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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-4815
Ultra Series Fund
(Exact name of registrant as specified in charter)
550 Science Drive, Madison, WI 53711
(Address of principal executive offices)(Zip code)
W. Richard Mason
Madison Legal and Compliance Department
550 Science Drive
Madison, WI 53711
(Name and address of agent for service)
Registrant’s telephone number, including area code: 608-274-0300
Date of fiscal year end: December 31
Date of reporting period: June 30, 2014
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. s 3507.
SEMIANNUAL REPORT |
For Period Ended June 30, 2014 | |||
This booklet contains the semiannual report for the Ultra Series Fund in which each of the CMFG Variable Annuity Account and CMFG Variable Life Insurance Account invests: | |||
Conservative Allocation, Moderate Allocation, Aggressive Allocation, Money Market, Core Bond, High Income, Diversified Income, Large Cap Value, Large Cap Growth, Mid Cap, Small Cap, and International Stock Funds, each a series of the Ultra Series Fund. | |||
MEMBERS® Variable Annuity | |||
MEMBERS® Variable Annuity II | |||
MEMBERS® Choice Variable Annuity | |||
MEMBERS® Variable Annuity III | |||
MEMBERS® Variable Universal Life | |||
MEMBERS® Variable Universal Life II | |||
Distributed by: | |||
CUNA Brokerage Services, Inc. | |||
Office of Supervisory Jurisdiction | |||
2000 Heritage Way | |||
Waverly, IA 50677 | |||
Member FINRA & SIPC | |||
Telephone: | |||
(319) 352-4090 | |||
(800) 798-5500 | |||
![]() ![]() | |||
This material is for reporting purposes only and shall not be used in connection with a solicitation, offer or any proposed sale or purchase of securities unless preceded or accompanied by a prospectus. | |||
Move confidently into the future™
SEMIANNUAL REPORT
To reduce service expenses, CMFG Life Insurance Company may send only one copy of this booklet per household, regardless of the number of owners at the household. However, any owner may obtain additional copies of this booklet upon request to CMFG Life Insurance Company.
If you have questions, please call CMFG Life Insurance Company at 1.800.798.5500.
As with all variable annuity contracts, variable life insurance policies and mutual funds, the Securities and Exchange Commission (“SEC”) has not approved or disapproved of these securities, nor does the SEC guarantee the accuracy or adequacy of any prospectus. Any statement to the contrary is a criminal offense.
Ultra Series Fund | June 30, 2014
ULTRA SERIES FUND PERFORMANCE
Average Annual Total Returns | ||||||||||||||||||||||||||||||||||||||||||
as of June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||
Since | Since | Expense | ||||||||||||||||||||||||||||||||||||||||
One Month | Three Months | Year-to-Date | One Year | Three Years | Five Years | Ten Years | Class I Inception | Class II Inception | Ratio | |||||||||||||||||||||||||||||||||
FIXED INCOME FUNDS | ||||||||||||||||||||||||||||||||||||||||||
Money Market Fund - Class I Inception Date 1/3/1985, Class II Inception Date 5/1/2009 | ||||||||||||||||||||||||||||||||||||||||||
Class I | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 1.42 | % | 3.72 | % | N/A | 0.46 | % | |||||||||||||||||||||||
Class II | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 1.30 | % | N/A | 0.00 | % | 0.71 | % | |||||||||||||||||||||||
90-day U.S. T-Bill (Citigroup/Salomon) | 0.00 | % | 0.01 | % | 0.02 | % | 0.04 | % | 0.05 | % | 0.08 | % | 1.54 | % | 3.86 | % | 0.09 | % | ||||||||||||||||||||||||
Core Bond Fund - Class I Inception Date 1/3/1985, Class II Inception Date 5/1/2009 | ||||||||||||||||||||||||||||||||||||||||||
Class I | 0.06 | % | 1.88 | % | 3.69 | % | 3.72 | % | 2.97 | % | 4.18 | % | 4.17 | % | 6.37 | % | N/A | 0.56 | % | |||||||||||||||||||||||
Class II | 0.04 | % | 1.82 | % | 3.56 | % | 3.46 | % | 2.71 | % | 3.92 | % | 3.92 | % | N/A | 4.16 | % | 0.81 | % | |||||||||||||||||||||||
Bank of America Merrill Lynch US Corp. Govt. & Mtg. Index | 0.05 | % | 2.15 | % | 4.17 | % | 4.47 | % | 3.71 | % | 4.79 | % | 5.00 | % | 7.54 | % | 4.91 | % | ||||||||||||||||||||||||
High Income Fund - Class I Inception Date 10/31/2000, Class II Inception Date 5/1/2009 | ||||||||||||||||||||||||||||||||||||||||||
Class I | 0.73 | % | 2.04 | % | 4.84 | % | 10.57 | % | 7.58 | % | 10.60 | % | 7.46 | % | 7.24 | % | N/A | 0.77 | % | |||||||||||||||||||||||
Class II | 0.71 | % | 1.98 | % | 4.71 | % | 10.30 | % | 7.31 | % | 10.33 | % | 7.20 | % | N/A | 10.52 | % | 1.02 | % | |||||||||||||||||||||||
Bank of America Merrill Lynch US High Yield Master II Constrained Index | 0.85 | % | 2.57 | % | 5.64 | % | 11.79 | % | 9.25 | % | 13.89 | % | 8.91 | % | 8.67 | % | 15.58 | % | ||||||||||||||||||||||||
Class I and II shares of the fund are offered to separate accounts of CMFG Life Insurance Company (“CMFG Life Accounts”), while Class I shares are also offered to certain of its pension plans. Investments in the fund by CMFG Life Accounts are made through variable annuity or variable life insurance contracts.
Performance data quoted represents past performance. Past performance does not guarantee future results. Fund returns are calculated after fund level expenses have been subtracted. Class II returns also include Rule12b-1 fees. However, fund returns shown do not include any separate account fees, charges, or expenses imposed by the variable annuity and variable life insurance contracts that invest in the fund. If these fees, charges or expenses were included, fund returns would have been lower. For specific charges and expenses associated with your contract, please refer to the prospectus. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please call 1-800-670-3600 for performance current to the most recent month-end. This piece must be accompanied or preceded by a current prospectus. An investment in any Ultra Series Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation, the National Credit Union Administration or any other government agency. Although the Money Market Fund seeks to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the fund. Mutual funds are subject to investment risk. MFD Distributor, LLC. July 2, 2014
Not Part of the Semi-annual Report
Ultra Series Fund | June 30, 2014
Ultra Series Fund Performance (continued) | Average Annual Total Returns | |||||||||||||||||||||||||||||||||||||||||
as of June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||
Since | Since | Expense | ||||||||||||||||||||||||||||||||||||||||
One Month | Three Months | Year-to-Date | One Year | Three Years | Five Years | Ten Years | Class I Inception | Class II Inception | Ratio | |||||||||||||||||||||||||||||||||
ASSET ALLOCATION FUNDS | ||||||||||||||||||||||||||||||||||||||||||
Diversified Income Fund - Class I Inception Date 1/3/1985, Class II Inception Date 5/1/2009 | ||||||||||||||||||||||||||||||||||||||||||
Class I | 0.89 | % | 3.27 | % | 4.77 | % | 12.86 | % | 10.42 | % | 12.00 | % | 6.65 | % | 8.57 | % | N/A | 0.71 | % | |||||||||||||||||||||||
Class II | 0.87 | % | 3.20 | % | 4.64 | % | 12.58 | % | 10.14 | % | 11.72 | % | 6.38 | % | N/A | 12.03 | % | 0.96 | % | |||||||||||||||||||||||
Custom Blended Index | 1.06 | % | 3.69 | % | 5.70 | % | 14.26 | % | 10.21 | % | 11.89 | % | 6.69 | % | 9.75 | % | 12.20 | % | ||||||||||||||||||||||||
Bank of America Merrill Lynch | 0.05 | % | 2.15 | % | 4.17 | % | 4.47 | % | 3.71 | % | 4.79 | % | 5.00 | % | 7.54 | % | 4.91 | % | ||||||||||||||||||||||||
S&P 500® Index | 2.07 | % | 5.23 | % | 7.14 | % | 24.61 | % | 16.58 | % | 18.83 | % | 7.78 | % | 11.33 | % | 19.36 | % | ||||||||||||||||||||||||
Conservative Allocation Fund - Class I Inception Date 6/30/2006, Class II Inception Date 5/1/2009 | ||||||||||||||||||||||||||||||||||||||||||
Class I | 0.79 | % | 2.74 | % | 4.30 | % | 10.50 | % | 6.79 | % | 8.69 | % | N/A | 4.86 | % | N/A | 0.94 | % | ||||||||||||||||||||||||
Class II | 0.76 | % | 2.67 | % | 4.17 | % | 10.22 | % | 6.52 | % | 8.42 | % | N/A | N/A | 8.90 | % | 1.19 | % | ||||||||||||||||||||||||
Bank of America Merrill Lynch | 0.05 | % | 2.15 | % | 4.17 | % | 4.47 | % | 3.71 | % | 4.79 | % | 5.00 | % | 5.51 | % | 4.91 | % | ||||||||||||||||||||||||
Conservative Allocation Custom Index1 | 0.85 | % | 3.04 | % | 4.94 | % | 11.18 | % | 7.52 | % | 9.47 | % | 6.38 | % | 6.49 | % | 9.84 | % | ||||||||||||||||||||||||
Moderate Allocation Fund - Class I Inception Date 6/30/2006, Class II Inception Date 5/1/2009 | ||||||||||||||||||||||||||||||||||||||||||
Class I | 1.25 | % | 3.32 | % | 4.80 | % | 14.97 | % | 9.38 | % | 11.42 | % | N/A | 4.94 | % | N/A | 0.99 | % | ||||||||||||||||||||||||
Class II | 1.23 | % | 3.26 | % | 4.67 | % | 14.68 | % | 9.11 | % | 11.14 | % | N/A | N/A | 11.69 | % | 1.24 | % | ||||||||||||||||||||||||
S&P 500® Index | 2.07 | % | 5.23 | % | 7.14 | % | 24.61 | % | 16.58 | % | 18.83 | % | 7.78 | % | 7.86 | % | 19.36 | % | ||||||||||||||||||||||||
Moderate Allocation Custom Index2 | 1.43 | % | 3.76 | % | 5.62 | % | 16.21 | % | 10.18 | % | 12.69 | % | 7.21 | % | 7.01 | % | 13.24 | % | ||||||||||||||||||||||||
Aggressive Allocation Fund - Class I Inception Date 6/30/2006, Class II Inception Date 5/1/2009 | ||||||||||||||||||||||||||||||||||||||||||
Class I | 1.64 | % | 3.86 | % | 5.33 | % | 19.14 | % | 11.13 | % | 13.73 | % | N/A | 4.87 | % | N/A | 0.99 | % | ||||||||||||||||||||||||
Class II | 1.62 | % | 3.79 | % | 5.20 | % | 18.84 | % | 10.85 | % | 13.45 | % | N/A | N/A | 14.16 | % | 1.24 | % | ||||||||||||||||||||||||
S&P 500® Index | 2.07 | % | 5.23 | % | 7.14 | % | 24.61 | % | 16.58 | % | 18.83 | % | 7.78 | % | 7.86 | % | 19.36 | % | ||||||||||||||||||||||||
Aggressive Allocation Custom Index3 | 1.88 | % | 4.33 | % | 6.15 | % | 20.33 | % | 12.26 | % | 15.22 | % | 7.76 | % | 7.28 | % | 15.92 | % | ||||||||||||||||||||||||
1 | Conservative Allocation Custom Index consists of 28% Russell 3000 Index, 7% MSCI ACWI ex-USA Index and 65% Barclays US Aggregate Bond Index. |
2 | Moderate Allocation Custom Index consists of 48% Russell 3000 Index, 12% MSCI ACWI ex-USA Index and 40% Barclays US Aggregate Bond Index. |
3 | Aggressive Allocation Custom Index consists of 64% Russell 3000 Index, 16% MSCI ACWI ex-USA Index and 20% Barclays US Aggregate Bond Index. |
4 | Custom Blended Index consists of 50% Bank of America Merrill Lynch U.S. Corp. Govt. & Mtg. Index and 50% S&P 500® Index. |
Not Part of the Semi-annual Report
Ultra Series Fund | June 30, 2014
Ultra Series Fund Performance (continued) | Average Annual Total Returns | |||||||||||||||||||||||||||||||||||||||||
as of June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||
Since | Expense | |||||||||||||||||||||||||||||||||||||||||
One Month | Three Months | Year-to-Date | One Year | Three Years | Five Years | Ten Years | Class I Inception | Ratio | ||||||||||||||||||||||||||||||||||
ASSET ALLOCATION FUNDS (continued) | ||||||||||||||||||||||||||||||||||||||||||
Madison Target Retirement 2020 Fund5 - Inception Date 10/1/2007 | ||||||||||||||||||||||||||||||||||||||||||
Class I | 0.85 | % | 2.96 | % | 4.50 | % | 11.83 | % | 7.74 | % | 10.89 | % | N/A | 2.23 | % | 0.61 | % | |||||||||||||||||||||||||
Target Date 2020 Custom Index9 | 0.99 | % | 3.22 | % | 5.11 | % | 12.38 | % | 8.18 | % | 10.27 | % | 6.59 | % | 6.64 | % | ||||||||||||||||||||||||||
Dow Jones Global Target 2020 Index | 1.38 | % | 3.26 | % | 5.34 | % | 12.68 | % | 7.12 | % | 10.36 | % | 6.80 | % | 4.43 | % | ||||||||||||||||||||||||||
Madison Target Retirement 2030 Fund6- Inception Date 10/1/2007 | ||||||||||||||||||||||||||||||||||||||||||
Class I | 1.30 | % | 3.61 | % | 5.07 | % | 15.48 | % | 9.71 | % | 12.48 | % | N/A | 2.56 | % | 0.60 | % | |||||||||||||||||||||||||
Target Date 2030 Custom Index10 | 1.45 | % | 3.79 | % | 5.65 | % | 16.42 | % | 10.31 | % | 12.84 | % | 7.24 | % | 7.03 | % | ||||||||||||||||||||||||||
Dow Jones Global Target 2030 Index | 2.06 | % | 3.95 | % | 5.89 | % | 17.42 | % | 9.43 | % | 13.61 | % | 7.90 | % | 4.69 | % | ||||||||||||||||||||||||||
Madison Target Retirement 2040 Fund7 - Inception Date 10/1/2007 | ||||||||||||||||||||||||||||||||||||||||||
Class I | 1.49 | % | 3.87 | % | 5.27 | % | 17.34 | % | 10.52 | % | 13.27 | % | N/A | 2.18 | % | 0.59 | % | |||||||||||||||||||||||||
Target Date 2040 Custom Index11 | 1.68 | % | 4.07 | % | 5.92 | % | 18.47 | % | 11.36 | % | 14.11 | % | 7.53 | % | 7.18 | % | ||||||||||||||||||||||||||
Dow Jones Global Target 2040 Index | 2.57 | % | 4.47 | % | 6.30 | % | 20.98 | % | 11.07 | % | 15.73 | % | 8.51 | % | 5.06 | % | ||||||||||||||||||||||||||
Madison Target Retirement 2050 Fund8 - Inception Date 1/3/2011 | ||||||||||||||||||||||||||||||||||||||||||
Class I | 1.71 | % | 4.07 | % | 5.38 | % | 19.01 | % | 11.32 | % | N/A | N/A | 10.92 | % | 0.57 | % | ||||||||||||||||||||||||||
Target Date 2050 Custom Index12 | 1.91 | % | 4.36 | % | 6.18 | % | 20.55 | % | 12.39 | % | 15.36 | % | 7.79 | % | 7.29 | % | ||||||||||||||||||||||||||
Dow Jones Global Target 2050 Index | 2.73 | % | 4.63 | % | 6.43 | % | 21.97 | % | 11.55 | % | 16.15 | % | 8.68 | % | 11.18 | % | ||||||||||||||||||||||||||
5 | Madison Asset Management waived 0.20% of its 0.40% management fee for the Target Retirement 2020 Fund from October 1, 2009 through February 17, 2011, at which time the fee was permanently reduced to 0.20%. If the Adviser had not waived these expenses, fund returns would have been lower. On September 1, 2011, shareholders of the Target Date Funds approved a new fee arrangement which includes an investment advisory fee of 0.25% annualized and a services agreement fee of 0.05% annualized. | |
6 | Madison Asset Management waived 0.20% of its 0.40% management fee for the Target Retirement 2030 Fund from October 1, 2009 through February 17, 2011, at which time the fee was permanently reduced to 0.20%. If the Adviser had not waived these expenses, fund returns would have been lower. On September 1, 2011, shareholders of the Target Date Funds approved a new fee arrangement which includes an investment advisory fee of 0.25% annualized and a services agreement fee of 0.05% annualized. | |
7 | Madison Asset Management waived 0.20% of its 0.40% management fee for the Target Retirement 2040 Fund from October 1, 2009 through February 17, 2011, at which time the fee was permanently reduced to 0.20%. If the Adviser had not waived these expenses, fund returns would have been lower. On September 1, 2011, shareholders of the Target Date Funds approved a new fee arrangement which includes an investment advisory fee of 0.25% annualized and a services agreement fee of 0.05% annualized. | |
8 | Madison Asset Management waived 0.20% of its 0.40% management fee for the Target Retirement 2050 Fund since the Fund’s inception date of January 3, 2011 through February 17, 2011, at which time the fee was permanently reduced to 0.20%. If the Adviser had not waived these expenses, fund returns would have been lower. On September 1, 2011, shareholders of the Target Date Funds approved a new fee arrangement which includes an investment advisory fee of 0.25% annualized and a services agreement fee of 0.05% annualized. | |
9 | The Target Date 2020 Custom Index consists of 59% Barclays U.S. Aggregate Bond Index, 33% Russell 3000 Index and 8% MSCI ACWI Ex-USA Net Index. | |
10 | The Target Date 2030 Custom Index consists of 39% Barclays U.S. Aggregate Bond Index, 49% Russell 3000 Index and 12% MSCI ACWI Ex-USA Net Index. | |
11 | The Target Date 2040 Custom Index consists of 29% Barclays U.S. Aggregate Bond Index, 57% Russell 3000 Index and 14% MSCI ACWI Ex-USA Net Index. | |
12 | The Target Date 2050 Custom Index consists of 19% Barclays U.S. Aggregate Bond Index, 65% Russell 3000 Index and 16% MSCI ACWI Ex-USA Net Index. |
Not Part of the Semi-annual Report
Ultra Series Fund | June 30, 2014
Ultra Series Fund Performance (continued) | Average Annual Total Returns | |||||||||||||||||||||||||||||||||||||||||
as of June 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||
Since | Since | Expense | ||||||||||||||||||||||||||||||||||||||||
One Month | Three Months | Year-to-Date | One Year | Three Years | Five Years | Ten Years | Class I Inception | Class II Inception | Ratio | |||||||||||||||||||||||||||||||||
EQUITY FUNDS | ||||||||||||||||||||||||||||||||||||||||||
Large Cap Value Fund - Class I Inception Date 1/3/1985, Class II Inception Date 5/1/2009 | ||||||||||||||||||||||||||||||||||||||||||
Class I | 2.53 | % | 5.31 | % | 8.34 | % | 23.95 | % | 16.22 | % | 17.24 | % | 6.74 | % | 9.92 | % | N/A | 0.61 | % | |||||||||||||||||||||||
Class II | 2.51 | % | 5.24 | % | 8.21 | % | 23.64 | % | 15.93 | % | 16.95 | % | 6.48 | % | N/A | 17.34 | % | 0.86 | % | |||||||||||||||||||||||
Russell 1000® Value Index | 2.61 | % | 5.10 | % | 8.28 | % | 23.81 | % | 16.92 | % | 19.23 | % | 8.03 | % | 11.67 | % | 19.67 | % | ||||||||||||||||||||||||
Large Cap Growth Fund - Class I Inception Date 1/3/1994, Class II Inception Date 5/1/2009 | ||||||||||||||||||||||||||||||||||||||||||
Class I | 1.21 | % | 5.06 | % | 5.05 | % | 24.53 | % | 12.76 | % | 15.23 | % | 6.83 | % | 8.71 | % | N/A | 0.82 | % | |||||||||||||||||||||||
Class II | 1.19 | % | 4.99 | % | 4.92 | % | 24.22 | % | 12.48 | % | 14.94 | % | 6.56 | % | N/A | 15.53 | % | 1.07 | % | |||||||||||||||||||||||
Russell 1000® Growth Index | 1.95 | % | 5.13 | % | 6.31 | % | 26.92 | % | 16.26 | % | 19.24 | % | 8.20 | % | 8.65 | % | 19.83 | % | ||||||||||||||||||||||||
Mid Cap Fund - Class I Inception Date 10/31/2000, Class II Inception Date 5/1/2009 | ||||||||||||||||||||||||||||||||||||||||||
Class I | 2.55 | % | 3.47 | % | 3.32 | % | 18.80 | % | 13.96 | % | 18.81 | % | 7.56 | % | 2.58 | % | N/A | 0.91 | % | |||||||||||||||||||||||
Class II | 2.52 | % | 3.41 | % | 3.19 | % | 18.50 | % | 13.67 | % | 18.52 | % | 7.29 | % | N/A | 18.75 | % | 1.16 | % | |||||||||||||||||||||||
Russell Midcap® Index | 3.29 | % | 4.97 | % | 8.67 | % | 26.85 | % | 16.09 | % | 22.07 | % | 10.43 | % | 8.66 | % | 22.35 | % | ||||||||||||||||||||||||
Small Cap Fund - Class I Inception Date 5/1/2007, Class II Inception Date 5/1/2009 | ||||||||||||||||||||||||||||||||||||||||||
Class I | 3.63 | % | 0.18 | % | 1.74 | % | 18.57 | % | 14.06 | % | 20.69 | % | N/A | 8.26 | % | N/A | 1.11 | % | ||||||||||||||||||||||||
Class II | 3.60 | % | 0.12 | % | 1.62 | % | 18.27 | % | 13.78 | % | 20.39 | % | 0.00 | % | N/A | 20.27 | % | 1.36 | % | |||||||||||||||||||||||
Russell 2000® Index | 5.32 | % | 2.05 | % | 3.19 | % | 23.64 | % | 14.57 | % | 20.21 | % | 8.70 | % | 6.92 | % | 20.57 | % | ||||||||||||||||||||||||
International Stock Fund - Class I Inception Date 10/31/2000, Class II Inception Date 5/1/2009 | ||||||||||||||||||||||||||||||||||||||||||
Class I | 0.19 | % | 4.17 | % | 5.12 | % | 23.61 | % | 10.03 | % | 12.89 | % | 8.49 | % | 6.18 | % | N/A | 1.16 | % | |||||||||||||||||||||||
Class II | 0.17 | % | 4.10 | % | 4.99 | % | 23.30 | % | 9.76 | % | 12.61 | % | 8.22 | % | N/A | 14.26 | % | 1.41 | % | |||||||||||||||||||||||
MSCI EAFE Index (net) | 0.96 | % | 4.09 | % | 4.78 | % | 23.57 | % | 8.10 | % | 11.77 | % | 6.93 | % | 4.54 | % | 13.67 | % | ||||||||||||||||||||||||
Not Part of the Semi-annual Report
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Ultra Series Fund | June 30, 2014
Table of Contents |
Page | |||
Review of Period | |||
Review of Period | 2 | ||
Conservative Allocation Fund | 3 | ||
Moderate Allocation Fund | 4 | ||
Aggressive Allocation Fund | 5 | ||
Money Market Fund | 6 | ||
Core Bond Fund | 6 | ||
High Income Fund | 7 | ||
Diversified Income Fund | 8 | ||
Large Cap Value Fund | 9 | ||
Large Cap Growth Fund | 10 | ||
Mid Cap Fund | 11 | ||
Small Cap Fund | 12 | ||
International Stock Fund | 13 | ||
Madison Target Retirement 2020 Fund | 14 | ||
Madison Target Retirement 2030 Fund | 14 | ||
Madison Target Retirement 2040 Fund | 15 | ||
Madison Target Retirement 2050 Fund | 16 | ||
Benchmark Descriptions | 17 | ||
Portfolios of Investments | |||
Conservative Allocation Fund | 19 | ||
Moderate Allocation Fund | 20 | ||
Aggressive Allocation Fund | 21 | ||
Money Market Fund | 22 | ||
Core Bond Fund | 23 | ||
High Income Fund | 26 | ||
Diversified Income Fund | 29 | ||
Large Cap Value Fund | 33 | ||
Large Cap Growth Fund | 34 | ||
Mid Cap Fund | 35 | ||
Small Cap Fund | 36 | ||
International Stock Fund | 38 | ||
Madison Target Retirement 2020 Fund | 39 | ||
Madison Target Retirement 2030 Fund | 40 | ||
Madison Target Retirement 2040 Fund | 41 | ||
Madison Target Retirement 2050 Fund | 42 | ||
Financial Statements | |||
Statements of Assets and Liabilities | 43 | ||
Statements of Operations | 46 | ||
Statements of Changes in Net Assets | 49 | ||
Financial Highlights | 55 | ||
Notes to Financial Statements | 71 | ||
Other Information | 85 |
Nondeposit investment products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by any financial institution. For more complete information about Ultra Series Fund, including charges and expenses, request a prospectus from your financial advisor or from CMFG Life Insurance Company, 2000 Heritage Way, Waverly, IA 50677.
Consider the investment objectives, risks, and charges and expenses of any fund carefully before investing. The prospectus contains this and other information about the investment company. For more current Ultra Series Fund performance information, please call 1-800-670-3600. Current performance may be lower or higher than the performance data quoted within. Past performance does not guarantee future results. Nothing in this report represents a recommendation of a security by the investment adviser. Portfolio holdings may have changed since the date of this report.
Ultra Series Fund | June 30, 2014
Review of Period
The first half of 2014 was a positive period across the board for stocks and bonds. Investors showed considerable confidence with robust flows to domestic stocks, which were up 7.14% as measured by the S&P 500® Index. Smaller stocks also had positive results, with the Russell Midcap® Index advancing 8.67% and the Russell 2000® Index of small-cap stocks up 3.19%. International stocks were also up broadly, with the MSCI EAFE Index (net) up 4.78% and the MSCI Emerging Markets Index up 6.14%. Bond investors benefited from a drop in interest rates across the period which boosted bond valuations. The bellwether 10-year Treasury began the period yielding 3.03% and ended the period with a 2.53% yield. The Barclays U.S. Aggregate Bond Index, considered a good proxy for the broad domestic bond market, was up 3.93%.
While the results of all the cited indices indicate a benign environment for investors, the year didn’t start out quite so positively. Plenty of cautionary economic indicators were evident, as the U.S. economy showed the results of a deep and bitter winter. U.S. stocks faltered in the opening months, particularly many which had benefitted most from the extremely strong returns of 2013. Many emerging markets and Japan also corrected sharply, and the initial reports that the U.S. economy had contracted in the first quarter at a -2.9% annual clip gave credence to those concerns.
Overwhelming these early negatives was a growing confidence that the U.S. economy was making solid progress and the first quarter setback was only temporary. Unemployment fell during the first six months of 2014 by 1.4%, the largest such decline since 1984, while inflation remained contained. Even as the Federal Reserve eased its bond purchase program, there was a consensus that the Fed would likely keep rates low for some time, promoting continued expansion. Geopolitical stresses in the Ukraine and Middle East gave investors around the world reason to allocate funds to the perceived safety of U.S. Treasuries, despite yields which provide little real return when matched with inflation rates.
OUTLOOK
On a year-over-year basis economic expansion at period-end as measured by GDP appeared to be at a 2.5-2.75% growth rate. Our expectations are for a 3% growth rate by the end of 2014. On the inflation front one confusing fact is how the labor participation rate has been dropping. Fed chairperson Janet Yellen is hoping there is sufficient slack in the labor pool to pick up expanded employment without much wage inflation. If that doesn’t occur, then there’s a good case to be made for wage expansion and associated inflationary pressure.
