% | 04/17/2027 | 1,000,000 | 904,849 | |||||||||
Progress Residential 2022-SFR4 B | (b) | 4.788% | 05/17/2041 | 800,000 | 756,741 | |||||||||
Santander Consumer Auto Receivables Trust 2020-BA D | (b) | 2.140% | 12/15/2026 | 530,000 | 507,262 | |||||||||
Santander Drive Auto Receivables Trust 2020-3 D | 1.640% | 11/16/2026 | 745,643 | 726,710 | ||||||||||
Santander Drive Auto Receivables Trust 2023-1 C | 5.090% | 05/15/2030 | 2,400,000 | 2,337,235 | ||||||||||
Sierra Timeshare 2020-2A A | (b) | 1.330% | 07/20/2037 | 171,645 | 158,958 | |||||||||
SMB Private Education Loan Trust 2020-B A1A | (b) | 1.290% | 07/15/2053 | 367,798 | 327,738 | |||||||||
World Omni Auto Receivables Trust 2023-A B | 5.030% | 05/15/2029 | 2,420,000 | 2,380,289 | ||||||||||
World Omni Select Auto Trust 2020-A D | 1.700% | 10/15/2026 | 250,000 | 237,322 | ||||||||||
|
| |||||||||||||
Total Asset-Backed / Mortgage-Backed Securities (Cost $30,638,651) | $ | 28,317,942 | ||||||||||||
|
| |||||||||||||
Sovereign Debt Issues – 0.3% | Rate | Maturity | Face Amount | Value | ||||||||||
Mexico Government International Bond | 3.750% | 01/11/2028 | $ | 625,000 | $ | 594,294 | ||||||||
Mexico Government International Bond | 4.500% | 01/31/2050 | 775,000 | 631,115 | ||||||||||
Republic of Poland Government International Bond | 4.000% | 01/22/2024 | 600,000 | 594,463 | ||||||||||
|
| |||||||||||||
Total Sovereign Debt Issues (Cost $2,094,918) | $ | 1,819,872 | ||||||||||||
|
| |||||||||||||
Total Investments – 96.4% (Cost $588,454,896) | (i) | $ | 529,050,595 | |||||||||||
Other Assets in Excess of Liabilities – 3.6% | 19,735,020 | |||||||||||||
|
| |||||||||||||
Net Assets – 100.0% | $ | 548,785,615 | ||||||||||||
|
|
Percentages are stated as a percent of net assets.
Abbreviations: | ||
H15T5Y: | U.S. Treasury Yield Curve Rate T-Note Constant Maturity 5 Year, 4.130% at 06/30/2023 | |
ML: | Monthly U.S. LIBOR Rate, 5.218% at 06/30/2023 | |
PIK: | Payment-in-Kind | |
REITs: | Real Estate Investment Trusts | |
SOFR: | Secured Overnight Financing Rate, 5.090% at 06/30/2023 | |
TSFR3M: | Quarterly CME Term SOFR, 5.268% at 06/30/2023 |
Footnotes:
(a) | Security is partially pledged as collateral for the futures contracts outstanding at June 30, 2023. The market value of securities pledged totaled $1,517,625. See also the following Schedule of Open Futures Contracts. |
(b) | Security exempt from registration under Regulation D of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified buyers under Rule 144A. At June 30, 2023, the value of these securities totaled $45,727,934, or 8.3% of the Portfolio’s net assets. |
(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) | 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 June 30, 2023. |
(e) | Shares of this fund have not been registered and are issued in reliance on Section 4(a)(2) and Regulation D of the Securities Act of 1933. Investments in this fund may only be made by investment companies, insurance company separate accounts, common or commingled trust funds or similar organizations or entities that are “accredited investors” within the meaning of Regulation D of the 1933 Act. |
(f) | Represents a security deemed to be restricted. At June 30, 2023, the value of restricted securities in the Portfolio totaled $32,426,180, or 5.9% of the Portfolio’s net assets. |
(g) | Open-end extended payment fund. Beneficial interests in this fund are issued solely in private placement transactions which do not involve any “public offering” within the meaning of Section 4(a)(2) and Regulation D of the Securities Act of 1933. Investments in this fund may only be made by organizations or entities that are “accredited investors” within the meaning of Regulation D of the 1933 Act and that are also “qualified purchasers” as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended (“Eligible Investors”). This fund has adopted policies to limit the transfer of its shares, which may occur only pursuant to authorization by this fund’s Board of Directors, and only to Eligible Investors.When a redeeming shareholder of this fund presents shares to the fund’s transfer agent in proper order for redemption, the fund will have up to 31 days to make payment to the redeeming shareholder. The price of redeemed shares will be determined as of the closing net asset value of the fund 24 days after receipt of a shareholder redemption request or, if such date is a weekend or holiday, on the preceding business day. The fund’s NAV is calculated each day the NYSE is open. |
(h) | A future alternate reference rate has been determined by the issuer. See also Note 2 of the Notes to Financial Statements. |
(i) | 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.
120 | (continued) |
Ohio National Fund, Inc. | ON Federated Core Plus Bond Portfolio (Continued) | |
Schedule of Open Futures Contracts | June 30, 2023 (Unaudited) |
Long Futures Contracts
Description | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable (Payable) | ||||||||||||||||||||||||||||||||||||||||||||
CBT 10-Year U.S. Ultra Bond - Long | 265 | September 20, 2023 | $ | 31,593,565 | $ | 31,385,938 | $ | (207,627 | ) | $ | 78,672 | |||||||||||||||||||||||||||||||||||||||
CBT 10-Year U.S. Treasury Note - Long | 85 | September 20, 2023 | 9,656,442 | 9,542,578 | (113,864 | ) | 11,953 | |||||||||||||||||||||||||||||||||||||||||||
CBT 5-Year U.S. Treasury Note - Long | 679 | September 29, 2023 | 73,800,842 | 72,716,656 | (1,084,186 | ) | 0 | |||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||
$ | 115,050,849 | $ | 113,645,172 | $ | (1,405,677 | ) | $ | 90,625 | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Short Futures Contracts
Description | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable (Payable) | ||||||||||||||||||||||||||||||||||||||||||||
CBT U.S. Ultra Bond - Short | 212 | September 20, 2023 | $ | (28,475,429 | ) | $ | (28,878,375 | ) | $ | (402,946 | ) | $ | (265,000 | ) | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||
Total Futures Contracts | $ | 86,575,420 | $ | 84,766,797 | $ | (1,808,623 | ) | $ | (174,375 | ) | ||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
121 |
Ohio National Fund, Inc. | ON U.S. Low Volatility Portfolio (Unaudited) |
Objective/Strategy |
The ON U.S. Low Volatility Portfolio seeks capital appreciation by investing, under normal circumstances, at least 80% of its net assets in U.S. common stocks of companies included in the S&P 500® Index. Those stocks are selected by a mathematical investment process which seeks to achieve returns similar to those of the S&P 500® Index over the long-term with lower absolute volatility.
Performance as of June 30, 2023 |
Average Annual returns | ||||
One year | 8.63 | % | ||
Since inception (6/25/21) | 4.14 | % |
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 the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts, or as an underlying investment by the ON Model Portfolios. 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 0.61% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 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 six-month period ended June 30, 2023, the Portfolio returned 5.31% versus 16.89% for its benchmark, the S&P 500® Index.
Q. What affected the Portfolio’s performance?
A. The market heavily rewarded risk-taking over the six-month period, resulting in higher beta stocks strongly outperforming their lower beta counterparts. The strategy’s defensive positioning, namely the underweight to higher beta stocks (and overweight to lower beta stocks) and the overweight to the defensive consumer staples sector and underweight to Information Technology, were the main drivers of underperformance over the six-month period. Selection and allocation within Health Care also detracted.
While the U.S. equity market recorded solid gains over the six-month period, the market’s rally remained notably narrow, as the mega-cap growth stocks continued to post outsized gains. Only 28% of stocks in the benchmark outperformed during the six-month period. Given the concentration and narrow nature of the market, the strategy’s broader diversification and smaller size positioning detracted from performance over the six-month period. (1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.
The S&P 500® Index is a capitalization-weighted index designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index presented 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.
122 | (continued) |
Ohio National Fund, Inc. | ON U.S. Low Volatility Portfolio (Unaudited) (Continued) |
Portfolio Composition as of June 30, 2023 (1) |
% of Net Assets | ||||
Common Stocks (4) | 99.2 | |||
Other Net Assets | 0.8 | |||
|
| |||
100.0 | ||||
|
|
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||||
1. | Apple, Inc. | 5.4 | ||||
2. | Microsoft Corp. | 4.4 | ||||
3. | Walmart, Inc. | 3.1 | ||||
4. | Activision Blizzard, Inc. | 2.8 | ||||
5. | Bristol-Myers Squibb Co. | 2.8 | ||||
6. | Merck & Co., Inc. | 2.6 | ||||
7. | Gilead Sciences, Inc. | 2.5 | ||||
8. | Becton Dickinson & Co. | 2.4 | ||||
9. | AbbVie, Inc. | 2.3 | ||||
10. | Johnson & Johnson | 2.3 |
(1) | Composition of Portfolio subject to change. |
(2) | Short-term investments have been excluded from the list of Top 10 Portfolio Holdings. |
(3) | Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher. |
(4) | Sectors (Common Stocks): |
% of Net Assets | ||||
Health Care | 22.9 | |||
Consumer Staples | 20.8 | |||
Information Technology | 15.0 | |||
Industrials | 13.7 | |||
Communication Services | 9.7 | |||
Financials | 8.1 | |||
Consumer Discretionary | 7.1 | |||
Utilities | 1.7 | |||
Real Estate | 0.2 | |||
|
| |||
99.2 | ||||
|
|
123 |
Ohio National Fund, Inc. | ON U.S. Low Volatility Portfolio | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks – 99.2% | Shares | Value | ||||||||||
COMMUNICATION SERVICES – 9.7% |
| |||||||||||
Activision Blizzard, Inc. (Entertainment) | (a | ) | 242,524 | $ | 20,444,773 | |||||||
Alphabet, Inc. Class A (Interactive Media & Svs.) | (a | ) | 29,594 | 3,542,402 | ||||||||
Alphabet, Inc. Class C (Interactive Media & Svs.) | (a | ) | 34,668 | 4,193,788 | ||||||||
AT&T, Inc. (Diversified Telecom. Svs.) | 154,004 | 2,456,364 | ||||||||||
Electronic Arts, Inc. (Entertainment) | 116,184 | 15,069,065 | ||||||||||
Take-Two Interactive Software, Inc. (Entertainment) | (a | ) | 11,945 | 1,757,826 | ||||||||
T-Mobile U.S., Inc. (Wireless Telecom. Svs.) | (a | ) | 44,100 | 6,125,490 | ||||||||
Verizon Communications, Inc. (Diversified Telecom. Svs.) | 443,282 | 16,485,657 | ||||||||||
|
| |||||||||||
70,075,365 | ||||||||||||
|
| |||||||||||
CONSUMER DISCRETIONARY – 7.1% |
| |||||||||||
Amazon.com, Inc. (Broadline Retail) | (a | ) | 34,785 | 4,534,573 | ||||||||
AutoZone, Inc. (Specialty Retail) | (a | ) | 2,270 | 5,659,927 | ||||||||
Chipotle Mexican Grill, Inc. (Hotels, Restaurants & Leisure) | (a | ) | 2,728 | 5,835,192 | ||||||||
Domino’s Pizza, Inc. (Hotels, Restaurants & Leisure) | 12,275 | 4,136,552 | ||||||||||
Hilton Worldwide Holdings, Inc. (Hotels, | ||||||||||||
Restaurants & Leisure) | 39,077 | 5,687,657 | ||||||||||
McDonald’s Corp. (Hotels, Restaurants & Leisure) | 36,163 | 10,791,401 | ||||||||||
O’Reilly Automotive, Inc. (Specialty Retail) | (a | ) | 8,875 | 8,478,288 | ||||||||
Yum! Brands, Inc. (Hotels, Restaurants & Leisure) | 43,604 | 6,041,334 | ||||||||||
|
| |||||||||||
51,164,924 | ||||||||||||
|
| |||||||||||
CONSUMER STAPLES – 20.8% | ||||||||||||
Altria Group, Inc. (Tobacco) | 93,690 | 4,244,157 | ||||||||||
Brown-Forman Corp. Class B (Beverages) | 67,022 | 4,475,729 | ||||||||||
Campbell Soup Co. (Food Products) | 40,269 | 1,840,696 | ||||||||||
Church & Dwight Co., Inc. (Household Products) | 130,158 | 13,045,736 | ||||||||||
Clorox Co. / The (Household Products) | 46,762 | 7,437,029 | ||||||||||
Coca-Cola Co. / The (Beverages) | 12,487 | 751,967 | ||||||||||
Colgate-Palmolive Co. (Household Products) | 21,967 | 1,692,338 | ||||||||||
Conagra Brands, Inc. (Food Products) | 184,956 | 6,236,716 | ||||||||||
Constellation Brands, Inc. Class A (Beverages) | 3,211 | 790,323 | ||||||||||
Costco Wholesale Corp. (Consumer Staples Distribution & Retail) | 6,617 | 3,562,460 | ||||||||||
Dollar General Corp. (Consumer Staples Distribution & Retail) | 71,779 | 12,186,639 | ||||||||||
Dollar Tree, Inc. (Consumer Staples | ||||||||||||
Distribution & Retail) | (a | ) | 45,819 | 6,575,027 | ||||||||
General Mills, Inc. (Food Products) | 143,448 | 11,002,462 | ||||||||||
Hershey Co. / The (Food Products) | 14,693 | 3,668,842 | ||||||||||
Hormel Foods Corp. (Food Products) | 154,567 | 6,216,685 | ||||||||||
J.M. Smucker Co. / The (Food Products) | 47,291 | 6,983,462 | ||||||||||
Kellogg Co. (Food Products) | 134,049 | 9,034,903 | ||||||||||
Kimberly-Clark Corp. (Household Products) | 52,257 | 7,214,601 | ||||||||||
Kroger Co. / The (Consumer Staples Distribution & Retail) | 210,821 | 9,908,587 | ||||||||||
McCormick & Co., Inc. (Food Products) | 21,370 | 1,864,105 | ||||||||||
Mondelez International, Inc. Class A (Food Products) | 33,308 | 2,429,486 | ||||||||||
Monster Beverage Corp. (Beverages) | (a | ) | 27,707 | 1,591,490 | ||||||||
PepsiCo, Inc. (Beverages) | 7,383 | 1,367,479 | ||||||||||
Procter & Gamble Co. / The (Household Products) | 4,104 | 622,741 | ||||||||||
Tyson Foods, Inc. Class A (Food Products) | 61,075 | 3,117,268 | ||||||||||
Walmart, Inc. (Consumer Staples Distribution & Retail) | 145,096 | 22,806,189 | ||||||||||
|
| |||||||||||
150,667,117 | ||||||||||||
|
| |||||||||||
FINANCIALS – 8.1% | ||||||||||||
Aon PLC Class A (Insurance) | 6,237 | 2,153,013 | ||||||||||
Arch Capital Group Ltd. (Insurance) | (a) | 120,348 | 9,008,048 |
Common Stocks (Continued) | Shares | Value | ||||||||||
FINANCIALS (continued) | ||||||||||||
Arthur J. Gallagher & Co. (Insurance) | 12,807 | $ | 2,812,033 | |||||||||
Assurant, Inc. (Insurance) | 22,040 | 2,770,869 | ||||||||||
Berkshire Hathaway, Inc. Class B (Financial Services) | (a) | 36,432 | 12,423,312 | |||||||||
Brown & Brown, Inc. (Insurance) | 77,814 | 5,356,716 | ||||||||||
CBOE Global Markets, Inc. (Capital Markets) | 39,844 | 5,498,871 | ||||||||||
FactSet Research Systems, Inc. (Capital Markets) | 6,493 | 2,601,421 | ||||||||||
Fiserv, Inc. (Financial Services) | (a | ) | 16,631 | 2,098,001 | ||||||||
FleetCor Technologies, Inc. (Financial Services) | (a | ) | 241 | 60,510 | ||||||||
Goldman Sachs Group, Inc. / The (Capital Markets) | 4,660 | 1,503,036 | ||||||||||
Intercontinental Exchange, Inc. (Capital Markets) | 7,705 | 871,281 | ||||||||||
Jack Henry & Associates, Inc. (Financial Services) | 14,137 | 2,365,544 | ||||||||||
Loews Corp. (Insurance) | 70,803 | 4,204,282 | ||||||||||
Marsh & McLennan Cos., Inc. (Insurance) | 14,817 | 2,786,781 | ||||||||||
Nasdaq, Inc. (Capital Markets) | 21,878 | 1,090,618 | ||||||||||
W.R. Berkley Corp. (Insurance) | 12,247 | 729,431 | ||||||||||
|
| |||||||||||
58,333,767 | ||||||||||||
|
| |||||||||||
HEALTH CARE – 22.9% | ||||||||||||
AbbVie, Inc. (Biotechnology) | 124,669 | 16,796,654 | ||||||||||
AmerisourceBergen Corp. (Health Care Providers & Svs.) | 6,596 | 1,269,268 | ||||||||||
Amgen, Inc. (Biotechnology) | 4,086 | 907,174 | ||||||||||
Baxter International, Inc. (Health Care Equip. & Supplies) | 14,099 | 642,350 | ||||||||||
Becton Dickinson & Co. (Health Care Equip. & Supplies) | 64,656 | 17,069,830 | ||||||||||
Biogen, Inc. (Biotechnology) | (a | ) | 1,704 | 485,384 | ||||||||
Boston Scientific Corp. (Health Care Equip. & Supplies) | (a | ) | 51,995 | 2,812,409 | ||||||||
Bristol-Myers Squibb Co. (Pharmaceuticals) | 314,845 | 20,134,338 | ||||||||||
Cooper Cos., Inc. / The (Health Care Equip. & Supplies) | 6,500 | 2,492,295 | ||||||||||
CVS Health Corp. (Health Care Providers & Svs.) | 4,569 | 315,855 | ||||||||||
DaVita, Inc. (Health Care Providers & Svs.) | (a | ) | 11,785 | 1,184,039 | ||||||||
GE HealthCare Technologies, Inc. (Health Care Equip. & Supplies) | 53,424 | 4,340,166 | ||||||||||
Gilead Sciences, Inc. (Biotechnology) | 233,500 | 17,995,845 | ||||||||||
Henry Schein, Inc. (Health Care Providers & Svs.) | (a | ) | 59,917 | 4,859,269 | ||||||||
Hologic, Inc. (Health Care Equip. & Supplies) | (a | ) | 35,680 | 2,889,010 | ||||||||
Humana, Inc. (Health Care Providers & Svs.) | 11,890 | 5,316,376 | ||||||||||
Incyte Corp. (Biotechnology) | (a | ) | 85,107 | 5,297,911 | ||||||||
IQVIA Holdings, Inc. (Life Sciences Tools & Svs.) | (a | ) | 1,957 | 439,875 | ||||||||
Johnson & Johnson (Pharmaceuticals) | 99,867 | 16,529,986 | ||||||||||
Laboratory Corp. of America Holdings (Health Care Providers & Svs.) | 23,629 | 5,702,387 | ||||||||||
McKesson Corp. (Health Care Providers & Svs.) | 12,157 | 5,194,808 | ||||||||||
Merck & Co., Inc. (Pharmaceuticals) | 164,825 | 19,019,157 | ||||||||||
Mettler-Toledo International, Inc. (Life Sciences Tools & Svs.) | (a | ) | 165 | 216,421 | ||||||||
Pfizer, Inc. (Pharmaceuticals) | 145,033 | 5,319,810 | ||||||||||
Quest Diagnostics, Inc. (Health Care Providers & Svs.) | 49,088 | 6,899,809 | ||||||||||
Vertex Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 3,241 | 1,140,540 | ||||||||
Waters Corp. (Life Sciences Tools & Svs.) | (a | ) | 3,165 | 843,599 | ||||||||
|
| |||||||||||
166,114,565 | ||||||||||||
|
| |||||||||||
INDUSTRIALS – 13.7% | ||||||||||||
AMETEK, Inc. (Electrical Equip.) | 88,655 | 14,351,471 | ||||||||||
C.H. Robinson Worldwide, Inc. (Air Freight & Logistics) | 23,006 | 2,170,616 |
124 | (continued) |
Ohio National Fund, Inc. | ON U.S. Low Volatility Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks (Continued) | Shares | Value | ||||||||||
INDUSTRIALS (continued) | ||||||||||||
Copart, Inc. (Commercial Svs. & Supplies) | (a | ) | 12,600 | $ | 1,149,246 | |||||||
Dover Corp. (Machinery) | 9,195 | 1,357,642 | ||||||||||
Expeditors International of Washington, Inc. (Air Freight & Logistics) | 10,303 | 1,248,002 | ||||||||||
Fortive Corp. (Machinery) | 114,947 | 8,594,587 | ||||||||||
General Electric Co. (Industrial Conglomerates) | 30,143 | 3,311,209 | ||||||||||
Honeywell International, Inc. (Industrial Conglomerates) | 5,590 | 1,159,925 | ||||||||||
IDEX Corp. (Machinery) | 22,861 | 4,921,059 | ||||||||||
Illinois Tool Works, Inc. (Machinery) | 12,456 | 3,115,993 | ||||||||||
Ingersoll Rand, Inc. (Machinery) | 33,026 | 2,158,579 | ||||||||||
J.B. Hunt Transport Services, Inc. (Ground Transportation) | 1,134 | 205,288 | ||||||||||
Jacobs Solutions, Inc. (Professional Svs.) | 387 | 46,011 | ||||||||||
L3Harris Technologies, Inc. (Aerospace & Defense) | 3,181 | 622,744 | ||||||||||
Leidos Holdings, Inc. (Professional Svs.) | 62,482 | 5,528,407 | ||||||||||
Lockheed Martin Corp. (Aerospace & Defense) | 33,573 | 15,456,338 | ||||||||||
Nordson Corp. (Machinery) | 23,892 | 5,929,517 | ||||||||||
Northrop Grumman Corp. (Aerospace & Defense) | 7,564 | 3,447,671 | ||||||||||
Otis Worldwide Corp. (Machinery) | 29,217 | 2,600,605 | ||||||||||
Republic Services, Inc. (Commercial Svs. & Supplies) | 39,046 | 5,980,676 | ||||||||||
Snap-on, Inc. (Machinery) | 3,927 | 1,131,722 | ||||||||||
TransDigm Group, Inc. (Aerospace & Defense) | 1,413 | 1,263,462 | ||||||||||
United Rentals, Inc. (Trading Companies & Distributors) | 2,916 | 1,298,699 | ||||||||||
Verisk Analytics, Inc. (Professional Svs.) | 11,614 | 2,625,113 | ||||||||||
W.W. Grainger, Inc. (Trading Companies & Distributors) | 1,510 | 1,190,771 | ||||||||||
Waste Management, Inc. (Commercial Svs. & Supplies) | 35,555 | 6,165,948 | ||||||||||
Xylem, Inc. (Machinery) | 19,778 | 2,227,398 | ||||||||||
|
| |||||||||||
99,258,699 | ||||||||||||
|
| |||||||||||
INFORMATION TECHNOLOGY – 15.0% | ||||||||||||
Akamai Technologies, Inc. (IT Svs.) | (a | ) | 34,725 | 3,120,736 | ||||||||
Amphenol Corp. Class A (Electronic Equip., Instr. & Comp.) | 7,167 | 608,837 |
Common Stocks (Continued) | Shares | Value | ||||||||||
INFORMATION TECHNOLOGY (continued) | ||||||||||||
Apple, Inc. (Tech. Hardware, Storage & Periph.) | 199,861 | $ | 38,767,038 | |||||||||
F5, Inc. (Communications Equip.) | (a | ) | 3,612 | 528,291 | ||||||||
Fair Isaac Corp. (Software) | (a | ) | 3,615 | 2,925,294 | ||||||||
First Solar, Inc. (Semiconductors & Equip.) | (a | ) | 7,213 | 1,371,119 | ||||||||
Gartner, Inc. (IT Svs.) | (a | ) | 1,195 | 418,620 | ||||||||
Gen Digital, Inc. (Software) | 52,068 | 965,861 | ||||||||||
International Business Machines Corp. (IT Svs.) | 37,542 | 5,023,495 | ||||||||||
Keysight Technologies, Inc. (Electronic Equip., Instr. & Comp.) | (a | ) | 9,977 | 1,670,649 | ||||||||
Microsoft Corp. (Software) | 92,932 | 31,647,063 | ||||||||||
NVIDIA Corp. (Semiconductors & Equip.) | 6,108 | 2,583,806 | ||||||||||
Roper Technologies, Inc. (Software) | 11,292 | 5,429,194 | ||||||||||
SolarEdge Technologies, Inc. (Semiconductors & Equip.) | (a | ) | 2,549 | 685,808 | ||||||||
Teledyne Technologies, Inc. (Electronic Equip., Instr. & Comp.) | (a | ) | 16,650 | 6,844,982 | ||||||||
VeriSign, Inc. (IT Svs.) | (a | ) | 23,787 | 5,375,148 | ||||||||
Zebra Technologies Corp. Class A (Electronic Equip., Instr. & Comp.) | (a | ) | 3,361 | 994,285 | ||||||||
|
| |||||||||||
108,960,226 | ||||||||||||
|
| |||||||||||
REAL ESTATE – 0.2% | ||||||||||||
Public Storage (Specialized REITs) | 4,927 | 1,438,093 | ||||||||||
|
| |||||||||||
UTILITIES – 1.7% | ||||||||||||
Ameren Corp. (Multi-Utilities) | 7,744 | 632,452 | ||||||||||
Atmos Energy Corp. (Gas Utilities) | 17,531 | 2,039,556 | ||||||||||
CMS Energy Corp. (Multi-Utilities) | 31,244 | 1,835,585 | ||||||||||
Consolidated Edison, Inc. (Multi-Utilities) | 44,499 | 4,022,710 | ||||||||||
DTE Energy Co. (Multi-Utilities) | 6,986 | 768,600 | ||||||||||
Duke Energy Corp. (Electric Utilities) | 3,404 | 305,475 | ||||||||||
Evergy, Inc. (Electric Utilities) | 13,052 | 762,498 | ||||||||||
NiSource, Inc. (Multi-Utilities) | 67,071 | 1,834,392 | ||||||||||
|
| |||||||||||
12,201,268 | ||||||||||||
|
| |||||||||||
Total Common Stocks | $ | 718,214,024 | ||||||||||
|
| |||||||||||
Total Investments – 99.2% | (b | ) | $ | 718,214,024 | ||||||||
Other Assets in Excess of Liabilities – 0.8% |
| 5,565,941 | ||||||||||
|
| |||||||||||
Net Assets – 100.0% | $ | 723,779,965 | ||||||||||
|
|
Percentages are stated as a percent of net assets.
Abbreviations:
REITs: Real | Estate Investment Trusts |
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.
125 |
Ohio National Fund, Inc. | ON AB Relative Value Portfolio (Unaudited) |
Objective/Strategy |
The ON AB Relative Value Portfolio seeks long-term growth of capital by investing primarily in the equity securities of U.S. companies that the Portfolio’s sub-adviser believes are trading at attractive valuations and that have strong or improving business models.
Performance as of June 30, 2023 |
Average Annual returns | ||||
One year | 12.88% | |||
Since inception (12/2/21) | 2.56% |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price and reinvestment of dividends and capital gains. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than the original cost. To obtain performance information up to the most recent month end, call toll-free 1-877-781-6392.
The Portfolio is not open to direct retail investment. Beneficial interest in the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or annuity contracts, or as an underlying investment by the ON Model Portfolios. 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 0.74% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 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 six-month period ended June 30, 2023, the Portfolio returned 3.59% versus 5.12% for its benchmark, the Russell 1000® Value Index.
Q. What affected the Portfolio’s performance?
A. The strategy’s overexposure to the beta and profitability factors and underexposures to the dividend yield and leverage factors contributed to relative performance, while the strategy’s underexposures to the size and earnings yield factors detracted from relative performance. From a sector perspective, security selection was the primary driver of underperformance. Selections within Health Care, Consumer Staples, and Information Technology were the largest detractors, somewhat offset by picks within Financials, Consumer Discretionary, and Real Estate. From a sector allocation perspective, the Portfolio’s overweights to Information Technology and Industrials and an underweight to Utilities were the largest contributors to relative returns. Underweights to Communication Services and Materials and an overweight to Health Care were the largest detractors.
Leading security contributors to relative performance included Builders FirstSource, Inc., Pfizer, Inc. and PACCAR Inc. Leading detractors from relative performance included Elevance Health, Inc., Amgen, Inc. and The Cigna Group. Not holding Meta Platforms, Inc. Class A in the Portfolio was the largest detractor from relative performance.(1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.
The Russell 1000® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000® Index companies with lower price-to-book ratios and lower expected and historical growth rates.
Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.
126 | (continued) |
Ohio National Fund, Inc. | ON AB Relative Value Portfolio (Unaudited) (Continued) |
Portfolio Composition as of June 30, 2023 (1) |
% of Net Assets | ||||
Common Stocks (4) | 96.5 | |||
Other Net Assets | 3.5 | |||
|
| |||
100.0 | ||||
|
|
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||||||
1. | Berkshire Hathaway, Inc. Class B | 4.3 | ||||||
2. | Philip Morris International, Inc. | 4.2 | ||||||
3. | Elevance Health, Inc. | 4.2 | ||||||
4. | JPMorgan Chase & Co. | 3.7 | ||||||
5. | Alphabet, Inc. Class C | 3.6 | ||||||
6. | Mastercard, Inc. Class A | 3.5 | ||||||
7. | Gilead Sciences, Inc. | 3.3 | ||||||
8. | Roche Holding AG – ADR | 3.2 | ||||||
9. | Regeneron Pharmaceuticals, Inc. | 2.8 | ||||||
10. | Weyerhaeuser Co. | 2.7 |
(1) | Composition of Portfolio subject to change. |
(2) | Short-term investments have been excluded from the list of Top 10 Portfolio Holdings. |
(3) | Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher. |
(4) | Sectors (Common Stocks): |
% of Net Assets | ||||
Financials | 21.4 | |||
Health Care | 19.0 | |||
Industrials | 18.9 | |||
Information Technology | 8.8 | |||
Consumer Staples | 6.7 | |||
Energy | 5.8 | |||
Communication Services | 5.6 | |||
Consumer Discretionary | 5.4 | |||
Real Estate | 2.7 | |||
Materials | 1.7 | |||
Utilities | 0.5 | |||
|
| |||
96.5 | ||||
|
|
127 |
Ohio National Fund, Inc. | ON AB Relative Value Portfolio | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Common Stocks – 96.5% | Shares | Value | ||||||||||
| ||||||||||||
COMMUNICATION SERVICES – 5.6% | ||||||||||||
Alphabet, Inc. Class C (Interactive Media & Svs.) | (a | ) | 38,178 | $ | 4,618,393 | |||||||
Comcast Corp. Class A (Media) | 60,962 | 2,532,971 | ||||||||||
|
| |||||||||||
7,151,364 | ||||||||||||
|
| |||||||||||
CONSUMER DISCRETIONARY – 5.4% | ||||||||||||
Booking Holdings, Inc. (Hotels, Restaurants & Leisure) | (a | ) | 186 | 502,261 | ||||||||
BorgWarner, Inc. (Automobile Components) | 30,587 | 1,496,010 | ||||||||||
Choice Hotels International, Inc. (Hotels, Restaurants & Leisure) | 6,632 | 779,393 | ||||||||||
D.R. Horton, Inc. (Household Durables) | 4,577 | 556,975 | ||||||||||
LKQ Corp. (Distributors) | 20,991 | 1,223,146 | ||||||||||
Lowe’s Cos., Inc. (Specialty Retail) | 8,600 | 1,941,020 | ||||||||||
Ulta Beauty, Inc. (Specialty Retail) | (a | ) | 1,098 | 516,713 | ||||||||
|
| |||||||||||
7,015,518 | ||||||||||||
|
| |||||||||||
CONSUMER STAPLES – 6.7% | ||||||||||||
BJ’s Wholesale Club Holdings, Inc. (Consumer Staples Distribution & Retail) | (a | ) | 17,963 | 1,131,848 | ||||||||
Kraft Heinz Co. / The (Food Products) | 31,074 | 1,103,127 | ||||||||||
Kroger Co. / The (Consumer Staples Distribution & Retail) | 21,555 | 1,013,085 | ||||||||||
Philip Morris International, Inc. (Tobacco) | 55,445 | 5,412,541 | ||||||||||
|
| |||||||||||
8,660,601 | ||||||||||||
|
| |||||||||||
ENERGY – 5.8% | ||||||||||||
Chevron Corp. (Oil, Gas & Consumable Fuels) | 14,130 | 2,223,355 | ||||||||||
ConocoPhillips (Oil, Gas & Consumable Fuels) | 9,883 | 1,023,978 | ||||||||||
EOG Resources, Inc. (Oil, Gas & Consumable Fuels) | 13,835 | 1,583,277 | ||||||||||
Helmerich & Payne, Inc. (Energy Equip. & Svs.) | 25,959 | 920,247 | ||||||||||
Phillips 66 (Oil, Gas & Consumable Fuels) | 18,230 | 1,738,777 | ||||||||||
|
| |||||||||||
7,489,634 | ||||||||||||
|
| |||||||||||
FINANCIALS – 21.4% | ||||||||||||
American International Group, Inc. (Insurance) | 25,488 | 1,466,580 | ||||||||||
Axis Capital Holdings Ltd. (Insurance) | 44,600 | 2,400,818 | ||||||||||
Bank OZK (Banks) | 18,994 | 762,799 | ||||||||||
Berkshire Hathaway, Inc. Class B (Financial Services) | (a | ) | 16,158 | 5,509,878 | ||||||||
Fiserv, Inc. (Financial Services) | (a | ) | 9,194 | 1,159,823 | ||||||||
Goldman Sachs Group, Inc. / The (Capital Markets) | 1,530 | 493,486 | ||||||||||
Houlihan Lokey, Inc. (Capital Markets) | 17,510 | 1,721,408 | ||||||||||
JPMorgan Chase & Co. (Banks) | 32,669 | 4,751,379 | ||||||||||
Mastercard, Inc. Class A (Financial Services) | 11,644 | 4,579,585 | ||||||||||
MetLife, Inc. (Insurance) | 15,024 | 849,307 | ||||||||||
PayPal Holdings, Inc. (Financial Services) | (a | ) | 17,314 | 1,155,363 | ||||||||
Raymond James Financial, Inc. (Capital Markets) | 5,446 | 565,131 | ||||||||||
Wells Fargo & Co. (Banks) | 51,364 | 2,192,216 | ||||||||||
|
| |||||||||||
27,607,773 | ||||||||||||
|
| |||||||||||
HEALTH CARE – 19.0% | ||||||||||||
AmerisourceBergen Corp. (Health Care Providers & Svs.) | 4,672 | 899,033 | ||||||||||
Amgen, Inc. (Biotechnology) | 10,630 | 2,360,073 | ||||||||||
Cigna Group / The (Health Care Providers & Svs.) | 6,191 | 1,737,195 | ||||||||||
Elevance Health, Inc. (Health Care Providers & Svs.) | 12,083 | 5,368,356 | ||||||||||
Gilead Sciences, Inc. (Biotechnology) | 55,538 | 4,280,314 | ||||||||||
Quest Diagnostics, Inc. (Health Care Providers & Svs.) | 14,686 | 2,064,264 | ||||||||||
Regeneron Pharmaceuticals, Inc. (Biotechnology) | (a | ) | 5,026 | 3,611,382 | ||||||||
Roche Holding AG – ADR (Pharmaceuticals) | 109,478 | 4,182,059 | ||||||||||
|
| |||||||||||
24,502,676 | ||||||||||||
|
|
Common Stocks (Continued) | Shares | Value | ||||||||||
| ||||||||||||
INDUSTRIALS – 18.9% | ||||||||||||
Acuity Brands, Inc. (Electrical Equip.) | 3,051 | $ | 497,557 | |||||||||
Builders FirstSource, Inc. (Building Products) | (a | ) | 9,486 | 1,290,096 | ||||||||
Curtiss-Wright Corp. (Aerospace & Defense) | 4,250 | 780,555 | ||||||||||
Dover Corp. (Machinery) | 3,405 | 502,748 | ||||||||||
EMCOR Group, Inc. (Construction & Engineering) | 7,084 | 1,308,982 | ||||||||||
Emerson Electric Co. (Electrical Equip.) | 15,319 | 1,384,684 | ||||||||||
Expeditors International of Washington, Inc. (Air Freight & Logistics) | 7,456 | 903,145 | ||||||||||
Ferguson PLC (Trading Companies & Distributors) | 5,990 | 942,287 | ||||||||||
Knight-Swift Transportation Holdings, Inc. (Ground Transportation) | 8,814 | 489,706 | ||||||||||
Maximus, Inc. (Professional Svs.) | 22,134 | 1,870,544 | ||||||||||
Middleby Corp. / The (Machinery) | (a | ) | 3,420 | 505,579 | ||||||||
MSC Industrial Direct Co., Inc. Class A (Trading Companies & Distributors) | 5,070 | 483,070 | ||||||||||
nVent Electric PLC (Electrical Equip.) | 52,817 | 2,729,054 | ||||||||||
PACCAR, Inc. (Machinery) | 30,271 | 2,532,169 | ||||||||||
Raytheon Technologies Corp. (Aerospace & Defense) | 34,933 | 3,422,037 | ||||||||||
Robert Half International, Inc. (Professional Svs.) | 13,913 | 1,046,536 | ||||||||||
Sensata Technologies Holding PLC (Electrical Equip.) | 34,232 | 1,540,098 | ||||||||||
Textron, Inc. (Aerospace & Defense) | 17,305 | 1,170,337 | ||||||||||
Westinghouse Air Brake Technologies Corp. (Machinery) | 8,549 | 937,569 | ||||||||||
|
| |||||||||||
24,336,753 | ||||||||||||
|
| |||||||||||
INFORMATION TECHNOLOGY – 8.8% | ||||||||||||
Accenture PLC Class A (IT Svs.) | 6,776 | 2,090,938 | ||||||||||
Cisco Systems, Inc. (Communications Equip.) | 48,687 | 2,519,065 | ||||||||||
IPG Photonics Corp. (Electronic Equip., Instr. & Comp.) | (a | ) | 6,669 | 905,784 | ||||||||
Keysight Technologies, Inc. (Electronic Equip., Instr. & Comp.) | (a | ) | 6,100 | 1,021,445 | ||||||||
NXP Semiconductors N.V. (Semiconductors & Equip.) | 5,422 | 1,109,775 | ||||||||||
QUALCOMM, Inc. (Semiconductors & Equip.) | 20,851 | 2,482,103 | ||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd. – ADR (Semiconductors & Equip.) | 12,084 | 1,219,517 | ||||||||||
|
| |||||||||||
11,348,627 | ||||||||||||
|
| |||||||||||
MATERIALS – 1.7% | ||||||||||||
BHP Group Ltd. – ADR (Metals & Mining) | 11,085 | 661,442 | ||||||||||
LyondellBasell Industries N.V. Class A (Chemicals) | 16,866 | 1,548,805 | ||||||||||
|
| |||||||||||
2,210,247 | ||||||||||||
|
| |||||||||||
REAL ESTATE – 2.7% | ||||||||||||
Weyerhaeuser Co. (Specialized REITs) | 104,153 | 3,490,167 | ||||||||||
|
| |||||||||||
UTILITIES – 0.5% | ||||||||||||
IDACORP, Inc. (Electric Utilities) | 6,071 | 622,885 | ||||||||||
|
| |||||||||||
Total Common Stocks | $ | 124,436,245 | ||||||||||
|
| |||||||||||
Total Investments – 96.5% | (b | ) | $ | 124,436,245 | ||||||||
Other Assets in Excess of Liabilities – 3.5% |
| 4,459,095 | ||||||||||
|
| |||||||||||
Net Assets – 100.0% | $ | 128,895,340 | ||||||||||
|
|
128 | (continued) |
Ohio National Fund, Inc. | ON AB Relative Value Portfolio (Continued) | |
Schedule of Investments | June 30, 2023 (Unaudited) |
Percentages are stated as a percent of net assets.
