Model Portfolio Holdings

ON Conservative Model Portfolio ON Moderately Conservative Portfolio

ON Balanced Model Portfolio ON Moderate Growth Model Portfolio

ON Growth Model Portfolio

As of 5/31/20

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Ohio National Fund, Inc.ON Conservative Model PortfolioPortfolio Holdings¹,² (Unaudited)

Security Name Asset Type PercentageWestern Asset Core Plus Bond Fund - IS Mutual Fund 17.0%PIMCO Total Return Fund - Institutional Mutual Fund 16.9%ON Federated Core Plus Bond Portfolio (Federated)³ Mutual Fund 11.9%ON S&P 500® Index Portfolio (Geode)³ Mutual Fund 11.2%PIMCO Low Duration Fund - Institutional Mutual Fund 10.9%ON Bond Portfolio⁴ Mutual Fund 10.0%ON Federated High Income Bond Portfolio (Federated)³ Mutual Fund 7.0%PIMCO Real Return Fund - Institutional Mutual Fund 4.9%ON BlackRock Advantage Large Cap Value Portfolio (BlackRock)³ Mutual Fund 3.1%DFA International Core Equity Portfolio - Institutional Mutual Fund 2.1%ON S&P MidCap 400® Index Portfolio (Geode)³ Mutual Fund 2.1%ON BlackRock Advantage International Equity Portfolio (BlackRock)³ Mutual Fund 2.0%ON Janus Henderson Venture Portfolio (Janus)³ Mutual Fund 1.0%

⁴ A portfolio of the Ohio National Fund, advised by Ohio National Investments, Inc.

¹ Model portfolio holdings shown are effective as of 5/31/20.² Retail funds listed may contain different investments than similarly named non-retail mutual funds offered by the portfolio manager.³ A subadvised portfolio of the Ohio National Fund, Inc.

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Ohio National Fund, Inc.ON Moderately Conservative Model PortfolioPortfolio Holdings¹,² (Unaudited)

Security Name Asset Type PercentageON S&P 500® Index Portfolio (Geode)³ Mutual Fund 13.3%Western Asset Core Plus Bond Fund - IS Mutual Fund 12.9%PIMCO Total Return Fund - Institutional Mutual Fund 12.7%ON Federated Core Plus Bond Portfolio (Federated)³ Mutual Fund 9.8%PIMCO Low Duration Fund - Institutional Mutual Fund 7.8%ON Bond Portfolio⁴ Mutual Fund 6.9%ON S&P MidCap 400® Index Portfolio (Geode)³ Mutual Fund 5.2%ON BlackRock Advantage Large Cap Value Portfolio (BlackRock)³ Mutual Fund 5.1%ON Federated High Income Bond Portfolio (Federated)³ Mutual Fund 5.0%ON BlackRock Advantage International Equity Portfolio (BlackRock)³ Mutual Fund 4.6%DFA International Core Equity Portfolio - Institutional Mutual Fund 3.1%PIMCO Real Return Fund - Institutional Mutual Fund 2.9%ON BlackRock Advantage Large Cap Core Portfolio (BlackRock)³ Mutual Fund 2.0%ON Nasdaq-100® Index Portfolio (Geode)³ Mutual Fund 2.0%DFA Emerging Markets Portfolio - Institutional Mutual Fund 1.5%ON Janus Henderson Venture Portfolio (Janus)³ Mutual Fund 1.0%ON Janus Henderson Enterprise Portfolio (Janus)³ Mutual Fund 1.0%Vanguard International Growth Fund - Admiral Shares Mutual Fund 1.0%ON Janus Henderson Forty Portfolio (Janus)³ Mutual Fund 1.0%Fidelity Advisor® Real Estate Fund - I Mutual Fund 1.0%

¹ Model portfolio holdings shown are effective as of 5/31/20.² Retail funds listed may contain different investments than similarly named non-retail mutual funds offered by the portfolio manager.

⁴ A portfolio of the Ohio National Fund, advised by Ohio National Investments, Inc.³ A subadvised portfolio of the Ohio National Fund, Inc.

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Ohio National Fund, Inc.ON Balanced Model PortfolioPortfolio Holdings¹,² (Unaudited)

Security Name Asset Type PercentageON S&P 500® Index Portfolio (Geode)³ Mutual Fund 14.1%ON S&P MidCap 400® Index Portfolio (Geode)³ Mutual Fund 9.2%Western Asset Core Plus Bond Fund - IS Mutual Fund 8.9%ON BlackRock Advantage International Equity Portfolio (BlackRock)³ Mutual Fund 8.2%PIMCO Total Return Fund - Institutional Mutual Fund 7.8%ON Federated Core Plus Bond Portfolio (Federated)³ Mutual Fund 7.8%ON BlackRock Advantage Large Cap Value Portfolio (BlackRock)³ Mutual Fund 6.0%PIMCO Low Duration Fund - Institutional Mutual Fund 5.8%ON Bond Portfolio⁴ Mutual Fund 4.9%DFA International Core Equity Portfolio - Institutional Mutual Fund 4.1%Vanguard International Growth Fund - Admiral Shares Mutual Fund 3.1%ON Federated High Income Bond Portfolio (Federated)³ Mutual Fund 3.0%DFA Emerging Markets Portfolio - Institutional Mutual Fund 3.0%ON BlackRock Advantage Small Cap Growth Portfolio (BlackRock)³ Mutual Fund 2.1%ON Janus Henderson Forty Portfolio (Janus)³ Mutual Fund 2.0%ON BlackRock Advantage Large Cap Growth Portfolio (BlackRock)³ Mutual Fund 2.0%ON Nasdaq-100® Index Portfolio (Geode)³ Mutual Fund 2.0%ON BlackRock Advantage Large Cap Core Portfolio (BlackRock)³ Mutual Fund 2.0%ON Janus Henderson Venture Portfolio (Janus)³ Mutual Fund 1.0%ON Janus Henderson Enterprise Portfolio (Janus)³ Mutual Fund 1.0%Fidelity Advisor® Real Estate Fund - I Mutual Fund 1.0%Lazard Emerging Markets Equity Portfolio - R6 Mutual Fund 1.0%

¹ Model portfolio holdings shown are effective as of 5/31/20.² Retail funds listed may contain different investments than similarly named non-retail mutual funds offered by the portfolio manager.