Our major concern about the stock and bond markets centers on complacency and our perception of the willingness of investors to assume risk with little concern that things could go amiss in the future. Based on historical trends, as market prices go higher we anticipate seeing lower stock price volatility, more merger and acquisition volume, more corporate stock repurchase activity, and higher investor flows into the stock market. Across our various stock portfolios, we’ve been finding opportunities to trim and sell portfolio holdings that look expensive to us, while it has become more difficult to find attractive new holdings. This has focused our attention on the highest quality businesses we can find; companies whose fortunes strike us as secure in both exuberant and more troubled markets.
In our opinion, yields are too low given the evolving business cycle and Fed uncertainty. In our view, factors supporting low rates (e.g. accommodative central banks, funds to be invested, slow
Ultra Series Fund | June 30, 2014
global growth) are more than offset by factors supporting higher rates (e.g. payroll employment, federal tax receipts, corporate profits, bank loans, Fed tapering, merger and acquisition activity, and higher inflation). Our assessment of current market valuations suggest bond investors are not being adequately compensated for risk and, therefore, defensive positioning may be the best strategy for fixed income investors.
CONSERVATIVE ALLOCATION FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Ultra Series Conservative Allocation Fund invests primarily in shares of registered investment companies (the “underlying funds”). The fund will be diversified among a number of asset classes and its allocation among underlying funds will be based on an asset allocation model developed by Madison Asset Management, LLC (“Madison”), the fund’s investment adviser.
The team may use multiple analytical approaches to determine the appropriate asset allocation, including:
• | Asset allocation optimization analysis – considers the degree to which returns in different asset classes do or do not move together, and the fund’s aim to achieve a favorable overall risk profile for any targeted portfolio return. |
• | Scenario analysis – historical and expected return data is analyzed to model how individual asset classes and combinations of asset classes would affect the fund under different economic and market conditions. |
• | Fundamental analysis – draws upon Madison’s investment teams to judge each asset class against current and forecasted market conditions. Economic, industry and security analysis is used to develop return and risk expectations that may influence asset class selection. |
In addition, Madison has a flexible mandate which permits the fund, at the sole discretion of Madison, to materially reduce equity risk exposures when and if conditions are deemed to warrant such an action.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 6/30/14 | |||||
Bond Funds | 58.2 | % | |||
Stock Funds | 29.1 | % | |||
Foreign Stock Funds | 6.2 | % | |||
Foreign Bond Funds | 5.2 | % | |||
Money Market Funds and Other Net Assets | 1.3 | % | |||
PERFORMANCE DISCUSSION
The Ultra Series Conservative Allocation Fund (Class I) returned 4.30% over the first six months of 2014, underperforming the Conservative Allocation Fund Custom Index return of 4.94%, and trailing the Morningstar Conservative Allocation category average return of 4.90%. A positive contributor to performance was the fund’s relative overweight to large U.S. stocks within the equity allocation in a period in which large stocks soundly outperformed small-cap issues and U.S. stocks outperformed foreign markets. The broad U.S. stock market (Russell 3000® Index) outperformed the international market (MSCI ACWI ex-USA Index) by approximately 1.5% over the period. Our emphasis on developed markets over emerging markets was a slight negative for the period, but in line with our risk-management discipline. A below-benchmark duration within the fixed income portion of the portfolio was a drag on performance as interest rates dipped, pushing bond valuations up, particularly for more interest-sensitive longer bonds. The yield on 10-year U.S. Treasury bonds dipped from 3.03% at the beginning of the period to 2.53% at the end. The two most negative detractors from relative performance were the fund’s relatively higher quality equity exposure in a continuing market rally and its short duration bond positioning.
Ultra Series Fund | June 30, 2014
MODERATE ALLOCATION FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Ultra Series Moderate Allocation Fund invests primarily in shares of registered investment companies (the “underlying funds”). The fund will be diversified among a number of asset classes and its allocation among underlying funds will be based on an asset allocation model developed by Madison Asset Management, LLC (“Madison”), the fund’s investment adviser.
The team may use multiple analytical approaches to determine the appropriate asset allocation, including:
• | Asset allocation optimization analysis – considers the degree to which returns in different asset classes do or do not move together, and the fund’s aim to achieve a favorable overall risk profile for any targeted portfolio return. |
• | Scenario analysis – historical and expected return data is analyzed to model how individual asset classes and combinations of asset classes would affect the fund under different economic and market conditions. |
• | Fundamental analysis – draws upon Madison’s investment teams to judge each asset class against current and forecasted market conditions. Economic, industry and security analysis is used to develop return and risk expectations that may influence asset class selection. |
In addition, Madison has a flexible mandate which permits the fund, at the sole discretion of Madison, to materially reduce equity risk exposures when and if conditions are deemed to warrant such an action.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 6/30/14 | |||||
Stock Funds | 50.8 | % | |||
Bond Funds | 35.7 | % | |||
Foreign Stock Funds | 10.6 | % | |||
Foreign Bond Funds | 1.5 | % | |||
Money Market Funds and Other Net Assets | 1.4 | % | |||
PERFORMANCE DISCUSSION
The Ultra Series Moderate Allocation Fund (Class I) returned 4.80% over the first six months of 2014, underperforming the Moderate Allocation Fund Custom Index return of 5.62%, and trailing the Morningstar Moderate Allocation category average return of 5.41%. A positive contributor to performance was the fund’s relative overweight to large U.S. stocks within the equity allocation in a period in which large stocks soundly outperformed small-cap issues and U.S. stocks outperformed foreign markets. The broad U.S. stock market (Russell 3000® Index) outperformed the international market (MSCI ACWI ex-USA Index) by approximately 1.5% over the period. Our emphasis on developed markets over emerging markets was a slight negative for the period, but in line with our risk-management discipline. A below-benchmark duration within the fixed income portion of the portfolio was a drag on performance as interest rates dipped, pushing bond valuations up, particularly for more interest-sensitive longer bonds. The yield on 10-year U.S. Treasury bonds dipped from 3.03% at the beginning of the period to 2.53% at the end. The yield on 10-year U.S. Treasury bonds dipped from 3.03% at the beginning of the period to 2.53% at the end. The two most negative detractors from relative performance were the fund’s relatively higher quality equity exposure in a continuing market rally and its short duration bond positioning.
Ultra Series Fund | June 30, 2014
AGGRESSIVE ALLOCATION FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Ultra Series Aggressive Allocation Fund invests primarily in shares of registered investment companies (the “underlying funds”). The fund will be diversified among a number of asset classes and its allocation among underlying funds will be based on an asset allocation model developed by Madison Asset Management, LLC (“Madison”), the fund’s investment adviser. The team may use multiple analytical approaches to determine the appropriate asset allocation, including:
• | Asset allocation optimization analysis – considers the degree to which returns in different asset classes do or do not move together, and the fund’s aim to achieve a favorable overall risk profile for any targeted portfolio return. |
• | Scenario analysis – historical and expected return data is analyzed to model how individual asset classes and combinations of asset classes would affect the fund under different economic and market conditions. |
• | Fundamental analysis – draws upon Madison’s investment teams to judge each asset class against current and forecasted market conditions. Economic, industry and security analysis is used to develop return and risk expectations that may influence asset class selection. |
In addition, Madison has a flexible mandate which permits the fund, at the sole discretion of Madison, to materially reduce equity risk exposures when and if conditions are deemed to warrant such an action.
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 6/30/14 | |||||
Stock Funds | 67.5 | % | |||
Bond Funds | 15.9 | % | |||
Foreign Stock Funds | 14.3 | % | |||
Money Market Funds and Other Net Assets | 2.3 | % | |||
PERFORMANCE DISCUSSION
The Ultra Series Aggressive Allocation Fund (Class I) returned 5.33% over the first six months of 2014, underperforming the Aggressive Allocation Fund Custom Index return of 6.15%, and trailing the Morningstar Aggressive Allocation category average return of 5.78%. A positive contributor to performance was the fund’s relative overweight to large U.S. stocks within the equity allocation in a period in which large stocks soundly outperformed small-cap issues and U.S. stocks outperformed foreign markets. The broad U.S. stock market (Russell 3000® Index) outperformed the international market (MSCI ACWI ex-USA Index) by approximately 1.5% over the period. Our emphasis on developed markets over emerging markets was a slight negative for the period, but in line with our risk-management discipline. A below-benchmark duration within the fixed income portion of the portfolio was a drag on performance as interest rates dipped, pushing bond valuations up, particularly for more interest-sensitive longer bonds. The yield on 10-year U.S. Treasury bonds dipped from 3.03% at the beginning of the period to 2.53% at the end. The yield on 10-year U.S. Treasury bonds dipped from 3.03% at the beginning of the period to 2.53% at the end. The two most negative detractors from relative performance were the fund’s relatively higher quality equity exposure in a continuing market rally and its short duration bond positioning.
Ultra Series Fund | June 30, 2014
MONEY MARKET FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Ultra Series Money Market Fund invests exclusively in U.S. dollar-denominated money market securities maturing in thirteen months or less from the date of purchase. These securities will be obligations of the U.S. Government and its agencies and instrumentalities, but may also include securities issued by U.S. and foreign financial institutions, corporations, municipalities, foreign governments, and multi-national organizations, such as the World Bank. The fund may invest in mortgage-backed and asset-backed securities, including those representing pools of mortgage, commercial, or consumer loans originated by financial institutions.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 6/30/14 | |||||
Federal Home Loan Bank | 28.5 | % | |||
Freddie Mac | 24.9 | % | |||
Fannie Mae | 20.4 | % | |||
U.S. Treasury Notes | 10.9 | % | |||
Commercial Paper | 10.5 | % | |||
Cash and Other Net Assets | 4.8 | % | |||
CORE BOND FUND
INVESTMENT STRATEGY HIGHLIGHTS
Under normal circumstances, the Ultra Series Core Bond Fund invests at least 80% of its net assets in bonds. To keep current income relatively stable and to limit share price volatility, the fund emphasizes investment grade securities and maintains an intermediate (typically 3-7 year) average portfolio duration, with the goal of being between 85-115% of the market benchmark duration. The fund also strives to add incremental return in the portfolio by making strategic decisions relating to credit risk, sector exposure and yield curve positioning. The fund may invest in corporate debt securities, U.S. Government debt securities, foreign government debt securities, non-rated debt securities, and asset-backed, mortgage-backed and commercial mortgage-backed securities.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 6/30/14 | |||||
U.S. Government and Agency Obligations | 47.6 | % | |||
Corporate Notes and Bonds | 30.5 | % | |||
Mortgage Backed Securities | 18.3 | % | |||
Municipal Bonds | 1.1 | % | |||
Asset Backed Securities | 0.7 | % | |||
Short-Term Investments and Other Net Assets and Liabilities | 1.8 | % | |||
PERFORMANCE DESCRIPTION
The Ultra Series Core Bond Fund (Class I) returned 3.69% for the six-month period, in which bonds benefited from a broad decline interest rates. Dropping rates increase the value of existing, higher-yielding bonds. The fund’s benchmark index, the Bank of America Merrill Lynch U.S. Corporate, Government and Mortgage Index advanced 4.17% for the period. The fund held a shorter relative duration than its benchmark, with less exposure to the long-end of the yield curve where gains were most pronounced. The unexpected sharp decline in interest rates provided a higher degree of price appreciation in the index versus the more defensively postured duration exposure in the fund. This price return disadvantage was partially offset by an overweight in high-quality corporate bonds, along with a modest exposure to high-yield names which performed well. We remain comfortable with this positioning as our outlook is for interest rates to shift higher across the yield curve. The shorter maturity/duration is designed to better protect market valuation and to be better positioned to redeploy shorter positions if rates rise as we expect.
Ultra Series Fund | June 30, 2014
HIGH INCOME FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Ultra Series High Income Fund invests primarily in lower-rated, higher-yielding income bearing securities, such as “junk” bonds. Because the performance of these securities has historically been strongly influenced by economic conditions, the fund may rotate securities selection by business sector according to the economic outlook. Under normal market conditions, the fund invests at least 80% of its net assets in bonds rated lower than investment grade (BBB/Baa) and their unrated equivalents or other high-yielding securities.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 6/30/14 | |||||
Consumer Discretionary† | 34.5 | % | |||
Consumer Staples | 3.4 | % | |||
Energy | 15.9 | % | |||
Financials | 2.3 | % | |||
Health Care | 8.8 | % | |||
Industrials | 14.5 | % | |||
Information Technology | 2.4 | % | |||
Materials | 7.2 | % | |||
Telecommunication Services | 5.3 | % | |||
Utilities | 1.5 | % | |||
Short-Term Investments and Other Net Assets and Liabilities | 4.2 | % | |||
†Consumer Discretionary includes securities in the following industries: | |||||
Auto Components; Hotels, Restaurants & Leisure; Household Products; Media; Specialty Retail; and Textiles, Apparel & Luxury Goods. | |||||
PERFORMANCE DISCUSSION
The Ultra Series High Income Fund (Class I) was positive for the period with a return of 4.84%. This trailed its benchmark, the Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index, which advanced 5.64%. The high yield market remained resilient during the first half as investors continued to seek yields above those available in higher rated and shorter bonds. New issue volumes were robust by historical standards at $210 billion through June, although this rate of issuance was 5% below last year’s levels. Default rates remained low within high yield, especially when excluding the long-anticipated Texas Electric Company (TXU) default. Helping to drive market performance was the multi-year trend towards tighter high yield spreads to Treasury bonds. The fund’s underperformance against its benchmark index was due to management’s avoidance of long duration bonds of more than 10.5 years (which benefitted from the Treasury bond rally) and our avoidance of TXU (which rallied despite declaring bankruptcy). Our selection within the health care industry helped make that sector the largest contributor to relative performance while the utility industry (with TXU) was a relative detractor.
Ultra Series Fund | June 30, 2014
DIVERSIFIED INCOME FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Ultra Series Diversified Income Fund seeks income by investing in a broadly diversified array of securities including bonds, common stocks, real estate securities, foreign market bonds and stocks and money market instruments. Bonds, stock and cash components will vary, reflecting the portfolio managers’ judgments of the relative availability of attractively yielding and priced stocks and bonds; however, under normal market conditions, the fund’s portfolio managers generally attempt to target a 40% bond and 60% stock investment allocation. Nevertheless, bonds (including investment grade, high yield and mortgage- or asset-backed) may constitute up to 80% of the fund’s assets, stocks (including common stocks, preferred stocks and convertible bonds) may constitute up to 70% of the fund’s assets, real estate securities may constitute up to 25% of the fund’s assets, foreign (including emerging market) stocks and bonds may constitute up to 25% of the fund’s assets, and money market instruments may constitute up to 25% of the fund’s assets. Although the fund is permitted to invest up to 80% of its assets in lower credit quality bonds, under normal circumstances, the fund intends to limit the investment in lower credit quality bonds to less than 50% of the fund’s assets. The balance between the two strategies of the fund (fixed income and equity investing) is determined after reviewing the risks associated with each type of investment, with the goal of meaningful risk reduction as market conditions demand.
PERFORMANCE DISCUSSIONS
The Ultra Series Diversified Income Fund (Class I) returned 4.77% for the six-month period. The fund’s Custom Blended Index (50% stock, 50% bond) had a return of 5.70%, as the Bank of America Merrill Lynch U.S. Corporate Government and Mortgage Index had a return of 4.17%, while the S&P 500® Index advanced 7.14%. The equity portion of the portfolio trailed the broader index, hampered by lack of exposure to the market-leading Utilities Sector and a general market preference for more speculative stocks. The bond allocation underperformed its benchmark due to a shorter, more conservative duration stance and a lighter exposure to longer maturity and high yield bonds, which had sharper advances than the overall market.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 6/30/14 | |||||
Common Stocks | 56.3 | % | |||
Corporate Notes and Bonds | 16.8 | % | |||
U.S. Government and Agency Obligations | 15.1 | % | |||
Mortgage Backed-Securities | 7.5 | % | |||
Asset Backed Securities | 0.9 | % | |||
Municipal Bonds | 0.3 | % | |||
Commercial Mortgage Backed Securities | 0.2 | % | |||
Short-Term Investments and Other Net Assets and Liabilities | 2.9 | % | |||
Ultra Series Fund | June 30, 2014
LARGE CAP VALUE FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Ultra Series Large Cap Value Fund will, under normal market conditions, maintain at least 80% of its net assets in large cap stocks. The fund follows a “value” approach, meaning the portfolio managers seek to invest in stocks at prices below their perceived intrinsic value as estimated based on fundamental analysis of the issuing company and its prospects. By investing in value stocks, the fund attempts to limit the downside risk over time but may also produce smaller gains than other stock funds if their intrinsic values are not realized by the market or if growth-oriented investments are favored by investors. The fund will diversify its holdings among various industries and among companies within those industries.
PERFORMANCE DISCUSSIONS
The Ultra Series Large Cap Value Fund (Class I) returned 8.34% for the six-month period, outperforming the Russell 1000® Value Index, which advanced 8.28%. Financial and Consumer Discretionary Sector stock selection were strong contributors to performance, led by insurance holdings American International Group, Markel and Travelers Companies. These insurance holdings are each growing book value and trade at low valuations that we believe offer considerable upside. In Consumer Discretionary, pay TV provider DirecTV was particularly strong. It benefited from a strong first quarter earnings report along with the announcement in May that AT&T plans acquire it for a combination of cash and company stock. We sold DirecTV immediately after the acquisition announcement as we believe upside was limited while there was downside risk if the deal does not go through as planned. On the negative side, Information Technology holdings Oracle and Seagate Technology lagged the market, while Health Care pharmaceutical company Pfizer was another notable underperforming stock. Oracle suffered from market worries related to losing market share to cloud competitors and Seagate was held back by concerns about a weak personal computer market, while Pfizer announced its intention to acquire Astra Zeneca which did not receive a positive reaction in the market. As of the end of the period covered by this report, we continued to hold Oracle, Seagate and Pfizer with the view that fundamentals remain solid while valuations remain cheap, limiting expected downside.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 6/30/14 | ||||||||||
Russell 1000® | ||||||||||
Fund | Value Index | |||||||||
Consumer Discretionary | 7.5 | % | 6.4 | % | ||||||
Consumer Staples | 4.4 | % | 6.9 | % | ||||||
Energy | 19.6 | % | 13.9 | % | ||||||
Financials† | 25.4 | % | 28.5 | % | ||||||
Health Care | 12.8 | % | 13.1 | % | ||||||
Industrials | 13.2 | % | 10.4 | % | ||||||
Information Technology | 9.1 | % | 8.8 | % | ||||||
Materials | 4.3 | % | 3.4 | % | ||||||
Telecommunication Services | 1.0 | % | 2.3 | % | ||||||
Utilities | – | 6.3 | % | |||||||
Short-Term Investments and Other Net | ||||||||||
Assets and Liabilities | 2.7 | % | – | |||||||
†Financials includes securities in the following industries: Capital Markets; Commercial Banks; Diversified Financial Services, Insurance; and Real Estate Management & Development | ||||||||||
Ultra Series Fund | June 30, 2014
LARGE CAP GROWTH FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Ultra Series Large Cap Growth Fund invests primarily in common stocks of larger companies and will, under normal market conditions, maintain at least 80% of its net assets in large cap stocks. Stocks selected for the fund will represent primarily well-established companies that have a demonstrated pattern of consistent growth. To a lesser extent, the fund may invest in less established companies that may offer more rapid growth potential.
PERFORMANCE DISCUSSION
The Ultra Series Large Cap Growth Fund (Class I) returned 5.05% for the six-month period, underperforming the Russell 1000® Growth Index, which advanced 6.31%. During the period the market benefited from a flurry of merger and acquisition (M&A) activity, which was running at the highest level we have seen in several years. In many cases, both the acquirer and the acquired company moved higher on news of an acquisition. The Madison Large-Cap Growth Fund benefited from this surge in M&A activity, with three portfolio holdings targeted during the period. The performance shortfall the portfolio experienced in terms of sector allocation was primarily attributable to holding cash during a rising market. In the Health Care Sector we benefited from the snap back in biotechnology companies as well as the hostile takeover offer for Allergan. We sold Allergan late in the period as we believed the company’s value was fully reflected in the current price. The Information Technology Sector also benefited from M&A activity as Oracle Corporation announced a takeover offer for MICROS Systems. We subsequently sold our position in MICROS as the offer by Oracle was deemed to be of full value. In addition, Apple produced a total return of more than 17% for the period on a better-than-expected earnings report as well as completing a seven-for-one stock split. The other company that rose on news of a takeover was DIRECTV, which entered into a merger agreement with AT&T. Alternatively, we had a few companies that did not perform well during the period, including internet company eBay Inc. The leader in online auctions reported weaker than expected results, slightly reduced forward guidance and also is potentially planning to repatriate several billion dollars from their overseas investments. This added to investors’ uncertainty and led to a drop in the stock price. Retailer TJX Companies also experienced a difficult period after announcing uninspiring earnings results. TJX is a clearly a leader in the off-price apparel and home fashions retail market. Our longer-term view of TJX is favorable and during the period covered by this report, we added to our holdings on the recent weakness.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 6/30/14 | ||||||||||
Russell 1000® | ||||||||||
Fund | Growth Index | |||||||||
Consumer Discretionary | 21.5 | % | 18.5 | % | ||||||
Consumer Staples | 6.3 | % | 10.5 | % | ||||||
Energy | 5.4 | % | 6.2 | % | ||||||
Financials | 3.0 | % | 5.5 | % | ||||||
Health Care | 13.5 | % | 12.8 | % | ||||||
Industrials | 14.6 | % | 12.1 | % | ||||||
Information Technology† | 27.2 | % | 27.5 | % | ||||||
Materials | 1.8 | % | 4.3 | % | ||||||
Telecommunication Services | 1.6 | % | 2.3 | % | ||||||
Utilities | – | 0.3 | % | |||||||
Short-Term Investments and Other Net | ||||||||||
Assets and Liabilities | 5.1 | % | – | |||||||
†Information Technology includes securities in the following industries: Communications Equipment; Computers and Peripherals; Internet Software & Services; IT services; Semiconductors & Semiconductor Equipment; and Software. | ||||||||||
Ultra Series Fund | June 30, 2014
MID CAP FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Ultra Series Mid Cap Fund generally invests in common stocks of midsize companies and will, under normal market conditions, maintain at least 80% of its net assets in mid cap securities. The fund seeks attractive long-term returns through bottom-up security selection based on fundamental analysis in a diversified portfolio of high-quality growth companies with attractive valuations. These will typically be industry leading companies in niches with strong growth prospects. The fund’s portfolio managers believe in selecting stocks for the fund that show steady, sustainable growth and reasonable valuations. As a result, stocks of issuers that are believed to have a blend of both value and growth potential will be selected for investment.
PERFORMANCE DISCUSSION
Ultra Series Mid Cap (Class I) rose 3.32%, against the strong returns of the Russell Mid-cap® Index, which was up 8.67%. It was a period in which the Russell Midcap® Value Index was up 11.14%, compared to the Russell Midcap® Growth Index’s 6.51%. With the fund more growth oriented, this was a headwind. The fund is also focused on high-quality companies with strong fundamentals, and low-quality stocks outperformed high-quality stocks for the period. Over the trailing months we have exercised some caution and trimmed some of the more economically sensitive holdings as the risk/reward scenario appeared to be less attractive. We believe patience and unwavering discipline to our process should pay off in the long run. On the positive side, our Information Technology stocks outperformed significantly. Oracle Systems announced a deal to acquire MICROS Systems towards the end of the quarter. We sold MICROS into this news as we believed the stock price provided little upside from current levels. CDW Corporation, a new holding, also contributed positively to results. Consumer Discretionary holdings weighed on performance for the quarter. Three of the fund’s retail stocks – Bed Bath & Beyond, Sally Beauty Holdings and Ross Stores – were responsible for most of the weak performance. Other sectors that weighed on performance during the quarter were Health Care, Industrials and Energy. Perrigo was responsible for most of the Heath Care Sector weakness because its quarterly results disappointed investors. The mid-cap Healthcare Sector has been strong the last several years driven by the biotech industry. Our lack of exposure to biotech, which has a difficult time meeting our investment criteria, has hurt us as compared to the index. Energy stocks rallied significantly during the quarter driven by unrest in Iraq and prospects for greater demand driven by a stronger domestic economy. Our holdings participated, but didn’t keep up with the sector due to our lighter weighting and preference towards service stocks.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 6/30/14 | ||||||||||
Russell | ||||||||||
Fund | Midcap® Index | |||||||||
Consumer Discretionary | 21.3 | % | 16.8 | % | ||||||
Consumer Staples | 1.0 | % | 5.5 | % | ||||||
Energy | 6.2 | % | 6.4 | % | ||||||
Financials | 23.7 | % | 20.6 | % | ||||||
Health Care | 13.6 | % | 10.8 | % | ||||||
Industrials | 18.2 | % | 13.1 | % | ||||||
Information Technology | 4.0 | % | 13.8 | % | ||||||
Materials | 3.6 | % | 6.0 | % | ||||||
Telecommunication Services | – | 0.6 | % | |||||||
Utilities | – | 6.4 | % | |||||||
Short-Term Investments and Other Net | ||||||||||
Assets and Liabilities | 8.4 | % | – | |||||||
Ultra Series Fund | June 30, 2014
SMALL CAP FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Ultra Series Small Cap Fund invests primarily in a diversified mix of common stocks of small cap U.S. companies that are believed to be undervalued by various measures and offer sound prospects for capital appreciation. Under normal market conditions, the fund will maintain at least 80% of its net assets in small cap securities. The portfolio managers employ a value-oriented investment approach in selecting stocks, using proprietary fundamental research to identify securities of companies they believe have attractive valuations. The portfolio managers focus on companies with a record of above average rates of profitability that sell at a discount relative to the overall small cap market. Through fundamental research, the portfolio managers seek to identify those companies that possess one or more of the following characteristics: sustainable competitive advantages within a market niche; strong profitability and free cash flows; strong market share positions and trends; quality of and share ownership by management; and financial structures that are more conservative than the relevant industry average.
PERFORMANCE DISCUSSION
The Ultra Series Small Cap Fund (Class I) returned 1.74% for the six-month period, underperforming the Russell 2000® Index, which advanced 3.19%. Both security selection and sector allocation, which is a residual of the bottom-up stock selection process, detracted from relative returns during the period. Weak selection in the Industrials, Energy and Materials Sectors more than offset strong stock selection within Information Technology and Consumer Discretionary. Our overweight exposure to the Industrials Sector, as well as a frictional cash balance within the fund was also a drag on relative performance. On the positive side, underweight allocations to the weak-performing Consumer Discretionary, Consumer Staples, Telecommunication Services, and Financials Sectors contributed to relative performance. The fund’s most significant detractors from both relative and absolute performance during the period included clothing and accessory retailer for tween girls and women, Ascena Retail Group, non-asset-based international freight forwarder and logistics service provider, UTI Worldwide, and parking company, SP Plus. The fund’s top contributors to relative returns during the period included oil and natural gas exploration company, Diamondback Energy, manufacturer and seller of printers and related products, Zebra Technologies, and leasing provider specializing in transportation equipment, GATX. Our position in Helen of Troy, a developer and distributor of branded consumer products in personal care and housewares, was also among the largest contributors to absolute returns during the period.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 6/30/14 | ||||||||||
Russell 2000® | ||||||||||
Fund | Index | |||||||||
Consumer Discretionary | 11.3 | % | 13.2 | % | ||||||
Consumer Staples | 2.2 | % | 3.1 | % | ||||||
Energy | 6.5 | % | 6.4 | % | ||||||
Financials | 21.2 | % | 22.9 | % | ||||||
Health Care | 12.2 | % | 13.3 | % | ||||||
Industrials | 18.7 | % | 13.9 | % | ||||||
Information Technology | 13.4 | % | 17.9 | % | ||||||
Materials | 7.2 | % | 5.1 | % | ||||||
Telecommunication Services | – | 0.8 | % | |||||||
Utilities | 3.6 | % | 3.4 | % | ||||||
Short-Term Investments and Other Net | ||||||||||
Assets and Liabilities | 3.7 | % | – | |||||||
Ultra Series Fund | June 30, 2014
INTERNATIONAL STOCK FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Ultra Series International Stock Fund will invest, under normal market conditions, at least 80% of its net assets in the stock of foreign companies. Typically, a majority of the fund’s assets are invested in relatively large cap stocks of companies located or operating in developed countries. The fund may also invest up to 30% of its assets in securities of companies whose principal business activities are located in emerging market countries. The portfolio managers typically maintain this segment of the fund’s portfolio in such stocks which it believes have a low market price relative to their perceived value based on fundamental analysis of the issuing company and its prospects. The fund may also invest in foreign debt and other income bearing securities at times when it believes that income bearing securities have greater capital appreciation potential than equity securities.