Abbreviations:
ADR: | American Depositary Receipts |
REITs: | Real Estate Investment Trusts |
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.
129 |
Ohio National Fund, Inc. | ON iShares Managed Risk Balanced Portfolio (Unaudited) |
Objective/Strategy |
The ON iShares Managed Risk Balanced Portfolio seeks income and capital appreciation by investing in underlying exchange traded funds (“ETFs”) and futures. Under normal market conditions, through investments in the underlying funds and derivatives, the Portfolio invests a minimum of 25% of its assets in equity investments and a minimum of 25% of its assets in fixed income investments.
Performance as of June 30, 2023 |
Average Annual returns | ||||
One year | 6.85 | % | ||
Since inception (6/25/21) | -3.45 | % |
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 the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or 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 gross expense ratio is estimated to be 0.69% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 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.
Comments from Sub-Adviser |
Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?
A. For the six-month period ended June 30, 2023, the Portfolio returned 8.22% versus 16.89% for its benchmark, the S&P 500® Index.
Q. What affected the Portfolio’s performance?
A. Over the period, the Portfolio was invested roughly 50% in equities and 50% in fixed income. Given the strong performance of equities in the first half of the year, the Portfolio’s fixed income exposure to iShares Core U.S. Aggregate Bond ETF, BlackRock Ultra Short-Term Bond ETF, and iShares iBoxx $ Investment Grade Corporate Bond ETF were the largest detractors over the period, as fixed income markets underperformed when compared to the primary benchmark. Country exposures that contributed to performance include Japan, Taiwan, and Italy, while positioning in the U.S., Canada, and the UK detracted over the period. During the period, futures contracts contributed 166 basis points (1.66%) of absolute return for the Portfolio in aggregate.
In Asia, Japan equities posted strong returns as the Yen weakened further while the Bank of Japan did not adjust its yield curve control policy. The Portfolio held an overweight to Japan equities through much of the quarter and benefited from this looser monetary policy. (1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.
The S&P 500® Index is a capitalization-weighted index designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index presented 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 June 30, 2023 (1) |
% of Net Assets | ||||
Exchange Traded Funds | 94.1 | |||
Money Market Funds and | 5.9 | |||
|
| |||
100.0 | ||||
|
|
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||||||
1. | iShares Core U.S. Aggregate Bond ETF | 36.9 | ||||||
2. | iShares Core S&P 500 ETF | 15.3 | ||||||
3. | iShares Russell 1000 ETF | 11.5 | ||||||
4. | BlackRock Ultra Short-Term Bond ETF | 10.9 | ||||||
5. | iShares Core MSCI EAFE ETF | 6.0 | ||||||
6. | iShares iBoxx $ Investment Grade | 4.0 | ||||||
Corporate Bond ETF | ||||||||
7. | iShares MSCI EAFE ETF | 3.9 | ||||||
8. | iShares Core MSCI Emerging Markets ETF | 2.6 | ||||||
9. | iShares Russell 1000 Value ETF | 2.0 | ||||||
10. | iShares MSCI Emerging Markets ETF | 0.9 |
(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. |
130 |
Ohio National Fund, Inc. | ON iShares Managed Risk Balanced Portfolio |
Schedule of Investments | June 30, 2023 | (Unaudited) |
Exchange Traded Funds – 94.1% | Shares | Value | ||||||||||
| ||||||||||||
BlackRock Ultra Short-Term Bond ETF | 1,323,411 | $ | 66,567,573 | |||||||||
iShares Core MSCI EAFE ETF | 545,475 | 36,819,562 | ||||||||||
iShares Core MSCI Emerging Markets ETF | 318,808 | 15,714,046 | ||||||||||
iShares Core S&P 500 ETF | 208,674 | 93,008,089 | ||||||||||
iShares Core U.S. Aggregate Bond ETF | 2,293,298 | 224,628,539 | ||||||||||
iShares iBoxx $ Investment Grade Corporate Bond ETF | 224,187 | 24,243,582 | ||||||||||
iShares MSCI EAFE ETF | 332,276 | 24,090,010 | ||||||||||
iShares MSCI Emerging Markets ETF | 138,370 | 5,473,917 | ||||||||||
iShares Russell 1000 ETF | 286,513 | 69,834,679 | ||||||||||
iShares Russell 1000 Value ETF | 78,890 | 12,451,209 | ||||||||||
|
| |||||||||||
Total Exchange Traded Funds (Cost $555,498,735) | $ | 572,831,206 | ||||||||||
|
| |||||||||||
Money Market Funds – 1.3% | Shares | Value | ||||||||||
| ||||||||||||
State Street Institutional U.S. Government Money Market Fund, 5.028% | (a | ) | 8,032,800 | $ | 8,032,800 | |||||||
|
| |||||||||||
Total Money Market Funds (Cost $8,032,800) | $ | 8,032,800 | ||||||||||
|
| |||||||||||
Total Investments – 95.4% (Cost $563,531,535) | (b | ) | $ | 580,864,006 | ||||||||
Other Assets in Excess of Liabilities – 4.6% | (c | ) | 28,218,745 | |||||||||
|
| |||||||||||
Net Assets – 100.0% | $ | 609,082,751 | ||||||||||
|
|
Percentages are stated as a percent of net assets.
Abbreviations:
ETF: Exchange | Traded Fund |
Footnotes:
(a) | Rate represents the seven-day yield at June 30, 2023. |
(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. |
(c) | Includes $5,079,667 of cash pledged as collateral for the futures contracts outstanding at June 30, 2023. 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 | June 30, 2023 | (Unaudited) |
Long Futures Contracts
Description | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable (Payable) | ||||||||||||||||||||||||
MOD S&P TSX 60 Index - Long | 57 | September 14, 2023 | $ | 10,318,757 | $ | 10,486,537 | $ | 167,780 | $ | 131,665 | ||||||||||||||||||||
MSCI EAFE Index - Long | 153 | September 15, 2023 | 16,360,423 | 16,489,575 | 129,152 | 193,545 | ||||||||||||||||||||||||
CME E-mini S&P 500 Index - Long | 130 | September 15, 2023 | 28,270,820 | 29,173,625 | 902,805 | 267,816 | ||||||||||||||||||||||||
MSCI Emerging Markets Index - Long | 273 | September 15, 2023 | 13,773,497 | 13,621,335 | (152,162 | ) | 103,740 | |||||||||||||||||||||||
EUR Currency Future - Long | 98 | September 18, 2023 | 13,295,782 | 13,417,425 | 121,643 | 52,063 | ||||||||||||||||||||||||
AUD Currency Future - Long | 92 | September 18, 2023 | 6,169,843 | 6,143,760 | (26,083 | ) | 40,940 | |||||||||||||||||||||||
CAD Currency Future - Long | 199 | September 19, 2023 | 14,977,293 | 15,050,370 | 73,077 | 7,960 | ||||||||||||||||||||||||
CBT 10-Year U.S. Treasury Note - Long | 459 | September 20, 2023 | 52,423,105 | 51,529,922 | (893,183 | ) | 64,498 | |||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | 155,589,520 | $ | 155,912,549 | $ | 323,029 | $ | 862,227 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
Short Futures Contracts
Description | Number of contracts | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable (Payable) | ||||||||||||||||||||||||
JPY Currency Future - Short | 13 | September 18, 2023 | $ | (1,182,691 | ) | $ | (1,139,531 | ) | $ | 43,160 | $ | (4,306 | ) | |||||||||||||||||
EUR Currency Future - Short | 3 | September 18, 2023 | (407,531 | ) | (410,738 | ) | (3,207 | ) | (1,594 | ) | ||||||||||||||||||||
CBT U.S. Ultra Bond - Short | 45 | September 20, 2023 | (6,058,350 | ) | (6,129,844 | ) | (71,494 | ) | (56,250 | ) | ||||||||||||||||||||
CBT 5-Year U.S. Treasury Note - Short | 226 | September 29, 2023 | (24,681,317 | ) | (24,203,188 | ) | 478,129 | 0 | ||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
$ | (32,329,889 | ) | $ | (31,883,301 | ) | $ | 446,588 | $ | (62,150 | ) | ||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||
Total Futures Contracts | $ | 123,259,631 | $ | 124,029,248 | $ | 769,617 | $ | 800,077 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
131 |
Ohio National Fund, Inc. | ON iShares Managed Risk Moderate Growth Portfolio (Unaudited) |
Objective/Strategy |
The ON iShares Managed Risk Moderate Growth Portfolio seeks income and capital appreciation by investing in underlying exchange traded funds (“ETFs”) and futures. Under normal market conditions, through investments in the underlying funds and derivatives, the Portfolio expects to allocate 65% of its assets in equity investments and 35% of its assets in fixed income investments.
Performance as of June 30, 2023 |
Average Annual returns | ||||
Since inception (10/14/22) | 16.50 | % |
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 the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or 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 gross expense ratio is estimated to be 0.69% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 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.
Comments from Sub-Adviser |
Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?
A. For the six-month period ended June 30, 2023, the Portfolio returned 10.01% versus 16.89% for its benchmark, the S&P 500® Index.
Q. What affected the Portfolio’s performance?
A. Over the period, the Portfolio was invested roughly 65% in equities and 35% in fixed income. Given the strong performance of equities in the first half of the year, the Portfolio’s fixed income exposure was a large detractor from relative performance. Other detractors included the Portfolio’s exposure to international developed equities and to emerging markets, as these markets generally underperformed relative to the U.S. In terms of specific positioning, an exposure to iShares Core U.S. Aggregate Bond ETF was the largest detractor over the period, while exposures to iShares Core MSCI EAFE ETF and iShares Core MSCI Emerging Markets ETF also detracted from relative performance. During the period, futures contracts contributed 178 basis points (1.78%) of absolute return for the Portfolio in aggregate.
In Asia, Japan equities posted strong returns as the Yen weakened further while the Bank of Japan did not adjust its yield curve control policy. The Portfolio held an overweight to Japan equities through much of the quarter and benefited from this looser monetary policy. (1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.
The S&P 500® Index is a capitalization-weighted index designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index presented 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 June 30, 2023 (1) |
% of Net Assets | ||||
Exchange Traded Funds | 93.9 | |||
Money Market Funds and | 6.1 | |||
|
| |||
100.0 | ||||
|
|
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||||||
1. | iShares Core U.S. Aggregate Bond ETF | 34.1 | ||||||
2. | iShares Core S&P 500 ETF | 27.1 | ||||||
3. | iShares Core MSCI EAFE ETF | 10.2 | ||||||
4. | iShares Russell 1000 ETF | 10.0 | ||||||
5. | iShares Core MSCI Emerging Markets ETF | 4.5 | ||||||
6. | iShares MSCI EAFE ETF | 2.7 | ||||||
7. | BlackRock Ultra Short-Term Bond ETF | 2.4 | ||||||
8. | iShares Russell 1000 Value ETF | 2.0 | ||||||
9. | iShares MSCI Emerging Markets ETF | 0.9 |
(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. |
132 |
Ohio National Fund, Inc. | ON iShares Managed Risk Moderate Growth Portfolio |
Schedule of Investments | June 30, 2023 | (Unaudited) |
Exchange Traded Funds – 93.9% | Shares | Value | ||||||||||
| ||||||||||||
BlackRock Ultra Short-Term Bond ETF | 235,963 | $ | 11,868,939 | |||||||||
iShares Core MSCI EAFE ETF | 763,278 | 51,521,265 | ||||||||||
iShares Core MSCI Emerging Markets ETF | 460,888 | 22,717,170 | ||||||||||
iShares Core S&P 500 ETF | 305,230 | 136,044,063 | ||||||||||
iShares Core U.S. Aggregate Bond ETF | 1,751,585 | 171,567,751 | ||||||||||
iShares MSCI EAFE ETF | 184,758 | 13,394,955 | ||||||||||
iShares MSCI Emerging Markets ETF | 115,281 | 4,560,516 | ||||||||||
iShares Russell 1000 ETF | 205,454 | 50,077,358 | ||||||||||
iShares Russell 1000 Value ETF | 63,657 | 10,046,984 | ||||||||||
|
| |||||||||||
Total Exchange Traded Funds (Cost $415,708,231) | $ | 471,799,001 | ||||||||||
|
| |||||||||||
Money Market Funds – 1.1% | Shares | Value | ||||||||||
| ||||||||||||
State Street Institutional U.S. Government Money Market Fund, 5.028% | (a | ) | 5,532,905 | $ | 5,532,905 | |||||||
|
| |||||||||||
Total Money Market Funds (Cost $5,532,905) | $ | 5,532,905 | ||||||||||
|
| |||||||||||
Total Investments – 95.0% (Cost $421,241,136) | (b | ) | $ | 477,331,906 | ||||||||
Other Assets in Excess of Liabilities – 5.0% | (c | ) | 24,928,453 | |||||||||
|
| |||||||||||
Net Assets – 100.0% | $ | 502,260,359 | ||||||||||
|
|
Percentages are stated as a percent of net assets.
Abbreviations:
ETF: Exchange | Traded Fund |
Footnotes:
(a) | Rate represents the seven-day yield at June 30, 2023. |
(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. |
(c) | Includes $3,525,556 of cash pledged as collateral for the futures contracts outstanding at June 30, 2023. 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 | June 30, 2023 | (Unaudited) |
Long Futures Contracts
Description | Number of | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable (Payable) | ||||||||||||||||||||||||||||||||||||||||||||
MOD S&P TSX 60 Index - Long | 59 | September 14, 2023 | $ | 10,680,820 | $ | 10,854,486 | $ | 173,666 | $ | 136,285 | ||||||||||||||||||||||||||||||||||||||||
MSCI EAFE Index - Long | 162 | September 15, 2023 | 17,322,801 | 17,459,550 | 136,749 | 204,930 | ||||||||||||||||||||||||||||||||||||||||||||
CME E-mini S&P 500 Index - Long | 81 | September 15, 2023 | 17,614,896 | 18,177,413 | 562,517 | 156,470 | ||||||||||||||||||||||||||||||||||||||||||||
MSCI Emerging Markets Index - Long | 184 | September 15, 2023 | 9,283,236 | 9,180,680 | (102,556 | ) | 69,920 | |||||||||||||||||||||||||||||||||||||||||||
EUR Currency Future - Long | 78 | September 18, 2023 | 10,582,357 | 10,679,175 | 96,818 | 41,438 | ||||||||||||||||||||||||||||||||||||||||||||
AUD Currency Future - Long | 75 | September 18, 2023 | 5,029,649 | 5,008,500 | (21,149 | ) | 33,375 | |||||||||||||||||||||||||||||||||||||||||||
CAD Currency Future - Long | 159 | September 19, 2023 | 11,965,459 | 12,025,170 | 59,711 | 6,360 | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||
$ | 82,479,218 | $ | 83,384,974 | $ | 905,756 | $ | 648,778 | |||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Short Futures Contracts
Description | Number of | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable (Payable) | ||||||||||||||||||||||||||||||||||||||
CBT U.S. Ultra Bond - Short | 35 | September 20, 2023 | $ | (4,712,051 | ) | $ | (4,767,656 | ) | $ | (55,605 | ) | $ | (43,788 | ) | ||||||||||||||||||||||||||||||
CBT 5-Year U.S. Treasury Note - Short | 183 | September 29, 2023 | (19,977,582 | ) | (19,598,156 | ) | 379,426 | 0 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||
$ | (24,689,633 | ) | $ | (24,365,812 | ) | $ | 323,821 | $ | (43,788 | ) | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||
Total Futures Contracts | $ | 57,789,585 | $ | 59,019,162 | $ | 1,229,577 | $ | 604,990 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
133 |
Ohio National Fund, Inc. | ON iShares Managed Risk Growth Portfolio (Unaudited) |
Objective/Strategy |
The ON iShares Managed Risk Growth Portfolio seeks income and capital appreciation by investing in underlying exchange traded funds (“ETFs”) and futures. Under normal market conditions, through investments in the underlying funds and derivatives, the Portfolio expects to allocate 85% of its assets in equity investments and 15% of its assets in fixed income investments.
Performance as of June 30, 2023 |
Average Annual returns | ||||
Since inception (10/14/22) | 19.10 | % |
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 the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or 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 gross expense ratio is estimated to be 0.70% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 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.
Comments from Sub-Adviser |
Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?
A. For the six-month period ended June 30, 2023, the Portfolio returned 12.36% versus 16.89% for its benchmark, the S&P 500® Index.
Q. What affected the Portfolio’s performance?
A. Over the period, the Portfolio was invested roughly 85% in equities and 15% in fixed income. Given the strong performance of equities in the first half of the year, the Portfolio’s fixed income exposure was a large detractor from relative performance. Other detractors included the Portfolio’s exposure to international developed equities and to emerging markets, as these markets generally underperformed relative to the U.S. In terms of specific positioning, an exposure to iShares Core U.S. Aggregate Bond ETF was the largest detractor over the period, while exposures to iShares Core MSCI EAFE ETF and iShares Core MSCI Emerging Markets ETF also detracted from relative performance. During the period, futures contracts contributed 155 basis points (1.55%) of absolute return for the Portfolio in aggregate.
In Asia, Japan equities posted strong returns as the Yen weakened further while the Bank of Japan did not adjust its yield curve control policy. The Portfolio held an overweight to Japan equities through much of the quarter and benefited from this looser monetary policy. (1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.
The S&P 500® Index is a capitalization-weighted index designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index presented 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 June 30, 2023 (1) |
% of Net Assets | ||||
Exchange Traded Funds | 95.2 | |||
Other Net Assets | 4.8 | |||
|
| |||
100.0 | ||||
|
|
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||||||
1. | iShares Core S&P 500 ETF | 40.6 | ||||||
2. | iShares Core MSCI EAFE ETF | 16.4 | ||||||
3. | iShares Core U.S. Aggregate Bond ETF | 14.5 | ||||||
4. | iShares Russell 1000 ETF | 9.0 | ||||||
5. | iShares Core MSCI Emerging Markets ETF | 6.8 | ||||||
6. | BlackRock Ultra Short-Term Bond ETF | 3.3 | ||||||
7. | iShares Russell 1000 Value ETF | 2.0 | ||||||
8. | iShares MSCI EAFE ETF | 1.8 | ||||||
9. | iShares MSCI Emerging Markets ETF | 0.8 |
(1) | Composition of Portfolio subject to change. |
(2) | Short-term investments have been excluded from the list of Top 10 Portfolio Holdings. |
(3) | Top 10 Portfolio Holdings is presented at an individual security level. Total investment exposure by issuer may be higher. |
134 |
Ohio National Fund, Inc. | ON iShares Managed Risk Growth Portfolio |
Schedule of Investments | June 30, 2023 | (Unaudited) |
Exchange Traded Funds – 95.2% | Shares | Value | ||||||||||
| ||||||||||||
BlackRock Ultra Short-Term Bond ETF | 290,579 | $ | 14,616,124 | |||||||||
iShares Core MSCI EAFE ETF | 1,078,444 | 72,794,970 | ||||||||||
iShares Core MSCI Emerging Markets ETF | 611,134 | 30,122,795 | ||||||||||
iShares Core S&P 500 ETF | 405,835 | 180,884,718 | ||||||||||
iShares Core U.S. Aggregate Bond ETF | 660,585 | 64,704,301 | ||||||||||
iShares MSCI EAFE ETF | 107,703 | 7,808,467 | ||||||||||
iShares MSCI Emerging Markets ETF | 94,839 | 3,751,831 | ||||||||||
iShares Russell 1000 ETF | 164,834 | 40,176,639 | ||||||||||
iShares Russell 1000 Value ETF | 56,164 | 8,864,364 | ||||||||||
|
| |||||||||||
Total Exchange Traded Funds (Cost $361,637,354) | $ | 423,724,209 | ||||||||||
|
| |||||||||||
Total Investments – 95.2% (Cost $361,637,354) | (a | ) | $ | 423,724,209 | ||||||||
Other Assets in Excess of Liabilities – 4.8% | (b | ) | 21,544,746 | |||||||||
|
| |||||||||||
Net Assets – 100.0% | $ | 445,268,955 | ||||||||||
|
|
Percentages are stated as a percent of net assets.
Abbreviations:
ETF: Exchange | Traded Fund |
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. |
(b) | Includes $3,293,068 of cash pledged as collateral for the futures contracts outstanding at June 30, 2023. 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 | June 30, 2023 | (Unaudited) |
Long Futures Contracts
Description | Number of | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable (Payable) | ||||||||||||||||||||||||||||||||||||||||||||
MOD S&P TSX 60 Index - Long | 76 | September 14, 2023 | $ | 13,758,343 | $ | 13,982,049 | $ | 223,706 | $ | 175,554 | ||||||||||||||||||||||||||||||||||||||||
MSCI EAFE Index - Long | 110 | September 15, 2023 | 11,762,396 | 11,855,250 | 92,854 | 148,409 | ||||||||||||||||||||||||||||||||||||||||||||
CME E-mini S&P 500 Index - Long | 67 | September 15, 2023 | 14,627,698 | 15,035,638 | 407,940 | 136,998 | ||||||||||||||||||||||||||||||||||||||||||||
MSCI Emerging Markets Index - Long | 126 | September 15, 2023 | 6,356,999 | 6,286,770 | (70,229 | ) | 47,880 | |||||||||||||||||||||||||||||||||||||||||||
EUR Currency Future - Long | 68 | September 18, 2023 | 9,225,645 | 9,310,050 | 84,405 | 36,125 | ||||||||||||||||||||||||||||||||||||||||||||
AUD Currency Future - Long | 66 | September 18, 2023 | 4,426,091 | 4,407,480 | (18,611 | ) | 29,370 | |||||||||||||||||||||||||||||||||||||||||||
CAD Currency Future - Long | 216 | September 19, 2023 | 16,283,530 | 16,336,080 | 52,550 | 8,640 | ||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||
$ | 76,440,702 | $ | 77,213,317 | $ | 772,615 | $ | 582,976 | |||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Short Futures Contracts
Description | Number of | Expiration Date | Notional Amount | Value | Unrealized Appreciation (Depreciation) | Variation Margin Receivable (Payable) | ||||||||||||||||||||||||||||||||||||||
CBT U.S. Ultra Bond - Short | 30 | September 20, 2023 | $ | (4,038,903 | ) | $ | (4,086,563 | ) | $ | (47,660 | ) | $ | (37,600 | ) | ||||||||||||||||||||||||||||||
CBT 5-Year U.S. Treasury Note - Short | 159 | September 29, 2023 | (17,364,289 | ) | (17,027,906 | ) | 336,383 | 0 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||
$ | (21,403,192 | ) | $ | (21,114,469 | ) | $ | 288,723 | $ | (37,600 | ) | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||
Total Futures Contracts | $ | 55,037,510 | $ | 56,098,848 | $ | 1,061,338 | $ | 545,376 | ||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
The accompanying notes are an integral part of these financial statements.
135 |
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 June 30, 2023 |
Average Annual returns | ||||
One year | 6.62 | % | ||
Five years | 3.93 | % | ||
Since inception (3/1/17) | 3.92 | % |
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 the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or 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 gross expense ratio is estimated to be 1.00% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 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 1.00% through April 30, 2024.
Comments from Adviser |
Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?
A. For the six-month period ended June 30, 2023, the Portfolio returned 6.28% versus 5.53% for its benchmark, the Morningstar® Moderately Conservative Target Risk Index.
Q. What affected the Portfolio’s performance?
A. Equity markets provided strong positive returns during the first half of 2023. Growth stocks materially outperformed value stocks, and domestic stocks generally outperformed international stocks. In addition, large cap stocks outperformed small and midcap stocks during the period. Fixed income markets also provided modest positive returns for the period. While the Federal Reserve increased the Fed Funds rate in the first half of the 2023, longer term interest rates declined slightly during the period. Credit spreads also tightened slightly during the first half of the year.
The Portfolio invests in affiliated and unaffiliated mutual funds, comprised mostly of fixed income funds, but also some equity funds. The exposure to equity funds was the primary driver of positive relative performance. Specifically, holdings in ON S&P 500® Index Portfolio, ON Nasdaq-100® Index Portfolio, and ON BlackRock Advantage Large Cap Core Portfolio provided positive relative performance. The largest
detractors from performance were all fixed income funds, which included PIMCO Low Duration Institutional, ON Federated Core Plus Bond Portfolio, and PIMCO Total Return Institutional. (1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.
The 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.
136 | (continued) |
Ohio National Fund, Inc. | ON Moderately Conservative Model Portfolio (Unaudited) (Continued) |
Portfolio Composition as of June 30, 2023 (1) |
% of Net Assets | ||||
Open-End Mutual Funds | ||||
Less Net Liabilities | 100.0 | |||
|
| |||
100.0 | ||||
|
|
(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. |
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||||||
1. | ON Federated Core Plus Bond Portfolio | 15.0 | ||||||
2. | ON S&P 500® Index Portfolio | 14.0 | ||||||
3. | PIMCO Total Return Institutional | 13.0 | ||||||
4. | PIMCO Low Duration Institutional | 12.0 | ||||||
5. | ON Bond Portfolio | 8.0 | ||||||
6. | Western Asset Core Plus Bond IS | 7.0 | ||||||
7. | ON S&P MidCap 400® Index Portfolio | 7.0 | ||||||
8. | ON Federated High Income Bond Portfolio | 5.0 | ||||||
9. | ON BlackRock Advantage International Equity Portfolio | 4.0 | ||||||
10. | DFA International Core Equity Portfolio Institutional | 3.1 |
137 |
Ohio National Fund, Inc. | ON Moderately Conservative Model Portfolio |
Schedule of Investments in Unaffiliated Issuers | June 30, 2023 | (Unaudited) |
Open-End Mutual Funds – 37.1% | Shares | Value | ||||||||||
| ||||||||||||
DFA Emerging Markets Portfolio Institutional | 78,112 | $ | 2,096,535 | |||||||||
DFA International Core Equity Portfolio Institutional | 434,157 | 6,330,007 | ||||||||||
PIMCO Low Duration Institutional | 2,778,007 | 25,029,844 | ||||||||||
PIMCO Total Return Institutional | 3,193,330 | 27,111,375 | ||||||||||
Vanguard International Growth Fund Admiral Class | 20,258 | 2,078,404 | ||||||||||
Western Asset Core Plus Bond IS | 1,543,503 | 14,601,538 | ||||||||||
|
| |||||||||||
Total Open-End Mutual Funds | $ | 77,247,703 | ||||||||||
|
| |||||||||||
Total Investments in Securities of Unaffiliated Issuers – 37.1% (Cost $86,996,980) | $ | 77,247,703 | ||||||||||
Total Investments in Affiliates – 62.9% (Cost $132,806,884) (see schedule below) | 130,939,455 | |||||||||||
Liabilities in Excess of Other Assets – 0.0% | (94,377 | ) | ||||||||||
|
| |||||||||||
Net Assets – 100.0% | $ | 208,092,781 | ||||||||||
|
|
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
Schedule of Investments in Affiliates | June 30, 2023 | (Unaudited) |
Affiliate | Value at January 1, 2023 | Cost of Purchases | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Income Distributions | Shares at June 30, 2023 | Value at June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Open-End Mutual | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fidelity Advisor® Real Estate I | (a) | $ | 2,132,671 | $ | 124,790 | $ | 265,026 | $ | (14,615 | ) | $ | 100,584 | $ | 12,589 | 127,666 | $ | 2,078,404 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON AB Mid Cap Core Portfolio |
| (a) | 2,132,671 | 154,424 | 405,290 | (229,333 | ) | 425,932 | — | 75,661 | 2,078,404 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON AB Relative Value Portfolio | (a) | 2,132,671 | 136,343 | 269,862 | 7,672 | 71,580 | — | 199,846 | 2,078,404 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON AB Small Cap Portfolio | (a) | 2,132,671 | 177,272 | 469,190 | (913,598 | ) | 1,151,249 | — | 175,987 | 2,078,404 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON BlackRock Advantage International Equity Portfolio | (a) | 8,530,683 | 275,421 | 1,550,239 | 2,141 | 1,055,610 | — | 552,767 | 8,313,616 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON BlackRock Advantage Large Cap Core Portfolio | (a) | 4,265,341 | 39,316 | 795,432 | (58,786 | ) | 706,369 | — | 138,653 | 4,156,808 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON BlackRock Advantage Large Cap Value Portfolio | (a) | 6,398,012 | 304,306 | 810,880 | 143,874 | 199,900 | — | 362,723 | 6,235,212 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON Bond Portfolio | (a) | 17,061,365 | 111,956 | 1,069,658 | (57,785 | ) | 581,355 | — | 997,434 | 16,627,233 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON Federated Core Plus Bond Portfolio | (a) | 31,990,060 | 363,114 | 1,760,928 | (191,396 | ) | 775,211 | — | 3,467,860 | 31,176,061 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON Federated High Income Bond Portfolio | (a) | 10,663,353 | 26,752 | 817,549 | (5,536 | ) | 525,000 | — | 550,716 | 10,392,020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON Nasdaq-100® Index Portfolio | (a) | 2,132,671 | 28,231 | 800,946 | (143,674 | ) | 862,122 | — | 119,931 | 2,078,404 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON S&P 500® Index Portfolio | (a) | 29,857,389 | 174,404 | 5,572,947 | 796,362 | 3,842,449 | — | 764,722 | 29,097,657 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON S&P MidCap 400® Index Portfolio | (a) | 14,928,694 | 1,196,951 | 2,886,426 | 626,799 | 682,810 | — | 715,986 | 14,548,828 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Open-End Mutual Funds | $ | (37,875 | ) | $ | 10,980,171 | $ | 12,589 | $ | 130,939,455 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
Footnotes:
(a) | Pursuant to Section 2(a)(3) of the Investment Company Act of 1940, the investment meets the definition of “affiliated person”, as the Portfolio directly or indirectly owns, controls, or holds with power to vote 5 percent or more of the outstanding voting securities of the holding at June 30, 2023. |
The accompanying notes are an integral part of these financial statements.
138 |
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 June 30, 2023 |
Average Annual returns | ||||
One year | 9.67 | % | ||
Five years | 5.08 | % | ||
Since inception (3/1/17) | 5.06 | % |
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 the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or 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 gross expense ratio is estimated to be 0.99% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 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 1.00% through April 30, 2024.
Comments from Adviser |
Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?
A. For the six-month period ended June 30, 2023, the Portfolio returned 7.84% versus 6.91% for its benchmark, the Morningstar® Moderate Target Risk Index.
Q. What affected the Portfolio’s performance?
A. Equity markets provided strong positive returns during the first half of 2023. Growth stocks materially outperformed value stocks, and domestic stocks generally outperformed international stocks. In addition, large cap stocks outperformed small and midcap stocks during the period. Fixed income markets also provided modest positive returns for the period. While the Federal Reserve increased the Fed Funds rate in the first half of the 2023, longer term interest rates declined slightly during the period. Credit spreads also tightened slightly during the first half of the year.
The Portfolio invests in affiliated and unaffiliated mutual funds, comprised of fixed income and equity funds. The exposure to equity funds was the primary driver of positive performance vs. the benchmark. Specifically, holdings in ON S&P 500® Index Portfolio, ON Nasdaq-100® Index Portfolio, ON BlackRock Advantage Large Cap Growth Portfolio, and ON BlackRock Advantage Large Cap Core Portfolio provided positive
relative performance. The largest detractors from performance were all fixed income funds, which included PIMCO Low Duration Institutional, ON Federated Core Plus Bond Portfolio, and PIMCO Total Return Institutional. (1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.
The 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® Moderate Target Risk Index exposure is set at 60%.
Past performance is no guarantee of future results. Redemption of fund shares could have tax implications unique to each shareholder.
