<PAGE> 1
[LOGO]
OHIO NATIONAL
FUND, INC.
WEALTH-BUILDING OPPORTUNITY
SEMI-ANNUAL REPORT
Ohio National Fund, Inc.
June 30, 1996
<PAGE> 2
OHIO NATIONAL FUND PRESIDENT'S MESSAGE [Picture]
[Picture of Donald J. Zimmerman, President]
We are pleased to provide you with an update of Ohio National Fund's
performance and investment activity during the semi-annual reporting period
ended June 30, 1996. Despite a somewhat unsettled investment climate, the
performance of Ohio National Fund's nine portfolios was generally favorable.
Total assets of the Fund grew by 25.3% in six months time, to more than $567.9
million. In addition, variable contractowners approved the appointment of Ohio
National Investments, Inc. as investment adviser to Ohio National Fund,
effective as of May 1, 1996.
LOOKING BACK
Coming off a very favorable 1995 for both stocks and bonds, the investment
climate began to shift somewhat in early 1996. Testifying before Congress in
February, Federal Reserve Chairman Alan Greenspan discounted market expectations
of further rate cuts. Shortly thereafter, February's employment report came in
considerably higher than most analysts' predictions. Adding turbulence to the
general conditions were several government shutdowns, severe weather throughout
much of the country and a strike against General Motors. Despite those
influences, first quarter economic performance was surprisingly strong and
growth in the gross domestic product exceeded expectations.
In the second quarter of 1996, the level of consumer confidence remained
high (despite a drop in June). Bolstered by rising income levels, consumers kept
on spending in the face of higher long-term interest rates, mounting debts and
low savings. With jobs growing at nearly twice the pace of the labor force, wage
growth began to pose a potential inflationary threat. Stock prices overall
exhibited a high degree of volatility during the quarter. Bonds generally limped
along in the face of rising interest rates.
PERFORMANCE
Performance of Ohio National Fund's portfolios included the following:
The Small Cap Portfolio, managed by Founders Asset Management, Inc.,
recorded a total return of 14.42% for the six-month period and 29.63% for the
past 12 months. It seeks maximum capital growth by investing primarily in common
stocks of small- and medium-sized companies. Small-company stock mutual funds
tracked by Lipper Analytical Services averaged total returns of 15.12% for six
months and 29.71% for 12 months. Assets of the Small Cap Portfolio increased by
71.7% during the six-month period, to $27.5 million.
1
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The International Portfolio, managed by Societe Generale Asset Management
Corp., registered an 11.05% total return for the six-month period and a 17.67%
total return for the past 12 months. Its objective is long-term capital growth.
The average total returns for international stock mutual funds tracked by Lipper
were 8.02% for six months and 15.48% for 12 months. Assets in the International
Portfolio climbed to more than $119.4 million, a 31.8% increase over the six
months.
The Global Contrarian Portfolio, also managed by Societe Generale Asset
Management Corp., had a total return of 9.69% for the six-months and a 14.62%
for the past 12 months. Its objective is long-term growth of capital. Global
stock mutual funds tracked by Lipper averaged 10.63% for six months and 18.73%
for 12 months. Assets of the Global Contrarian Portfolio increased by 75.5% for
the half year, to $7.8 million.
The Equity Portfolio, managed by Ohio National Investments, Inc., achieved a
total return of 9.66% for the six-month period and 19.66% for one year. Its
objective is long-term capital growth. Growth stock mutual funds tracked by
Lipper averaged a 9.99% total return for six months and 22.20% for 12 months.
Assets of the Equity Portfolio grew by 18.1% during the six months, to $207.5
million.
The Omni Portfolio, also managed by Ohio National Investments, Inc.,
attained a total return of 7.16% for the six months and 15.93% for the past 12
months. Its objective is to achieve a high level of long-term return consistent
with preservation of capital. Flexible mutual funds tracked by Lipper as a group
had average total returns of 5.52% for six months and 16.01% for 12 months.
Assets in the Omni Portfolio surpassed $129.1 million during the six months,
increasing by 17.8% for the period.
The Capital Appreciation Portfolio, managed by T. Rowe Price Associates,
Inc., recorded a total return of 6.80% for six months and 15.37% for 12 months.
It seeks maximum capital growth by investing in common stocks considered to be
undervalued or temporarily out of favor, or those expected to increase in price
over the short term. Flexible mutual funds tracked by Lipper recorded an 5.52%
total return for the six-month period and a 16.01% total return for 12 months.
Assets in the Capital Appreciation Portfolio grew by 49.4% during the six
months, to $28.9 million.
The Bond Portfolio, managed by Ohio National Investments, Inc., produced a
total return of -1.43% for the six months and 4.71% for 12 months. Its objective
is to achieve a high level of return consistent with preservation of capital.
Intermediate-term corporate debt mutual funds tracked by Lipper had average
total returns of -1.38% for six months and 5.10% for 12 months. Over the
six-month period assets of the Bond Portfolio grew to $19.8 million, a 9.6%
increase.
The Aggressive Growth Portfolio, managed by Strong Capital Management, Inc.,
had a total return of -1.74% for six months and 13.12% for 12 months. Capital
growth is its investment objective. Capital appreciation stock mutual funds
tracked by Lipper had a total return of 11.50% for six months and 23.97% for 12
months. Assets in the Aggressive Growth Portfolio more than doubled during the
six months, increasing by 105.0% to $8.2 million.
Dividends on the Money Market Portfolio, managed by Ohio National
Investments, Inc., generated a 2.51% yield for the six-month period and a 5.31%
yield for the past 12 months. The portfolio seeks maximum current income
consistent with preservation of capital and liquidity. The average yields
reported for money market mutual funds by Lipper was 2.40% for the past six
months and 5.20% for the past 12 months. Assets in the Money Market Portfolio
climbed by some 25.7%, to $19.8 million.
2
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Please note that the rates of total return under variable universal life or
variable annuity contracts will differ depending on the applicable contract
charges for mortality and expenses. Additional details about the asset holdings
of the Fund's portfolios are provided in the following pages. Also included is
the semi-annual report of the separate account for your variable contract.
LOOKING AHEAD
Higher interest rates, lower corporate earnings and reduced inflows into the
investment markets paint an uncertain picture for the coming months. Regardless
of the conditions, our fundamental investment principles -- careful selection
and constant professional management -- remain the same.
We are pleased that you have placed your confidence in Ohio National Fund
and we will make every effort to provide a meaningful investment vehicle to
support that confidence. Please contact your Ohio National representative for
additional information on the tax-favored financial protection and accumulation
options afforded by your variable universal life or variable annuity contract.
He or she stands ready to provide the information you need to make the
investment decisions that are right for you.
/s/ Donald J. Zimmerman
Donald J. Zimmerman
President, Ohio National Fund, Inc.
DIRECTORS AND OFFICERS OF OHIO NATIONAL FUND, INC.
<TABLE>
<S> <C>
Donald J. Zimmerman, President and Director Joseph P. Brom, Vice President
Ronald L. Benedict, Secretary and Director Michael A. Boedeker, Vice President
George E. Castrucci, Director Stephen T. Williams, Vice President
Maurice H. Kirby, Director Dennis R. Taney, Treasurer
George M. Vredeveld, Director Amy M. Starkey, Assistant Secretary
</TABLE>
This report may be used as sales literature only when accompanied or preceded by
an effective prospectus of Ohio National Fund, Inc. which relates sales expense
and other pertinent information.
3
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SHAREHOLDERS' MEETING
A meeting of the shareholders was held on March 28, 1996 for the purpose of
approving a new Investment Advisory Agreement with ONI, new sub-advisory
agreements with SGAM, TRPA, FAM and SCM, election of Directors and approval of
KPMG Peat Marwick LLP as Independent Certified Public Accountants for the Fund.
Prior to approving the agreements and resolutions, a solicitation of proxies of
the shareholders of the nine portfolios was conducted and the results were as
follows:
<TABLE>
<CAPTION>
Investment Advisory Agreement
-----------------------------
Equity % Money Market % Bond %
------ - ------------ - ---- -
<S> <C> <C> <C> <C> <C> <C>
For 5,850,255 95.2 1,515,081 96.4 1,601,825 96.9
Against 8,675 0.1 0 0.0 1,918 0.1
Abstain 287,799 4.7 56,498 3.6 49,135 3.0
--------- ----- --------- ----- --------- -----
Total 6,146,729 100.0 1,571,579 100.0 1,652,878 100.0
========= ===== ========= ===== ========= =====
Omni % International % Capital Appreciation %
---- - ------------- - -------------------- -
For 5,912,988 95.0 5,964,363 94.7 1,546,073 95.9
Against 20,443 0.3 11,494 0.2 655 0.1
Abstain 292,644 4.7 322,437 5.1 64,914 4.0
--------- ----- --------- ----- --------- -----
Total 6,226,075 100.0 6,298,294 100.0 1,611,642 100.0
========= ===== ========= ===== ========= =====
Small Cap % Global Contrarian % Agressive Growth %
--------- - ----------------- - ---------------- -
For 970,081 95.9 378,583 92.5 307,539 90.9
Against 400 0.0 0 0.0 0 0.0
Abstain 41,261 4.1 30,635 7.5 30,666 9.1
--------- ----- --------- ----- --------- -----
Total 1,011,742 100.0 409,218 100.0 338,205 100.0
========= ===== ========= ===== ========= =====
Service Agreement
-----------------
Equity % Money Market % Bond %
------ - ------------ - ---- -
For 5,843,321 95.1 1,514,623 96.4 1,601,825 96.9
Against 18,119 0.3 0 0.0 1,918 0.1
Abstain 285,289 4.6 56,956 3.6 49,135 3.0
--------- ----- --------- ----- --------- -----
Total 6,146,729 100.0 1,571,579 100.0 1,652,878 100.0
========= ===== ========= ===== ========= =====
Omni % International % Capital Appreciation %
---- - ------------- - -------------------- -
For 5,917,729 95.0 5,966,662 94.7 1,546,073 95.9
Against 18,549 0.3 11,494 0.2 655 0.1
Abstain 289,797 4.7 320,138 5.1 64,914 4.0
--------- ----- --------- ----- --------- -----
Total 6,226,075 100.0 6,298,294 100.0 1,611,642 100.0
========= ===== ========= ===== ========= =====
Small Cap % Global Contrarian % Aggressive Growth %
--------- - ----------------- - ----------------- -
For 968,836 95.8 378,583 92.5 307,539 90.9
Against 1,645 0.2 0 0.0 0 0.0
Abstain 41,261 4.0 30,635 7.5 30,666 9.1
--------- ----- --------- ----- --------- -----
Total 1,011,742 100.0 409,218 100.0 338,205 100.0
========= ===== ========= ===== ========= =====
Sub-Advisory Agreements
-----------------------
International % Capital Appreciation % Small Cap %
------------- - -------------------- - --------- -
For 6,013,600 95.5 1,546,073 95.9 970,081 95.9
Against 4,278 0.1 655 0.1 400 0.0
Abstain 280,416 4.4 64,914 4.0 41,261 4.1
--------- ----- --------- ----- --------- -----
Total 6,298,294 100.0 1,611,642 100.0 1,011,742 100.0
========= ===== ========= ===== ========= =====
Global Contrarian % Aggressive Growth %
----------------- - ----------------- -
For 378,479 92.5 307,539 90.9
Against 0 0.0 0 0.0
Abstain 30,739 7.5 30,666 9.1
--------- ----- --------- -----
Total 409,218 100.0 338,205 100.0
--------- ----- --------- -----
<CAPTION>
Election of Directors
---------------------
Ronald L. Benedict George E. Castrucci Maurice H. Kirby, Jr. George M. Vredeveld Donald J. Zimmerman
------------------ ------------------- --------------------- ------------------- -------------------
<S> <C> <C> <C> <C> <C>
For 24,079,651 24,072,838 24,075,407 24,261,346 24,269,825
Against 97,771 104,596 100,868 96,629 88,150
Abstain 1,088,940 1,088,928 1,090,087 908,387 908,387
---------- ---------- ---------- ---------- ----------
Total 25,266,362 25,266,362 25,266,362 25,266,362 25,266,362
========== ========== ========== ========== ==========
<CAPTION>
Approval of KPMG Peat Marwick LLP
-----------------------------------
<S> <C>
For 23,910,472
Against 260,325
Abstain 1,095,565
----------
Total 25,266,362
==========
</TABLE>
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MEET YOUR OHIO NATIONAL FUND MANAGERS
JOSEPH P. BROM, CFA
Senior Vice President and Chief Investment Officer,
The Ohio National Life Insurance Company [Picture]
President, Ohio National Investments, Inc.
President, O.N. Investment Management Company
[Picture of Joseph P. Brom, CFA]
Joseph Brom brings more than 35 years of investment experience to bear
on behalf of Ohio National's mutual fund shareholders. He has overseen the
company's investment operations and fund management since joining it as a vice
president and portfolio manager in 1975. He came to Ohio National with 15 years
of securities management, investment banking and venture capital experience.
Positions he has previously served in include assistant vice president and
assistant treasurer with Bankers Life Insurance (now Ameritas) and vice
president-treasurer of First Dallas Capital Corporation. Mr. Brom is responsible
for evaluating economic conditions and investment opportunities relative to Ohio
National's objectives and strategies.
Mr. Brom holds a juris doctor degree from the University of Wisconsin, as
well as a bachelor's degree in Economics and Finance from the same institution.
He is a Chartered Financial Analyst and a member of the Association for
Investment Management and Research, the National Association of Business
Economists and the Financial Analysts Federation.
MICHAEL A. BOEDEKER, CFA
Vice President, Fixed Income Securities,
The Ohio National Life Insurance Company [Picture]
Vice President, Ohio National Investments, Inc.
Vice President, O.N. Investment Management Company
[Picure of Michael A. Boedeker, CFA]
Michael Boedeker, CFA has over 26 years of fixed income securities and
mutual fund management experience. He joined Ohio National in 1989 as vice
president, fixed income securities. Prior to that, he served as senior vice
president, fixed income securities, at Lincoln National Life, and as senior vice
president and chief investment officer for Mutual Security Life. He began his
career as a credit analyst for American Fletcher National. He has managed the
Ohio National Fund Bond and Money Market Portfolios since 1989.
Mr. Boedeker holds a bachelor's degree and a master of business
administration degree in Finance from Indiana University. He is a Chartered
Financial Analyst and a member of the Association for Investment Management and
Research and the Cincinnati Society of Financial Analysts.
5
<PAGE> 7
STEPHEN T. WILLIAMS
Senior Investment Officer and Portfolio Manager,
The Ohio National Life Insurance Company [Picture]
Vice President, Ohio National Investments, Inc.
Vice President, O.N. Investment Management Company
[Picure of Stephen T. Williams]
Stephen Williams possesses more than 18 years of investment analysis and
management experience. He joined Ohio National in 1977 and was named a portfolio
manager in 1985. Prior to advancing to his current position in 1995 he served as
director of securities since 1992. Before coming to Ohio National he held
various management positions with Citizens Federal, a midwestern-based banking
and financial institution. He has managed the Ohio National Fund Equity and Omni
Portfolios since 1985.
Mr. Williams is a graduate of the University of Cincinnati. He holds
a bachelor of business administration degree in Finance.
JEAN-MARIE EVEILLARD
President, Portfolio Manager, Director, [Picture]
Societe Generale Asset Management Corp.
[Picure of Jean-Marie Eveillard]
Jean-Marie Eveillard has more than 32 years of investment experience,
all of them with Societe Generale, where he began working as an analyst in 1963.
He first came to the United States in 1968, and became a securities analyst with
SoGen International Fund in the early 1970s. Mr. Eveillard managed a global fund
in Paris in the mid-1970s and returned to the United States to manage the SoGen
International Fund in 1979. He was elected president of the fund in 1984. He
also manages SoGen's Overseas Fund, Gold Fund and Money Market Fund. He has
managed the Ohio National Fund International and Global Contrarian Portfolios
since their inceptions in 1993 and 1995, respectively.
Mr. Eveillard holds a baccalaureate degree from the Lycee Descartes in
Tours, France and a graduate degree in Economic Studies from the Ecole des
Hautes Etudes Commerciales in Paris.
6
<PAGE> 8
RICHARD P. HOWARD, CFA
Vice President, T. Rowe Price Associates, Inc. [Picture]
[Picure of Richard P. Howard, CFA]
Richard Howard is a vice president and investment analyst for T. Rowe Price
Associates. He joined the organization in 1982 and has been managing investments
since 1989. He initially researched natural-resource and related securities. He
has been chairman and president of the investment advisory committee for the T.
Rowe Price Capital Appreciation Fund since January 1989. Prior to joining T.
Rowe Price, Mr. Howard worked as a senior industry specialist for Fidelity
Management and Research and, before that, was a portfolio manager for CG
Investment Management Company. He has managed the Ohio National Fund Capital
Appreciation Portfolio since its inception in 1994.
Mr. Howard, who is a Chartered Financial Analyst, holds a bachelor's degree
in Industrial Engineering from Millikin University and a master of business
administration degree in Finance from the Harvard Graduate School of Business.
He is a member and past president of the Baltimore Security Analysts Society and
a member of the National Association of Petroleum Investment Analysts.
RICHARD S. STRONG
Director, Chairman, Chief Investment Officer,
Portfolio Manager, Strong Capital Management, Inc. [Picture]
[Picture of Richard S. Strong]
Richard Strong has over 29 years of investment management experience
specializing in both equity and fixed income securities. In addition to the Ohio
National Fund Aggressive Growth Portfolio, he also manages Strong's Discovery
Fund, Discovery II Fund and Asset Allocation Fund. Prior to the founding of
Strong in 1974, he co-founded Nicholas, Strong & Co., Inc. and was an investment
analyst at Marshall & Ilsley Bank and Employers Insurance of Wausau. He has
managed the Ohio National Fund Aggressive Growth Portfolio since its inception
in 1995.
Mr. Strong holds a bachelor of arts degree from Baldwin Wallace College and
a master of business administration degree in Finance from the University of
Wisconsin-Madison. He is a member of the Milwaukee Investment Analysts Society.
7
<PAGE> 9
MICHAEL K. HAINES
Senior Vice President of Investments [Picture]
Founders Asset Management, Inc.
[Picure of Michael K. Haines]
Michael Haines has over a decade of investment experience. In addition
to the Ohio National Fund Small Cap Portfolio, he also manages the Frontier Fund
of the Founders family of funds. Mr. Haines joined Founders as a financial
analyst in 1985. He served as assistant portfolio manager and then lead
portfolio manager of the Founders Balanced Fund prior to 1989. He has served as
the lead manager for the Founders Frontier Fund since 1990 and served as lead
manager of the Founders Discovery Fund from 1989 to 1995. He has managed the
Ohio National Fund Small Cap Portfolio since its inception in 1994.
Mr. Haines holds a bachelor of arts degree from The Colorado College and a
master of business administration degree from the University of Denver.
<PAGE> 10
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
STATEMENTS OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
PORTFOLIO
-----------------------------------------------------------------------------
MONEY
EQUITY MARKET BOND OMNI INTERNATIONAL
-------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Assets:
Investments in securities at market
value (note 1) .............................. $207,943,505 $19,726,556 $19,507,221 $129,149,100 $118,113,171
Cash denominated in foreign currencies
(note 1) .................................... 0 0 0 0 0
Cash in bank .................................. 11,561 88,482 2,053 4,847 783,349
Unrealized gain on foreign currency
exchange contracts (note 6) ................. 0 0 0 0 1,440,303
Receivable for securities sold ................ 0 0 0 0 733,132
Receivable for shares sold .................... 326,542 63,193 5,241 304,759 262,304
Dividends and interest receivable ............. 294,656 0 324,146 517,649 473,741
Other ......................................... 22,285 959 2,040 15,534 60,080
-------------- -------------- -------------- -------------- --------------
Total assets ................................ 208,598,549 19,879,190 19,840,701 129,991,889 121,866,080
-------------- -------------- -------------- -------------- --------------
Liabilities:
Unrealized loss on foreign currency
exchange contracts (note 6).................. 0 0 0 0 10,090
Payable for securities purchased .............. 798,000 0 0 676,200 2,173,961
Dividends payable ............................. 0 8,096 0 0 0
Payable for shares redeemed ................... 0 93,158 78 0 155
Payable for investment management
services (note 3) ........................... 278,959 11,570 28,684 165,411 254,735
Accrued expenses .............................. 48,149 4,057 4,768 45,576 10,485
-------------- -------------- -------------- -------------- --------------
Total liabilities ........................... 1,125,108 116,881 33,530 887,187 2,449,426
-------------- -------------- -------------- -------------- --------------
NET ASSETS AT MARKET VALUE ....................... $207,473,441 $19,762,309 $19,807,171 $129,104,702 $119,416,654
============== ============== ============== ============== ==============
Net assets consist of:
Par value, $1 per share ....................... $6,882,748 $1,976,238 $1,897,627 $7,076,493 $7,767,065
Paid-in capital in excess of par value ........ 133,507,682 17,786,071 17,685,334 94,194,617 95,621,735
Accumulated undistributed net realized
gain (loss) on investments .................. 1,802,725 0 (82,501) 1,249,699 1,400,677
Net unrealized appreciation (depreciation) on:
Investments ................................. 64,565,590 0 (8,593) 25,676,767 12,008,295
Forward currency contracts (note 6) ......... 0 0 0 0 1,430,213
Foreign currency related transactions ....... 0 0 0 0 (2,089)
Undistributed (overdistributed ) net
investment income and capital gain .......... 714,696 0 315,304 907,126 1,190,758
-------------- -------------- -------------- -------------- --------------
NET ASSETS AT MARKET VALUE ....................... $207,473,441 $19,762,309 $19,807,171 $129,104,702 $119,416,654
============== ============== ============== ============== ==============
SHARES OUTSTANDING (note 5) ...................... 6,882,748 1,976,238 1,897,627 7,076,493 7,767,065
-------------- -------------- -------------- -------------- --------------
NET ASSET VALUE PER SHARE ........................ $30.14 $10.00 $10.44 $18.24 $15.37
============== ============== ============== ============== ==============
<CAPTION>
PORTFOLIO
-------------------------------------------------------------
CAPITAL SMALL GLOBAL AGGRESSIVE
APPRECIATION CAP CONTRARIAN GROWTH
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Assets:
Investments in securities at market
value (note 1) ................................. $28,699,182 $27,458,708 $7,380,229 $7,134,818
Cash denominated in foreign currencies
(note 1) ....................................... 0 4,077 0 479
Cash in bank ..................................... 20,750 0 95,318 7,760
Unrealized gain on foreign currency
exchange contracts (note 6) .................... 0 0 44,793 8,781
Receivable for securities sold ................... 0 50,437 0 964,640
Receivable for shares sold ....................... 109,328 147,504 247,159 162,757
Dividends and interest receivable ................ 89,756 12,674 33,377 92,779
Other ............................................ 1,228 1,128 504 146
-------------- -------------- -------------- --------------
Total assets ................................... 28,920,244 27,674,528 7,801,380 8,372,160
-------------- -------------- -------------- --------------
Liabilities:
Unrealized loss on foreign currency
exchange contracts (note 6)..................... 0 0 376 0
Payable for securities purchased ................. 0 83,513 19,732 140,167
Dividends payable ................................ 0 0 0 0
Payable for shares redeemed ...................... 753 0 603 0
Payable for investment management
services (note 3) .............................. 53,245 50,615 15,724 14,569
Accrued expenses ................................. 8,798 7,070 8,791 5,016
-------------- -------------- -------------- --------------
Total liabilities .............................. 62,796 141,198 45,226 159,752
-------------- -------------- -------------- --------------
NET ASSETS AT MARKET VALUE .......................... $28,857,448 $27,533,330 $7,756,154 $8,212,408
============== ============== ============== ==============
Net assets consist of:
Par value, $1 per share .......................... $2,367,962 $1,571,457 $667,747 $754,069
Paid-in capital in excess of par value ........... 24,289,235 21,133,611 6,417,489 7,608,320
Accumulated undistributed net realized
gain (loss) on investments ..................... (95,043) 256,623 128,129 (675,460)
Net unrealized appreciation (depreciation) on:
Investments .................................... 2,219,090 4,643,601 434,442 101,628
Forward currency contracts (note 6) ............ 0 0 44,417 8,781
Foreign currency related transactions .......... 0 89 (175) (21)
Undistributed (overdistributed ) net
investment income and capital gain ............. 76,204 (72,051) 64,105 415,091
-------------- -------------- -------------- --------------
NET ASSETS AT MARKET VALUE .......................... $28,857,448 $27,533,330 $7,756,154 $8,212,408
============== ============== ============== ==============
SHARES OUTSTANDING (note 5) ......................... 2,367,962 1,571,457 667,747 754,069
-------------- -------------- -------------- --------------
NET ASSET VALUE PER SHARE ........................... $12.19 $17.52 $11.62 $10.89
============== ============== ============== ==============
</TABLE>
The accompanying notes are an integral part of these financial statements.