PERFORMANCE DISCUSSION
The Ultra Series International Stock Fund (Class I) outperformed the MSCI EAFE Index (net) during the period. Total return for the six-month period was 5.12%, while the MSCI EAFE Index (net) advanced 4.78%. Energy was a strong performing sector in the marketplace and our portfolio, generating double-digit gains as oil prices rose with Mideast tensions, and integrated oil companies, including Total, laid out more disciplined capital expenditure plans. Relative to the MSCI EAFE Index (net), our stock picking in the Consumer Discretionary Sector added value as all five holdings substantially outpaced their respective sector return, with the world’s leading catering company, Compass PLC, leading the way. On the other side of the equation, disappointing results and slowing growth in emerging markets weighed on the portfolio’s technology and materials companies. On a regional basis, the portfolio’s overweight to Europe and underweight to Japan undermined solid stock selection in both. Additions to the portfolio of Japanese companies Makita and Seven & I paid off as both stocks rebounded following short-term fears regarding the impact of the April consumption tax hike in Japan. Japanese banking giant, MUFG, also rose sharply. In addition, our modest exposure to emerging markets helped the portfolio. It is not surprising that Europe’s moribund economic outlook has prevented investors from flocking to its stock markets. However, that creates opportunity for value investors. Europe typically trades at a discount to the U.S. At period end the discount was at a historically wide margin of 30%. Even adjusting for sector differences between the two markets, the margin remained over 20%. Since companies are competing and generating profits globally we believe their stocks should be evaluated in the same fashion, giving us confidence in our continued emphasis on European domiciled companies.
GEOGRAPHICAL ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 6/30/14 | |||||
Europe (excluding United Kingdom) | 48.4 | % | |||
Japan | 11.0 | % | |||
Latin America | 4.0 | % | |||
Pacific Basin | 6.9 | % | |||
United Kingdom | 24.9 | % | |||
Other Countries | 2.0 | % | |||
Short-Term Investments and Other Net Assets and Liabilities | 2.8 | % | |||
Ultra Series Fund | June 30, 2014
MADISON TARGET RETIREMENT 2020 FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Target Retirement 2020 Fund invests primarily in shares of registered investment companies according to an asset allocation strategy developed by the fund’s investment adviser for investors planning to retire in or within a few years of 2020. Over time, the fund’s asset allocation will gradually shift from the sector allocation shown below (see sector allocation in the grey box) until it reaches the more conservative allocation target of approximately 15-30% in stock funds and 70-85% in bond funds. The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period.
PERFORMANCE DISCUSSION
The Ultra Series Madison Target Retirement 2020 Fund (Class I) returned 4.50% over the first six months of 2014, underperforming both the Target Date 2020 Custom Index return of 5.11% and the Morningstar Target Date 2016-2020 fund category average return of 4.93%. A positive contributor to performance was the fund’s relative overweight to large U.S. stocks within the equity allocation in a period in which large stocks soundly outperformed small-cap issues and U.S. stocks outperformed foreign markets. The broad U.S. stock market (Russell 3000® Index) outperformed the international market (MSCI ACWI ex-USA Index) by approximately 1.5% over the period. Our emphasis on developed markets over emerging markets was a slight negative for the period, but in line with our risk-management discipline. A below-benchmark duration within the fixed income portion of the portfolio was a drag on performance as interest rates dipped, pushing bond valuations up, particularly for more interest-sensitive longer bonds. The yield on 10-year U.S. Treasury bonds dipped from 3.03% at the beginning of the period to 2.53% at the end. The yield on 10-year U.S. Treasury bonds dipped from 3.03% at the beginning of the period to 2.53% at the end. The two most negative detractors from relative performance were the fund’s relatively higher quality equity exposure in a continuing market rally and its short duration bond positioning.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 6/30/14 | |||||
Bond Funds | 60.1 | % | |||
Stock Funds | 32.4 | % | |||
Foreign Stock Funds | 6.3 | % | |||
Money Market Funds and Other Net Assets | 1.2 | % | |||
MADISON TARGET RETIREMENT 2030 FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Target Retirement 2030 Fund invests primarily in shares of registered investment companies according to an asset allocation strategy developed by the fund’s investment adviser for investors planning to retire in or within a few years of 2030. Over time, the fund’s asset allocation will gradually shift from the sector allocation shown below (see sector allocation in the grey box) until it reaches the more conservative allocation target of approximately 15-30% in stock funds and 70-85% in bond funds. The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period.
PERFORMANCE DISCUSSION
The Ultra Series Madison Target Retirement 2030 Fund (Class I) returned 5.07% over the first six months of 2014, underperforming both the
Ultra Series Fund | June 30, 2014
Target Retirement 2030 Fund (continued)
Target Date 2030 Custom Index return of 5.65% and the Morningstar Target Date 2026-2030 fund category average return of 5.36%. A positive contributor to performance was the fund’s relative overweight to large U.S. stocks within the equity allocation in a period in which large stocks soundly outperformed small-cap issues and U.S. stocks outperformed foreign markets. The broad U.S. stock market (Russell 3000® Index) outperformed the international market (MSCI ACWI ex-USA Index) by approximately 1.5% over the period. Our emphasis on developed markets over emerging markets was a slight negative for the period, but in line with our risk-management discipline. A below-benchmark duration within the fixed income portion of the portfolio was a drag on performance as interest rates dipped, pushing bond valuations up, particularly for more interest-sensitive longer bonds. The yield on 10-year U.S. Treasury bonds dipped from 3.03% at the beginning of the period to 2.53% at the end. The yield on 10-year U.S. Treasury bonds dipped from 3.03% at the beginning of the period to 2.53% at the end. The two most negative detractors from relative performance were the fund’s relatively high quality equity exposure in a continuing market rally and its short duration bond positioning.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 6/30/14 | |||||
Stock Funds | 48.1 | % | |||
Bond Funds | 39.4 | % | |||
Foreign Stock Funds | 10.8 | % | |||
Money Market Funds and Other Net Assets | 1.7 | % | |||
MADISON TARGET RETIREMENT 2040 FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Target Retirement 2040 Fund invests primarily in shares of registered investment companies according to an asset allocation strategy developed by the fund’s investment adviser for investors planning to retire in or within a few years of 2040. Over time, the fund’s asset allocation will gradually shift from the sector allocation shown below (see sector allocation in the grey box) until it reaches the more conservative allocation target of approximately 15-30% in stock funds and 70-85% in bond funds. The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period.
PERFORMANCE DISCUSSION
The Ultra Series Madison Target Retirement 2040 Fund (Class I) returned 5.27% over the first six months of 2014, underperforming both the Target Date 2040 Custom Index return of 5.92% and the Morningstar Target Date 2036-2040 fund category average return of 5.63%. A positive contributor to performance was the fund’s relative overweight to large U.S. stocks within the equity allocation in a period in which large stocks soundly outperformed small-cap issues and U.S. stocks outperformed foreign markets. The broad U.S. stock market (Russell 3000® Index) outperformed the international market (MSCI ACWI ex-USA Index) by approximately 1.5% over the period. Our emphasis on developed markets over emerging markets was a slight negative for the period, but in line with our risk-management discipline. A below-benchmark duration within the fixed income portion of the portfolio was a drag on performance as interest rates dipped, pushing bond valuations up, particularly for more interest-sensitive longer bonds. The yield on 10-year U.S. Treasury bonds dipped from 3.03% at the beginning of the period to 2.53% at the end. The yield on 10-year U.S. Treasury bonds dipped from 3.03% at the beginning of
Ultra Series Fund | June 30, 2014
Target Retirement 2040 Fund (continued)
the period to 2.53% at the end. The two most negative detractors from relative performance were the fund’s relatively higher quality equity exposure in a continuing market rally and its short duration bond positioning.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 6/30/14 | |||||
Stock Funds | 56.1 | % | |||
Bond Funds | 29.1 | % | |||
Foreign Stock Funds | 13.4 | % | |||
Money Market Funds and Other Net Assets | 1.4 | % | |||
MADISON TARGET RETIREMENT 2050 FUND
INVESTMENT STRATEGY HIGHLIGHTS
The Madison Target Retirement 2050 Fund invests primarily in shares of registered investment companies according to an asset allocation strategy developed by the fund’s investment adviser for investors planning to retire in or within a few years of 2050. Over time, the fund’s asset allocation will gradually shift from the sector allocation shown below (see sector allocation in the grey box) until it reaches the more conservative allocation target of approximately 15-30% in stock funds and 70-85% in bond funds. The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period.
PERFORMANCE DISCUSSION
The Ultra Series Madison Target Retirement 2050 Fund (Class I) returned 5.38% over the first six months of 2014, underperforming both the Target Date 2050 Custom Index return of 6.18% and the Morningstar Target Date 2046-2050 fund category average return of 5.76%. A positive contributor to performance was the fund’s relative overweight to large U.S. stocks within the equity allocation in a period in which large stocks soundly outperformed small-cap issues and U.S. stocks outperformed foreign markets. The broad U.S. stock market (Russell 3000® Index) outperformed the international market (MSCI ACWI ex-USA Index) by approximately 1.5% over the period. Our emphasis on developed markets over emerging markets was a slight negative for the period, but in line with our risk-management discipline. A below-benchmark duration within the fixed income portion of the portfolio was a drag on performance as interest rates dipped, pushing bond valuations up, particularly for more interest-sensitive longer bonds. The yield on 10-year U.S. Treasury bonds dipped from 3.03% at the beginning of the period to 2.53% at the end. The yield on 10-year U.S. Treasury bonds dipped from 3.03% at the beginning of the period to 2.53% at the end. The two most negative detractors from relative performance were the relatively higher quality equity exposure in a continuing market rally and its short duration bond positioning.
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 6/30/14 | |||||
Stock Funds | 64.0 | % | |||
Bond Funds | 18.7 | % | |||
Foreign Stock Funds | 15.8 | % | |||
Money Market Funds and Other Net Assets | 1.5 | % | |||
Ultra Series Fund | June 30, 2014
BENCHMARK DESCRIPTIONS
ALLOCATION FUND CUSTOM INDEXES*
The Conservative Allocation Fund Custom Index consists of 28% Russell 3000® Index, 7% MSCI ACWI ex-US Index and 65% Barclays US Aggregate Bond Index. See market index descriptions below.
The Moderate Allocation Fund Custom Index consists of 48% Russell 3000® Index, 12% MSCI ACWI ex-US Index and 40% Barclays US Aggregate Bond Index. See market index descriptions below.
The Aggressive Allocation Fund Custom Index consists of 64% Russell 3000® Index, 16% MSCI ACWI ex-US Index and 20% Barclays US Aggregate Bond Index. See market index descriptions below.
HYBRID FUND CUSTOM INDEXES*
The Custom Blended Index consists of 50% S&P 500 Index and 50% of Bank of America Merrill Lynch U.S. Corporate, Government and Mortgage Index. See market indexes’ descriptions below.
TARGET DATE CUSTOM INDEXES*
The Target Date 2020 Custom index consists of 59% Barclays U.S. Aggregate Bond Index, 33% Russell 3000® Index and 8% MSCI ACWI Ex-USA (Net) Index. See market index descriptions below.
The Target Date 2030 Custom Index consisted of 39% Barclays U.S. Aggregate Bond Index, 49% Russell 3000® Index and 12% MSCI ACWI Ex-USA (Net) Index. See market index descriptions below.
The Target Date 2040 Custom Index consisted of 29% Barclays U.S. Aggregate Bond Index, 57% Russell 3000® Index and 14% MSCI ACWI Ex-USA (Net) Index. See market index descriptions below.
The Target Date 2050 Custom Index consisted of 19% Barclays U.S. Aggregate Bond Index, 65% Russell 3000® Index and 16% MSCI ACWI Ex-USA (Net) Index. See market index descriptions below.
*The Custom Indexes are calculated using a monthly re-balancing frequency (i.e. rebalanced back to original constituent weight every calendar month-end).
MARKET INDEXES
The Bank of America Merrill Lynch U.S. Corporate, Government & Mortgage Index is a broad-based measure of the total rate of return performance of the U.S. investment-grade bond markets. The index is a capitalization-weighted aggregation of outstanding U.S. Treasury, agency and supranational mortgage pass-through, and investment-grade corporate bonds meeting specified selection criteria.
The Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index tracks the performance of below investment grade U.S. dollar denominated corporate bonds publicly issued in the U.S. domestic market, but limits any individual issuer to a maximum weighting of 2%.
The Barclays U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage backed- securities, asset-backed securities and corporate securities, with maturities greater than one year.
The Dow Jones Global Target 2020 Index is a benchmark for multi-asset class portfolios with risk profiles that become more conservative as the year 2020 approaches. The index is a composite of other indexes that represent stocks, bonds and cash.
The Dow Jones Global Target 2030 Index is a benchmark for multi-asset class portfolios with risk profiles that become more conservative as the year 2030 approaches. The index is a composite of other indexes that represent stocks, bonds and cash.
The Dow Jones Global Target 2040 Index is a benchmark for multi-asset class portfolios with risk profiles that become more conservative as the year 2040 approaches. The index is a composite of other indexes that represent stocks, bonds and cash.
The Dow Jones Global Target 2050 Index is a benchmark for multi-asset class portfolios with risk profiles that become more conservative as the year 2050 approaches. The index is a composite of other indexes that represent stocks, bonds and cash.
Ultra Series Fund | June 30, 2014
Benchmark Descriptions (concluded)
The MSCI ACWI ex-USA (net) Index is a market-capitalization-weighted index maintained by Morgan Stanley Capital International (MSCI) and designed to provide a broad measure of stock performance throughout the world, with the exception of U.S.-based companies. The Index includes both developed and emerging markets.
The MSCI EAFE (Europe, Australasia & Far East) Index (net) is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada. The MSCI EAFE Index (net) is calculated on a total return basis with dividends reinvested after the deduction of withholding taxes.
The Russell 1000® Index is a large-cap market index which measures the performance of the 1,000 largest companies in the Russell 3000® Index (see definition below).
The Russell 1000® Growth Index is a large-cap market index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.
The Russell 1000® Value Index is a large-cap market index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.
The Russell 2000® Index is a small-cap market index which measures the performance of the smallest 2,000 companies in the Russell 3000® Index (see definition below.)
The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents 98% of the investable U.S. equity market.
The Russell Midcap® Index is a mid-cap market index which measures the performance of the mid-cap segment of the U.S. equity universe.
The S&P 500® Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the U.S.
© 2014 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Past performance is no guarantee of future results.
Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell® is a trademark of Russell Investment Group.
Ultra Series Fund | June 30, 2014 |
Conservative Allocation Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | ||||||
INVESTMENT COMPANIES - 99.8% | |||||||
Bond Funds - 58.2% | |||||||
Franklin Floating Rate Daily Access Fund Advisor Class | 1,511,401 | $ | 13,889,773 | ||||
iShares 3-7 Year Treasury Bond ETF | 65,916 | 8,028,569 | |||||
iShares 7-10 Year Treasury Bond ETF | 93,106 | 9,643,920 | |||||
Madison Core Bond Fund Class Y (A) | 3,608,976 | 36,883,739 | |||||
Madison Corporate Bond Fund Class Y (A) | 1,330,425 | 15,339,797 | |||||
Madison High Income Fund Class Y (A) | �� | 267,604 | 1,835,762 | ||||
Madison High Quality Bond Fund Class Y (A) | 968,614 | 10,693,501 | |||||
Metropolitan West Total Return Bond Fund Class I | 2,618,984 | 28,389,783 | |||||
124,704,844 | |||||||
Foreign Bond Funds - 5.2% | |||||||
Templeton Global Bond Fund Advisor Class | 843,086 | 11,221,477 | |||||
Foreign Stock Funds - 6.2% | |||||||
Madison International Stock Fund Class Y (A) | 159,271 | 2,245,722 | |||||
Madison NorthRoad International Fund Class Y (A) | 340,459 | 4,286,382 | |||||
Vanguard FTSE All-World ex-US ETF | 130,262 | 6,811,400 | |||||
13,343,504 | |||||||
Money Market Funds - 1.1% | |||||||
State Street Institutional U.S. Government Money Market Fund | 2,432,425 | 2,432,425 | |||||
Stock Funds - 29.1% | |||||||
iShares Russell Mid-Cap ETF | 82,523 | 13,414,939 | |||||
Madison Investors Fund Class Y (A) | 348,211 | 8,559,030 | |||||
Madison Large Cap Growth Fund Class Y (A) | 405,637 | 9,232,306 | |||||
Madison Large Cap Value Fund Class Y (A) | 1,129,269 | 21,614,201 | |||||
Schwab Fundamental U.S. Large Company Index Fund Institutional Shares | 414,800 | 6,304,953 | |||||
Vanguard Value ETF | 39,249 | 3,177,206 | |||||
62,302,635 | |||||||
TOTAL INVESTMENTS - 99.8% (Cost $ 194,543,647**) | 214,004,885 | ||||||
NET OTHER ASSETS AND LIABILITIES - 0.2% | 431,615 | ||||||
TOTAL NET ASSETS - 100.0% | $ | 214,436,500 | |||||
** | Aggregate cost for Federal tax purposes was $196,635,060. | |
(A) | Affiliated Company (see Note 10). | |
ETF | Exchange Traded Fund. |
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
Moderate Allocation Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | ||||||
INVESTMENT COMPANIES - 98.6% | |||||||
Bond Funds - 35.7% | |||||||
Franklin Floating Rate Daily Access Fund | |||||||
Advisor Class | 1,899,875 | $ | 17,459,850 | ||||
iShares 3-7 Year Treasury Bond ETF | 64,014 | 7,796,905 | |||||
iShares 7-10 Year Treasury Bond ETF | 112,878 | 11,691,903 | |||||
Madison Core Bond Fund Class Y (A) | 3,996,428 | 40,843,490 | |||||
Madison Corporate Bond Fund Class Y (A) | 481,207 | 5,548,316 | |||||
Madison High Income Fund Class Y (A) | 507,617 | 3,482,251 | |||||
Madison High Quality Bond Fund Class Y (A) | 1,078,289 | 11,904,312 | |||||
Metropolitan West Total Return Bond Fund Class I | 3,773,368 | 40,903,314 | |||||
139,630,341 | |||||||
Foreign Bond Funds - 1.5% | |||||||
Templeton Global Bond Fund Advisor Class | 430,881 | 5,735,032 | |||||
Foreign Stock Funds - 10.6% | |||||||
Madison International Stock Fund Class Y (A) | 403,974 | 5,696,039 | |||||
Madison NorthRoad International Fund Class Y (A) | 1,076,212 | 13,549,510 | |||||
Vanguard FTSE All-World ex-U.S. ETF | 425,028 | 22,224,714 | |||||
41,470,263 | |||||||
Stock Funds - 50.8% | |||||||
iShares Core S&P Mid-Cap ETF | 150,413 | 21,521,092 | |||||
Madison Investors Fund Class Y (A) | 1,306,194 | 32,106,243 | |||||
Madison Large Cap Growth Fund Class Y (A) | 1,536,922 | 34,980,340 | |||||
Madison Large Cap Value Fund Class Y (A) | 2,617,617 | 50,101,189 | |||||
Madison Mid Cap Fund Class Y (A) | 1,404,472 | 13,749,783 | |||||
Schwab Fundamental U.S. Large Company | |||||||
Index Fund Institutional Shares | 1,868,379 | 28,399,361 | |||||
Vanguard Information Technology ETF | 21,053 | 2,037,720 | |||||
Vanguard Value ETF | 191,532 | 15,504,516 | |||||
198,400,244 | |||||||
TOTAL INVESTMENTS - 98.6% (Cost $ 324,196,291**) | 385,235,880 | ||||||
NET OTHER ASSETS AND LIABILITIES - 1.4% | 5,640,804 | ||||||
TOTAL NET ASSETS - 100.0% | $ | 390,876,684 | |||||
** | Aggregate cost for Federal tax purposes was $328,230,367. | |
(A) | Affiliated Company (see Note 10). | |
ETF | Exchange Traded Fund. |
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
Aggressive Allocation Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | |||||||