139 | (continued) |
Ohio National Fund, Inc. | ON Balanced Model Portfolio (Unaudited) (Continued) |
Portfolio Composition as of June 30, 2023 (1) |
% of Net Assets | ||||
Open-End Mutual Funds | ||||
Less Net Liabilities | 100.0 | |||
|
| |||
100.0 | ||||
|
|
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||||
1. | ON S&P 500® Index Portfolio | 16.0 | ||||
2. | ON Federated Core Plus Bond Portfolio | 10.0 | ||||
3. | ON S&P MidCap 400® Index Portfolio | 10.0 | ||||
4. | PIMCO Total Return Institutional | 9.0 | ||||
5. | PIMCO Low Duration Institutional | 8.0 | ||||
6. | ON BlackRock Advantage International Equity Portfolio | 7.0 | ||||
7. | ON Bond Portfolio | 6.0 | ||||
8. | DFA International Core Equity Portfolio Institutional | 5.1 | ||||
9. | Western Asset Core Plus Bond IS | 5.0 | ||||
10. | ON BlackRock Advantage Large Cap Value 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. |
140 |
Ohio National Fund, Inc. | ON Balanced Model Portfolio | |
Schedule of Investments in Unaffiliated Issuers | June 30, 2023 (Unaudited) |
Open-End Mutual Funds – 31.1% | Shares | Value | ||||||
DFA Emerging Markets Portfolio Institutional | 595,112 | $ | 15,972,792 | |||||
DFA International Core Equity Portfolio Institutional | 2,756,247 | 40,186,080 | ||||||
PIMCO Low Duration Institutional | 7,054,333 | 63,559,542 | ||||||
PIMCO Total Return Institutional | 8,420,899 | 71,493,430 | ||||||
Vanguard International Growth Fund Admiral Class | 154,332 | 15,834,482 | ||||||
Western Asset Core Plus Bond IS | 4,199,496 | 39,727,234 | ||||||
|
| |||||||
Total Open-End Mutual Funds | $ | 246,773,560 | ||||||
|
| |||||||
Total Investments in Securities of Unaffiliated Issuers – 31.1% (Cost $272,512,630) | $ | 246,773,560 | ||||||
Total Investments in Affiliates – 68.9% (Cost $536,233,301) (see schedule below) | 546,289,629 | |||||||
Liabilities in Excess of Other Assets – 0.0% | (349,609 | ) | ||||||
|
| |||||||
Net Assets – 100.0% | $ | 792,713,580 | ||||||
|
|
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
Schedule of Investments in Affiliates | June 30, 2023 (Unaudited) |
Affiliate | Value at | Cost of Purchases | Proceeds from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Income Distributions | Shares at June 30, 2023 | Value at | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Open-End Mutual Funds – 68.9% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fidelity Advisor® Real Estate I | (a) | $ | 7,875,979 | $ | 394,606 | $ | 660,498 | $ | (153,748 | ) | $ | 460,902 | $47,025 | 486,317 | $ | 7,917,241 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON AB Mid Cap Core Portfolio | (a) | 7,875,979 | 337,627 | 1,017,541 | (570,023 | ) | 1,291,199 | — | 288,214 | 7,917,241 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON AB Relative Value Portfolio |
| (a) | 31,503,917 | 1,132,277 | 2,118,544 | 57,385 | 1,093,929 | — | 3,045,093 | 31,668,964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON AB Small Cap Portfolio. | (a) | 7,875,979 | 410,900 | 1,240,633 | (1,862,138 | ) | 2,733,133 | — | 670,384 | 7,917,241 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON BlackRock Advantage International Equity Portfolio | (a) | 55,131,854 | 1,195,173 | 7,808,254 | (359,721 | ) | 7,261,635 | — | 3,684,886 | 55,420,687 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON BlackRock Advantage Large Cap Core Portfolio | (a) | 15,751,958 | 47,049 | 2,380,547 | (227,700 | ) | 2,643,722 | — | 528,168 | 15,834,482 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON BlackRock Advantage Large Cap Growth Portfolio | (a) | 7,875,979 | 22,802 | 1,979,372 | (3,494,067 | ) | 5,491,899 | — | 941,408 | 7,917,241 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON BlackRock Advantage Large Cap Value Portfolio | (a) | 31,503,917 | 683,476 | 2,201,678 | (179,389 | ) | 1,862,638 | — | 1,842,290 | 31,668,964 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON BlackRock Advantage Small Cap Growth Portfolio | (a) | 15,751,958 | 731,644 | 2,641,272 | (1,096,060 | ) | 3,088,212 | — | 758,720 | 15,834,482 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON Bond Portfolio | (a) | 47,255,875 | 1,299,475 | 2,517,055 | (127,152 | ) | 1,592,303 | — | 2,849,637 | 47,503,446 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON Federated Core Plus Bond Portfolio | (a) | 78,759,792 | 2,995,257 | 4,036,985 | (424,579 | ) | 1,878,925 | — | 8,806,720 | 79,172,410 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON Federated High Income Bond Portfolio | (a) | 23,627,938 | 269,853 | 1,308,031 | 8,811 | 1,153,152 | — | 1,258,703 | 23,751,723 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON Nasdaq-100® Index Portfolio | (a) | 7,875,979 | 22,767 | 2,672,849 | (1,412,085 | ) | 4,103,429 | — | 456,852 | 7,917,241 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON S&P 500® Index Portfolio | (a) | 126,015,667 | 294,461 | 19,428,718 | 2,978,823 | 16,815,623 | — | 3,329,194 | 126,675,856 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON S&P MidCap 400® Index Portfolio | (a) | 78,759,792 | 3,817,275 | 10,241,081 | 1,170,893 | 5,665,531 | — | 3,896,280 | 79,172,410 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Open-End Mutual Funds | $ | (5,690,750 | ) | $ | 57,136,232 | $47,025 | $ | 546,289,629 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
Footnotes:
(a) | Pursuant to Section 2(a)(3) of the Investment Company Act of 1940, the investment meets the definition of “affiliated person”, as the Portfolio directly or indirectly owns, controls, or holds with power to vote 5 percent or more of the outstanding voting securities of the holding at June 30, 2023. |
The accompanying notes are an integral part of these financial statements.
141 |
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 June 30, 2023 |
Average Annual returns | ||||
One year | 12.78 | % | ||
Five years | 6.32 | % | ||
Since inception (3/1/17) | 6.46 | % |
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 the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or 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 gross expense ratio is estimated to be 0.99% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 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.
Comments from Adviser |
Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?
A. For the six-month period ended June 30, 2023, the Portfolio returned 9.83% versus 8.58% for its benchmark, the Morningstar® Moderately Aggressive Target Risk Index.
Q. What affected the Portfolio’s performance?
A. Equity markets provided strong positive returns during the first half of 2023. Growth stocks materially outperformed value stocks, and domestic stocks generally outperformed international stocks. In addition, large cap stocks outperformed small and midcap stocks during the period. Fixed income markets also provided modest positive returns for the period. While the Federal Reserve increased the Fed Funds rate in the first half of the 2023, longer term interest rates declined slightly during the period. Credit spreads also tightened slightly during the first half of the year.
The Portfolio invests in affiliated and unaffiliated mutual funds, comprised mostly of equity funds, but also some fixed income funds. The exposure to equity funds was the primary driver of positive performance vs. the benchmark. Specifically, holdings in ON S&P 500® Index Portfolio, ON Nasdaq-100® Index Portfolio, ON BlackRock Advantage Large Cap Growth Portfolio, and ON BlackRock Advantage Large Cap Core Portfolio
provided positive relative performance. The largest detractors from performance were all fixed income funds, which included PIMCO Low Duration Institutional, ON Federated Core Plus Bond Portfolio, and PIMCO Total Return Institutional. (1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.
The 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.
142 | (continued) |
Ohio National Fund, Inc. | ON Moderate Growth Model Portfolio (Unaudited) (Continued) |
Portfolio Composition as of June 30, 2023 (1) |
% of Net Assets | ||||
Open-End Mutual Funds | ||||
Less Net Liabilities | 100.0 | |||
|
| |||
100.0 | ||||
|
|
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||||
1. | ON S&P 500® Index Portfolio | 18.9 | ||||
2. | ON S&P MidCap 400® Index Portfolio | 12.0 | ||||
3. | ON BlackRock Advantage International Equity Portfolio | 8.0 | ||||
4. | DFA International Core Equity Portfolio Institutional | 7.1 | ||||
5. | ON Federated Core Plus Bond Portfolio | 7.0 | ||||
6. | ON BlackRock Advantage Large Cap Value Portfolio | 6.0 | ||||
7. | PIMCO Total Return Institutional | 5.0 | ||||
8. | ON AB Relative Value Portfolio | 5.0 | ||||
9. | ON BlackRock Advantage Large Cap Core Portfolio | 4.0 | ||||
10. | ON 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. |
143 |
Ohio National Fund, Inc. | ON Moderate Growth Model Portfolio |
Schedule of Investments in Unaffiliated Issuers | June 30, 2023 (Unaudited) |
Open-End Mutual Funds – 22.1% | Shares | Value | ||||||
DFA Emerging Markets Portfolio Institutional | 1,119,088 | $ | 30,036,320 | |||||
DFA International Core Equity Portfolio Institutional | 7,255,961 | 105,791,918 | ||||||
PIMCO Low Duration Institutional | 4,974,453 | 44,819,824 | ||||||
PIMCO Total Return Institutional | 8,797,211 | 74,688,321 | ||||||
Vanguard International Growth Fund Admiral Class | 290,226 | 29,777,178 | ||||||
Western Asset Core Plus Bond IS | 4,738,138 | 44,822,780 | ||||||
|
| |||||||
Total Open-End Mutual Funds | $ | 329,936,341 | ||||||
|
| |||||||
Total Investments in Securities of Unaffiliated Issuers – 22.1% (Cost $350,021,337) | $ | 329,936,341 | ||||||
Total Investments in Affiliates – 77.9% (Cost $1,149,260,586) (see schedule below) | 1,161,309,953 | |||||||
Liabilities in Excess of Other Assets – 0.0% | (491,884 | ) | ||||||
|
| |||||||
Net Assets – 100.0% | $ | 1,490,754,410 | ||||||
|
|
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
Schedule of Investments in Affiliates | June 30, 2023 (Unaudited) |
Affiliate | Value at | Cost of Purchases | Proceeds from Sales | Net Realized | Change in Unrealized Appreciation (Depreciation) | Income Distributions | Shares at June 30, 2023 | Value at | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Open-End Mutual Funds – 77.9% | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fidelity Advisor® Real Estate I | (a) | $ | 14,450,992 | $ | 779,695 | $ | 900,880 | $ | (180,519 | ) | $ | 739,301 | $87,166 | 914,532 | $ | 14,888,589 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON AB Mid Cap Core Portfolio | (a) | 14,450,992 | 572,603 | 1,462,775 | (819,065 | ) | 2,146,834 | — | 541,994 | 14,888,589 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON AB Relative Value Portfolio |
| (a) | 72,254,959 | 2,835,405 | 3,306,837 | 83,474 | 2,575,945 | — | 7,157,976 | 74,442,946 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON AB Small Cap Portfolio | (a) | 28,901,984 | 1,386,052 | 3,714,866 | (6,779,813 | ) | 9,983,821 | — | 2,521,353 | 29,777,178 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON BlackRock Advantage International Equity Portfolio | (a) | 115,607,935 | 2,433,109 | 13,432,718 | (693,369 | ) | 15,193,756 | — | 7,919,462 | 119,108,713 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON BlackRock Advantage Large Cap Core Portfolio | (a) | 57,803,968 | 137,991 | 7,312,847 | (822,807 | ) | 9,748,052 | — | 1,986,470 | 59,554,357 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON BlackRock Advantage Large Cap Growth Portfolio | (a) | 28,901,984 | 6,066 | 6,514,874 | (16,845,380 | ) | 24,229,382 | — | 3,540,687 | 29,777,178 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON BlackRock Advantage Large Cap Value Portfolio | (a) | 86,705,951 | 2,427,932 | 4,474,002 | (167,151 | ) | 4,838,805 | — | 5,196,715 | 89,331,535 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON BlackRock Advantage Small Cap Growth Portfolio | (a) | 43,352,976 | 1,720,749 | 5,908,966 | (2,455,264 | ) | 7,956,272 | — | 2,140,190 | 44,665,767 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON Bond Portfolio | (a) | 57,803,968 | 2,605,132 | 2,637,047 | (133,975 | ) | 1,916,279 | — | 3,572,547 | 59,554,357 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON Federated Core Plus Bond Portfolio | (a) | 101,156,943 | 6,108,621 | 4,889,679 | (512,768 | ) | 2,357,007 | — | 11,592,895 | 104,220,124 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON Federated High Income Bond Portfolio | (a) | 28,901,984 | 864,054 | 1,412,349 | 4,721 | 1,418,768 | — | 1,578,017 | 29,777,178 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON Nasdaq-100® Index Portfolio | (a) | 28,901,984 | 2,892 | 9,078,250 | (2,664,868 | ) | 12,615,420 | — | 1,718,245 | 29,777,178 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON S&P 500® Index Portfolio | (a) | 274,568,846 | 179,274 | 35,284,753 | 5,372,166 | 38,047,661 | — | 7,434,512 | 282,883,194 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON S&P MidCap 400® Index Portfolio | (a) | 173,411,903 | 8,101,626 | 17,964,763 | 2,073,142 | 13,041,162 | — | 8,792,474 | 178,663,070 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Open-End Mutual Funds | $ | (24,541,476 | ) | $ | 146,808,465 | $87,166 | $ | 1,161,309,953 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
Percentages are stated as a percent of net assets.
Footnotes:
(a) | Pursuant to Section 2(a)(3) of the Investment Company Act of 1940, the investment meets the definition of “affiliated person”, as the Portfolio directly or indirectly owns, controls, or holds with power to vote 5 percent or more of the outstanding voting securities of the holding at June 30, 2023. |
The accompanying notes are an integral part of these financial statements.
144 |
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 June 30, 2023 |
Average Annual returns | ||||
One year | 15.28 | % | ||
Five years | 7.40 | % | ||
Since inception (3/1/17) | 7.52 | % |
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 the Portfolio’s shares is obtained either through an allocation to the Portfolio as an investment vehicle within variable life insurance policies or 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 gross expense ratio is estimated to be 1.03% per the Fund’s prospectus dated May 1, 2023. Additional information pertaining to the Portfolio’s expense ratio as of June 30, 2023 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.
Comments from Adviser |
Q. How did the Portfolio perform in comparison to its benchmark during the reporting period?
A. For the six-month period ended June 30, 2023, the Portfolio returned 11.36% versus 10.03% for its benchmark, the Morningstar® Aggressive Target Risk Index
Q. What affected the Portfolio’s performance?
A. Equity markets provided strong positive returns during the first half of 2023. Growth stocks materially outperformed value stocks, and domestic stocks generally outperformed international stocks. In addition, large cap stocks outperformed small and midcap stocks during the period. Fixed income markets also provided modest positive returns for the period. While the Federal Reserve increased the Fed Funds rate in the first half of the 2023, longer term interest rates declined slightly during the period. Credit spreads also tightened slightly during the first half of the year.
The Portfolio invests in affiliated and unaffiliated mutual funds, comprised mostly of equity funds, but also a small amount of fixed income funds. The exposure to equity funds was the primary driver of positive performance vs. the benchmark. Specifically, holdings in ON S&P 500® Index Portfolio, ON Nasdaq-100® Index Portfolio, ON BlackRock Advantage Large Cap Growth Portfolio, and ON BlackRock Advantage Large Cap Core Portfolio provided positive relative performance. The
largest detractors from performance were all fixed income funds, which included PIMCO Low Duration Institutional, ON Federated Core Plus Bond Portfolio, and PIMCO Total Return Institutional. (1)
(1) | The Portfolio’s composition is subject to change. Holdings and weightings are as of June 30, 2023. |
Change in Value of $10,000 Investment |
Hypothetical illustration based on past performance. Future performance will vary. The Portfolio’s returns reflect reinvested dividends. The Portfolio’s holdings may differ significantly from the securities in the index. The index is unmanaged and therefore does not reflect the cost of portfolio management and accounting.
The 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.
145 | (continued) |
Ohio National Fund, Inc. | ON Growth Model Portfolio (Unaudited) (Continued) |
Portfolio Composition as of June 30, 2023 (1) |
% of Net Assets | ||||
Open-End Mutual Funds | ||||
Less Net Liabilities | 100.0 | |||
|
| |||
100.0 | ||||
|
|
Top 10 Portfolio Holdings as of June 30, 2023 (1) (2) (3) |
% of Net Assets | ||||||
1. | ON S&P 500® Index Portfolio | 19.0 | ||||
2. | ON S&P MidCap 400® Index Portfolio | 14.0 | ||||
3. | ON BlackRock Advantage International Equity Portfolio | 11.0 | ||||
4. | DFA International Core Equity Portfolio Institutional | 9.1 | ||||
5. | ON BlackRock Advantage Large Cap Value Portfolio | 7.0 | ||||
6. | ON AB Relative Value Portfolio | 6.0 | ||||
7. | ON BlackRock Advantage Large Cap Core Portfolio | 6.0 | ||||
8. | ON BlackRock Advantage Small Cap Growth Portfolio | 4.0 | ||||
9. | DFA Emerging Markets Portfolio Institutional | 3.0 | ||||
10. | ON AB Small Cap Portfolio | 3.0 |
(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. |
146 |
Ohio National Fund, Inc. | ON Growth Model Portfolio |
Schedule of Investments in Unaffiliated Issuers | June 30, 2023 (Unaudited) |
Open-End Mutual Funds – 17.1% | Shares | Value | ||||||
| ||||||||
DFA Emerging Markets Portfolio Institutional | 388,781 | $ | 10,434,884 | |||||
DFA International Core Equity Portfolio Institutional | 2,160,611 | 31,501,713 | ||||||
PIMCO Low Duration Institutional | 384,051 | 3,460,299 | ||||||
PIMCO Total Return Institutional | 815,024 | 6,919,553 | ||||||
Vanguard International Growth Fund Admiral Class | 67,223 | 6,897,028 | ||||||
|
| |||||||
Total Open-End Mutual Funds | $ | 59,213,477 | ||||||
|
| |||||||
Total Investments in Securities of Unaffiliated Issuers – 17.1% (Cost $60,058,804) | $ | 59,213,477 | ||||||
Total Investments in Affiliates – 82.9% (Cost $286,833,368) (see schedule below) | 286,226,670 | |||||||
Liabilities in Excess of Other Assets – 0.0% | (131,066 | ) | ||||||
|
| |||||||
Net Assets – 100.0% | $ | 345,309,081 | ||||||
|
|
Percentages are stated as a percent of net assets.
The accompanying notes are an integral part of these financial statements.
Schedule of Investments in Affiliates | June 30, 2023 (Unaudited) |
Affiliate | Value at January 1, 2023 | Cost of Proceeds | Purchases from Sales | Net Realized Gain (Loss) | Change in Unrealized Appreciation (Depreciation) | Income Distributions | Shares at June 30, 2023 | Value at June 30, 2023 | |||||||||||||||||||||||||||||||||||||
Open-End Mutual Funds – 82.9% | |||||||||||||||||||||||||||||||||||||||||||||
Fidelity Advisor® Real Estate I | (a) | $ | 3,310,339 | $ | 161,057 | $ | 152,331 | $ | (30,483) | $ | 159,932 | $ | 20,006 | 211,825 | $ | 3,448,514 | |||||||||||||||||||||||||||||
ON AB Mid Cap Core Portfolio | (a) | 3,310,339 | 124,371 | 292,743 | (161,295) | 467,842 | — | 125,537 | 3,448,514 | ||||||||||||||||||||||||||||||||||||
ON AB Relative Value Portfolio | (a) | 19,862,033 | 737,077 | 640,309 | 14,943 | 717,341 | — | 1,989,527 | 20,691,085 | ||||||||||||||||||||||||||||||||||||
ON AB Small Cap Portfolio | (a) | 9,931,016 | 484,783 | 1,182,334 | (2,393,364) | 3,505,441 | — | 875,999 | 10,345,542 | ||||||||||||||||||||||||||||||||||||
ON BlackRock Advantage International Equity Portfolio | (a) | 36,413,727 | 931,438 | 3,989,251 | (206,278) | 4,784,019 | — | 2,522,185 | 37,933,655 | ||||||||||||||||||||||||||||||||||||
ON BlackRock Advantage Large Cap Core Portfolio | (a) | 19,862,033 | 18,613 | 2,259,411 | (181,984) | 3,251,834 | — | 690,163 | 20,691,085 | ||||||||||||||||||||||||||||||||||||
ON BlackRock Advantage Large Cap Growth Portfolio | (a) | 6,620,678 | 2,827 | 1,422,903 | (3,378,829) | 5,075,255 | — | 820,099 | 6,897,028 | ||||||||||||||||||||||||||||||||||||
ON BlackRock Advantage Large Cap Value Portfolio | (a) | 23,172,371 | 538,804 | 821,706 | (2,279) | 1,252,409 | — | 1,404,282 | 24,139,599 | ||||||||||||||||||||||||||||||||||||
ON BlackRock Advantage Small Cap Growth Portfolio | (a) | 13,241,355 | 563,366 | 1,703,742 | (699,194) | 2,392,271 | — | 660,951 | 13,794,056 | ||||||||||||||||||||||||||||||||||||
ON Bond Portfolio | (a) | 6,620,678 | 392,218 | 320,871 | (6,738) | 211,741 | — | 413,739 | 6,897,028 | ||||||||||||||||||||||||||||||||||||
ON Federated Core Plus Bond Portfolio | (a) | 9,931,016 | 742,731 | 510,494 | (22,281) | 204,570 | — | 1,150,783 | 10,345,542 | ||||||||||||||||||||||||||||||||||||
ON Federated High Income Bond Portfolio | (a) | 3,310,339 | 129,637 | 154,761 | (5,715) | 169,014 | — | 182,751 | 3,448,514 | ||||||||||||||||||||||||||||||||||||
ON Nasdaq-100® Index Portfolio | (a) | 9,931,016 | �� | — | 3,019,218 | (944,772) | 4,378,516 | — | 596,973 | 10,345,542 | |||||||||||||||||||||||||||||||||||
ON S&P 500® Index Portfolio | (a) | 62,896,437 | 33,042 | 7,365,471 | 1,312,188 | 8,645,572 | — | 1,721,991 | 65,521,768 | ||||||||||||||||||||||||||||||||||||
ON S&P MidCap 400® Index Portfolio | (a) | 46,344,743 | 2,085,794 | 4,224,739 | 591,441 | 3,481,959 | — | 2,375,945 | 48,279,198 | ||||||||||||||||||||||||||||||||||||
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Total Open-End Mutual Funds | $ | (6,114,640) | $ | 38,697,716 | $ | 20,006 | $ | 286,226,670 | |||||||||||||||||||||||||||||||||||||
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Percentages are stated as a percent of net assets.
Footnotes:
(a) | Pursuant to Section 2(a)(3) of the Investment Company Act of 1940, the investment meets the definition of “affiliated person”, as the Portfolio directly or indirectly owns, controls, or holds with power to vote 5 percent or more of the outstanding voting securities of the holding at June 30, 2023. |
The accompanying notes are an integral part of these financial statements.
147 |
Ohio National Fund, Inc. | ||
Statements of Assets and Liabilities | June 30, 2023 (Unaudited) |
ON Bond Portfolio | ON BlackRock Balanced Allocation Portfolio | ON BlackRock Advantage International Equity Portfolio | ON Janus Henderson Forty Portfolio | ON AB Small Cap Portfolio | ON AB Mid Cap Core Portfolio | ON S&P 500® Index Portfolio | ON BlackRock Advantage Large Cap Value Portfolio | ON Federated High Income Bond Portfolio | ||||||||||||||||||||||||||||
| ||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers, at value* | $ | 214,597,532 | $ | 428,362,533 | $ | 349,946,980 | $ | 51,319,981 | $ | 118,871,839 | $ | 80,140,483 | $ | 1,091,367,201 | $ | 201,365,215 | $ | 120,024,344 | ||||||||||||||||||
Cash. | 2,735,587 | 3,639,715 | 6,558,502 | 27,714 | 1,699,172 | 644,944 | 4,632,103 | 1,786,008 | 1,817,837 | |||||||||||||||||||||||||||
Cash subject to usage restrictions. | — | 212,800 | 235,555 | — | — | — | 50,281 | 135,520 | — | |||||||||||||||||||||||||||
Foreign currencies, at value | — | — | 167,300 | — | — | 2,431 | — | 456,193 | — | |||||||||||||||||||||||||||
Receivable for securities sold | — | — | 12,202,967 | — | 1,020,845 | 332,208 | — | — | — | |||||||||||||||||||||||||||
Receivable for fund shares sold | 4,353,560 | 152,900 | 460,539 | 196,299 | 83,551 | 53,490 | 355,618 | 74,125 | 1,035,201 | |||||||||||||||||||||||||||
Receivable for variation margin on futures contracts | — | 45,569 | 86,680 | — | — | — | 55,099 | 28,875 | — | |||||||||||||||||||||||||||
Dividends and accrued interest receivable | 2,409,481 | 1,328,307 | 540,804 | 16,272 | 68,927 | 71,012 | 712,346 | 193,946 | 2,124,782 | |||||||||||||||||||||||||||
Foreign tax reclaim receivable | — | — | 1,636,585 | — | — | — | — | 126,538 | — | |||||||||||||||||||||||||||
Prepaid expenses and other assets | 2,913 | 5,585 | 5,101 | 2,245 | 2,062 | 1,470 | 14,507 | 3,033 | 1,458 | |||||||||||||||||||||||||||
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| |||||||||||||||||||
Total assets. | 224,099,073 | 433,747,409 | 371,841,013 | 51,562,511 | 121,746,396 | 81,246,038 | 1,097,187,155 | 204,169,453 | 125,003,622 | |||||||||||||||||||||||||||
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Liabilities: | ||||||||||||||||||||||||||||||||||||
Payable for securities purchased | — | — | 11,736,522 | 19,932 | 1,360,544 | 163,910 | — | 61,722 | — | |||||||||||||||||||||||||||
Payable for fund shares redeemed | 239,102 | 1,138,873 | 1,205,209 | 42,366 | 1,116,408 | 686,476 | 8,907,188 | 1,949,622 | 9,332 | |||||||||||||||||||||||||||
Payable for investment management services | 98,369 | 175,414 | 208,756 | 30,036 | 70,567 | 46,453 | 300,559 | 110,846 | 74,121 | |||||||||||||||||||||||||||
Accrued custody expense | 999 | 10,596 | 73,912 | 1,891 | 8,788 | 7,135 | 10,411 | 2,954 | 808 | |||||||||||||||||||||||||||
Accrued professional fees | 7,981 | 8,599 | 8,710 | 7,983 | 7,883 | 7,772 | 9,655 | 8,573 | 7,941 | |||||||||||||||||||||||||||
Accrued accounting fees | 7,660 | 13,671 | 528 | 1,911 | 4,432 | 4,066 | 22,985 | 5,248 | 11,653 | |||||||||||||||||||||||||||
Accrued printing and filing fees | 561 | 584 | 576 | 540 | 548 | 543 | 658 | 558 | 549 | |||||||||||||||||||||||||||
Other liabilities | 9,003 | 8,775 | 21,989 | 8,835 | 9,316 | 9,231 | 9,525 | 9,053 | 9,136 | |||||||||||||||||||||||||||
Withholding tax payable | — | 400 | 23,561 | — | — | 121 | 1,166 | — | — | |||||||||||||||||||||||||||
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| |||||||||||||||||||
Total liabilities | 363,675 | 1,356,912 | 13,279,763 | 113,494 | 2,578,486 | 925,707 | 9,262,147 | 2,148,576 | 113,540 | |||||||||||||||||||||||||||
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Net assets | $ | 223,735,398 | $ | 432,390,497 | $ | 358,561,250 | $ | 51,449,017 | $ | 119,167,910 | $ | 80,320,331 | $ | 1,087,925,008 | $ | 202,020,877 | $ | 124,890,082 | ||||||||||||||||||
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Net assets consist of: | ||||||||||||||||||||||||||||||||||||
Paid in capital | 241,509,496 | 407,668,668 | 361,364,731 | 29,280,809 | 141,484,904 | 89,001,997 | 586,972,649 | 194,043,972 | 142,524,070 | |||||||||||||||||||||||||||
Total distributable earnings. | (17,774,098 | ) | 24,721,829 | (2,803,481 | ) | 22,168,208 | (22,316,994 | ) | (8,681,666 | ) | 500,952,359 | 7,976,905 | (17,633,988 | ) | ||||||||||||||||||||||
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Net assets | $ | 223,735,398 | $ | 432,390,497 | $ | 358,561,250 | $ | 51,449,017 | $ | 119,167,910 | $ | 80,320,331 | $ | 1,087,925,008 | $ | 202,020,877 | $ | 124,890,082 | ||||||||||||||||||
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*Investments in securities of unaffiliated issuers, at cost | $ | 240,398,811 | $ | 410,525,057 | $ | 323,047,334 | $ | 41,325,773 | $ | 118,714,454 | $ | 80,356,532 | $ | 682,033,086 | $ | 202,046,386 | $ | 133,785,966 | ||||||||||||||||||
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Foreign currencies, at cost | $ | — | $ | — | $ | 172,885 | $ | — | $ | — | $ | 2,230 | $ | — | $ | 464,516 | $ | — | ||||||||||||||||||
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Shares outstanding, par value, $1 per share | 13,417,506 | 14,030,569 | 23,839,149 | 34,195,743 | 10,087,267 | 2,923,948 | 28,594,468 | 11,753,175 | 6,617,810 | |||||||||||||||||||||||||||
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Authorized Fund shares allocated to Portfolio | 22,000,000 | 25,000,000 | 50,000,000 | 74,000,000 | 17,000,000 | 6,000,000 | 50,000,000 | 26,000,000 | 13,000,000 | |||||||||||||||||||||||||||
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Net asset value per share | $ | 16.67 | $ | 30.82 | $ | 15.04 | $ | 1.50 | $ | 11.81 | $ | 27.47 | $ | 38.05 | $ | 17.19 | $ | 18.87 | ||||||||||||||||||
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The accompanying notes are an integral part of these financial statements.
148
Ohio National Fund, Inc. | ||
Statements of Assets and Liabilities | June 30, 2023 (Unaudited) |
ON Nasdaq-100® Index Portfolio | ON BlackRock Advantage Large Cap Core Portfolio | ON BlackRock Advantage Small Cap Growth Portfolio | ON S&P MidCap 400® Index Portfolio | ON BlackRock Advantage Large Cap Growth Portfolio | ON Risk Managed Balanced Portfolio | ON Federated Core Plus Bond Portfolio | ON U.S. Low Volatility Portfolio | ON AB Relative Value Portfolio | ||||||||||||||||||||||||||||
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Assets: | ||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers, at value* | $ | 256,041,136 | $ | 330,605,210 | $ | 140,469,204 | $ | 384,174,144 | $ | 432,047,582 | $ | 1,149,613,408 | $ | 529,050,595 | $ | 718,214,024 | $ | 124,436,245 | ||||||||||||||||||
Cash | 1,622,414 | 4,015,977 | 1,826,091 | 381,947 | 4,949,379 | 20,077,017 | 8,234,009 | 5,803,304 | 6,695,742 | |||||||||||||||||||||||||||
Cash subject to usage restrictions | 2,741 | 212,800 | 124,000 | 216,000 | 285,600 | — | — | — | — | |||||||||||||||||||||||||||
Foreign currencies, at value | — | — | — | — | — | — | 7 | — | — | |||||||||||||||||||||||||||
Receivable for securities sold | — | — | — | 3,019,634 | — | 1,893,639 | — | — | 841,770 | |||||||||||||||||||||||||||
Receivable for fund shares sold | 9,669 | 87,728 | 12,335 | 5,022 | 209,015 | 631,402 | 8,827,405 | 193,225 | — | |||||||||||||||||||||||||||
Receivable for variation margin on futures contracts | 28,410 | 41,261 | 5,035 | 8,633 | 73,266 | 923,680 | — | — | — | |||||||||||||||||||||||||||
Dividends and accrued interest receivable | 36,476 | 207,717 | 39,026 | 439,181 | 125,766 | 4,026,389 | 3,238,599 | 408,730 | 118,344 | |||||||||||||||||||||||||||
Foreign tax reclaim receivable | — | — | — | — | — | 412 | — | — | 27,841 | |||||||||||||||||||||||||||
Prepaid expenses and other assets | 3,315 | 4,599 | 2,079 | 5,040 | 5,585 | 15,479 | 7,601 | 10,312 | 2,069 | |||||||||||||||||||||||||||
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Total assets | 257,744,161 | 335,175,292 | 142,477,770 | 388,249,601 | 437,696,193 | 1,177,181,426 | 549,358,216 | 724,629,595 | 132,122,011 | |||||||||||||||||||||||||||
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Liabilities: | ||||||||||||||||||||||||||||||||||||
Payable for securities purchased | — | — | 42,246 | — | — | 46,354,842 | — | — | 1,427,458 | |||||||||||||||||||||||||||
Payable for fund shares redeemed | 2,144,284 | 4,462,763 | 1,922,867 | 8,144,063 | 1,317,839 | 880,929 | 122,857 | 477,417 | 1,706,498 | |||||||||||||||||||||||||||
Payable for investment management services | 76,918 | 173,312 | 88,660 | 111,490 | 232,755 | 741,990 | 226,506 | 333,620 | 67,793 | |||||||||||||||||||||||||||
Payable for variation margin on futures contracts | — | — | — | — | — | — | 174,375 | — | — | |||||||||||||||||||||||||||
Accrued custody expense | 3,407 | 3,474 | 2,754 | 8,488 | 3,810 | 14,598 | 4,521 | 3,093 | 2,625 | |||||||||||||||||||||||||||
Accrued professional fees | 8,173 | 8,381 | 7,939 | 8,069 | 5,932 | 9,192 | 10,187 | 11,280 | 7,639 | |||||||||||||||||||||||||||
Accrued accounting fees. | 5,441 | 7,197 | 4,696 | 9,679 | 8,713 | 35,779 | 24,597 | 14,982 | 3,161 | |||||||||||||||||||||||||||
Accrued printing and filing fees | 561 | 572 | 551 | 579 | 581 | 667 | 600 | 618 | 549 | |||||||||||||||||||||||||||
Other liabilities | 8,974 | 9,077 | 9,233 | 8,898 | 8,777 | 8,737 | 8,958 | 8,620 | 9,001 | |||||||||||||||||||||||||||
Withholding tax payable | 682 | 357 | — | — | 460 | — | — | — | 1,947 | |||||||||||||||||||||||||||
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Total liabilities. | 2,248,440 | 4,665,133 | 2,078,946 | 8,291,266 | 1,578,867 | 48,046,734 | 572,601 | 849,630 | 3,226,671 | |||||||||||||||||||||||||||
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Net assets | $ | 255,495,721 | $ | 330,510,159 | $ | 140,398,824 | $ | 379,958,335 | $ | 436,117,326 | $ | 1,129,134,692 | $ | 548,785,615 | $ | 723,779,965 | $ | 128,895,340 | ||||||||||||||||||
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Net assets consist of: | ||||||||||||||||||||||||||||||||||||
Paid in capital. | 116,056,470 | 289,225,750 | 160,196,150 | 299,547,504 | 342,419,211 | 1,115,133,946 | 630,964,894 | 676,291,484 | 124,719,363 | |||||||||||||||||||||||||||
Total distributable earnings | 139,439,251 | 41,284,409 | (19,797,326 | ) | 80,410,831 | 93,698,115 | 14,000,746 | (82,179,279 | ) | 47,488,481 | 4,175,977 | |||||||||||||||||||||||||
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Net assets | $ | 255,495,721 | $ | 330,510,159 | $ | 140,398,824 | $ | 379,958,335 | $ | 436,117,326 | $ | 1,129,134,692 | $ | 548,785,615 | $ | 723,779,965 | $ | 128,895,340 | ||||||||||||||||||
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*Investments in securities of unaffiliated issuers, at cost | $ | 150,335,079 | $ | 294,878,648 | $ | 150,212,100 | $ | 325,261,563 | $ | 362,512,261 | $ | 1,114,199,322 | $ | 588,454,896 | $ | 676,759,969 | $ | 117,279,547 | ||||||||||||||||||
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Foreign currencies, at cost | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 7 | $ | — | $ | — | ||||||||||||||||||
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Shares outstanding, par value, $1 per share | 14,746,403 | 11,025,190 | 6,725,885 | 18,699,286 | 51,883,601 | 83,591,660 | 61,024,830 | 68,844,510 | 12,392,442 | |||||||||||||||||||||||||||
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Authorized Fund shares allocated to Portfolio | 27,000,000 | 19,000,000 | 12,000,000 | 31,000,000 | 82,000,000 | 170,000,000 | 115,000,000 | 155,000,000 | 25,000,000 | |||||||||||||||||||||||||||
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Net asset value per share | $ | 17.33 | $ | 29.98 | $ | 20.87 | $ | 20.32 | $ | 8.41 | $ | 13.51 | $ | 8.99 | $ | 10.51 | $ | 10.40 | ||||||||||||||||||
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|
|
The accompanying notes are an integral part of these financial statements.