9
<PAGE> 11
OHIO NATIONAL FUND, INC. Six Months Ended June 30, 1996 (Unaudited)
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
PORTFOLIO
------------------------------------------------------------------------------
MONEY
EQUITY MARKET BOND OMNI INTERNATIONAL
-------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Investment income:
Interest ................................... $703,651 $483,229 $656,706 $1,318,492 $322,296
Dividends .................................. 1,451,092 0 20,697 881,253 1,278,440 (a)
-------------- -------------- -------------- -------------- --------------
Total investment income .................. 2,154,743 483,229 677,403 2,199,745 1,600,736
-------------- -------------- -------------- -------------- --------------
Expenses:
Management fees (note 3) ................... 532,427 26,676 56,188 332,359 474,461
Custodian fees (note 3) .................... 130,323 12,004 12,642 94,036 72,909
Directors' fees (note 3) ................... 6,100 604 647 6,384 2,831
Professional fees .......................... 15,475 1,646 1,801 9,834 7,114
Other ...................................... 27,545 3,012 2,960 17,797 12,565
-------------- -------------- -------------- -------------- --------------
Total expenses ........................... 711,870 43,942 74,238 460,410 569,880
Less fees waived (note 3) ................ 0 (4,407) 0 0 0
-------------- -------------- -------------- -------------- --------------
Net expenses ............................. 711,870 39,535 74,238 460,410 569,880
-------------- -------------- -------------- -------------- --------------
Net investment income (loss) ........... 1,442,873 443,694 603,165 1,739,335 1,030,856
-------------- -------------- -------------- -------------- --------------
Realized and unrealized gain (loss)
on investments and foreign currency
Net realized gain (loss) from:
Investments .............................. 1,802,725 0 2,592 1,249,699 1,400,677
Forward currency related transactions .... 0 0 0 0 1,265,165
Net increase (decrease) in unrealized
appreciation (depreciation) on:
Investments ............................ 14,182,333 0 (865,871) 5,085,131 6,150,229
Foreign currency related transactions .. 0 0 0 0 888,467
-------------- -------------- -------------- -------------- --------------
Net gain (loss) on investments ......... 15,985,058 0 (863,279) 6,334,830 9,704,538
-------------- -------------- -------------- -------------- --------------
Net increase (decrease) in net
assets from operations .............. $17,427,931 $443,694 ($260,114) $8,074,165 $10,735,394
============== ============== ============== ============== ==============
<CAPTION>
PORTFOLIO
--------------------------------------------------------------
CAPITAL SMALL GLOBAL AGGRESSIVE
APPRECIATION CAP CONTRARIAN GROWTH
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Investment income:
Interest ................................... $330,297 $44,447 $33,992 $40,805
Dividends .................................. 345,237 11,238 68,006 (b) 534,559
-------------- -------------- -------------- --------------
Total investment income .................. 675,534 55,685 101,998 575,364
-------------- -------------- -------------- --------------
Expenses:
Management fees (note 3) ................... 96,437 86,208 27,443 24,386
Custodian fees (note 3) .................... 16,299 14,539 12,761 4,115
Directors' fees (note 3) ................... 224 311 128 108
Professional fees .......................... 1,434 1,112 312 343
Other ...................................... 2,635 1,772 487 2,366
-------------- -------------- -------------- --------------
Total expenses ........................... 117,029 103,942 41,131 31,318
Less fees waived (note 3) ................ 0 0 0 0
-------------- -------------- -------------- --------------
Net expenses ............................. 117,029 103,942 41,131 31,318
-------------- -------------- -------------- --------------
Net investment income (loss) ........... 558,505 (48,257) 60,867 544,046
-------------- -------------- -------------- --------------
Realized and unrealized gain (loss)
on investments and foreign currency
Net realized gain (loss) from:
Investments .............................. (95,043) 256,623 128,129 (628,154)
Forward currency related transactions .... 0 (683) 13,273 12,878
Net increase (decrease) in unrealized
appreciation (depreciation) on:
Investments ............................ 766,019 2,737,462 275,997 (54,605)
Foreign currency related transactions .. 0 123 41,602 (3,114)
-------------- -------------- -------------- --------------
Net gain (loss) on investments ......... 670,976 2,993,525 459,001 (672,995)
-------------- -------------- -------------- --------------
Net increase (decrease) in net
assets from operations .............. $1,229,481 $2,945,268 $519,868 ($128,949)
============== ============== ============== ==============
<FN>
(a) Net of $141,030 foreign taxes withheld.
(b) Net of $5,383 foreign taxes withheld.
</TABLE>
The accompanying notes are an integral part of these financial statements.
10
<PAGE> 12
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
PORTFOLIO
-----------------------------------------------------------------------------
EQUITY MONEY MARKET BOND
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS
ENDED 6-30-96 12-31-95 ENDED 6-30-96 12-31-95 ENDED 6-30-96
------------------------------ ----------------------------- --------------
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income........................ $1,442,873 $2,852,911 $443,694 $683,716 $603,165
Realized gain (loss) on investments and
foreign currency related transactions ..... 1,802,725 5,341,756 0 0 2,592
Unrealized gain (loss) on investments and
foreign currency related transactions ..... 14,182,333 26,897,831 0 0 (865,871)
-------------- -------------- -------------- -------------- --------------
Net increase (decrease) in
assets from operations ................ 17,427,931 35,092,498 443,694 683,716 (260,114)
-------------- -------------- -------------- -------------- --------------
Dividends and distributions to
shareholders:
Dividends declared ........................ (1,515,350) (2,203,910) (443,694) (683,716) (578,719)
Capital gains distribution ................ (5,341,756) (2,034,408) 0 0 0
-------------- -------------- -------------- -------------- --------------
Total dividends and distributions ....... (6,857,106) (4,238,318) (443,694) (683,716) (578,719)
-------------- -------------- -------------- -------------- --------------
From Capital Share Transactions (note 5):
Received from shares sold ................... 21,018,288 27,001,671 13,013,125 14,165,258 5,475,824
Received from dividends reinvested .......... 6,857,106 4,238,318 443,694 683,716 578,719
Paid for shares redeemed .................... (6,667,976) (9,726,105) (9,410,296) (12,191,289) (3,472,932)
-------------- -------------- -------------- -------------- --------------
Increase in net assets derived
from capital share transactions ......... 21,207,418 21,513,884 4,046,523 2,657,685 2,581,611
-------------- -------------- -------------- -------------- --------------
Increase in assets .................... 31,778,243 52,368,064 4,046,523 2,657,685 1,742,778
-------------- -------------- -------------- -------------- --------------
Net Assets:
Beginning of period ......................... 175,695,198 123,327,134 15,715,786 13,058,101 18,064,393
-------------- -------------- -------------- -------------- --------------
End of period (a) ........................... $207,473,441 $175,695,198 $19,762,309 $15,715,786 $19,807,171
============== ============== ============== ============== ==============
Includes undistributed net
(a) investment income of ...................... $714,696 $787,173 $0 $0 $315,304
============== ============== ============== ============== ==============
<CAPTION>
PORTFOLIO
---------------------------------------------------------------------------------
BOND OMNI INTERNATIONAL
YEAR ENDED SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
12-31-95 ENDED 6-30-96 12-31-95 ENDED 6-30-96 12-31-95
-------------- ------------------------------ ----------------------------------
<S> <C> <C> <C> <C> <C>
From operations:
Net investment income........................ $1,047,685 $1,739,335 $3,415,111 $1,030,856 $1,727,831
Realized gain (loss) on investments and
foreign currency related transactions ..... (85,093) 1,249,699 1,972,001 2,665,842 2,149,202
Unrealized gain (loss) on investments and
foreign currency related transactions ..... 1,682,695 5,085,131 13,934,522 7,038,696 4,907,572
-------------- -------------- -------------- ---------------- ----------------
Net increase (decrease) in
assets from operations ................ 2,645,287 8,074,165 19,321,634 10,735,394 8,784,605
-------------- -------------- -------------- ---------------- ----------------
Dividends and distributions to
shareholders:
Dividends declared ........................ (802,639) (1,722,546) (2,700,506) (1,904,420) (1,426,199)
Capital gains distribution ................ (1,741) (1,956,755) 0 (1,691,528) (1,090,908)
-------------- -------------- -------------- ---------------- ----------------
Total dividends and distributions ....... (804,380) (3,679,301) (2,700,506) (3,595,948) (2,517,107)
-------------- -------------- -------------- ---------------- ----------------
From Capital Share Transactions (note 5):
Received from shares sold ................... 4,015,347 14,764,594 15,409,257 20,251,883 26,592,168
Received from dividends reinvested .......... 804,380 3,679,301 2,700,506 3,595,948 2,517,107
Paid for shares redeemed .................... (1,744,440) (3,311,273) (10,120,050) (2,164,350) (7,658,197)
-------------- -------------- -------------- ---------------- ----------------
Increase in net assets derived
from capital share transactions ......... 3,075,287 15,132,622 7,989,713 21,683,481 21,451,078
-------------- -------------- -------------- ---------------- ----------------
Increase in assets .................... 4,916,194 19,527,486 24,610,841 28,822,927 27,718,576
-------------- -------------- -------------- ---------------- ----------------
Net Assets:
Beginning of period ......................... 13,148,199 109,577,216 84,966,375 90,593,727 62,875,151
-------------- -------------- -------------- ---------------- ----------------
End of period (a) ........................... $18,064,393 $129,104,702 $109,577,216 $119,416,654 $90,593,727
============== ============== ============== ================ ================
Includes undistributed net
(a) investment income of ...................... $290,858 $907,126 $890,337 $1,190,758 $799,333
============== ============== ============== ================ ================
</TABLE>
The accompanying notes are an integral part of these financial statements.
11
<PAGE> 13
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
PORTFOLIO
----------------------------------------------------------------------
CAPITAL APPRECIATION SMALL CAP
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 6-30-96 12-31-95 ENDED 6-30-96 12-31-95
---------------------------------- --------------------------------
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss) .............. $558,505 $418,358 ($48,257) ($9,784)
Realized gain (loss) on investments and
foreign currency related transactions ... (95,043) 347,729 255,940 564,882
Unrealized gain (loss) on investments and
foreign currency related transactions ... 766,019 1,486,874 2,737,585 1,631,811
-------------- ---------------- -------------- --------------
Net increase (decrease) in
assets from operations .............. 1,229,481 2,252,961 2,945,268 2,186,909
-------------- ---------------- -------------- --------------
Dividends and distributions to
shareholders:
Dividends declared ...................... (318,555) (284,670) 0 (28,120)
Capital gains distribution .............. (655,102) (139,011) (542,566) 0
-------------- ---------------- -------------- --------------
Total dividends and distributions...... (973,657) (423,681) (542,566) (28,120)
-------------- ---------------- -------------- --------------
From Capital Share Transactions (note 5):
Received from shares sold ................. 8,733,653 10,945,010 9,218,832 11,178,786
Received from dividends reinvested ........ 973,657 423,681 542,566 28,120
Paid for shares redeemed .................. (425,969) (632,303) (668,801) (584,139)
-------------- ---------------- -------------- --------------
Increase in net assets derived
from capital share transactions ....... 9,281,341 10,736,388 9,092,597 10,622,767
-------------- ---------------- -------------- --------------
Increase in assets .................. 9,537,165 12,565,668 11,495,299 12,781,556
-------------- ---------------- -------------- --------------
Net Assets:
Beginning of period ....................... 19,320,283 6,754,615 16,038,031 3,256,475
-------------- ---------------- -------------- --------------
End of period (a) ......................... $28,857,448 $19,320,283 $27,533,330 $16,038,031
============== ================ ============== ==============
Includes undistributed net
(a) investment income of .................... $383,577 $143,627 ($72,051) ($23,110)
============== ================ ============== ==============
<CAPTION>
PORTFOLIO
------------------------------------------------------------
GLOBAL CONTRARIAN (b) AGGRESSIVE GROWTH (b)
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED 6-30-96 12-31-95 ENDED 6-30-96 12-31-95
---------------------------- ----------------------------
<S> <C> <C> <C> <C>
From operations:
Net investment income (loss) .............. $60,867 $41,517 $544,046 $295,848
Realized gain (loss) on investments and
foreign currency related transactions ... 141,402 63,612 (615,276) (39,900)
Unrealized gain (loss) on investments and
foreign currency related transactions ... 317,599 161,084 (57,719) 168,107
------------ ------------ ------------ ------------
Net increase (decrease) in
assets from operations .............. 519,868 266,213 (128,949) 424,055
------------ ------------ ------------ ------------
Dividends and distributions to
shareholders:
Dividends declared ...................... (54,451) (23,897) (307,798) (137,288)
Capital gains distribution .............. (36,817) 0 0 0
------------ ------------ ------------ ------------
Total dividends and distributions...... (91,268) (23,897) (307,798) (137,288)
------------ ------------ ------------ ------------
From Capital Share Transactions (note 5):
Received from shares sold ................. 3,091,659 4,311,648 4,605,494 3,709,801
Received from dividends reinvested ........ 91,268 23,897 307,798 137,288
Paid for shares redeemed .................. (275,968) (157,266) (269,598) (128,395)
------------ ------------ ------------ ------------
Increase in net assets derived
from capital share transactions ....... 2,906,959 4,178,279 4,643,694 3,718,694
------------ ------------ ------------ ------------
Increase in assets .................. 3,335,559 4,420,595 4,206,947 4,005,461
------------ ------------ ------------ ------------
Net Assets:
Beginning of period ....................... 4,420,595 0 4,005,461 0
------------ ------------ ------------ ------------
End of period (a) ......................... $7,756,154 $4,420,595 $8,212,408 $4,005,461
============ ============ ============ ============
Includes undistributed net
(a) investment income of .................... $64,105 $44,416 $415,091 $165,966
============ ============ ============ ============
<FN>
(b) Commenced operations March 31, 1995.
</TABLE>
The accompanying notes are an integral part of these financial statements.