INVESTMENT COMPANIES - 100.9% | ||||||||
Bond Funds - 15.9% | ||||||||
iShares 7-10 Year Treasury Bond ETF | 27,887 | $ | 2,888,536 | |||||
Madison Core Bond Fund Class Y (A) | 706,863 | 7,224,140 | ||||||
Metropolitan West Total Return Bond Fund Class I | 1,070,824 | 11,607,729 | ||||||
PowerShares Senior Loan Portfolio | 58,598 | 1,457,332 | ||||||
23,177,737 | ||||||||
Foreign Stock Funds - 14.3% | ||||||||
Madison International Stock Fund Class Y (A) | 206,431 | 2,910,683 | ||||||
Madison NorthRoad International Fund Class Y (A) | 401,435 | 5,054,072 | ||||||
Vanguard FTSE All-World ex-U.S. ETF | 248,455 | 12,991,712 | ||||||
20,956,467 | ||||||||
Money Market Funds - 3.2% | ||||||||
State Street Institutional U.S. Government Money Market Fund | 4,690,458 | 4,690,458 | ||||||
Stock Funds - 67.5% | ||||||||
iShares Core S&P Mid-Cap ETF | 72,034 | 10,306,625 | ||||||
Madison Investors Fund Class Y (A) | 610,680 | 15,010,504 | ||||||
Madison Large Cap Growth Fund Class Y (A) | 734,298 | 16,712,624 | ||||||
Madison Large Cap Value Fund Class Y (A) | 1,165,201 | 22,301,956 | ||||||
Madison Mid Cap Fund Class Y (A) | 728,697 | 7,133,942 | ||||||
Schwab Fundamental U.S. Large Company Index Fund Institutional Shares | 1,066,477 | 16,210,448 | ||||||
Vanguard Information Technology ETF | 23,296 | 2,254,820 | ||||||
Vanguard Value ETF | 107,226 | 8,679,944 | ||||||
98,610,863 | ||||||||
TOTAL INVESTMENTS - 100.9% (Cost $ 119,410,869**) | 147,435,525 | |||||||
NET OTHER ASSETS AND LIABILITIES - (0.9%) | (1,282,008 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 146,153,517 | ||||||
** | Aggregate cost for Federal tax purposes was $121,542,807. | |
(A) | Affiliated Company (see Note 10). | |
ETF | Exchange Traded Fund. |
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
Money Market Fund Portfolio of Investments (unaudited) |
Par Value | Value (Note 2) | ||||||
COMMERCIAL PAPER - 3.3% | |||||||
Financials - 3.3% | |||||||
General Electric Capital Corp., (A), 0.101%, 9/9/14 | $ | 900,000 | $ | 899,825 | |||
Total Commercial Paper (Cost $ 899,825) | 899,825 | ||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 84.7% | |||||||
Fannie Mae - 20.4% | |||||||
0.042%, 7/2/14 (A) | 1,100,000 | 1,099,998 | |||||
0.061%, 7/3/14 (A) | 500,000 | 499,998 | |||||
0.041%, 7/14/14 (A) | 850,000 | 849,988 | |||||
0.061%, 7/29/14 (A) | 1,000,000 | 999,953 | |||||
0.875%, 8/28/14 | 200,000 | 200,249 | |||||
0.091%, 9/8/14 (A) | 200,000 | 199,966 | |||||
0.076%, 9/22/14 (A) | 275,000 | 274,952 | |||||
0.086%, 10/2/14 (A) | 1,300,000 | 1,299,715 | |||||
0.100%, 10/14/14 (A) | 200,000 | 199,948 | |||||
5,624,767 | |||||||
Federal Home Loan Bank - 28.5% | |||||||
0.090%, 7/8/14 | 550,000 | 550,001 | |||||
0.065%, 7/16/14 (A) | 1,600,000 | 1,599,957 | |||||
0.056%, 7/21/14 (A) | 1,000,000 | 999,969 | |||||
0.016%, 7/23/14 (A) | 400,000 | 399,984 | |||||
0.081%, 7/25/14 (A) | 200,000 | 199,989 | |||||
0.066%, 7/30/14 (A) | 620,000 | 619,968 | |||||
0.071%, 8/8/14 (A) | 900,000 | 899,934 | |||||
0.091%, 9/10/14 (A) | 1,900,000 | 1,899,663 | |||||
0.101%, 9/26/14 (A) | 700,000 | 699,831 | |||||
7,869,296 | |||||||
Freddie Mac - 24.9% | |||||||
0.071%, 7/7/14 (A) | 200,000 | 199,998 | |||||
0.071%, 7/11/14 (A) | 200,000 | 199,996 | |||||
5.000%, 7/15/14 | 2,054,000 | 2,057,895 | |||||
0.061%, 7/28/14 (A) | 250,000 | 249,989 | |||||
3.000%, 7/28/14 | 500,000 | 501,081 | |||||
1.000%, 7/30/14 | 900,000 | 900,675 | |||||
0.061%, 8/13/14 (A) | 250,000 | 249,982 | |||||
1.000%, 8/20/14 | 2,000,000 | 2,002,551 | |||||
0.071%, 8/25/14 (A) | 500,000 | 499,946 | |||||
6,862,113 | |||||||
U.S. Treasury Notes - 10.9% | |||||||
4.250%, 8/15/14 | 1,250,000 | 1,256,535 | |||||
0.250%, 9/30/14 | 1,750,000 | 1,751,020 | |||||
3,007,555 | |||||||
Total U.S. Government and Agency Obligations (Cost $ 23,363,731) | 23,363,731 | ||||||
SHORT-TERM INVESTMENTS - 7.2% | |||||||
Financials - 1.5% | |||||||
Berkshire Hathaway Finance Corp., 5.1%, | |||||||
7/15/14 | 402,000 | 402,749 | |||||
Information Technology - 5.7% | |||||||
Oracle Corp., 3.75%, 7/8/14 | 1,569,000 | 1,570,062 | |||||
Total Short-Term Investments | |||||||
(Cost $ 1,972,811) | 1,972,811 | ||||||
Shares | |||||||
INVESTMENT COMPANIES - 4.4% | |||||||
State Street Institutional U.S. Government Money Market Fund | 1,208,964 | 1,208,964 | |||||
Total Investment Companies (Cost $ 1,208,964) | 1,208,964 | ||||||
TOTAL INVESTMENTS - 99.6% (Cost $ 27,445,331**) | 27,445,331 | ||||||
NET OTHER ASSETS AND LIABILITIES - 0.4% | 118,602 | ||||||
TOTAL NET ASSETS - 100.0% | $ | 27,563,933 | |||||
** | Aggregate cost for Federal tax purposes was $27,445,331. | |
(A) | Rate noted represents annualized yield at time of purchase. |
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
Core Bond Fund Portfolio of Investments (unaudited) |
Par Value | Value (Note 2) | ||||||
ASSET BACKED SECURITIES - 0.7% | |||||||
ABSC Long Beach Home Equity Loan Trust, Series 2000-LB1, Class AF5 (A) (B), 8.55%, 9/21/30 | $ | 652,045 | $ | 659,507 | |||
Ford Credit Auto Owner Trust, Series 2014-A, Class A3, 0.79%, 5/15/18 | 775,000 | 776,731 | |||||
Hyundai Auto Receivables Trust, Series 2014-A, Class A3, 0.79%, 7/16/18 | 175,000 | 175,383 | |||||
Volkswagen Auto Lease Trust, Series 2014-A, Class A3, 0.8%, 4/20/17 | 425,000 | 425,765 | |||||
Total Asset Backed Securities (Cost $2,045,759) | 2,037,386 | ||||||
CORPORATE NOTES AND BONDS - 30.5% | |||||||
Consumer Discretionary - 3.8% | |||||||
AARP, Inc. (C) (D), 7.5%, 5/1/31 | 2,000,000 | 2,725,752 | |||||
Advance Auto Parts Inc., 4.5%, 12/1/23 | 1,000,000 | 1,054,449 | |||||
AutoZone Inc., 1.3%, 1/13/17 | 1,500,000 | 1,503,664 | |||||
DR Horton Inc., 5.25%, 2/15/15 | 1,140,000 | 1,166,676 | |||||
DR Horton Inc., 3.75%, 3/1/19 | 475,000 | 477,375 | |||||
ERAC USA Finance LLC (C) (D), 6.7%, 6/1/34 | 2,000,000 | 2,503,240 | |||||
First Data Corp. (C) (D), 7.375%, 6/15/19 | 500,000 | 536,875 | |||||
GLP Capital L.P./GLP Financing II Inc. (C) (D), 4.875%, 11/1/20 | 253,000 | 260,590 | |||||
Intelsat Jackson Holding SA (E), 5.5%, 8/1/23 | 450,000 | 447,750 | |||||
Sirius XM Radio Inc. (C) (D), 6%, 7/15/24 | 350,000 | 364,000 | |||||
Toll Brothers Finance Corp., 4%, 12/31/18 | 500,000 | 515,000 | |||||
11,555,371 | |||||||
Energy - 4.1% | |||||||
Access Midstream Partners L.P./ACMP Finance | |||||||
Corp., 4.875%, 5/15/23 | 450,000 | 474,188 | |||||
Denbury Resources Inc., 6.375%, 8/15/21 | 1,000,000 | 1,072,500 | |||||
Energy Transfer Partners L.P., 4.15%, 10/1/20 | 1,500,000 | 1,585,836 | |||||
Hess Corp., 7.875%, 10/1/29 | 960,000 | 1,322,864 | |||||
Plains Exploration & Production Co., 6.75%, 2/1/22 | 1,250,000 | 1,420,312 | |||||
SandRidge Energy Inc., 7.5%, 3/15/21 | 400,000 | 433,500 | |||||
Transocean Inc. (E), 7.5%, 4/15/31 | 2,000,000 | 2,419,672 | |||||
Valero Energy Corp., 7.5%, 4/15/32 | 2,000,000 | 2,655,296 | |||||
950,000 | 959,406 | ||||||
Williams Cos. Inc/The, 4.55%, 6/24/24 | 12,343,574 | ||||||
Financials - 5.5% | |||||||
AerCap Ireland Capital Ltd./AerCap Global | |||||||
Aviation Trust (C) (D) (E), 3.75%, 5/15/19 | 400,000 | 403,000 | |||||
Affiliated Managers Group Inc., 4.25%, 2/15/24 | 1,500,000 | 1,551,936 | |||||
Air Lease Corp., 3.875%, 4/1/21 | 500,000 | 510,000 | |||||
American Express Credit Corp., MTN, 2.375%, 3/24/17 | 1,080,000 | 1,116,517 | |||||
Apollo Management Holdings L.P. (C) (D), 4%, 5/30/24 | 750,000 | 754,804 | |||||
CBL & Associates L.P., 5.25%, 12/1/23 | 500,000 | 533,084 | |||||
Fifth Third Bancorp, 2.3%, 3/1/19 | 900,000 | 904,692 | |||||
General Electric Capital Corp., MTN, 3.35%, 10/17/16 | 2,000,000 | 2,110,202 | |||||
Glencore Funding LLC (C) (D), 3.125%, 4/29/19 | 525,000 | 535,395 | |||||
Goldman Sachs Group Inc./The, 2.625%, 1/31/19 | 1,500,000 | 1,520,388 | |||||
HCP Inc., MTN, 6.7%, 1/30/18 | 1,000,000 | 1,166,016 | |||||
Health Care REIT Inc., 4.5%, 1/15/24 | 1,000,000 | 1,053,668 | |||||
Hospitality Properties Trust, 4.65%, 3/15/24 | 1,000,000 | 1,047,901 | |||||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., 4.875%, 3/15/19 | 250,000 | 257,500 | |||||
Lehman Brothers Holdings Inc.* (F), 5.75%, 1/3/17 | 3,135,000 | 314 | |||||
Liberty Mutual Group Inc. (C) (D), 4.25%, 6/15/23 | 1,000,000 | 1,036,467 | |||||
Senior Housing Properties Trust, 3.25%, 5/1/19 | 500,000 | 506,388 | |||||
Simon Property Group L.P., 5.875%, 3/1/17 | 1,060,000 | 1,182,334 | |||||
UBS AG/Stamford CT (E), 5.75%, 4/25/18 | 366,000 | 419,634 | |||||
16,610,240 | |||||||
Health Care - 3.3% | |||||||
Eli Lilly & Co., 6.57%, 1/1/16 | 1,000,000 | 1,087,364 | |||||
Forest Laboratories Inc. (C) (D), 5%, 12/15/21 | 250,000 | 273,965 | |||||
Genentech Inc., 5.25%, 7/15/35 | 1,740,000 | 2,006,855 | |||||
HCA Inc., 5.875%, 3/15/22 | 275,000 | 298,031 | |||||
Merck Sharp & Dohme Corp., 5.75%, 11/15/36 | 2,000,000 | 2,427,016 | |||||
Quest Diagnostics Inc., 5.45%, 11/1/15 | 2,000,000 | 2,118,842 | |||||
Thermo Fisher Scientific Inc., 2.4%, 2/1/19 | 500,000 | 505,088 | |||||
Wyeth LLC, 6.5%, 2/1/34 | 1,000,000 | 1,308,097 | |||||
10,025,258 | |||||||
Industrials - 5.4% | |||||||
ADT Corp./The, 4.125%, 4/15/19 | 475,000 | 477,969 | |||||
B/E Aerospace Inc., 5.25%, 4/1/22 | 450,000 | 489,938 | |||||
Boeing Co./The, 8.625%, 11/15/31 | 760,000 | 1,154,340 | |||||
Boeing Co./The, 6.875%, 10/15/43 | 1,380,000 | 1,873,934 | |||||
Burlington Northern Santa Fe LLC, 8.125%, 4/15/20 | 2,000,000 | 2,511,416 | |||||
Crane Co., 2.75%, 12/15/18 | 500,000 | 511,394 | |||||
Lockheed Martin Corp., 7.65%, 5/1/16 | 1,450,000 | 1,635,113 | |||||
Norfolk Southern Corp., 5.59%, 5/17/25 | 1,268,000 | 1,441,164 | |||||
Norfolk Southern Corp., 7.05%, 5/1/37 | 1,400,000 | 1,913,446 | |||||
Northrop Grumman Corp., 1.75%, 6/1/18 | 1,500,000 | 1,492,686 | |||||
Waste Management Inc., 7.125%, 12/15/17 | 2,465,000 | 2,896,567 | |||||
16,397,967 |
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
Core Bond Fund Portfolio of Investments (unaudited) |
Par Value | Value (Note 2) | ||||||
CORPORATE NOTES AND BONDS (continued) | |||||||
Information Technology - 2.0% | |||||||
Apple Inc., 2.4%, 5/3/23 | $ | 2,000,000 | $ | 1,889,378 | |||
Broadridge Financial Solutions Inc., 3.95%, 9/1/20 | 1,000,000 | 1,046,773 | |||||
EMC Corp./MA, 2.65%, 6/1/20 | 2,000,000 | 2,016,366 | |||||
Thomson Reuters Corp. (E), 4.3%, 11/23/23 | 650,000 | 681,411 | |||||
Xilinx Inc., 3%, 3/15/21 | 450,000 | 454,188 | |||||
6,088,116 | |||||||
Materials - 1.4% | |||||||
Westvaco Corp., 8.2%, 1/15/30 | 2,250,000 | 2,954,732 | |||||
Weyerhaeuser Co., 7.375%, 3/15/32 | 1,000,000 | 1,351,169 | |||||
4,305,901 | |||||||
Telecommunication Services - 1.6% Comcast Cable Communications Holdings Inc., | |||||||
9.455%, 11/15/22 | 2,000,000 | 2,906,994 | |||||
Verizon Communications Inc., 3.45%, 3/15/21 | 1,000,000 | 1,033,404 | |||||
Verizon Communications Inc., 5.15%, 9/15/23 | 626,000 | 700,552 | |||||
4,640,950 | |||||||
Utilities - 3.4% | |||||||
Indianapolis Power & Light Co. (C) (D), 6.05%, 10/1/36 | 1,000,000 | 1,247,320 | |||||
Interstate Power & Light Co., 6.25%, 7/15/39 | 2,925,000 | 3,783,593 | |||||
Sierra Pacific Power Co., Series M, 6%, 5/15/16 | 1,250,000 | 1,371,477 | |||||
Southwestern Electric Power Co., Series E, 5.55%, 1/15/17 | 1,165,000 | 1,287,965 | |||||
Wisconsin Electric Power Co., 6.5%, 6/1/28 | 2,000,000 | 2,537,784 | |||||
10,228,139 | |||||||
Total Corporate Notes and Bonds (Cost $86,537,838) | 92,195,516 | ||||||
LONG TERM MUNICIPAL BONDS - 1.1% | |||||||
General - 1.1% | |||||||
Jacksonville FL Sales Tax Revenue, Series A, | |||||||
5%, 10/1/29 | 1,000,000 | 1,117,190 | |||||
King County WA Sewer Revenue, (AGM), | |||||||
5%, 1/1/36 | 1,100,000 | 1,182,412 | |||||
Tulsa OK Public Facility Authority Revenue, | |||||||
6.6%, 11/15/29 | 1,000,000 | 1,129,480 | |||||
3,429,082 | |||||||
Total Long Term Municipal Bonds (Cost $3,336,596) | 3,429,082 | ||||||
MORTGAGE BACKED SECURITIES - 18.3% | |||||||
Fannie Mae - 11.8% | |||||||
4%, 4/1/15 Pool # 255719 | 72,231 | 76,670 | |||||
5.5%, 4/1/16 Pool # 745444 | 246,079 | 261,348 | |||||
6%, 5/1/16 Pool # 582558 | 15,716 | 16,144 | |||||
5.5%, 9/1/17 Pool # 657335 | 52,949 | 56,235 | |||||
5.5%, 2/1/18 Pool # 673194 | 169,328 | 179,867 | |||||
5%, 5/1/20 Pool # 813965 | 691,771 | 747,039 | |||||
4.5%, 9/1/20 Pool # 835465 | 501,712 | 532,884 | |||||
6%, 5/1/21 Pool # 253847 | 97,870 | 110,598 | |||||
7%, 12/1/29 Pool # 762813 | 85,895 | 94,882 | |||||
7%, 11/1/31 Pool # 607515 | 51,183 | 58,126 | |||||
6.5%, 3/1/32 Pool # 631377 | 95,724 | 108,098 | |||||
7%, 5/1/32 Pool # 644591 | 22,795 | 25,531 | |||||
6.5%, 6/1/32 Pool # 545691 | 677,832 | 769,698 | |||||
5.5%, 4/1/33 Pool # 690206 | 774,988 | 869,112 | |||||
5%, 10/1/33 Pool # 254903 | 1,143,308 | 1,276,382 | |||||
5.5%, 11/1/33 Pool # 555880 | 927,174 | 1,042,580 | |||||
5%, 6/1/34 Pool # 778891 | 287,385 | 320,418 | |||||
7%, 7/1/34 Pool # 792636 | 40,981 | 42,932 | |||||
5.5%, 8/1/34 Pool # 793647 | 171,337 | 192,680 | |||||
5.5%, 3/1/35 Pool # 810075 | 509,762 | 572,862 | |||||
5%, 8/1/35 Pool # 829670 | 928,144 | 1,032,525 | |||||
5%, 9/1/35 Pool # 820347 | 1,176,007 | 1,332,639 | |||||
5%, 9/1/35 Pool # 835699 | 1,107,277 | 1,254,488 | |||||
5%, 10/1/35 Pool # 797669 | 1,341,969 | 1,508,674 | |||||
5.5%, 10/1/35 Pool # 836912 | 31,339 | 35,062 | |||||
5%, 11/1/35 Pool # 844809 | 446,621 | 496,647 | |||||
5%, 12/1/35 Pool # 850561 | 506,953 | 563,793 | |||||
5.5%, 10/1/36 Pool # 896340 | 179,028 | 200,294 | |||||
5.5%, 10/1/36 Pool # 901723 | 1,207,655 | 1,351,644 | |||||
6.5%, 10/1/36 Pool # 894118 | 544,117 | 613,516 | |||||
6%, 11/1/36 Pool # 902510 | 1,157,026 | 1,318,923 | |||||
5.5%, 5/1/37 Pool # 928292 | 674,896 | 762,128 | |||||
6%, 10/1/37 Pool # 947563 | 1,086,682 | 1,239,256 | |||||
6.5%, 8/1/38 Pool # 987711 | 1,503,124 | 1,694,837 | |||||
5.5%, 4/1/40 Pool # AD0926 | 2,657,764 | 2,973,471 | |||||
4.5%, 8/1/40 Pool # AD8243 | 782,047 | 847,779 | |||||
4%, 1/1/41 Pool # AB2080 | 2,732,277 | 2,904,081 | |||||
4%, 9/1/41 Pool # AJ1406 | 2,863,450 | 3,044,761 | |||||
3.5%, 6/1/42 Pool # AO4136 | 3,056,138 | 3,150,831 | |||||
3.5%, 9/1/42 Pool # AB6228 | 1,940,517 | 2,000,643 | |||||
35,680,078 | |||||||
Freddie Mac - 6.4% | |||||||
5%, 5/1/18 Pool # E96322 | 372,229 | 395,121 | |||||
3%, 8/1/27 Pool # J19899 | 2,622,194 | 2,721,284 | |||||
8%, 6/1/30 Pool # C01005 | 30,275 | 33,686 | |||||
7%, 3/1/31 Pool # C48129 | 116,171 | 125,076 | |||||
5%, 7/1/33 Pool # A11325 | 801,574 | 903,408 | |||||
6%, 10/1/34 Pool # A28439 | 266,309 | 299,243 | |||||
5.5%, 11/1/34 Pool # A28282 | 1,791,509 | 2,029,634 | |||||
5%, 4/1/35 Pool # A32314 | 245,410 | 272,643 | |||||
5%, 4/1/35 Pool # A32315 | 402,344 | 452,675 | |||||
5%, 4/1/35 Pool # A32316 | 558,009 | 629,668 | |||||
5%, 4/1/35 Pool # A32509 | 190,651 | 211,809 |
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
Core Bond Fund Portfolio of Investments (unaudited) |
Par Value | Value (Note 2) | ||||||
MORTGAGE BACKED SECURITIES (continued) | |||||||
Freddie Mac (continued) | |||||||
5%, 1/1/37 Pool # A56371 | $ | 894,076 | $ | 989,428 | |||
4%, 10/1/41 Pool # Q04092 | 1,370,392 | 1,453,919 | |||||
3%, 9/1/42 Pool # C04233 | 3,242,898 | 3,202,756 | |||||
3%, 4/1/43 Pool # V80025 | 2,816,750 | 2,781,883 | |||||
3%, 4/1/43 Pool # V80026 | 2,847,385 | 2,812,139 | |||||
19,314,372 | |||||||
Ginnie Mae - 0.1% | |||||||
8%, 10/20/15 Pool # 2995 | 8,167 | 8,258 | |||||
6.5%, 2/20/29 Pool # 2714 | 99,343 | 115,800 | |||||
6.5%, 4/20/31 Pool # 3068 | 71,036 | 81,740 | |||||
205,798 | |||||||
Total Mortgage Backed Securities (Cost $52,414,907) | 55,200,248 | ||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 47.6% | |||||||
Fannie Mae - 1.3% | |||||||
4.625%, 10/15/14 | 3,905,000 | 3,955,464 | |||||
Federal Farm Credit Bank - 1.5% | |||||||
5.875%, 10/3/16 | 4,000,000 | 4,466,412 | |||||
Federal Home Loan Bank - 0.2% | |||||||
1.550%, 6/28/27 (B) | 600,000 | 595,988 | |||||
U.S. Treasury Bonds - 4.7% | |||||||
6.625%, 2/15/27 | 6,600,000 | 9,359,625 | |||||
4.500%, 5/15/38 | 4,000,000 | 4,863,752 | |||||
14,223,377 | |||||||
U.S. Treasury Notes - 39.9% | |||||||
4.250%, 8/15/14 | 5,500,000 | 5,528,358 | |||||
2.375%, 9/30/14 | 3,600,000 | 3,620,531 | |||||
2.625%, 12/31/14 | 26,000,000 | 26,328,042 | |||||
2.500%, 3/31/15 | 1,750,000 | 1,781,514 | |||||
4.250%, 8/15/15 | 8,900,000 | 9,307,798 | |||||
3.250%, 12/31/16 | 8,000,000 | 8,512,496 | |||||
3.125%, 1/31/17 | 4,000,000 | 4,248,752 | |||||
2.375%, 7/31/17 | 5,250,000 | 5,480,507 | |||||
0.750%, 10/31/17 | 8,000,000 | 7,922,496 | |||||
4.250%, 11/15/17 | 9,100,000 | 10,066,875 | |||||
2.750%, 2/15/19 | 8,250,000 | 8,705,680 | |||||
3.375%, 11/15/19 | 13,000,000 | 14,125,306 | |||||
2.625%, 11/15/20 | 6,500,000 | 6,751,875 | |||||
2.000%, 11/15/21 | 7,500,000 | 7,406,250 | |||||
2.750%, 11/15/23 | 1,000,000 | 1,024,922 | |||||
120,811,402 | |||||||
Total U.S. Government and Agency Obligations (Cost $137,754,396) | 144,052,643 | ||||||
Shares | |||||||
SHORT-TERM INVESTMENTS - 1.2% | |||||||
State Street Institutional U.S. Government | |||||||
Money Market Fund | 3,776,821 | 3,776,821 | |||||
Total Short-Term Investments (Cost $3,776,821) | 3,776,821 | ||||||
TOTAL INVESTMENTS - 99.4% (Cost $285,866,317**) | 300,691,696 | ||||||
NET OTHER ASSETS AND LIABILITIES - 0.6% | 1,954,976 | ||||||
TOTAL NET ASSETS - 100.0% | $ | 302,646,672 | |||||
* | Non-income producing. | |
** | Aggregate cost for Federal tax purposes was $285,866,317. | |
(A) | Floating rate or variable rate note. Rate shown is as of June 30, 2014. | |
(B) | Stepped rate security. Rate shown is as of June 30, 2014. | |
(C) | Security sold within terms of a private placement memorandum exempt from registration under rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional investors.” | |
(D) | Illiquid security (See Note 2). | |
(E) | Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 1.4% of total net assets. | |
(F) | In default. Issuer is bankrupt. | |
AGM | Assured Guaranty Municipal Corp. | |
MTN | Medium Term Note | |
REIT | Real Estate Investment Trust |
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
High Income Fund Portfolio of Investments (unaudited) |
Par Value | Value (Note 2) | ||||||
CORPORATE NOTES AND BONDS - 95.8% | |||||||
Consumer Discretionary - 34.5% | |||||||
Auto Components - 4.6% | |||||||
Allison Transmission Inc. (A), 7.125%, 5/15/19 | $ | 300,000 | $ | 321,000 | |||
Dana Holding Corp., 6.5%, 2/15/19 | 350,000 | 368,812 | |||||
Goodyear Tire & Rubber Co., 7%, 5/15/22 | 500,000 | 555,000 | |||||
LKQ Corp., 4.75%, 5/15/23 | 450,000 | 443,700 | |||||
Tenneco Inc., 6.875%, 12/15/20 | 525,000 | 571,594 | |||||
2,260,106 | |||||||
Hotels, Restaurants & Leisure - 4.4% | |||||||
Boyd Gaming Corp., 9.125%, 12/1/18 | 300,000 | 319,125 | |||||
Felcor Lodging L.P., 6.75%, 6/1/19 | 450,000 | 478,688 | |||||
Isle of Capri Casinos Inc., 5.875%, 3/15/21 | 300,000 | 303,375 | |||||
Peninsula Gaming LLC / Peninsula Gaming Corp. (A), 8.375%, 2/15/18 | 200,000 | 214,000 | |||||
Pinnacle Entertainment Inc., 8.75%, 5/15/20 | 300,000 | 327,000 | |||||
Pinnacle Entertainment Inc., 7.5%, 4/15/21 | 200,000 | 215,500 | |||||
Scientific Games International Inc., 6.25%, 9/1/20 | 300,000 | 295,500 | |||||
2,153,188 | |||||||
Household Products - 1.9% | |||||||
ACCO Brands Corp., 6.75%, 4/30/20 | 400,000 | 419,000 | |||||
Central Garden and Pet Co., 8.25%, 3/1/18 | 500,000 | 518,750 | |||||
937,750 | |||||||
Media - 18.2% | |||||||
AMC Networks Inc., 4.75%, 12/15/22 | 400,000 | 400,000 | |||||
Cablevision Systems Corp., 7.75%, 4/15/18 | 250,000 | 282,500 | |||||
Cablevision Systems Corp., 5.875%, 9/15/22 | 100,000 | 101,875 | |||||
CBS Outdoor Americas Capital LLC / CBS Outdoor Americas Capital Corp. (A), 5.625%, 2/15/24 | 500,000 | 516,250 | |||||
CCO Holdings LLC / CCO Holdings Capital Corp., 6.5%, 4/30/21 | 750,000 | 798,750 | |||||
Cequel Communications Holdings I LLC / Cequel Capital Corp. (A), 6.375%, 9/15/20 | 200,000 | 212,500 | |||||
CSC Holdings LLC (A), 5.25%, 6/1/24 | 250,000 | 245,937 | |||||
Cumulus Media Holdings Inc., 7.75%, 5/1/19 | 400,000 | 421,500 | |||||
DISH DBS Corp., 5.125%, 5/1/20 | 500,000 | 525,625 | |||||
Gray Television Inc., 7.5%, 10/1/20 | 400,000 | 431,000 | |||||
Hughes Satellite Systems Corp., 6.5%, 6/15/19 | 500,000 | 557,500 | |||||
Lamar Media Corp., 5.875%, 2/1/22 | 500,000 | 535,625 | |||||
Mediacom Broadband LLC / Mediacom Broadband Corp., 6.375%, 4/1/23 | 400,000 | 422,000 | |||||
Nielsen Finance LLC / Nielsen Finance Co. (A), 5%, 4/15/22 | 500,000 | 503,750 | |||||
Sinclair Television Group Inc., 6.125%, 10/1/22 | 250,000 | 261,250 | |||||
Sirius XM Radio Inc. (A), 5.875%, 10/1/20 | 250,000 | 264,375 | |||||
Sirius XM Radio Inc. (A), 4.625%, 5/15/23 | 250,000 | 239,375 | |||||
Telesat Canada / Telesat LLC (A) (B), 6%, 5/15/17 | 500,000 | 515,625 | |||||
Univision Communications Inc. (A), 6.75%, 9/15/22 | 452,000 | 500,025 | |||||
UPCB Finance V Ltd. (A) (B), 6.875%, 1/15/22 | 350,000 | 382,375 | |||||
ViaSat Inc., 6.875%, 6/15/20 | 300,000 | 323,250 | |||||
WMG Acquisition Corp. (A), 6.75%, 4/15/22 | 400,000 | 400,000 | |||||
8,841,087 | |||||||
Specialty Retail - 3.7% | |||||||
Chinos Intermediate Holdings A Inc., PIK (A), 7.75%, 5/1/19 | 400,000 | 401,000 | |||||
Jo-Ann Stores Inc. (A), 8.125%, 3/15/19 | 600,000 | 615,000 | |||||