149
Ohio National Fund, Inc. | ||
Statements of Assets and Liabilities | June 30, 2023 (Unaudited) |
ON iShares Managed Risk Balanced Portfolio | ON iShares Managed Risk Moderate Growth Portfolio | ON iShares Managed Risk Growth Portfolio | ON Moderately Conservative Model Portfolio | ON Balanced Model Portfolio | ON Moderate Growth Model Portfolio | ON Growth Model Portfolio | ||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers, at value* | $ | 580,864,006 | $ | 477,331,906 | $ | 423,724,209 | $ | 77,247,703 | $ | 246,773,560 | $ | 329,936,341 | $ | 59,213,477 | ||||||||||||||
Investments in affiliates, at value** | — | — | — | 130,939,455 | 546,289,629 | 1,161,309,953 | 286,226,670 | |||||||||||||||||||||
Cash | 20,709,920 | 20,569,891 | 17,838,210 | — | — | — | — | |||||||||||||||||||||
Cash subject to usage restrictions | 5,079,667 | 3,525,556 | 3,293,068 | — | — | — | — | |||||||||||||||||||||
Foreign currencies, at value | 1,796,699 | 673,850 | 666,229 | — | — | — | — | |||||||||||||||||||||
Receivable for securities sold | — | — | — | 947,493 | 8,135,265 | 15,279,063 | 2,594,246 | |||||||||||||||||||||
Receivable for fund shares sold | 301,025 | 71,811 | 67,744 | 156 | 88,978 | 930 | 2,889 | |||||||||||||||||||||
Receivable for variation margin on futures contracts | 800,077 | 604,990 | 545,376 | — | — | — | — | |||||||||||||||||||||
Dividends and accrued interest receivable | 48,608 | 26,511 | — | 345,590 | 1,331,577 | 2,368,393 | 583,033 | |||||||||||||||||||||
Prepaid expenses and other assets | 8,784 | 7,133 | 6,271 | 3,375 | 11,484 | 20,403 | 4,812 | |||||||||||||||||||||
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|
|
|
|
|
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| |||||||||||||||
Total assets | 609,608,786 | 502,811,648 | 446,141,107 | 209,483,772 | 802,630,493 | 1,508,915,083 | 348,625,127 | |||||||||||||||||||||
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| |||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||
Payable for securities purchased. | — | — | — | 1,237,404 | 9,325,988 | 17,414,510 | 3,111,411 | |||||||||||||||||||||
Payable for fund shares redeemed. | 226,866 | 303,814 | 650,451 | 55,835 | 229,832 | 233,876 | 68,757 | |||||||||||||||||||||
Payable for investment management services. | 275,035 | 225,511 | 199,453 | 73,679 | 335,233 | 484,913 | 111,909 | |||||||||||||||||||||
Accrued custody expense. | 4,903 | 3,800 | 3,803 | 2,677 | 2,883 | 2,812 | 2,351 | |||||||||||||||||||||
Accrued professional fees | 5,843 | 4,479 | 4,771 | 7,060 | 8,560 | 10,058 | 7,259 | |||||||||||||||||||||
Accrued accounting fees | 4,138 | 4,494 | 4,494 | 3,848 | 3,856 | 3,856 | 3,852 | |||||||||||||||||||||
Accrued printing and filing fees | 606 | 592 | 585 | 559 | 629 | 709 | 575 | |||||||||||||||||||||
Other liabilities | 8,644 | 8,599 | 8,595 | 9,929 | 9,932 | 9,939 | 9,932 | |||||||||||||||||||||
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| |||||||||||||||
Total liabilities | 526,035 | 551,289 | 872,152 | 1,390,991 | 9,916,913 | 18,160,673 | 3,316,046 | |||||||||||||||||||||
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| |||||||||||||||
Net assets | $ | 609,082,751 | $ | 502,260,359 | $ | 445,268,955 | $ | 208,092,781 | $ | 792,713,580 | $ | 1,490,754,410 | $ | 345,309,081 | ||||||||||||||
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| |||||||||||||||
Net assets consist of: | ||||||||||||||||||||||||||||
Paid in capital | 604,189,678 | 433,087,642 | 373,099,844 | 208,725,140 | 749,493,068 | 1,369,607,121 | 311,019,965 | |||||||||||||||||||||
Total distributable earnings | 4,893,073 | 69,172,717 | 72,169,111 | (632,359 | ) | 43,220,512 | 121,147,289 | 34,289,116 | ||||||||||||||||||||
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| |||||||||||||||
Net assets | $ | 609,082,751 | $ | 502,260,359 | $ | 445,268,955 | $ | 208,092,781 | $ | 792,713,580 | $ | 1,490,754,410 | $ | 345,309,081 | ||||||||||||||
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*Investments in securities of unaffiliated issuers, at cost | $ | 563,531,535 | $ | 421,241,136 | $ | 361,637,354 | $ | 86,996,980 | $ | 272,512,630 | $ | 350,021,337 | $ | 60,058,804 | ||||||||||||||
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| |||||||||||||||
**Investments in affiliates, at cost. | $ | — | $ | — | $ | — | $ | 132,806,884 | $ | 536,233,301 | $ | 1,149,260,586 | $ | 286,833,368 | ||||||||||||||
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Foreign currencies, at cost | $ | 1,795,022 | $ | 694,800 | $ | 678,166 | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
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Shares outstanding, par value, $1 per share | 66,025,618 | 43,117,025 | 37,377,206 | 18,924,677 | 69,416,891 | 124,727,619 | 27,725,595 | |||||||||||||||||||||
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| |||||||||||||||
Authorized Fund shares allocated to Portfolio. | 123,000,000 | 95,000,000 | 80,000,000 | 28,000,000 | 97,000,000 | 170,000,000 | 38,000,000 | |||||||||||||||||||||
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| |||||||||||||||
Net asset value per share. | $ | 9.22 | $ | 11.65 | $ | 11.91 | $ | 11.00 | $ | 11.42 | $ | 11.95 | $ | 12.45 | ||||||||||||||
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The accompanying notes are an integral part of these financial statements.
150
Ohio National Fund, Inc. | ||
Statements of Operations | For the Six-Month Period Ended June 30, 2023 (Unaudited) |
ON Bond Portfolio | ON BlackRock Balanced Allocation Portfolio | ON BlackRock Advantage International Equity Portfolio | ON Janus Henderson Forty Portfolio | ON AB Small Cap Portfolio | ON AB Mid Cap Core Portfolio | ON S&P 500® Index Portfolio | ON BlackRock Advantage Large Cap Value Portfolio | ON Federated High Income Bond Portfolio | |||||||||||||||||||||||||||||||||||||
Investment income: | |||||||||||||||||||||||||||||||||||||||||||||
Interest | $ | 4,662,756 | $ | 2,148,747 | $ | 147,979 | $ | 22,094 | $ | 35,605 | $ | 17,456 | $ | 177,441 | $ | 64,894 | $ | 4,025,670 | |||||||||||||||||||||||||||
Dividends from unaffiliated issuers, net of taxes withheld* | — | 2,425,036 | 6,645,846 | 182,580 | 643,772 | 547,253 | 8,900,146 | 2,189,763 | — | ||||||||||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||||||
Total investment income. | 4,662,756 | 4,573,783 | 6,793,825 | 204,674 | 679,377 | 564,709 | 9,077,587 | 2,254,657 | 4,025,670 | ||||||||||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||||||
Expenses: | |||||||||||||||||||||||||||||||||||||||||||||
Management fees | 605,601 | 1,049,941 | 1,266,163 | 171,009 | 425,764 | 281,073 | 1,785,757 | 666,526 | 452,958 | ||||||||||||||||||||||||||||||||||||
Custodian fees | 2,802 | 38,570 | 226,393 | 4,921 | 27,632 | 21,791 | 34,280 | 8,966 | 2,273 | ||||||||||||||||||||||||||||||||||||
Directors’ fees | 8,834 | 16,689 | 14,198 | 1,830 | 4,628 | 3,129 | 41,658 | 7,902 | 4,920 | ||||||||||||||||||||||||||||||||||||
Professional fees. | 10,763 | 12,826 | 12,422 | 9,422 | 9,856 | 9,460 | 18,573 | 11,117 | 9,974 | ||||||||||||||||||||||||||||||||||||
Accounting fees | 23,145 | 41,337 | 29,757 | 5,630 | 13,347 | 12,317 | 69,340 | 15,650 | 34,962 | ||||||||||||||||||||||||||||||||||||
Administration fees | 14,467 | 17,162 | 38,490 | 10,310 | 12,215 | 11,645 | 16,981 | 12,072 | 13,604 | ||||||||||||||||||||||||||||||||||||
Printing and filing fees | 5,621 | 6,336 | 5,097 | 4,095 | 4,140 | 4,291 | 7,257 | 4,577 | 5,832 | ||||||||||||||||||||||||||||||||||||
Compliance expense | 5,130 | 5,130 | 5,130 | 5,130 | 5,130 | 5,130 | 5,130 | 5,130 | 5,130 | ||||||||||||||||||||||||||||||||||||
Other | 2,611 | 6,577 | 5,763 | 1,053 | 1,825 | 1,221 | 16,415 | 3,641 | 1,756 | ||||||||||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||||||
Total expenses | 678,974 | 1,194,568 | 1,603,413 | 213,400 | 504,537 | 350,057 | 1,995,391 | 735,581 | 531,409 | ||||||||||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||||||
Net investment income (loss) | 3,983,782 | 3,379,215 | 5,190,412 | (8,726 | ) | 174,840 | 214,652 | 7,082,196 | 1,519,076 | 3,494,261 | |||||||||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||||||
Realized/unrealized gain (loss) on investments, futures contracts, and foreign currency related transactions: | |||||||||||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on: | |||||||||||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers | (669,846 | ) | (1,948,975 | ) | 13,104,704 | 3,038,629 | (3,913,987 | ) | (1,867,232 | ) | 32,969,447 | 1,900,290 | (2,648,706 | ) | |||||||||||||||||||||||||||||||
Futures contracts | — | 415,617 | 579,928 | — | — | 11,226 | 795,832 | 316,549 | — | ||||||||||||||||||||||||||||||||||||
Foreign currency related transactions | — | — | (42,376 | ) | (487 | ) | — | — | — | — | — | ||||||||||||||||||||||||||||||||||
Change in unrealized appreciation/depreciation on: | |||||||||||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers | 3,614,841 | 48,561,036 | 24,699,395 | 8,064,992 | 16,283,683 | 8,662,300 | 122,320,536 | 6,597,516 | 5,282,233 | ||||||||||||||||||||||||||||||||||||
Futures contracts | — | 228,934 | 241,422 | — | — | 7,212 | 596,078 | 155,614 | — | ||||||||||||||||||||||||||||||||||||
Foreign currency related transactions | — | — | 4,090 | 455 | — | 46 | — | 23,365 | — | ||||||||||||||||||||||||||||||||||||
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| ||||||||||||||||||||||||||||
Net realized/unrealized gain on investments, futures contracts, and foreign currency related transactions | 2,944,995 | 47,256,612 | 38,587,163 | 11,103,589 | 12,369,696 | 6,813,552 | 156,681,893 | 8,993,334 | 2,633,527 | ||||||||||||||||||||||||||||||||||||
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Change in net assets from operations | $ | 6,928,777 | $ | 50,635,827 | $ | 43,777,575 | $ | 11,094,863 | $ | 12,544,536 | $ | 7,028,204 | $ | 163,764,089 | $ | 10,512,410 | $ | 6,127,788 | |||||||||||||||||||||||||||
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| ||||||||||||||||||||||||||||
*Taxes withheld | $ | — | $ | 400 | $ | 797,042 | $ | 2,362 | $ | 526 | $ | 944 | $ | 2,393 | $ | — | $ | — | |||||||||||||||||||||||||||
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The accompanying notes are an integral part of these financial statements.
151
Ohio National Fund, Inc. | ||
Statements of Operations | For the Six-Month Period Ended June 30, 2023 (Unaudited) |
ON Nasdaq-100® Index Portfolio | ON BlackRock Advantage Large Cap Core Portfolio | ON BlackRock Advantage Small Cap Growth Portfolio | ON S&P MidCap 400® Index Portfolio | ON BlackRock Advantage Large Cap Growth Portfolio | ON Risk Managed Balanced Portfolio | ON Federated Core Plus Bond Portfolio | ON U.S. Low Volatility Portfolio | ON AB Relative Value Portfolio | ||||||||||||||||||||||||||||
Investment income: | ||||||||||||||||||||||||||||||||||||
Interest. | $ | 32,437 | $ | 96,878 | $ | 46,888 | $ | 65,119 | $ | 122,390 | $ | 11,109,194 | $ | 8,069,709 | $ | 129,140 | $ | 155,592 | ||||||||||||||||||
Dividends from unaffiliated issuers, net of taxes withheld* | 1,003,519 | 2,546,577 | 625,957 | 3,252,849 | 2,043,573 | 4,921,152 | 1,286,483 | 6,446,711 | 1,436,685 | |||||||||||||||||||||||||||
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| |||||||||||||||||||
Total investment income | 1,035,956 | 2,643,455 | 672,845 | 3,317,968 | 2,165,963 | 16,030,346 | 9,356,192 | 6,575,851 | 1,592,277 | |||||||||||||||||||||||||||
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| |||||||||||||||||||
Expenses: | ||||||||||||||||||||||||||||||||||||
Management fees | 430,934 | 1,028,071 | 532,903 | 666,093 | 1,328,614 | 4,532,320 | 1,396,485 | 2,047,293 | 406,367 | |||||||||||||||||||||||||||
Custodian fees | 10,788 | 10,746 | 8,286 | 26,466 | 9,254 | 42,469 | 11,304 | 9,013 | 8,874 | |||||||||||||||||||||||||||
Directors’ fees. | 9,081 | 12,741 | 5,472 | 14,701 | 15,780 | 44,848 | 21,859 | 28,470 | 4,996 | |||||||||||||||||||||||||||
Professional fees | 11,009 | 11,867 | 10,068 | 11,975 | 10,028 | 18,688 | 11,665 | 17,685 | 9,722 | |||||||||||||||||||||||||||
Accounting fees | 16,097 | 21,732 | 14,194 | 29,599 | 29,000 | 107,809 | 73,467 | 45,081 | 9,566 | |||||||||||||||||||||||||||
Administration fees | 11,827 | 14,930 | 11,897 | 12,363 | 12,536 | 28,681 | 19,708 | 13,092 | 10,963 | |||||||||||||||||||||||||||
Printing and filing fees | 4,396 | 4,710 | 4,400 | 5,162 | 5,116 | 8,967 | 7,269 | 6,037 | 4,097 | |||||||||||||||||||||||||||
Compliance expense | 5,130 | 5,130 | 5,130 | 5,130 | 5,130 | 5,130 | 5,130 | 5,130 | 5,130 | |||||||||||||||||||||||||||
Other | 3,673 | 5,014 | 2,203 | 5,323 | 4,404 | 43,963 | 7,251 | 11,698 | 1,665 | |||||||||||||||||||||||||||
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Total expenses | 502,935 | 1,114,941 | 594,553 | 776,812 | 1,419,862 | 4,832,875 | �� | 1,554,138 | 2,183,499 | 461,380 | ||||||||||||||||||||||||||
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Net investment income. | 533,021 | 1,528,514 | 78,292 | 2,541,156 | 746,101 | 11,197,471 | 7,802,054 | 4,392,352 | 1,130,897 | |||||||||||||||||||||||||||
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| |||||||||||||||||||
Realized/unrealized gain (loss) on investments and futures contracts: | ||||||||||||||||||||||||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers | 11,795,476 | (701,876 | ) | (23,439 | ) | 5,010,567 | 20,347,203 | 8,756,349 | (4,534,794 | ) | 405,415 | (2,937,811 | ) | |||||||||||||||||||||||
Futures contracts | 393,125 | 489,955 | 64,587 | 111,986 | 1,435,030 | (1,169,625 | ) | (1,389,511 | ) | — | — | |||||||||||||||||||||||||
Change in unrealized appreciation/depreciation on: | ||||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers | 64,485,449 | 47,228,778 | 16,919,371 | 24,407,780 | 77,049,109 | 60,454,312 | 10,418,953 | 32,923,244 | 6,474,971 | |||||||||||||||||||||||||||
Futures contracts | 115,750 | 256,833 | 67,638 | 100,457 | 491,880 | (7,798,560 | ) | (1,779,836 | ) | — | — | |||||||||||||||||||||||||
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| |||||||||||||||||||
Net realized/unrealized gain on investments and futures contracts | 76,789,800 | 47,273,690 | 17,028,157 | 29,630,790 | 99,323,222 | 60,242,476 | 2,714,812 | 33,328,659 | 3,537,160 | |||||||||||||||||||||||||||
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Change in net assets from operations | $ | 77,322,821 | $ | 48,802,204 | $ | 17,106,449 | $ | 32,171,946 | $ | 100,069,323 | $ | 71,439,947 | $ | 10,516,866 | $ | 37,721,011 | $ | 4,668,057 | ||||||||||||||||||
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*Taxes withheld | $ | 2,214 | $ | 357 | $ | 2,754 | $ | — | $ | 460 | $ | 7,984 | $ | — | $ | — | $ | 24,351 | ||||||||||||||||||
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The accompanying notes are an integral part of these financial statements.
152
Ohio National Fund, Inc. | ||
Statements of Operations | For the Six-Month Period Ended June 30, 2023 (Unaudited) |
ON iShares Managed Risk Balanced Portfolio | ON iShares Managed Risk Moderate Growth Portfolio | ON iShares Managed Risk Growth Portfolio | ON Moderately Conservative Model Portfolio | ON Balanced Model Portfolio | ON Moderate Growth Model Portfolio | ON Growth Model Portfolio | |||||||||||||||||||||||||||||
Investment income: | |||||||||||||||||||||||||||||||||||
Interest | $ | 814,696 | $ | 891,478 | $ | 578,009 | $ | 1 | $ | 2 | $ | 4 | $ | 1 | |||||||||||||||||||||
Dividend income from unaffiliated issuers | 7,094,648 | 5,180,727 | 4,480,311 | 1,469,959 | 4,269,481 | 5,194,724 | 805,501 | ||||||||||||||||||||||||||||
Dividends from affililiates | — | — | — | 12,589 | 47,024 | 87,166 | 20,006 | ||||||||||||||||||||||||||||
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| ||||||||||||||||||||||
Total investment income | 7,909,344 | 6,072,205 | 5,058,320 | 1,482,549 | 4,316,507 | 5,281,894 | 825,508 | ||||||||||||||||||||||||||||
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Expenses: | |||||||||||||||||||||||||||||||||||
Management fees | 1,678,434 | 1,358,270 | 1,192,459 | 421,918 | 1,583,440 | 2,929,302 | 674,355 | ||||||||||||||||||||||||||||
Custodian fees. | 12,071 | 10,082 | 10,087 | 8,158 | 8,647 | 8,259 | 6,701 | ||||||||||||||||||||||||||||
Directors’ fees | 24,282 | 19,576 | 17,173 | 8,398 | 31,487 | 58,174 | 13,401 | ||||||||||||||||||||||||||||
Professional fees | 11,495 | 8,962 | 8,803 | 13,733 | 15,559 | 22,052 | 10,868 | ||||||||||||||||||||||||||||
Accounting fees | 12,326 | 13,783 | 13,782 | 11,543 | 11,565 | 11,565 | 11,555 | ||||||||||||||||||||||||||||
Administration fees | 12,881 | 12,466 | 12,079 | 14,049 | 15,768 | 17,749 | 14,425 | ||||||||||||||||||||||||||||
Printing and filing fees | 5,830 | 4,768 | 4,532 | 4,447 | 6,272 | 8,310 | 4,800 | ||||||||||||||||||||||||||||
Compliance expense | 5,130 | 5,130 | 5,130 | 5,130 | 5,130 | 5,130 | 5,130 | ||||||||||||||||||||||||||||
Recoupment of previously reimbursed expenses. | — | — | — | 5,000 | 126,000 | — | — | ||||||||||||||||||||||||||||
Other | 24,031 | 18,942 | 23,099 | 2,675 | 10,114 | 18,310 | 4,085 | ||||||||||||||||||||||||||||
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|
|
|
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|
|
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|
|
| ||||||||||||||||||||||
Total expenses. | 1,786,480 | 1,451,979 | 1,287,144 | 495,051 | 1,813,982 | 3,078,851 | 745,320 | ||||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||||
Net investment income | 6,122,864 | 4,620,226 | 3,771,176 | 987,498 | 2,502,525 | 2,203,043 | 80,188 | ||||||||||||||||||||||||||||
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| ||||||||||||||||||||||
Realized/unrealized gain (loss) on investments, futures contracts, foreign currency related transactions, and capital gain distributions received from underlying mutual funds: | |||||||||||||||||||||||||||||||||||
Net realized gain (loss) on: | |||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers | (3,611,664 | ) | 921,667 | 1,989,951 | (425,344 | ) | (535,530 | ) | (2,139,947 | ) | (618,950 | ) | |||||||||||||||||||||||
Investments in affiliates | — | — | — | (37,875 | ) | (5,690,750 | ) | (24,541,476 | ) | (6,114,640 | ) | ||||||||||||||||||||||||
Futures contracts. | 7,551,232 | 5,503,940 | 4,140,003 | — | — | — | — | ||||||||||||||||||||||||||||
Foreign currency related transactions | 118,611 | 12,343 | 25,645 | — | — | — | — | ||||||||||||||||||||||||||||
Change in unrealized appreciation/depreciation on: | |||||||||||||||||||||||||||||||||||
Investments in securities of unaffiliated issuers | 36,482,715 | 33,567,579 | 38,917,367 | 1,386,173 | 6,896,135 | 16,164,499 | 4,511,433 | ||||||||||||||||||||||||||||
Investments in affiliates | — | — | — | 10,980,171 | 57,136,232 | 146,808,465 | 38,697,716 | ||||||||||||||||||||||||||||
Futures contracts. | 2,303,659 | 2,979,831 | 2,262,390 | — | — | — | — | ||||||||||||||||||||||||||||
Foreign currency related transactions | (86,105 | ) | (24,761 | ) | (17,487 | ) | — | — | — | — | |||||||||||||||||||||||||
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| ||||||||||||||||||||||
Net realized/unrealized gain on investments, futures contracts, foreign currency related transactions, and capital gain distributions received from underlying mutual funds | 42,758,448 | 42,960,599 | 47,317,869 | 11,903,125 | 57,806,087 | 136,291,541 | 36,475,559 | ||||||||||||||||||||||||||||
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| ||||||||||||||||||||||
Change in net assets from operations | $ | 48,881,312 | $ | 47,580,825 | $ | 51,089,045 | $ | 12,890,623 | $ | 60,308,612 | $ | 138,494,584 | $ | 36,555,747 | |||||||||||||||||||||
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The accompanying notes are an integral part of these financial statements.
153
Ohio National Fund, Inc. | ||
Statements of Changes in Net Assets |
ON Bond Portfolio | ON BlackRock Balanced Allocation Portfolio | ON BlackRock Advantage International Equity Portfolio | ON Janus Henderson Forty Portfolio | |||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||
Increase (Decrease) in net assets: | ||||||||||||||||||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 3,983,782 | $ | 7,061,170 | $ | 3,379,215 | $ | 7,221,718 | $ | 5,190,412 | $ | 10,506,593 | $ | (8,726 | ) | $ | (163,359 | ) | ||||||||||||||||||||||
Net realized gain (loss) on investments, futures contracts, and foreign currency related transactions | (669,846 | ) | (2,323,091 | ) | (1,533,358 | ) | (1,511,732 | ) | 13,642,256 | (54,967,224 | ) | 3,038,142 | 9,326,211 | |||||||||||||||||||||||||||
Change in unrealized appreciation/depreciation on investments, futures contracts, and foreign currency related transactions | 3,614,841 | (46,010,875 | ) | 48,789,970 | (104,791,781 | ) | 24,944,907 | (22,914,006 | ) | 8,065,447 | (51,085,374 | ) | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||
Change in net assets from operations. | 6,928,777 | (41,272,796 | ) | 50,635,827 | (99,081,795 | ) | 43,777,575 | (67,374,637 | ) | 11,094,863 | (41,922,522 | ) | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||
Distributions: | ||||||||||||||||||||||||||||||||||||||||
Distributions to shareholders | — | (8,574,425 | ) | — | (91,138,887 | ) | — | (63,189,251 | ) | — | (59,319,150 | ) | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||
Capital transactions: | ||||||||||||||||||||||||||||||||||||||||
Received from shares sold | 10,400,956 | 37,257,056 | 6,337,412 | 39,209,578 | 7,835,242 | 17,766,308 | 1,345,614 | 10,963,124 | ||||||||||||||||||||||||||||||||
Received from dividends reinvested. | — | 8,574,425 | — | 91,138,887 | — | 63,189,251 | — | 59,319,150 | ||||||||||||||||||||||||||||||||
Paid for shares redeemed | (15,074,934 | ) | (51,935,837 | ) | (43,313,297 | ) | (73,207,293 | ) | (47,623,108 | ) | (103,287,366 | ) | (5,120,260 | ) | (67,084,671 | ) | ||||||||||||||||||||||||
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| |||||||||||||||||||||||||
Change in net assets from capital transactions | (4,673,978 | ) | (6,104,356 | ) | (36,975,885 | ) | 57,141,172 | (39,787,866 | ) | (22,331,807 | ) | (3,774,646 | ) | 3,197,603 | ||||||||||||||||||||||||||
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| |||||||||||||||||||||||||
Change in net assets | 2,254,799 | (55,951,577 | ) | 13,659,942 | (133,079,510 | ) | 3,989,709 | (152,895,695 | ) | 7,320,217 | (98,044,069 | ) | ||||||||||||||||||||||||||||
Net assets: | ||||||||||||||||||||||||||||||||||||||||
Beginning of period | 221,480,599 | 277,432,176 | 418,730,555 | 551,810,065 | 354,571,541 | 507,467,236 | 44,128,800 | 142,172,869 | ||||||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||
End of period | $ | 223,735,398 | $ | 221,480,599 | $ | 432,390,497 | $ | 418,730,555 | $ | 358,561,250 | $ | 354,571,541 | $ | 51,449,017 | $ | 44,128,800 | ||||||||||||||||||||||||
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The accompanying notes are an integral part of these financial statements.
154
Ohio National Fund, Inc. | ||
Statements of Changes in Net Assets |
ON AB Small Cap Portfolio | ON AB Mid Cap Core Portfolio | ON S&P 500® Index Portfolio | ON BlackRock Advantage Large Cap Value Portfolio | |||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||
Increase (Decrease) in net assets: | ||||||||||||||||||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 174,840 | $ | 83,959 | $ | 214,652 | $ | 445,275 | $ | 7,082,196 | $ | 13,953,656 | $ | 1,519,076 | $ | 4,066,364 | ||||||||||||||||||||||||
Net realized gain (loss) on investments, futures contracts, and foreign currency related transactions | (3,913,987 | ) | (18,086,434 | ) | (1,856,006 | ) | (7,062,600 | ) | 33,765,279 | 47,510,993 | 2,216,839 | 1,744,006 | ||||||||||||||||||||||||||||
Change in unrealized appreciation/depreciation on investments, futures contracts, and foreign currency related transactions | 16,283,683 | (29,906,410 | ) | 8,669,558 | (17,237,620 | ) | 122,916,614 | (294,998,664 | ) | 6,776,495 | (32,737,573 | ) | ||||||||||||||||||||||||||||
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Change in net assets from operations | 12,544,536 | (47,908,885 | ) | 7,028,204 | (23,854,945 | ) | 163,764,089 | (233,534,015 | ) | 10,512,410 | (26,927,203 | ) | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||
Distributions: | ||||||||||||||||||||||||||||||||||||||||
Distributions to shareholders. | — | (77,449,777 | ) | — | (38,480,179 | ) | — | (140,988,170 | ) | — | (61,357,541 | ) | ||||||||||||||||||||||||||||
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Capital transactions: | ||||||||||||||||||||||||||||||||||||||||
Received from shares sold | 4,333,987 | 15,389,537 | 2,582,607 | 9,678,476 | 18,823,995 | 110,296,372 | 5,510,969 | 5,786,201 | ||||||||||||||||||||||||||||||||
Received from dividends reinvested | — | 77,449,777 | — | 38,480,179 | — | 140,988,170 | — | 61,357,541 | ||||||||||||||||||||||||||||||||
Paid for shares redeemed | (11,402,759 | ) | (23,084,864 | ) | (7,084,236 | ) | (12,681,249 | ) | (118,243,446 | ) | (178,215,803 | ) | (12,943,851 | ) | (105,822,570 | ) | ||||||||||||||||||||||||
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Change in net assets from capital transactions | (7,068,772 | ) | 69,754,450 | (4,501,629 | ) | 35,477,406 | (99,419,451 | ) | 73,068,739 | (7,432,882 | ) | (38,678,828 | ) | |||||||||||||||||||||||||||
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| |||||||||||||||||||||||||
Change in net assets | 5,475,764 | (55,604,212 | ) | 2,526,575 | (26,857,718 | ) | 64,344,638 | (301,453,446 | ) | 3,079,528 | (126,963,572 | ) | ||||||||||||||||||||||||||||
Net assets: | ||||||||||||||||||||||||||||||||||||||||
Beginning of period | 113,692,146 | 169,296,358 | 77,793,756 | 104,651,474 | 1,023,580,370 | 1,325,033,816 | 198,941,349 | 325,904,921 | ||||||||||||||||||||||||||||||||
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End of period | $ | 119,167,910 | $ | 113,692,146 | $ | 80,320,331 | $ | 77,793,756 | $ | 1,087,925,008 | $ | 1,023,580,370 | $ | 202,020,877 | $ | 198,941,349 | ||||||||||||||||||||||||
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The accompanying notes are an integral part of these financial statements.
155
Ohio National Fund, Inc. | ||
Statements of Changes in Net Assets |
ON Federated High Income Bond Portfolio | ON Nasdaq-100® Index Portfolio | ON BlackRock Advantage Large Cap Core Portfolio | ON BlackRock Advantage Small Cap Growth Portfolio | |||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||
Increase (Decrease) in net assets: | ||||||||||||||||||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 3,494,261 | $ | 7,152,883 | $ | 533,021 | $ | 1,186,637 | $ | 1,528,514 | $ | 3,425,040 | $ | 78,292 | $ | 45,785 | ||||||||||||||||||||||||
Net realized gain (loss) on investments and futures contracts | (2,648,706 | ) | (3,870,351 | ) | 12,188,601 | 20,591,868 | (211,921 | ) | 1,633,762 | 41,148 | (9,971,054 | ) | ||||||||||||||||||||||||||||
Change in unrealized appreciation/depreciation on investments and futures contracts | 5,282,233 | (22,246,978 | ) | 64,601,199 | (131,230,122 | ) | 47,485,611 | (87,433,157 | ) | 16,987,009 | (40,989,792 | ) | ||||||||||||||||||||||||||||
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| |||||||||||||||||||||||||
Change in net assets from operations. | 6,127,788 | (18,964,446 | ) | 77,322,821 | (109,451,617 | ) | 48,802,204 | (82,374,355 | ) | 17,106,449 | (50,915,061 | ) | ||||||||||||||||||||||||||||
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Distributions: | ||||||||||||||||||||||||||||||||||||||||
Distributions to shareholders | — | (7,915,615 | ) | — | (81,012,020 | ) | — | (94,014,910 | ) | — | (49,954,225 | ) | ||||||||||||||||||||||||||||
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Capital transactions: | ||||||||||||||||||||||||||||||||||||||||
Received from shares sold | 4,105,791 | 5,362,424 | 10,092,393 | 39,450,661 | 3,822,927 | 14,043,699 | 4,496,384 | 15,744,900 | ||||||||||||||||||||||||||||||||
Received from dividends reinvested. | — | 7,915,615 | — | 81,012,020 | — | 94,014,910 | — | 49,954,225 | ||||||||||||||||||||||||||||||||
Paid for shares redeemed | (8,898,381 | ) | (33,028,965 | ) | (40,431,422 | ) | (78,019,869 | ) | (35,913,011 | ) | (55,125,680 | ) | (16,205,203 | ) | (26,057,888 | ) | ||||||||||||||||||||||||
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Change in net assets from capital transactions | (4,792,590 | ) | (19,750,926 | ) | (30,339,029 | ) | 42,442,812 | (32,090,084 | ) | 52,932,929 | (11,708,819 | ) | 39,641,237 | |||||||||||||||||||||||||||
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| |||||||||||||||||||||||||
Change in net assets | 1,335,198 | (46,630,987 | ) | 46,983,792 | (148,020,825 | ) | 16,712,120 | (123,456,336 | ) | 5,397,630 | (61,228,049 | ) | ||||||||||||||||||||||||||||
Net assets: | ||||||||||||||||||||||||||||||||||||||||
Beginning of period | 123,554,884 | 170,185,871 | 208,511,929 | 356,532,754 | 313,798,039 | 437,254,375 | 135,001,194 | 196,229,243 | ||||||||||||||||||||||||||||||||
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End of period | $ | 124,890,082 | $ | 123,554,884 | $ | 255,495,721 | $ | 208,511,929 | $ | 330,510,159 | $ | 313,798,039 | $ | 140,398,824 | $ | 135,001,194 | ||||||||||||||||||||||||
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The accompanying notes are an integral part of these financial statements.
156
Ohio National Fund, Inc. | ||
Statements of Changes in Net Assets |
ON S&P MidCap 400® Index Portfolio | ON BlackRock Advantage Large Cap Growth Portfolio | ON Risk Managed Balanced Portfolio | ON Federated Core Plus Bond Portfolio | |||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||
Increase (Decrease) in net assets: | ||||||||||||||||||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 2,541,156 | $ | 4,697,808 | $ | 746,101 | $ | 609,922 | $ | 11,197,471 | $ | 13,050,729 | $ | 7,802,054 | $ | 13,234,868 | ||||||||||||||||||||||||
Net realized gain (loss) on investments and futures contracts | 5,122,553 | 21,896,113 | 21,782,233 | 1,035,868 | 7,586,724 | (36,102,057 | ) | (5,924,305 | ) | (34,877,886 | ) | |||||||||||||||||||||||||||||
Change in unrealized appreciation/depreciation on investments and futures contracts | 24,508,237 | (83,766,894 | ) | 77,540,989 | (23,461,774 | ) | 52,655,752 | (118,870,541 | ) | 8,639,117 | (66,363,139 | ) | ||||||||||||||||||||||||||||
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Change in net assets from operations | 32,171,946 | (57,172,973 | ) | 100,069,323 | (21,815,984 | ) | 71,439,947 | (141,921,869 | ) | 10,516,866 | (88,006,157 | ) | ||||||||||||||||||||||||||||
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Distributions: | ||||||||||||||||||||||||||||||||||||||||
Distributions to shareholders. | — | (59,625,654 | ) | — | (34,740,322 | ) | — | (52,389,384 | ) | — | (9,465,356 | ) | ||||||||||||||||||||||||||||
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Capital transactions: | ||||||||||||||||||||||||||||||||||||||||
Received from shares sold | 18,307,094 | 62,756,203 | 5,335,553 | 346,006,891 | 17,603,901 | 979,291,083 | 26,433,022 | 81,089,166 | ||||||||||||||||||||||||||||||||
Received from dividends reinvested | — | 59,625,654 | — | 34,740,322 | — | 52,389,384 | — | 9,465,356 | ||||||||||||||||||||||||||||||||
Paid for shares redeemed | (40,001,467 | ) | (73,655,305 | ) | (44,411,441 | ) | (30,527,193 | ) | (99,122,665 | ) | (145,114,544 | ) | (39,266,116 | ) | (158,471,240 | ) | ||||||||||||||||||||||||
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Change in net assets from capital transactions | (21,694,373 | ) | 48,726,552 | (39,075,888 | ) | 350,220,020 | (81,518,764 | ) | 886,565,923 | (12,833,094 | ) | (67,916,718 | ) | |||||||||||||||||||||||||||
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Change in net assets | 10,477,573 | (68,072,075 | ) | 60,993,435 | 293,663,714 | (10,078,817 | ) | 692,254,670 | (2,316,228 | ) | (165,388,231 | ) | ||||||||||||||||||||||||||||
Net assets: | ||||||||||||||||||||||||||||||||||||||||
Beginning of period | 369,480,762 | 437,552,837 | 375,123,891 | 81,460,177 | 1,139,213,509 | 446,958,839 | 551,101,843 | 716,490,074 | ||||||||||||||||||||||||||||||||
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End of period | $ | 379,958,335 | $ | 369,480,762 | $ | 436,117,326 | $ | 375,123,891 | $ | 1,129,134,692 | $ | 1,139,213,509 | $ | 548,785,615 | $ | 551,101,843 | ||||||||||||||||||||||||
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The accompanying notes are an integral part of these financial statements.