12
<PAGE> 14
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS EQUITY PORTFOLIO
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCK VALUE
- -----------------------------------------------------------------
<S> <C> <C>
AEROSPACE (3.7%)
44,500 Allied Signal, Inc. $2,542,063
64,000 Raytheon Co. 3,304,000
31,350 Rockwell International Corp. 1,794,788
--------------
7,640,851
--------------
AUTOMOTIVE AND RELATED (3.2%)
22,500 Arvin Industries, Inc. 500,625
15,500 Chrysler Corp. 961,000
55,000 * Custom Chrome, Inc. 1,478,125
29,400 Eaton Corp. 1,723,575
20,000 Magna International, Inc. 920,000
43,000 Modine Manufacturing Co. 1,139,500
--------------
6,722,825
--------------
BANKING (2.7%)
15,000 Boatmen's Bancshares, Inc. 601,875
24,000 Charter One Financial Inc. 837,000
21,000 First Union Corp. 1,278,375
70,000 Hanson Trust, PLC 997,500
22,500 Mellon Bank Corp. 1,282,500
20,500 Susquehanna Bancshares Inc. 548,375
--------------
5,545,625
--------------
BUILDING AND CONSTRUCTION (2.6%)
108,800 Clayton Homes, Inc. 2,176,000
22,500 Flour Corp. 1,470,938
53,500 Hardinge Inc. 1,698,625
--------------
5,345,563
--------------
BUSINESS SERVICES (6.6%)
34,500 * Banctec, Inc. 698,625
44,500 First Data Corp. 3,543,313
12,500 Fisher Scientific International 468,750
50,000 Manpower Inc. 1,962,500
27,500 * Mastec Inc. 694,375
38,000 Reynolds & Reynolds CL A 2,023,500
35,000 Standard Register Co. 861,875
30,000 * Symbol Technologies, Inc. 1,335,000
50,000 * Verifone, Inc. 2,112,500
--------------
13,700,438
--------------
CHEMICALS (3.7%)
25,000 Betz Laboratories, Inc. 1,096,875
38,000 * Canisco Resources Inc. 95,000
17,500 E I DuPont De Nemours & Co. 1,384,687
28,000 Lubrizol Corp. 850,500
85,000 Monsanto Co. 2,762,500
46,000 OM Group, Inc. 1,570,000
--------------
7,759,562
--------------
COMMUNICATIONS (3.3%)
49,000 * Atlantic Tele-Network Inc. 1,176,000
82,500 * Andrew Corp. 4,434,375
66,000 * General Cable 1,014,750
25,000 * Granite Broadcasting, Corp. 323,437
--------------
6,948,562
--------------
CONSUMER PRODUCTS (1.0%)
50,000 * Globe Business Resources 500,000
22,500 Panamerican Beverages, Inc. 1,006,875
23,000 Stanhome, Inc. 609,500
--------------
2,116,375
--------------
<CAPTION>
MARKET
SHARES COMMON STOCK VALUE
- ------------------------------------------------------------------
<S> <C> <C>
COMPUTER AND RELATED (11.6%)
30,000 * Cisco Systems, Inc. $3,397,500
30,000 Computer Sciences Corp. 2,242,500
65,000 * Continental Circuits Corp. 763,750
20,000 * Exabyte Corp. 261,250
35,500 Hewlett-Packard Co. 2,889,125
32,000 Intel Corp. 2,350,000
90,000 MacNeal-Schwendler Corp. 675,000
20,500 * Medar Inc. 212,687
10,000 * Microsoft Corp. 1,201,250
40,000 Motorola, Inc. 2,515,000
52,500 * Novell, Inc. 728,437
23,529 Seagate Technology 1,058,805
22,871 Solectron Corp. 866,239
40,000 * Sun Microsystems, Inc. 2,355,000
28,500 * Teradyne Inc. 491,625
40,000 Texas Instruments, Inc. 1,995,000
---------------
24,003,168
---------------
CONTAINERS (0.7%)
90,000 * Owens-Illinois, Inc. 1,440,000
---------------
DURABLE GOODS (0.4%)
45,000 * Zebra Technology Corp. 798,750
---------------
ELECTRICAL EQUIPMENT (4.5%)
45,000 * Analog Devices, Inc. 1,147,500
70,000 BMC Industries Inc. - Minn. 2,012,500
31,500 Federal Signal Corp. 740,250
40,000 General Electric Co. 3,460,000
40,000 Varian Associates, Inc. 2,070,000
---------------
9,430,250
---------------
ENTERTAINMENT AND LEISURE (0.7%)
37,500 Cedar Fair 1,401,563
---------------
FINANCE (1.2%)
37,000 * Olympic Financial Ltd 851,000
15,000 PHH Corp. 855,000
40,000 SEI Corp. 845,000
---------------
2,551,000
---------------
FOOD AND RELATED (1.3%)
84,000 * Buffets, Inc. 1,029,000
33,000 Smart & Final, Inc. 845,625
25,500 H.J. Heinz Co. 774,562
---------------
2,649,187
---------------
HOUSING, FURNITURE & RELATED (1.3%)
64,000 Newell Co. 1,960,000
50,000 Shaw Industries, Inc. 656,250
---------------
2,616,250
---------------
INDUSTRIAL SERVICES (2.7%)
30,000 Deere & Company 1,200,000
50,000 Regal Beloit 987,500
32,000 Stewart & Stevenson Services 728,000
50,000 WMX Technologies, Inc. 1,637,500
20,000 York International, Corp. 1,035,000
---------------
5,588,000
---------------
</TABLE>
(continued)
13
<PAGE> 15
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS EQUITY PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCK VALUE
- -----------------------------------------------------------------
<S> <C> <C>
INSURANCE SERVICES (5.1%)
28,125 American International Group $2,773,828
36,000 Chubb Corp. 1,795,500
35,831 Cincinnati Financial Corp. 2,055,804
40,000 Equitable Cos., Inc. 995,000
34,500 Providian Corp. 1,479,188
26,500 St. Paul Cos. 1,417,750
--------------
10,517,070
--------------
MACHINERY (2.9%)
28,000 * Bridgeport Machines Inc. 462,000
24,000 Caterpillar, Inc. 1,626,000
40,000 Kysor Industrial Corp. 970,000
56,800 Trinity Industries 1,931,200
47,000 Walbro Corp. 951,750
--------------
5,940,950
--------------
MEDICAL AND RELATED (6.0%)
32,000 Abbott Laboratories 1,392,000
36,000 Allergan, Inc. 1,413,000
37,500 Baxter International 1,771,875
41,500 * Cephalon Inc. 819,625
44,000 Columbia HCA Healthcare Corp. 2,348,500
24,000 * Foundation Health Corp. 1,399,125
34,500 Healthcare Realty Trust 1,092,500
30,000 * Humana Inc. 536,250
29,500 National Health Investors, Inc. 966,125
13,500 National Healthcare-LP 507,937
23,500 * Quorum Health Group Inc. 154,953
--------------
12,401,890
--------------
METALS AND MINING (1.5%)
52,500 Easco Inc. 433,125
40,000 Greenbrier Companies, Inc. 555,000
35,300 Minerals Technologies, Inc. 1,209,025
16,000 Phelps Dodge Corp. 998,000
--------------
3,195,150
--------------
METAL FABRICATING (1.1%)
96,000 Engelhard Corp. 2,208,000
--------------
OIL, ENERGY AND NATURAL GAS (6.6%)
40,000 Ashland, Inc. 1,585,000
65,500 Camco International, Inc. 2,218,813
27,000 Chevron Corp. 1,593,000
13,000 Coastal Corp. 542,750
17,500 Diamond Shamrock, Inc. 505,312
57,500 * Enserch Exploration Inc. 618,125
75,000 * Louis Dreyfus Natural Gas 1,125,000
20,000 Schlumberger, Ltd. 1,685,000
45,000 Union Texas Petroleum 877,500
90,000 Westcoast Energy, Inc. 1,350,000
34,000 Williams Cos. Inc. 1,683,000
--------------
13,783,500
--------------
RETAIL (0.7%)
35,000 Family Dollar Stores 608,125
38,000 National Propane Partners 798,000
--------------
1,406,125
--------------
<CAPTION>
MARKET
SHARES COMMON STOCK VALUE
- ------------------------------------------------------------------
<S> <C> <C>
REAL ESTATE AND LEASING (0.9%)
51,000 Commercial Net Lease Realty $860,250
25,000 First Industrial Reality Trust 587,500
25,000 Liberty Property Trust 496,875
---------------
1,944,625
---------------
TEXTILES AND RELATED (0.4%)
25,000 Oxford Industries, Inc. 403,125
25,000 Singer Co. NV 506,250
---------------
909,375
---------------
TRANSPORTATION AND EQUIPMENT (3.9%)
41,381 Burlington Northern, Inc. 3,346,690
15,000 Conrail, Inc. 995,625
30,000 Consolidated Freightways Inc. 633,750
33,750 Illinois Central Corp. 957,656
25,000 Norfolk Southern Corp. 2,118,750
---------------
8,052,471
---------------
UTILITIES (1.1%)
21,500 Entergy Corp. 610,063
27,500 FPL Group, Inc. 1,265,000
20,500 Montana Power Co. 456,125
---------------
2,331,188
---------------
MISCELLANEOUS (0.4%)
35,000 Offshore Logistics Inc. 485,625
23,000 Wackenhut Corp. Class B 422,625
---------------
908,250
---------------
TOTAL COMMON STOCKS (81.8%)
(COST $106,259,882) $169,856,563
---------------
<CAPTION>
MARKET
SHARES PREFERRED STOCK VALUE
- ------------------------------------------------------------------
<S> <C> <C>
AUTOMOTIVE AND RELATED (0.6%)
12,000 Ford Motor Depository Shares,
Series A, cum., conv. $1,272,000
---------------
BANKING (0.8%)
14,000 Washington Mutual Series D 1,638,000
---------------
ELECTRICAL EQUIPMENT (0.5%)
55,000 Westinghouse Equity, red.,
cum., conv. 1,031,250
---------------
OIL AND GAS (0.8%)
13,000 Ashland Oil, cum., conv. 830,375
15,000 Howell Corp., $3.50 Series A 735,000
---------------
1,565,375
---------------
METALS AND MINING (0.8%)
50,000 Freeport McMoRan Copper & Gold,
Series B 1,725,000
---------------
REAL ESTATE (0.2%)
20,000 Oasis Residential Inc. Series A
cum., conv. 510,000
---------------
TOTAL PREFERRED STOCK (3.7%)
(COST $6,845,091) $7,741,625
---------------
</TABLE>
(continued)
14
<PAGE> 16
OHIO NATIONAL FUND, INC. June 30, 1996
SCHEDULE OF INVESTMENTS EQUITY PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT CONVERTIBLE DEBENTURES VALUE
- -----------------------------------------------------------------
<S> <C> <C>
AUTOMOTIVE AND RELATED (0.3%)
$200,000 Magna Intl. Inc. conv. subordinated
debentures due 10-15-02 $528,125
--------------
ELECTRICAL EQUIPMENT (0.3%)
700,000 Richey Electric, 7.000% conv.
subordinated debentures,
due 03-01-06 724,500
--------------
METAL FABRICATING (0.5%)
900,000 INCO, Ltd., 7.750% conv.
subordinated debentures,
due 03-15-16 951,750
--------------
TOTAL CONVERTIBLE DEBENTURES (1.1%)
(COST $2,132,000) $2,204,375
--------------
<CAPTION>
FACE MARKET
AMOUNT SHORT-TERM NOTES VALUE
- -----------------------------------------------------------------
<S> <C> <C>
AUTOMOTIVE AND RELATED (1.7%)
$3,500,000 General Motors Acceptance Corp.
5.360% 07-09-96 $3,495,831
--------------
<CAPTION>
FACE MARKET
AMOUNT SHORT-TERM NOTES VALUE
- ------------------------------------------------------------------
<S> <C> <C>
FINANCE (9.3%)
$4,000,000 American Express Credit Corp.
5.340% 07-11-96 $3,994,067
2,957,000 American General Capital Services
5.250% 07-08-96 2,953,981
3,842,000 Associates Corp. of N. America
5.200% 07-03-96 3,840,890
4,525,000 Heller Financial Inc.
5.280% 07-02-96 4,524,336
3,918,000 Prudential Funding Corp.
5.350% 07-10-96 3,912,760
---------------
19,226,034
---------------
RETAIL (2.6%)
5,428,000 Sears, Roebuck Acceptance Corp.
5.380% 07-12-96 5,419,077
---------------
TOTAL SHORT-TERM NOTES (13.6%)
(COST $28,140,942) $28,140,942
---------------
TOTAL HOLDINGS
(COST $143,377,915)(a) $207,943,505
===============
<FN>
*Non-income producing securities.
(a) Also represents cost for Federal income tax purposes.
</TABLE>
The accompanying notes are an integral part of these financial statements.
15
<PAGE> 17
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS MONEY MARKET PORTFOLIO
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT SHORT-TERM NOTES VALUE
- ------------------------------------------------------------------
<S> <C> <C>
AUTOMOTIVE AND RELATED (13.4%)
$940,000 American Honda Finance
5.320% 07-25-96 $936,666
132,000 General Motors Acceptance Corp.
5.400% 07-30-96 131,426
675,000 General Motors Acceptance Corp.
5.420% 01-28-97 653,557
922,000 Ford Motor Credit Corp.
5.370% 7-22-96 919,112
--------------
2,640,761
--------------
COMPUTER AND RELATED (4.7%)
930,000 IBM Credit Corp.
5.370% 08-16-96 923,619
--------------
ELECTRICAL EQUIPMENT (8.3%)
390,000 G.E. Capital Corp.
5.370% 8-13-96 387,498
568,000 G.E. Capital Corp.
5.380% 8-23-96 563,501
697,000 Minolta Corp.
5.330% 08-27-96 691,118
--------------
1,642,117
--------------
ENTERTAINMENT AND LEISURE (3.4%)
666,000 Walt Disney
5.320% 08-01-96 662,949
--------------
FINANCE (19.7%)
945,000 Associates Corp.
5.270% 08-22-96 937,806
880,000 Heller Financial Inc.
5.310% 08-16-96 874,029
200,000 Household Finance Corp.
5.350% 08-16-96 198,633
237,000 Household Finance Corp.
5.350% 08-09-96 235,626
828,000 Madison Funding Corp.
5.350% 07-10-96 826,893
831,000 Strategic Asset Funding
5.400% 07-31-96 827,261
--------------
3,900,248
--------------
FOOD & RELATED (4.6%)
120,000 Quaker Oats
5.530% 07-18-96 119,687
785,000 Quaker Oats
5.500% 07-02-96 784,880
--------------
904,567
--------------
<CAPTION>
FACE MARKET
AMOUNT SHORT-TERM NOTES VALUE
- -----------------------------------------------------------------
<S> <C> <C>
INDUSTRIAL (4.2%)
$460,000 Allergan Inc.
5.300% 07-30-96 $458,036
377,000 Temple-Inland
5.370% 07-08-96 375,707
--------------
833,743
--------------
INSURANCE (6.3%)
259,000 Prudential Funding Inc.
5.280% 07-01-96 259,000
279,000 Prudential Funding Inc.
5.270% 07-01-96 279,000
700,000 Torchmark
5.450% 07-08-96 699,258
--------------
1,237,258
--------------
MACHINERY (15.0%)
750,000 Deere and Company
5.370% 08-12-96 745,301
670,000 Echlin Inc.
5.290% 07-09-96 669,212
800,000 Harley Davidson
5.370% 07-11-96 798,807
760,000 Stanley Works
5.300% 07-9-96 759,105
--------------
2,972,425
--------------
RETAIL (11.2%)
852,000 Avon
5.400% 07-12-96 850,594
496,000 JC Penny Funding Corp.
5.360% 08-21-96 492,234
870,000 Sears Roebuck Acceptance Corp.
5.310% 07-11-96 868,717
--------------
2,211,545
--------------
UTILITIES (9.1%)
300,000 Amertech Capital Fund
5.280% 07-02-96 299,956
427,000 Amertech Capital Fund
5.260% 08-05-96 424,816
400,000 Southwestern Bell
5.370% 08-26-96 396,659
677,000 Union Pacific
5.350% 07-12-96 675,893
--------------
1,797,324
--------------
TOTAL HOLDINGS
(COST $19,726,556)(a) $19,726,556
==============
<FN>
(a) Also represents cost for Federal income tax purposes.
</TABLE>
The accompanying notes are an integral part of these financial statements.
16
<PAGE> 18
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS BOND PORTFOLIO
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT LONG-TERM NOTES VALUE
- ------------------------------------------------------------------
<S> <C> <C>
GOVERNMENT (12.8%)
$250,000 U.S. Treasury Note
6.375% 08-15-02 $247,885
500,000 U.S. Treasury Note
7.375% 11-15-97 509,065
500,000 U.S. Treasury Note
5.625% 02-15-06 463,635
500,000 U.S. Treasury Note
7.875% 11-15-99 522,295
745,000 U.S. Treasury Note
7.750% 02-15-01 782,921
--------------
2,525,801
--------------
AUTOMOTIVE AND RELATED (3.2%)
100,000 Arvin Industries
10.000% 08-01-00 107,375
500,000 GMAC
8.400% 10-15-99 523,750
--------------
631,125
--------------
COMMUNICATIONS (1.3%)
250,000 Tele-communications, Inc.
8.250% 01-15-03 252,188
--------------
COMPUTER AND RELATED (2.5%)
300,000 Apple Computer Inc.
6.500% 02-15-04 248,250
200,000 Comdisco, Inc.
7.750% 09-01-99 205,250
--------------
453,500
--------------
CONSUMER GOODS (2.6%)
200,000 RJR Nabisco Inc.
8.750% 04-15-04 200,000
300,000 RJR Nabisco Inc.
8.625% 12-01-02 304,125
--------------
504,125
--------------
ELECTRICAL EQUIPMENT (2.0%)
400,000 Tektronix Inc.
7.500% 08-01-03 397,500
--------------
FINANCE (1.2%)
250,000 Aristar Inc.
5.750% 07-15-98 246,250
--------------
FOOD AND RELATED (2.4%)
500,000 Wendy's Inc.
6.350% 12-15-05 467,500
--------------
FORESTRY AND PAPER PRODUCTS (4.3%)
300,000 Boise Cascade Co.
9.850% 06-15-02 335,250
250,000 Champion International
7.700% 12-15-99 256,562
250,000 ITT Rayonier Inc.
7.500% 10-15-02 253,438
--------------
845,250
--------------
HOTEL/LODGING (1.5%)
300,000 Marriott International
7.780% 04-15-05 305,250
--------------
<CAPTION>
FACE MARKET
AMOUNT LONG-TERM NOTES VALUE
- ------------------------------------------------------------------
<S> <C> <C>
GOVERNMENT (FOREIGN) (2.4%)
$200,000 British Columbia
7.000% 01-15-03 $201,500
250,000 Province of Quebec
8.625% 01-19-05 269,375
--------------
470,875
--------------
HOUSING, FURNITURE AND RELATED (0.8%)
140,000 Armstrong World
9.750% 04-15-08 163,450
--------------
INSURANCE (3.3%)
250,000 Continental Corp.
7.250% 03-01-03 249,062
400,000 Transamerica Finance Corp.
7.500% 03-15-04 404,500
--------------
653,562
--------------
MEDICAL AND RELATED (2.7%)
250,000 Bergen Brunswig
7.375% 01-15-03 252,500
300,000 Cardinal Health Inc.
6.500% 02-15-04 287,250
--------------
539,750
--------------
METALS AND MINING (2.4%)
500,000 Cyprus Minerals
6.625% 10-15-05 469,375
--------------
OIL, ENERGY AND NATURAL GAS (9.4%)
200,000 Atlantic Richfield
8.550% 03-01-12 220,750
100,000 DeKalb Energy
9.875% 07-15-00 100,250
400,000 Dresser Industries, Inc.
6.250% 06-01-00 392,500
125,000 Marathon Oil
7.000% 06-01-02 122,969
500,000 Mobile Energy Services Co.
8.665% 01-01-17 494,571
400,000 PDV America, Inc.
7.875% 08-01-03 385,000
140,000 Shell Oil Co.
6.950% 12-15-98 141,750
--------------
1,857,790
--------------
REAL ESTATE (2.7%)
300,000 Avalon Properties Inc.
7.375% 09-15-02 292,875
250,000 Sun Communities
7.625% 05-01-03 248,437
--------------
541,312
--------------
TRANSPORTATION (5.5%)
250,000 American President Cos., Ltd.
7.125% 11-15-03 241,875
350,000 Illinois Central Gulf Railroad
6.750% 05-15-03 336,437
500,000 Northwest Airlines
8.070% 01-02-15 507,132
--------------
1,085,444
--------------
</TABLE>
(continued)
17
<PAGE> 19
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS BOND PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT LONG-TERM NOTES VALUE
- ------------------------------------------------------------------
<S> <C> <C>
UTILITIES (14.1%)
$200,000 Cleveland Electric Illum.
7.625% 08-01-02 $185,000
500,000 Great Lakes Power Inc.
8.900% 12-01-99 526,250
250,000 Kansas Gas & Electric
8.290% 03-29-16 257,812
550,000 Mississippi Power & Light
8.800% 04-01-05 563,063
200,000 Old Dominion Electric Co-op
8.760% 12-01-22 216,000
200,000 Sprint Corp.
8.125% 07-15-02 210,000
700,000 Texas Utilities Electric Co.
7.480% 01-01-17 661,500
200,000 Toledo Edison Co.
7.875% 08-01-04 172,750
--------------
2,792,375
--------------
MISCELLANEOUS (5.3%)
375,000 New Orleans Public Service Co.
8.670% 04-01-05 384,844
700,000 ITT Destinations Inc.
6.750% 11-15-05 666,750
--------------
1,051,594
--------------
TOTAL LONG-TERM NOTES (82.1%)
(COST $16,284,734) $16,254,016
--------------
<CAPTION>
MARKET
SHARES PREFERRED STOCK VALUE
- ------------------------------------------------------------------
<S> <C> <C>
UTILITIES (2.4%)
12,000 GTE Delaware, 8.750%, Series B $313,500
6,500 Phillips Gas Co., 9.320% Series A 170,625
--------------
TOTAL PREFERRED STOCKS (2.4%)
(COST $462,500) $484,125
--------------
<CAPTION>
MARKET
SHARES WARRANTS VALUE
- ------------------------------------------------------------------
<S> <C> <C>
DIVERSIFIED
500 * Plastic Specialties & Tech Inc. $500
--------------
TOTAL WARRANTS (0.0%) $500
--------------
<CAPTION>
FACE MARKET
AMOUNT SHORT-TERM NOTES VALUE
- ------------------------------------------------------------------
<S> <C> <C>
ELECTRICAL EQUIPMENT (0.7%)
$139,000 G.E. Capital Corp.
5.220% 07-03-96 $138,960
--------------
FINANCE (10.4%)
593,000 American Express Credit Corp.
5.340% 07-11-96 592,120
498,000 American General Finance Corp.
5.250% 07-08-96 497,492
204,000 Heller Financial Inc.
5.280% 07-02-96 203,970
775,000 Prudential Funding Inc.
5.350% 07-10-96 773,963
--------------
2,067,545
--------------
RETAIL (2.8%)
563,000 Sears Roebuck Acceptance Corp.
5.380% 07-12-96 562,075
--------------
TOTAL SHORT-TERM NOTES (13.9%)
(COST $2,768,580) $2,768,580
--------------
TOTAL HOLDINGS
(COST $19,515,814)(a) $19,507,221
==============
<FN>
*Non-income producing securities.
(a) Also represents cost for Federal income tax purposes.
</TABLE>
The accompanying notes are an integral part of these financial statements.
18
<PAGE> 20
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS OMNI PORTFOLIO
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT LONG-TERM NOTES VALUE
- ------------------------------------------------------------------
<S> <C> <C>
GOVERNMENT (2.6%)
$775,000 U.S. Treasury Note
6.375% 07-15-99 $776,767
500,000 U.S. Treasury Note
7.875% 11-15-99 522,295
2,005,000 U.S. Treasury Note
7.750% 02-15-01 2,107,054
--------------
3,406,116
--------------
AVIATION (0.4%)
500,000 AAR Corp.
7.250% 10-15-03 466,875
--------------
COMPUTERS AND RELATED (0.4%)
700,000 Apple Computer, Inc.
6.500% 02-15-04 579,250
--------------
CONSUMER GOODS (0.9%)
700,000 Kroger Co.
9.750% 02-15-04 742,000
400,000 RJR Nabisco, Inc.
8.750% 04-15-04 400,000
--------------
1,142,000
--------------
ELECTRICAL EQUIPMENT (0.2%)
300,000 Richey Electric
7.000% 03-01-06 310,500
--------------
FINANCE (0.8%)
1,000,000 Green Tree Financial Corp.
8.700% 06-15-25 1,000,000
--------------
FORESTRY AND PAPER PRODUCTS (1.2%)
700,000 Boise Cascade Co.
9.850% 06-15-02 782,250
500,000 Champion International
9.875% 06-01-00 548,750
250,000 ITT Rayonier, Inc.
7.500% 10-15-02 253,437
--------------
1,584,437
--------------
HOUSING, FURNITURE AND RELATED (0.2%)
250,000 Armstrong World
9.750% 04-15-08 291,875
--------------
INSURANCE (0.8%)
500,000 Continental Corp.
7.250% 03-01-03 498,125
600,000 Transamerica Finance Corp.
7.500% 03-15-04 606,750
--------------
1,104,875
--------------
MEDICAL AND RELATED (0.4%)
500,000 Bergen Brunswig
7.375% 01-15-03 505,000
--------------
METALS AND MINING (0.4%)
500,000 Cyprus Minerals
6.625% 10-15-05 469,375
--------------
OIL, ENERGY AND NATURAL GAS (1.7%)
400,000 Dekalb Energy
9.875% 07-15-00 401,000
--------------
<CAPTION>
FACE MARKET
AMOUNT LONG-TERM NOTES VALUE
- --------------------------------------------------------------------
<S> <C> <C>
OIL, ENERGY AND NATURAL GAS (CONT.)
$350,000 Dresser Industries, Inc.
6.250% 06-01-00 $343,438
375,000 Marathon Oil
7.00% 06-01-02 368,906
600,000 PDV America, Inc.
7.875% 08-01-03 577,500
500,000 Union Texas Petroleum
8.250% 11-15-99 513,125
----------------
2,203,969
----------------
TRANSPORTATION (0.7%)
500,000 American President Cos., Ltd.
7.125% 11-15-03 483,750
400,000 Illinois Central Gulf Railroad
6.750% 05-15-03 384,500
----------------
868,250
----------------
UTILITIES (2.5%)
400,000 Cleveland Electric Illum.
7.625% 08-01-02 370,000
1,000,000 Great Lakes Power
9.000% 08-01-04 1,048,750
500,000 Mississippi Power & Light
8.800% 04-01-05 511,875
400,000 Old Dominion Elec. Co.
8.760% 12-01-22 432,000
300,000 Sprint Corp.