Penske Automotive Group Inc., 5.75%, 10/1/22 | 250,000 | 263,125 | |||||
Sally Holdings LLC / Sally Capital Inc., 5.75%, 6/1/22 | 500,000 | 532,500 | |||||
1,811,625 | |||||||
Textiles, Apparel & Luxury Goods - 1.7% | |||||||
Hanesbrands Inc., 6.375%, 12/15/20 | 250,000 | 270,313 | |||||
Levi Strauss & Co., 7.625%, 5/15/20 | 500,000 | 538,125 | |||||
808,438 | |||||||
16,812,194 | |||||||
Consumer Staples - 3.4% | |||||||
Alphabet Holding Co. Inc., PIK, 7.75%, 11/1/17 | 600,000 | 619,500 | |||||
Dole Food Co. Inc. (A), 7.25%, 5/1/19 | 500,000 | 506,250 | |||||
Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp., 4.875%, 5/1/21 | 500,000 | 511,250 | |||||
1,637,000 | |||||||
Energy - 15.9% | |||||||
AmeriGas Finance LLC / AmeriGas Finance | |||||||
Corp., 7%, 5/20/22 | 250,000 | 276,875 | |||||
AmeriGas Partners L.P. / AmeriGas Finance Corp., 6.25%, 8/20/19 | 500,000 | 533,750 | |||||
Baytex Energy Corp. (A) (B), 5.625%, 6/1/24 | 500,000 | 501,875 | |||||
Berry Petroleum Co. LLC, 6.375%, 9/15/22 | 250,000 | 266,250 | |||||
CGG SA (B), 6.5%, 6/1/21 | 300,000 | 297,750 | |||||
Chaparral Energy Inc., 8.25%, 9/1/21 | 500,000 | 548,750 | |||||
Chesapeake Energy Corp., 6.875%, 11/15/20 | 300,000 | 348,000 | |||||
Endeavor Energy Resources L.P. / EER Finance Inc. (A) (C), 7%, 8/15/21 | 400,000 | 427,000 | |||||
Exterran Holdings Inc., 7.25%, 12/1/18 | 500,000 | 527,500 | |||||
Ferrellgas L.P. / Ferrellgas Finance Corp. (A), 6.75%, 1/15/22 | 400,000 | 418,000 | |||||
Hornbeck Offshore Services Inc., 5.875%, 4/1/20 | 400,000 | 414,000 | |||||
Key Energy Services Inc., 6.75%, 3/1/21 | 500,000 | 520,000 | |||||
Lightstream Resources Ltd. (A) (B), 8.625%, 2/1/20 | 300,000 | 315,000 |
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
High Income Fund Portfolio of Investments (unaudited) |
Par Value | Value (Note 2) | ||||||
CORPORATE NOTES AND BONDS (continued) | |||||||
Energy (continued) | |||||||
QEP Resources Inc., 5.375%, 10/1/22 | $ | 150,000 | $ | 154,500 | |||
QEP Resources Inc., 5.25%, 5/1/23 | 500,000 | 511,250 | |||||
Regency Energy Partners L.P. / Regency Energy Finance Corp., 5.875%, 3/1/22 | 250,000 | 271,562 | |||||
Rice Energy Inc. (A), 6.25%, 5/1/22 | 500,000 | 512,500 | |||||
Rose Rock Midstream L.P. / Rose Rock Finance Corp. (A), 5.625%, 7/15/22 | 400,000 | 405,000 | |||||
Suburban Propane Partners L.P. / Suburban Energy Finance Corp., 7.375%, 8/1/21 | 227,000 | 246,863 | |||||
Unit Corp., 6.625%, 5/15/21 | 250,000 | 266,875 | |||||
7,763,300 | |||||||
Financials - 2.3% | |||||||
Nationstar Mortgage LLC / Nationstar Capital Corp., 6.5%, 7/1/21 | 450,000 | 451,125 | |||||
Omega Healthcare Investors Inc., 5.875%, 3/15/24 | 250,000 | 265,050 | |||||
Springleaf Finance Corp., MTN, 6.9%, 12/15/17 | 350,000 | 388,500 | |||||
1,104,675 | |||||||
Health Care - 8.8% | |||||||
Acadia Healthcare Co. Inc. (A), 5.125%, 7/1/22 | 500,000 | 501,250 | |||||
Air Medical Group Holdings Inc., 9.25%, 11/1/18 | 267,000 | 284,355 | |||||
Biomet Inc., 6.5%, 10/1/20 | 400,000 | 427,000 | |||||
CHS/Community Health Systems Inc. (A), 6.875%, 2/1/22 | 500,000 | 530,000 | |||||
Endo Finance LLC & Endo Finco Inc. (A), 7%, 7/15/19 | 100,000 | 106,875 | |||||
Endo Finance LLC & Endo Finco Inc. (A), 7%, 12/15/20 | 500,000 | 535,000 | |||||
Fresenius Medical Care US Finance II Inc. (A), 5.625%, 7/31/19 | 200,000 | 218,000 | |||||
Grifols Worldwide Operations Ltd. (A) (B), 5.25%, 4/1/22 | 250,000 | 259,375 | |||||
Mallinckrodt International Finance S.A. (B), 4.75%, 4/15/23 | 300,000 | 291,750 | |||||
MPH Acquisition Holdings LLC (A), 6.625%, 4/1/22 | 400,000 | 419,000 | |||||
Par Pharmaceutical Cos. Inc., 7.375%, 10/15/20 | 200,000 | 215,000 | |||||
Tenet Healthcare Corp., 8%, 8/1/20 | 350,000 | 379,313 | |||||
Tenet Healthcare Corp., 6%, 10/1/20 | 100,000 | 108,500 | |||||
4,275,418 | |||||||
Industrials - 14.5% | |||||||
Ashtead Capital Inc. (A), 6.5%, 7/15/22 | 500,000 | 546,250 | |||||
Belden Inc. (A), 5.5%, 9/1/22 | 500,000 | 517,500 | |||||
Bombardier Inc. (A) (B), 6.125%, 1/15/23 | 350,000 | 360,500 | |||||
Clean Harbors Inc., 5.125%, 6/1/21 | 150,000 | 153,281 | |||||
Covanta Holding Corp., 5.875%, 3/1/24 | 500,000 | 516,875 | |||||
FTI Consulting Inc., 6%, 11/15/22 | 500,000 | 514,375 | |||||
Gardner Denver Inc. (A), 6.875%, 8/15/21 | 250,000 | 262,500 | |||||
Gates Global LLC / Gates Global Co. (A), 6%, 7/15/22 | 450,000 | 450,000 | |||||
Gates Investments LLC / Gates Investments Inc., 9%, 10/1/18 | 127,000 | 135,230 | |||||
Griffon Corp., 5.25%, 3/1/22 | 500,000 | 496,875 | |||||
Iron Mountain Inc., 6%, 8/15/23 | 200,000 | 216,250 | |||||
Iron Mountain Inc., 5.75%, 8/15/24 | 150,000 | 154,500 | |||||
Kratos Defense & Security Solutions Inc. (A), 7%, 5/15/19 | 400,000 | 416,000 | |||||
Nortek Inc., 8.5%, 4/15/21 | 250,000 | 276,250 | |||||
Ply Gem Industries Inc. (A), 6.5%, 2/1/22 | 350,000 | 338,625 | |||||
RR Donnelley & Sons Co., 7.875%, 3/15/21 | 200,000 | 230,000 | |||||
TransDigm Inc., 5.5%, 10/15/20 | 200,000 | 203,280 | |||||
TransDigm Inc. (A), 6.5%, 7/15/24 | 300,000 | 312,375 | |||||
United Rentals North America Inc., 8.25%, 2/1/21 | 175,000 | 194,687 | |||||
United Rentals North America Inc., 7.625%, 4/15/22 | 250,000 | 280,625 | |||||
West Corp., 7.875%, 1/15/19 | 199,000 | 211,189 | |||||
West Corp. (A), 5.375%, 7/15/22 | 250,000 | 247,500 | |||||
7,034,667 | |||||||
Information Technology - 2.4% | |||||||
Alliance Data Systems Corp. (A), 5.25%, 12/1/17 | 50,000 | 52,250 | |||||
Alliance Data Systems Corp. (A), 6.375%, 4/1/20 | 400,000 | 426,000 | |||||
CommScope Holding Co. Inc., PIK (A), 6.625%, 6/1/20 | 250,000 | 266,875 | |||||
Syniverse Holdings Inc., 9.125%, 1/15/19 | 400,000 | 428,500 | |||||
1,173,625 | |||||||
Materials - 7.2% | |||||||
ArcelorMittal (B), 5.75%, 8/5/20 | 300,000 | 322,500 | |||||
Ardagh Packaging Finance PLC / Ardagh Holdings USA Inc. (A) (B), 9.125%, 10/15/20 | 300,000 | 330,750 | |||||
Berry Plastics Corp., 5.5%, 5/15/22 | 500,000 | 502,812 | |||||
Boise Cascade Co. (C), 6.375%, 11/1/20 | 600,000 | 645,000 | |||||
Huntsman International LLC, 4.875%, 11/15/20 | 400,000 | 414,000 | |||||
Polymer Group Inc., 7.75%, 2/1/19 | 500,000 | 531,250 | |||||
Reynolds Group Issuer Inc. / Reynolds Group Issuer LLC, 9%, 4/15/19 | 250,000 | 264,688 | |||||
Tronox Finance LLC, 6.375%, 8/15/20 | 500,000 | 516,250 | |||||
3,527,250 |
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
High Income Fund Portfolio of Investments (unaudited) |
Par Value | Value (Note 2) | |||||||
CORPORATE NOTES AND BONDS (continued) | ||||||||
Telecommunication Services - 5.3% | ||||||||
CenturyLink Inc., 5.625%, 4/1/20 | $ | 200,000 | $ | 211,000 | ||||
CenturyLink Inc., 5.8%, 3/15/22 | 250,000 | 260,312 | ||||||
Level 3 Financing Inc., 8.125%, 7/1/19 | 600,000 | 654,750 | ||||||
SBA Telecommunications Inc., 5.75%, 7/15/20 | 300,000 | 318,000 | ||||||
Sprint Communications Inc., 7%, 8/15/20 | 325,000 | 359,531 | ||||||
T-Mobile USA Inc., 6.633%, 4/28/21 | 500,000 | 541,250 | ||||||
Windstream Corp., 6.375%, 8/1/23 | 250,000 | 253,438 | ||||||
2,598,281 | ||||||||
Utilities - 1.5% | ||||||||
Calpine Corp. (A), 6%, 1/15/22 | 500,000 | 538,750 | ||||||
NRG Energy Inc. (A), 6.25%, 5/1/24 | 200,000 | 209,000 | ||||||
747,750 | ||||||||
Total Corporate Notes and Bonds (Cost $44,760,106) | 46,674,160 | |||||||
Shares | ||||||||
SHORT-TERM INVESTMENTS - 5.3% | ||||||||
State Street Institutional U.S. Government Money Market Fund | 2,562,433 | 2,562,433 | ||||||
Total Short-Term Investments (Cost $2,562,433) | 2,562,433 | |||||||
TOTAL INVESTMENTS - 101.1% (Cost $47,322,539**) | 49,236,593 | |||||||
NET OTHER ASSETS AND LIABILITIES - (1.1%) | (538,745 | ) | ||||||
TOTAL NET ASSETS - 100.0% | $ | 48,697,848 | ||||||
** | Aggregate cost for Federal tax purposes was $47,322,539. | |
(A) | Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional investors.” | |
(B) | Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 7.3% of total net assets. | |
(C) | Illiquid security (See Note 2). | |
MTN | Medium Term Note | |
PIK | Payment in Kind. Pays interest in additional bonds rather than in cash. | |
PLC | Public Limited Company. |
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
Diversified Income Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | |||||
COMMON STOCKS - 56.3% | ||||||
Consumer Discretionary - 4.1% | ||||||
McDonald’s Corp. | 83,000 | $ | 8,361,420 | |||
Omnicom Group Inc. | 33,000 | 2,350,260 | ||||
Time Warner Inc. | 86,500 | 6,076,637 | ||||
16,788,317 | ||||||
Consumer Staples - 7.3% | ||||||
Coca-Cola Co./The | 71,000 | 3,007,560 | ||||
Diageo PLC, ADR | 31,000 | 3,945,370 | ||||
Nestle S.A., ADR | 78,000 | 6,058,260 | ||||
PepsiCo Inc. | 80,500 | 7,191,870 | ||||
Procter & Gamble Co./The | 91,000 | 7,151,690 | ||||
Wal-Mart Stores Inc. | 33,000 | 2,477,310 | ||||
29,832,060 | ||||||
Energy - 8.4% | ||||||
Chevron Corp. | 74,500 | 9,725,975 | ||||
ConocoPhillips | 53,000 | 4,543,690 | ||||
Ensco PLC, Class A | 46,000 | 2,556,220 | ||||
Exxon Mobil Corp. | 81,000 | 8,155,080 | ||||
National Oilwell Varco Inc. | 29,000 | 2,388,150 | ||||
Occidental Petroleum Corp. | 37,000 | 3,797,310 | ||||
Schlumberger Ltd. | 26,000 | 3,066,700 | ||||
34,233,125 | ||||||
Financials - 10.8% | ||||||
Bank of New York Mellon Corp./The | 85,500 | 3,204,540 | ||||
BB&T Corp. | 96,500 | 3,804,995 | ||||
M&T Bank Corp. | 27,000 | 3,349,350 | ||||
MetLife Inc. | 69,000 | 3,833,640 | ||||
Northern Trust Corp. | 47,500 | 3,049,975 | ||||
PartnerRe Ltd. | 41,000 | 4,477,610 | ||||
Travelers Cos. Inc./The | 96,000 | 9,030,720 | ||||
US Bancorp | 148,000 | 6,411,360 | ||||
Wells Fargo & Co. | 133,000 | 6,990,480 | ||||
44,152,670 | ||||||
Health Care - 9.2% | ||||||
Amgen Inc. | 22,000 | 2,604,140 | ||||
Baxter International Inc. | 54,000 | 3,904,200 | ||||
Johnson & Johnson | 81,000 | 8,474,220 | ||||
Medtronic Inc. | 98,000 | 6,248,480 | ||||
Merck & Co. Inc. | 102,000 | 5,900,700 | ||||
Novartis AG, ADR | 30,000 | 2,715,900 | ||||
Pfizer Inc. | 263,000 | 7,805,840 | ||||
37,653,480 | ||||||
Industrials - 6.3% | ||||||
3M Co. | 25,000 | 3,581,000 | ||||
Boeing Co./The | 30,500 | 3,880,515 | ||||
Deere & Co. | 28,000 | 2,535,400 | ||||
United Parcel Service Inc., Class B | 62,000 | 6,364,920 | ||||
United Technologies Corp. | 58,000 | 6,696,100 | ||||
Waste Management Inc. | 58,000 | 2,594,340 | ||||
25,652,275 | ||||||
Information Technology - 8.4% | ||||||
Accenture PLC, Class A | 61,500 | 4,971,660 | ||||
Automatic Data Processing Inc. | 47,000 | 3,726,160 | ||||
Intel Corp. | 99,000 | 3,059,100 | ||||
Linear Technology Corp. | 68,500 | 3,224,295 | ||||
Microchip Technology Inc. | 63,500 | 3,099,435 | ||||
Microsoft Corp. | 174,000 | 7,255,800 | ||||
Oracle Corp. | 67,000 | 2,715,510 | ||||
QUALCOMM Inc. | 81,000 | 6,415,200 | ||||
34,467,160 | ||||||
Materials - 0.6% | ||||||
Praxair Inc. | 20,000 | 2,656,800 | ||||
Telecommunication Service - 1.2% | ||||||
Verizon Communications Inc. | 98,000 | 4,795,140 | ||||
Total Common Stocks (Cost $154,795,081) | 230,231,027 | |||||
Par Value | ||||||
ASSET BACKED SECURITIES - 0.9% | ||||||
ABSC Long Beach Home Equity Loan Trust, Series 2000-LB1, Class AF5 (A) (B), 8.55%, 9/21/30 | $ | 599,648 | 606,511 | |||
CNH Equipment Trust, Series 2014-A, Class A3, 0.84%, 5/15/19 | 400,000 | 399,793 | ||||
Ford Credit Auto Owner Trust, Series 2014-A, Class A3, 0.79%, 5/15/18 | 500,000 | 501,117 | ||||
Hyundai Auto Receivables Trust, Series 2014-A, Class A3, 0.79%, 7/16/18 | 200,000 | 200,438 | ||||
Mercedes-Benz Auto Lease Trust, Series 2014-A, Class A4, 0.9%, 12/16/19 | 725,000 | 726,773 | ||||
Santander Drive Auto Receivables Trust, Series 2013-3 Class B, 1.19%, 5/15/16 | 250,000 | 250,822 | ||||
Santander Drive Auto Receivables Trust, Series 2012-6, Class B, 1.33%, 5/15/17 | 500,000 | 502,656 | ||||
Volkswagen Auto Lease Trust, Series 2014-A, Class A3, 0.8%, 4/20/17 | 250,000 | 250,450 | ||||
Volvo Financial Equipment LLC, Series 2014-1A, Class A3 (C) (D), 0.82%, 4/16/18 | 250,000 | 250,215 | ||||
Total Asset Backed Securities (Cost $3,694,801) | 3,688,775 |
See accompanying Notes to Financial Statements.
29 |
Ultra Series Fund | June 30, 2014 |
Diversified Income Fund Portfolio of Investments (unaudited) |
Par Value | Value (Note 2) | |||||
CORPORATE NOTES AND BONDS - 16.8% | ||||||
Consumer Discretionary - 2.3% | ||||||
AARP, Inc. (C) (D), 7.5%, 5/1/31 | $ | 2,000,000 | $ | 2,725,752 | ||
DR Horton Inc., 5.25%, 2/15/15 | 515,000 | 527,051 | ||||
ERAC USA Finance LLC (C) (D), 6.7%, 6/1/34 | 1,850,000 | 2,315,497 | ||||
First Data Corp. (C) (D), 7.375%, 6/15/19 | 450,000 | 483,187 | ||||
GLP Capital L.P./GLP Financing II Inc. (C) (D), 4.875%, 11/1/20 | 450,000 | 463,500 | ||||
Royal Caribbean Cruises Ltd. (E), 7.25%, 6/15/16 | 1,600,000 | 1,764,000 | ||||
Time Warner Inc., 4.75%, 3/29/21 | 1,000,000 | 1,108,846 | ||||
9,387,833 | ||||||
Consumer Staples - 0.6% | ||||||
Mondelez International Inc., 6.5%, 11/1/31 | 2,025,000 | 2,519,851 | ||||
Energy - 2.1% | ||||||
Access Midstream Partners L.P./ACMP Finance Corp., 4.875%, 5/15/23 | 750,000 | 790,313 | ||||
ConocoPhillips, 6.65%, 7/15/18 | 1,500,000 | 1,788,456 | ||||
Denbury Resources Inc., 6.375%, 8/15/21 | 750,000 | 804,375 | ||||
Energy Transfer Partners L.P., 4.15%, 10/1/20 | 600,000 | 634,334 | ||||
Hess Corp., 7.875%, 10/1/29 | 1,150,000 | 1,584,681 | ||||
Plains Exploration & Production Co., 6.75%, 2/1/22 | 500,000 | 568,125 | ||||
Transocean Inc. (E), 6%, 3/15/18 | 750,000 | 847,147 | ||||
Transocean Inc. (E), 7.5%, 4/15/31 | 1,030,000 | 1,246,131 | ||||
Williams Cos. Inc/The, 4.55%, 6/24/24 | 450,000 | 454,455 | ||||
8,718,017 | ||||||
Financials - 1.5% | ||||||
American Express Credit Corp., MTN, 2.375%, 3/24/17 | 450,000 | 465,215 | ||||
Goldman Sachs Group Inc./The, 2.625%, 1/31/19 | 975,000 | 988,252 | ||||
HCP Inc., MTN, 6.7%, 1/30/18 | 1,450,000 | 1,690,723 | ||||
Health Care REIT Inc., 4.5%, 1/15/24 | 725,000 | 763,909 | ||||
Huntington National Bank/The, 2.2%, 4/1/19 | 1,200,000 | 1,201,588 | ||||
Icahn Enterprises L.P./Icahn Enterprises Finance Corp., Series WI, 4.875%, 3/15/19 | 420,000 | 432,600 | ||||
Lehman Brothers Holdings Inc.* (F), 5.75%, 1/3/17 | 1,735,000 | 174 | ||||
Simon Property Group L.P., 5.875%, 3/1/17 | 530,000 | 591,167 | ||||
6,133,628 | ||||||
Health Care - 3.4% | ||||||
AbbVie Inc., 2%, 11/6/18 | 1,200,000 | 1,198,514 | ||||
Amgen Inc., 5.85%, 6/1/17 | 3,950,000 | 4,454,289 | ||||
Eli Lilly & Co., 6.57%, 1/1/16 | 1,200,000 | 1,304,837 | ||||
Genentech Inc., 5.25%, 7/15/35 | 740,000 | 853,490 | ||||
HCA Inc., 5.875%, 3/15/22 | 450,000 | 487,687 | ||||
Merck Sharp & Dohme Corp., 5.75%, 11/15/36 | 1,320,000 | 1,601,831 | ||||
Quest Diagnostics Inc., 5.45%, 11/1/15 | 1,500,000 | 1,589,131 | ||||
UnitedHealth Group Inc., 2.875%, 3/15/23 | 1,000,000 | 980,982 | ||||
Wyeth LLC, 6.5%, 2/1/34 | 1,100,000 | 1,438,907 | ||||
13,909,668 | ||||||
Industrials - 2.1% | ||||||
B/E Aerospace Inc., 5.25%, 4/1/22 | 750,000 | 816,563 | ||||
Boeing Co./The, 8.625%, 11/15/31 | 350,000 | 531,604 | ||||
Boeing Co./The, 6.875%, 10/15/43 | 620,000 | 841,912 | ||||
Burlington Northern Santa Fe LLC, 8.125%, 4/15/20 | 1,365,000 | 1,714,041 | ||||
Lockheed Martin Corp., 7.65%, 5/1/16 | 780,000 | 879,578 | ||||
Norfolk Southern Corp., 5.59%, 5/17/25 | 957,000 | 1,087,693 | ||||
Norfolk Southern Corp., 7.05%, 5/1/37 | 1,050,000 | 1,435,084 | ||||
Waste Management Inc., 7.125%, 12/15/17 | 1,150,000 | 1,351,340 | ||||
8,657,815 | ||||||
Information Technology - 0.9% | ||||||
Apple Inc., 2.4%, 5/3/23 | 500,000 | 472,345 | ||||
Cisco Systems Inc., 5.5%, 2/22/16 | 960,000 | 1,037,509 | ||||
International Business Machines Corp., 1.875%, 8/1/22 | 1,600,000 | 1,472,146 | ||||
Thomson Reuters Corp. (E), 4.3%, 11/23/23 | 600,000 | 628,994 | ||||
3,610,994 | ||||||
Materials - 0.5% | ||||||
Ball Corp., 4%, 11/15/23 | 250,000 | 238,125 | ||||
Rio Tinto Finance USA PLC (E), 2.25%, 12/14/18 | 400,000 | 407,744 | ||||
Westvaco Corp., 8.2%, 1/15/30 | 1,025,000 | 1,346,044 | ||||
1,991,913 | ||||||
Telecommunication Services - 1.0% | ||||||
Comcast Cable Communications Holdings Inc., 9.455%, 11/15/22 | 1,780,000 | 2,587,225 | ||||
Verizon Communications Inc., 5.15%, 9/15/23 | 1,260,000 | 1,410,057 | ||||
3,997,282 | ||||||
Utilities - 2.4% | ||||||
Indianapolis Power & Light Co. (C) (D), 6.05%, 10/1/36 | 1,555,000 | 1,939,583 | ||||
Interstate Power & Light Co., 6.25%, 7/15/39 | 1,365,000 | 1,765,677 | ||||
Nevada Power Co., Series R, 6.75%, 7/1/37 | 1,600,000 | 2,189,216 | ||||
Sierra Pacific Power Co., Series M, 6%, 5/15/16 | 474,000 | 520,064 | ||||
Southwestern Electric Power Co., Series E, 5.55%, 1/15/17 | 835,000 | 923,133 | ||||
Westar Energy Inc., 6%, 7/1/14 | 2,400,000 | 2,400,000 | ||||
9,737,673 | ||||||
Total Corporate Notes and Bonds (Cost $63,098,212) | 68,664,674 |
See accompanying Notes to Financial Statements.
30 |
Ultra Series Fund | June 30, 2014 |
Diversified Income Fund Portfolio of Investments (unaudited) |
Par Value | Value (Note 2) | |||||
COMMERCIAL MORTGAGE-BACKED SECURITY - 0.2% | ||||||
Morgan Stanley Capital I Trust, Series 2005-IQ10, Class A4A (A), 5.23%, 9/15/42 | $ | 764,199 | $ | 790,246 | ||
Total Commercial Mortgage-Backed Securities (Cost $796,485) | 790,246 | |||||
LONG TERM MUNICIPAL BONDS - 0.3% | ||||||
General - 0.3% | ||||||
Jacksonville FL Sales Tax Revenue, Series A, 5%, 10/1/29 | 950,000 | 1,061,330 | ||||
Total Long Term Municipal Bonds (Cost $979,730) | 1,061,330 | |||||
MORTGAGE BACKED SECURITIES - 7.5% | ||||||
Fannie Mae - 5.3% | ||||||
4%, 4/1/15 Pool # 255719 | 33,911 | 35,995 | ||||
5.5%, 4/1/16 Pool # 745444 | 95,099 | 101,000 | ||||
6%, 5/1/16 Pool # 582558 | 28,813 | 29,596 | ||||
5%, 12/1/17 Pool # 672243 | 252,614 | 267,987 | ||||
4.5%, 9/1/20 Pool # 835465 | 308,429 | 327,592 | ||||
6%, 5/1/21 Pool # 253847 | 83,262 | 94,090 | ||||
3%, 11/1/26 Pool # AB3902 | 1,374,403 | 1,429,434 | ||||
3%, 5/1/27 Pool # AL1715 | 994,264 | 1,034,075 | ||||
7%, 12/1/29 Pool # 762813 | 40,225 | 44,434 | ||||
7%, 11/1/31 Pool # 607515 | 51,183 | 58,126 | ||||
7%, 5/1/32 Pool # 644591 | 12,532 | 14,036 | ||||
5.5%, 10/1/33 Pool # 254904 | 330,955 | 372,265 | ||||
5.5%, 11/1/33 Pool # 555880 | 927,174 | 1,042,580 | ||||
5%, 5/1/34 Pool # 780890 | 1,246,288 | 1,387,008 | ||||
7%, 7/1/34 Pool # 792636 | 19,615 | 20,549 | ||||
5.5%, 8/1/34 Pool # 793647 | 165,529 | 186,149 | ||||
5%, 9/1/35 Pool # 835699 | 463,493 | 525,114 | ||||
5%, 9/1/35 Pool # 820347 | 480,640 | 544,656 | ||||
5%, 10/1/35 Pool # 797669 | 420,376 | 472,597 | ||||
5.5%, 10/1/35 Pool # 836912 | 68,483 | 76,618 | ||||
5%, 12/1/35 Pool # 850561 | 212,072 | 235,850 | ||||
5.5%, 12/1/35 Pool # 844583 | 735,736 | 825,677 | ||||
5.5%, 9/1/36 Pool # 831820 | 819,928 | 923,867 | ||||
6%, 9/1/36 Pool # 831741 | 616,536 | 693,764 | ||||
5.5%, 10/1/36 Pool # 896340 | 80,550 | 90,118 | ||||
5.5%, 10/1/36 Pool # 901723 | 452,871 | 506,866 | ||||
5.5%, 12/1/36 Pool # 903059 | 691,391 | 785,355 | ||||
5.5%, 4/1/40 Pool # AD0926 | 1,839,991 | 2,058,557 | ||||
4%, 1/1/41 Pool # AB2080 | 1,214,345 | 1,290,703 | ||||
4%, 9/1/41 Pool # AJ1406 | 1,272,645 | 1,353,227 | ||||
4%, 10/1/41 Pool # AJ4046 | 1,095,177 | 1,165,345 | ||||
3.5%, 6/1/42 Pool # AO4136 | 1,146,052 | 1,181,562 | ||||
3%, 2/1/43 Pool # AB8486 | 1,401,570 | 1,386,221 | ||||
3%, 2/1/43 Pool # AL3072 | 1,145,592 | 1,135,136 | ||||
21,696,149 | ||||||
Freddie Mac - 2.2% | ||||||
3%, 8/1/27 Pool # J19899 | 1,164,036 | 1,208,024 | ||||
8%, 6/1/30 Pool # C01005 | 24,220 | 26,949 | ||||
6.5%, 1/1/32 Pool # C62333 | 106,585 | 120,104 | ||||
5%, 7/1/33 Pool # A11325 | 801,574 | 903,408 | ||||
6%, 10/1/34 Pool # A28439 | 123,505 | 138,779 | ||||
5%, 4/1/35 Pool # A32315 | 179,664 | 202,139 | ||||
5%, 4/1/35 Pool # A32316 | 191,815 | 216,447 | ||||
5%, 4/1/35 Pool # A32314 | 132,709 | 147,436 | ||||
5%, 4/1/35 Pool # A32509 | 126,620 | 140,672 | ||||
5%, 1/1/37 Pool # A56371 | 447,038 | 494,714 | ||||
4%, 10/1/41 Pool # Q04092 | 1,370,392 | 1,453,919 | ||||
3%, 9/1/42 Pool # C04233 | 1,667,776 | 1,647,132 | ||||
3%, 4/1/43 Pool # V80026 | 1,138,954 | 1,124,856 | ||||
3%, 4/1/43 Pool # V80025 | 1,126,700 | 1,112,753 | ||||
8,937,332 | ||||||
Ginnie Mae - 0.0% | ||||||
6.5%, 4/20/31 Pool # 3068 | 58,500 | 67,315 | ||||
Total Mortgage Backed Securities (Cost $29,426,957) | 30,700,796 | |||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 15.1% | ||||||
U.S. Treasury Bond - 0.8% | ||||||
6.625%, 2/15/27 | 2,270,000 | 3,219,144 | ||||
U.S. Treasury Notes - 14.3% | ||||||
4.250%, 8/15/14 | 4,965,000 | 4,990,600 | ||||
2.375%, 9/30/14 | 1,400,000 | 1,407,984 | ||||
0.500%, 10/15/14 | 5,000,000 | 5,006,250 | ||||
2.500%, 3/31/15 | 795,000 | 809,316 | ||||
2.500%, 4/30/15 | 3,750,000 | 3,824,854 | ||||
4.500%, 2/15/16 | 5,550,000 | 5,927,011 | ||||
3.250%, 12/31/16 | 2,500,000 | 2,660,155 | ||||
3.125%, 1/31/17 | 2,000,000 | 2,124,376 | ||||
0.500%, 7/31/17 | 4,000,000 | 3,947,188 | ||||
2.375%, 7/31/17 | 2,000,000 | 2,087,812 | ||||
4.250%, 11/15/17 | 10,600,000 | 11,726,250 | ||||
2.750%, 2/15/19 | 1,300,000 | 1,371,804 | ||||
3.125%, 5/15/19 | 2,000,000 | 2,144,844 | ||||
3.375%, 11/15/19 | 1,000,000 | 1,086,562 | ||||
2.625%, 11/15/20 | 7,400,000 | 7,686,750 | ||||
1.750%, 5/15/22 | 1,750,000 | 1,684,512 | ||||
58,486,268 | ||||||
Total U.S. Government and Agency Obligations (Cost $59,840,817) | 61,705,412 |
See accompanying Notes to Financial Statements.