⁴ A portfolio of the Ohio National Fund, advised by Ohio National Investments, Inc.³ A subadvised portfolio of the Ohio National Fund, Inc.

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Ohio National Fund, Inc.ON Moderate Growth Model PortfolioPortfolio Holdings¹,² (Unaudited)

Security Name Asset Type PercentageON S&P 500® Index Portfolio (Geode)³ Mutual Fund 17.1%ON S&P MidCap 400® Index Portfolio (Geode)³ Mutual Fund 10.2%ON BlackRock Advantage International Equity Portfolio (BlackRock)³ Mutual Fund 9.1%ON BlackRock Advantage Large Cap Value Portfolio (BlackRock)³ Mutual Fund 6.9%Western Asset Core Plus Bond Fund - IS Mutual Fund 6.8%DFA International Core Equity Portfolio - Institutional Mutual Fund 6.1%ON Federated Core Plus Bond Portfolio (Federated)³ Mutual Fund 5.8%Vanguard International Growth Fund - Admiral Shares Mutual Fund 4.1%ON Janus Henderson Forty Portfolio (Janus)³ Mutual Fund 4.0%ON BlackRock Advantage Large Cap Core Portfolio (BlackRock)³ Mutual Fund 4.0%ON Nasdaq-100® Index Portfolio (Geode)³ Mutual Fund 4.0%ON Bond Portfolio⁴ Mutual Fund 3.4%ON BlackRock Advantage Small Cap Growth Portfolio (BlackRock)³ Mutual Fund 3.1%ON BlackRock Advantage Large Cap Growth Portfolio (BlackRock)³ Mutual Fund 3.0%DFA Emerging Markets Portfolio - Institutional Mutual Fund 2.9%ON Janus Henderson Venture Portfolio (Janus)³ Mutual Fund 2.1%ON Federated High Income Bond Portfolio (Federated)³ Mutual Fund 2.0%PIMCO Low Duration Fund - Institutional Mutual Fund 1.4%ON Janus Henderson Enterprise Portfolio (Janus)³ Mutual Fund 1.0%Fidelity Advisor® Real Estate Fund - I Mutual Fund 1.0%Lazard Emerging Markets Equity Portfolio - R6 Mutual Fund 1.0%PIMCO Total Return Fund - Institutional Mutual Fund 1.0%

¹ Model portfolio holdings shown are effective as of 5/31/20.² Retail funds listed may contain different investments than similarly named non-retail mutual funds offered by the portfolio manager.

⁴ A portfolio of the Ohio National Fund, advised by Ohio National Investments, Inc.³ A subadvised portfolio of the Ohio National Fund, Inc.

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Ohio National Fund, Inc.ON Growth Model PortfolioPortfolio Holdings¹,² (Unaudited)

Security Name Asset Type PercentageON S&P 500® Index Portfolio (Geode)³ Mutual Fund 16.9%ON BlackRock Advantage International Equity Portfolio (BlackRock)³ Mutual Fund 12.0%ON S&P MidCap 400® Index Portfolio (Geode)³ Mutual Fund 11.7%DFA International Core Equity Portfolio - Institutional Mutual Fund 7.0%ON Nasdaq-100® Index Portfolio (Geode)³ Mutual Fund 7.0%ON BlackRock Advantage Large Cap Value Portfolio (BlackRock)³ Mutual Fund 6.9%Vanguard International Growth Fund - Admiral Shares Mutual Fund 5.1%ON Janus Henderson Forty Portfolio (Janus)³ Mutual Fund 5.0%ON BlackRock Advantage Large Cap Core Portfolio (BlackRock)³ Mutual Fund 5.0%ON BlackRock Advantage Small Cap Growth Portfolio (BlackRock)³ Mutual Fund 4.6%ON Janus Henderson Venture Portfolio (Janus)³ Mutual Fund 4.1%ON BlackRock Advantage Large Cap Growth Portfolio (BlackRock)³ Mutual Fund 3.0%DFA Emerging Markets Portfolio - Institutional Mutual Fund 2.9%Lazard Emerging Markets Equity Portfolio - R6 Mutual Fund 1.9%Western Asset Core Plus Bond Fund - IS Mutual Fund 1.9%ON Janus Henderson Enterprise Portfolio (Janus)³ Mutual Fund 1.0%ON Federated High Income Bond Portfolio (Federated)³ Mutual Fund 1.0%Fidelity Advisor® Real Estate Fund - I Mutual Fund 1.0%ON Bond Portfolio⁴ Mutual Fund 1.0%PIMCO Total Return Fund - Institutional Mutual Fund 0.9%

¹ Model portfolio holdings shown are effective as of 5/31/20.² Retail funds listed may contain different investments than similarly named non-retail mutual funds offered by the portfolio manager.

⁴ A portfolio of the Ohio National Fund, advised by Ohio National Investments, Inc.³ A subadvised portfolio of the Ohio National Fund, Inc.

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