8.125% 07-15-02 315,000
500,000 Texas New Mexico Power Co.
9.250% 09-15-00 516,875
----------------
3,194,500
----------------
TOTAL LONG-TERM NOTES (13.2%)
(COST $16,999,471) $17,127,022
----------------
<CAPTION>
FACE MARKET
AMOUNT SHORT-TERM NOTES VALUE
- --------------------------------------------------------------------
<S> <C> <C>
AUTOMOTIVE AND RELATED (1.8%)
$2,290,000 General Motors Acceptance Corp.
5.360% 07-09-96 $2,287,272
----------------
FINANCE (16.5%)
5,756,000 American Express Credit Corp.
5.340% 07-11-96 5,747,462
4,790,000 American General Finance
5.250% 07-08-96 4,785,110
3,943,000 Associates Corp. of N. America
5.200% 07-03-96 3,941,861
1,884,000 Heller Finance
5.280% 07-02-96 1,883,724
4,950,000 Prudential Funding Corp.
5.350% 07-12-96 4,943,379
----------------
21,301,536
----------------
RETAIL (1.8%)
2,310,000 Sears Roebuck Acceptance Corp.
5.380% 07-12-96 2,306,203
----------------
TOTAL SHORT-TERM NOTES (20.1%)
(COST $25,895,011) $25,895,011
----------------
</TABLE>
(continued)
19
<PAGE> 21
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS OMNI PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCK VALUE
- ------------------------------------------------------------------
<S> <C> <C>
AEROSPACE (2.6%)
22,000 Allied Signal, Inc. $1,256,750
21,600 Raytheon Co. 1,115,100
17,350 Rockwell International Corp. 993,288
--------------
3,365,138
--------------
AUTOMOTIVE AND RELATED (1.8%)
7,500 Arvin Industries, Inc. 166,875
5,850 Chrysler Corp. 362,700
30,000 * Custom Chrome, Inc. 806,250
8,000 Eaton Corp. 469,000
10,000 Magna International, Inc. 460,000
--------------
2,264,825
--------------
BANKING (2.9%)
10,000 Boatmen's Bancshares, Inc. 401,250
13,000 Charter One Financial, Inc. 453,375
35,000 First Colorado Bancorp 463,750
10,000 First Union Corp. 608,750
14,332 Franklin National Bank 150,491
45,000 Hanson Trust, Plc 641,250
11,250 Mellon Bank Corp. 641,250
12,500 Susquehanna Bancshares, Inc. 334,375
--------------
3,694,491
--------------
BUILDING AND CONSTRUCTION (1.3%)
29,620 Clayton Homes 592,405
33,000 Hardinge Inc. 1,047,750
--------------
1,640,155
--------------
BUSINESS SERVICES (3.3%)
20,000 First Data Corp. 1,592,500
30,000 Manpower, Inc. 1,177,500
15,000 * Mastec, Inc. 378,750
5,000 Standard Register Co. 123,125
22,000 * Verifone, Inc. 929,500
--------------
4,201,375
--------------
CHEMICALS (2.6%)
15,000 Betz Laboratories, Inc. 658,125
20,000 * Canisco Resources Inc. 50,000
2,500 E I DuPont DeNemours & Co. 197,812
20,000 Learonal Inc. 750,000
12,000 Lubrizol Corp. 364,500
3,000 Monsanto Co. 487,500
22,000 OM Group, Inc. 863,500
--------------
3,371,437
--------------
COMMUNICATIONS (2.8%)
31,000 * Atlantic Tele-Network Inc. 744,000
36,000 * Andrew Corp. 1,935,000
49,000 * General Cable Plc 753,375
15,000 * Granite Broadcasting Corp. 194,062
--------------
3,626,437
--------------
CONSUMER PRODUCTS (0.6%)
11,500 PanAmerican Beverages, Inc. 514,625
12,000 Stanhome, Inc. 318,000
--------------
832,625
--------------
CONTAINERS (0.9%)
70,000 * Owens-Illinois, Inc. 1,120,000
--------------
DURABLE GOODS (0.3%)
22,000 * Zebra Technology Corp. 390,500
--------------
<CAPTION>
MARKET
SHARES COMMON STOCK VALUE
- --------------------------------------------------------------------
<S> <C> <C>
COMPUTER AND RELATED (7.5%)
30,000 * Cisco Systems, Inc. $1,698,750
6,600 Computer Sciences Corp. 493,350
10,000 * Exabyte Corp. 130,625
15,000 Hewlett-Packard Co. 1,494,375
14,000 Intel Corp. 1,028,125
55,000 MacNeal-Schwendler Corp. 412,500
5,000 * Microsoft Corp. 600,625
32,500 * Novell, Inc. 450,938
23,529 Seagate Technology, Inc. 1,058,805
20,000 * Sun Microsystems, Inc. 1,177,500
16,000 * Teradyne Inc. 276,000
18,000 Texas Instruments, Inc. 897,750
----------------
9,719,343
----------------
ELECTRICAL EQUIPMENT (3.3%)
25,000 * Analog Devices, Inc. 637,500
30,000 BMC Industries, Inc.-Minn. 862,500
26,116 Federal Signal Corp. 613,726
14,000 General Electric Co. 1,211,000
18,000 Varian Associates, Inc. 931,500
----------------
4,256,226
----------------
ENTERTAINMENT AND LEISURE (0.9%)
33,000 Cedar Fair 1,233,375
----------------
FINANCE (0.8%)
16,000 * Olympic Financial Ltd. 368,000
11,500 PHH Corp. 655,500
----------------
1,023,500
----------------
FOOD AND RELATED (1.2%)
50,000 * Buffets, Inc. 612,500
15,000 Smart & Final, Inc. 384,375
16,500 H.J. Heinz Co. 501,188
----------------
1,498,063
----------------
HOUSING, FURNITURE AND RELATED (0.7%)
24,000 Newell Co. 735,000
11,200 Shaw Industries, Inc. 147,000
----------------
882,000
----------------
INDUSTRIAL SERVICES (0.5%)
1,600 Regal Beloit 31,600
28,000 Stewart & Stevenson Services 637,000
----------------
668,600
----------------
INSURANCE (5.1%)
16,125 American International Group 1,590,328
30,000 Chubb Corp. 1,496,250
24,806 Cincinnati Financial Corp. 1,423,244
20,000 Equitable Cos., Inc. 497,500
20,500 Providian Corporation 878,938
12,500 St. Paul Cos. 668,750
----------------
6,555,010
----------------
MEDICAL AND RELATED (5.0%)
28,000 Abbott Laboratories 1,218,000
14,000 Allergan, Inc. 549,500
26,500 Baxter International 1,252,125
20,000 * Cephalon 395,000
25,000 * Foundation Health Corp. 896,875
45,000 Healthcare Realty Trust 1,068,750
18,000 * Humana, Inc. 321,750
24,000 National Health Investors, Inc. 786,000
----------------
6,488,000
----------------
(continued)
</TABLE>
20
<PAGE> 22
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS OMNI PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCK VALUE
- ------------------------------------------------------------------
<S> <C> <C>
MACHINERY (1.6%)
15,000 * Bridgeport Machines, Inc. $247,500
6,000 Caterpillar, Inc. 406,500
21,000 Trinity Industries 714,000
34,000 Walbro Corp. 688,500
--------------
2,056,500
--------------
METAL FABRICATING (0.9%)
27,000 Amcast Industrial Corp. 546,750
18,000 Engelhard Corp. 414,000
4,000 Phelps Dodge Corp. 249,500
--------------
1,210,250
--------------
METALS AND MINING (1.0%)
32,500 Easco Inc. 268,125
24,000 Greenbrier Companies, Inc. 333,000
20,000 Minerals Technologies, Inc. 685,000
--------------
1,286,125
--------------
OIL, ENERGY AND NATURAL GAS (6.1%)
15,000 Ashland, Inc. 594,375
45,500 Camco International, Inc. 1,541,313
23,000 Chevron Corp. 1,357,000
7,000 Coastal Corp. 292,250
7,500 Diamond Shamrock, Inc. 216,562
27,000 * Enserch Exploration, Inc. 290,250
40,000 * Louis Dreyfus Natural Gas 600,000
10,000 Schlumberger, Ltd. 842,500
35,000 Union Texas Petroleum Holdings, Inc. 682,500
11,600 WD-40 Co. 545,200
19,000 Williams Cos. Inc. 940,500
--------------
7,902,450
--------------
REAL ESTATE (1.3%)
70,300 Commercial Net Lease Realty 975,413
18,000 First Industrial Realty Trust 423,000
17,000 Liberty Property Trust 337,875
--------------
1,736,288
--------------
RETAIL (0.5%)
32,200 National Propane Partners 676,200
--------------
TRANSPORTATION AND EQUIPMENT (3.1%)
24,255 Burlington Northern Santa Fe 1,961,623
8,000 Conrail, Inc. 531,000
15,000 Consolidated Freightways, Inc. 316,875
11,250 Illinois Central Corp. 319,218
10,000 Norfolk Southern Corp. 847,500
--------------
3,976,216
--------------
UTILITIES (1.3%)
6,000 Entergy Corp. 170,250
15,000 FPL Group, Inc. 690,000
7,000 Montana Power Co. 155,750
45,000 Westcoast Energy, Inc. 675,000
--------------
1,691,000
--------------
MISCELLANEOUS (0.2%)
17,500 Offshore Logistics Inc. 242,813
--------------
TOTAL COMMON STOCKS (60.1%)
(COST $53,303,966) $77,608,942
--------------
<CAPTION>
MARKET
SHARES PREFERRED STOCK VALUE
- --------------------------------------------------------------------
<S> <C> <C>
AUTOMOTIVE AND RELATED (1.5%)
18,000 Ford Motor Co., cum., conv., Ser. A $1,908,000
----------------
BANKING (0.6%)
7,000 Washington Mutual 6.00% Series D 819,000
----------------
ELECTRICAL EQUIPMENT (0.6%)
40,000 Westinghouse Equity, cum., conv. 750,000
----------------
FOOD & RELATED (0.4%)
20,000 Conagra Capital LC, 9.350% cum.,
conv. Series C 527,500
----------------
METALS AND MINING (0.8%)
30,000 Freeport McMoRan Copper & Gold
cum., conv. 1,035,000
----------------
OIL, ENERGY AND NATURAL GAS (0.7%)
7,000 Ashland, Inc., cum., conv. 447,125
10,000 Howell Corp., $3.50 Series A 490,000
----------------
937,125
----------------
REAL ESTATE (0.3%)
15,000 Oasis Residential, Inc., 9.000%
cum., conv. Series A 382,500
----------------
UTILITIES (0.9%)
20,000 GTE Delaware 8.750%, Series B 522,500
22,000 Phillips Gas Co. 9.320% Series A 577,500
----------------
1,100,000
----------------
TOTAL PREFERRED STOCKS (5.8%)
(COST $6,241,885) $7,459,125
----------------
<CAPTION>
FACE MARKET
AMOUNT CONVERTIBLE DEBENTURES VALUE
- --------------------------------------------------------------------
<S> <C> <C>
AUTOMOTIVE AND RELATED (0.3%)
$400,000 Magna Intl. Inc., 5.000% conv.
subordinated debentures,
due 10-15-02 $422,500
----------------
METAL FABRICATING (0.5%)
600,000 INCO, Ltd., 7.750% conv. subordinated
debentures, due 03-15-16 634,500
----------------
TOTAL CONVERTIBLE DEBENTURES (0.8%)
(COST $1,032,000) $1,057,000
----------------
<CAPTION>
MARKET
SHARES WARRANTS VALUE
- --------------------------------------------------------------------
<S> <C> <C>
DIVERSIFIED (0.00%)
2,000 * Plastic Specialties & Tech., Inc. $2,000
----------------
TOTAL HOLDINGS
(COST $103,472,333)(a) $129,149,100
================
<FN>
*Non-income producing securities.
(a) Also represents cost for Federal income tax purposes.
</TABLE>
The accompanying notes are an integral part of these financial statements.
21
<PAGE> 23
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS INTERNATIONAL PORTFOLIO
<TABLE>
<CAPTION>
MARKET
SHARES COMMON AND PREFERRED STOCK VALUE
- ------------------------------------------------------------------------
<S> <C> <C>
JAPAN (19.2%)
100,000 Aida Engineering Limited (19) $836,488
20,000 Asatsu Inc. (20) 866,591
20,000 Chofu Seisakusho (9) 498,062
235,000 Dai-Tokyo Fire Marine Ins. Co. Ltd. (18) 1,768,529
150,000 Dowa Fire & Marine Ins. Co. Ltd. (18) 818,244
75,000 Fuji Photo Film Co., Ltd. (9) 2,367,161
12,000 Hitachi Ltd. ADR (11) 1,125,000
135,000 * Iino Kaiun Kaisha (5) 730,262
35,000 Ito-Yokado Co. Ltd. (28) 2,110,376
45,000 Japan Airport Terminal Co. (32) 636,260
100,000 Koa Fire & Marine Ins. Co., Ltd. (18) 648,575
99,250 Nichido Fire & Marine Ins. Co., Ltd. (18) 766,839
135,000 Nisshinbo Industries Inc. (8) 1,329,989
100,000 Nittetsu Mining Co., Ltd. (22) 1,021,665
65,000 Shimano Inc. (9) 1,162,144
30,000 Sotoh Co. (31) 342,075
135,000 Shoei Co. (27) 1,588,597
9,500 Toho Co. (20) 1,681,186
135,000 Tokyo Marine & Fire Ins. Co. Ltd. (18) 1,797,947
18,000 Tsutsumi Jewelry Co. (9) 870,239
--------------
22,966,229
--------------
FRANCE (10.3%)
2,500 C.E.E. (Continentale d'Equipments
Electriques) (10) 125,639
18,000 Compagnie Generale des Eaux (33) 2,008,285
4,575 Crometal (5) 319,579
20,000 Elf Aquitaine (12) 1,469,250
10,000 Emin Leydier (24) 882,869
12,000 Eramet (22) 806,807
13,750 Gaumont SA (20) 1,027,185
3,500 La Brosse et DuPont (9) 220,717
16,500 Legrand ADP (10) 1,936,977
8,000 Marine Wendel (34) 661,279
5,500 Nicolas Schlumberger et Cie (19) 725,699
2,500 Promodes C.I. (28) 453,562
1,250 Promodes 'Nouveile' (28) 359,939
2,500 SAGA (Societe Anontme de Gerance et
d'Armement) (32) 73,734
1,000 Sucriere de Pithiviers-le-Vieil (1) 708,236
2,500 Taittinger (13) 535,543
--------------
12,315,300
--------------
GERMANY (7.7%)
50,000 Bayer AG (7) 1,756,717
7,500 Bertelsmann AG D.R.C. (25) 947,249
5,650 Buderus AG (5) 2,391,005
2,500 Degussa AG (28) 847,194
12,000 Hornbach Holdings AG Pfd. (28) 1,031,395
1,000 SAP AG Pfd. (8) 148,411
35,000 SKW Trostberg AG (4) 923,137
1,250 Spar Handells AG Pfd. (28) 347,735
1,000 Axel Springer Verlag AG (20) 623,298
450 Suedzucker AG Pfd. (1) 181,429
--------------
9,197,570
--------------
SWITZERLAND (6.5%)
1,000 Affichage (20) 510,570
315 Bank of Intl. Settlements (3) 2,764,260
2,000 Kuehne & Nagel Intl. AG (32) 1,128,041
<CAPTION>
MARKET
SHARES COMMON AND PREFERRED STOCK VALUE
- ---------------------------------------------------------------------------
<S> <C> <C>
SWITZERLAND (CONT.)
400 Lindt & Sprungli AG PC (9) $686,079
5,500 Safra Republic Holdings SA (3) 673,750
1,000 Schindler Holding AG PC (5) 1,061,029
1,350 Schindler Holding AG "Warrants" (5) 2,423
3,000 Sika Finanz AG Bearer (7) 729,956
1 Vetropack Holding AG Bearer (23) 3,271
650 Vetropack Holding AG PC (23) 202,234
----------------
7,761,613
----------------
NEW ZEALAND (4.7%)
800,549 Carter Holt Harvey Limited (14) 1,830,491
50,000 Colonial Motor Co. Ltd. (2) 96,474
650,000 * Evergreen Forests Ltd. (14) 263,330
1,601,500 Shortland Properties, Ltd. (27) 901,729
1,069,030 Tasman Agriculture Limited (1) 917,562
185,000 Wilson Limited (20) 1,232,193
450,000 Wrightson Ltd. (1) 330,622
----------------
5,572,401
----------------
NETHERLANDS (4.2%)
20,000 Apothekers Cooperatie OPG (17) 534,784
33,450 German City Estates NV (27) 430,578
1,500 Holdingmaatschappij de Telegraaf (25) 251,448
40,000 Philips Electronics NV ADR (11) 1,305,000
33,500 Randstad Holdings NV (29) 2,469,721
----------------
4,991,531
----------------
CANADA (4.1%)
65,000 Canadian Pacific Ltd. (34) 1,430,000
50,000 Dofasco, Inc. (30) 736,885
10,000 Franco-Nevada Mining Corp. (21) 634,234
100,000 Noranda, Inc. (21) 2,049,345
----------------
4,850,464
----------------
HONG KONG (3.9%)
3,750,000 CDL Hotels Intl. Ltd. (16) 2,058,922
1,650,000 Shaw Brothers (Hong Kong) Ltd. (20) 1,918,431
1,000,000 South China Morning Post Holdings
Corp. (25) 684,693
----------------
4,662,046
----------------
LATIN AMERICA (3.6%)
165,000 Antofagasta Holdings plc (21) 826,872
20,000 Bladex (3) 1,125,000
645,000 Ledesma SA (1) 929,148
1,000,000 Siderca S.A.I.C. (12) 1,365,512
----------------
4,246,532
----------------
SWEDEN (2.8%)
40,000 AssiDoman AB (14) 1,396,316
65,000 Bylock & Nordsjofrakt AB 'B' (32) 641,296
75,000 IRO AB (31) 768,200
35,000 Orrefors Kosta Boda AB (9) 559,204
----------------
3,365,016
----------------
SINGAPORE (2.7%)
375,000 Clipsal Industries Ltd. (10) 1,053,750
375,000 Intraco Ltd. (34) 573,979
45,000 Rothmans Industries Limited (9) 173,788
100,000 Singapore Bus Service Ltd. (32) 708,617
300,000 Times Publishing Ltd. (25) 731,292
----------------
3,241,426
----------------
</TABLE>
(continued)
22
<PAGE> 24
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS INTERNATIONAL PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES COMMON AND PREFERRED STOCK VALUE
- ------------------------------------------------------------------------
<S> <C> <C>
UNITED KINGDOM (2.7%)
150,000 Blenheim Group plc (20) $984,427
100,000 Royal Doulton plc (9) 426,663
425,000 * McBride plc (10) 863,798
75,000 ED & F Man Group plc (34) 202,471
250,000 Berisford plc (34) 702,054
--------------
3,179,413
--------------
ITALY (2.1%)
135,000 Arnoldo Mondadori Editore SpA (25) 1,020,488
2,500,000 * Montedison non-conv. Savings SpA(34) 1,497,172
--------------
2,517,660
--------------
DENMARK (1.7%)
3,500 Aarhus Oliefabrik A/S Class 'B' (1) 184,759
25,000 Carlsberg International A/S Class'B'(9) 1,468,710
3,500 Copenhagen Airport (32) 345,679
--------------
1,999,148
--------------
INDONESIA (1.4%)
10,000 Freeport McMoRan Pfd. 'B' (22) 345,000
21,500 Freeport McMoRan Pfd. 'C' (22) 688,000
28,500 Freeport McMoRan Pfd. 'D' (22) 623,438
--------------
1,656,438
--------------
SPAIN (1.4%)
200,000 Energia e Ind. Aragonesas SA (33) 983,517
8,000 Corporation Financiera Alba SA (34) 664,614
--------------
1,648,131
--------------
NORWAY (1.2%)
115,000 Schibsted AS (25) 1,484,772
--------------
AUSTRIA (1.1%)
5,000 Flughafen Wien AG (32) 343,098
10,000 VAE AG (26) 942,296
--------------
1,285,394
--------------
MEXICO (0.8%)
250,000 * Grupo Fernandez Editores SA de CV(25) 101,846
175,000 Industrias Penoles SA de CV (21) 800,593
--------------
902,439
--------------
SOUTH AFRICA (0.7%)
10,591 Anglo American Platinum Corp.ADR(22) 66,033
35,000 Anglo American Platinum Corp.(22) 218,220
10,076 JCI Ltd. ADR (22) 98,892
25,000 JCI Ltd. (22) 245,353
10,000 Omni Media Corporation (20) 163,953
--------------
792,451
--------------
FINLAND (0.6%)
115,000 * Tampella Oy AB (5) 219,272
10,000 Vaisala Oy A (5) 504,147
--------------
723,419
--------------
BELGIUM (0.4%)
3,000 Deceuninck Plastics Ind. SA (4) 416,142
200 Societe Belge de Betons, SA (34) 105,231
--------------
521,373
--------------
AUSTRALIA (0.3%)
185,000 Eltin Ltd. (22) 305,769
100,000 Motors Holdings Ltd. (2) 72,409
--------------
378,178
--------------
ISRAEL (0.3%)
150,000 Israel Land Development Co. Ltd. (34) 370,804
--------------
<CAPTION>
MARKET
SHARES COMMON AND PREFERRED STOCK VALUE
- ---------------------------------------------------------------------------
<S> <C> <C>
GREECE (0.2%)
48,200 H. Benrubi & Fils SA (9) $239,871
----------------
PORTUGAL (0.2%)
10,000 Companhia de Celulose do Cairna (1) 223,357
----------------
SOUTH KOREA (0.1%)
25,000 L.G. Electronics GDR (11) 188,750
----------------
MISCELLANEOUS (2.2%)
50,000 North European Oil Royalty Tr. (12) 668,750
30,000 Minorco ADR (34) 712,500
450,000 Lonrho plc (34) 1,291,624
----------------
2,672,874
----------------
TOTAL COMMON & PREFERRED STOCK
(87.1%) (COST $92,677,514) $103,954,600
----------------
<CAPTION>
FACE MARKET
AMOUNT CONVERTIBLE DEBENTURES VALUE
- ---------------------------------------------------------------------------
<S> <C> <C>
U.S. DOLLAR (3.0%)
$100,000 Acer Inc. 4.000%
due 06-10-01 (8) $252,000
350,000 PT Inti Indorayon Utama 5.500%
due 10-01-02 (24) 277,375
950,000 Cheil Foods & Chemicals Co 3.000%
due 12-31-06 (9) 1,168,500
250,000 Sincere Navigation 3.750%
due 05-26-03 (32) 273,750
500,000 Ssangyong Cement Co. 3.000%
due 12-31-05 (6) 617,500
250,000 PT Pabrik Kertas Tjiwi Kimia
7.250% due 04-21-01 (24) 239,375
250,000 Scandinavian Broadcasting
7.250% due 08-01-05 (20) 267,813
500,000 Tubos de Acero de Mexico SA
7.500% due 06-12-97 (12) 495,000
----------------
TOTAL U.S. DOLLAR (3.0%) $3,591,313
----------------
NON U.S. DOLLAR (2.4%)
3,600,000 FF Alcatel Alstholm 2.500%
due 01-01-04 (11) 790,702
3,500,000 FF Michelin 6.000%
due 01-02-98 (2) 764,022
1,300,000 FF Immobiliere Hoteliere
due 01-01-01 (33) 155,230
1,211,250 FF Compagnie Generale des Eaux
6.000% due 01-01-98 (33) 269,622
200,000 GBP Lonrho International Finance
6.000% due 02-27-04 (34) 316,118
35,000,000 JPY Nippon Yusen 2.000%
due 09-29-00 (32) 389,510
320,000 NZ Shortland Properties Inc. 7.500%
due 12-31-98 (27) 191,163
----------------
TOTAL NON-U.S. DOLLAR (2.4%) $2,876,367
----------------
TOTAL CONVERTIBLE SUBORDINATED
DEBENTURES (5.4%)
(COST $5,874,348) $6,467,680
----------------
</TABLE>
(continued)
23
<PAGE> 25
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS INTERNATIONAL PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT NON-CONVERTIBLE BONDS VALUE
- ------------------------------------------------------------------------
<S> <C> <C>
U.S. DOLLAR (0.7%)
$1,250,000 Federal Republic Of Brazil 7.250%
due 04-15-24 (15) $888,281
--------------
NON-U.S. DOLLAR (0.6%)
1,000,000 NZ Republic of New Zealand 10.000%
due 03-15-02 (15) 717,514
--------------
TOTAL NON-CONVERTIBLE BONDS(1.3%)
(COST $1,467,918) $1,605,795
--------------
<CAPTION>
MARKET
SHORT-TERM NOTES VALUE
- ------------------------------------------------------------------
<S> <C>
Amoco Co. $984,000
5.300% 07-01-96(12) -------------
Hanson Finance
5.550% 07-08-96(34) 1,295,600
-------------
Rayonier Inc.