31 |
Ultra Series Fund | June 30, 2014 |
Diversified Income Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | |||||
SHORT-TERM INVESTMENTS - 2.6% | ||||||
State Street Institutional U.S. Government | ||||||
Money Market Fund | 10,610,154 | $ | 10,610,154 | |||
Total Short-Term Investments (Cost $10,610,154) | 10,610,154 | |||||
TOTAL INVESTMENTS - 99.7% (Cost $323,242,237**) | 407,452,414 | |||||
NET OTHER ASSETS AND LIABILITIES - 0.3% | 1,237,479 | |||||
TOTAL NET ASSETS - 100.0% | $ | 408,689,893 | ||||
* | Non-income producing. | |
** | Aggregate cost for Federal tax purposes was $324,071,419. | |
(A) | Floating rate or variable rate note. Rate shown is as of June 30, 2014. | |
(B) | Stepped rate security. Rate shown is as of June 30, 2014. | |
(C) | Security sold within terms of a private placement memorandum exempt from registration under rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other “qualified institutional investors.” | |
(D) | Illiquid security (See Note 2). | |
(E) | Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 1.2% of total net assets. | |
(F) | In default. Issuer is bankrupt. | |
ADR | American Depositary Receipt | |
MTN | Medium Term Note | |
PLC | Public Limited Company | |
REIT | Real Estate Investment Trust |
See accompanying Notes to Financial Statements.
32 |
Ultra Series Fund | June 30, 2014 |
Large Cap Value Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | ||||||
COMMON STOCKS - 97.3% | |||||||
Consumer Discretionary - 7.5% | |||||||
Dana Holding Corp. | 387,000 | $ | 9,450,540 | ||||
Gannett Co. Inc. | 340,000 | 10,645,400 | |||||
McDonald’s Corp. | 97,000 | 9,771,780 | |||||
Time Warner Inc. | 200,000 | 14,050,000 | |||||
43,917,720 | |||||||
Consumer Staples - 4.4% | |||||||
CVS Caremark Corp. | 168,000 | 12,662,160 | |||||
Procter & Gamble Co./The | 85,000 | 6,680,150 | |||||
Wal-Mart Stores Inc. | 82,000 | 6,155,740 | |||||
25,498,050 | |||||||
Energy - 19.6% | |||||||
Apache Corp. | 80,000 | 8,049,600 | |||||
Baker Hughes Inc. | 259,000 | 19,282,550 | |||||
Cameron International Corp.* | 245,000 | 16,588,950 | |||||
Canadian Natural Resources Ltd. | 324,000 | 14,874,840 | |||||
Exxon Mobil Corp. | 79,500 | 8,004,060 | |||||
National Oilwell Varco Inc. | 195,000 | 16,058,250 | |||||
Occidental Petroleum Corp. | 240,000 | 24,631,200 | |||||
Schlumberger Ltd. | 53,000 | 6,251,350 | |||||
113,740,800 | |||||||
Financials - 25.4% | |||||||
Capital Markets - 1.7% | |||||||
Bank of New York Mellon Corp./The | 272,000 | 10,194,560 | |||||
Commercial Banks - 6.1% | |||||||
BB&T Corp. | 195,000 | 7,688,850 | |||||
M&T Bank Corp. | 16,000 | 1,984,800 | |||||
US Bancorp | 225,000 | 9,747,000 | |||||
Wells Fargo & Co. | 309,000 | 16,241,040 | |||||
35,661,690 | |||||||
Diversified Financial Services - 2.7% | |||||||
Berkshire Hathaway Inc., Class B* | 124,500 | 15,756,720 | |||||
Insurance - 12.5% | |||||||
American International Group Inc. | 468,002 | 25,543,549 | |||||
Arch Capital Group Ltd.* | 93,000 | 5,341,920 | |||||
Markel Corp.* | 26,500 | 17,374,460 | |||||
MetLife Inc. | 216,000 | 12,000,960 | |||||
Travelers Cos. Inc./The | 129,000 | 12,135,030 | |||||
72,395,919 | |||||||
Real Estate Management & Development - 2.4% | |||||||
Brookfield Asset Management Inc., Class A | 311,000 | 13,690,220 | |||||
147,699,109 | |||||||
Health Care - 12.8% | |||||||
Johnson & Johnson | 118,000 | 12,345,160 | |||||
Medtronic Inc. | 192,000 | 12,241,920 | |||||
Merck & Co. Inc. | 250,000 | 14,462,500 | |||||
Novartis AG, ADR | 15,000 | 1,357,950 | |||||
Pfizer Inc. | 610,000 | 18,104,800 | |||||
UnitedHealth Group Inc. | 193,000 | 15,777,750 | |||||
74,290,080 | |||||||
Industrials - 13.2% | |||||||
Boeing Co./The | 69,000 | 8,778,870 | |||||
Danaher Corp. | 133,000 | 10,471,090 | |||||
Deere & Co. | 127,000 | 11,499,850 | |||||
FedEx Corp. | 107,000 | 16,197,660 | |||||
General Dynamics Corp. | 60,000 | 6,993,000 | |||||
Rockwell Collins Inc. | 161,500 | 12,619,610 | |||||
United Technologies Corp. | 86,500 | 9,986,425 | |||||
76,546,505 | |||||||
Information Technology - 9.1% | |||||||
Accenture PLC, Class A | 14,000 | 1,131,760 | |||||
EMC Corp. | 355,000 | 9,350,700 | |||||
Microsoft Corp. | 339,000 | 14,136,300 | |||||
Oracle Corp. | 269,000 | 10,902,570 | |||||
QUALCOMM Inc. | 72,000 | 5,702,400 | |||||
Seagate Technology PLC | 201,000 | 11,420,820 | |||||
52,644,550 | |||||||
Materials - 4.3% | |||||||
Albemarle Corp. | 127,000 | 9,080,500 | |||||
BHP Billiton Ltd., ADR | 115,000 | 7,871,750 | |||||
Freeport-McMoRan Copper & Gold Inc. | 224,000 | 8,176,000 | |||||
25,128,250 | |||||||
Telecommunication Service - 1.0% | |||||||
Verizon Communications Inc. | 118,000 | 5,773,740 | |||||
Total Common Stocks (Cost $424,175,358) | 565,238,804 | ||||||
SHORT-TERM INVESTMENTS - 3.9% | |||||||
State Street Institutional U.S. Government Money Market Fund | 22,771,738 | 22,771,738 | |||||
Total Short-Term Investments (Cost $22,771,738) | 22,771,738 | ||||||
TOTAL INVESTMENTS - 101.2% (Cost $446,947,096**) | 588,010,542 | ||||||
NET OTHER ASSETS AND LIABILITIES - (1.2%) | (7,056,087 | ) | |||||
TOTAL NET ASSETS - 100.0% | $ | 580,954,455 | |||||
* | Non-income producing. | |
** | Aggregate cost for Federal tax purposes was $447,005,902. | |
ADR | American Depositary Receipt. | |
PLC | Public Limited Company. |
See accompanying Notes to Financial Statements.
33 |
Ultra Series Fund | June 30, 2014 |
Large Cap Growth Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | ||||||
COMMON STOCKS - 94.9% | |||||||
Consumer Discretionary - 21.5% | |||||||
Amazon.com Inc.* | 22,260 | $ | 7,229,603 | ||||
CBS Corp., Class B | 125,175 | 7,778,374 | |||||
DIRECTV* | 65,465 | 5,565,180 | |||||
Discovery Communications Inc., Class C* | 89,523 | 6,498,475 | |||||
Home Depot Inc./The | 110,040 | 8,908,838 | |||||
Liberty Global PLC* | 92,565 | 3,916,425 | |||||
McDonald’s Corp. | 81,720 | 8,232,473 | |||||
Nordstrom Inc. | 78,495 | 5,332,165 | |||||
Omnicom Group Inc. | 73,220 | 5,214,728 | |||||
Priceline Group Inc./The* | 6,260 | 7,530,780 | |||||
Starbucks Corp. | 62,378 | 4,826,810 | |||||
TJX Cos. Inc./The | 137,180 | 7,291,117 | |||||
Walt Disney Co./The | 32,840 | 2,815,702 | |||||
81,140,670 | |||||||
Consumer Staples - 6.3% | |||||||
Costco Wholesale Corp. | 65,804 | 7,577,989 | |||||
CVS Caremark Corp. | 76,457 | 5,762,564 | |||||
Nestle S.A., ADR | 89,155 | 6,924,669 | |||||
PepsiCo Inc. | 39,725 | 3,549,031 | |||||
23,814,253 | |||||||
Energy - 5.4% | |||||||
Apache Corp. | 62,315 | 6,270,135 | |||||
Occidental Petroleum Corp. | 37,025 | 3,799,876 | |||||
Schlumberger Ltd. | 87,765 | 10,351,882 | |||||
20,421,893 | |||||||
Financials - 3.0% | |||||||
Brookfield Asset Management Inc., Class A | 111,016 | 4,886,924 | |||||
T. Rowe Price Group Inc. | 76,629 | 6,468,254 | |||||
11,355,178 | |||||||
Health Care - 13.5% | |||||||
Amgen Inc. | 64,135 | 7,591,660 | |||||
Baxter International Inc. | 81,245 | 5,874,014 | |||||
Biogen Idec Inc.* | 13,140 | 4,143,173 | |||||
Celgene Corp.* | 70,130 | 6,022,764 | |||||
Cerner Corp.* | 86,258 | 4,449,188 | |||||
Gilead Sciences Inc.* | 83,090 | 6,888,992 | |||||
Johnson & Johnson | 51,050 | 5,340,851 | |||||
UnitedHealth Group Inc. | 76,335 | 6,240,386 | |||||
Varian Medical Systems Inc.* | 51,550 | 4,285,867 | |||||
50,836,895 | |||||||
Industrials - 14.6% | |||||||
3M Co. | 33,137 | 4,746,544 | |||||
Boeing Co./The | 70,965 | 9,028,877 | |||||
Danaher Corp. | 78,166 | 6,154,009 | |||||
FedEx Corp. | 33,155 | 5,019,004 | |||||
Rockwell Collins Inc. | 82,890 | 6,477,025 | |||||
Roper Industries Inc. | 28,093 | 4,101,859 | |||||
United Parcel Service Inc., Class B | 67,000 | 6,878,220 | |||||
United Technologies Corp. | 68,428 | 7,900,012 | |||||
W.W. Grainger Inc. | 18,800 | 4,780,276 | |||||
55,085,826 | |||||||
Information Technology - 27.2% | |||||||
Communications Equipment - 3.7% | |||||||
QUALCOMM Inc. | 175,618 | 13,908,946 | |||||
Computers & Peripherals - 4.4% | |||||||
Apple Inc. | 177,003 | 16,448,889 | |||||
Internet Software & Services - 5.9% | |||||||
eBay Inc.* | 146,342 | 7,325,881 | |||||
Google Inc., Class C* | 25,894 | 14,896,300 | |||||
22,222,181 | |||||||
IT Services - 3.7% | |||||||
Accenture PLC, Class A | 114,572 | 9,262,000 | |||||
Visa Inc., Class A | 22,821 | 4,808,613 | |||||
14,070,613 | |||||||
Semiconductors & Semiconductor | |||||||
Equipment - 1.4% | |||||||
Linear Technology Corp. | 110,000 | 5,177,700 | |||||
Software - 8.1% | |||||||
Microsoft Corp. | 406,745 | 16,961,266 | |||||
Oracle Corp. | 338,632 | 13,724,755 | |||||
30,686,021 | |||||||
102,514,350 | |||||||
Materials - 1.8% | |||||||
Monsanto Co. | 55,530 | 6,926,812 | |||||
Telecommunication Service - 1.6% | |||||||
Verizon Communications Inc. | 123,485 | 6,042,121 | |||||
Total Common Stocks (Cost $242,509,121) | 358,137,998 | ||||||
SHORT-TERM INVESTMENTS - 6.0% | |||||||
State Street Institutional U.S. Government | |||||||
Money Market Fund | 22,551,322 | 22,551,322 | |||||
Total Short-Term Investments (Cost $22,551,322) | 22,551,322 | ||||||
TOTAL INVESTMENTS - 100.9% (Cost $265,060,443**) | 380,689,320 | ||||||
NET OTHER ASSETS AND LIABILITIES - (0.9%) | (3,438,668 | ) | |||||
TOTAL NET ASSETS - 100.0% | $ | 377,250,652 | |||||
* | Non-income producing. | |
** | Aggregate cost for Federal tax purposes was $265,823,520. | |
ADR | American Depositary Receipt. | |
PLC | Public Limited Company. |
See accompanying Notes to Financial Statements.
34 |
Ultra Series Fund | June 30, 2014 |
Mid Cap Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | ||||||
COMMON STOCKS - 91.6% | |||||||
Consumer Discretionary - 21.3% | |||||||
Advance Auto Parts Inc. | 96,235 | $ | 12,984,026 | ||||
CarMax Inc.* | 214,387 | 11,150,268 | |||||
Discovery Communications Inc., Class C* | 147,860 | 10,733,158 | |||||
Liberty Global PLC* | 291,809 | 12,346,439 | |||||
Omnicom Group Inc. | 142,878 | 10,175,771 | |||||
Ross Stores Inc. | 179,300 | 11,857,109 | |||||
Sally Beauty Holdings Inc.* | 380,405 | 9,540,557 | |||||
78,787,328 | |||||||
Consumer Staples - 1.0% | |||||||
Brown-Forman Corp., Class B | 40,011 | 3,767,836 | |||||
Energy - 6.2% | |||||||
Cameron International Corp.* | 103,820 | 7,029,652 | |||||
Ensco PLC, Class A | 117,592 | 6,534,587 | |||||
World Fuel Services Corp. | 192,329 | 9,468,357 | |||||
23,032,596 | |||||||
Financials - 23.7% | |||||||
Arch Capital Group Ltd.* | 168,024 | 9,651,299 | |||||
Brookfield Asset Management Inc., Class A | 348,978 | 15,362,012 | |||||
Brown & Brown Inc. | 414,948 | 12,743,053 | |||||
Glacier Bancorp Inc. | 227,454 | 6,455,144 | |||||
M&T Bank Corp. | 74,544 | 9,247,183 | |||||
Markel Corp.* | 31,048 | 20,356,311 | |||||
WR Berkley Corp. | 295,872 | 13,701,832 | |||||
87,516,834 | |||||||
Health Care - 13.6% | |||||||
DaVita HealthCare Partners Inc.* | 148,920 | 10,769,894 | |||||
DENTSPLY International Inc. | 252,177 | 11,940,581 | |||||
Laboratory Corp. of America Holdings* | 102,445 | 10,490,368 | |||||
Perrigo Co. PLC | 66,086 | 9,632,695 | |||||
Techne Corp. | 77,803 | 7,202,224 | |||||
50,035,762 | |||||||
Industrials - 18.2% | |||||||
Copart Inc.* | 369,626 | 13,291,751 | |||||
Expeditors International of Washington Inc. | 217,055 | 9,585,149 | |||||
Fastenal Co. | 160,440 | 7,940,176 | |||||
Jacobs Engineering Group Inc.* | 152,509 | 8,125,679 | |||||
TransDigm Group Inc. | 55,521 | 9,286,442 | |||||
Wabtec Corp. | 102,276 | 8,446,975 | |||||
Wesco Aircraft Holdings Inc.* | 536,031 | 10,699,179 | |||||
67,375,351 | |||||||
Information Technology - 4.0% | |||||||
Amphenol Corp., Class A | 80,922 | 7,796,026 | |||||
CDW Corp. | 218,471 | 6,964,855 | |||||
14,760,881 | |||||||
Materials - 3.6% | |||||||
Crown Holdings Inc.* | 269,319 | 13,401,314 | |||||
Total Common Stocks | |||||||
(Cost $235,578,150) | 338,677,902 | ||||||
SHORT-TERM INVESTMENTS - 8.6% | |||||||
State Street Institutional U.S. Government | |||||||
Money Market Fund | 31,666,749 | 31,666,749 | |||||
Total Short-Term Investments (Cost $31,666,749) | 31,666,749 | ||||||
TOTAL INVESTMENTS - 100.2% (Cost $267,244,899**) | 370,344,651 | ||||||
NET OTHER ASSETS AND LIABILITIES - (0.2%) | (813,650 | ) | |||||
TOTAL NET ASSETS - 100.0% | $ | 369,531,001 | |||||
* | Non-income producing. | |
** | Aggregate cost for Federal tax purposes was $267,462,371. | |
PLC | Public Limited Company. |
See accompanying Notes to Financial Statements.
35 |
Ultra Series Fund | June 30, 2014 |
Small Cap Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | ||||
COMMON STOCKS - 96.3% | |||||
Consumer Discretionary - 11.3% | |||||
Ascena Retail Group Inc.* | 7,220 | $ | 123,462 | ||
Cato Corp./The, Class A | 4,910 | 151,719 | |||
Choice Hotels International Inc. | 470 | 22,142 | |||
Fred’s Inc., Class A | 6,400 | 97,856 | |||
Helen of Troy Ltd.* | 3,210 | 194,622 | |||
Matthews International Corp., Class A | 2,640 | 109,745 | |||
Stage Stores Inc. | 4,810 | 89,899 | |||
789,445 | |||||
Consumer Staples - 2.2% | |||||
Casey’s General Stores Inc. | 1,280 | 89,971 | |||
Post Holdings Inc.* | 1,300 | 66,183 | |||
156,154 | |||||
Energy - 6.5% | |||||
Diamondback Energy Inc.* | 1,400 | 124,320 | |||
Dorian LPG Ltd.* | 1,400 | 32,186 | |||
Era Group Inc.* | 2,590 | 74,281 | |||
Scorpio Tankers Inc. | 14,000 | 142,380 | |||
SEACOR Holdings Inc.* | 990 | 81,428 | |||
454,595 | |||||
Financials - 21.2% | |||||
AMERISAFE Inc. | 1,410 | 57,345 | |||
Campus Crest Communities Inc., REIT | 6,000 | 51,960 | |||
DiamondRock Hospitality Co., REIT | 5,629 | 72,164 | |||
Education Realty Trust Inc., REIT | 6,700 | 71,958 | |||
First Busey Corp. | 9,007 | 52,331 | |||
First Midwest Bancorp Inc. | 7,030 | 119,721 | |||
First Niagara Financial Group Inc. | 6,707 | 58,619 | |||
Flushing Financial Corp. | 3,581 | 73,589 | |||
Hancock Holding Co. | 2,200 | 77,704 | |||
International Bancshares Corp. | 5,350 | 144,450 | |||
MB Financial Inc. | 2,830 | 76,551 | |||
Northwest Bancshares Inc. | 7,480 | 101,504 | |||
Platinum Underwriters Holdings Ltd. | 1,160 | 75,226 | |||
Primerica Inc. | 2,700 | 129,195 | |||
Solar Capital Ltd. | 3,030 | 64,478 | |||
Summit Hotel Properties Inc., REIT | 6,400 | 67,840 | |||
Webster Financial Corp. | 4,980 | 157,069 | |||
Westamerica Bancorporation | 570 | 29,800 | |||
1,481,504 | |||||
Health Care - 12.2% | |||||
Allscripts Healthcare Solutions Inc.* | 4,700 | 75,435 | |||
Amsurg Corp.* | 1,590 | 72,456 | |||
Charles River Laboratories International Inc.* | 2,800 | 149,856 | |||
Corvel Corp.* | 1,060 | 47,891 | |||
Haemonetics Corp.* | 2,150 | 75,852 | |||
ICON PLC* | 1,930 | 90,922 | |||
ICU Medical Inc.* | 1,970 | 119,796 | |||
MedAssets Inc.* | 2,700 | 61,668 | |||
Phibro Animal Health Corp., Class A* | 3,200 | 70,240 | |||
STERIS Corp. | 1,700 | 90,916 | |||
855,032 | |||||
Industrials - 18.7% | |||||
ACCO Brands Corp.* | 11,540 | 73,971 | |||
Albany International Corp., Class A | 3,850 | 146,146 | |||
Atlas Air Worldwide Holdings Inc.* | 800 | 29,480 | |||
Cubic Corp. | 2,500 | 111,275 | |||
ESCO Technologies Inc. | 2,490 | 86,254 | |||
FTI Consulting Inc.* | 1,900 | 71,858 | |||
G&K Services Inc., Class A | 2,500 | 130,175 | |||
GATX Corp. | 2,270 | 151,954 | |||
Luxfer Holdings PLC, ADR | 2,600 | 49,270 | |||
Mueller Industries Inc. | 5,300 | 155,873 | |||
SP Plus Corp.* | 4,690 | 100,319 | |||
United Stationers Inc. | 3,600 | 149,292 | |||
UTi Worldwide Inc. | 5,400 | 55,836 | |||
1,311,703 | |||||
Information Technology - 13.4% | |||||
Belden Inc. | 3,770 | 294,663 | |||
Coherent Inc.* | 1,070 | 70,802 | |||
Diebold Inc. | 3,170 | 127,339 | |||
Forrester Research Inc. | 3,000 | 113,640 | |||
MAXIMUS Inc. | 1,260 | 54,205 | |||
Micrel Inc. | 5,800 | 65,424 | |||
MTS Systems Corp. | 730 | 49,465 | |||
ScanSource Inc.* | 2,300 | 87,584 | |||
Verint Systems Inc.* | 900 | 44,145 | |||
Zebra Technologies Corp., Class A* | 400 | 32,928 | |||
940,195 | |||||
Materials - 7.2% | |||||
Deltic Timber Corp. | 1,470 | 88,817 | |||
Greif Inc., Class A | 1,300 | 70,928 | |||
Innospec Inc. | 1,800 | 77,706 | |||
Koppers Holdings Inc. | 2,100 | 80,325 | |||
Sensient Technologies Corp. | 1,700 | 94,724 | |||
Zep Inc. | 5,240 | 92,539 | |||
505,039 | |||||
Utilities - 3.6% | |||||
Laclede Group Inc./The | 1,400 | 67,970 | |||
New Jersey Resources Corp. | 970 | 55,445 | |||
UNS Energy Corp. | 1,240 | 74,908 | |||
WGL Holdings Inc. | 1,260 | 54,306 | |||
252,629 | |||||
Total Common Stocks (Cost $3,825,296) | 6,746,296 |
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
Small Cap Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | |||||
SHORT-TERM INVESTMENTS - 3.7% | ||||||
State Street Institutional U.S. Government | ||||||
Money Market Fund | 257,832 | $ | 257,832 | |||
Total Short-Term Investments (Cost $257,832) | 257,832 | |||||
TOTAL INVESTMENTS - 100.0% (Cost $4,083,128**) | 7,004,128 | |||||
NET OTHER ASSETS AND LIABILITIES - 0.0% | (685 | ) | ||||
TOTAL NET ASSETS - 100.0% | $ | 7,003,443 | ||||
* | Non-income producing. | |
** | Aggregate cost for Federal tax purposes was $4,122,126. | |
ADR | American Depositary Receipt | |
PLC | Public Limited Company. | |
REIT | Real Estate Investment Trust. |
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
International Stock Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | |||||
COMMON STOCKS - 97.2% | ||||||
Australia - 2.5% | ||||||
BHP Billiton Ltd. | 60,255 | $ | 2,039,746 | |||
Brazil - 4.0% | ||||||
Estacio Participacoes S.A. | 111,200 | 1,472,098 | ||||
Petroleo Brasileiro S.A., ADR | 129,405 | 1,893,195 | ||||
3,365,293 | ||||||
France - 16.6% | ||||||
AXA S.A. | 61,045 | 1,459,045 | ||||
LVMH Moet Hennessy Louis Vuitton S.A. | 10,795 | 2,081,249 | ||||
Sanofi | 23,344 | 2,479,840 | ||||
Schneider Electric SE | 29,805 | 2,805,825 | ||||
Technip S.A. | 22,420 | 2,452,600 | ||||
Total S.A. | 36,523 | 2,639,578 | ||||
13,918,137 | ||||||
Germany - 4.7% | ||||||
Allianz SE | 9,404 | 1,567,119 | ||||
SAP AG | 30,150 | 2,328,440 | ||||
3,895,559 | ||||||
Ireland - 1.7% | ||||||
CRH PLC | 56,154 | 1,442,490 | ||||
Israel - 2.0% | ||||||
Teva Pharmaceutical Industries Ltd., ADR | 31,710 | 1,662,238 | ||||
Japan - 11.0% | ||||||
Canon Inc. | 52,425 | 1,705,669 | ||||
Makita Corp. | 30,540 | 1,887,176 | ||||
Mitsubishi UFJ Financial Group Inc. | 319,620 | 1,959,272 | ||||
Secom Co. Ltd. | 29,643 | 1,811,265 | ||||
Seven & I Holdings Co. Ltd. | 43,640 | 1,838,562 | ||||
9,201,944 | ||||||
Netherlands – 5.0% | ||||||
Akzo Nobel N.V. | 19,480 | 1,460,400 | ||||
Royal Dutch Shell PLC, Class A | 65,543 | 2,712,838 | ||||
4,173,238 | ||||||
Singapore - 2.0% | ||||||
DBS Group Holdings Ltd. | 121,900 | 1,637,521 | ||||
South Korea - 2.4% | ||||||
Samsung Electronics Co. Ltd., GDR | 1,598 | 1,032,308 | ||||
Samsung Electronics Co. Ltd. | 757 | 989,083 | ||||
2,021,391 | ||||||
Sweden - 1.8% | ||||||
Telefonaktiebolaget LM Ericsson, Class B | 126,669 | 1,530,861 | ||||
Switzerland - 18.6% | ||||||
ABB Ltd. * | 62,745 | 1,444,805 | ||||
Credit Suisse Group AG * | 58,870 | 1,683,517 | ||||
Givaudan S.A. * | 1,050 | 1,751,184 | ||||
Nestle S.A. | 30,750 | 2,382,189 | ||||
Novartis AG | 38,588 | 3,494,155 | ||||
Roche Holding AG | 7,950 | 2,371,194 | ||||
Syngenta AG | 6,561 | 2,443,728 | ||||
15,570,772 | ||||||
United Kingdom - 24.9% | ||||||
Compass Group PLC | 115,092 | 2,003,169 | ||||
Diageo PLC | 104,920 | 3,350,591 | ||||
GlaxoSmithKline PLC | 89,880 | 2,405,754 | ||||
HSBC Holdings PLC | 156,182 | 1,584,761 | ||||
Imperial Tobacco Group PLC | 48,269 | 2,172,579 | ||||
Reed Elsevier PLC | 99,300 | 1,597,455 | ||||
Standard Chartered PLC | 77,105 | 1,575,572 | ||||
Tesco PLC | 418,216 | 2,034,118 | ||||
Unilever PLC | 36,336 | 1,648,536 | ||||
WPP PLC | 114,740 | 2,501,703 | ||||
20,874,238 | ||||||
Total Common Stocks (Cost $72,803,402) | 81,333,428 | |||||
SHORT-TERM INVESTMENTS - 2.4% | ||||||
State Street Institutional U.S. Government Money Market Fund | 2,035,493 | 2,035,493 | ||||
Total Short-Term Investments (Cost $2,035,493) | 2,035,493 | |||||
TOTAL INVESTMENTS - 99.6% (Cost $74,838,895**) | 83,368,921 | |||||
NET OTHER ASSETS AND LIABILITIES - 0.4% | 366,926 | |||||
TOTAL NET ASSETS - 100.0% | $ | 83,735,847 | ||||
* | Non-income producing. | |
** | Aggregate cost for Federal tax purposes was $74,987,733. | |
ADR | American Depositary Receipt. | |
GDR | Global Depositary Receipt. | |
PLC | Public Limited Company. | |
OTHER INFORMATION: | ||||||
Sector Concentration | % of Net Assets | |||||
Consumer Discretionary | 16.6 | % | ||||
Consumer Staples | 13.2 | % | ||||
Energy | 6.5 | % | ||||
Financials | 21.9 | % | ||||
Health Care | 13.3 | % | ||||
Industrials | 12.2 | % | ||||
Information Technology | 3.7 | % | ||||
Materials | 5.1 | % | ||||
Telecommunication Services | 3.0 | % | ||||
Utilities | 1.6 | % | ||||
Short-Term Investments & Net Other Assets & Liabilities | 2.9 | % |
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
Madison Target Retirement 2020 Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | ||||
INVESTMENT COMPANIES - 99.5% | |||||
Bond Funds - 60.1% | |||||
Baird Aggregate Bond Fund Institutional Shares | 416,031 | $ | 4,472,333 | ||
Franklin Floating Rate Daily Access Fund | |||||
Advisor Class | 971,502 | 8,928,101 | |||
iShares 3-7 Year Treasury Bond ETF | 73,295 | 8,927,331 | |||
iShares 7-10 Year Treasury Bond ETF | 57,441 | 5,949,739 | |||
iShares TIPS Bond Fund ETF | 32,247 | 3,720,014 | |||
Metropolitan West Total Return Bond Fund Class I | 412,191 | 4,468,153 | |||
Vanguard Intermediate-Term Corporate Bond ETF | 17,187 | 1,487,707 | |||
Vanguard Short-Term Corporate Bond ETF | 37,033 | 2,976,342 | |||
Vanguard Total Bond Market ETF | 47,072 | 3,870,260 | |||
44,799,980 | |||||