157
Ohio National Fund, Inc. | ||
Statements of Changes in Net Assets |
ON U.S. Low Volatility Portfolio | ON AB Relative Value Portfolio | ON iShares Managed Risk Balanced Portfolio | ON iShares Managed Risk Moderate Growth Portfolio | |||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Period from October 14, 2022 (inception) to December 31, 2022 | |||||||||||||||||||||||||||||||||
Increase (Decrease) in net assets: | ||||||||||||||||||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 4,392,352 | $ | 8,705,219 | $ | 1,130,897 | $ | 1,470,576 | $ | 6,122,864 | $ | 6,514,570 | $ | 4,620,226 | $ | 2,683,968 | ||||||||||||||||||||||||
Net realized gain (loss) on investments, futures contracts, foreign currency related transactions, and capital gain distributions received from underlying mutual funds | 405,415 | (7,547,614 | ) | (2,937,811 | ) | (2,644,383 | ) | 4,058,179 | (29,743,481 | ) | 6,437,950 | 4,805,973 | ||||||||||||||||||||||||||||
Change in unrealized appreciation/depreciation on investments, futures contracts, and foreign currency related transactions | 32,923,244 | (71,016,377 | ) | 6,474,971 | (3,132,477 | ) | 38,700,269 | (26,746,207 | ) | 36,522,649 | 20,776,747 | |||||||||||||||||||||||||||||
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Change in net assets from operations | 37,721,011 | (69,858,772 | ) | 4,668,057 | (4,306,284 | ) | 48,881,312 | (49,975,118 | ) | 47,580,825 | 28,266,688 | |||||||||||||||||||||||||||||
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Distributions: | ||||||||||||||||||||||||||||||||||||||||
Distributions to shareholders | — | (24,143,362 | ) | — | (92,591 | ) | — | (3,430,064 | ) | — | — | |||||||||||||||||||||||||||||
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Capital transactions: | ||||||||||||||||||||||||||||||||||||||||
Received from shares sold | 19,771,276 | 14,522,475 | 4,841,102 | 77,045,730 | 5,612,774 | 314,447,942 | 7,346,136 | 486,047,292 | ||||||||||||||||||||||||||||||||
Received from dividends reinvested | — | 24,143,362 | — | 92,591 | — | 3,430,064 | — | — | ||||||||||||||||||||||||||||||||
Paid for shares redeemed | (72,138,351 | ) | (189,797,773 | ) | (6,336,555 | ) | (24,660,816 | ) | (57,047,204 | ) | (64,824,870 | ) | (43,664,651 | ) | (23,315,931 | ) | ||||||||||||||||||||||||
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Change in net assets from capital transactions | (52,367,075 | ) | (151,131,936 | ) | (1,495,453 | ) | 52,477,505 | (51,434,430 | ) | 253,053,136 | (36,318,515 | ) | 462,731,361 | |||||||||||||||||||||||||||
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Change in net assets | (14,646,064 | ) | (245,134,070 | ) | 3,172,604 | 48,078,630 | (2,553,118 | ) | 199,647,954 | 11,262,310 | 490,998,049 | |||||||||||||||||||||||||||||
Net assets: | ||||||||||||||||||||||||||||||||||||||||
Beginning of period | 738,426,029 | 983,560,099 | 125,722,736 | 77,644,106 | 611,635,869 | 411,987,915 | 490,998,049 | — | ||||||||||||||||||||||||||||||||
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End of period | $ | 723,779,965 | $ | 738,426,029 | $ | 128,895,340 | $ | 125,722,736 | $ | 609,082,751 | $ | 611,635,869 | $ | 502,260,359 | $ | 490,998,049 | ||||||||||||||||||||||||
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The accompanying notes are an integral part of these financial statements.
158
Ohio National Fund, Inc. | ||
Statements of Changes in Net Assets |
ON iShares Managed Risk Growth Portfolio | ON Moderately Conservative Model Portfolio | ON Balanced Model Portfolio | ON Moderate Growth Model Portfolio | |||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023 (Unaudited) | Period from October 14, 2022 (inception) to December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |||||||||||||||||||||||||||||||||
Increase (Decrease) in net assets: | ||||||||||||||||||||||||||||||||||||||||
Operations: | ||||||||||||||||||||||||||||||||||||||||
Net investment income | $ | 3,771,176 | $ | 2,213,400 | $ | 987,498 | $ | 4,552,705 | $ | 2,502,525 | $ | 14,040,740 | $ | 2,203,043 | $ | 20,564,747 | ||||||||||||||||||||||||
Net realized gain (loss) on investments, futures contracts, foreign currency related transactions, and capital gain distributions received from underlying mutual funds | 6,155,599 | 799,471 | (463,219 | ) | 10,960,407 | (6,226,280 | ) | 76,286,314 | (26,681,423 | ) | 204,017,522 | |||||||||||||||||||||||||||||
Change in unrealized appreciation/depreciation on investments, futures contracts, and foreign currency related transactions | 41,162,270 | 21,973,986 | 12,366,344 | (57,343,084 | ) | 64,032,367 | (257,591,305 | ) | 162,972,964 | (558,325,064 | ) | |||||||||||||||||||||||||||||
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Change in net assets from operations | 51,089,045 | 24,986,857 | 12,890,623 | (41,829,972 | ) | 60,308,612 | (167,264,251 | ) | 138,494,584 | (333,742,795 | ) | |||||||||||||||||||||||||||||
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Distributions: | ||||||||||||||||||||||||||||||||||||||||
Distributions to shareholders | — | — | — | (19,022,010 | ) | — | (95,455,234 | ) | — | (209,220,568 | ) | |||||||||||||||||||||||||||||
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Capital transactions: | ||||||||||||||||||||||||||||||||||||||||
Received from shares sold | 6,445,913 | 421,249,533 | 2,865,157 | 17,864,580 | 8,692,783 | 13,644,093 | 8,949,302 | 39,731,207 | ||||||||||||||||||||||||||||||||
Received from dividends reinvested. | — | — | — | 19,022,010 | — | 95,455,233 | — | 209,220,568 | ||||||||||||||||||||||||||||||||
Paid for shares redeemed | (38,827,050 | ) | (19,675,343 | ) | (21,094,572 | ) | (44,216,093 | ) | (64,230,394 | ) | (150,961,325 | ) | (101,865,736 | ) | (238,136,575 | ) | ||||||||||||||||||||||||
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Change in net assets from capital transactions | (32,381,137 | ) | 401,574,190 | (18,229,415 | ) | (7,329,503 | ) | (55,537,611 | ) | (41,861,999 | ) | (92,916,434 | ) | 10,815,200 | ||||||||||||||||||||||||||
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Change in net assets | 18,707,908 | 426,561,047 | (5,338,792 | ) | (68,181,485 | ) | 4,771,001 | (304,581,484 | ) | 45,578,150 | (532,148,163 | ) | ||||||||||||||||||||||||||||
Net assets: | ||||||||||||||||||||||||||||||||||||||||
Beginning of period | 426,561,047 | — | 213,431,573 | 281,613,058 | 787,942,579 | 1,092,524,063 | 1,445,176,260 | 1,977,324,423 | ||||||||||||||||||||||||||||||||
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End of period | $ | 445,268,955 | $ | 426,561,047 | $ | 208,092,781 | $ | 213,431,573 | $ | 792,713,580 | $ | 787,942,579 | $ | 1,490,754,410 | $ | 1,445,176,260 | ||||||||||||||||||||||||
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The accompanying notes are an integral part of these financial statements.
159
Ohio National Fund, Inc. | ||
Statements of Changes in Net Assets |
ON Growth Model Portfolio | ||||||||||
Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |||||||||
Increase (Decrease) in net assets: | ||||||||||
Operations: | ||||||||||
Net investment income | $ | 80,188 | $ | 3,691,529 | ||||||
Net realized gain on investments and capital gain distributions received from underlying mutual funds | (6,733,590 | ) | 57,283,328 | |||||||
Change in unrealized appreciation on investments | 43,209,149 | (141,608,112 | ) | |||||||
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Change in net assets from operations | 36,555,747 | (80,633,255 | ) | |||||||
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Distributions: | ||||||||||
Distributions to shareholders | — | (57,611,540 | ) | |||||||
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Capital transactions: | ||||||||||
Received from shares sold | 1,671,978 | 6,632,256 | ||||||||
Received from dividends reinvested | — | 57,611,540 | ||||||||
Paid for shares redeemed. | (23,841,830 | ) | (43,262,790 | ) | ||||||
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Change in net assets from capital transactions | (22,169,852 | ) | 20,981,006 | |||||||
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Change in net assets | 14,385,895 | (117,263,789 | ) | |||||||
Net assets: | ||||||||||
Beginning of period | 330,923,186 | 448,186,975 | ||||||||
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End of period | $ | 345,309,081 | $ | 330,923,186 | ||||||
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The accompanying notes are an integral part of these financial statements.
160
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 or period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from operations | Distributions to shareholders | Net asset value, end of year or period | Total Return# | Expenses | Net investment income (loss) | Expenses | Net assets, end of year or period (millions) | Portfolio turnover rate | |||||||||||||||||||||||||||||||||||||||||||||||||||
ON Bond Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ |
| $ | 16.17 | 0.31 | 0.19 | 0.50 | — | $ | 16.67 | 3.09 | %* | 0.61 | %** | 3.58 | %** | 0.61 | %** | $ | 223.7 | 17 | %* | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | 19.88 | 0.58 | (3.60 | ) | (3.02 | ) | (0.69 | ) | $ | 16.17 | (15.19 | )% | 0.61 | % | 3.11 | % | 0.61 | % | $ | 221.5 | 21 | % | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | $ | 20.79 | 0.54 | (0.85 | ) | (0.31 | ) | (0.60 | ) | $ | 19.88 | (1.52 | )% | 0.59 | % | 2.56 | % | 0.59 | % | $ | 277.4 | 13 | % | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | $ | 19.10 | 0.55 | 1.28 | 1.83 | (0.14 | ) | $ | 20.79 | 9.59 | % | 0.60 | % | 2.72 | % | 0.60 | % | $ | 295.1 | 69 | % | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | $ | 17.02 | 0.55 | 1.96 | 2.51 | (0.43 | ) | $ | 19.10 | 14.73 | % | 0.60 | % | 3.19 | % | 0.60 | % | $ | 290.5 | 60 | % | |||||||||||||||||||||||||||||||||||||||||
ON BlackRock Balanced Allocation Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ | $ | 27.36 | 0.28 | 3.18 | 3.46 | — | $ | 30.82 | 12.65 | %* | 0.57 | %** | 1.60 | %** | 0.57 | %** | $ | 432.4 | 37 | %* | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | 42.43 | 0.50 | (8.21 | ) | (7.71 | ) | (7.36 | ) | $ | 27.36 | (18.41 | )% | 0.55 | % | 1.57 | % | 0.55 | % | $ | 418.7 | 70 | % | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | $ | 39.40 | 0.58 | 6.66 | 7.24 | (4.21 | ) | $ | 42.43 | 19.06 | % | 0.54 | % | 1.22 | % | 0.54 | % | $ | 551.8 | 105 | % | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | $ | 34.30 | 0.60 | 4.75 | 5.35 | (0.25 | ) | $ | 39.40 | 15.65 | % | 0.55 | % | 1.57 | % | 0.55 | % | $ | 533.7 | 121 | % | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | $ | 27.85 | 0.26 | 7.85 | 8.11 | (1.66 | ) | $ | 34.30 | 29.29 | % | 0.59 | % | 1.77 | % | 0.59 | % | $ | 545.2 | 97 | %(a) | |||||||||||||||||||||||||||||||||||||||||
ON BlackRock Advantage International Equity Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ | $ | 13.32 | 0.27 | 1.45 | 1.72 | — | $ | 15.04 | 12.91 | %* | 0.90 | %** | 2.92 | %** | 0.90 | %** | $ | 358.6 | 83 | %* | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | 18.44 | 0.42 | (3.11 | ) | (2.69 | ) | (2.43 | ) | $ | 13.32 | (13.47 | )% | 0.89 | % | 2.53 | % | 0.89 | % | $ | 354.6 | 134 | % | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | $ | 16.47 | 0.36 | 1.86 | 2.22 | (0.25 | ) | $ | 18.44 | 13.49 | % | 0.89 | % | 1.84 | % | 0.89 | % | $ | 507.5 | 196 | % | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | $ | 15.52 | 0.20 | 0.83 | 1.03 | (0.08 | ) | $ | 16.47 | 6.74 | % | 0.91 | % | 1.40 | % | 0.91 | % | $ | 504.4 | 238 | % | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | $ | 13.07 | 0.34 | 2.37 | 2.71 | (0.26 | ) | $ | 15.52 | 20.72 | % | 0.87 | % | 2.15 | % | 0.87 | % | $ | 474.2 | 105 | %(b) | |||||||||||||||||||||||||||||||||||||||||
ON Janus Henderson Forty Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ | $ | 1.19 | | (— | )(c) | 0.31 | 0.31 | — | $ | 1.50 | 26.05 | %* | 0.91 | %** | (0.04 | )%** | 0.91 | %** | $ | 51.4 | 24 | %* | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | 36.43 | 0.02 | (11.42 | ) | (11.40 | ) | (23.84 | ) | $ | 1.19 | (33.92 | )% | 0.85 | % | (0.19 | )% | 0.85 | % | $ | 44.1 | 51 | % | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | $ | 35.13 | (0.17 | ) | 7.07 | 6.90 | (5.60 | ) | $ | 36.43 | 19.70 | % | 0.78 | % | (0.33 | )% | 0.78 | % | $ | 142.2 | 31 | % | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | $ | 26.06 | (0.08 | ) | 9.87 | 9.79 | (0.72 | ) | $ | 35.13 | 37.87 | % | 0.79 | % | (0.24 | )% | 0.79 | % | $ | 203.6 | 36 | % | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | $ | 20.97 | (— | )(c) | 7.25 | 7.25 | (2.16 | ) | $ | 26.06 | 34.89 | % | 0.81 | % | (— | )%(c) | 0.81 | % | $ | 196.9 | 53 | % |
+ | Unaudited |
* | Not annualized |
** | Annualized |
(a) | The cost of purchases and proceeds from sales of Portfolio securities that were incurred to realign the Portfolio’s holdings subsequent to the August 23, 2019 reorganization are excluded from the portfolio turnover rate calculation. If such amounts had not been excluded, the portfolio turnover rate would have been 261%. Effective February 1, 2019, the sub-adviser for the equity portion of the ON BlackRock Balanced Allocation Portfolio changed from Suffolk Capital Management, LLC to BlackRock Investment Management, LLC. |
(b) | Effective December 7, 2019, the sub-adviser to the ON BlackRock Advantage International Equity Portfolio changed from Lazard Asset Management LLC to BlackRock Investment Management, LLC. Costs of purchases and proceeds from sales of portfolio securities associated with the change in sub-advisers contributed to a higher portfolio turnover rate for the year ended December 31, 2019 as compared to prior years. |
(c) | The absolute value of per share or ratio data is less than $0.005 per share, or 0.005%, respectively. |
# 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.
161
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 or period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from operations | Distributions to shareholders | Net asset value, end of year or period | Total Return# | Expenses | Net investment income (loss) | Expenses | Net assets, end of year or period (millions) | Portfolio turnover rate | |||||||||||||||||||||||||||||||||||||||||||||||||||
ON AB Small Cap Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ |
| $ | 10.63 | 0.02 | 1.16 | 1.18 | — | $ | 11.81 | 11.10 | %* | 0.86 | %** | 0.30 | %** | 0.86 | %** | $ | 119.2 | 25 | %* | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | 42.63 | 0.01 | (11.42 | ) | (11.41 | ) | (20.59 | ) | $ | 10.63 | (28.73 | )% | 0.85 | % | 0.07 | % | 0.85 | % | $ | 113.7 | 58 | % | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | $ | 44.52 | (0.01 | ) | 3.43 | 3.42 | (5.31 | ) | $ | 42.63 | 8.17 | % | 0.85 | % | (0.03 | )% | 0.85 | % | $ | 169.3 | | 136 | %(a) | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | $ | 33.89 | (0.22 | ) | 11.55 | 11.33 | (0.70 | ) | $ | 44.52 | 34.04 | % | 0.89 | % | (0.48 | )% | 0.89 | % | $ | 182.5 | 26 | % | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | $ | 30.89 | (0.15 | ) | 8.87 | 8.72 | (5.72 | ) | $ | 33.89 | 28.61 | % | 0.88 | % | (0.35 | )% | 0.88 | % | $ | 170.7 | 17 | % | ||||||||||||||||||||||||||||||||||||||||
ON AB Mid Cap Core Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ | $ | 25.16 | 0.08 | 2.23 | 2.31 | — | $ | 27.47 | 9.18 | %* | 0.89 | %** | 0.55 | %** | 0.89 | %** | $ | 80.3 | 24 | %* | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | 62.45 | 0.14 | (14.02 | ) | (13.88 | ) | (23.41 | ) | $ | 25.16 | (23.31 | )% | 0.88 | % | 0.53 | % | 0.88 | % | $ | 77.8 | 41 | % | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | $ | 56.98 | 0.18 | 9.18 | 9.36 | (3.89 | ) | $ | 62.45 | 16.79 | % | 0.89 | % | 0.30 | % | 0.89 | % | $ | 104.7 | 125 | %(a) | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | $ | 48.53 | (0.06 | ) | 9.21 | 9.15 | (0.70 | ) | $ | 56.98 | 19.15 | % | 0.98 | % | (0.12 | )% | 0.98 | % | $ | 109.2 | 14 | % | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | $ | 37.36 | 0.05 | 13.54 | 13.59 | (2.42 | ) | $ | 48.53 | 36.57 | % | 0.96 | % | 0.10 | % | 0.96 | % | $ | 110.0 | 10 | % | |||||||||||||||||||||||||||||||||||||||||
ON S&P 500® Index Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ | $ | 32.61 | 0.29 | 5.15 | 5.44 | — | $ | 38.05 | 16.68 | %* | 0.38 | %** | 1.35 | %** | 0.38 | %** | $ | 1,087.9 | 1 | %* | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | 46.20 | 0.47 | (8.86 | ) | (8.39 | ) | (5.20 | ) | $ | 32.61 | (18.42 | )% | 0.38 | % | 1.27 | % | 0.38 | % | $ | 1,023.6 | 4 | % | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | $ | 38.72 | 0.54 | 10.09 | 10.63 | (3.15 | ) | $ | 46.20 | 28.25 | % | 0.37 | % | 1.05 | % | 0.37 | % | $ | 1,325.0 | 5 | % | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | $ | 33.29 | 0.54 | 5.40 | 5.94 | (0.51 | ) | $ | 38.72 | 17.99 | % | 0.39 | % | 1.49 | % | 0.39 | % | $ | 1,228.8 | 6 | % | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | $ | 28.11 | 0.57 | 8.00 | 8.57 | (3.39 | ) | $ | 33.29 | 30.97 | % | 0.39 | % | 1.64 | % | 0.39 | % | $ | 1,202.6 | 7 | % | |||||||||||||||||||||||||||||||||||||||||
ON BlackRock Advantage Large Cap Value Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ | $ | 16.32 | 0.14 | 0.73 | 0.87 | — | $ | 17.19 | 5.33 | %* | 0.74 | %** | 1.53 | %** | 0.74 | %** | $ | 202.0 | 54 | %* | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | 23.67 | 0.38 | (2.64 | ) | (2.26 | ) | (5.09 | ) | $ | 16.32 | (8.97 | )% | 0.73 | % | 1.51 | % | 0.73 | % | $ | 198.9 | 94 | % | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | $ | 19.13 | 0.31 | 4.52 | 4.83 | (0.29 | ) | $ | 23.67 | 25.39 | % | 0.73 | % | 1.25 | % | 0.73 | % | $ | 325.9 | 153 | % | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | $ | 18.75 | 0.30 | 0.35 | 0.65 | (0.27 | ) | $ | 19.13 | 3.66 | % | 0.74 | % | 1.70 | % | 0.74 | % | $ | 316.5 | 150 | % | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | $ | 16.37 | 0.76 | 2.38 | 3.14 | (0.76 | ) | $ | 18.75 | 19.21 | % | 0.77 | % | 3.94 | % | 0.77 | % | $ | 320.7 | 127 | %(b) |
+ | Unaudited |
* | Not annualized |
** | Annualized |
(a) | Effective May 1, 2021, the sub-adviser to the ON AB Small Cap Portfolio and ON AB Mid Cap Core Portfolio changed from Janus Capital Management LLC to AllianceBernstein, L.P. 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, 2021 as compared to prior years. |
(b) | Effective December 7, 2019, the sub-adviser changed from Federated Equity Management Company of Pennsylvania to BlackRock Investment 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, 2019 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.
162
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 or period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from operations | Distributions to shareholders | Net asset value, end of year or period | Total Return# | Expenses | Net investment income (loss) | Expenses | Net assets, end of year or period (millions) | Portfolio turnover rate | |||||||||||||||||||||||||||||||||||||||||||||||||||
ON Federated High Income Bond Portfolio |
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ | $ | 17.97 | 0.57 | 0.33 | 0.90 | — | $ | 18.87 | 5.01 | %* | 0.86 | %** | 5.63 | %** | 0.86 | %** | $ | 124.9 | 6 | %* | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | 21.58 | 1.18 | (3.65 | ) | (2.47 | ) | (1.14 | ) | $ | 17.97 | (11.43 | )% | 0.84 | % | 5.05 | % | 0.84 | % | $ | 123.6 | 13 | % | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | $ | 21.65 | 1.05 | 0.02 | 1.07 | (1.14 | ) | $ | 21.58 | 4.97 | % | 0.82 | % | 4.50 | % | 0.82 | % | $ | 170.2 | 36 | % | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | $ | 20.69 | 1.12 | 0.16 | 1.28 | (0.32 | ) | $ | 21.65 | 6.26 | % | 0.83 | % | 4.97 | % | 0.83 | % | $ | 175.6 | 33 | % | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | $ | 18.73 | 1.14 | 1.70 | 2.84 | (0.88 | ) | $ | 20.69 | 15.29 | % | 0.80 | % | 5.34 | % | 0.80 | % | $ | 198.7 | 23 | % | |||||||||||||||||||||||||||||||||||||||||
ON Nasdaq-100® Index Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ | $ | 12.46 | 0.05 | 4.82 | 4.87 | — | $ | 17.33 | 39.09 | %* | 0.43 | %** | 0.46 | %** | 0.43 | %** | $ | 255.5 | 2 | %* | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | 28.58 | 0.08 | (8.66 | ) | (8.58 | ) | (7.54 | ) | $ | 12.46 | (32.57 | )% | 0.43 | % | 0.46 | % | 0.43 | % | $ | 208.5 | 9 | % | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | $ | 28.08 | 0.12 | 6.89 | 7.01 | (6.51 | ) | $ | 28.58 | 26.99 | % | 0.41 | % | 0.28 | % | 0.41 | % | $ | 356.5 | 7 | % | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | $ | 19.83 | 0.13 | 9.30 | 9.43 | (1.18 | ) | $ | 28.08 | 48.32 | % | 0.42 | % | 0.49 | % | 0.42 | % | $ | 383.0 | 10 | % | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | $ | 16.60 | 0.14 | 6.15 | 6.29 | (3.06 | ) | $ | 19.83 | 38.86 | % | 0.42 | % | 0.66 | % | 0.42 | % | $ | 353.0 | 8 | % | |||||||||||||||||||||||||||||||||||||||||
ON BlackRock Advantage Large Cap Core Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ | $ | 25.79 | 0.17 | 4.02 | 4.19 | — | $ | 29.98 | 16.25 | %* | 0.69 | %** | 0.95 | %** | 0.69 | %** | $ | 330.5 | 47 | %* | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | 44.84 | 0.30 | (8.89 | ) | (8.59 | ) | (10.46 | ) | $ | 25.79 | (19.56 | )% | 0.69 | % | 0.97 | % | 0.69 | % | $ | 313.8 | 90 | % | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | $ | 38.66 | 0.35 | 10.24 | 10.59 | (4.41 | ) | $ | 44.84 | 28.49 | % | 0.69 | % | 0.66 | % | 0.69 | % | $ | 437.3 | 135 | % | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | $ | 32.95 | 0.38 | 5.39 | 5.77 | (0.06 | ) | $ | 38.66 | 17.55 | % | 0.70 | % | 1.04 | % | 0.70 | % | $ | 418.5 | 137 | % | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | $ | 24.79 | 0.22 | 8.10 | 8.32 | (0.16 | ) | $ | 32.95 | 33.60 | % | 0.74 | % | 1.28 | % | 0.74 | % | $ | 430.6 | 152 | %(a) | |||||||||||||||||||||||||||||||||||||||||
ON BlackRock Advantage Small Cap Growth Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ | $ | 18.49 | 0.01 | 2.37 | 2.38 | — | $ | 20.87 | 12.87 | %* | 0.86 | %** | 0.11 | %** | 0.86 | %** | $ | 140.4 | 20 | %* | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | 37.99 | 0.01 | (9.57 | ) | (9.56 | ) | (9.94 | ) | $ | 18.49 | (26.12 | )% | 0.86 | % | 0.03 | % | 0.86 | % | $ | 135.0 | 49 | % | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | $ | 41.69 | (0.13 | ) | 1.88 | 1.75 | (5.45 | ) | $ | 37.99 | 4.05 | % | 0.85 | % | (0.33 | )% | 0.85 | % | $ | 196.2 | 87 | % | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | $ | 31.42 | (0.06 | ) | 10.73 | 10.67 | (0.40 | ) | $ | 41.69 | 34.34 | % | 0.86 | % | (0.17 | )% | 0.86 | % | $ | 209.8 | 87 | % | ||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | $ | 23.62 | 0.02 | 8.02 | 8.04 | (0.24 | ) | $ | 31.42 | 34.07 | % | 0.91 | % | 0.11 | % | 0.91 | % | $ | 204.8 | 114 | %(a) |
+ | Unaudited |
* | Not annualized |
** | Annualized |
(a) | The cost of purchases and proceeds from sales of Portfolio securities that were incurred to realign the Portfolios holdings subsequent to the August 23, 2019 reorganization are excluded from the portfolio turnover rate calculation. If such amounts had not been excluded, the portfolio turnover rates would have been 211% for the ON BlackRock Advantage Large Cap Core Portfolio and and 177% for the ON BlackRock Advantage Small Cap Growth Portfolio. Effective February 1, 2019, the sub-adviser to the Portfolios changed from Suffolk Capital Management, LLC to BlackRock Investment Management, LLC. |
# 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.
163
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 or period | Net investment income | Net realized and unrealized gain (loss) | Total from operations | Distributions to shareholders | Net asset value, end of year or period | Total Return# | Expenses | Net investment income (loss) | Expenses | Net assets, end of year or period (millions) | Portfolio turnover rate | |||||||||||||||||||||||||||||||||||||||||||||||||||
ON S&P MidCap 400® Index Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ |
| $ | 18.71 | 0.15 | 1.46 | 1.61 | — | $ | 20.32 | 8.61 | %* | 0.42 | %** | 1.36 | %** | 0.42 | %** | $ | 380.0 | 10 | %* | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | 26.22 | 0.26 | (3.79 | ) | (3.53 | ) | (3.98 | ) | $ | 18.71 | (13.40 | )% | 0.42 | % | 1.30 | % | 0.42 | % | $ | 369.5 | 26 | % | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | $ | 21.70 | 0.29 | 4.90 | 5.19 | (0.67 | ) | $ | 26.22 | 24.18 | % | 0.41 | % | 0.99 | % | 0.41 | % | $ | 437.6 | 21 | % | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | $ | 19.25 | 0.27 | 2.27 | 2.54 | (0.09 | ) | $ | 21.70 | 13.33 | % | 0.42 | % | 1.31 | % | 0.42 | % | $ | 428.2 | 28 | % | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | $ | 15.46 | 0.21 | 3.74 | 3.95 | (0.16 | ) | $ | 19.25 | 25.58 | % | 0.44 | % | 1.37 | % | 0.44 | % | $ | 450.9 | 39 | % | |||||||||||||||||||||||||||||||||||||||||
ON BlackRock Advantage Large Cap Growth Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ | $ | 6.57 | 0.02 | 1.82 | 1.84 | — | $ | 8.41 | 28.01 | %* | 0.71 | %** | 0.37 | %** | 0.71 | %** | $ | 436.1 | 53 | %* | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | 33.65 | 0.01 | (9.13 | ) | (9.12 | ) | (17.96 | ) | $ | 6.57 | (32.56 | )% | 0.75 | % | 0.49 | % | 0.75 | % | $ | 375.1 | 135 | % | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | $ | 36.36 | 0.01 | 8.69 | 8.70 | (11.41 | ) | $ | 33.65 | 26.69 | % | 0.78 | % | (0.09 | )% | 0.78 | % | $ | 81.5 | 138 | % | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | $ | 27.54 | 0.08 | 9.22 | 9.30 | (0.48 | ) | $ | 36.36 | 33.97 | % | 0.79 | % | 0.21 | % | 0.79 | % | $ | 116.8 | 143 | % | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | $ | 20.59 | 0.16 | 7.77 | 7.93 | (0.98 | ) | $ | 27.54 | 38.68 | % | 0.80 | % | 0.62 | % | 0.80 | % | $ | 113.2 | 214 | % | |||||||||||||||||||||||||||||||||||||||||
ON Risk Managed Balanced Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ | $ | 12.69 | 0.14 | 0.68 | 0.82 | — | $ | 13.51 | 6.46 | %* | 0.85 | %** | 1.98 | %** | 0.85 | %** | $ | 1,129.1 | 56 | %* | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | 17.16 | 0.09 | (3.96 | ) | (3.87 | ) | (0.60 | ) | $ | 12.69 | (22.62 | )% | 0.87 | % | 1.48 | % | 0.87 | % | $ | 1,139.2 | 124 | % | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | $ | 17.63 | 0.09 | 2.43 | 2.52 | (2.99 | ) | $ | 17.16 | 15.04 | % | 0.95 | % | 0.48 | % | 0.95 | % | $ | 447.0 | 51 | % | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | $ | 14.81 | 0.13 | 3.12 | 3.25 | (0.43 | ) | $ | 17.63 | 22.15 | % | 0.98 | % | 0.76 | % | 0.98 | % | $ | 443.8 | 114 | %(a),(b) | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | $ | 12.91 | 0.21 | 3.01 | 3.22 | (1.32 | ) | $ | 14.81 | 25.16 | % | 0.99 | % | 1.39 | % | 0.99 | % | $ | 403.6 | 105 | %(b) | |||||||||||||||||||||||||||||||||||||||||
ON Federated Core Plus Bond Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ | $ | 8.83 | 0.13 | 0.03 | 0.16 | — | $ | 8.99 | 1.81 | %* | 0.56 | %** | 2.84 | %** | 0.56 | %** | $ | 548.8 | 16 | %* | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | 10.30 | 0.23 | (1.54 | ) | (1.31 | ) | (0.16 | ) | $ | 8.83 | (12.78 | )% | 0.56 | % | 2.22 | % | 0.56 | % | $ | 551.1 | 81 | % | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | $ | 10.47 | 0.06 | (0.19 | ) | (0.13 | ) | (0.04 | ) | $ | 10.30 | (1.27 | )% | 0.57 | % | 1.85 | % | 0.57 | % | $ | 716.5 | 40 | % | |||||||||||||||||||||||||||||||||||||||
Period From May 1, 2020 (inception) to December 31, 2020 | $ | 10.00 | 0.11 | 0.36 | 0.47 | — | $ | 10.47 | 4.70 | %* | 0.65 | %** | 1.65 | %** | 0.65 | %** | $ | 239.9 | 30 | %* |
+ | Unaudited |
* | Not annualized |
** | Annualized |
(a) | Effective May 1, 2020, the sub-adviser(s) to the ON Risk Managed Balanced Portfolio changed from Janus Capital Management LLC and AnchorPath Financial, LLC to AllianceBernstein, L.P. 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, 2020 as compared to prior years. |
(b) | The portfolio turnover calculation in previous years 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, 2020 and 84% for the year ended December 31, 2019 (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.