5.580% 07-11-96(14) 2,901,496
-------------
Raytheon Co.
5.520% 07-01-96(11) 904,000
-------------
TOTAL SHORT-TERM NOTES (5.1%)
(COST $6,085,096) $6,085,096
-------------
TOTAL HOLDINGS
(COST $106,104,876)(a) $118,113,171
=============
<FN>
(a) Also represents cost for Federal income tax purposes.
* Non-income producing securities.
</TABLE>
FOREIGN CURRENCIES
NZ - New Zealand Dollar
FF - French Franc
GBP - British Pound
JPY - Japanese Yen
<TABLE>
<CAPTION>
Industry Classifications
<S> <C> <C> <C>
(1) Agriculture (18) Insurance
(2) Automotive (19) Machinery
(3) Banking (20) Media
(4) Building Products (21) Metal (non-ferrous)
(5) Capital Goods (22) Mining
(6) Cement (23) Packaging
(7) Chemicals (24) Paper
(8) Computer Products (25) Publishing
(9) Consumer Products (26) Rail Equipment
(10) Electrical Products (27) Real Estate
(11) Electronics (28) Retailing
(12) Energy and Oil (29) Services
(13) Food & Beverage (30) Steel
(14) Forest Products (31) Textile
(15) Governmental (32) Transportation
(16) Hotels (33) Utilities
(17) Health Care (34) Miscellaneous
</TABLE>
The accompanying notes are an integral part of these financial statements.
24
<PAGE> 26
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS CAPITAL APPRECIATION PORTFOLIO
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT LONG-TERM NOTES VALUE
- ------------------------------------------------------------------------
<S> <C> <C>
GOVERNMENT (1.9%)
$100,000 U.S. Treasury Note
5.750% 10-31-97 $99,787
100,000 U.S. Treasury Note
7.375% 11-15-97 101,813
250,000 U.S. Treasury Note
6.750% 05-31-99 252,868
100,000 FNMA
5.370% 02-07-01 94,866
--------------
549,334
--------------
AEROSPACE (0.2%)
50,000 Gencorp
8.000% 08-01-02 55,063
--------------
BUILDING AND CONSTRUCTION (0.8%)
203,000 Schuller Corp.
9.000% 12-31-03 219,240
--------------
COMMUNICATIONS (1.9%)
330,000 Cellular Communications, zero
coupon contracts due 07-27-99 268,537
300,000 Comcast Cable
3.375% 09-09-05 278,250
--------------
546,787
--------------
ELECTRICAL EQUIPMENT (0.2%)
45,000 Cooper Industries
7.050% 01-01-15 48,881
--------------
FINANCE (0.2%)
50,000 UBS Finance
2.000% 12-15-00 49,750
--------------
FOREIGN (1.0%)
300,000 Homestake Mining
5.500% 06-23-00 301,875
--------------
INDUSTRIAL SERVICES (1.1%)
350,000 WMX Technologies
2.000% 01-24-05 326,375
--------------
INSURANCE (2.6%)
150,000 Chubb Capital Corp.
6.000% 05-15-98 174,750
100,000 Grand Metropolitan
6.500% 01-31-00 108,500
100,000 Grand Metropolitan
6.500% 01-31-00 108,500
600,000 USF&G, zero coupon contracts
due 03-03-09 353,250
--------------
745,000
--------------
OIL, ENERGY AND NATURAL GAS (1.0%)
205,000 Enserch Corp.
6.375% 04-01-02 199,106
100,000 Price Co.
5.500% 02-28-12 106,250
--------------
305,356
--------------
<CAPTION>
FACE MARKET
AMOUNT LONG-TERM NOTES VALUE
- ------------------------------------------------------------------------
<S> <C> <C>
RETAIL (0.5%)
250,000 Office Depot, zero coupon
contracts due 11-01-08 $149,688
--------------
TOTAL LONG-TERM NOTES
(11.9%)(COST $3,185,694) $3,297,349
--------------
<CAPTION>
FACE MARKET
AMOUNT SHORT-TERM NOTES VALUE
- ------------------------------------------------------------------------
<S> <C> <C>
AEROSPACE (0.6%)
$175,000 Daimler Benz
5.350% 07-09-96 $174,791
--------------
BANKING (3.3%) 588,000 Bank of N.Y.
5.300% 07-02-96 587,913
350,000 Bank of Australia
5.350% 07-23-96 348,856
--------------
936,769
--------------
CHEMICALS (0.5%) 145,000 FMC Corp.
5.340% 07-29-96 144,398
--------------
COMPUTER AND RELATED (0.4%)
125,000 Hewlett Packard
5.300% 07-19-96 124,669
--------------
ELECTRICAL EQUIPMENT (1.4%)
400,000 G.E. Capital Corp.
5.290% 07-02-96 399,941
--------------
FINANCE (10.5%)
1,020,000 Corp. Assets
5.320% 07-16-96 1,017,739
1,000,000 Delaware Funding
5.300% 07-17-96 997,609
1,000,000 Teco Finance
5.300% 07-03-96 999,706
--------------
3,015,054
--------------
INSURANCE (3.3%)
930,000 Aon Corp.
5.350% 07-01-96 930,000
--------------
UTILITIES (3.1%)
900,000 Southern Co.
5.400% 07-01-96 900,000
--------------
TOTAL SHORT-TERM NOTES
(22.9%)(COST $6,625,622) $6,625,622
--------------
<CAPTION>
FACE MARKET
AMOUNT CONVERTIBLE DEBENTURES VALUE
- ------------------------------------------------------------------------
<S> <C> <C>
COMPUTER AND RELATED (4.6%)
$2,600,000 Automatic Data Process, zero
coupon contracts due 02-20-12 $1,329,250
--------------
</TABLE>
(continued)
25
<PAGE> 27
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS CAPITAL APPRECIATION PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
FACE MARKET
AMOUNT CONVERTIBLE DEBENTURES VALUE
- ------------------------------------------------------------------------
<S> <C> <C>
DRUGS (0.1%)
50,000 Mckesson Co., 4.500% conv.
subordinated debentures,
due 03-01-04 $ 43,688
--------------
DURABLE GOODS (0.3%)
100,000 Outboard Marine, 7.000% conv.
subordinated debentures,
due 07-01-02 99,750
--------------
FOOD AND RELATED (0.4%)
100,000 Food Lion Inc.,5.000% conv. subordinated
debentures, due 06-01-03 108,375
--------------
INSURANCE (0.4%)
125,000 Istituto Nazinle
5.000% 06-28-01 127,500
--------------
MEDIA (3.2%)
850,000 TBS, zero coupon contracts
due 02-13-07 397,375
1,500,000 US West, zero coupon contracts
due 06-25-11 510,000
--------------
907,375
--------------
OIL, ENERGY AND NATURAL GAS (0.2%)
50,000 Pennzoil Co.,4.750% conv. subordinated
debenture, due 10-01-03 53,625
--------------
REAL ESTATE (2.8%)
175,000 Price Co., 6.750% conv. subordinated
debenture, due 03-01-01 194,031
500,000 Rouse Co., 5.750% conv. subordinated
debentures, due 07-23-02 500,625
100,000 Rouse Co., 5.750% conv. subordinated
debentures, due 07-23-02 100,125
--------------
794,781
--------------
UTILITIES (0.6%)
200,000 Potomac Electricity & Power Co.,
5.000% conv. subordinated
debentures, due 09-01-02 180,000
--------------
MISCELLANEOUS (0.7%)
125,000 Lonrho 6.000% conv. subordinated
debenture, due 02-27-04 195,346
--------------
TOTAL CONVERTIBLE DEBENTURES
(13.3%) (COST $3,747,371) $3,839,690
--------------
<CAPTION>
MARKET
SHARES COMMON STOCK VALUE
- ------------------------------------------------------------------------
<S> <C> <C>
AEROSPACE (1.2%)
10,000 Teledyne Inc. $361,250
--------------
COMPUTER AND RELATED (0.5%)
1,500 IBM Corp. 148,500
--------------
<CAPTION>
MARKET
SHARES COMMON STOCK VALUE
- ------------------------------------------------------------------------
<S> <C> <C>
BUILDING MATERIALS (3.4%)
9,000 Lowes Corp. $709,875
25,000 Schuller Corp. 259,375
--------------
969,250
--------------
CHEMICALS (6.5%)
600 CIBA Geigy 721,646
17,000 * Genetech Inc. 890,375
3,500 Great Lakes Chemical Corp. 217,875
1,000 Petrolite Corp. 31,438
--------------
1,861,334
--------------
CONSUMER PRODUCTS (4.7%)
5,000 Corning, Inc. 191,875
2,000 John Harland Co. 49,250
80,000 Petrie Stores 220,000
2,600 Phillip Morris Cos., Inc. 270,400
5,000 Polaroid Corp. 228,125
3,000 * Toys R Us 85,500
9,000 Reebok International Ltd. 302,625
--------------
1,347,775
--------------
DRUGS (0.2%)
1,000 Schering - Plough Corp. 62,750
--------------
DURABLE GOODS (0.2%)
3,000 A T Cross Co. 53,250
--------------
FINANCE (4.8%)
5,000 American Express 223,125
3,200 Federal Nat'l Mortgage Assn. 107,200
3,200 Fund American Enterprise 259,200
1,000 Greenpoint Financial Corp. 28,250
5,000 Hanson Trust 71,250
5,000 PHH Corp. 285,000
2,100 Salomon, Inc. 92,400
4,200 Student Loan Marketing 315,000
--------------
1,381,425
--------------
FOOD AND RELATED (0.1%)
1,000 McCormick & Company, Inc. 22,125
--------------
FORESTRY AND PAPER PRODUCTS (1.1%)
1,500 Int'l Paper Co. 55,312
6,000 Weyerhaeuser Co. 255,000
--------------
310,312
--------------
INSURANCE (1.7%)
2,500 Harleysville Group Inc. 73,750
2,000 Home Beneficial Corp.Class 'B' 52,500
4,000 Unitrin, Inc. 188,000
6,000 Willis Corroon Group plc 71,250
3,400 * Zurich Reinsurance 107,100
--------------
492,600
--------------
MEDIA AND PUBLISHING (6.2%)
5,000 Chris-Craft Ind., Inc. 352,000
1,500 Meredith Corp. 62,625
23,000 New York Times Co. Class A 750,375
1,200 Times Mirror Co. Class A 52,200
1,800 Washington Post Class B 583,200
--------------
1,800,400
--------------
</TABLE>
(continued)
26
<PAGE> 28
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS CAPITAL APPRECIATION PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES COMMON STOCK VALUE
- ------------------------------------------------------------------------
<S> <C> <C>
METALS AND MINING (2.5%)
3,000 * Helcla Mining Co. $21,000
5,000 Homestake Mining Co. 85,625
10,000 Newmont Mining Corp. 493,750
8,000 Santa Fe Pacific Gold 113,000
--------------
713,375
--------------
OIL, ENERGY AND NATURAL GAS (7.6%)
2,500 Atlantic Richfield Co. 296,250
5,000 Helmerich & Payne Co. 183,125
11,200 Mitchell Energy & Development 218,400
8,000 Murphy Oil Corp. 363,000
8,000 * Oryx Energy Co. 130,000
1,500 Pennzoil Co. 69,375
12,000 Petro-Canada Inc. 149,160
2,500 Sun Company, Inc. 75,937
5,000 Texaco, Inc. 419,375
15,000 Union Texas Petroleum 292,500
--------------
2,197,122
--------------
RETAIL (0.2%)
4,000 * Hill Stores Co. 35,500
1,000 Wal-Mart Stores, Inc. 25,375
--------------
60,875
--------------
TRANSPORTATION (1.0%)
10,500 Overseas Shipholding Inc. 190,313
4,000 Ryder System, Inc. 112,500
--------------
302,813
--------------
UTILITIES (5.0%)
125,000 Centerior Energy Corp. 921,875
13,000 Entergy Corp. 368,875
8,000 * Public Service Co. New Mexico 164,000
--------------
1,454,750
--------------
MISCELLANEOUS (0.2%)
22,000 Lonrho Plc 62,172
--------------
TOTAL COMMON STOCK (47.1%)
(COST $11,621,242) $13,602,078
--------------
<CAPTION>
MARKET
SHARES PREFERRED STOCK VALUE
- ------------------------------------------------------------------------
<S> <C> <C>
AEROSPACE (0.3%)
5,240 Teledyne Inc., $15 cum. conv. $80,565
--------------
FINANCE (1.3%)
7,000 Kemper Co., 5.750% Series E 364,000
--------------
OIL ENERGY AND NATURAL GAS (0.1%)
500 Unocal Corp. $3.50 Series 27,875
--------------
UTILITIES (2.7%)
191 Cleveland Electric 9.000% 169,608
50 Cleveland Electric 8.800% 44,350
4,940 Cleveland Electric 350,740
2,594 Entergy Gulf Series B 122,242
1,000 Niagara Mohawk Power Series A 16,000
1,000 Niagara Mohawk Power Series B 16,500
3,700 Niagara Mohawk Power Series C 65,675
--------------
785,115
--------------
TOTAL PREFERRED STOCK (4.4%)
(COST $1,237,036) $1,257,555
--------------
<CAPTION>
PUT OPTION PURCHASES MARKET
SHARES STOCK/EXPIRATION/EXERCISE PRICE VALUE
- ------------------------------------------------------------------------
<S> <C> <C>
15 Allegheny Ludlum 'B'
October'96'/$22.50 $5,438
5 Allegheny Ludlum 'B'
January'97'/$20 1,125
5 Allegheny Ludlum 'B'
January'97'/$22.50 2,062
10 AUD'B'/November'96'/$40 2,313
5 AUD'B'/August'96'/$45 3,063
5 IBM 'B'/July'96'/$100 1,687
15 IBM VF/October'96'/$130 46,125
2 Phillip Morris/September'96'/$105 950
5 Times Mirror/September'96'/$40 375
5 Toys R Us/September'96'/$30 1,000
20 Toys R Us/December'96'/$35 12,750
--------------
TOTAL PUT OPTION PURCHASE
(0.3%) (COST $63,127) $76,888
--------------
TOTAL HOLDINGS
(COST $26,480,092) (A) $28,699,182
==============
<FN>
*Non-income producing securities.
(a) Also represents cost for Federal income tax purposes.
</TABLE>
The accompanying notes are an integral part of these financial statements.