Foreign Stock Funds - 6.3% | |||||
iShares MSCI United Kingdom ETF | 53,471 | 1,116,475 | |||
Vanguard FTSE All-World ex-US ETF | 56,962 | 2,978,543 | |||
Vanguard FTSE Europe ETF | 6,194 | 371,330 | |||
WisdomTree Japan Hedged Equity Fund ETF | 4,481 | 221,182 | |||
4,687,530 | |||||
Money Market Funds - 0.7% | |||||
State Street Institutional U.S. Government | |||||
Money Market Fund | 529,030 | 529,030 | |||
Stock Funds - 32.4% | |||||
iShares Core S&P Mid-Cap ETF | 20,835 | 2,981,072 | |||
PowerShares Buyback Achievers Portfolio ETF | 66,358 | 2,976,156 | |||
Schwab Fundamental U.S. Large Company Index Fund Institutional Shares | 269,037 | 4,089,363 | |||
SPDR S&P 500 ETF Trust | 68,318 | 13,371,199 | |||
Vanguard Information Technology ETF | 7,682 | 743,540 | |||
24,161,330 | |||||
TOTAL INVESTMENTS - 99.5% (Cost $68,419,937**) | 74,177,870 | ||||
NET OTHER ASSETS AND LIABILITIES - 0.5% | 408,563 | ||||
TOTAL NET ASSETS - 100.0% | $ | 74,586,433 | |||
** | Aggregate cost for Federal tax purposes was $68,949,613. | |
ETF | Exchange Traded Fund. |
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
Madison Target Retirement 2030 Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | |||||
INVESTMENT COMPANIES - 100.2% | ||||||
Bond Funds - 39.4% | ||||||
Baird Aggregate Bond Fund Institutional Shares | 367,435 | $ | 3,949,926 | |||
Franklin Floating Rate Daily Access Fund | ||||||
Advisor Class | 858,023 | 7,885,227 | ||||
iShares 3-7 Year Treasury Bond ETF | 32,367 | 3,942,301 | ||||
iShares 7-10 Year Treasury Bond ETF | 76,097 | 7,882,127 | ||||
iShares TIPS Bond Fund ETF | 42,721 | 4,928,295 | ||||
Metropolitan West Total Return Bond Fund | ||||||
Class I | 364,044 | 3,946,236 | ||||
Vanguard Short-Term Corporate Bond ETF | 36,796 | 2,957,295 | ||||
Vanguard Total Bond Market ETF | 43,173 | 3,549,684 | ||||
39,041,091 | ||||||
Foreign Stock Funds - 10.8% | ||||||
iShares Global Energy ETF | 20,324 | 986,120 | ||||
iShares MSCI EAFE ETF | 17,311 | 1,183,553 | ||||
iShares MSCI United Kingdom ETF | 94,502 | 1,973,202 | ||||
SPDR S&P China ETF | 5,237 | 394,084 | ||||
Vanguard FTSE All-World ex-US ETF | 84,895 | 4,439,160 | ||||
Vanguard FTSE Europe ETF | 16,448 | 986,058 | ||||
WisdomTree Europe Hedged Equity Fund ETF | 3,360 | 196,325 | ||||
WisdomTree Japan Hedged Equity Fund ETF | 11,978 | 591,234 | ||||
10,749,736 | ||||||
Money Market Funds - 1.9% | ||||||
State Street Institutional U.S. Government Money Market Fund | 1,843,073 | 1,843,073 | ||||
Stock Funds - 48.1% | ||||||
iShares Core S&P Mid-Cap ETF | 41,402 | 5,923,798 | ||||
iShares S&P Mid-Cap 400 Value ETF | 7,775 | 986,803 | ||||
PowerShares Buyback Achievers Portfolio ETF | 87,848 | 3,939,983 | ||||
Schwab Fundamental U.S. Large Company Index Fund Institutional Shares | 583,228 | 8,865,068 | ||||
SPDR S&P 500 ETF Trust | 135,760 | 26,570,947 | ||||
Vanguard Information Technology ETF | 15,245 | 1,475,564 | ||||
47,762,163 | ||||||
TOTAL INVESTMENTS - 100.2% (Cost $87,603,885**) | 99,396,063 | |||||
NET OTHER ASSETS AND LIABILITIES - (0.2%) | (168,404 | ) | ||||
TOTAL NET ASSETS - 100.0% | $ | 99,227,659 | ||||
** | Aggregate cost for Federal tax purposes was $88,257,281. | |
ETF | Exchange Traded Fund. |
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
Madison Target Retirement 2040 Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | ||||
INVESTMENT COMPANIES - 99.9% | |||||
Bond Funds - 29.1% | |||||
Baird Aggregate Bond Fund Institutional Shares | 134,913 | $ | 1,450,320 | ||
Franklin Floating Rate Daily Access Fund Advisor Class | 472,568 | 4,342,900 | |||
iShares 3-7 Year Treasury Bond ETF | 17,827 | 2,171,329 | |||
iShares 7-10 Year Treasury Bond ETF | 55,882 | 5,788,258 | |||
iShares TIPS Bond Fund ETF | 25,098 | 2,895,305 | |||
Metropolitan West Total Return Bond Fund Class I | 133,668 | 1,448,964 | |||
Vanguard Short-Term Corporate Bond ETF | 18,014 | 1,447,785 | |||
Vanguard Total Bond Market ETF | 19,375 | 1,593,012 | |||
21,137,873 | |||||
Foreign Stock Funds - 13.4% | |||||
iShares Global Energy ETF | 22,387 | 1,086,217 | |||
iShares MSCI EAFE ETF | 16,950 | 1,158,872 | |||
iShares MSCI United Kingdom ETF | 86,725 | 1,810,818 | |||
SPDR S&P China ETF | 4,810 | 361,953 | |||
Vanguard FTSE All-World ex-U.S. ETF | 62,343 | 3,259,915 | |||
Vanguard FTSE Europe ETF | 18,111 | 1,085,754 | |||
WisdomTree Europe Hedged Equity Fund ETF | 4,951 | 289,287 | |||
WisdomTree Japan Hedged Equity Fund ETF | 13,194 | 651,256 | |||
9,704,072 | |||||
Money Market Funds - 1.3% | |||||
State Street Institutional U.S. Government Money Market Fund | 954,890 | 954,890 | |||
Stock Funds - 56.1% | |||||
iShares Core S&P Mid-Cap ETF | 35,471 | 5,075,191 | |||
iShares S&P 100 ETF | 8,343 | 721,920 | |||
iShares S&P Mid-Cap 400 Value ETF | 8,565 | 1,087,070 | |||
Market Vectors Agribusiness ETF | 5,259 | 289,298 | |||
PowerShares Buyback Achievers Portfolio ETF | 72,575 | 3,254,989 | |||
Schwab Fundamental U.S. Large Company Index Fund Institutional Shares | 475,909 | 7,233,809 | |||
SPDR S&P 500 ETF Trust | 103,388 | 20,235,099 | |||
Vanguard Dividend Appreciation ETF | 9,280 | 723,376 | |||
Vanguard Information Technology ETF | 14,927 | 1,444,784 | |||
Vanguard Value ETF | 8,924 | 722,398 | |||
40,787,934 | |||||
TOTAL INVESTMENTS - 99.9% (Cost $62,083,458**) | 72,584,769 | ||||
NET OTHER ASSETS AND LIABILITIES - 0.1% | 105,317 | ||||
TOTAL NET ASSETS - 100.0% | $ | 72,690,086 | |||
** | Aggregate cost for Federal tax purposes was $62,644,393. | |
ETF | Exchange Traded Fund. |
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
Madison Target Retirement 2050 Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 2) | |||||
INVESTMENT COMPANIES - 100.1% | ||||||
Bond Funds - 18.7% | ||||||
Franklin Floating Rate Daily Access Fund | ||||||
Advisor Class | 98,079 | $ | 901,350 | |||
iShares 3-7 Year Treasury Bond ETF | 3,700 | 450,660 | ||||
iShares 7-10 Year Treasury Bond ETF | 17,397 | 1,801,981 | ||||
iShares TIPS Bond Fund ETF | 5,860 | 676,010 | ||||
Vanguard Total Bond Market ETF | 4,935 | 405,756 | ||||
4,235,757 | ||||||
Foreign Stock Funds - 15.8% | ||||||
iShares Global Energy ETF | 9,293 | 450,896 | ||||
iShares MSCI EAFE ETF | 6,594 | 450,832 | ||||
iShares MSCI United Kingdom ETF | 32,407 | 676,658 | ||||
SPDR S&P China ETF | 1,791 | 134,773 | ||||
Vanguard FTSE All-World ex-U.S. ETF | 19,409 | 1,014,896 | ||||
Vanguard FTSE Europe ETF | 7,523 | 451,004 | ||||
WisdomTree Europe Hedged Equity Fund ETF | 2,310 | 134,973 | ||||
WisdomTree Japan Hedged Equity Fund ETF | 5,474 | 270,197 | ||||
3,584,229 | ||||||
Money Market Funds - 1.6% | ||||||
State Street Institutional U.S. Government Money Market Fund | 360,303 | 360,303 | ||||
Stock Funds - 64.0% | ||||||
iShares Core S&P Mid-Cap ETF | 12,620 | 1,805,670 | ||||
iShares S&P 100 ETF | 7,792 | 674,242 | ||||
iShares S&P Mid-Cap 400 Value ETF | 3,558 | 451,581 | ||||
Market Vectors Agribusiness ETF | 3,275 | 180,158 | ||||
PowerShares Buyback Achievers Portfolio ETF | 25,104 | 1,125,914 | ||||
Schwab Fundamental U.S. Large Company Index Fund Institutional Shares | 162,967 | 2,477,095 | ||||
SPDR S&P 500 ETF Trust | 33,336 | 6,524,522 | ||||
Vanguard Dividend Appreciation ETF | 2,889 | 225,198 | ||||
Vanguard Information Technology ETF | 5,812 | 562,543 | ||||
Vanguard Value ETF | 5,556 | 449,758 | ||||
14,476,681 | ||||||
TOTAL INVESTMENTS - 100.1% (Cost $19,774,512**) | 22,656,970 | |||||
NET OTHER ASSETS AND LIABILITIES - (0.1%) | (29,943 | ) | ||||
TOTAL NET ASSETS - 100.0% | $ | 22,627,027 | ||||
** | Aggregate cost for Federal tax purposes was $19,880,016. | |
ETF | Exchange Traded Fund. |
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
Statements of Assets and Liabilities as of June 30, 2014 (unaudited) |
Conservative | Moderate | Aggressive | Money | ||||||||||
Allocation | Allocation | Allocation | Market | ||||||||||
Fund | Fund | Fund | Fund | ||||||||||
Assets: | |||||||||||||
Investments in securities, at cost | |||||||||||||
Unaffiliated issuers | $ | 98,251,338 | $ | 162,780,244 | $ | 65,262,129 | $ | 27,445,331 | |||||
Affiliated issuers1 | 96,292,309 | 161,416,047 | 54,148,740 | – | |||||||||
Net unrealized appreciation | |||||||||||||
Unaffiliated issuers | 5,063,107 | 10,494,163 | 5,825,475 | – | |||||||||
Affiliated issuers1 | 14,398,131 | 50,545,426 | 22,199,181 | – | |||||||||
Total investments at value | 214,004,885 | 385,235,880 | 147,435,525 | 27,445,331 | |||||||||
Cash | 17,819 | – | 48,681 | – | |||||||||
Receivables: | |||||||||||||
Investments sold | 525,000 | 7,801,436 | 1,428,938 | – | |||||||||
Fund shares sold. | 305,339 | 168,201 | 109,835 | 2,415 | |||||||||
Dividends and interest | 219,486 | 248,512 | 36,646 | 124,425 | |||||||||
Due from Adviser | – | – | – | 9,457 | |||||||||
Total assets | 215,072,529 | 393,454,029 | 149,059,625 | 27,581,628 | |||||||||
Liabilities: | |||||||||||||
Bank overdrafts | – | 2,350,248 | – | – | |||||||||
Payables: | |||||||||||||
Investments purchased | 525,000 | – | 2,860,459 | – | |||||||||
Fund shares repurchased | 41,187 | 108,125 | 3,610 | 4,664 | |||||||||
Management fees | 52,738 | 95,822 | 35,784 | 10,909 | |||||||||
Service agreement fees | 9,064 | 15,925 | 5,883 | 1,752 | |||||||||
Distribution fees – Class II | 8,040 | 7,225 | 372 | 370 | |||||||||
Total liabilities | 636,029 | 2,577,345 | 2,906,108 | 17,695 | |||||||||
Net assets applicable to outstanding capital stock | $ | 214,436,500 | $ | 390,876,684 | $ | 146,153,517 | $ | 27,563,933 | |||||
Net assets consist of: | |||||||||||||
Paid-in capital | $ | 188,292,628 | $ | 327,087,372 | $ | 110,607,230 | $ | 27,564,449 | |||||
Accumulated undistributed net investment income | 1,529,182 | 1,883,094 | 476,460 | – | |||||||||
Accumulated net realized gain (loss) on investments sold and foreign currency related transactions | 5,153,452 | 866,629 | 7,045,171 | (516 | ) | ||||||||
Net unrealized appreciation of investments (including appreciation of foreign currency related transactions) | 19,461,238 | 61,039,589 | 28,024,656 | – | |||||||||
Net Assets | $ | 214,436,500 | $ | 390,876,684 | $ | 146,153,517 | $ | 27,563,933 | |||||
Class I Shares: | |||||||||||||
Net Assets | $ | 175,335,475 | $ | 355,558,266 | $ | 144,282,603 | $ | 25,748,690 | |||||
Shares of beneficial interest outstanding | 15,720,996 | 29,570,460 | 11,759,706 | 25,749,181 | |||||||||
Net Asset Value and redemption price per share | $11.15 | $12.02 | $12.27 | $1.00 | |||||||||
Class II Shares: | |||||||||||||
Net Assets | $ | 39,101,025 | $ | 35,318,418 | $ | 1,870,914 | $ | 1,815,243 | |||||
Shares of beneficial interest outstanding | 3,515,373 | 2,947,074 | 153,126 | 1,815,267 | |||||||||
Net Asset Value and redemption price per share | $11.12 | $11.98 | $12.22 | $1.00 | |||||||||
1 See Note 10 for information on affiliated issuers. |
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
Statements of Assets and Liabilities as of June 30, 2014 (unaudited) |
Core | High | ||||||||||||||||
Bond | Income | Diversified | Large Cap | ||||||||||||||
Fund | Fund | Income Fund | Value Fund | ||||||||||||||
Assets: | |||||||||||||||||
Investments in securities, at cost Unaffiliated issuers | $ | 285,866,317 | $ | 47,322,539 | $ | 323,242,237 | $ | 446,947,096 | |||||||||
Net unrealized appreciation Unaffiliated issuers | 14,825,379 | 1,914,054 | 84,210,177 | 141,063,446 | |||||||||||||
Total investments at value | 300,691,696 | 49,236,593 | 407,452,414 | 588,010,542 | |||||||||||||
Cash | – | – | – | 42,296 | |||||||||||||
Foreign currency (cost of $10,358)(Note 2) | – | – | – | – | |||||||||||||
Receivables | |||||||||||||||||
Investments sold | – | 434,268 | 4,221,953 | – | |||||||||||||
Fund shares sold | 107,599 | 6,172 | 11,710 | 29,223 | |||||||||||||
Dividends and interest | 2,209,869 | 716,867 | 1,736,572 | 674,127 | |||||||||||||
Other assets | – | 2,216 | – | – | |||||||||||||
Total assets | 303,009,164 | 50,396,116 | 413,422,649 | 588,756,188 | |||||||||||||
Liabilities: | |||||||||||||||||
Payables: | |||||||||||||||||
Investments purchased | – | 1,657,917 | 4,278,721 | 6,760,197 | |||||||||||||
Fund shares repurchased | 202,150 | 6,390 | 193,353 | 732,475 | |||||||||||||
Management fees | 136,440 | 30,160 | 234,775 | 285,358 | |||||||||||||
Service agreement fees | 13,955 | 2,331 | 16,562 | 22,267 | |||||||||||||
Distribution fees – Class II | 9,947 | 1,470 | 9,345 | 1,436 | |||||||||||||
Total liabilities | 362,492 | 1,698,268 | 4,732,756 | 7,801,733 | |||||||||||||
Net assets applicable to outstanding capital stock | $ | 302,646,672 | $ | 48,697,848 | $ | 408,689,893 | $ | 580,954,455 | |||||||||
Net assets consist of: | |||||||||||||||||
Paid-in capital | $ | 289,774,878 | $ | 51,986,053 | $ | 308,860,215 | $ | 392,332,079 | |||||||||
Accumulated undistributed net investment income | 4,385,692 | 1,281,286 | 4,589,712 | 3,654,292 | |||||||||||||
Accumulated net realized gain (loss) on investments sold and foreign currency relate transactions | (6,339,277 | ) | (6,483,545 | ) | 11,029,789 | 43,903,559 | |||||||||||
Net unrealized appreciation of investments (including appreciation of foreign currency related transactions) | 14,825,379 | 1,914,054 | 84,210,177 | 141,064,525 | |||||||||||||
Net Assets | $ | 302,646,672 | $ | 48,697,848 | $ | 408,689,893 | $ | 580,954,455 | |||||||||
Class I Shares: | |||||||||||||||||
Net Assets | $ | 254,016,937 | $ | 41,530,235 | $ | 362,945,006 | $ | 573,980,813 | |||||||||
Shares of beneficial interest outstanding | 24,594,476 | 4,303,872 | 16,696,765 | 15,243,684 | |||||||||||||
Net Asset Value and redemption price per share | $10.33 | $9.65 | $21.74 | $37.65 | |||||||||||||
Class II Shares: | |||||||||||||||||
Net Assets | $ | 48,629,735 | $ | 7,167,613 | $ | 45,744,887 | $ | 6,973,642 | |||||||||
Shares of beneficial interest outstanding | 4,717,650 | 742,264 | 2,110,681 | 186,035 | |||||||||||||
Net Asset Value and redemption price per share | $10.31 | $9.66 | $21.67 | $37.49 | |||||||||||||
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
Statements of Assets and Liabilities as of June 30, 2014 (unaudited) |
Madison | Madison | Madison | Madison | |||||||||||||||||||||||||||
Large Cap | International | Target | Target | Target | Target | |||||||||||||||||||||||||
Growth | Mid Cap | Small Cap | Stock | Retirement | Retirement | Retirement | Retirement | |||||||||||||||||||||||
Fund | Fund | Fund | Fund | 2020 Fund | 2030 Fund | 2040 Fund | 2050 Fund | |||||||||||||||||||||||
$ | 265,060,443 | $ | 267,244,899 | $ | 4,083,128 | $ | 74,838,895 | $ | 68,419,937 | $ | 87,603,885 | $ | 62,083,458 | $ | 19,774,512 | |||||||||||||||
115,628,877 | 103,099,752 | 2,921,000 | 8,530,026 | 5,757,933 | 11,792,178 | 10,501,311 | 2,882,458 | |||||||||||||||||||||||
380,689,320 | 370,344,651 | 7,004,128 | 83,368,921 | 74,177,870 | 99,396,063 | 72,584,769 | 22,656,970 | |||||||||||||||||||||||
15,098 | 47,461 | – | – | – | – | 4,018 | 2,484 | |||||||||||||||||||||||
– | – | – | 10,288 | – | – | – | – | |||||||||||||||||||||||
2,204,844 | – | – | – | 1,694,362 | 717,562 | 624,357 | 692,895 | |||||||||||||||||||||||
25,020 | 9,147 | 814 | 6,506 | 62,946 | 431,236 | 123,522 | 53,993 | |||||||||||||||||||||||
150,312 | 161,466 | 7,042 | 489,994 | 148,750 | 290,089 | 236,939 | 80,798 | |||||||||||||||||||||||
– | – | – | – | – | – | – | – | |||||||||||||||||||||||
383,084,594 | 370,562,725 | 7,011,984 | 83,875,709 | 76,083,928 | 100,834,950 | 73,573,605 | 23,487,140 | |||||||||||||||||||||||
5,266,042 | – | – | 20 | 1,479,295 | 1,575,313 | 859,823 | 830,645 | |||||||||||||||||||||||
298,128 | 741,076 | 1,389 | 52,273 | 85 | 7,953 | 5,958 | 24,033 | |||||||||||||||||||||||
247,907 | 272,136 | 6,401 | 79,971 | 15,096 | 20,021 | 14,782 | 4,529 | |||||||||||||||||||||||
15,036 | 15,370 | 407 | 3,644 | 3,019 | 4,004 | 2,956 | 906 | |||||||||||||||||||||||
6,829 | 3,142 | 344 | 3,954 | – | – | – | – | |||||||||||||||||||||||
5,833,942 | 1,031,724 | 8,541 | 139,862 | 1,497,495 | 1,607,291 | 883,519 | 860,113 | |||||||||||||||||||||||
$ | 377,250,652 | $ | 369,531,001 | $ | 7,003,443 | $ | 83,735,847 | $ | 74,586,433 | $ | 99,227,659 | $ | 72,690,086 | $ | 22,627,027 | |||||||||||||||
$ | 239,954,960 | $ | 246,699,366 | $ | 4,107,130 | $ | 77,789,789 | $ | 66,302,559 | $ | 83,973,642 | $ | 59,665,251 | $ | 19,241,070 | |||||||||||||||
1,126,017 | 752,584 | 35,712 | 1,225,904 | 756,387 | 909,355 | 657,703 | 190,971 | |||||||||||||||||||||||
20,540,798 | 18,979,299 | (60,399 | ) | (3,826,461 | ) | 1,769,554 | 2,552,484 | 1,865,821 | 312,528 | |||||||||||||||||||||
115,628,877 | 103,099,752 | 2,921,000 | 8,546,615 | 5,757,933 | 11,792,178 | 10,501,311 | 2,882,458 | |||||||||||||||||||||||
$ | 377,250,652 | $ | 369,531,001 | $ | 7,003,443 | $ | 83,735,847 | $ | 74,586,433 | $ | 99,227,659 | $ | 72,690,086 | $ | 22,627,027 | |||||||||||||||
$ | 344,108,025 | $ | 354,156,952 | $ | 5,335,838 | $ | 64,708,977 | $ | 74,586,433 | $ | 99,227,659 | $ | 72,690,086 | $ | 22,627,027 | |||||||||||||||
11,495,578 | 15,897,336 | 582,879 | 4,799,921 | 8,161,345 | 10,609,949 | 7,969,689 | 1,681,559 | |||||||||||||||||||||||
$29.93 | $22.28 | $9.15 | $13.48 | $9.14 | $9.35 | $9.12 | $13.46 | |||||||||||||||||||||||
$ | 33,142,627 | $ | 15,374,049 | $ | 1,667,605 | $ | 19,026,870 | |||||||||||||||||||||||
1,113,408 | 694,564 | 183,462 | 1,414,846 | |||||||||||||||||||||||||||
$29.77 | $22.13 | $9.09 | $13.45 | |||||||||||||||||||||||||||
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
Statements of Operations for the Period Ended June 30, 2014 (unaudited) |
Conservative | Moderate | Aggressive | Money | |||||||||||||
Allocation | Allocation | Allocation | Market | |||||||||||||
Fund | Fund | Fund | Fund | |||||||||||||
Investment Income: | ||||||||||||||||
Interest | $ | – | $ | – | $ | – | $ | 16,958 | ||||||||
Dividends | ||||||||||||||||
Unaffiliated issuers | 1,188,449 | 1,845,479 | 635,432 | – | ||||||||||||
Affiliated issuers1 | 725,215 | 689,338 | 68,729 | – | ||||||||||||
Less: Foreign taxes withheld | – | – | – | – | ||||||||||||
Total investment income | 1,913,664 | 2,534,817 | 704,161 | 16,958 | ||||||||||||
Expenses: | ||||||||||||||||
Management fees | 320,142 | 581,900 | 215,511 | 80,350 | ||||||||||||
Audit and trustee fees | 15,426 | 26,483 | 9,801 | 3,132 | ||||||||||||
Distribution fees – Class II | 48,635 | 43,041 | 2,261 | 2,159 | ||||||||||||
Other expenses | 279 | 299 | 128 | – | ||||||||||||
Total expenses before reimbursement/waiver | 384,482 | 651,723 | 227,701 | 85,641 | ||||||||||||
Less reimbursement/waiver2 | – | – | – | (68,683 | ) | |||||||||||
Total expenses net of reimbursement/waiver | 384,482 | 651,723 | 227,701 | 16,958 | ||||||||||||
Net Investment Income | 1,529,182 | 1,883,094 | 476,460 | – | ||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | ||||||||||||||||
Net realized gain (loss) on investments (including net realized gain (loss) on foreign currency related transactions) | ||||||||||||||||
Unaffiliated issuers | 2,306,229 | 11,715,598 | 4,717,927 | (117 | ) | |||||||||||
Affiliated issuers1 | 4,919,586 | 8,582,684 | 4,439,792 | – | ||||||||||||
Net change in unrealized appreciation (depreciation)on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions) | ||||||||||||||||
Unaffiliated issuers | 1,073,953 | (4,892,573 | ) | (1,532,097 | ) | – | ||||||||||
Affiliated issuers1 | (853,652 | ) | 782,575 | (686,376 | ) | – | ||||||||||
Net Realized and Unrealized Gain (Loss) on Investments | 7,446,116 | 16,188,284 | 6,939,246 | (117 | ) | |||||||||||
Net Increase (Decrease) in Net Assets From Operations | $ | 8,975,298 | $ | 18,071,378 | $ | 7,415,706 | $ | (117 | ) | |||||||
1 | See Note 10 for information on affiliated issuers. | |
2 | Waiver includes management fees of $66,524, and distribution fees of $2,159, for the Money Market Fund. |
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
Statements of Operations for the Period Ended June 30, 2014 (unaudited) |
Core | High | Diversified | Large Cap | Large Cap | Mid | Small | International | |||||||||||||||||||||||
Bond | Income | Income | Value | Growth | Cap | Cap | Stock | |||||||||||||||||||||||
Fund | Fund | Fund | Fund | Fund | Fund | Fund | Fund | |||||||||||||||||||||||
$ | 5,347,199 | $ | 1,480,117 | $ | 2,900,758 | $ | – | $ | – | $ | – | $ | – | $ | – | |||||||||||||||
– | – | 3,247,292 | 5,533,673 | 2,769,297 | 2,486,291 | 79,313 | 1,928,168 | |||||||||||||||||||||||
– | – | – | – | – | – | – | – | |||||||||||||||||||||||
– | – | (54,547 | ) | (137,766 | ) | (80,877 | ) | (19,664 | ) | – | (187,038 | ) | ||||||||||||||||||
5,347,199 | 1,480,117 | 6,093,503 | 5,395,907 | 2,688,420 | 2,466,627 | 79,313 | 1,741,130 | |||||||||||||||||||||||
840,427 | 185,942 | 1,421,731 | 1,696,917 | 1,496,943 | 1,669,563 | 40,708 | 483,753 | |||||||||||||||||||||||
24,765 | 4,193 | 27,502 | 36,191 | 24,676 | 25,644 | 775 | 6,282 | |||||||||||||||||||||||
59,261 | 8,696 | 54,553 | 8,507 | 40,784 | 18,836 | 2,118 | 23,442 | |||||||||||||||||||||||
– | – | 5 | – | – | – | – | 1,771 | |||||||||||||||||||||||
924,453 | 198,831 | 1,503,791 | 1,741,615 | 1,562,403 | 1,714,043 | 43,601 | 515,248 | |||||||||||||||||||||||
– | – | – | – | – | – | – | – | |||||||||||||||||||||||
924,453 | 198,831 | 1,503,791 | 1,741,615 | 1,562,403 | 1,714,043 | 43,601 | 515,248 | |||||||||||||||||||||||
4,422,746 | 1,281,286 | 4,589,712 | 3,654,292 | 1,126,017 | 752,584 | 35,712 | 1,225,882 | |||||||||||||||||||||||
2,600,651 | 810,998 | 18,299,522 | 73,034,690 | 22,122,394 | 34,404,727 | 594,855 | 22,592,663 | |||||||||||||||||||||||
– | – | – | – | – | – | – | – | |||||||||||||||||||||||