164
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 or period | Net investment income | Net realized and unrealized gain (loss) | Total from operations | Distributions to shareholders | Net asset value, end of year or period | Total Return# | Expenses | Net investment income | Expenses | Net assets, end of year or period (millions) | Portfolio turnover rate | |||||||||||||||||||||||||||||||||||||||||||||||||||
ON U.S. Low Volatility Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ |
| $ | 9.98 | 0.07 | 0.46 | 0.53 | — | $ | 10.51 | 5.31 | %* | 0.61 | %** | 1.22 | %** | 0.61 | %** | $ | 723.8 | 23 | %* | |||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | 11.12 | 0.13 | (0.95 | ) | (0.82 | ) | (0.32 | ) | $ | 9.98 | (7.33 | )% | 0.62 | % | 1.06 | % | 0.62 | % | $ | 738.4 | 78 | % | |||||||||||||||||||||||||||||||||||||||
Period from June 25, 2021 (inception) to December 31, 2021 | $ | 10.00 | 0.05 | 1.07 | 1.12 | — | $ | 11.12 | 11.20 | %* | 0.62 | %** | 0.89 | %** | 0.62 | %** | $ | 983.6 | 32 | %* | ||||||||||||||||||||||||||||||||||||||||||
ON AB Relative Value Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ | $ | 10.04 | 0.09 | 0.27 | 0.36 | — | $ | 10.40 | 3.59 | %* | 0.73 | %** | 1.78 | %** | 0.73 | %** | $ | 128.9 | 39 | %* | ||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | 10.52 | 0.12 | (0.59 | ) | (0.47 | ) | (0.01 | ) | $ | 10.04 | (4.50 | )% | 0.74 | % | 1.44 | % | 0.74 | % | $ | 125.7 | 81 | % | |||||||||||||||||||||||||||||||||||||||
Period from December 2, 2021 (inception) to December 31, 2021 | $ | 10.00 | | — | (a) | 0.52 | 0.52 | — | $ | 10.52 | 5.20 | %* | 1.19 | %** | 0.38 | %** | 1.19 | %** | $ | 77.6 | 5 | %* | ||||||||||||||||||||||||||||||||||||||||
ON iShares Managed Risk Balanced Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ | $ | 8.52 | 0.10 | 0.60 | 0.70 | — | $ | 9.22 | 8.22 | %* | | 0.59 | %**† | | 2.01 | %**† | | 0.59 | %**† | $ | 609.1 | 3 | %* | |||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | 10.23 | 0.10 | (1.72 | ) | (1.62 | ) | (0.09 | ) | $ | 8.52 | (15.84 | )% | | 0.61 | %† | | 1.58 | %† | | 0.61 | %† | $ | 611.6 | 48 | % | ||||||||||||||||||||||||||||||||||||
Period from June 25, 2021 (inception) to December 31, 2021 | $ | 10.00 | 0.06 | 0.17 | 0.23 | — | $ | 10.23 | 2.30 | %* | | 0.62 | %**,† | | 1.22 | %**,† | | 0.62 | %**,† | $ | 412.0 | 15 | %* | |||||||||||||||||||||||||||||||||||||||
ON iShares Managed Risk Moderate Growth Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ | $ | 10.59 | 0.11 | 0.95 | 1.06 | — | $ | 11.65 | 10.01 | %* | | 0.59 | %**† | | 1.87 | %**† | | 0.59 | %**† | $ | 502.3 | 2 | %* | |||||||||||||||||||||||||||||||||||||||
Period from October 14, 2022 (inception) to December 31, 2022. | $ | 10.00 | 0.06 | 0.53 | 0.59 | — | $ | 10.59 | 5.90 | %* | | 0.61 | %**,† | | 2.58 | %**,† | | 0.61 | %**,† | $ | 491.0 | 49 | %* | |||||||||||||||||||||||||||||||||||||||
ON iShares Managed Risk Growth Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ | $ | 10.60 | 0.10 | 1.21 | 1.31 | — | $ | 11.91 | 12.36 | %* | | 0.59 | %**† | | 1.74 | %**† | | 0.59 | %**† | $ | 445.3 | 3 | %* | |||||||||||||||||||||||||||||||||||||||
Period from October 14, 2022 (inception) to December 31, 2022. | $ | 10.00 | 0.05 | 0.55 | 0.60 | — | $ | 10.60 | 6.00 | %* | | 0.61 | %**,† | | 2.45 | %**,† | | 0.61 | %**,† | $ | 426.6 | 47 | %* |
+ | Unaudited |
* | Not annualized |
** | Annualized |
† | The 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. |
(a) | The absolute value of per share or ratio data is less than $0.005 per share, or 0.005%, respectively. |
# 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.
165
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 or period | Net investment income | Net realized and unrealized gain (loss) | Total from operations | Distributions to shareholders | Return of capital | Total distributions | Net asset value, end of year or period | Total Return# | Expenses† | Net investment income† | Expenses† | Net assets, end of year or period (millions) | Portfolio turnover rate | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
ON Moderately Conservative Model Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ . |
| $ | 10.35 | 0.09 | 0.56 | 0.65 | — | — | — | $ | 11.00 | 6.28 | %* | 0.47 | %** | 0.94 | %** | 0.47 | %** | $ | 208.1 | 3 | %* | |||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | 13.32 | 0.23 | (2.24 | ) | (2.01 | ) | (0.96 | ) | — | (0.96 | ) | $ | 10.35 | (15.12 | )% | 0.47 | % | 1.91 | % | 0.47 | % | $ | 213.4 | 29 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | $ | 12.67 | 0.20 | 0.79 | 0.99 | (0.34 | ) | — | (0.34 | ) | $ | 13.32 | 7.90 | % | 0.43 | % | 1.29 | % | 0.45 | % | $ | 281.6 | 13 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | $ | 11.37 | 0.09 | 1.21 | 1.30 | — | — | — | $ | 12.67 | 11.43 | % | 0.40 | % | 0.97 | % | 0.47 | % | $ | 303.5 | | 23 | %(a) | |||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | $ | 10.09 | 0.26 | 1.41 | 1.67 | (0.37 | ) | (0.02 | ) | (0.39 | ) | $ | 11.37 | 16.58 | % | 0.35 | % | 2.22 | % | 0.46 | % | $ | 223.2 | 18 | % | |||||||||||||||||||||||||||||||||||||||||||||||
ON Balanced Model Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ . | $ | 10.59 | 0.07 | 0.76 | 0.83 | — | — | — | $ | 11.42 | 7.84 | %* | 0.46 | %** | 0.63 | %** | 0.46 | %** | $ | 792.7 | 3 | %* | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | 14.22 | 0.22 | (2.46 | ) | (2.24 | ) | (1.39 | ) | — | (1.39 | ) | $ | 10.59 | (15.75 | )% | 0.44 | % | 1.58 | % | 0.44 | % | $ | 787.9 | 27 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | $ | 13.06 | 0.18 | 1.25 | 1.43 | (0.27 | ) | — | (0.27 | ) | $ | 14.22 | 11.03 | % | 0.42 | % | 1.14 | % | 0.43 | % | $ | 1,092.5 | 12 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | $ | 11.48 | 0.08 | 1.50 | 1.58 | — | — | — | $ | 13.06 | 13.76 | % | 0.39 | % | 0.67 | % | 0.43 | % | $ | 1,127.8 | 22 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | $ | 9.97 | 0.21 | 1.73 | 1.94 | (0.24 | ) | (0.19 | ) | (0.43 | ) | $ | 11.48 | 19.46 | % | 0.36 | % | 1.82 | % | 0.43 | % | $ | 1,109.5 | 22 | % | |||||||||||||||||||||||||||||||||||||||||||||||
ON Moderate Growth Model Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ . | $ | 10.88 | 0.06 | 1.01 | 1.07 | — | — | — | $ | 11.95 | 9.83 | %* | 0.42 | %** | 0.30 | %** | 0.42 | %** | $ | 1,490.8 | 3 | %* | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | 15.26 | 0.18 | (2.81 | ) | (2.63 | ) | (1.75 | ) | — | (1.75 | ) | $ | 10.88 | (17.17 | )% | 0.42 | % | 1.27 | % | 0.42 | % | $ | 1,445.2 | 32 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | $ | 13.46 | 0.16 | 1.83 | 1.99 | (0.19 | ) | — | (0.19 | ) | $ | 15.26 | 14.83 | % | 0.42 | % | 0.98 | % | 0.42 | % | $ | 1,977.3 | 15 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | $ | 11.63 | 0.04 | 1.79 | 1.83 | — | — | — | $ | 13.46 | 15.74 | % | 0.44 | % | 0.35 | % | 0.45 | % | $ | 1,987.4 | 16 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | $ | 9.93 | 0.16 | 2.20 | 2.36 | (0.30 | ) | (0.36 | ) | (0.66 | ) | $ | 11.63 | 23.81 | % | 0.43 | % | 1.31 | % | 0.44 | % | $ | 1,961.4 | 20 | % | |||||||||||||||||||||||||||||||||||||||||||||||
ON Growth Model Portfolio | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023+ . | $ | 11.18 | 0.05 | 1.22 | 1.27 | — | — | — | $ | 12.45 | 11.36 | %* | 0.44 | %** | 0.05 | %** | 0.44 | %** | $ | 345.3 | 3 | %* | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2022 | $ | 16.47 | 0.15 | (3.18 | ) | (3.03 | ) | (2.26 | ) | — | (2.26 | ) | $ | 11.18 | (18.29 | )% | 0.44 | % | 1.01 | % | 0.44 | % | $ | 330.9 | 28 | % | ||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2021 | $ | 14.17 | 0.13 | 2.35 | 2.48 | (0.18 | ) | — | (0.18 | ) | $ | 16.47 | 17.58 | % | 0.49 | % | 0.78 | % | 0.49 | % | $ | 448.2 | 18 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | $ | 11.94 | 0.02 | 2.21 | 2.23 | — | — | — | $ | 14.17 | 18.68 | % | 0.46 | % | 0.16 | % | 0.47 | % | $ | 443.1 | 11 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | $ | 9.86 | 0.11 | 2.50 | 2.61 | (0.35 | ) | (0.18 | ) | (0.53 | ) | $ | 11.94 | 26.47 | % | 0.45 | % | 0.92 | % | 0.47 | % | $ | 433.6 | 18 | % |
+ | Unaudited |
* | Not annualized |
** | Annualized |
(a) | The cost of purchases and proceeds from sales of Portfolio securities that were incurred to realign the Portfolio’s holdings subsequent to the December 4, 2020 reorganization are excluded from the portfolio turnover rate calculation. If such amounts had not been excluded, the portfolio turnover rate would have been 28%. |
# 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.
166
Ohio National Fund, Inc. | ||
Notes to Financial Statements | June 30, 2023 (Unaudited) |
(1) | Organization |
Ohio National Fund, Inc. (the “Fund”) is a Maryland corporation registered under the Investment Company Act of 1940, as amended (the “40 Act”). The Fund is an open-end investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946, “Financial Services-Investment Companies”. The Fund consists of twenty-five separate investment portfolios (the “Portfolios”) that seek the following objectives and strategies:
∎ | ON Bond Portfolio – High level of income and opportunity for capital appreciation consistent with preservation of capital by investing, under normal circumstances, at least 80% of its net assets in corporate debt securities. |
∎ | ON BlackRock Balanced Allocation Portfolio – High level of long-term total return consistent with preservation of capital by investing in stocks, bonds, and money market instruments. |
∎ | ON BlackRock Advantage International Equity Portfolio – Long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in non-U.S. equity securities and equity-like instruments of companies that are components of, or have characteristics similar to, the companies included in the MSCI EAFE Index (Net - USD). |
∎ | ON Janus Henderson Forty Portfolio (renamed ON Fidelity Institutional AM® Equity Growth Portfolio as of July 28, 2023) – Long-term capital growth by investing primarily in domestic and foreign equity securities selected for growth potential. |
∎ | ON AB Small Cap Portfolio – Long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity securities of smaller capitalization companies with market capitalizations at the time of investment that fall within the lowest 20% of the total U.S. equity market capitalization (excluding companies with market capitalizations of less than $10 million). |
∎ | ON AB Mid Cap Core Portfolio – Long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity securities of mid-capitalization companies with public stock market capitalization at the time of investment that are within the range of market capitalizations of the companies constituting the Russell Midcap® Index. |
∎ | ON S&P 500® Index Portfolio – Total return approximating that of the Standard & Poor’s 500® Index (S&P 500® Index), at a risk level consistent with that of the S&P 500® Index by investing, under normal circumstances, more than 80% of its net assets in common stock and other securities of companies that are included in the S&P 500® Index. |
∎ | ON BlackRock Advantage Large Cap Value Portfolio – Growth of capital by investing, under normal circumstances, at least 80% of its net assets in stocks of large capitalization companies with market capitalizations at the time of investment that are within the range of market capitalizations of the companies in the Russell 1000® Value Index for the previous twelve months. |
∎ | ON Federated High Income Bond Portfolio – High current income by investing, under normal circumstances, at least 80% of its net assets in lower rated corporate debt obligations commonly referred to as “junk bonds”. The Portfolio’s investments are generally rated BB or lower by Standard & Poor’s or Fitch, or Ba or lower by Moody’s. |
∎ | ON Nasdaq-100® Index Portfolio – Long-term growth of capital by investing, under normal circumstances, more than 80% of its net assets in the common stocks of companies that are included in the Nasdaq-100® Index. |
∎ | ON BlackRock Advantage Large Cap Core Portfolio – Long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in common stocks of the 1,000 largest publicly traded U.S. companies in terms of market capitalization. |
∎ | ON BlackRock Advantage Small Cap Growth Portfolio – Long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in stocks of small capitalization companies with a market capitalization at the time of investment that is no greater than the largest market capitalization of a company in the Russell 2000® Index for the previous twelve months. |
∎ | ON S&P MidCap 400® Index Portfolio – Total return approximating that of the Standard & Poor’s MidCap 400® Index (S&P MidCap 400® Index), including reinvestment of dividends, at a risk level consistent with that of the S&P MidCap 400® Index by investing, under normal circumstances, more than 80% of its net assets in the common stock and other securities included in the S&P MidCap 400® Index. |
∎ | ON BlackRock Advantage Large Cap Growth Portfolio – Long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in stocks of large capitalization companies with market capitalizations at the time of investment that are within the range of market capitalizations of the companies in the Russell 1000® Growth Index for the previous twelve months. |
167 | (continued) |
Ohio National Fund, Inc. | ||
Notes to Financial Statements (Continued) | June 30, 2023 (Unaudited) |
∎ | ON Risk Managed Balanced Portfolio – Long-term capital growth, consistent with preservation of capital and balanced by current income. The Portfolio invests in a balanced portfolio of equity and fixed-income securities and a risk management portfolio intended to enhance the risk adjusted return of the Portfolio. |
∎ | ON Federated Core Plus Bond Portfolio - Total return by investing, under normal circumstances, at least 80% of its net assets in fixed-income investments, primarily U.S. dollar denominated, investment-grade, fixed income securities. Investment-grade, fixed income securities are rated in one of the four highest categories (BBB- or higher) by a nationally recognized statistical rating organization (“NRSRO”). |
∎ | ON U.S. Low Volatility Portfolio (formerly ON Janus Henderson U.S. Low Volatility Portfolio) - Capital appreciation by investing, under normal circumstances, at least 80% of its net assets in U.S. common stocks of companies included in the S&P 500® Index. Those stocks are selected by a mathematical investment process which seeks to achieve returns similar to those of the S&P 500® Index over the long-term with lower absolute volatility. |
∎ | ON AB Relative Value Portfolio - Long-term growth of capital by investing primarily in the equity securities of U.S. companies that the Portfolio’s sub-adviser believes are trading at attractive valuations and that have strong or improving business models. |
∎ | ON iShares Managed Risk Balanced Portfolio1 - Income and capital appreciation by investing in underlying exchange traded funds (“ETFs”) and futures. Under normal market conditions, through investments in the underlying funds and derivatives, the Portfolio invests a minimum of 25% of its assets in equity investments and a minimum of 25% of its assets in fixed income investments. |
∎ | ON iShares Managed Risk Moderate Growth Portfolio1 - Income and capital appreciation by investing in underlying exchange traded funds (“ETFs”) and futures. Under normal market conditions, through investments in the underlying funds and derivatives, the Portfolio expects to allocate 65% of its assets in equity investments and 35% of its assets in fixed income investments. |
∎ | ON iShares Managed Risk Growth Portfolio1 - Income and capital appreciation by investing in underlying exchange traded funds (“ETFs”) and futures. Under normal market conditions, through investments in the underlying funds and derivatives, the Portfolio expects to allocate 85% of its assets in equity investments and 15% of its assets in fixed income investments. |
∎ | ON Moderately Conservative Model Portfolio2 – Current income and moderate growth of capital with a greater emphasis on current income by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 20-40%, International Equity 5-20%, and Fixed Income 30-70%. |
∎ | ON Balanced Model Portfolio2 – A balance between growth of capital and current income with a greater emphasis on growth of capital by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 25-50%, International Equity 10-25%, and Fixed Income 25-50%. |
∎ | ON Moderate Growth Model Portfolio2 – Growth of capital and moderate current income with a greater emphasis on growth of capital by investing in underlying mutual funds. Under normal circumstances, the Portfolio intends to have investment exposure to various asset classes within the following target asset allocation ranges: U.S. Equity 40-60%, International Equity 15-35%, and Fixed Income 10-30%. |
∎ | ON Growth Model Portfolio2 – 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%. |
1 | Collectively, the “ON iShares Managed Risk Portfolios”. |
2 | Collectively, the “ON Model Portfolios”. |
The ON iShares Managed Risk Portfolios and the ON Model Portfolios are each a “Fund of Funds”, which means each Portfolio invests primarily in other open-end mutual funds or exchange traded funds (“ETFs”). Those underlying mutual funds or ETFs invest in stocks, bonds, and other securities that are consistently recorded at fair value, but involve varying amounts of potential investment risk and reward. The portfolio management team of each of those Portfolios periodically adjust the investment allocation to allow the Portfolio to achieve its investment objective.
Additional detail regarding Portfolio-specific objectives, policies, and investment strategies is provided in the Prospectuses and Statements 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.
168 | (continued) |
Ohio National Fund, Inc. | ||
Notes to Financial Statements (Continued) | June 30, 2023 (Unaudited) |
At present, the Fund issues its shares to separate accounts of The Ohio National Life Insurance Company (“ONLIC”), Ohio National Life Assurance Corporation (“ONLAC”), and National Security Life and Annuity Company (“NSLA”) to support certain benefits under variable contracts issued by those entities, as well as for purchases by other Portfolios of the Fund. In the future, Fund shares may be used for other purposes but, unless there is a change in applicable law, they will not be sold directly to the public.
ONLIC and NSLA no longer market, nor issue, variable annuities. ONLIC and NSLA will continue to service the in-force variable annuity contracts, the variable separate accounts, and underlying subaccounts regardless of new sales.
Interest in each Portfolio is represented by a separate class of the Fund’s capital stock, par value $1. Each share of a Portfolio participates equally in the Portfolio’s dividends, distributions, net assets, and voting matters.
The Fund is authorized to issue 1.55 billion of its capital shares. Of this total, shares authorized have been allocated to specific Portfolios of the Fund as follows:
Portfolio | Authorized Shares | ||||
ON Bond | 22,000,000 | ||||
ON BlackRock Balanced Allocation | 25,000,000 | ||||
ON BlackRock Advantage International Equity | 50,000,000 | ||||
ON Janus Henderson Forty | 74,000,000 | ||||
ON AB Small Cap | 17,000,000 | ||||
ON AB Mid Cap Core | 6,000,000 | ||||
ON S&P 500® Index | 50,000,000 | ||||
ON BlackRock Advantage Large Cap Value | 26,000,000 | ||||
ON Federated High Income Bond | 13,000,000 | ||||
ON Nasdaq-100® Index | 27,000,000 | ||||
ON BlackRock Advantage Large Cap Core | 19,000,000 | ||||
ON BlackRock Advantage Small Cap Growth | 12,000,000 | ||||
ON S&P MidCap 400® Index | 31,000,000 |
Portfolio | Authorized Shares | ||||
ON BlackRock Advantage Large Cap Growth | 82,000,000 | ||||
ON Risk Managed Balanced | 170,000,000 | ||||
ON Federated Core Plus Bond | 115,000,000 | ||||
ON U.S. Low Volatility | 155,000,000 | ||||
ON AB Relative Value | 25,000,000 | ||||
ON iShares Managed Risk Balanced | 123,000,000 | ||||
ON iShares Managed Risk Moderate Growth | 95,000,000 | ||||
ON iShares Managed Risk Growth | 80,000,000 | ||||
ON Moderately Conservative Model | 28,000,000 | ||||
ON Balanced Model | 97,000,000 | ||||
ON Moderate Growth Model | 170,000,000 | ||||
ON Growth Model | 38,000,000 |
The Fund’s Board of Directors (the “Board”) periodically reallocates authorized shares among the Portfolios of the Fund and may authorize additional shares as deemed necessary.
Under the Fund’s organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. In addition, in the normal course of business, the Fund enters into contracts with its vendors and others that provide for general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund. However, based on experience, the risk of loss to the Fund is expected to be remote.
(2) | Significant Accounting Policies |
The following is a summary of significant accounting policies followed by the Fund in preparation of its 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
The Board has adopted policies for the valuation of the Fund’s securities, which include guidelines for valuation when active market quotations are not readily available. The Board has delegated authority to the Fund’s adviser, Ohio National Investments, Inc. (“ONI”) to apply those guidelines in the determination of fair value, subject to oversight by the Board.
Fixed income instruments that mature in sixty days or less, and of sufficient credit quality, are valued at amortized cost. Amortized cost valuation involves valuing a security at its cost initially and thereafter amortizing to maturity any discounts or premiums on the level-yield method, regardless of the impact of fluctuating market interest rates on the value of the security. In these instances, amortized cost approximates fair value.
Investments, other than those securities aforementioned, are valued as follows:
169 | (continued) |
Ohio National Fund, Inc. | ||
Notes to Financial Statements (Continued) | June 30, 2023 (Unaudited) |
Domestic equity securities that are traded on U.S. exchanges, other than the Nasdaq Stock Market, are valued at the last trade price reported by the primary exchange of each security (4:00 pm Eastern Time for normal trading sessions). Domestic equity securities that are listed on the Nasdaq Stock Market are valued at the Nasdaq Official Closing Price (“NOCP”). Over-the-counter domestic equity securities are valued at the last trade price reported daily as of 4:00 pm Eastern Time (normal trading sessions). If, on a particular day, a domestic equity security does not trade, or otherwise cannot be priced by independent pricing services, then a broker quotation as of the end of the current trading session, the evaluated mean between the bid and ask prices, as reported by an approved independent pricing source, or a previous last trade price may be used when appropriate.
Over-the-counter traded American Depositary Receipts (“ADRs”) may also be valued at an evaluated price based on the value of the underlying securities. If a domestic equity security is not traded on a particular day, the mean between the bid and ask prices reported at 4:00 pm Eastern Time (normal trading sessions) by the primary exchange will generally be used for valuation purposes. The principal sources for market quotations are independent pricing services that have been approved by the Board.
Fixed income securities that have a remaining maturity exceeding sixty days are generally valued at the evaluated bid price reported at 4:00 pm Eastern Time (normal trading sessions), as provided by independent pricing services approved by the Board. Many fixed income securities, including investment grade and high-yield corporate bonds, U.S. Treasury and government agency obligations, and other asset-backed instruments are not actively traded on a daily basis. As such, the approved pricing services may use asset type-specific valuation models to provide good faith determinations that the holders of securities would receive in an orderly transaction under current market conditions. The valuation models may use observable market data such as recent transaction data, benchmark yields, broker/dealer inputs, valuations and yields of comparable instruments, relative credit information, observed market movements, and market research and news. Asset-backed securities and mortgage-backed securities may use valuation models that heavily consider predicted cash flows of each tranche of an issue, benchmark spreads, and unique attributes of the tranche. The last trade or last evaluated bid may be used if an evaluated bid price is not available.
U.S exchange-traded options are valued at the composite basis last sale price as reported to a Board-approved independent pricing service by the OPRA (Options Price Reporting Authority). If there are no reported trades for a trading session, the evaluated composite-basis bid price or other method will be used for valuation purposes.
Futures contracts are valued at the daily quoted settlement prices as reported by an approved independent pricing source.
Shares of open-end mutual funds are valued at each fund’s last calculated net asset value per share.
Shares of closed-end mutual funds that are traded on U.S. exchanges are valued similarly to other domestic equity securities, typically at the last trade price reported by the primary exchange of each fund (4:00 pm Eastern Time for normal trading sessions).
Foreign equity securities are initially priced at the reported close price of the exchange on which a security is primarily traded. Securities not traded on a particular day are valued at the mean between the last reported bid and ask quotes at daily close, or the last sale price when appropriate. The principal sources for market quotations are independent pricing services that have been approved by the Board.
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 at 4:00 pm Eastern Time (normal trading sessions) each day that the NYSE is open for trading and net asset values are calculated for the Portfolios. Multiple factors may be considered in performing this valuation, including U.S. intraday market and sector returns, currency valuations, and pricing of related depository receipts, exchange traded funds, and futures. Backtesting analysis is performed on a quarterly basis to monitor the effectiveness of these procedures. The testing is reviewed by management of the Fund and is reported to the Board. Prior results have indicated that these procedures have been effective in reaching valuation objectives.
Restricted securities, illiquid securities, or other investments for which market quotations or other observable market inputs are not readily available are valued at an estimate of value using methods determined in good faith by the Adviser’s Pricing Committee, which is subjected to oversight by the Board.
The differences between the aggregate cost and values of investments are reflected as unrealized appreciation or unrealized depreciation.
170 | (continued) |
Ohio National Fund, Inc. | ||
Notes to Financial Statements (Continued) | June 30, 2023 (Unaudited) |
Pricing inputs used in the determination of 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 June 30, 2023:
Portfolio | Financial Instrument Type | Level 1 | Level 2 | Level 3 | ||||||||||
ON Bond | Corporate Bonds*** | $ | — | $ | 207,522,838 | $ | — | |||||||
Asset-Backed Securities*** | — | 5,085,085 | — | |||||||||||
U.S. Treasury Obligations | — | 1,989,609 | — | |||||||||||
|
|
|
|
|
| |||||||||
$ | — | $ | 214,597,532 | $ | — | |||||||||
|
|
|
|
|
| |||||||||
ON BlackRock Balanced Allocation | Common Stocks*** | $ | 318,948,052 | $ | — | $ | — | |||||||
Corporate Bonds*** | — | 106,319,795 | — | |||||||||||
Asset-Backed Securities*** | — | 2,238,123 | — | |||||||||||
U.S. Treasury Obligations | — | 856,563 | — | |||||||||||
|
|
|
|
|
| |||||||||
$ | 318,948,052 | $ | 109,414,481 | $ | — | |||||||||
|
|
|
|
|
| |||||||||
Long Futures Contracts | $ | 111,120 | $ | — | $ | — | ||||||||
|
|
|
|
|
| |||||||||
ON BlackRock Advantage International Equity | Common Stocks*** | $ | — | $ | 347,480,988 | $ | — | |||||||
Preferred Securities*** | — | 2,465,992 | — | |||||||||||
|
|
|
|
|
| |||||||||
$ | — | $ | 349,946,980 | $ | — | |||||||||
|
|
|
|
|
| |||||||||
Long Futures Contracts | $ | 50,009 | $ | — | $ | — | ||||||||
|
|
|
|
|
| |||||||||
ON Janus Henderson Forty | Common Stocks*** | $ | 49,794,151 | $ | 1,025,830 | $ | — | |||||||
Discount Notes | — | 500,000 | — | |||||||||||
|
|
|
|
|
| |||||||||
$ | 49,794,151 | $ | 1,525,830 | $ | — | |||||||||
|
|
|
|
|
| |||||||||
ON AB Small Cap | Common Stocks*** | $ | 118,680,511 | $ | — | $ | — | |||||||
Exchange Traded Funds | 191,328 | — | — | |||||||||||
|
|
|
|
|
| |||||||||
$ | 118,871,839 | $ | — | $ | — | |||||||||
|
|
|
|
|
| |||||||||
ON AB Mid Cap Core | Common Stocks*** | $ | 79,987,412 | $ | — | $ | — | |||||||
Exchange Traded Funds | 153,071 | — | — | |||||||||||
|
|
|
|
|
| |||||||||
$ | 80,140,483 | $ | — | $ | — | |||||||||
|
|
|
|
|
| |||||||||
ON S&P 500® Index | Common Stocks*** | $ | 1,091,169,084 | $ | — | $ | — | |||||||
U.S. Treasury Obligations | — | 198,117 | — | |||||||||||
|
|
|
|
|
| |||||||||
$ | 1,091,169,084 | $ | 198,117 | $ | — | |||||||||
|
|
|
|
|
| |||||||||
Long Futures Contracts | $ | 86,850 | $ | — | $ | — | ||||||||
|
|
|
|
|
| |||||||||
ON BlackRock Advantage Large Cap Value | Common Stocks*** | $ | 201,365,215 | $ | — | $ | — | |||||||
|
|
|
|
|
| |||||||||
Long Futures Contracts | $ | 60,750 | $ | — | $ | — | ||||||||
|
|
|
|
|
| |||||||||
ON Federated High Income Bond | Corporate Bonds*** | $ | — | $ | 119,994,648 | $ | — | |||||||
Common Stocks*** | 26,889 | — | — | |||||||||||
Rights*** | — | 2,807 | — | |||||||||||
|
|
|
|
|
| |||||||||
$ | 26,889 | $ | 119,997,455 | $ | — | |||||||||
|
|
|
|
|
|
171 | (continued) |
Ohio National Fund, Inc. | ||
Notes to Financial Statements (Continued) | June 30, 2023 (Unaudited) |
Portfolio | Financial Instrument Type | Level 1 | Level 2 | Level 3 | ||||||||||
ON Nasdaq-100® Index | Common Stocks*** | $ | 255,942,077 | $ | — | $ | — | |||||||
U.S. Treasury Obligations | — | 99,059 | — | |||||||||||
|
|
|
|
|
| |||||||||
$ | 255,942,077 | $ | 99,059 | $ | — | |||||||||
|
|
|
|
|
| |||||||||
Long Futures Contracts | $ | 31,895 | $ | — | $ | — | ||||||||
|
|
|
|
|
| |||||||||
ON BlackRock Advantage Large Cap Core | Common Stocks*** | $ | 330,605,210 | $ | — | $ | — | |||||||
|
|
|
|
|
| |||||||||
Long Futures Contracts | $ | 115,746 | $ | — | $ | — | ||||||||
|
|
|
|
|
| |||||||||
ON BlackRock Advantage Small Cap Growth | Common Stocks*** | $ | 140,464,254 | $ | — | $ | — | |||||||
Rights*** | — | 4,950 | — | |||||||||||
|
|
|
|
|
| |||||||||
$ | 140,464,254 | $ | 4,950 | $ | — | |||||||||
|
|
|
|
|
| |||||||||
Long Futures Contracts | $ | 14,219 | $ | — | $ | — | ||||||||
|
|
|
|
|
| |||||||||
ON S&P MidCap 400® Index | Common Stocks*** | $ | 384,075,085 | $ | — | $ | — | |||||||
U.S. Treasury Obligations | — | 99,059 | — | |||||||||||
|
|
|
|
|
| |||||||||
$ | 384,075,085 | $ | 99,059 | $ | — | |||||||||
|
|
|
|
|
| |||||||||
Long Futures Contracts | $ | 31,025 | $ | — | $ | — | ||||||||
|
|
|
|
|
| |||||||||
ON BlackRock Advantage Large Cap Growth | Common Stocks*** | $ | 432,047,582 | $ | — | $ | — | |||||||
|
|
|
|
|
| |||||||||
Long Futures Contracts | $ | 151,870 | $ | — | $ | — | ||||||||
|
|
|
|
|
| |||||||||
ON Risk Managed Balanced | Common Stocks*** | $ | 585,676,584 | $ | — | $ | — | |||||||
U.S. Treasury Obligations | — | 179,790,407 | — | |||||||||||
Corporate Bonds*** | — | 157,776,966 | — | |||||||||||
Asset-Backed / Mortgage-Backed Securities*** | — | 77,936,285 | — | |||||||||||
U.S. Government Agency Mortgage-Backed Securities | — | 56,634,073 | — | |||||||||||
Purchased Options | 55,631,984 | — | — | |||||||||||
Sovereign Debt Issues | — | 1,098,001 | — | |||||||||||
Preferred Securities*** | — | 1,055,287 | — | |||||||||||
Taxable Municipal Bonds | — | 389,049 | — | |||||||||||
Money Market Funds | 33,624,772 | — | — | |||||||||||
|
|
|
|
|
| |||||||||
$ | 674,933,340 | $ | 474,680,068 | $ | — | |||||||||
|
|
|
|
|
| |||||||||
Long Futures Contracts | $ | (7,258,776 | ) | $ | — | $ | — | |||||||
|
|
|
|
|
| |||||||||
Short Futures Contracts | $ | 84,427 | $ | — | $ | — | ||||||||
|
|
|
|
|
| |||||||||
ON Federated Core Plus Bond | U.S. Treasury Obligations | $ | — | $ | 190,681,485 | $ | — | |||||||
Corporate Bonds*** | — | 146,194,701 | — | |||||||||||
U.S. Government Agency Mortgage-Backed Securities | — | 129,610,415 | — | |||||||||||
Investment Companies | 32,426,180 | — | — | |||||||||||
Asset-Backed / Mortgage-Backed Securities*** | — | 28,317,942 | — | |||||||||||
Sovereign Debt Issues | — | 1,819,872 | — | |||||||||||
|
|
|
|
|
| |||||||||
$ | 32,426,180 | $ | 496,624,415 | $ | — | |||||||||
|
|
|
|
|
| |||||||||
Long Futures Contracts | $ | (1,405,677 | ) | $ | — | $ | — | |||||||
|
|
|
|
|
|
172 | (continued) |
Ohio National Fund, Inc. | ||
Notes to Financial Statements (Continued) | June 30, 2023 (Unaudited) |
Portfolio | Financial Instrument Type | Level 1 | Level 2 | Level 3 | ||||||||||
Short Futures Contracts | $ | (402,946 | ) | $ | — | $ | — | |||||||
|
|
|
|
|
| |||||||||
ON U.S. Low Volatility | Common Stocks*** | $ | 718,214,024 | $ | — | $ | — | |||||||
|
|
|
|
|
| |||||||||
ON AB Relative Value | Common Stocks*** | $ | 124,436,245 | $ | — | $ | — | |||||||
|
|
|
|
|
| |||||||||
ON iShares Managed Risk Balanced | Exchange Traded Funds | $ | 572,831,206 | $ | — | $ | — | |||||||
Money Market Funds | 8,032,800 | — | — | |||||||||||
|
|
|
|
|
| |||||||||
$ | 580,864,006 | $ | — | $ | — | |||||||||
|
|
|
|
|
| |||||||||
Long Futures Contracts | $ | 323,029 | $ | — | $ | — | ||||||||
|
|
|
|
|
| |||||||||
Short Futures Contracts | $ | 446,588 | $ | — | $ | — | ||||||||
|
|
|
|
|
| |||||||||
ON iShares Managed Risk Moderate Growth | Exchange Traded Funds | $ | 471,799,001 | $ | — | $ | — | |||||||
Money Market Funds | 5,532,905 | — | — | |||||||||||
|
|
|
|
|
| |||||||||
$ | 477,331,906 | $ | — | $ | — | |||||||||
|
|
|
|
|
| |||||||||
Long Futures Contracts | $ | 905,756 | $ | — | $ | — | ||||||||
|
|
|
|
|
| |||||||||
Short Futures Contracts | $ | 323,821 | $ | — | $ | — | ||||||||
|
|
|
|
|
| |||||||||
ON iShares Managed Risk Growth | Exchange Traded Funds | $ | 423,724,209 | $ | — | $ | — | |||||||
|
|
|
|
|
| |||||||||
Long Futures Contracts | $ | 772,615 | $ | — | $ | — | ||||||||
|
|
|
|
|
| |||||||||
Short Futures Contracts | $ | 288,723 | $ | — | $ | — | ||||||||
|
|
|
|
|
| |||||||||
ON Moderately Conservative Model | Open-End Mutual Funds | $ | 208,187,158 | $ | — | $ | — | |||||||
|
|
|
|
|
| |||||||||
ON Balanced Model | Open-End Mutual Funds | $ | 793,063,189 | $ | — | $ | — | |||||||
|
|
|
|
|
| |||||||||
ON Moderate Growth Model | Open-End Mutual Funds | $ | 1,491,246,294 | $ | — | $ | — | |||||||
|
|
|
|
|
| |||||||||
ON Growth Model | Open-End Mutual Funds | $ | 345,440,147 | $ | — | $ | — | |||||||
|
|
|
|
|
|
*** Each of the Portfolio’s Schedules of Investments include detailed industry descriptions.
Foreign Securities and Currency
The books and records of all the Portfolios are maintained in U.S. dollars. All investments and cash quoted in foreign currencies are valued daily in U.S. dollars on the basis of the foreign currency exchange rates provided by an independent source. These exchange rates are currently determined daily at 4:00 pm Eastern Time for normal trading sessions. Purchases and sales of foreign-denominated investments are recorded at rates of exchange prevailing on the respective dates of such transactions.
The Fund may not fully isolate that portion of the results of operations resulting from changes in foreign exchange rates from fluctuations arising from changes in market prices on foreign currency-denominated investments. For the portion that is isolated, amounts are reflected in the Statements of Operations as other foreign currency related transactions. However, for tax purposes, the Fund does fully isolate the effect of fluctuations in foreign exchange rates when determining the gain or loss upon sale or maturity of such investments to the extent required by federal income tax regulations.
All Portfolios of the Fund may invest in securities of foreign issuers. The ON BlackRock Advantage International Equity Portfolio may be invested entirely in foreign securities. Investments in securities of foreign issuers, including investments in foreign companies through the use of depositary receipts, carry certain risks not ordinarily associated with investments in securities of domestic issuers. Such risks include future political and economic developments, and the possible imposition of exchange controls or other foreign governmental laws and restrictions. In addition, with respect to certain countries, there is the possibility of expropriation of assets, confiscatory taxation, political or social instability, or diplomatic developments that could adversely affect capital investment within those countries.
173 | (continued) |
Ohio National Fund, Inc. | ||
Notes to Financial Statements (Continued) | June 30, 2023 (Unaudited) |
Restricted Securities
Restricted securities are typically those securities purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (“the 1933 Act”) or pursuant to the resale limitations provided by Rule 144A under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. 144A securities are issued by corporations without registration in reliance on 1933 Act provisions allowing for the private resale of unregistered securities to qualified institutional buyers. Section 4(a)(2) commercial paper is issued pursuant to Section 4(a)(2) of the 1933 Act which exempts an issue from registration. This paper may be used to finance non-current transactions, such as acquisitions, stock repurchase programs, and other long-term assets. Investments by a Portfolio in Rule 144A and Section 4(a)(2) securities could have the effect of decreasing the liquidity of a Portfolio during any period in which qualified institutional investors were no longer interested in purchasing these securities.
Investment Transactions and Related Income
For financial reporting purposes, investment transactions are accounted for on a trade date (T+0) basis. For purposes of executing separate account shareholder transactions in the normal course of business, however, the Fund’s investment transactions are recorded no later than the first calculation on the first business day following the trade date (T+1), in accordance with Rule 2a-4 of the 40 Act. Accordingly, differences between the net asset values for financial reporting and for executing separate account shareholder transactions may arise.
Dividend income is recognized on the ex-dividend date, except in the case of those Portfolios holding foreign securities, in which dividends are recorded as soon after the ex-dividend date as the Fund’s information agents become aware of such dividends.
Interest income is accrued daily as earned and includes the amortization of premium and accretion of discount using the interest method. The period of amortization or accretion extends from the purchase date to the maturity date, except for securities that are purchased at a premium and have explicit, noncontingent call features, whereby the securities are callable at fixed prices and on pre-determined dates. The premium amounts related to those securities are generally amortized to the earliest call date. Net realized gain or loss on investments and foreign exchange transactions are determined using the specific identification method. Payments received for interest-only mortgage-backed securities are included in interest income. Because no principal is received at the maturity of an interest-only security, adjustments are made to the cost of the security until maturity. These adjustments are also included in interest income on the Statements of Operations.
Distributions to Shareholders and Federal Taxes
The Fund may satisfy its distribution requirements, as required for each of the Portfolios to qualify as a regulated investment company pursuant to Subchapter M of the Internal Revenue Code by using consent dividends or cash distributions. 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 sufficient to relieve it from substantially all federal income and excise taxes. As such, no provisions for federal income or excise taxes have been recorded. Also, no tax-related interest or penalties have been incurred or accrued. The Board’s intent is that the Fund will not initiate any realized gain distributions until any applicable capital loss carryforwards have been offset.
The character of ordinary income distributions, realized capital gains distributions, and return of capital, if any, are determined in accordance with federal income tax regulations and may differ from net investment income and realized gains for financial reporting purposes. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, they are reclassified within the composition of net assets; temporary differences do not require such reclassification. Distributions to shareholders that exceed taxable income and net taxable realized gains are reported as return of capital distributions.