27
<PAGE> 29
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS SMALL CAP PORTFOLIO
<TABLE>
<CAPTION>
MARKET
SHARES U.S. COMMON STOCK VALUE
- -----------------------------------------------------------------
<S> <C> <C>
AEROSPACE (0.6%)
9,000 * Tracor Inc. $155,250
--------------
BANKS (0.5%)
2,500 Banco Latinoamericano De Export 140,625
--------------
BUSINESS SERVICES (4.0%)
7,700 * Caribiner International Inc. 247,362
12,250 * Dendrite International 422,625
3,000 * Pharmaceutical Product Development 100,500
3,500 * US Office Products Co. 147,000
7,775 * World Color Press, Inc. 197,291
--------------
1,114,778
--------------
COMMUNICATIONS (0.4%)
3,100 SFX Broadcasting, Inc. 120,900
--------------
COMMERCIAL SERVICES (2.7%)
22,650 * Protection One Inc. 370,894
4,400 * Sylvan Learning Systems Inc. 166,100
5,935 * Whittman-Hart Inc. 213,660
--------------
750,654
--------------
COMPUTER AND RELATED (16.6%)
14,175 * Avant 1 Corp. 329,569
9,600 * Broadvision Inc. 67,200
5,700 * CSG Systems Intl. Inc. 148,200
1,575 * Checkpoint Software 37,800
19,000 Computervision Corp. 190,000
1,850 * Cybercash Inc. 101,288
5,700 Farallon Communications 84,075
5,575 * Filenet Corp. 203,488
4,000 * Fore Systems Inc. 144,500
30,850 * Gandalf Technologies Inc. 246,800
6,825 * Geoworks 242,288
3,050 * GT Interactive Software Corp. 51,087
9,775 * HPR Inc. 207,719
4,650 * Integrated Systems Inc. 186,291
10,650 Mentor Graphics Corp. 173,063
11,000 * Network General Corp. 236,500
2,000 * Parametric Technology Corp. 86,750
8,000 * PC Docs Group Intl. 159,000
4,100 * Project Software & Development 192,188
8,375 * Radisys Corp. 284,750
10,800 * Remec Inc. 191,700
33,675 * Ross Systems Inc. 193,631
3,000 * 7th Level Inc. 38,625
12,700 * Scopuc Technology Inc. 196,850
6,025 * Sterling Commerce Inc. 223,678
5,000 * Synopsys Inc. 198,750
5,375 * Verity Inc. 154,531
--------------
4,570,321
--------------
CONSUMER PRODUCTS (1.2%)
8,700 Empire of Carolina Inc. 104,400
9,700 * Williams-Sonoma, Inc. 229,163
--------------
333,563
--------------
<CAPTION>
MARKET
SHARES U.S. COMMON STOCK VALUE
- ------------------------------------------------------------------
<S> <C> <C>
DRUGS (5.2%)
48,400 * Genelabs Technologies $314,600
4,625 * Nexstar Pharmaceuticals 102,906
5,750 * Parexel International Corp. 277,438
6,050 Pharmaceutical Resources Inc. 30,250
13,250 * SEQUUS Pharmaceuticals 263,551
12,000 * Watson Pharmaceuticals Inc. 454,500
--------------
1,443,245
--------------
ELECTRICAL EQUIPMENT (0.1%)
1,825 * Merix Corp. 36,500
--------------
ELECTRONICS (5.9%)
9,250 * Berg Electronics Corp. 219,688
9,550 * Mylex Corp. 169,512
11,648 * PRI Automation Inc. 355,264
5,450 * Sanmina Corp. 147,150
9,475 * Sawtek Inc. 326,888
11,150 * Speedfam International Inc. 181,187
8,800 * Vitesse Semiconductor Corp. 211,200
--------------
1,610,889
--------------
ENTERTAINMENT AND LEISURE (3.7%)
7,700 * Anchor Gaming 463,925
4,500 * Golf Enterprises Inc. 52,875
17,800 * Trump Hotels & Casino Resort 507,300
--------------
1,024,100
--------------
ENVIRONMENTAL CONTROL (1.4%)
12,000 * United Waste Systems Inc. 387,000
--------------
FINANCE (3.2%)
3,550 * Credit Acceptance Corp. 74,550
3,750 * First USA Paymentech Inc. 150,000
12,150 * Jayhawk Acceptance Corp. 165,544
21,375 * Olympic Financial Ltd. 491,625
--------------
881,719
--------------
HOTEL AND MOTEL (1.1%)
8,500 * Doubletree Corp. 301,750
--------------
INSURANCE (1.3%)
4,075 Executive Risk Inc. 155,869
1,037 * HCC Insurance Holdings Inc. 23,332
4,000 Reliastar Financial Corp. 172,500
--------------
351,701
--------------
MACHINERY (0.6%)
9,225 * Asyst Technologies Inc. 172,969
--------------
MANUFACTURING (0.7%)
500 * Plantronics Inc. 18,375
21,125 Strategic Distribution Inc. 166,359
--------------
184,734
--------------
METALS AND MINING (1.5%)
6,000 Harsco Corp. 403,500
--------------
OIL, ENERGY AND NATURAL GAS (1.3%)
9,000 * Falcon Drilling Co. Inc. 244,125
3,600 Seitel Inc. 98,550
--------------
342,675
--------------
</TABLE>
(continued)
28
<PAGE> 30
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS SMALL CAP PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES U.S. COMMON STOCK VALUE
- -----------------------------------------------------------------
<S> <C> <C>
MEDICAL AND RELATED (8.7%)
1,046 Cardinal Health Inc. $75,442
2,375 * Express Scripts Inc. 109,250
7,000 * Gulf South Medical Supply 273,000
5,000 * HCIA Inc. 315,000
4,250 * Heartport Inc. 128,562
13,000 * Multicare Companies Inc. 247,000
16,800 Omnicare Inc. 445,200
7,900 * Orthodontic Centers of America 209,350
2,900 * Sano Corp. 44,950
6,000 * Sola International Inc. 172,500
7,100 * Sunrise Assisted Living Inc. 170,400
9,250 * Ventritex Inc. 158,406
4,750 * Visible Genetics Inc. 46,312
--------------
2,395,372
--------------
RETAIL (9.1%)
8,000 Authentic Fitness Corp. 149,000
6,525 * Consolidated Stores Corp. 239,794
8,000 * Corporate Express, Inc. 320,000
7,400 * Insight Enterprises Inc. 172,050
11,525 * Kenneth Cole Products 227,619
3,775 * Officemax Inc. 90,128
6,900 * Proffitt's Inc. 244,950
10,900 * Henry Shein Inc. 416,925
3,850 * The Sports Authority Inc. 126,087
12,000 Warnaco Group 309,000
6,300 Wolverine World Wide 204,750
--------------
2,500,303
--------------
TELECOMMUNICATIONS (9.3%)
8,000 * Arch Communications Group 149,000
2,800 * Ascend Communications Inc. 157,500
5,000 * Cellular Communications Intl. Inc. 168,750
21,100 * Digital Microwave Corp. 350,788
7,000 * Intermedia Comm. of Florida 225,750
9,925 * Inter-Tel Inc. 259,911
7,475 * Intervoice Inc. 148,566
5,125 * LCI International Inc. 160,797
2,625 * Omnipoint Corp. 68,414
14,400 * P-COM International 453,600
6,000 * Periphonics Corp. 204,000
4,400 * Trescom International Inc. 44,000
7,100 * Winstar Communications Intl. 177,056
--------------
2,568,132
--------------
TEXTILES (1.9%)
12,000 * Nautica Enterprises Inc. 345,000
6,300 * Quicksilver Inc. 189,000
--------------
534,000
--------------
<CAPTION>
MARKET
SHARES U.S. COMMON STOCK VALUE
- ------------------------------------------------------------------
<S> <C> <C>
TRANSPORTATION (0.8%)
2,624 * Celadon Group Inc. $20,343
4,925 Mark VII Inc. 99,115
3,050 * Rural/Metro Corp. 104,462
--------------
223,920
--------------
TOTAL U.S. COMMON STOCK (81.8%)
(COST $18,233,278) $22,548,600
--------------
<CAPTION>
MARKET
SHARES FOREIGN COMMON STOCK VALUE
- ------------------------------------------------------------------
<S> <C> <C>
BRITISH STERLING POUND:
MEDIA
40,000 * Flextech Plc $313,868
RETAIL
36,500 * Next Plc 319,298
MISCELLANEOUS
16,700 Wetherspoon (J.D.) 259,485
--------------
TOTAL BRITISH STERLING POUND (3.2%) 892,651
--------------
JAPANESE YEN:
MISCELLANEOUS
4,000 Hoya Corp. 129,101
--------------
TOTAL JAPANESE YEN (0.5%) 129,101
--------------
NETHERLANDS GUILDER:
MISCELLANEOUS
4,530 * Hunter Douglas NV 309,170
TRANSPORTATION
7,100 * IHC Caland 349,390
--------------
TOTAL NETHERLANDS GUILDER (2.4%) 658,560
--------------
TOTAL FOREIGN COMMON STOCK
(6.1%) (COST $1,352,033) $1,680,312
--------------
<CAPTION>
FACE MARKET
AMOUNT MASTER NOTES VALUE
- ------------------------------------------------------------------
<S> <C> <C>
$3,229,796 Provident Insured Money Account $3,229,796
--------------
TOTAL MASTER NOTES (11.7%)
(COST $3,229,796) $3,229,796
--------------
TOTAL HOLDINGS
(COST $22,815,107) (A) $27,458,708
==============
<FN>
*Non-income producing securities.
(a) Also represents cost for Federal income tax purposes.
</TABLE>
The accompanying notes are an integral part of these financial statements.
29
<PAGE> 31
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS GLOBAL CONTRARIAN PORTFOLIO
<TABLE>
<CAPTION>
MARKET
SHARES COMMON AND PREFERRED STOCK VALUE
- --------------------------------------------------------------------
<S> <C> <C>
U.S. STOCKS
CHEMICALS (0.8%)
5,000 Lawter International Inc. $62,500
--------------
CAPITAL GOODS (1.4%)
1,000 Bandag Inc. Class 'A' 46,875
5,000 Woodhead Industries, Inc. 58,750
--------------
105,625
--------------
CONSUMER PRODUCTS (3.5%)
1,000 Allen Organ Co. Class 'B' 37,750
1,000 Dole Foods Company, Inc. 43,000
10,000 Furniture Brands International Inc. 110,000
4,000 Unifirst Corp. 84,500
--------------
275,250
--------------
ELECTRONICS (2.0%)
5,000 * Avid Technology, Inc. 92,500
3,000 Zero Corp. 64,125
--------------
--------------
156,625
--------------
ENERGY AND OIL (3.5%)
2,535 * Enterra Corp. 76,050
4,000 North European Oil Royalty Trust 53,500
1,700 Rochester & Pittsburgh Coal Co. 53,550
15,000 San Juan Basin Royalty Trust 91,875
--------------
274,975
--------------
FINANCE (4.0%)
8,000 * Classic Bankshares Inc. 84,000
5,000 * East Texas Financial Services 72,500
8,000 * First Federal Financial Services 88,000
5,000 Southern Banc Co., Inc. 63,125
--------------
307,625
--------------
FORESTRY PRODUCTS (3.0%)
1,000 Georgia Pacific Corp. 71,000
3,400 Greif Brothers Corp. Class 'A' 106,675
1,500 Rayonier Inc. 57,000
--------------
234,675
--------------
MEDIA (0.8%)
5,000 * Integrity Music, Inc. Class 'A' 11,250
2,000 Cowles Media Co. Pfd. 48,000
--------------
59,250
--------------
METALS AND MINING (1.7%)
3,000 Asarco Inc. 82,875
1,000 Reynolds Metals Co. 52,125
--------------
--------------
135,000
--------------
REAL ESTATE (1.6%)
2,000 Alico, Inc. 39,000
333 * Castle & Cook Inc. 5,328
1,500 Catellus Development Pfd. 'B' 79,500
--------------
123,828
--------------
TRANSPORTATION (0.9%)
3,500 Kenan Transport Company 70,000
--------------
UTILITIES (0.6%)
2,000 Montana Power Co. 44,500
--------------
MISCELLANEOUS (2.4%)
10,000 * Kaiser Ventures Inc. 102,500
3,000 Pioneer Group, Inc. 80,250
--------------
182,750
--------------
TOTAL U.S. (26.2%) $2,032,603
--------------
<CAPTION>
MARKET
SHARES COMMON AND PREFERRED STOCK VALUE
- --------------------------------------------------------------------
<S> <C> <C>
FOREIGN
JAPAN (8.3%)
10,000 Airport Facilities Co., Ltd. (32) $86,750
7,000 Dai Tokyo Fire & Marine Ins. Co. (18) 52,680
12,000 Dowa Fire & Marine Ins. Co. (18) 65,459
2,500 Fuji Photo Film Co. Ltd. (9) 78,905
2,000 Koekisha Co. Ltd. (29) 73,341
7,000 Nittetsu Mining Co., Ltd. (22) 71,517
5,000 Tokio Marine & Fire Ins. Co. Ltd. (18) 66,591
400 Toho Co. (20) 70,787
5,000 Yoshimoto Kogyo Co. (20) 75,713
--------------
641,743
--------------
FRANCE (5.3%)
2 Bank for Intl. Settlements (3) 16,532
650 Emin-Leydier (14) 57,386
50 FIMALAC SA (34) 21,829
1,100 Gaumont SA (20) 82,175
500 Legrand ADP (10) 58,696
750 Marine Wendel (34) 61,995
300 Nicolas Schlumberger et Cie (19) 39,584
900 Rougier SA (14) 75,092
--------------
413,289
--------------
GERMANY (5.1%)
100 Axel Springer Verlag AG (20) 62,330
2,500 Bayer AG (7) 87,836
275 Buderus AG (5) 116,376
1,500 Hornbach Holdings AG (5) 128,924
--------------
395,466
--------------
SINGAPORE (4.2%)
35,000 Cilpsal Industries Ltd. (10) 98,350
70,000 Intraco Ltd. (34) 107,143
6,500 Singapore Bus Service Ltd. (32) 46,060
100,000 Thakral Corporation (10) 75,500
--------------
327,053
--------------
SWITZERLAND (4.0%)
7 Bank of Intl. Settlements (3) 61,428
250 Kuehne & Nagel Intl. AG (32) 141,005
65 Schindler Holding AG PC (5) 68,967
65 Schindler Holding AG 'Warrants' (5) 117
175 Sika Finanz AG Bearer (7) 42,581
--------------
314,098
--------------
LATIN AMERICA (3.3%)
10,000 Antofagasta Holdings plc (21) 50,113
25,000 IRSA Inversiones y Rep. SA (34) 85,532
35,000 Ledesma SA (1) 50,419
165,000 Grupo Fernandez Editors (25) 67,218
--------------
253,282
--------------
UNITED KINGDOM (2.4%)
70,000 ED & F Man (34) 188,973
--------------
BELGIUM (2.2%)
700 Engrais Rosier SA (34) 101,787
30 Socfinasia SA (34) 68,974
--------------
--------------
170,761
--------------
NEW ZEALAND (2.1%)
60,000 Carter Holt Harvey Limted (14) 137,193
5,500 Shortland Properties, Ltd. (27) 3,097
30,000 Wrightson Ltd. (1) 22,041
--------------
162,331
--------------
</TABLE>
(continued)
30
<PAGE> 32
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS GLOBAL CONTRARIAN PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES COMMON AND PREFERRED STOCK VALUE
- --------------------------------------------------------------------
<S> <C> <C>
INDONESIA (1.7%)
4,000 Freeport McMoRan Pfd. 'C' (22) $128,000
--------------
SOUTH AFRICA (1.5%)
10,000 Vaal Reefs Exploration Ltd. (21) 80,000
2,500 Western Areas Gold Mining Ltd. (21) 38,968
--------------
--------------
118,968
--------------
PORTUGAL (1.3%)
8,000 Espirito Santo Financial Holdings (3) 102,000
--------------
THAILAND (1.3%)
20,000 Oriental Hotel (16) 98,452
--------------
SWEDEN (1.1%)
5,000 Bylock & Nordsjofrakt AB 'B'(32) 49,330
2,000 Terra Mining AB (22) 38,259
--------------
87,589
--------------
NETHERLANDS (1.0%)
1,300 Bosch & Keuning NV (20) 51,343
2,000 German City Estates NV (27) 25,745
--------------
77,088
--------------
HONG KONG (1.0%)
100,000 CDL Hotels Intl. Ltd. (16) 54,905
16,000 Shaw Brothers (Hong Kong) Ltd.(20) 18,603
--------------
73,508
--------------
PHILIPPINES (0.9%)
70,000,000 Manila Mining Corp. 'B' (22) 69,492
--------------
AUSTRALIA (0.6%)
30,000 * Barlile Corp. Ltd. (1) 44,862
--------------
CANADA (0.5%)
2,000 Noranda, Inc. (21) 40,987
--------------
TOTAL FOREIGN (47.8%) $3,707,942
--------------
TOTAL COMMON & PREFERRED STOCKS
(74.0%) (COST $5,381,379) $5,740,545
--------------
<CAPTION>
FACE MARKET
AMOUNT CONVERTIBLE DEBENTURES VALUE
- --------------------------------------------------------------------
<S> <C> <C>
U.S. DOLLAR (0.8%)
$50,000 Cheil Foods & Chemicals Co.
3.000% due 12-31-06 (9) $61,500
--------------
<CAPTION>
FACE MARKET
AMOUNT CONVERTIBLE DEBENTURES VALUE
- --------------------------------------------------------------------
<S> <C> <C>
NON-U.S. DOLLAR (0.9%)
$520,000 FF Immobiliere Hoteliere 5.000%
due 01-01-01 (16) $62,092
11,000 NZ Shortland Properties Inc. 7.500%
due 12-31-98 (27) 6,571
--------------
68,663
--------------
TOTAL CONVERTIBLE DEBENTURES
(1.7%) (COST $132,924) $130,163
--------------
<CAPTION>
FACE MARKET
AMOUNT NON-CONVERTIBLE BONDS VALUE
- --------------------------------------------------------------------
<S> <C> <C>
U.S. DOLLAR (6.4%)
$50,000 Cemex SA 9.500%
due 09-20-01 (6) $47,750
150,000 Federal Republic Of Brazil 6.812%
due 04-15-06 (15) 120,516
200,000 Republic of Argentina FRB 6.812%
due 03-31-05 (15) 270,811
50,000 PT Pabrik Kertas Tjiwi Kimia
13.250% due 08-01-01 (14) 56,062
--------------
TOTAL NON-CONVERTIBLE BONDS
(6.4%) (COST $417,102) $495,139
--------------
<CAPTION>
FACE MARKET
AMOUNT SHORT-TERM NOTES VALUE
- --------------------------------------------------------------------
<S> <C> <C>
FINANCE (3.0%)
$233,000 Hanson Finance $232,749
--------------
FOREST PRODUCTS (2.8%)
220,000 Rayonier Inc. 219,659
--------------
OIL (5.0%)
385,000 Amoco Co. 385,000
--------------
RETAIL (2.3%)
177,000 Wal Mart Stores Inc. 176,974
--------------
TOTAL SHORT-TERM NOTES
(13.1%) (COST $1,014,382) $1,014,382
--------------
TOTAL HOLDINGS
(COST $6,945,787)(A) $7,380,229
==============
<FN>
(a) Also represents cost for Federal Income tax purposes.
* Non-income producing securities.
FOREIGN CURRENCIES
NZ - New Zealand Dollar
FF - French Franc
</TABLE>
<TABLE>
<CAPTION>
Industry Classifications
<S> <C> <C> <C> <C> <C>
(1) Agriculture (12) Energy and Oil (23) Packaging
(2) Automotive (13) Food & Beverage (24) Paper
(3) Banking (14) Forest Products (25) Publishing
(4) Building Products (15) Governmental (26) Rail Equipment
(5) Capital Goods (16) Hotels (27) Real Estate
(6) Cement (17) Health Care (28) Retailing
(7) Chemicals (18) Insurance (29) Services
(8) Computer Products (19) Machinery (30) Steel
(9) Consumer Products (20) Media (31) Textile
(10) Electrical Products (21) Metal (non-ferrous) (32) Transportation
(11) Electronics (22) Mining (33) Utilities
(34) Miscellaneous
</TABLE>
The accompanying notes are an integral part of these financial statements.
