1
Exhibit (d)(2)(i)
AMENDMENT
to the
SUB-ADVISORY AGREEMENT
The Sub-Advisory Agreement entered into by and between Ohio National
Investments, Inc. and Founders Asset Management LLC as of April 1, 1998, for
investment advisory services with respect to the Small Cap Portfolio of Ohio
National Fund, Inc. is hereby amended, effective for all fees accruing on and
after October 1, 1998, by substituting the following in place of the text under
"Section 4, Sub-Advisory Fees":
In consideration of the Sub-Adviser's services to the Fund hereunder,
the Sub-Adviser shall be entitled to a sub-advisory fee, payable
monthly, at the annual rate of 0.625% of the first seventy-five million
dollars ($75,000,000) of the average daily net assets of the Portfolio
during the month preceding each payment, 0.55% of the next seventy-five
million dollars ($75,000,000), 0.50% of the next one hundred and fifty
million dollars ($150,000,000), and 0.40% of daily net assets of the
Portfolio in excess of three hundred million dollars ($300,000,000)
(the "Sub-Advisory Fee"). The Sub-Advisory Fee shall be accrued for
each calendar day and the sum of the daily Sub-Advisory Fee accruals
shall be paid monthly to the Sub-Adviser on or before the fifth
business day of the next succeeding month. The daily fee accruals will
be computed on the basis of the valuations of the total net assets of
the Portfolio as of the close of business each day. The Sub-Advisory
Fee shall be payable solely by the Adviser, and the Fund shall not be
liable to the Sub-Adviser for any unpaid Sub-Advisory Fee.
In Witness Whereof, this Amendment has been executed by the parties hereto as of
this first day of September, 1998.
Ohio National Investments, Inc. Founders Asset Management LLC.
By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇ By: /s/ ▇▇▇▇▇ ▇. ▇▇▇
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▇▇▇▇▇▇ ▇. ▇▇▇▇, President ▇▇▇▇▇ ▇. ▇▇▇
Senior Vice President-
Administration
Accepted and Agreed:
Ohio National Fund, Inc.
By: /s/ ▇▇▇▇ ▇. ▇▇▇▇▇▇
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▇▇▇▇ ▇. ▇▇▇▇▇▇, President