The Fund’s management and its tax agent perform an affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Fund’s tax returns to determine whether it is more-likely-than-not (i.e. greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Implementation of the evaluation included a review of tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal tax and the state of Maryland. The determination has been made that there are no uncertain tax positions that would require the Portfolios to record a tax liability or provision.
Expense Allocation
Expenses directly attributable to a Portfolio are charged to that Portfolio. Expenses that cannot be directly attributed to a Portfolio are allocated among all the benefited Portfolios on a basis of relative net assets or other appropriate method.
174 | (continued) |
Ohio National Fund, Inc. | ||
Notes to Financial Statements (Continued) | June 30, 2023 (Unaudited) |
Foreign Withholding Taxes
Certain Portfolios in the Fund may be subject to taxes imposed by countries in which they invest with respect to their investments in issuers existing or operating in such countries. Such taxes are generally withheld based on income earned. These Portfolios accrue such taxes as the related income is earned.
TBA Commitments
To-Be-Announced (“TBA”) commitments are agreements for the purchase or sale of mortgage-backed securities for a fixed price, with payment and delivery on an agreed upon future settlement date beyond the customary settlement period for such securities. The specific securities to be delivered are not identified at the trade date. However, delivered securities must meet specified terms, including issuer, rate and term and be within industry-accepted “good delivery” standards. When entering into TBA commitments, a Portfolio may take possession of or deliver the underlying mortgage-backed securities but can extend the settlement or roll the transaction. TBA commitments involve a risk of loss if the value of the security to be purchased or sold declines or increases, respectively, prior to settlement date.
Mortgage Dollar Rolls
A Portfolio may enter into a mortgage dollar roll (“MDR”) transaction in which the Portfolio agrees to both sell and purchase a similar, but not identical, TBA mortgage-backed security with the same issuer, rate, and term on a later date at a set price. MDRs are treated as purchases and sales, which may have the effect of increasing portfolio turnover rates, and result in realized gains and losses based on the agreed-upon fixed prices.
LIBOR Transition
Payment obligations and financing terms related to certain instruments held by the Fund’s Portfolios may be tied to floating rates, such as the London Interbank Offered Rate (“LIBOR”). ICE Benchmark Administration, the administrator of LIBOR, ceased publication of most LIBOR settings on a representative basis at the end of 2021 and ceased publication of U.S. Dollar LIBOR settings on a representative basis after June 30, 2023. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in most major currencies (e.g., the Secured Overnight Financing Rate for U.S. Dollar LIBOR and the Sterling Overnight Interbank Average Rate for GBP LIBOR). The adoption of the new reference rates did not have a material impact on the Portfolios’ financial statements.
Subsequent Events
At a meeting held on May 22, 2023, the Board, including a majority of the Directors who are not “interested persons” (the “Independent Directors”) of the Fund, approved an amendment (the “amendment”) to the Investment Advisory Agreement between the Fund and ONI and approved a new Sub-Advisory Agreement between ONI and FIAM LLC. Both the amendment and the new Sub-Advisory Agreement relate to the ON Janus Henderson Forty Portfolio. Effective at the end of business on July 28, 2023, FIAM LLC became the sub-adviser to that Portfolio and the Portfolio’s investment strategy, as well as its advisory fee and sub-advisory fee structures, were revised as a result. On the same date, the Portfolio’s name was changed to ON Fidelity Institutional AM® Equity Growth Portfolio to reflect the change in sub-adviser.
ONLIC, NSLA, and certain variable separate account entities affiliated with ONLIC and NSLA were parties to a correspondence letter filed with the SEC on July 10, 2023, which described the intent of those entities to execute a substitution of investment options pursuant to Commission Statement on Insurance Product Fund Substitution Applications, Release No. IC-34199. Those entities intend to substitute shares of certain unaffiliated funds currently available under certain variable contracts for shares of a certain other unaffiliated fund and certain of the Ohio National Fund Portfolios. The substitution transactions, intended to take effect on or about August 25, 2023, are planned as cash redemptions of each unaffiliated fund’s shares and cash subscriptions to each corresponding unaffiliated fund or Ohio National Fund Portfolio’s shares.
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.
175 | (continued) |
Ohio National Fund, Inc. | ||
Notes to Financial Statements (Continued) | June 30, 2023 (Unaudited) |
(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 Bond | ON S&P 500® Index | ON Risk Managed Balanced | ||
0.60% of first $100 million | 0.40% of first $100 million | 0.88% of first $500 million | ||
0.50% of next $150 million | 0.35% of next $150 million | 0.74% of next $1.3 billion | ||
0.45% of next $250 million | 0.33% over $250 million | 0.72% over $1.8 billion | ||
0.40% of next $500 million |
ON BlackRock Advantage Large Cap Value |
ON Federated Core Plus Bond | ||
0.30% of next $1 billion | 0.67% of first $500 million | 0.56% of first $100 million | ||
0.25% over $2 billion | 0.65% over $500 million | 0.54% of next $150 million | ||
ON BlackRock Balanced Allocation |
ON Federated High Income Bond | 0.50% of next $150 million | ||
0.58% of first $100 million | 0.75% of first $75 million | 0.45% of next $350 million | ||
0.50% of next $150 million | 0.70% of next $75 million | 0.43% over $750 million | ||
0.45% of next $250 million | 0.65% of next $75 million |
ON U.S. Low Volatility | ||
0.40% of next $500 million | 0.60% over $225 million | 0.575% of first $500 million | ||
0.30% of next $1 billion |
ON Nasdaq-100® Index | 0.555% over $500 million | ||
0.25% over $2 billion | 0.40% of first $100 million | ON AB Relative Value | ||
ON BlackRock Advantage International Equity | 0.35% of next $150 million | 0.65% of first $100 million | ||
0.72% of first $200 million | 0.33% over $250 million | 0.61% of next $200 million | ||
0.70% of next $800 million | ON BlackRock Advantage Large Cap Core | 0.59% over $300 million | ||
0.66% over $1 billion | 0.64% of first $500 million | ON iShares Managed Risk Balanced | ||
ON Janus Henderson Forty | 0.62% over $500 million | 0.55% of first $1.5 billion | ||
0.73% of first $100 million |
ON BlackRock Advantage Small Cap Growth | 0.53% over $1.5 billion | ||
0.68% of next $400 million | 0.78% of first $100 million |
ON iShares Managed Risk Moderate Growth | ||
0.63% over $500 million | 0.75% of next $400 million | 0.55% of first $1.5 billion | ||
ON AB Small Cap | 0.70% over $500 million | 0.53% over $1.5 billion | ||
0.73% of first $400 million |
ON S&P MidCap 400® Index |
ON iShares Managed Risk Growth | ||
0.675% of next $200 million | 0.40% of first $100 million | 0.55% of first $1.5 billion | ||
0.63% over $600 million | 0.35% of next $150 million | 0.53% over $1.5 billion | ||
ON AB Mid Cap Core | 0.33% over $250 million |
ON Model Portfolios | ||
0.715% of first $100 million | ON BlackRock Advantage Large Cap Growth | 0.40% of all net assets | ||
0.71% of next $200 million | 0.66% of first $500 million | |||
0.69% of next $200 million | 0.64% over $500 million | |||
0.66% over $500 million |
Under the Investment Advisory Agreement, the Fund authorizes ONI to retain sub-advisers for all Portfolios of the Fund, subject to the approval of the Board. ONI has entered into sub-advisory agreements to manage the investment of certain Portfolios’ assets, as detailed below, subject to the supervision of ONI.
AllianceBernsterin, L.P. (“AB”) |
ON AB Small Cap |
ON AB Mid Cap Core |
ON Risk Managed Balanced |
ON AB Relative Value |
BlackRock Investment Management, LLC (“BlackRock”) |
ON BlackRock Balanced Allocation |
ON BlackRock Advantage International Equity |
ON BlackRock Advantage Large Cap Value |
ON BlackRock Advantage Large Cap Core |
BlackRock (continued) |
ON BlackRock Advantage Small Cap Growth |
ON BlackRock Advantage Large Cap Growth |
ON iShares Managed Risk Balanced |
ON iShares Managed Risk Moderate Growth |
ON iShares Managed Risk Growth |
Federated Investment Management Company (“Federated”) |
ON Federated High Income Bond |
Federated (continued) |
ON Federated Core Plus Bond |
Geode Capital Management, LLC (“Geode”) |
ON S&P 500® Index |
ON Nasdaq-100® Index |
ON S&P MidCap 400® Index |
Intech Investment Management LLC (“Intech”) |
ON U.S. Low Volatility |
Janus Henderson Investors U.S. LLC (“Janus”) |
ON Janus Henderson Forty |
The sub-advisers receive from ONI a sub-advisory fee calculated on the basis of average daily net assets and Board-approved schedules of annualized fee breakpoints.
176 | (continued) |
Ohio National Fund, Inc. | ||
Notes to Financial Statements (Continued) | June 30, 2023 (Unaudited) |
BlackRock receives a sub-advisory fee from ONI on the aggregate average daily net assets of the ON BlackRock Advantage Large Cap Core Portfolio, ON BlackRock Advantage Large Cap Growth Portfolio, ON BlackRock Advantage Large Cap Value Portfolio, and the sub-advised equity sleeve of the ON BlackRock Balanced Allocation Portfolio. BlackRock also receives a sub-advisory fee from ONI on the aggregate average daily net assets of the ON iShares Managed Risk Portfolios.
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.
The Investment Advisory Agreement allows for a portion of the expenses related to ONLIC’s compliance and legal staff to be incurred by the Fund and paid from the Fund to 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 functions and ONI has reimbursed ONLIC for those costs allocated to the Fund. For the six-month period ended June 30, 2023, the Fund incurred compliance expenses totaling $128,250, which are allocated to the Portfolios by equal dollar amounts on a daily basis. Expenses incurred by the Portfolios are reflected on the Statements of Operations as “Compliance expense”.
Pursuant to the Investment Advisory Agreement between ONI and the Fund, if the total expenses applicable to any Portfolio during any calendar quarter (excluding taxes, brokerage commissions, interest expense and management fees) exceed 1%, on an annualized basis, evaluated quarterly, of such Portfolio’s average daily net asset value, ONI will reimburse the Portfolio for such excess expenses. There were no expense reimbursements associated with this agreement during the six-month period ended June 30, 2023.
Through Operating Expense Limitation Agreements, ONI has contractually agreed to reimburse the Fund to the extent that the annual ordinary operating expenses of the 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 certain percentages of the average daily net assets.
Expense limitations under the current Investment Advisory Agreement and prior Operating Expense Limitation Agreements, stated as percentages of the average daily net assets of the four ON Model Portfolios, where applicable, are as follows:
Portfolio | May 1, 2023 to April 30, 2024 | May 1, 2022 to April 30, 2023 | May 1, 2021 to April 30, 2022 | |||
ON Moderately Conservative Model | 1.00% | 1.00% | 1.00% | |||
ON Balanced Model | 1.00% | 1.00% | 1.00% | |||
ON Moderate Growth Model | —* | 1.07% | 1.07% | |||
ON Growth Model | —* | 1.14% | 1.14% |
*No limitation for this period
For purposes of calculating the expenses subject to the Operating 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, which is a calculation of the indirect costs associated with the Portfolios’ underlying investments in other investment companies. The current Operating Expense Limitation Agreement will continue through April 30, 2024 and may only be terminated with the consent of the Board.
Under the terms of the current Operating Expense Limitation Agreement and prior Operating Expense Limitation Agreements, ONI is entitled to recover expenses waived or reimbursed for a period of up to three years from the date on which ONI reimbursed excess expenses. No recoupment will occur unless a Portfolio’s operating expenses are below the expense limitation amount in effect at the time of the waiver or reimbursement and the Portfolio’s current expense limitation. For the six-month period ended June 30, 2023, ONI recouped previously reimbursed expenses from the ON Moderately Conservative and ON Balanced Model Portfolios amounting to $5,000 and $126,000, respectively. These recouped expenses were related to expenses reimbursed by ONI during the periods May 1, 2019 to April 30, 2020 and May 1, 2020 to April 30, 2021. For the year ended December 31, 2022, ONI recouped previously reimbursed expenses from the ON Moderately Conservative and ON Balanced Model Portfolios amounting to $25,600 and $157,500, respectively. These recouped expenses were related to expenses reimbursed by ONI during the periods May 1, 2018
177 | (continued) |
Ohio National Fund, Inc. | ||
Notes to Financial Statements (Continued) | June 30, 2023 (Unaudited) |
to April 30, 2019 and May 1, 2019 to April 30, 2020. There were no reimbursed expenses under the current Operating Expense Limitation Agreement for the six-month period ended June 30, 2023 or the year ended December 31, 2022.
Amounts of expenses, previously reimbursed by ONI under the current Operating Expense Limitation Agreement and prior Operating Expense Limitation Agreements that are available for future recoupments at June 30, 2023 are as follows:
Portfolio | Expire April 30, 2024 | |||
ON Moderately Conservative Model | $ | 174,635 | ||
ON Balanced Model | 345,376 |
The Fund, along with ONLIC, NSLA and certain variable separate account entities affiliated with ONLIC and NSLA, was a party to an application filed with the SEC for an order of approval pursuant to Section 26(c), and an order of exemption pursuant to Section 17(b) of the 40 Act. In the application, those entities proposed to substitute shares of certain unaffiliated underlying funds currently available under certain variable contracts (the “Substitution 1 Unaffiliated Funds”) for shares of different underlying funds (the “Substitution 1 Replacement Ohio National Fund Portfolios”). The entities also requested permission to carry out in-kind security transfers in order to execute certain of the proposed substitution transactions. The proposed substitution transactions that affected the Fund were:
Substitution 1 Unaffiliated Funds | Substitution 1 Replacement Ohio National Fund Portfolios | |
Federated Hermes Managed Volatility Fund II (Primary Shares and Service Shares) | ON iShares Managed Risk Balanced Portfolio | |
Janus Henderson VIT U.S. Low Volatility Portfolio (Service Shares) | ON U.S. Low Volatility Portfolio | |
Morgan Stanley VIF Core Plus Fixed Income Portfolio (Class II) | ON Federated Core Plus Bond Portfolio | |
PIMCO Total Return Portfolio (Administrative Share Class) | ON Federated Core Plus Bond Portfolio |
On May 4, 2021, the application for the substitution transactions and in-kind transfers was approved by the SEC. The substitution transactions were effected on June 25, 2021 (the “Substitution Date”) via cash redemptions of the Substitution 1 Unaffiliated Funds and cash subscriptions to the Substitution 1 Replacement Ohio National Fund Portfolios, with the exception of the transaction involving the ON U.S. Low Volatility Portfolio. The substitution transaction involving that Portfolio was executed as an in-kind transfer of securities from the related Substitution 1 Unaffiliated Fund. The cost basis of each security transferred in-kind to the ON U.S. Low Volatility Portfolio was the fair value of that security, valued at the relevant active market exchange close price at the end of the Substitution Date. In conjunction with the substitution transactions, ONI entered into expense limitation agreements with certain of the affected Portfolios whereby, for a period of two years following the Substitution Date, the annual net operating expenses of the applicable Substitution 1 Replacement Ohio National Fund Portfolios would not exceed the annual net operating expenses of the related Substitution 1 Unaffiliated Fund for the fiscal year ended December 31, 2019. On June 25, 2023, this set of expense limitations expired with no related reimbursement of expenses by ONI during the two-year period.
ONLIC, NSLA, and certain variable separate account entities affiliated with ONLIC and NSLA were parties to a correspondence letter filed with the SEC on March 28, 2022, which described the intent of those entities to execute a substitution of investment option pursuant to Commission Statement on Insurance Product Fund Substitution Applications, Release No. IC-34199. As outlined in the correspondence letter, those entities substituted shares of an unaffiliated fund available under certain variable contracts for shares of an affiliated fund option. In the substitution, each of ONLIC and NSLA exercised its contractual rights to substitute shares of Franklin Multi-Asset Dynamic Multi-Strategy VIT (Class I) (the “Existing Portfolio”), an external fund not affiliated with the Fund, with shares of ON Risk Managed Balanced Portfolio. The substitution transactions occurred as cash redemptions of the Existing Portfolio’s shares and cash subscriptions to the ON Risk Managed Balanced Portfolio’s shares on May 20, 2022.
In conjunction with the substitution transactions, the Fund entered into an expense limitation agreement with ONI, whereby, for a period of two years following the effective date of the substitution, the annual net operating expenses of the ON Risk Managed Balanced Portfolio will not exceed 1.01% (the annual net operating expenses of the Existing Portfolio for the fiscal year ended December 31, 2021), stated as an annualized ratio of the ON Risk Managed Balanced Portfolio’s total fund expenses as a percent of its average net assets.
ONLIC, NSLA, and certain variable separate account entities affiliated with ONLIC and NSLA were parties to a correspondence letter filed with the SEC on July 22, 2022, which described the intent of those entities to execute a substitution of investment options pursuant to Commission Statement on Insurance Product Fund Substitution Applications, Release No. IC-34199. As outlined in the
178 | (continued) |
Ohio National Fund, Inc. | ||
Notes to Financial Statements (Continued) | June 30, 2023 (Unaudited) |
correspondence letter, those entities substituted shares of four unaffiliated funds (the “Substitution 3 Unaffiliated Funds”) currently available under certain variable contracts for shares of four affiliated fund options (the “Substitution 3 Replacement Ohio National Fund Portfolios”). The substitution transactions were:
Substitution 3 Unaffiliated Funds | Substitution 3 Replacement Ohio National Fund Portfolios | |
Fidelity® VIP Contrafund® Portfolio (Service Class 2) | ON BlackRock Advantage Large Cap Growth Portfolio | |
TOPS® Managed Risk Balanced ETF Portfolio (Class 2 and Class 3 Shares) | ON iShares Managed Risk Balanced Portfolio | |
TOPS® Managed Risk Moderate Growth ETF Portfolio (Class 2 and Class 3 Shares) | ON iShares Managed Risk Moderate Growth Portfolio | |
TOPS® Managed Risk Growth ETF Portfolio (Class 2 and Class 3 Shares) | ON iShares Managed Risk Growth Portfolio |
The substitution transactions occurred as cash redemptions of each Substitution 3 Unaffiliated Fund’s shares and cash subscriptions of each Substitution 3 Replacement Ohio National Fund Portfolio’s shares on October 14, 2022. In conjunction with the substitution transactions, ONI entered into expense limitation agreements with the Substitution 3 Replacement Ohio National Fund Portfolios whereby, for a period of two years following the effective date of the substitution, the annual net operating expenses for each applicable Substitution 3 Replacement Ohio National Fund Portfolio will not exceed the annual net operating expenses of the related Substitution 3 Unaffiliated Fund for the fiscal year ended December 31, 2021. The net operating expense limitation for each Substitution 3 Replacement Ohio National Fund Portfolio, stated as a percent of average net assets, are as follows:
Portfolio | Expense Limitation | ||||
ON BlackRock Advantage Large Cap Growth | 0.85 | % | |||
ON iShares Managed Risk Balanced | 0.75 | % | |||
ON iShares Managed Risk Moderate Growth | 0.74 | % | |||
ON iShares Managed Risk Growth | 0.74 | % |
There were no recorded liabilities related to any of the aforementioned expense limitation agreements at June 30, 2023 or any related reimbursement of expenses for the six-month period ended June 30, 2023.
Each Director is compensated based on an annual retainer fee of $165,000, paid quarterly. The Board chair receives an additional quarterly retainer fee of $5,000, and the Audit Committee chair receives an additional quarterly retainer fee of $2,500; each paid quarterly. For the six-month period ended June 30, 2023, Directors’ compensation and reimbursement of Director expenses by the Portfolios of the Fund totaled $434,227.
The accounting agent and custodian for the Fund is State Street Bank (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 six-month period ended June 30, 2023, and the year ended December 31, 2022, respectively, were as follows:
ON Bond | ON BlackRock Balanced Allocation | ON BlackRock Advantage International Equity | ||||||||||||||||||||||
Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |||||||||||||||||||
Capital shares issued on sales | 625,186 | 2,201,770 | 216,623 | 1,167,771 | 544,220 | 1,210,528 | ||||||||||||||||||
Capital shares issued on reinvested distributions | — | 528,633 | — | 3,284,285 | — | 5,141,518 | ||||||||||||||||||
Capital shares redeemed | (905,715 | ) | (2,991,069 | ) | (1,492,372 | ) | (2,150,462 | ) | (3,324,045 | ) | (7,253,319 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (280,529 | ) | (260,666 | ) | (1,275,749 | ) | 2,301,594 | (2,779,825 | ) | (901,273 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
179 | (continued) |
Ohio National Fund, Inc. | ||
Notes to Financial Statements (Continued) | June 30, 2023 (Unaudited) |
ON Janus Henderson Forty | ON AB Small Cap | ON AB Mid Cap Core | ||||||||||||||||||||||
Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |||||||||||||||||||
Capital shares issued on sales | 980,607 | 1,327,545 | 387,009 | 703,232 | 99,133 | 240,928 | ||||||||||||||||||
Capital shares issued on reinvested distributions | — | 47,838,024 | — | 6,990,052 | — | 1,485,148 | ||||||||||||||||||
Capital shares redeemed | (3,869,979 | ) | (15,983,038 | ) | (995,251 | ) | (969,014 | ) | (267,043 | ) | (309,931 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (2,889,372 | ) | 33,182,531 | (608,242 | ) | 6,724,270 | (167,910 | ) | 1,416,145 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
ON S&P 500® Index | ON BlackRock Advantage Large Cap Value | ON Federated High Income Bond | ||||||||||||||||||||||
Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |||||||||||||||||||
Capital shares issued on sales | 542,973 | 3,047,516 | 335,828 | 285,237 | 220,368 | 273,983 | ||||||||||||||||||
Capital shares issued on reinvested distributions | — | 4,222,467 | — | 3,861,394 | — | 440,246 | ||||||||||||||||||
Capital shares redeemed | (3,336,071 | ) | (4,563,380 | ) | (771,438 | ) | (5,728,349 | ) | (479,907 | ) | (1,723,136 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (2,793,098 | ) | 2,706,603 | (435,610 | ) | (1,581,718 | ) | (259,539 | ) | (1,008,907 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
ON Nasdaq-100® Index | ON BlackRock Advantage Large Cap Core | ON BlackRock Advantage Small Cap Growth | ||||||||||||||||||||||
Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |||||||||||||||||||
Capital shares issued on sales | 685,609 | 2,158,412 | 142,564 | 410,551 | 232,366 | 557,869 | ||||||||||||||||||
Capital shares issued on reinvested distributions | — | 5,870,436 | — | 3,581,520 | — | 2,601,783 | ||||||||||||||||||
Capital shares redeemed | (2,673,106 | ) | (3,768,108 | ) | (1,283,339 | ) | (1,578,057 | ) | (808,437 | ) | (1,023,579 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (1,987,497 | ) | 4,260,740 | (1,140,775 | ) | 2,414,014 | (576,071 | ) | 2,136,073 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
ON S&P MidCap 400® Index | ON BlackRock Advantage Large Cap Growth | ON Risk Managed Balanced | ||||||||||||||||||||||
Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |||||||||||||||||||
Capital shares issued on sales | 950,057 | 3,188,763 | 746,151 | 52,373,466 | 1,345,061 | 70,287,422 | ||||||||||||||||||
Capital shares issued on reinvested distributions | — | 3,203,958 | — | 4,745,946 | — | 4,048,639 | ||||||||||||||||||
Capital shares redeemed | (2,003,487 | ) | (3,327,876 | ) | (5,917,149 | ) | (2,485,545 | ) | (7,551,471 | ) | (10,586,383 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (1,053,430 | ) | 3,064,845 | (5,170,998 | ) | 54,633,867 | (6,206,410 | ) | 63,749,678 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
ON Federated Core Plus Bond | ON U.S. Low Volatility | ON AB Relative Value | ||||||||||||||||||||||
Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |||||||||||||||||||
Capital shares issued on sales | 2,936,030 | 8,774,734 | 1,979,303 | 1,423,502 | 484,393 | 7,638,051 | ||||||||||||||||||
Capital shares issued on reinvested distributions | — | 1,057,582 | — | 2,456,090 | — | 9,777 | ||||||||||||||||||
Capital shares redeemed | (4,347,973 | ) | (16,942,786 | ) | (7,114,230 | ) | (18,368,512 | ) | (617,308 | ) | (2,505,418 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (1,411,943 | ) | (7,110,470 | ) | (5,134,927 | ) | (14,488,920 | ) | (132,915 | ) | 5,142,410 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
180 | (continued) |
Ohio National Fund, Inc. | ||
Notes to Financial Statements (Continued) | June 30, 2023 (Unaudited) |
ON iShares Managed Risk Balanced | ON iShares Managed Risk Moderate Growth | ON iShares Managed Risk Growth | ||||||||||||||||||||||
Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Period from October 14, 2022 (inception) to December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Period from October 14, 2022 (inception) to December 31, 2022 | |||||||||||||||||||
Capital shares issued on sales | 624,225 | 38,358,228 | 652,765 | 48,599,284 | 564,800 | 42,118,412 | ||||||||||||||||||
Capital shares issued on reinvested distributions | — | 395,169 | — | — | — | — | ||||||||||||||||||
Capital shares redeemed | (6,383,618 | ) | (7,250,837 | ) | (3,911,130 | ) | (2,223,894 | ) | (3,436,801 | ) | (1,869,205 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (5,759,393 | ) | 31,502,560 | (3,258,365 | ) | 46,375,390 | (2,872,001 | ) | 40,249,207 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
ON Moderately Conservative Model | ON Balanced Model | ON Moderate Growth Model | ||||||||||||||||||||||
Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |||||||||||||||||||
Capital shares issued on sales | 267,402 | 1,504,508 | 781,644 | 1,082,295 | 780,313 | 3,018,771 | ||||||||||||||||||
Capital shares issued on reinvested distributions | — | 1,829,040 | — | 9,039,322 | — | 19,300,790 | ||||||||||||||||||
Capital shares redeemed | (1,962,490 | ) | (3,854,482 | ) | (5,801,857 | ) | (12,520,197 | ) | (8,902,506 | ) | (19,035,536 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net increase (decrease) | (1,695,088 | ) | (520,934 | ) | (5,020,213 | ) | (2,398,580 | ) | (8,122,193 | ) | 3,284,025 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
ON Growth Model | ||||||||||||||||||||||||
Six-Month Period Ended June 30, 2023 (Unaudited) | Year Ended December 31, 2022 | |||||||||||||||||||||||
Capital shares issued on sales | 142,549 | 533,307 | ||||||||||||||||||||||
Capital shares issued on reinvested distributions | — | 5,185,557 | ||||||||||||||||||||||
Capital shares redeemed | (2,009,642 | ) | (3,333,707 | ) | ||||||||||||||||||||
|
|
|
| |||||||||||||||||||||
Net increase (decrease) | (1,867,093 | ) | 2,385,157 | |||||||||||||||||||||
|
|
|
|
(5) | Investment Transactions |
Cost of purchases and proceeds from sales of investments (excluding short-term and government securities) for the six-month period ended June 30, 2023 were as follows:
ON Bond | ON BlackRock Balanced Allocation | ON BlackRock Advantage International Equity | ON Janus Henderson Forty | ON AB Small Cap | ||||||
Cost of purchases | $36,957,645 | $154,654,254 | $290,520,992 | $11,343,954 | $29,578,066 | |||||
Proceeds from sales | $17,279,052 | $184,390,030 | $327,523,680 | $15,178,081 | $35,725,600 | |||||
ON AB Mid Cap Core | ON S&P 500® Index | ON BlackRock Advantage Large Cap Value | ON Federated High Income Bond | ON Nasdaq-100® Index | ||||||
Cost of purchases | $18,980,436 | $ 9,123,235 | $106,441,131 | $6,942,979 | $ 4,410,672 | |||||
Proceeds from sales | $22,481,984 | $80,970,324 | $110,746,190 | $9,288,116 | $29,135,725 | |||||
ON BlackRock Advantage Large Cap Core | ON BlackRock Advantage Small Cap Growth | ON S&P MidCap 400® Index | ON BlackRock Advantage Large Cap Growth | ON Risk Managed Balanced | ||||||
Cost of purchases | $151,748,484 | $27,049,734 | $39,067,625 | $214,181,031 | $450,988,763 | |||||
Proceeds from sales | $176,086,766 | $35,834,601 | $50,130,357 | $247,891,769 | $535,313,376 |
181 | (continued) |
Ohio National Fund, Inc. | ||
Notes to Financial Statements (Continued) | June 30, 2023 (Unaudited) |
ON Federated Core Plus Bond | ON U.S. Low Volatility | ON AB Relative Value | ON iShares Managed Risk Balanced | ON iShares Managed Risk Moderate Growth | ||||||
Cost of purchases | $81,706,600 | $163,927,775 | $47,656,892 | $16,782,205 | $14,071,836 | |||||
Proceeds from sales | $35,026,103 | $210,839,166 | $48,107,151 | $43,722,079 | $11,022,625 | |||||
ON iShares Managed Risk Growth | ON Moderately Conservative Model | ON Balanced Model | ON Moderate Growth Model | ON Growth Model | ||||||
Cost of purchases | $11,523,045 | $ 6,129,248 | $26,939,888 | $51,236,458 | $10,652,104 | |||||
Proceeds from sales | $13,709,158 | $23,380,590 | $79,955,748 | $141,975,321 | $32,753,641 |
Cost of purchases and proceeds from sales of government securities for the six-month period ended June 30, 2023 were as follows:
ON Bond | ON BlackRock Balanced Allocation | ON Risk Managed Balanced | ON Federated Core Plus Bond | |||||||||||||||||||||
Cost of purchases | $ | — | $ | — | $168,628,005 | $ | 6,681,680 | |||||||||||||||||
Proceeds from sales | $ | 20,324,648 | $ | 2,554,297 | $168,928,898 | $ | 72,022,553 |
(6) | Financial Instruments |
The Portfolios may trade in financial instruments with off-balance sheet risk for hedging purposes or, otherwise, in accordance with stated investment 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 call and put options. In purchasing call options, a Portfolio pays the seller of the call option a premium for the right of the Portfolio to buy the underlying securities from the seller at a specified exercise price prior to the expiration of the option. In purchasing put options, a Portfolio pays the seller of the put option a premium for the right of the Portfolio to sell the underlying securities to the seller at a specified exercise price prior to the expiration of the option. In order to terminate its position as the purchaser of an option, the Portfolio may enter into a “closing” transaction, which is the sale of an option on the same underlying securities and having the same exercise price and expiration date as the option previously purchased by the Portfolio.
When a Portfolio purchases a put or call option, an amount equal to the premium paid is included on the Portfolio’s Statement of Assets and Liabilities as an investment, and is subsequently marked-to-market to reflect the current market value of the option. If an option expires on the stipulated expiration date or if the Portfolio enters into a closing sale transaction, a gain or loss is realized. If a Portfolio exercises a call option on an individual security, the cost of the security acquired is increased by the premium paid for the call. If the Portfolio exercises a put option on an individual security, a gain or loss is realized from the sale of the underlying security, and the proceeds from such a sale are decreased by the premium originally paid. If the Portfolio exercises a put option on a security index, a gain or loss is realized as determined by the premium originally paid, the exercise price and the market value of the index. The ON Risk Managed Balanced Portfolio held previously purchased call and put options associated with the S&P 500® Index or related exchange traded fund during the six-month period ended June 30, 2023. These instruments were used by the Risk Management Component of the Portfolio to provide for the Portfolio’s stated risk management strategy. There were no transactions involving purchased options by the ON Risk Managed Balanced Portfolio for the six-month period ended June 30, 2023.
Purchased options are non-income producing securities.
Futures Contracts
A Portfolio may buy or sell futures contracts relating to stock indices, foreign currencies, or interest rates. 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. Foreign currency futures contracts are contracts traded on commodity exchanges whereby the buyer will, on a specified future date, pay or receive a final cash payment equal to the difference between the value of a stated foreign currency in relation to the U.S dollar, or other currency,
182 | (continued) |
Ohio National Fund, Inc. | ||
Notes to Financial Statements (Continued) | June 30, 2023 (Unaudited) |
on the last day of the contract and the relative value of those currencies on the date of executing the contract. Foreign currency futures may be valued by exchange rates that are based on the relative value of a variety of foreign currencies. 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.
The Fund, on behalf of each Portfolio, has filed with the National Futures Association, a notice claiming an exclusion from the definition of the term “commodity pool operator” under the Commodity Exchange Act, as amended, and the rules of the CFTC promulgated thereunder, with respect to each Portfolio’s operation. Accordingly, the Portfolios are not subject to registration or regulation as a commodity pool operator.
The buyer or seller of a futures contract is not required to deliver or pay for the underlying instrument unless the contract is held until the delivery date. However, both the buyer and seller are required to deposit “initial margin” for the benefit of the broker when the contract is entered into. Initial margin deposits are equal to a percentage of the contract’s value, as set by the exchange on which the contract is traded, and are similar to good faith deposits or performance bonds.
Unlike margin extended by a securities broker, initial margin payments do not constitute purchasing securities on margin for purposes of a Portfolio’s investment limitations. A Portfolio, its futures commission merchant and the Custodian retain control of the initial margin until the contract is liquidated. If the value of either party’s position declines, the party on the side of the declining position will be required to make additional “variation margin” payments to settle the change in value on a daily basis. The party that has a gain may be entitled to receive all or a portion of this amount. Variation margin is recognized as a receivable and/or payable for variation margin on futures contracts on the Statement of Assets and Liabilities. In the event of a bankruptcy of the FCM that holds margin on behalf of a Portfolio, the Portfolio may be entitled to return of margin owed to the Portfolio only in proportion to the amount received by the FCM’s other customers. ONI and the sub-advisers will attempt to minimize this risk by carefully monitoring the creditworthiness of the FCMs with which the Portfolios do business.