31
<PAGE> 33
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS AGGRESSIVE GROWTH PORTFOLIO
<TABLE>
<CAPTION>
MARKET
SHARES COMMON AND PREFERRED STOCK VALUE
- ------------------------------------------------------------------
<S> <C> <C>
U.S. COMMON STOCKS:
AEROSPACE (1.0%)
2,700 * Loral Space & Communications Ltd. $36,787
650 Northorp Corp. 44,281
--------------
81,068
--------------
AUTOMOTIVE AND RELATED (2.4%)
3,275 * Custome Chrome Inc. 88,016
125 General Motors 7,516
2,300 Harley-Davidson Inc. 94,588
400 * Keystone Automotive Inds. 4,150
200 Strattec Security Corp. 3,550
--------------
197,820
--------------
BANKING (0.1%)
79 Chase Manhattan Corp. 5,579
--------------
BUSINESS SERVICES (2.8%)
375 * Checkfree Corporation 7,453
3,850 Danka Business Systems 112,613
750 * Fiserv 22,500
525 Intl. Business Machines Corp. 51,975
100 * Mcleod Inc. 2,400
90 Olsten Corp. 2,644
250 * Staples, Inc. 4,875
525 Xerox Corp. 28,088
--------------
232,548
--------------
CHEMICALS (2.1%)
925 * FMC Corp. 60,356
1,400 Grace (W.R.) and Co. 99,225
50 Great Lakes Chemical Corp. 3,113
200 Praxair Inc. 8,450
--------------
171,144
--------------
COMMERCIAL SERVICES (14.1%)
6,775 * Accustaff, Inc. 184,619
1,200 * America Online Inc. 52,500
3,925 * Career Hoizons Inc. 137,375
350 * Computer Products Inc. 5,994
2,775 * Consolidated Graphic Inc. 60,356
1,025 * Corestaff Inc. 45,869
150 * Corrections Corp. of America 10,500
11,350 CUC International, Inc. 402,925
1,500 * Greenwich Air Services 29,250
325 * Healthplan Services Corp. 7,475
2,275 * Iron Mountain Inc. 47,775
300 Jenny Craig Inc. 5,362
1,700 Manpower Inc. 66,725
1,300 Metromedia Intl. Group Inc. 15,925
1,400 * PIA Merchandising Services 20,300
300 * Romac International Inc. 7,650
250 Service Corp. Intl. 14,375
650 * Sitel Corp. 27,300
700 * Vallen Corp. 12,250
--------------
1,154,525
--------------
COMMUNICATIONS (1.0%)
550 Clear Channel Communications 45,306
2,800 * Children's Broadcasting Corp. 19,600
400 * Evergreen Media Corp. 17,100
50 * SFX Broadcasting, Inc. 1,950
--------------
83,956
--------------
<CAPTION>
MARKET
SHARES COMMON AND PREFERRED STOCK VALUE
- ------------------------------------------------------------------
<S> <C> <C>
COMPUTER AND RELATED (9.6%)
1,325 * BMC Software Inc. $79,169
500 * Casino Data Systems 7,563
275 * CBT Group plc ADR 12,719
1,950 * Cerion Technologies Inc. 19,013
250 * Citrix Systems Inc. 9,500
700 * Cognos, Inc. 16,100
300 Computer Associates Intl. Inc. 21,375
150 * Comshare Inc. 4,650
550 * Cybercash Inc. 30,113
1,275 * Electronic Data Systems 68,531
800 * Electronics Art Inc. 21,400
1,300 * Excite Inc. 10,888
450 * IDT Corp. 4,331
1,500 * Imnet Systems Inc. 45,750
100 Intuit, Inc. 4,725
100 * Lanvision Systems Inc. 1,187
1,157 * McAfee Associates, Inc. 56,693
300 * Mechanical Dynamics Inc. 4,537
1,975 * Micros Systems Inc. 55,053
850 * National Instruments Corp. 19,125
100 * Netscape Communications Corp. 6,225
350 * Oracle Corp. 13,803
650 * Platinum Technology Inc. 9,831
450 * Powercerv Corp. 5,512
100 * Security Dynamics Technologies 8,225
50 Shared Medical Systems Corp. 3,212
1,325 * Sykes Enterprises Inc. 65,256
6,825 System Software Association Inc. 116,025
1,825 * Tecnomatix Technologies Ltd. 34,675
175 Vantive Corp. 5,862
300 * Visio Corporation 10,800
375 * Xylan Corp. 17,438
--------------
789,286
--------------
CONSUMER PRODUCTS (2.1%)
9,100 * Nu-Kute Holdings 151,288
325 * Scholastic Corp. 20,150
--------------
171,438
--------------
DRUGS (4.3%)
600 * Biopsys Medical Inc. 12,000
75 * Curative Technologies Inc. 1,969
2,400 * Dura Pharmaceuticals Inc. 134,400
8,000 Halsey Drug Co., Inc. 46,000
2,800 * Neurocrine Biosciences Inc. 24,850
2,745 Pharmacia & Upjohn, Inc. 121,809
300 Teva Pharmaceuticals 11,363
--------------
352,391
--------------
DURABLE GOODS (0.7%)
1,050 * Tupperware Corporation 44,363
300 * Uniphase Corp. 10,650
--------------
55,013
--------------
ELECTRICAL EQUIPMENT (1.3%)
1,400 Belden, Inc. 42,000
1,800 * Gemstar Intl. Group Ltd. 54,000
750 Westinghouse Electric Corp. 14,063
--------------
110,063
--------------
</TABLE>
(continued)
32
<PAGE> 34
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS AGGRESSIVE GROWTH PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES COMMON AND PREFERRED STOCK VALUE
- ------------------------------------------------------------------
<S> <C> <C>
ELECTRONICS (2.1%)
425 * Anixter International Inc. $6,322
100 Intel Corp. 18,359
500 * Kent Electronics Corp. 15,625
1,300 * Marshall Industries 36,400
1,450 Methode Electronics 24,650
100 Motorola, Inc. 6,287
150 Richey Electronics Inc. 1,762
425 Sensormatic Electronics Corp. 6,959
125 Sundstrand Corp. 4,578
1,000 * Transwitch Corporation 13,250
1,000 * Ultrak Inc. 17,125
550 * Universal Electronics Inc. 6,394
400 * Verifone, Inc. 16,900
--------------
174,611
--------------
ENTERTAINMENT AND LEISURE (2.3%)
50 * Carmike Cinemas, Inc. 1,350
400 * Grand Casinos, Inc. 10,300
1,100 * MGM Grand Inc. 43,863
100 * Premier Parks Inc. 2,150
4,850 * Stratoshpere Corp. 29,100
1,600 The Walt Disney Co. 100,600
--------------
187,363
--------------
ENVIRONMENTAL CONTROL (0.3%)
2,750 * Allied Waste Industries, Inc. 24,406
125 * United Waste Systems, Inc. 4,031
--------------
28,437
--------------
FINANCE (3.5%)
100 American Express Co. 4,462
600 Amresco, Inc. 10,275
2,000 * Associates First Capital 75,250
300 Citicorp 24,788
1,250 CWM Mortgage Holdings 21,250
2,800 * Medaphis Corp. 111,300
950 Mercury Finance Co. 12,113
1,025 National Auto Credit Inc. 11,659
500 Quick and Reilly Group, Inc. 16,250
--------------
287,347
--------------
FOOD AND RELATED (1.6%)
2,000 * Casa Ole' Restaurants Inc. 27,375
325 Casey's General Stores Inc. 6,459
775 * Longhorn Steaks, Inc. 19,375
400 * Outback Steakhouse, Inc. 13,794
1,200 * Quality Dining Inc. 39,300
400 * Rain Forest Cafe Inc. 20,000
150 * Whole Foods Market Inc. 3,975
--------------
130,278
--------------
FORESTRY AND PAPER PRODUCTS (0.3%)
1,375 * Fort Howard Corp. 27,328
--------------
HOUSING AND RELATED (0.8%)
7,600 Fedders Corp. 44,650
1,150 * Scholodge Inc. 14,375
500 * Southern Energy Homes Inc. 10,750
--------------
69,775
--------------
<CAPTION>
MARKET
SHARES COMMON AND PREFERRED STOCK VALUE
- ------------------------------------------------------------------
<S> <C> <C>
HOTEL/LODGING (0.2%)
425 Harrah's Entertainment $12,006
175 * Promus Hotel Corp. 5,184
--------------
17,190
--------------
INSURANCE (1.0%)
1,500 * Healthsource Inc. 26,250
1,750 * Risk Capital Holdings Inc. 34,344
450 * United Dental Care Inc. 19,012
--------------
79,606
--------------
MACHINERY (0.3%)
75 * Applied Products 2,128
775 Applied Power Inc. 21,700
--------------
23,828
--------------
MANUFACTURING (0.1%)
350 Pall Corp. 8,444
--------------
MEDICAL AND RELATED (8.3%)
100 * Cohr Inc. 2,375
2,050 * Cytyc Corporation 53,044
2,350 * Datascope Corp. 41,713
725 Dentsply Intl. Inc. 30,813
75 * Enterprise Systems Inc. 2,062
3,550 * Fermx Inc. 38,384
525 * Gulf South Medical Supply, Inc. 20,475
4,150 Humana Inc. 74,181
2,575 * Medpartners Mullikin Inc. 53,753
800 * Nellcor Purtain Bennett Inc. 38,800
3,150 Omnicare, Inc. 83,475
1,850 * Ornda Health Corp. 44,400
75 * Patterson Dental Co. 2,719
1,100 * Raytel Medical Corp. 14,025
4,450 * Sheridan Healthcare Inc. 42,275
275 St. Jude Medical Inc. 9,213
1,450 * Steris Corp. 46,400
3,225 * Sybron Intl. Corp. 80,625
--------------
678,732
--------------
OIL, ENERGY AND NATURAL GAS (4.5%)
200 * Cairn Energy USA Inc. 2,875
5,175 * Flores & Rucks Inc. 178,538
700 * Global Marine, Inc. 9,713
150 * Nuevo Energy Co. 4,837
125 * Pride Petroleum Services Inc. 1,781
1,850 * Triton Energy Ltd. 89,956
1,100 Union Pacific Resources Group 29,425
1,500 * United Meridian Corp. 54,000
--------------
371,125
--------------
TRANSPORTATION (1.2%)
575 * America West Airlines 12,650
125 Burlington Northern Santa Fe 10,109
1,300 * Coach USA Inc. 28,925
425 * Fritz Companies 13,706
800 * Hub Group 16,300
450 * Midwest Express Holdings 14,456
--------------
96,146
--------------
</TABLE>
(continued)
33
<PAGE> 35
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
SCHEDULE OF INVESTMENTS AGGRESSIVE GROWTH PORTFOLIO (CONTINUED)
<TABLE>
<CAPTION>
MARKET
SHARES COMMON AND PREFERRED STOCK VALUE
- ------------------------------------------------------------------
<S> <C> <C>
RETAIL (6.6%)
3,050 * Bacou USA Inc. $54,138
750 Clares Stores Inc. 20,719
2,275 * Consolidated Stores Corp. 83,606
1,700 * Corporate Express, Inc. 68,000
2,450 * Federated Department Stores. 83,606
400 Goodys Family Clothing 4,100
175 Hasbro Inc. 6,256
1,700 * Henry Schein Inc. 65,025
400 * Marks Bros Jewelers Inc. 9,100
1,725 * Movie Gallery Inc. 36,225
475 * MSC Industrial Direct Co. 15,319
100 * Office Depot Inc. 2,037
3,125 Rite Aid Corp. 92,969
--------------
541,100
--------------
TELECOMMUNICATIONS (3.9%)
5,425 Comsat Corp. 141,050
150 * Intermedia Communications of Florida 4,837
100 * Intervoice Inc. 1,987
300 * LCI International, Inc. 9,412
675 * Mobile Telecommunications Tech Corp. 9,872
600 Nokia Corp. (PFD) 22,200
1,025 * Paging Network Inc. 24,600
2,675 * Premiere Technologies, Inc. 84,263
300 * Saville Systems ADR 8,287
50 U.S. Robotics Corp. 4,275
150 * Videoserver Inc. 5,850
--------------
316,633
--------------
UTILITIES (0.2%)
400 Wicor Inc. 15,100
--------------
WHOLESALE (2.8%)
425 Cardinal Health Inc. 30,653
5,300 * Central Garden & Pet Co. 95,400
1,800 Mckesson Corporation 85,725
1,625 * Thompson PBE Inc. 19,500
--------------
231,278
--------------
<CAPTION>
MARKET
SHARES COMMON AND PREFERRED STOCK VALUE
- ------------------------------------------------------------------
<S> <C> <C>
MISCELLANEOUS (3.2%)
12,300 * Morgan St. Nikkei $141,450
10,150 * Parlux Fragrances Inc. 102,769
1,250 * Zebra Technology Corp. 22,189
--------------
266,408
--------------
TOTAL U.S. (82.0%)
(COST $6,857,347) $6,955,560
--------------
FOREIGN:
JAPANESE YEN (2.0%)
3,800 Bank of Tokyo-Mitsubishi Ltd. (1) $88,347
1,000 Canon Inc. (2) 20,787
1,000 Dai-Ichi Kangyo Bank Ltd. (1) 18,599
1,000 Long-Term Credit Bank of Japan (1) 9,300
1,000 Hitachi Ltd. (3) 7,741
1,000 Nomura Securities Co. (4) 19,511
--------------
Total Japanese Yen 164,285
--------------
TOTAL FOREIGN (2.0%)
(COST $160,717 ) $164,285
--------------
TOTAL COMMON & PREFERRED STOCK
(87.0%)(COST $7,018,064) $7,119,845
--------------
<CAPTION>
FACE MARKET
AMOUNT SHORT-TERM NOTES VALUE
- ------------------------------------------------------------------
<S> <C> <C>
$15,000 U.S. T-Bill
4.985% 08-01-96 $14,933
--------------
TOTAL SHORT-TERM NOTES (0.2%)
(COST $14,936) $14,933
--------------
<CAPTION>
MARKET
SHARES WARRANTS VALUE
- ------------------------------------------------------------------
<S> <C> <C>
81 Laboratory Corp. of America $40
--------------
TOTAL WARRANTS (0.0%)
(COST $190) $40
--------------
TOTAL HOLDINGS
(COST $7,033,190) (A) $7,134,818
==============
<FN>
*Non-income producing securities.
(a) Also represents cost for Federal income tax purposes.
</TABLE>
Industry Classifications
(1) Banking
(2) Consumer Products
(3) Electronics
(4) Finance
The accompanying notes are an integral part of these financial statements.
34
<PAGE> 36
OHIO NATIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 1996
(UNAUDITED)
(1) BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Ohio National Fund, Inc. (Fund) is registered under the Investment Company
Act of 1940 as amended (the "1940 Act"), as a diversified open-end
management investment company. The Fund is a series investment company
which consists of nine separate investment portfolios that seek the
following investment objectives:
EQUITY PORTFOLIO--long-term growth of capital by investing principally in
common stocks or other equity securities. Current income is a secondary
objective.
MONEY MARKET PORTFOLIO--maximum current income consistent with preservation
of capital and liquidity by investing in high quality money market
instruments.
BOND PORTFOLIO--high level of return consistent with preservation of
capital by investing primarily in high quality intermediate and long-term
debt securities.
OMNI PORTFOLIO--high level of long-term total return consistent with
preservation of capital by investing in stocks, bonds and money market
instruments.
INTERNATIONAL PORTFOLIO--long-term capital growth by investing primarily in
common stocks of foreign companies.
CAPITAL APPRECIATION PORTFOLIO--maximum capital growth by investing
primarily in common stocks that are (1) considered to be undervalued or
temporarily out of favor with investors, or (2) expected to increase in
price over the short term.
SMALL CAP PORTFOLIO-maximum capital growth by investing primarily in common
stocks of small and medium size companies.
The following two portfolios commenced operations on March 31, 1995:
GLOBAL CONTRARIAN PORTFOLIO--long-term growth of capital by investing in
foreign and domestic securities believed to be undervalued or presently out
of favor.
AGGRESSIVE GROWTH PORTFOLIO--capital growth.
The following is a summary of significant accounting policies:
Investments in the Money Market Portfolio are valued at amortized cost in
accordance with Rule 2a-7 which approximates market value. All net
investment income of the Money Market Portfolio is declared and paid daily
as a dividend to shareholders immediately before the computation of the net
asset value of Money Market Portfolio shares. Dividends are automatically
reinvested in additional Money Market Portfolio shares at the net asset
value immediately following such computation. Distributions arising from
net investment income from the remaining portfolios are declared and paid
to shareholders quarterly and are recorded on the ex-dividend date.
Distributions arising from accumulated net realized capital gains are
recorded on the ex-dividend date and are distributed to shareholders at
least once a year.
For all other portfolios, securities which are traded on U.S. and foreign
stock exchanges or in the over-the-counter markets are valued at the last
sale price or, if there has been no sale that day, at the last bid price
reported as of 4:00 p.m. Eastern time. Over-the-counter securities are
valued at the last bid price as of 4:00 p.m. Eastern time. Short-term
investments (investments with remaining maturities of 60 days or less) are
valued at amortized cost and fixed income securities are valued by using
market quotations, or independent pricing services which use prices
provided by market makers or estimates of market values obtained from yield
data relating to instruments or securities with similar characteristics.
All investments and cash quoted in foreign currencies are valued daily in
U.S. dollars on the basis of the foreign currency exchange rates prevailing
at the time of such valuation.
Foreign currency exchange rates are generally determined as of 4:00 p.m.
Eastern time. Occasionally, events affecting the value of foreign
investments and such exchange rates occur between the time at which they
are determined and the time of valuation, which in the case of the
International, Small Cap, Global Contrarian and Aggressive Growth
Portfolios, would not be reflected in the computation of the portfolios'
net asset value. If events materially affecting the value of such
securities or currency exchange rates occurred during such time period, the
securities are valued at their fair value as determined in good faith by or
under the direction of the Fund's Board of Directors.
(continued)
35
<PAGE> 37
OHIO NATIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 1996
(UNAUDITED)
In connection with purchases and sales of securities denominated in foreign
currencies, the Fund may enter into forward foreign currency exchange
contracts (forward contract). A forward contract is a commitment to
purchase or sell a foreign currency at a future date, at a negotiated rate.
Additionally, the Fund may enter into such contracts to hedge certain other
foreign currency denominated investments. These contracts are recorded at
market value, and the related realized and unrealized foreign exchange
gains and losses are included in the statement of operations. In the event
that counterparties fail to settle these currency contracts or the related
foreign security trades, the Fund could be exposed to foreign currency
fluctuations.
The Fund may invest in two kinds of financial futures contracts: stock
index futures contracts and interest rate futures contracts. Stock index
futures contracts are contracts developed by and traded on national
commodity exchanges whereby the buyer will, on a specified future date, pay
or receive a final cash payment equal to the difference between the actual
value of the stock index on the last day of the contract and the value of
the stock index established by the contract multiplied by the specific
dollar amount set by the exchange. Future contracts may be based on
broad-based stock indexes such as the Standard & Poor's 500 Index or on
narrow-based stock indexes. A particular index will be selected according
to Ohio National Investments, Inc. ("ONI"), the investment advisor to the
Fund, investment strategy for the particular portfolio. The Fund may enter
into such contracts to reduce the risk of fluctuation of portfolio
securities values or to take advantage of expected market fluctuations.
Securities transactions are recorded on a trade date basis. Dividend income
is recognized on the ex-dividend date (except in the case of securities in
the International, Small Cap, Global Contrarian and Aggressive Growth
Portfolios in which dividends are recorded as soon after the ex-dividend
date as the fund becomes aware of such dividends), and interest income is
accrued daily as earned. Net realized gain or loss on investments and
foreign exchange transactions are determined on the basis of identified
cost.
The books and records of the International, Small Cap, Global Contrarian
and Aggressive Growth Portfolios are maintained in U.S. dollars. Foreign
currency amounts are translated into U.S. dollars on the following basis:
(1) market value of investments, other assets and liabilities -- at
exchange rates prevailing at the end of the period. (2) purchases and sales
of investments, income and expenses--at the rates of exchange prevailing on
the respective dates of such transactions.
Although the net assets and the market value of the portfolios are
presented at the foreign exchange rates at the end of the period, the
portfolios do not generally isolate the effect of fluctuations in foreign
exchange rates from the effect of changes in the market price of the
investments. However, the portfolios do isolate the effect of fluctuations
in foreign exchange rates when determining the gain or loss upon sale or
maturity of foreign-currency denominated debt obligations pursuant to
Federal income tax regulations.
Foreign investment and currency transactions may involve certain
considerations and risks not typically associated with investing in U.S.
companies and the U.S. Government. These risks, including re-evaluation of
currency and future adverse political and economic developments, could
cause investments and their markets to be less liquid and prices more
volatile than those of comparable U.S. companies and the U.S. Government.
Each portfolio may acquire repurchase agreements from member banks of the
Federal Reserve System which ONI deems creditworthy under guidelines
approved by the Board of Directors, subject to the seller's agreement to
repurchase such securities at a mutually agreed upon date and price. The
repurchase price generally equals the price paid by the portfolio plus
interest negotiated on the basis of current short-term rates, which may be
more or less than the rate on the underlying portfolio securities. The
seller, under a repurchase agreement, is required to maintain as collateral
for the repurchase transaction securities in which the portfolio has a
perfected security interest with a value not less than 100% of the
repurchase price (including accrued interest). Securities subject to
repurchase agreements are held by the Fund's custodian or another qualified
custodian or in the Federal Reserve/Treasury book-entry system. Repurchase
agreements are considered to be loans by the portfolio under the 1940 Act.
It is the policy of the Fund to distribute to its shareholders
substantially all of its taxable income, thus gaining relief from Federal
income taxes under provisions of current tax regulations applicable to
investment companies of this type. Accordingly, no provision for Federal
income taxes has been made.
The preparation of financial statements in conformity with generally
accepted accounting principles 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.
(continued)
36
<PAGE> 38
OHIO NATIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 1996
(UNAUDITED)
The gross unrealized appreciation and depreciation on investments in each
portfolio as of June 30, 1996 were as follows:
<TABLE>
<CAPTION>
PORTFOLIO
---------------------------------------------------------------------------------------------------------
MONEY INTER- CAPITAL SMALL GLOBAL AGGRESS.
EQUITY MARKET BOND OMNI NATIONAL APPREC. CAP CONTR. GROWTH
----------- ------ -------- ----------- ----------- ---------- ---------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Gross unrealized:
Appreciation .... $69,326,556 -- $330,064 $28,311,906 $15,800,324 $2,654,509 $5,469,725 $697,173 $551,420
Depreciation .... (4,760,966) -- (338,657) (2,635,139) (3,792,029) (435,419) (826,124) (262,731) (449,792)
Net unrealized
Appreciation
(Depreciation). $64,565,590 -- ($ 8,593) $25,676,767 $12,008,295 $2,219,090 $4,643,601 $434,442 $101,628
</TABLE>
(2) INVESTMENT TRANSACTIONS
Purchases and sales of investment securities (excluding short-term
securities) for the six months ended June 30,1996 were as follows:
<TABLE>
<CAPTION>
PORTFOLIO
---------------------------------------------------------------------------------------------------------
MONEY INTER- CAPITAL SMALL GLOBAL AGGRESS.
EQUITY MARKET BOND OMNI NATIONAL APPREC. CAP CONTR. GROWTH
----------- ------ -------- ----------- ----------- ----------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common & Preferred
Stocks & Bonds:
Purchases .... $21,712,111 -- $749,223 $12,708,475 $25,006,553 $ 9,821,280 $15,783,354 $2,798,902 $42,833,518
Sales ........ $ 8,311,914 -- $750,000 $ 5,078,481 $ 5,792,147 $ 2,760,136 $ 7,974,141 $ 649,391 $38,800,903
U.S. Government
Obligations:
Purchases .... -- -- $476,406 -- -- $3,59,438 -- -- $ 5,432,386
Sales ........ -- -- $300,000 $ 1,500,000 -- -- -- -- $ 5,794,226
</TABLE>
(3) INVESTMENT ADVISORY AGREEMENT, SUB-ADVISORY AGREEMENTS AND TRANSACTIONS
WITH AFFILIATED PERSONS
The Fund has an investment advisory agreement with ONI, a wholly owned
subsidiary of Ohio National Life Insurance Company (ONLIC), under the terms
of which ONI provides porfolio management and investment advice to the Fund
and and administers its other affairs, subject to the supervision of the
Fund's Board of Directors. As compensation for its services to the Equity,
Bond and Omni Portfolios, ONI is paid fees at an annual rate of 0.60% of
the first $100 million of each of those Portfolios' net assets, 0.50% of
the next $150 million, 0.45% of the next $250 million, 0.40% of the next
$500 million, 0.30% of the next $1 billion and 0.25% of net assets over $2
billion. For the Money Market Portfolio, ONI is presently waiving any of
its fees in excess of 0.25%.
Under sub-advisory agreements dated May 1, 1996: (1) ONI pays Societe
Generale Asset Management Corporation (SGAM) fees at an annual rate of
0.75% of the International and Global Contrarian Portfolios' average daily
net asset value for directing the investment and reinvestment of those
Portfolios' assets, (2) ONI pays T. Rowe Price Associates, Inc. (TRPA) a
fee at an annual rate of 0.70% of the first $5 million, and 0.50% of
average daily net asset value in excess of $5 million for directing the
investment and reinvestment of the Capital Appreciation Portfolio's assets,
(3) ONI pays Founders Asset Management, Inc. (FAM) a fee at an annual rate
of 0.65% of the first $75 million, 0.60% of the next $75 million, and 0.55%
of average daily net asset value in excess of $150 million for directing
the investment and reinvestment of the Small Cap Portfolio's assets, and
(4) ONI pays Strong Capital Management, Inc. (SCM) a fee at an annual rate
of 0.70% of the first $50 million and 0.50% of average daily net asset
value in excess of $50 million for directing the investment and
reinvestment of the Aggressive Growth Portfolio's assets.
Each director who is not an officer of the Fund or an employee of ONI or
its corporate affiliates is paid a quarterly retainer fee of $2,000 plus
$400 for each meeting attended.
The Fund's transfer agent and dividend paying agent is The Provident Bank,
One East Fourth Street, Cincinnati, Ohio. The Provident Bank is also the
custodian for those portfolios other than the International and Global
Contrarian Portfolios. The custodian for the International and Global
Contrarian Portfolios is Investors Fiduciary Trust Company, 127 West Tenth
Street, Kansas City, Missouri. For International and Global Contrarian
Portfolio assets held outside the United States, Investors Fiduciary Trust
Company enters into subcustodial agreements, subject to approval by the
Board of Directors.
(continued)
37
<PAGE> 39
OHIO NATIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 1996
(UNAUDITED)
(4) DISTRIBUTIONS TO SHAREHOLDERS
On July 1, 1996, the following dividends were paid from net investment
income to shareholders of record on June 28, 1996:
<TABLE>
<CAPTION>
NET INVESTMENT INCOME
- ------------------------------------------------------------------------------------------------------------------------------
CAPITAL
EQUITY BOND OMNI APPRECIATION INTERNATIONAL GLOBAL CONTRARIAN AGGRESS. GROWTH
- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
PER PER PER PER PER PER PER
SHARE AGGREGATE SHARE AGGREGATE SHARE AGGREGATE SHARE AGGREGATE SHARE AGGREGATE SHARE AGGREGATE SHARE AGGREGATE
- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
.10 $708,923 .16 $307,416 .13 $891,638 .16 $378,874 .15 $1,188,361 .09 $ 58,094 .55 $415,492
</TABLE>
For Federal income tax purposes, the Bond, Capital Appreciation and
Aggressive Growth portfolios had capital loss carryovers of $82,501,
$95,043 and 675,460 respectively, at June 30, 1996. If not offset by
capital gains, the losses will expire in 2003 for the Bond and Aggressive
Growth Portfolios and 2004 for the Capital Appreciation Portfolio. The
Board of Directors does not intend to authorize a distribution of any net
realized gain for a portfolio until the capital loss carryover has been
offset or expires.
(5) CAPITAL SHARES TRANSACTIONS
Dividends, distributions and capital share transactions for the six months
ended June 30, 1996 and the year ended December 31, 1995 were as follows:
<TABLE>
<CAPTION>
EQUITY MONEY MARKET BOND OMNI
6-30-96 1995 6-30-96 1995 6-30-96 1995 6-30-96 1995
------- ---- ------- ---- ------- ---- ------- ----
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Capital shares
issued on sales .......... 719,521 1,027,904 1,301,418 1,416,527 515,545 386,744 823,988 934,361
Capital shares issued
on reinvested dividends .. 245,646 175,132 44,271 68,371 54,714 78,755 212,048 167,487
Capital shares redeemed ...... 229,148 371,799 941,030 1,219,129 325,510 168,371 185,618 631,665
GLOBAL
INTERNATIONAL CAPITAL APPRECIATION SMALL CAP CONTRARIAN(a)
6-30-96 1995 6-30-96 1995 6-30-96 1995 6-30-96 1995
------- ---- ------- ---- ------- ---- ------- ----
Capital shares
issued on sales .......... 1,364,311 1,949,778 708,062 969,718 565,663 778,636 274,027 421,953
Capital shares issued
on reinvested dividends .. 251,744 186,973 83,962 39,565 35,538 2,166 8,495 2,275
Capital shares redeemed ...... 147,284 564,813 35,704 56,759 41,486 40,666 23,993 15,010
AGGRESSIVE
GROWTH(a)
6-30-96 1995
------- ----
Capital shares issued on sales 412,362 337,342
Capital shares issued
on reinvested dividends .. 27,727 12,046
Capital shares redeemed ...... 24,225 11,183
<FN>
(a)Commenced operations March 31, 1995
</TABLE>
The Fund is authorized to issue 250,000,000 of its capital shares. 20,000,000
shares have been allocated to the Equity and Omni Portfolios, and 10,000,000
shares are allocated to each of the other portfolios. The remaining 140,000,000
shares are unallocated at this time.
(continued)
38
<PAGE> 40
OHIO NATIONAL FUND, INC.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
JUNE 30,1996
(UNAUDITED)
(6) COMMITMENTS
As of June 30,1996 the International, Global Contrarian and Aggressive
Growth Portfolios had entered into forward currency contracts, as set forth
below summarized by currency:
<TABLE>
<CAPTION>
INTERNATIONAL PORTFOLIO
SETTLEMENT CURRENCY TO BE U.S. $ VALUE CURRENCY TO BE U.S. $ VALUE UNREALIZED
DATES THROUGH DELIVERED AT 06/30/96 RECEIVED AT 06/30/96 GAIN (LOSS)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/09/96 466,000 Swiss Franc 372,889 398,149 U.S. Dollar 398,149 $ 25,260 --
12/27/96 2,429,000 Swiss Franc 1,909,591 1,948,031 U.S. Dollar 1,948,031 38,440 --
07/03/96 1,592,000 Deutsche Mark 1,044,585 1,104,813 U.S. Dollar 1,104,813 60,228 --
08/16/96 6,066,000 Deutsche Mark 3,990,134 4,147,162 U.S. Dollar 4,147,162 157,028 --
10/11/96 3,845,000 Deutsche Mark 2,538,038 2,587,582 U.S. Dollar 2,587,582 49,544 --
01/03/97 262,000 Deutsche Mark 173,930 173,728 U.S. Dollar 173,728 -- $ (202)
07/11/96 22,848,000 French Franc 4,435,084 4,601,900 U.S. Dollar 4,601,900 166,816 --
08/23/96 23,098,000 French Franc 4,492,157 4,581,344 U.S. Dollar 4,581,344 89,187 --
10/18/96 17,576,000 French Franc 3,427,089 3,458,926 U.S. Dollar 3,458,926 31,837 --
07/18/96 297,450,000 Japanese Yen 2,719,543 2,977,399 U.S. Dollar 2,977,399 257,856 --
08/30/96 893,950,000 Japanese Yen 8,222,120 8,650,832 U.S. Dollar 8,650,832 428,712 --
10/25/96 423,250,000 Japanese Yen 3,923,159 4,058,554 U.S. Dollar 4,058,554 135,395 --
09/16/96 350,000,000 New Zealand $ 242,568 232,680 U.S. Dollar 232,680 -- (9,888)
---------- ---------- ---------- ----------
37,490,887 38,921,100 $1,440,303 $ (10,090)
========== ========== ========== ==========
<CAPTION>
GLOBAL CONTRARIAN PORTFOLIO
SETTLEMENT CURRENCY TO BE U.S. $ VALUE CURRENCY TO BE U.S. $ VALUE UNREALIZED
DATES THROUGH DELIVERED AT 06/30/96 RECEIVED AT 06/30/96 GAIN (LOSS)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
07/03/96 150,000 Deutsche Mark 98,422 104,969 U.S. Dollar 104,969 $ 6,547 --
10/11/96 213,000 Deutsche Mark 140,599 144,460 U.S. Dollar 144,460 3,861 --
07/11/96 880,000 French Franc 170,819 176,597 U.S. Dollar 176,597 5,778 --
10/18/96 149,000 French Franc 29,053 29,643 U.S. Dollar 29,643 590 --
07/18/96 9,000,000 Japanese Yen 82,286 90,909 U.S. Dollar 90,909 8,623 --
08/30/96 25,400,000 Japanese Yen 233,617 247,364 U.S. Dollar 247,364 13,747 --
10/25/96 23,600,000 Japanese Yen 218,751 224,398 U.S. Dollar 224,398 5,647 --
12/27/96 125,000 Dutch Guilder 74,074 73,698 U.S. Dollar 73,698 -- $ (376)
--------- --------- ---------- ----------
1,047,621 1,092,038 $ 44,793 $ (376)
========= ========= ========== ==========
<CAPTION>
AGGRESSIVE GROWTH PORTFOLIO
SETTLEMENT CURRENCY TO BE U.S. $ VALUE CURRENCY TO BE U.S. $ VALUE UNREALIZED
DATES THROUGH DELIVERED AT 06/30/96 RECEIVED AT 06/30/96 GAIN (LOSS)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
08/13/96 17,360,000 Japanese Yen 158,277 167,058 U.S. Dollar 167,058 $ 8,781 --
========= ========= ========== ==========
</TABLE>
39
<PAGE> 41
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
PORTFOLIO
---------------------------------------------------------------------------------------------
EQUITY MONEY MARKET
------------------------------------------------- ----------------------------------------
SIX MOS. SIX MOS.
ENDED YEARS ENDED DECEMBER 31, ENDED YEARS ENDED DECEMBER 31,
6-30-96 1995 1994 1993 1992 6-30-96 1995 1994
------------------------------------------------- ----------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Per share data
(for a share outstanding
throughout each period):
Net asset value,
beginning of period ........ $28.58 $23.20 $23.90 $21.63 $20.61 $10.00 $10.00 $10.00
Income from investment
operations:
Net investment income ...... 0.22 0.50 0.45 0.41 0.50 0.25 0.54 0.39
Net realized & unrealized
gain (loss) on investments
and foreign currency
transactions ............. 2.43 5.65 (0.39) 2.57 1.02 0.00 0.00 0.00
------ ------ ------ ------ ------ ------ ------ ------
Total from investment
operations ............ 2.65 6.15 0.06 2.98 1.52 0.25 0.54 0.39
------ ------ ------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net
investment income ........ (0.22) (0.39) (0.44) (0.42) (0.50) (0.25) (0.54) (0.39)
Distributions from
realized capital gains ... (0.87) (0.38) (0.32) (0.29) 0.00 0.00 0.00 0.00
------ ------ ------ ------ ------ ------ ------ ------
Total distributions ..... (1.09) (0.77) (0.76) (0.71) (0.50) (0.25) (0.54) (0.39)
------ ------ ------ ------ ------ ------ ------ ------
Net asset value,
end of period .............. $30.14 $28.58 $23.20 $23.90 $21.63 $10.00 $10.00 $10.00
====== ====== ====== ====== ====== ====== ====== ======
Total return .................. 9.66%(c) 27.20% 0.25% 14.09% 7.55% 2.51%(c) 5.62% 4.00%
====== ====== ====== ====== ====== ====== ====== ======
Ratio (to average net assets)/
supplemental data:
Expenses ................. 0.73%(a) 0.73% 0.62% 0.63% 0.65% 0.44%(a,b) 0.44%(b) 0.39%(b)
Net investment income .... 1.49%(a) 1.90% 1.90% 1.91% 2.44% 4.94%(a,b) 5.39%(b) 3.69%(b)
Portfolio turnover ......... 5%(c) 14% 8% 18% 12% 0 0 0
Net assets at end
of period (millions) ..... $207.5 $175.7 $123.3 $109.9 $ 87.4 $ 19.8 $ 15.7 $ 13.1
</TABLE>
<TABLE>
<CAPTION>
PORTFOLIO
-----------------------------------------------------------------------------------
MARKET
MONEY BOND
--------------------- ----------------------------------------------------------
SIX MOS.
YEARS ENDED DECEMBER 31, ENDED YEARS ENDED DECEMBER 31,
1993 1992 6-30-96 1995 1994 1993 1992
--------------------- ----------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Per share data
(for a share outstanding
throughout each period):
Net asset value,
beginning of period ........ $10.00 $10.00 $10.93 $ 9.70 $ 10.87 $ 10.45 $ 10.37
Income from investment
operations:
Net investment income ...... 0.27 0.31 0.34 0.70 0.67 0.69 0.67
Net realized & unrealized
gain (loss) on investments
and foreign currency
transactions ............. 0.00 0.00 (0.49) 1.08 (1.07) 0.41 0.10
------ ------ ------ -------- -------- -------- --------
Total from investment
operations ............ 0.27 0.31 (0.15) 1.78 (0.40) 1.10 0.77
------ ------ ------ -------- -------- -------- --------
Less distributions:
Dividends from net
investment income ........ (0.27) (0.31) (0.34) (0.55) (0.69) (0.68) (0.69)
Distributions from
realized capital gains ... 0.00 0.00 0.00 0.00 (0.08) 0.00 0.00
------ ------ ------ -------- -------- -------- --------
Total distributions ..... (0.27) (0.31) (0.34) (0.55) (0.77) (0.68) (0.69)
------ ------ ------ -------- -------- -------- --------
Net asset value,
end of period .............. $10.00 $10.00 $10.44 $ 10.93 $ 9.70 $ 10.87 $ 10.45
====== ====== ====== ======== ======== ======== ========
Total return .................. 2.71% 3.12% (1.43%)(c) 18.90% (3.84%) (10.69%) 7.55%
====== ====== ====== ======== ======== ======== ========
Ratio (to average net assets)/
supplemental data:
Expenses ................. 0.53%(b) 0.66% 0.79%(a) 0.75% 0.63% 0.62% 0.65%
Net investment income .... 2.71%(b) 3.16% 6.40%(a) 6.76% 6.71% 6.33% 6.73%
Portfolio turnover ......... 0 0 6%(c) 4% 5% 13% 20%
Net assets at end
of period (millions) ..... $ 19.1 $ 20.6 $ 19.8 $ 18.1 $ 13.1 $ 12.0 $ 8.9
<FN>
(a) Annualized
(b) On and after June 17,1993, the advisor has waived part of the management
fee with respect to the Money Market Portfolio, to the extent such fee
exceeds an annual rate of .25% of the Money Market Portfolio's daily net
asset value. Had the fee not been waived, the annualized ratio of net
expenses for the six months ended June 30, 1996 and the years ended
December 31,1995, 1994 and 1993 would have been .49%, .55%, .59%, and .63%
respectively. The annualized ratio of net investment income to average net
assets would have been 4.89%, 5.27%, 3.51%, and 2.60% respectively.
(c) Calculated on an aggregate basis (not annualized).
</TABLE>
The accompanying notes are an integral part of these financial statements.
40
<PAGE> 42
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
PORTFOLIO
-------------------------------------------------------------------------
OMNI INTERNATIONAL
------------------------------------------------- --------------------
SIX MOS. SIX MOS. YEAR ENDED
ENDED YEAR ENDED DECEMBER 31, ENDED DECEMBER 31,
6-30-96 1995 1994 1993 1992 6-30-96 1995
------------------------------------------------- --------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Per share data
(for a share outstanding
throughout each period):
Net asset value, beginning of period .................. $17.60 $14.76 $15.38 $14.14 $13.63 $14.38 $13.30
Income from investment operations:
Net investment income (loss) ....................... 0.27 0.58 0.55 0.58 0.63 0.15 0.31
Net realized & unrealized gain (loss) on investments
and foreign currency transactions ................ 0.95 2.72 (0.63) 1.21 0.51 1.39 1.28
------ ------ ------ ------ ------ ------ ------
Total from investment operations ................ 1.22 3.30 (0.08) 1.79 1.14 1.54 1.59
------ ------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income ............... (0.27) (0.46) (0.54) (0.55) (0.63) (0.28) (0.28)
Distributions from realized capital gains .......... (0.31) 0.00 0.00 0.00 0.00 (0.27) (0.23)
------ ------ ------ ------ ------ ------ ------
Total distributions ............................. (0.58) (0.46) (0.54) (0.55) (0.63) (0.55) (0.51)
------ ------ ------ ------ ------ ------ ------
Net asset value, end of period ..................... $18.24 $17.60 $14.76 $15.38 $14.14 $15.37 $14.38
====== ====== ====== ====== ====== ====== ======
Total return .......................................... 7.16%(c) 22.75% 0.53% 12.85% 8.61% 11.05%(c) 12.10%
====== ====== ====== ====== ====== ====== ======
Ratio (to average net assets)/supplemental data:
Expenses ......................................... 0.77%(a) 0.75% 0.62% 0.62% 0.65% 1.08%(a) 1.12%
Net investment income ............................ 2.90%(a) 3.56% 3.67% 3.74% 4.66% 1.95%(a) 2.29%
Portfolio turnover ................................. 7%(c) 10% 7% 17% 16% 6%(c) 7%
Net assets at end of period (millions) ............. $129.1 $109.6 $ 85.0 $ 74.2 $ 46.4 $119.4 $ 90.6
<CAPTION>
PORTFOLIO
-----------------------------------------------------------
INTERNATIONAL CAPITAL APPRECIATION
------------------ ----------------------------------
YEAR
ENDED 4-30-93 SIX MOS. YEAR 5-1-94
DECEMBER 31, TO ENDED ENDED TO
1994 12-31-93 6-30-96 12-31-95 12-31-94
------------------ ----------------------------------
<S> <C> <C> <C> <C> <C>
Per share data
(for a share outstanding
throughout each period):
Net asset value, beginning of period .................. $12.48 $10.00 $11.99 $10.25 $10.00
Income from investment operations:
Net investment income (loss) ....................... 0.16 0.02 0.28 0.39 0.22
Net realized & unrealized gain (loss) on investments
and foreign currency transactions ................ 0.84 2.47 0.49 1.85 0.23
------ ------ ------ ------ ------
Total from investment operations ................ 1.00 2.49 0.77 2.24 0.45
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income ............... (0.12) (0.01) (0.17) (0.29) (0.20)
Distributions from realized capital gains .......... (0.06) 0.00 (0.40) (0.21) 0.00
------ ------ ------ ------ ------
Total distributions ............................. (0.18) (0.01) (0.57) (0.50) (0.20)
------ ------ ------ ------ ------
Net asset value, end of period ..................... $13.30 $12.48 $12.19 $11.99 $10.25
====== ====== ====== ====== ======
Total return .......................................... 8.07% 24.96%(c) 6.80%(c) 22.62% 4.53%(c)
====== ====== ====== ====== ======
Ratio (to average net assets)/supplemental data:
Expenses ......................................... 1.05% 1.13%(a,d) 0.97%(a) 0.96% 0.98%(a,d)
Net investment income ............................ 1.23% 0.41%(a,d) 4.61%(a) 3.47% 3.24%(a,d)
Portfolio turnover ................................. 16% 8% 15%(c) 32% 20%
Net assets at end of period (millions) ............. $ 62.9 $ 17.5 $ 28.9 $ 19.3 $ 6.8
<FN>
(a) Annualized
(c) Calculated on an aggregate basis (not annualized).
(d) The advisor has reimbursed certain operating expenses of the Global
Contrarian Portfolio for the year ended December 31,1995, the Capital
Appreciation and Small Cap Portfolios for the period ended December 31,
1994 and the International Portfolio for the period ended December 31,1993.
Had the advisor not reimbursed such expenses, the annualized ratio of
expenses to average net assets would have been 1.90%, 1.05%, .95% and 1.39%
respectively. The annualized ratio of net investment income to average net
asset would have been 1.32%, 3.18%, 3.24% and .15% respectively.
</TABLE>
The accompanying notes are an integral part of these financial statements.
41
<PAGE> 43
OHIO NATIONAL FUND, INC. June 30, 1996 (Unaudited)
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
PORTFOLIO
----------------------------------------------------------------------------------------
GLOBAL AGGRESSIVE
SMALL CAP CONTRARIAN GROWTH
------------------------------- --------------------- ----------------------
SIX MOS. YEAR 5-1-94 SIX MOS. 4-1-95 SIX MOS. 4-1-95
ENDED ENDED TO ENDED TO ENDED TO
6-30-96 12-31-95 12-31-94 6-30-96 12-31-95 6-30-96 12-31-95
------------------------------- --------------------- ----------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Per share data
(for a share outstanding
throughout each period):
Net asset value, beginning of period .. $15.85 $11.99 $10.00 $10.80 $10.00 $ 11.84 $ 10.00
Income from investment operations:
Net investment income (loss) ...... (0.04) (0.02) 0.18 0.12 0.13 1.00 1.56
Net realized & unrealized gain
(loss) on investments and
foreign currency transactions .... 2.25 3.95 1.94 0.92 0.75 (1.20) 1.08
------ ------ ------ ------ ------ ------- --------
Total from investment
operations ................... 2.21 3.93 2.12 1.04 0.88 (0.20) 2.64
------ ------ ------ ------ ------ ------- --------
Less distributions:
Dividends from net investment
income ........................... 0.00 (0.07) (0.13) (0.13) (0.08) (0.75) (0.80)
Distributions from realized
capital gains .................... (0.54) 0.00 0.00 (0.09) 0.00 0.00 0.00
------ ------ ------ ------ ------ ------- --------
Total distributions ............. (0.54) (0.07) (0.13) (0.22) (0.08) (0.75) (0.80)
------ ------ ------ ------ ------ ------- --------
Net asset value, end of period ........ $17.52 $15.85 $11.99 $11.62 $10.80 $ 10.89 $ 11.84
====== ====== ====== ====== ====== ======= ========
Total return .......................... 14.42%(c) 33.01% 21.26% 9.69%(c) 8.89%(c) (1.74%)(c) 26.95%(c)
====== ====== ====== ====== ====== ======= ========
Ratio (to average net assets)/
supplemental data:
Expenses ......................... 0.95%(a) 0.96% 0.91%(a,d) 1.35%(a) 1.58%(a,d) 1.02%(a) 1.02%(a)
Net investment income ............ (0.44%(a) (0.11%) 3.27%(a,d) 1.99%(a) 1.64%(a,d) 17.72%(a) 18.18%(a)
Portfolio turnover ................. 43%(c) 75% 22% 13%(c) 6%(a) 871%(c) 1488%(a)
Net assets at end of period
(millions) ....................... $ 27.5 $ 16.0 $ 3.3 $ 7.8 $ 4.4 $ 8.2 $ 4.0
<FN>
(a) Annualized
(c) Calculated on an aggregate basis (not annualized).
(d) The advisor has reimbursed certain operating expenses of the Global
Contrarian Portfolio for the year ended December 31,1995, the Capital
Appreciation and Small Cap Portfolios for the period ended December 31,
1994 and the International Portfolio for the period ended December 31,
1993. Had the advisor not reimbursed such expenses, the annualized ratio of
expenses to average net assets would have been 1.90%, 1.05%, .95% and 1.39%
respectively. The annualized ratio of net investment income to average net
asset would have been 1.32%, 3.18%, 3.24% and .15% respectively.
</TABLE>
The accompanying notes are an integral part of these financial statements.
42
<PAGE> 44
NOTES
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<PAGE> 47
NOTES
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<PAGE> 48
NOTES
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<PAGE> 49
NOTES
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<PAGE> 50
OHIO NATIONAL FUND, INC.
P. O. Box 371
Cincinnati, OH 45201
Form 1325
-------------------
THIRD CLASS BULK
U.S. POSTAGE PAID
CINCINNATI, OHIO
Permit No. 117
-------------------
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000315754
<NAME> OHIO NATIONAL FUND, INC.
<SERIES>
<NUMBER> 01
<NAME> EQUITY
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 28.58
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> 2.43
<PER-SHARE-DIVIDEND> (0.22)
<PER-SHARE-DISTRIBUTIONS> (0.87)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 30.14
<EXPENSE-RATIO> 0.73
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000315754
<NAME> OHIO NATIONAL FUND, INC.
<SERIES>
<NUMBER> 02
<NAME> MONEY MARKET
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 0
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 0
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 0
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 0
<AVERAGE-NET-ASSETS> 0
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.25
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.25)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.00
<EXPENSE-RATIO> 0.44
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000315754
<NAME> OHIO NATIONAL FUND, INC.
<SERIES>
<NUMBER> 03
<NAME> BOND
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1995
<PERIOD-START> JAN-01-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 0
<INVESTMENTS-AT-VALUE> 0
<RECEIVABLES> 0
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 0
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 0
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 0
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 0
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 0
<REALIZED-GAINS-CURRENT> 0
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<NAME> OHIO NATIONAL FUND, INC.
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<NAME> OHIO NATIONAL FUND, INC.
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<NAME> OHIO NATIONAL FUND, INC.
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<NAME> OHIO NATIONAL FUND, INC.
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<NAME> GLOBAL CONTRARIAN
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<NAME> OHIO NATIONAL FUND, INC.
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