Portions of certain Portfolios’ securities and cash holdings, as noted on those Portfolios’ Schedules of Investments, were pledged at June 30, 2023 as collateral for the Portfolios’ futures contracts. Cash holdings pledged are noted as “Cash subject to usage restrictions” on the Statements of Assets and Liabilities. The futures contracts, except those held by the ON Risk Managed Balanced, ON Federated Core Plus Bond, and ON iShares Managed Risk Portfolios, were used for the purpose of gaining equity exposure for cash and cash equivalents, thereby seeking to lessen a performance difference between the Portfolios and their respective benchmark indices. For the ON Risk Managed Balanced and ON iShares Managed Risk Portfolios, futures contracts were used to provide for the Portfolios’ respective stated risk management strategies. For the ON Federated Core Plus Bond Portfolio, futures contracts were used to manage total exposure to underlying investments, to manage interest rate risk, or to otherwise execute the Portfolio’s stated investment strategy. There were other futures contracts executed and closed in the Portfolios during the six-month period ended June 30, 2023. Those contracts were executed for similar purposes as the contracts outstanding at June 30, 2023. For the six-month period ended June 30, 2023, the notional values of futures contracts opened and closed prior to contract settlement date by the Portfolios were as follows:
Portfolio | Collateral Pledged | Futures Contracts Opened (in millions) | Futures Contracts Closed (in millions) | |||||||||
ON BlackRock Balanced Allocation | Portions of cash holdings | $ | 32.2 | $ | 32.6 | |||||||
ON BlackRock Advantage International Equity | Portions of cash holdings | 61.0 | 59.5 | |||||||||
ON AB Mid Cap Core | Portions of cash holdings | 0.0 | 0.3 | |||||||||
ON S&P 500® Index | Portions of cash holdings and securities | 90.8 | 98.4 | |||||||||
ON BlackRock Advantage Large Cap Value | Portions of cash holdings | 18.9 | 19.3 | |||||||||
ON Nasdaq-100® Index | Portions of cash holdings and securities | 22.7 | 22.9 | |||||||||
ON BlackRock Advantage Large Cap Core | Portions of cash holdings | 35.9 | 36.7 | |||||||||
ON BlackRock Advantage Small Cap Growth | Portions of cash holdings | 18.0 | 18.3 | |||||||||
ON S&P MidCap 400® Index | Portions of cash holdings | 31.5 | 32.2 | |||||||||
ON BlackRock Advantage Large Cap Growth | Portions of cash holdings | 62.5 | 63.5 | |||||||||
ON Risk Managed Balanced | Portions of securities | 1,115.0 | 1,136.5 |
183 | (continued) |
Ohio National Fund, Inc. | ||
Notes to Financial Statements (Continued) | June 30, 2023 (Unaudited) |
Portfolio | Collateral Pledged | Futures Contracts Opened (in millions) | Futures Contracts Closed (in millions) | |||||||||
ON Federated Core Plus Bond | Portions of securities | $ | 456.1 | $ | 409.6 | |||||||
ON iShares Managed Risk Balanced | Portions of cash holdings | 486.1 | 432.2 | |||||||||
ON iShares Managed Risk Moderate Growth | Portions of cash holdings | 276.6 | 250.9 | |||||||||
ON iShares Managed Risk Growth | Portions of cash holdings | 264.3 | 229.1 |
The values and financial statement effects of derivative instruments that were not accounted for as hedging instruments as of, and for, the six-month period ended June 30, 2023, were as follows:
Portfolio | Instrument | Primary Risk Type | Value- Asset Derivatives | Value- Liability Derivatives | Location on Statements of Assets and Liabilities | |||||||||||
ON BlackRock Balanced Allocation | Futures contracts | Equity price | $ | 4,263,838 | $ | 4,152,718 | (1) | |||||||||
|
|
|
| |||||||||||||
ON BlackRock Advantage International Equity | Futures contracts | Equity price | 6,789,825 | 6,739,816 | (1) | |||||||||||
|
|
|
| |||||||||||||
ON S&P 500® Index | Futures contracts | Equity price | 4,937,075 | 4,850,225 | (1) | |||||||||||
|
|
|
| |||||||||||||
ON BlackRock Advantage Large Cap Value | Futures contracts | Equity price | 2,468,538 | 2,407,788 | (1) | |||||||||||
|
|
|
| |||||||||||||
ON Nasdaq-100® Index | Futures contracts | Equity price | 1,840,440 | 1,808,545 | (1) | |||||||||||
|
|
|
| |||||||||||||
ON BlackRock Advantage Large Cap Core | Futures contracts | Equity price | 4,263,838 | 4,148,092 | (1) | |||||||||||
|
|
|
| |||||||||||||
ON BlackRock Advantage Small Cap Growth | Futures contracts | Equity price | 1,903,700 | 1,889,481 | (1) | |||||||||||
|
|
|
| |||||||||||||
ON S&P MidCap 400® Index | Futures contracts | Equity price | 3,966,150 | 3,935,125 | (1) | |||||||||||
|
|
|
| |||||||||||||
ON BlackRock Advantage Large Cap Growth | Futures contracts | Equity price | 5,214,580 | 5,062,710 | (1) | |||||||||||
|
|
|
| |||||||||||||
ON Risk Managed Balanced | Futures contracts | Equity price | 19,321,917 | 18,825,355 | (1) | |||||||||||
|
|
|
| |||||||||||||
Futures contracts | Interest rate | 492,050,162 | 499,721,073 | (1) | ||||||||||||
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|
|
| |||||||||||||
Purchased options | Equity price | 55,631,984 | — | (2) | ||||||||||||
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|
|
| |||||||||||||
ON Federated Core Plus Bond | Futures contracts | Interest rate | 142,120,601 | 143,929,224 | (1) | |||||||||||
|
|
|
| |||||||||||||
ON iShares Managed Risk Balanced | Futures contracts | Equity price | 69,771,072 | 68,723,497 | (1) | |||||||||||
|
|
|
| |||||||||||||
Futures contracts | Interest rate | 82,269,589 | 82,756,137 | (1) | ||||||||||||
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| |||||||||||||
Futures contracts | Foreign currency | 36,201,777 | 35,993,187 | (1) | ||||||||||||
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| |||||||||||||
ON iShares Managed Risk Moderate Growth | Futures contracts | Equity price | 55,672,129 | 54,901,753 | (1) | |||||||||||
|
|
|
| |||||||||||||
Futures contracts | Interest rate | 24,689,633 | 24,365,812 | (1) | ||||||||||||
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| |||||||||||||
Futures contracts | Foreign currency | 27,712,845 | 27,577,465 | (1) | ||||||||||||
|
|
|
| |||||||||||||
ON iShares Managed Risk Growth | Futures contracts | Equity price | 47,159,707 | 46,505,436 | (1) | |||||||||||
|
|
|
| |||||||||||||
Futures contracts | Interest rate | 21,403,192 | 21,114,469 | (1) | ||||||||||||
|
|
|
| |||||||||||||
Futures contracts | Foreign currency | 30,053,610 | 29,935,266 | (1) | ||||||||||||
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|
| |||||||||||||
(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. Each Portfolio’s Schedule of Open Futures Contracts details the values by futures contract type. |
(2) | Investments in securities of unaffiliated issuers, at value. |
184 | (continued) |
Ohio National Fund, Inc. | ||
Notes to Financial Statements (Continued) | June 30, 2023 (Unaudited) |
Portfolio | Instrument | Primary Risk Type | Realized Gain (Loss) on Derivatives Recognized in Income | Change in Unrealized | Location on Statements of Operations | |||||||||||||
ON BlackRock Balanced Allocation | Futures contracts | Equity price | $ | 415,617 | $ | 228,934 | (1),(2) | |||||||||||
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| |||||||||||||||
ON BlackRock Advantage International Equity | Futures contracts | Equity price | 579,928 | 241,422 | (1),(2) | |||||||||||||
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| |||||||||||||||
ON AB Mid Cap Core | Futures contracts | Equity price | 11,226 | 7,212 | (1),(2) | |||||||||||||
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| |||||||||||||||
ON S&P 500® Index | Futures contracts | Equity price | 795,832 | 596,078 | (1),(2) | |||||||||||||
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| |||||||||||||||
ON BlackRock Advantage Large Cap Value | Futures contracts | Equity price | 316,549 | 155,614 | (1),(2) | |||||||||||||
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| |||||||||||||||
ON Nasdaq-100® Index | Futures contracts | Equity price | 393,125 | 115,750 | (1),(2) | |||||||||||||
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| |||||||||||||||
ON BlackRock Advantage Large Cap Core | Futures contracts | Equity price | 489,955 | 256,833 | (1),(2) | |||||||||||||
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| |||||||||||||||
ON BlackRock Advantage Small Cap Growth | Futures contracts | Equity price | 64,587 | 67,638 | (1),(2) | |||||||||||||
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ON S&P MidCap 400® Index | Futures contracts | Equity price | 111,986 | 100,457 | (1),(2) | |||||||||||||
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ON BlackRock Advantage Large Cap Growth | Futures contracts | Equity price | 1,435,030 | 491,880 | (1),(2) | |||||||||||||
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ON Risk Managed Balanced | Futures contracts | Equity price | (1,198,798 | ) | (2,765,753 | ) | (1),(2) | |||||||||||
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Futures contracts | Interest rate | 29,173 | (5,032,807 | ) | (1),(2) | |||||||||||||
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Purchased options | Equity price | — | (9,644,143 | ) | (3),(4) | |||||||||||||
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ON Federated Core Plus Bond | Futures contracts | Interest rate | (1,389,511 | ) | (1,779,836 | ) | (1),(2) | |||||||||||
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| |||||||||||||||
ON iShares Managed Risk Balanced | Futures contracts | Equity price | 6,640,042 | 2,184,439 | (1),(2) | |||||||||||||
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Futures contracts | Interest rate | 474,591 | (132,633 | ) | (1),(2) | |||||||||||||
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Futures contracts | Foreign currency | 436,599 | 251,853 | (1),(2) | ||||||||||||||
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ON iShares Managed Risk Moderate Growth | Futures contracts | Equity price | 4,512,064 | 2,518,981 | (1),(2) | |||||||||||||
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Futures contracts | Interest rate | 676,908 | 324,061 | (1),(2) | ||||||||||||||
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Futures contracts | Foreign currency | 314,968 | 136,789 | (1),(2) | ||||||||||||||
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| |||||||||||||||
ON iShares Managed Risk Growth | Futures contracts | Equity price | 3,151,559 | 1,852,713 | (1),(2) | |||||||||||||
|
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| |||||||||||||||
Futures contracts | Interest rate | 601,957 | 288,928 | (1),(2) | ||||||||||||||
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| |||||||||||||||
Futures contracts | Foreign currency | 386,487 | 120,749 | (1),(2) | ||||||||||||||
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| |||||||||||||||
(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 June 30, 2023, there were no outstanding derivative transactions subject to netting arrangements.
185 | (continued) |
Ohio National Fund, Inc. | ||
Notes to Financial Statements (Continued) | June 30, 2023 (Unaudited) |
(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.
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 June 30, 2023 for federal income tax purposes.
ON Bond | ON BlackRock Balanced Allocation | ON BlackRock Advantage International Equity | ON Janus Henderson Forty | ON AB Small Cap | ON AB Mid Cap Core | |||||||||||||||||||
Gross unrealized: | ||||||||||||||||||||||||
Appreciation | $ | 361,140 | $ | 47,054,014 | $ | 39,155,025 | $ | 11,994,078 | $ | 14,415,077 | $ | 8,720,986 | ||||||||||||
Depreciation | (26,224,179 | ) | (29,305,036 | ) | (19,093,558 | ) | (3,513,961 | ) | (16,917,398 | ) | (10,327,555 | ) | ||||||||||||
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|
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| |||||||||||||
Net unrealized appreciation (depreciation) | $ | (25,863,039 | ) | $ | 17,748,978 | $ | 20,061,467 | $ | 8,480,117 | $ | (2,502,321 | ) | $ | (1,606,569 | ) | |||||||||
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Aggregate cost of investments: | $ | 240,460,571 | $ | 410,724,675 | $ | 329,935,522 | $ | 42,839,864 | $ | 121,374,160 | $ | 81,747,052 | ||||||||||||
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| |||||||||||||
ON S&P 500® Index | ON BlackRock Advantage Large Cap Value | ON Federated High Income Bond | ON Nasdaq-100® Index | ON BlackRock Advantage Large Cap Core | ON BlackRock Advantage Small Cap Growth | |||||||||||||||||||
Gross unrealized: | ||||||||||||||||||||||||
Appreciation | $ | 445,506,465 | $ | 11,039,728 | $ | 516,008 | $ | 113,344,554 | $ | 47,703,705 | $ | 21,440,907 | ||||||||||||
Depreciation | (46,612,059 | ) | (12,837,385 | ) | (14,463,347 | ) | (8,614,068 | ) | (12,093,709 | ) | (31,248,327 | ) | ||||||||||||
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|
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| |||||||||||||
Net unrealized appreciation (depreciation) | $ | 398,894,406 | $ | (1,797,657 | ) | $ | (13,947,339 | ) | $ | 104,730,486 | $ | 35,609,996 | $ | (9,807,420 | ) | |||||||||
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| |||||||||||||
Aggregate cost of investments: | $ | 692,559,645 | $ | 203,223,622 | $ | 133,971,683 | $ | 151,342,545 | $ | 295,110,960 | $ | 150,290,843 | ||||||||||||
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ON S&P MidCap 400® Index | ON BlackRock Advantage Large Cap Growth | ON Risk Managed Balanced | ON Federated Core Plus Bond | ON U.S. Low Volatility | ON AB Relative Value | |||||||||||||||||||
Gross unrealized: | ||||||||||||||||||||||||
Appreciation | $ | 83,364,639 | $ | 75,256,760 | $ | 100,473,076 | $ | 581,122 | $ | 72,390,725 | $ | 9,459,563 | ||||||||||||
Depreciation | (35,591,870 | ) | (7,554,121 | ) | (66,925,781 | ) | (61,981,062 | ) | (32,067,441 | ) | (3,738,922 | ) | ||||||||||||
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| |||||||||||||
Net unrealized appreciation (depreciation) | $ | 47,772,769 | $ | 67,702,639 | $ | 33,547,295 | $ | (61,399,940 | ) | $ | 40,323,284 | $ | 5,720,641 | |||||||||||
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| |||||||||||||
Aggregate cost of investments: | $ | 336,432,400 | $ | 364,496,813 | $ | 1,108,891,764 | $ | 588,641,912 | $ | 677,890,740 | $ | 118,715,604 | ||||||||||||
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ON iShares Managed Risk Balanced | ON iShares Managed Risk Moderate Growth | ON iShares Managed Risk Growth | ON Moderately Conservative Model | ON Balanced Model | ON Moderate Growth Model | |||||||||||||||||||
Gross unrealized: | ||||||||||||||||||||||||
Appreciation | $ | 27,844,218 | $ | 57,518,533 | $ | 63,301,348 | $ | 5,637,677 | $ | 36,936,199 | $ | 77,045,934 | ||||||||||||
Depreciation | (16,377,192 | ) | 616,959 | (1,047,075 | ) | (22,388,213 | ) | (75,653,040 | ) | (139,813,802 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Net unrealized appreciation (depreciation) | $ | 11,467,026 | $ | 58,135,492 | $ | 62,254,273 | $ | (16,750,536 | ) | $ | (38,716,841 | ) | $ | (62,767,868 | ) | |||||||||
|
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|
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| |||||||||||||
Aggregate cost of investments: | $ | 570,166,597 | $ | 420,425,991 | $ | 362,531,274 | $ | 224,937,694 | $ | 831,780,030 | $ | 1,554,014,162 | ||||||||||||
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|
186 |
Ohio National Fund, Inc. | ||
Notes to Financial Statements (Continued) | June 30, 2023 (Unaudited) |
ON Growth Model | ||||||||||||||||||||||||
Gross unrealized: | ||||||||||||||||||||||||
Appreciation | $ | 18,098,534 | ||||||||||||||||||||||
Depreciation | (34,262,353 | ) | ||||||||||||||||||||||
|
| |||||||||||||||||||||||
Net unrealized depreciation | $ | (16,163,819 | ) | |||||||||||||||||||||
|
| |||||||||||||||||||||||
Aggregate cost of investments: | $ | 361,603,966 | ||||||||||||||||||||||
|
|
187 |
Ohio National Fund, Inc. | ||
Additional Information | June 30, 2023 (Unaudited) |
(1) | Review and Approval of Advisory and Sub-Advisory Agreement for ON Fidelity Institutional AM® Equity Growth Portfolio |
At a meeting held on May 22, 2023, the Board of Directors of the Fund, including a majority of the Directors who are not “interested persons” (the “Independent Directors”) of the Fund, approved an amendment to the Investment Advisory Agreement (“Advisory Agreement) between the Fund and Ohio National Investments, Inc. (the “Adviser”) and approved a new Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between the Adviser and FIAM LLC (“Sub-Adviser”) for the ON Janus Henderson Forty Portfolio (the “Portfolio”). The Portfolio was originally sub-advised by Janus Henderson Investors U.S. LLC (“Janus”). As of July 28, 2023, the Portfolio is known as the ON Fidelity Institutional AM® Equity Growth Portfolio.
The Directors noted that the Adviser is responsible for monitoring the investment performance and other responsibilities of the Sub-Adviser, which has the responsibility for supervising and managing the assets in the Portfolio on a fully discretionary basis. They also noted that the Adviser will report to the Board on its analysis of the Sub-Adviser’s performance at the regular meetings of the Board, which are held at least quarterly. Finally, the Board noted that the Adviser provides the facilities and equipment utilized by the Fund; supplies business management services to the Fund, including monitoring expense accruals and preparing the Portfolio’s financial statements; prepares and files Fund registration statements, proxies, shareholder reports and other regulatory filings; provides financial oversight; and ensures that proxies related to the Portfolio’s holdings are voted in compliance with policies approved by the Board.
In considering the amendment to the Advisory Agreement and the approval of the Sub-Advisory Agreement, the Board requested and reviewed a significant amount of information relating to the Portfolio, including the following: (1) proposed advisory and sub-advisory fee information; (2) comparative advisory fee and expense ratio information for a peer group of funds; (3) performance data for a fund employing a strategy similar to that of the Portfolio; and (4) other information regarding the nature, extent and quality of services anticipated to be provided by the Sub-Adviser.
Experienced independent legal counsel assisted the Board throughout the contract review process. The Independent Directors discussed the proposed amendment to the Advisory Agreement and the new Sub-Advisory Agreement in a private session with such counsel at which no representatives of management, the Adviser or the Sub-Adviser were present. The Board relied upon the advice of independent legal counsel and their own business judgment in determining the material factors considered in evaluating whether to approve the amended Advisory Agreement and the 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 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 approving the amendment to the Advisory Agreement and the new Sub-Advisory Agreement.
Nature, Extent and Quality of Services
The Board evaluated the nature, extent, and quality of the advisory services the Adviser anticipates providing to the Portfolio. As part of its review, the Board reviewed information regarding the Adviser’s operations, procedures and personnel submitted by the Adviser at a meeting on May 22, 2023. The Directors considered information they received during the previous year at Board meetings in connection with the Adviser’s service to other portfolios of the Fund and through periodic reports regarding the Adviser’s performance of its duties to the other portfolios. 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 the Adviser’s administrative and other services, including the Adviser’s support to contract owners. The Directors also considered the quality of the compliance programs of the Adviser and its responsiveness to inquiries and requests from the Board. It was the Directors’ conclusion that overall, they were satisfied with the nature, extent, and quality of services the Adviser anticipates providing to the Portfolio.
The Board also evaluated the nature, extent and quality of the advisory services anticipated to be provided by the Sub-Adviser. As part of its review, the Board reviewed information regarding the operations, procedures, and personnel of the Sub-Adviser. The Directors considered the capabilities and resources that the Sub-Adviser is expected to dedicate to performing services on behalf of the Portfolio, as well as the quality of its administrative and other services. The Directors also considered the quality of the compliance programs of the Sub-Adviser, and reviewed information on the Sub-Adviser’s portfolio management and brokerage practices. The Directors concluded that, overall, they were satisfied with the nature, extent and quality of services anticipated to be provided to the Portfolio by the Sub-Adviser.
Investment Performance
To assist the Board in its consideration of the Sub-Advisory Agreement, the Board reviewed the performance of the Portfolio as compared to a comparable retail fund managed by the Sub-Adviser that utilizes a strategy similar to that of the Portfolio and to the Russell 1000 Growth Index, the Portfolio’s benchmark. The Directors noted that the comparable fund outperformed both the Portfolio and the benchmark for the 1-year, 3-year and 5-year periods ended March 31, 2023, and placed in the 38th, 8th and 9th peer group
188 | (continued) |
Ohio National Fund, Inc. | ||
Additional Information (Continued) | June 30, 2023 (Unaudited) |
percentiles, respectively, for the same periods. Based on this performance, the Directors concluded that the Sub-Adviser has the ability to manage the Portfolio effectively going forward. The Board also considered the Adviser’s effectiveness in monitoring the performance of sub-advisers, and the Adviser’s timeliness in responding to performance issues, with respect to the other Portfolios of the Fund.
Fees and Expenses
The Board reviewed the Portfolio’s proposed advisory and sub-advisory fees compared to the advisory and sub-advisory fees of funds in its peer group. The Directors reviewed the proposed advisory fee to be paid to the Adviser by the Portfolio and noted the five-basis point reduction in the fee. The Directors also noted that the Adviser, and not the Portfolio, is responsible for paying the sub-advisory fee to the Sub-Adviser. The Board evaluated whether the net advisory fee received by the Adviser for the Portfolio, after paying sub-advisory fee 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 Board also considered the reasonableness of the proposed sub-advisory fee to be paid by the Adviser to the Sub-Adviser. The Directors relied on the ability of the Adviser to negotiate the terms of the 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 proposed amended advisory fee payable by the Portfolio was one basis point below the average fee payable by the Portfolio’s peer group and included fee breakpoints. The Directors acknowledged that, because the sub-advisory fees are paid by the Adviser and not by the Portfolio, the Adviser is incentivized to negotiate a favorable fee. Accordingly, as to the Sub-Adviser, the cost of services provided by the Sub-Adviser and the profitability of the Sub-Adviser in connection with its relationship with the Portfolio were not material factors in the Board’s deliberations. The Directors considered that the Portfolio’s proposed advisory fee was in the 42nd percentile and below the peer group average and the Portfolio’s net expense ratio was 12 basis points below the peer group average and in the 30th percentile. Overall, the Directors concluded that the proposed advisory and sub-advisory fees were reasonable.
Profitability and Economies of Scale
The Directors noted that the advisory fee schedule contains breakpoints that would reduce the advisory fees on assets above a specified level as the Portfolio’s assets increase. After considering the Portfolio’s current size and potential for growth, the Board concluded that the Portfolio was likely to benefit from economies of scale as the Portfolio’s net assets increased, and that the existing breakpoints are appropriate. The Board concluded that the profitability and potential realization of economies of scale by the Portfolio from the sub-advisory arrangement with the unaffiliated Sub-Adviser is a matter more appropriately considered at the Advisory Agreement level and should not be a material factor in its consideration of the Sub-Advisory Agreement.
After consideration of the foregoing, the Board reached the following conclusions regarding the Advisory Agreement and Sub-Advisory Agreement with respect to the Portfolio, in addition to the conclusions set forth above: (1) the Adviser and Sub-Adviser possess the capability and resources to perform the duties required of them under the Advisory Agreement and Sub-Advisory Agreement, respectively; (2) the investment philosophy, strategies and techniques of the Sub-Adviser are appropriate for pursuing the Portfolio’s investment objective; (3) the Sub-Adviser is likely to execute its investment philosophy, strategies and techniques consistently over time; and (4) the Adviser and Sub-Adviser maintain appropriate compliance programs. Based on 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 amendment to the Advisory Agreement and approval of the Sub-Advisory Agreement were in the best interests of the Portfolio and its shareholders. Accordingly, the Board, including all the Independent Directors, voted unanimously to approve the amendment to the Advisory Agreement and to approve the Sub-Advisory Agreement for the 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 January 1, 2023 and held through June 30, 2023.
189 | (continued) |
Ohio National Fund, Inc. | ||
Additional Information (Continued) | June 30, 2023 (Unaudited) |
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”.
Beginning Investment Value | Ending Investment Value | Expenses Paid During Period* | Expense Ratio During Period 1/1/2023 – 6/30/2023 | |||||||||
Portfolio | 1/1/2023 | 6/30/2023 | 1/1/2023 – 6/30/2023 | (Annualized) | ||||||||
ON Bond | $ | 1,000.00 | $ | 1,030.90 | $3.07 | 0.61% | ||||||
ON BlackRock Balanced Allocation | $ | 1,000.00 | $ | 1,126.50 | $3.01 | 0.57% | ||||||
ON BlackRock Advantage International Equity | $ | 1,000.00 | $ | 1,129.10 | $4.75 | 0.90% | ||||||
ON Janus Henderson Forty | $ | 1,000.00 | $ | 1,260.50 | $5.10 | 0.91% | ||||||
ON AB Small Cap | $ | 1,000.00 | $ | 1,111.00 | $4.50 | 0.86% | ||||||
ON AB Mid Cap Core | $ | 1,000.00 | $ | 1,091.80 | $4.62 | 0.89% | ||||||
ON S&P 500® Index | $ | 1,000.00 | $ | 1,166.80 | $2.04 | 0.38% | ||||||
ON BlackRock Advantage Large Cap Value | $ | 1,000.00 | $ | 1,053.30 | $3.77 | 0.74% | ||||||
ON Federated High Income Bond. | $ | 1,000.00 | $ | 1,050.10 | $4.37 | 0.86% | ||||||
ON Nasdaq-100® Index | $ | 1,000.00 | $ | 1,390.90 | $2.55 | 0.43% | ||||||
ON BlackRock Advantage Large Cap Core | $ | 1,000.00 | $ | 1,162.50 | $3.70 | 0.69% | ||||||
ON BlackRock Advantage Small Cap Growth | $ | 1,000.00 | $ | 1,128.70 | $4.54 | 0.86% | ||||||
ON S&P MidCap 400® Index | $ | 1,000.00 | $ | 1,086.10 | $2.17 | 0.42% | ||||||
ON BlackRock Advantage Large Cap Growth | $ | 1,000.00 | $ | 1,280.10 | $4.01 | 0.71% | ||||||
ON Risk Managed Balanced | $ | 1,000.00 | $ | 1,064.60 | $4.35 | 0.85% | ||||||
ON Federated Core Plus Bond | $ | 1,000.00 | $ | 1,018.10 | $2.80 | 0.56% | ||||||
ON U.S. Low Volatility. | $ | 1,000.00 | $ | 1,053.10 | $3.11 | 0.61% | ||||||
ON AB Relative Value | $ | 1,000.00 | $ | 1,035.90 | $3.68 | 0.73% | ||||||
ON iShares Managed Risk Balanced | $ | 1,000.00 | $ | 1,082.20 | $3.05 | 0.59% | ||||||
ON iShares Managed Risk Moderate Growth | $ | 1,000.00 | $ | 1,100.10 | $3.07 | 0.59% | ||||||
ON iShares Managed Risk Growth | $ | 1,000.00 | $ | 1,123.60 | $3.11 | 0.59% | ||||||
ON Moderately Conservative Model | $ | 1,000.00 | $ | 1,062.80 | $2.40 | 0.47% | ||||||
ON Balanced Model | $ | 1,000.00 | $ | 1,078.40 | $2.37 | 0.46% | ||||||
ON Moderate Growth Model | $ | 1,000.00 | $ | 1,098.30 | $2.19 | 0.42% | ||||||
ON Growth Model | $ | 1,000.00 | $ | 1,113.60 | $2.31 | 0.44% | ||||||
* | Expenses are equal to the average account value times the Portfolio’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year (181 days) divided by the number of days in the fiscal year (365 days). Please note that the expenses shown in these tables are meant to highlight ongoing Portfolio costs only and do not reflect any contract-level expenses or Portfolio 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. |
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.
Beginning Investment Value | Ending Investment Value | Expenses Paid During Period* | Expense Ratio During Period 1/1/2023 – 6/30/2023 | |||||||||
Portfolio | 1/1/2023 | 6/30/2023 | 1/1/2023 – 6/30/2023 | (Annualized) | ||||||||
ON Bond | $ | 1,000.00 | $ | 1,021.77 | $3.06 | 0.61% |
190 | (continued) |
Ohio National Fund, Inc. | ||
Additional Information (Continued) | June 30, 2023 (Unaudited) |
Beginning Investment Value | Ending Investment Value | Expenses Paid During Period* | Expense Ratio During Period 1/1/2023 – 6/30/2023 | |||||||||
Portfolio | 1/1/2023 | 6/30/2023 | 1/1/2023 – 6/30/2023 | (Annualized) | ||||||||
ON BlackRock Balanced Allocation | $ | 1,000.00 | $ | 1,021.97 | $2.86 | 0.57% | ||||||
ON BlackRock Advantage International Equity | $ | 1,000.00 | $ | 1,020.33 | $4.51 | 0.90% | ||||||
ON Janus Henderson Forty | $ | 1,000.00 | $ | 1,020.28 | $4.56 | 0.91% | ||||||
ON AB Small Cap | $ | 1,000.00 | $ | 1,020.53 | $4.31 | 0.86% | ||||||
ON AB Mid Cap Core | $ | 1,000.00 | $ | 1,020.38 | $4.46 | 0.89% | ||||||
ON S&P 500® Index | $ | 1,000.00 | $ | 1,022.91 | $1.91 | 0.38% | ||||||
ON BlackRock Advantage Large Cap Value | $ | 1,000.00 | $ | 1,021.12 | $3.71 | 0.74% | ||||||
ON Federated High Income Bond. | $ | 1,000.00 | $ | 1,020.53 | $4.31 | 0.86% | ||||||
ON Nasdaq-100® Index | $ | 1,000.00 | $ | 1,022.66 | $2.16 | 0.43% | ||||||
ON BlackRock Advantage Large Cap Core | $ | 1,000.00 | $ | 1,021.37 | $3.46 | 0.69% | ||||||
ON BlackRock Advantage Small Cap Growth | $ | 1,000.00 | $ | 1,020.53 | $4.31 | 0.86% | ||||||
ON S&P MidCap 400® Index | $ | 1,000.00 | $ | 1,022.71 | $2.11 | 0.42% | ||||||
ON BlackRock Advantage Large Cap Growth | $ | 1,000.00 | $ | 1,021.27 | $3.56 | 0.71% | ||||||
ON Risk Managed Balanced | $ | 1,000.00 | $ | 1,020.58 | $4.26 | 0.85% | ||||||
ON Federated Core Plus Bond | $ | 1,000.00 | $ | 1,022.02 | $2.81 | 0.56% | ||||||
ON U.S. Low Volatility. | $ | 1,000.00 | $ | 1,021.77 | $3.06 | 0.61% | ||||||
ON AB Relative Value | $ | 1,000.00 | $ | 1,021.17 | $3.66 | 0.73% | ||||||
ON iShares Managed Risk Balanced | $ | 1,000.00 | $ | 1,021.87 | $2.96 | 0.59% | ||||||
ON iShares Managed Risk Moderate Growth | $ | 1,000.00 | $ | 1,021.87 | $2.96 | 0.59% | ||||||
ON iShares Managed Risk Growth | $ | 1,000.00 | $ | 1,021.87 | $2.96 | 0.59% | ||||||
ON Moderately Conservative Model | $ | 1,000.00 | $ | 1,022.46 | $2.36 | 0.47% | ||||||
ON Balanced Model | $ | 1,000.00 | $ | 1,022.51 | $2.31 | 0.46% | ||||||
ON Moderate Growth Model | $ | 1,000.00 | $ | 1,022.71 | $2.11 | 0.42% | ||||||
ON Growth Model | $ | 1,000.00 | $ | 1,022.61 | $2.21 | 0.44% | ||||||
* | Expenses are equal to the average account value times the Portfolio’s annualized expense ratio multiplied by the number of days in the most recent fiscal half-year (181 days) divided by the number of days in the fiscal year (365 days). Please note that the expenses shown in these tables are meant to highlight ongoing Portfolio costs only and do not reflect any contract-level expenses or Portfolio 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 Disclosures |
The Statement of Additional Information of the Fund includes additional information about the 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-PORT Part F. Form N-PORT Part F 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.
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).
191 |
Ohio National Fund, Inc. | ||
Information about Directors and Officers | June 30, 2023 (Unaudited) |
Name and Address | Age | Position(s) with the Fund | Term of Office | Number of Portfolios in the Fund to be Overseen by Director | Principal Occupation(s) During Past Five Years | |||||
Independent Directors | ||||||||||
Christopher A. Carlson One Financial Way Cincinnati, Ohio | 64 | Chair and Director, Member of Audit and Independent Directors Committees | Indefinite; Since July 2020 | 25 | President/Vice Chair and other positions: Ohio National Financial Services and subsidiaries (June 1993 - December 2018); President: Ohio National Fund, Inc. (March 2010 - May 2016). | |||||
Madeleine W. Ludlow One Financial Way Cincinnati, Ohio | 68 | Director, Chair of Audit Committee and Member of Independent Directors Committee | Indefinite; Since April 2012 | 25 | Founder/Managing Director: West Capital Partners LLC (2010 - Present), General Partner: H Ventures LLC (2020 - 2021); Director: ALLETE, Inc. (2004 - Present). | |||||
Geoffrey Keenan One Financial Way Cincinnati, Ohio | 64 | Director, Member of Audit and Independent Directors Committees | Indefinite; Since January 2015 | 25 | Executive Vice President - Asset Management Operations: Acrisure LLC (May 2021 - December 2021); Executive Vice President and Chief Operating Officer: Gateway Investment Advisers, LLC (1995 - 2013). | |||||
Lawrence L. Grypp One Financial Way Cincinnati, Ohio | 74 | Director, Member of Audit and Independent Directors Committees | Indefinite; Since December 2016 | 25 | Senior Business Advisor and Board Member (January 2018 - Present); President: Goering Center for Family and Private Business (August 2008 - December 2017). | |||||
Julia W. Poston One Financial Way Cincinnati, Ohio | 63 | Director, Member of Audit and Independent Directors Committees | Indefinite; Since October 2022 | 25 | Partner; Ernst & Young LLP (June 2002 – June 2020); Independent Trustee: The Royce Funds (16 Portfolios) (August 2023 - Present); Independent Trustee: The James Advantage Funds (4 Portfolios) (August 2022 - Present); Director: Al. Neyer Corp. (August 2020 - Present); Director: Master Chemical Corp. (August 2021 - Present). | |||||
Officers | ||||||||||
Thomas G. Mooney One Financial Way Cincinnati, Ohio | 41 | Interim President | Indefinite; Since March 2023 | Vice President: ONI (February 2023 – Present); MutualFund Analyst Officer: ONLIC (February 2023 – Present); Fund Evaluation Analyst: ONLIC (July 2022 – February 2023); Full-time Parent (November 2017 – July 2022); Product Manager, Investment Products: Touchstone Mutual Funds (November 2013 – November 2017). | ||||||
R. Todd Brockman One Financial Way Cincinnati, Ohio | 54 | Treasurer | Indefinite; Since August 2004 | Vice President, Mutual Fund Operations: ONLIC and NSLA (February 2014 - Present); Treasurer: ONI (2004 - Present). | ||||||
Kimberly A. Plante One Financial Way Cincinnati, Ohio | 49 | Secretary | Indefinite; Since March 2005 | Vice President and Counsel: ONLIC (November 2017 - Present); Secretary: ONI; Officer of various other Ohio National-affiliated companies. |
192 |
Ohio National Fund, Inc. | ||
Information about Directors and Officers (Continued) | June 30, 2023 (Unaudited) |
Name and Address | Age | Position(s) with the Fund | Term of Office | Number of Portfolios in the Fund to be Overseen by Director | Principal Occupation(s) During Past Five Years | |||||
Keith Dwyer One Financial Way Cincinnati, Ohio | 50 | Chief Compliance Officer | Indefinite; Since August 2016 | Vice President, Fund Compliance: ONLIC (January 2022 - Present); Second Vice President, Fund Compliance: ONLIC (August 2016 - January 2022); Chief Compliance Officer: ONI and other Ohio National-affiliated companies (August 2016 - Present). | ||||||
Daniel P. Leming One Financial Way Cincinnati, Ohio | 38 | Operations Officer and Assistant Treasurer | Indefinite; March 2016 | Assistant Vice President; Mutual Fund Operations: ONLIC (December 2020 - Present); Director, Fund Operations and Analysis: ONLIC (July 2018 - December 2020). | ||||||
Timothy A. Abbott One Financial Way Cincinnati, Ohio | 51 | Assistant Secretary | Indefinite; Since February 2022 | Assistant Counsel: ONLIC (February 2023 - Present); Senior Attorney: ONLIC (March 2021 – February2023); Compliance Consultant: ONLIC (January 2017 – March 2021); Officer of various other Ohio National-affiliated companies (June 2021 – Present). | ||||||
Matthew J. Donlan One Financial Way Cincinnati, Ohio | 32 | Financial Reporting Officer | Indefinite; Since February 2023 | Director, Mutual Fund Financial Reporting: ONLIC (June 2021 – Present); Assistant Director, Mutual Fund Financial Reporting: ONLIC (January 2020 – June 2021); Mutual Fund Reporting Manager: ONLIC (May 2017 – December 2019). |
193 |
[THIS PAGE LEFT INTENTIONALLY BLANK]
Ohio National Fund, Inc.
Post Office Box 371 Cincinnati, Ohio 45201
Form 1325 Rev. 8-23 | PRSRT STD U.S. POSTAGE PAID LANCASTER, PA PERMIT NO. 1793
|
Item 2. | Code Of Ethics. |
Not applicable for semiannual reports.
Item 3. | Audit Committee Financial Expert. |
Not applicable for semiannual reports.
Item 4. | Principal Accountant Fees And Services. |
Not applicable for semiannual reports.
Item 5. | Audit Committee Of Listed Registrants. |
Not applicable for semiannual reports.
Item 6. | Investments. |
Not applicable, as the schedules are included as part of the report to shareholders filed under Item 1.
Item 7. | Disclosure Of Proxy Voting Policies And Procedures For Closed-End Management Investment Companies. |
Not applicable for open-end investment companies.
Item 8. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable for open-end investment companies.
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable for open-end investment companies.
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 the most recent fiscal half-year 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 most recent fiscal half-year 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) | Not applicable for semiannual reports. |
(a)(2) |
(a)(3) | Certification pursuant to Section 906 of the Sarbanes-Oxley Act. |
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/ Thomas G. Mooney | |
Thomas G. Mooney | ||
Interim President | ||
(Principal Executive Officer) | ||
Date: | September 6, 2023 |
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.
By: | /s/ Thomas G. Mooney | |
Thomas G. Mooney | ||
Interim President | ||
(Principal Executive Officer) | ||
Date: | September 6, 2023 | |
By: | /s/ R. Todd Brockman | |
R. Todd Brockman | ||
Treasurer | ||
(Principal Financial Officer) | ||
Date: | September 6, 2023 |