4,114,743 | 267,923 | (4,003,593 | ) | (30,988,605 | ) | (5,093,273 | ) | (23,672,611 | ) | (519,319 | ) | (19,696,815 | ) | |||||||||||||||||
– | – | – | – | – | – | – | – | |||||||||||||||||||||||
6,715,394 | 1,078,921 | 14,295,929 | 42,046,085 | 17,029,121 | 10,732,116 | 75,536 | 2,895,848 | |||||||||||||||||||||||
$ | 11,138,140 | $ | 2,360,207 | $ | 18,885,641 | $ | 45,700,377 | $ | 18,155,138 | $ | 11,484,700 | $ | 111,248 | $ | 4,121,730 | |||||||||||||||
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
Statements of Operations for the Period Ended June 30, 2014 (unaudited) |
Madison | Madison | Madison | Madison | ||||||||||||
Target | Target | Target | Target | ||||||||||||
Retirement | Retirement | Retirement | Retirement | ||||||||||||
2020 Fund | 2030 Fund | 2040 Fund | 2050 Fund | ||||||||||||
Investment Income: | |||||||||||||||
Dividends | |||||||||||||||
Unaffiliated issuers | $ | 863,329 | $ | 1,049,012 | $ | 761,741 | $ | 220,732 | |||||||
Total investment income | 863,329 | 1,049,012 | 761,741 | 220,732 | |||||||||||
Expenses: | |||||||||||||||
Management fees | 88,975 | 116,359 | 86,698 | 24,801 | |||||||||||
Service agreement fees | 17,795 | 23,272 | 17,340 | 4,960 | |||||||||||
Other expenses | 172 | 26 | – | – | |||||||||||
Total expenses | 106,942 | 139,657 | 104,038 | 29,761 | |||||||||||
Net Investment Income | 756,387 | 909,355 | 657,703 | 190,971 | |||||||||||
Net Realized and Unrealized Gain on Investments | |||||||||||||||
Net realized gain on investments (including net realized gain on foreign currency related transactions) | |||||||||||||||
Unaffiliated issuers | 2,429,634 | 3,297,246 | 2,536,618 | 425,200 | |||||||||||
Net change in unrealized appreciationon investments (including net unrealized appreciation on foreign currency related transactions) | |||||||||||||||
Unaffiliated issuers | 11,345 | 526,787 | 465,716 | 507,169 | |||||||||||
Net Realized and Unrealized Gain on Investments | 2,440,979 | 3,824,033 | 3,002,334 | 932,369 | |||||||||||
Net Increase in Net Assets from Operations | $ | 3,197,366 | $ | 4,733,388 | $ | 3,660,037 | $ | 1,123,340 | |||||||
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
Statements of Changes in Net Assets |
Conservative Allocation Fund | Moderate Allocation Fund | |||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Six Months | Six Months | |||||||||||||||
Ended | Year Ended | Ended | Year Ended | |||||||||||||
6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | |||||||||||||
Net Assets at beginning of period | $ | 221,495,834 | $ | 238,216,607 | $ | 405,919,208 | $ | 393,058,473 | ||||||||
Increase in net assets from operations: | ||||||||||||||||
Net investment income | 1,529,182 | 5,246,433 | 1,883,094 | 6,998,346 | ||||||||||||
Net realized gain | 7,225,815 | 7,909,747 | 20,298,282 | 24,989,395 | ||||||||||||
Net change in unrealized appreciation (depreciation) | 220,301 | 3,650,848 | (4,109,998 | ) | 26,178,989 | |||||||||||
Net increase in net assets from operations | 8,975,298 | 16,807,028 | 18,071,378 | 58,166,730 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | ||||||||||||||||
Class I | (118,861 | ) | (4,298,542 | ) | (163,666 | ) | (6,612,939 | ) | ||||||||
Class II | – | (857,521 | ) | – | (539,130 | ) | ||||||||||
Net realized gains | – | (4,535,392 | ) | – | – | |||||||||||
Class I | – | (1,011,220 | ) | – | – | |||||||||||
Class II | (118,861 | ) | (10,702,675 | ) | (163,666 | ) | (7,152,069 | ) | ||||||||
Total distributions | ||||||||||||||||
Capital Stock transactions: | ||||||||||||||||
Class I Shares | ||||||||||||||||
Shares sold | 11,991,736 | 32,461,650 | 24,661,814 | 62,076,217 | ||||||||||||
Issued to shareholders in reinvestment of distributions | 118,861 | 8,833,950 | 163,666 | 6,612,941 | ||||||||||||
Shares redeemed | (25,458,386 | ) | (60,422,702 | ) | (56,540,939 | ) | (102,805,402 | ) | ||||||||
Net decrease in net assets from capital stock transactions | (13,347,789 | ) | (19,127,102 | ) | (31,715,459 | ) | (34,116,244 | ) | ||||||||
Class II Shares | ||||||||||||||||
Shares sold | 350,724 | 2,216,880 | 350,343 | 1,773,730 | ||||||||||||
Issued to shareholders in reinvestment of distributions | – | 1,868,741 | – | 539,130 | ||||||||||||
Shares redeemed | (2,918,706 | ) | (7,783,645 | ) | (1,585,120 | ) | (6,350,542 | ) | ||||||||
Net decrease in net assets from capital stock transactions | (2,567,982 | ) | (3,698,024 | ) | (1,234,777 | ) | (4,037,682 | ) | ||||||||
Total decrease from capital stock transactions | (15,915,771 | ) | (22,825,126 | ) | (32,950,236 | ) | (38,153,926 | ) | ||||||||
Total increase (decrease) in net assets | (7,059,334 | ) | (16,720,773 | ) | (15,042,524 | ) | 12,860,735 | |||||||||
Net Assets at end of period | $ | 214,436,500 | $ | 221,495,834 | $ | 390,876,684 | $ | 405,919,208 | ||||||||
Undistributed net investment income included in net assets | $ | 1,529,182 | $ | 118,861 | $ | 1,883,094 | $ | 163,666 | ||||||||
Capital Share transactions: | ||||||||||||||||
Class I Shares | ||||||||||||||||
Shares sold | 1,103,116 | 3,012,062 | 2,122,378 | 5,699,276 | ||||||||||||
Issued to shareholders in reinvestment of distributions | 10,682 | 825,610 | 13,622 | 576,115 | ||||||||||||
Shares redeemed | (2,348,216 | ) | (5,587,565 | ) | (4,882,066 | ) | (9,434,643 | ) | ||||||||
Net decrease from capital shares outstanding | (1,234,418 | ) | (1,749,893 | ) | (2,746,066 | ) | (3,159,252 | ) | ||||||||
Class II Shares | ||||||||||||||||
Shares sold | 32,595 | 206,264 | 30,198 | 163,298 | ||||||||||||
Issued to shareholders in reinvestment of distributions | – | 175,025 | – | 47,088 | ||||||||||||
Shares redeemed | (269,964 | ) | (720,986 | ) | (136,927 | ) | (586,492 | ) | ||||||||
Net decrease from capital shares outstanding | (237,369 | ) | (339,697 | ) | (106,729 | ) | (376,106 | ) | ||||||||
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
Statements of Changes in Net Assets |
Aggressive Allocation Fund | Money Market Fund | |||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Six Months | Six Months | |||||||||||||||
Ended | Year Ended | Ended | Year Ended | |||||||||||||
6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | |||||||||||||
Net Assets at beginning of period | $ | 151,424,905 | $ | 144,675,419 | $ | 38,651,351 | $ | 50,323,677 | ||||||||
Increase in net assets from operations: | ||||||||||||||||
Net investment income | 476,460 | 1,629,913 | – | – | ||||||||||||
Net realized gain (loss) | 9,157,719 | 14,971,686 | (117 | ) | (399 | ) | ||||||||||
Net change in unrealized appreciation (depreciation) | (2,218,473 | ) | 13,502,680 | – | – | |||||||||||
Net increase (decrease) in net assets from operations | 7,415,706 | 30,104,279 | (117 | ) | (399 | ) | ||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | ||||||||||||||||
Class I | (38,320 | ) | (1,688,840 | ) | – | – | ||||||||||
Class II | – | (16,918 | ) | – | – | |||||||||||
Net realized gains | ||||||||||||||||
Class I | (40,290 | ) | (1,820,249 | ) | – | – | ||||||||||
Class II | (508 | ) | (23,396 | ) | – | – | ||||||||||
Total distributions | (79,118 | ) | (3,549,403 | ) | – | – | ||||||||||
Capital Stock transactions: | ||||||||||||||||
Class I Shares | ||||||||||||||||
Shares sold | 20,153,116 | 39,997,814 | 7,956,020 | 22,429,011 | ||||||||||||
Issued to shareholders in reinvestment of distributions | 78,610 | 3,509,089 | – | – | ||||||||||||
Shares redeemed | (32,711,091 | ) | (62,966,271 | ) | (19,129,055 | ) | (34,154,734 | ) | ||||||||
Net decrease in net assets from capital stock transactions | (12,479,365 | ) | (19,459,368 | ) | (11,173,035 | ) | (11,725,723 | ) | ||||||||
Class II Shares | ||||||||||||||||
Shares sold | 64,872 | 153,811 | 681,806 | 1,372,932 | ||||||||||||
Issued to shareholders in reinvestment of distributions | 508 | 40,313 | – | – | ||||||||||||
Shares redeemed | (193,991 | ) | (540,146 | ) | (596,072 | ) | (1,319,136 | ) | ||||||||
Net increase (decrease) in net assets from capital stock transactions | (128,611 | ) | (346,022 | ) | 85,734 | 53,796 | ||||||||||
Total decrease from capital stock transactions | (12,607,976 | ) | (19,805,390 | ) | (11,087,301 | ) | (11,671,927 | ) | ||||||||
Total increase (decrease) in net assets | (5,271,388 | ) | 6,749,486 | (11,087,418 | ) | (11,672,326 | ) | |||||||||
Net Assets at end of period | $ | 146,153,517 | $ | 151,424,905 | $ | 27,563,933 | $ | 38,651,351 | ||||||||
Undistributed net investment income included in net assets | $ | 476,460 | $ | 38,320 | $ | – | $ | – | ||||||||
Capital Share transactions: | ||||||||||||||||
Class I Shares | ||||||||||||||||
Shares sold | 1,712,331 | 3,695,513 | 7,956,020 | 22,429,011 | ||||||||||||
Issued to shareholders in reinvestment of distributions | 6,405 | 301,083 | – | – | ||||||||||||
Shares redeemed | (2,787,275 | ) | (5,802,894 | ) | (19,129,056 | ) | (34,154,735 | ) | ||||||||
Net decrease from capital shares outstanding | (1,068,539 | ) | (1,806,298 | ) | (11,173,036 | ) | (11,725,724 | ) | ||||||||
Class II Shares | ||||||||||||||||
Shares sold | 5,322 | 14,545 | 681,806 | 1,372,932 | ||||||||||||
Issued to shareholders in reinvestment of distributions | 42 | 3,470 | – | – | ||||||||||||
Shares redeemed | (16,751 | ) | (51,023 | ) | (596,072 | ) | (1,319,136 | ) | ||||||||
Net decrease from capital shares outstanding | (11,387 | ) | (33,008 | ) | 85,734 | 53,796 | ||||||||||
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
Statements of Changes in Net Assets |
Core Bond Fund | High Income Fund | Diversifie Income Fund | Large Cap Value Fund | |||||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||||
Six Months | Six Months | Six Months | Six Months | |||||||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||||||
6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | |||||||||||||||||||||||
$ | 317,279,976 | $ | 389,790,924 | $ | 50,527,771 | $ | 67,099,601 | $ | 422,408,289 | $ | 393,930,489 | $ | 583,605,748 | $ | 500,469,127 | |||||||||||||||
4,422,746 | 10,663,710 | 1,281,286 | 3,282,181 | 4,589,712 | 9,294,930 | 3,654,292 | 8,357,070 | |||||||||||||||||||||||
2,600,651 | 3,400,369 | 810,998 | 1,218,435 | 18,299,522 | 18,482,747 | 73,034,690 | 44,008,819 | |||||||||||||||||||||||
4,114,743 | (22,572,865 | ) | 267,923 | (1,457,653 | ) | (4,003,593 | ) | 32,667,224 | (30,988,605 | ) | 90,180,559 | |||||||||||||||||||
11,138,140 | (8,508,786 | ) | 2,360,207 | 3,042,963 | 18,885,641 | 60,444,901 | 45,700,377 | 142,546,448 | ||||||||||||||||||||||
(210,058 | ) | (9,139,256 | ) | (68,210 | ) | (2,970,731 | ) | (187,487 | ) | (8,436,925 | ) | (128,277 | ) | (8,350,987 | ) | |||||||||||||||
– | (1,485,806 | ) | (3,374 | ) | (445,909 | ) | – | (890,524 | ) | – | (88,154 | ) | ||||||||||||||||||
– | – | – | – | – | – | – | – | |||||||||||||||||||||||
– | – | – | – | – | – | – | – | |||||||||||||||||||||||
(210,058 | ) | (10,625,062 | ) | (71,584 | ) | (3,416,640 | ) | (187,487 | ) | (9,327,449 | ) | (128,277 | ) | (8,439,141 | ) | |||||||||||||||
15,912,277 | 42,430,910 | 2,230,421 | 6,738,454 | 14,241,200 | 40,709,576 | 28,826,805 | 67,449,447 | |||||||||||||||||||||||
210,058 | 9,139,256 | 68,210 | 2,970,732 | 187,487 | 8,436,925 | 128,277 | 8,350,987 | |||||||||||||||||||||||
(41,653,482 | ) | (105,194,348 | ) | (6,360,007 | ) | (26,176,976 | ) | (46,974,362 | ) | (75,771,244 | ) | (76,732,726 | ) | (126,175,216 | ) | |||||||||||||||
(25,531,147 | ) | (53,624,182 | ) | (4,061,376 | ) | (16,467,790 | ) | (32,545,675 | ) | (26,624,743 | ) | (47,777,644 | ) | (50,374,782 | ) | |||||||||||||||
1,114,274 | 2,747,459 | 219,223 | 500,612 | 1,669,408 | 6,938,994 | 110,009 | 386,693 | |||||||||||||||||||||||
– | 1,485,805 | 3,374 | 445,909 | – | 890,524 | – | 88,154 | |||||||||||||||||||||||
(1,144,513 | ) | (3,986,182 | ) | (279,767 | ) | (676,884 | ) | (1,540,283 | ) | (3,844,427 | ) | (555,758 | ) | (1,070,751 | ) | |||||||||||||||
(30,239 | ) | 247,082 | (57,170 | ) | 269,637 | 129,125 | 3,985,091 | (445,749 | ) | (595,904 | ) | |||||||||||||||||||
(25,561,386 | ) | (53,377,100 | ) | (4,118,546 | ) | (16,198,153 | ) | (32,416,550 | ) | (22,639,652 | ) | (48,223,393 | ) | (50,970,686 | ) | |||||||||||||||
(14,633,304 | ) | (72,510,948 | ) | (1,829,923 | ) | (16,571,830 | ) | (13,718,396 | ) | 28,477,800 | (2,651,293 | ) | 83,136,621 | |||||||||||||||||
302,646,672 | 317,279,976 | 48,697,848 | 50,527,771 | $ | 408,689,893 | $ | 422,408,289 | $ | 580,954,455 | $ | 583,605,748 | |||||||||||||||||||
$ | 4,385,692 | $ | 173,004 | $ | 1,281,286 | $ | 71,584 | 4,589,712 | 187,487 | 3,654,292 | 128,277 | |||||||||||||||||||
1,566,479 | 4,072,473 | 236,395 | 708,112 | 681,816 | 2,022,975 | 819,861 | 2,132,804 | |||||||||||||||||||||||
20,437 | 914,607 | 7,065 | 321,930 | 8,612 | 407,420 | 3,407 | 241,843 | |||||||||||||||||||||||
(4,105,695 | ) | (10,125,461 | ) | (671,476 | ) | (2,742,911 | ) | (2,241,873 | ) | (3,808,727 | ) | (2,170,419 | ) | (4,019,796 | ) | |||||||||||||||
(2,518,779 | ) | (5,138,381 | ) | (428,016 | ) | (1,712,869 | ) | (1,551,445 | ) | (1,378,332 | ) | (1,347,151 | ) | (1,645,149 | ) | |||||||||||||||
109,554 | 264,053 | 23,115 | 52,231 | 79,045 | 344,108 | 3,185 | 12,441 | |||||||||||||||||||||||
– | 149,108 | 349 | 48,322 | – | 43,055 | – | 2,555 | |||||||||||||||||||||||
(112,978 | ) | (384,042 | ) | (29,683 | ) | (70,876 | ) | (73,483 | ) | (193,496 | ) | (15,601 | ) | (33,991 | ) | |||||||||||||||
(3,424 | ) | 29,119 | (6,219 | ) | 29,677 | 5,562 | 193,667 | (12,416 | ) | (18,995 | ) | |||||||||||||||||||
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
Statements of Changes in Net Assets |
Large Cap Growth Fund | Mid Cap Fund | |||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Six Months | Six Months | |||||||||||||||
Ended | Year Ended | Ended | Year Ended | |||||||||||||
6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | |||||||||||||
Net Assets at beginning of period | $ | 393,941,558 | $ | 347,125,853 | $ | 397,464,658 | $ | 370,461,007 | ||||||||
Increase in net assets from operations: | ||||||||||||||||
Net investment income | 1,126,017 | 2,206,144 | 752,584 | (73,778 | ) | |||||||||||
Net realized gain | 22,122,394 | 46,315,578 | 34,404,727 | 55,507,561 | ||||||||||||
Net change in unrealized appreciation (depreciation) | (5,093,273 | ) | 49,418,057 | (23,672,611 | ) | 44,349,667 | ||||||||||
Net increase in net assets from operations | 18,155,138 | 97,939,779 | 11,484,700 | 99,783,450 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | ||||||||||||||||
Class I | (46,176 | ) | (2,066,477 | ) | – | (22,765 | ) | |||||||||
Class II | – | (145,243 | ) | – | – | |||||||||||
Net realized gains | ||||||||||||||||
Class I | (3,100,369 | ) | (28,523,067 | ) | (3,198,718 | ) | (5,736,762 | ) | ||||||||
Class II | (301,100 | ) | (2,713,918 | ) | (139,670 | ) | (238,428 | ) | ||||||||
Total distributions | (3,447,645 | ) | (33,448,705 | ) | (3,338,388 | ) | (5,997,955 | ) | ||||||||
Capital Stock transactions: | ||||||||||||||||
Class I Shares | ||||||||||||||||
Shares sold | 17,260,729 | 39,961,700 | 23,844,739 | 61,138,417 | ||||||||||||
Issued to shareholders in reinvestment of distributions | 3,146,545 | 30,589,544 | 3,198,718 | 5,759,527 | ||||||||||||
Shares redeemed | (49,701,994 | ) | (87,579,290 | ) | (62,407,027 | ) | (131,946,552 | ) | ||||||||
Net decrease in net assets from capital stock transactions | (29,294,720 | ) | (17,028,046 | ) | (35,363,570 | ) | (65,048,608 | ) | ||||||||
Class II Shares | ||||||||||||||||
Shares sold | 136,204 | 671,676 | 94,816 | 234,178 | ||||||||||||
Issued to shareholders in reinvestment of distributions | 301,100 | 2,859,161 | 139,670 | 238,428 | ||||||||||||
Shares redeemed | (2,540,983 | ) | (4,178,160 | ) | (950,885 | ) | (2,205,842 | ) | ||||||||
Net increase (decrease) in net assets from capital stock transactions | (2,103,679 | ) | (647,323 | ) | (716,399 | ) | (1,733,236 | ) | ||||||||
Total decrease from capital stock transactions | (31,398,399 | ) | (17,675,369 | ) | (36,079,969 | ) | (66,781,844 | ) | ||||||||
Total increase (decrease) in net assets | (16,690,906 | ) | 46,815,705 | (27,933,657 | ) | 27,003,651 | ||||||||||
Net Assets at end of period | $ | 377,250,652 | $ | 393,941,558 | $ | 369,531,001 | $ | 397,464,658 | ||||||||
Undistributed net investment income included in net assets | $ | 1,126,017 | $ | 46,176 | $ | 752,584 | $ | – | ||||||||
Capital Share transactions: | ||||||||||||||||
Class I Shares | ||||||||||||||||
Shares sold | 600,412 | 1,449,675 | 1,111,620 | 3,070,158 | ||||||||||||
Issued to shareholders in reinvestment of distributions | 105,253 | 1,068,979 | 143,735 | 266,189 | ||||||||||||
Shares redeemed | (1,727,115 | ) | (3,201,630 | ) | (2,900,420 | ) | (6,655,480 | ) | ||||||||
Net decrease from capital shares outstanding | (1,021,450 | ) | (682,976 | ) | (1,645,065 | ) | (3,319,133 | ) | ||||||||
Class II Shares | ||||||||||||||||
Shares sold | 4,748 | 25,934 | 4,439 | 12,289 | ||||||||||||
Issued to shareholders in reinvestment of distributions | 10,128 | 100,350 | 6,316 | 11,071 | ||||||||||||
Shares redeemed | (88,431 | ) | (150,958 | ) | (44,300 | ) | (112,274 | ) | ||||||||
Net increase (decrease) from capital shares outstanding | (73,555 | ) | (24,674 | ) | (33,545 | ) | (88,914 | ) | ||||||||
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
Statements of Changes in Net Assets |
Madison Target Retirement | Madison Target Retirement | |||||||||||||||||||||||||||||
Small Cap Fund | International Stock Fund | 2020 Fund | 2030 Fund | |||||||||||||||||||||||||||
(unaudited) | (unaudited) | (unaudited) | (unaudited) | |||||||||||||||||||||||||||
Six Months | Six Months | Six Months | Six Months | |||||||||||||||||||||||||||
Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | Ended | Year Ended | |||||||||||||||||||||||
6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | |||||||||||||||||||||||
$ | 7,895,899 | $ | 13,422,398 | $ | 94,941,935 | $ | 95,182,105 | $ | 70,472,021 | $ | 56,607,290 | $ | 93,187,497 | $ | 68,009,467 | |||||||||||||||
35,712 | 20,384 | 1,225,882 | 1,253,073 | 756,387 | 1,535,353 | 909,355 | 1,774,772 | |||||||||||||||||||||||
594,855 | 3,932,916 | 22,592,663 | 6,547,704 | 2,429,634 | 1,807,902 | 3,297,246 | 2,714,716 | |||||||||||||||||||||||
(519,319 | ) | 152,394 | (19,696,815 | ) | 9,957,513 | 11,345 | 3,247,598 | 526,787 | 7,898,230 | |||||||||||||||||||||
111,248 | 4,105,694 | 4,121,730 | 17,758,290 | 3,197,366 | 6,590,853 | 4,733,388 | 12,387,718 | |||||||||||||||||||||||
– | (18,220 | ) | (841,942 | ) | (148,073 | ) | – | (1,662,495 | ) | (840 | ) | (1,824,367 | ) | |||||||||||||||||
– | (839 | ) | (225,575 | ) | (757 | ) | ||||||||||||||||||||||||
(59,448 | ) | (2,705,545 | ) | – | – | (79,452 | ) | (1,885,461 | ) | (229,724 | ) | (2,582,083 | ) | |||||||||||||||||
(18,951 | ) | (787,820 | ) | – | – | |||||||||||||||||||||||||
(78,399 | ) | (3,512,424 | ) | (1,067,517 | ) | (148,830 | ) | (79,452 | ) | (3,547,956 | ) | (230,564 | ) | (4,406,450 | ) | |||||||||||||||
169,758 | 1,521,960 | 3,648,818 | 10,556,562 | 14,664,048 | 32,237,785 | 18,087,056 | 40,496,358 | |||||||||||||||||||||||
59,448 | 2,723,766 | 841,942 | 148,073 | 79,452 | 3,547,957 | 230,564 | 4,406,452 | |||||||||||||||||||||||
(1,040,405 | ) | (10,973,144 | ) | (17,945,837 | ) | (25,973,317 | ) | (13,747,002 | ) | (24,963,908 | ) | (16,780,282 | ) | (27,706,048 | ) | |||||||||||||||
(811,199 | ) | (6,727,418 | ) | (13,455,077 | ) | (15,268,682 | ) | 996,498 | 10,821,834 | 1,537,338 | 17,196,762 | |||||||||||||||||||
16,042 | 146,352 | 106,042 | 216,807 | |||||||||||||||||||||||||||
18,951 | 788,658 | 225,575 | 758 | |||||||||||||||||||||||||||
(149,099 | ) | (327,361 | ) | (1,136,841 | ) | (2,798,513 | ) | |||||||||||||||||||||||
(114,106 | ) | 607,649 | (805,224 | ) | (2,580,948 | ) | ||||||||||||||||||||||||
(925,305 | ) | (6,119,769 | ) | (14,260,301 | ) | (17,849,630 | ) | 996,498 | 10,821,834 | 6,040,162 | 25,178,030 | |||||||||||||||||||
(892,456 | ) | (5,526,499 | ) | (11,206,088 | ) | (240,170 | ) | 4,114,412 | 13,864,731 | 6,040,162 | 25,178,030 | |||||||||||||||||||
$ | 7,003,443 | $ | 7,895,899 | $ | 83,735,847 | $ | 94,941,935 | $ | 74,586,433 | $ | 70,472,021 | $ | 99,227,659 | $ | 93,187,497 | |||||||||||||||
$ | 35,712 | $ | – | $ | 1,225,904 | $ | 1,067,539 | $ | 756,387 | $ | – | $ | 909,355 | $ | 840 | |||||||||||||||
18,728 | 103,824 | 275,288 | 902,307 | 1,649,937 | 3,671,120 | 2,000,782 | 4,643,938 | |||||||||||||||||||||||
6,566 | 299,177 | 61,734 | 11,881 | 8,714 | 405,309 | 24,681 | 494,188 | |||||||||||||||||||||||
(115,015 | ) | (698,899 | ) | (1,372,599 | ) | (2,214,685 | ) | (1,546,388 | ) | (2,838,209 | ) | (1,859,872 | ) | (3,156,563 | ) | |||||||||||||||
(89,721 | ) | (295,898 | ) | (1,035,577 | ) | (1,300,497 | ) | 112,263 | 1,238,220 | 165,591 | 1,981,563 | |||||||||||||||||||
1,826 | 10,715 | 8,158 | 19,055 | |||||||||||||||||||||||||||
2,108 | 87,126 | 16,580 | 58 | |||||||||||||||||||||||||||
(16,678 | ) | (22,588 | ) | (86,283 | ) | (240,076 | ) | |||||||||||||||||||||||
(12,744 | ) | 75,253 | (61,545 | ) | (220,963 | ) | ||||||||||||||||||||||||
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014 |
Statements of Changes in Net Assets |
Madison Target Retirement | Madison Target Retirement | |||||||||||||||
2040 Fund | 2050 Fund | |||||||||||||||
(unaudited) | (unaudited) | |||||||||||||||
Six Months | Six Months | |||||||||||||||
Ended | Year Ended | Ended | Year Ended | |||||||||||||
6/30/14 | 12/31/13 | 6/30/14 | 12/31/13 | |||||||||||||
Net Assets at beginning of period | $ | 68,917,211 | $ | 49,268,630 | $ | 18,122,573 | $ | 7,160,082 | ||||||||
Increase (decrease) in net assets from operations: | ||||||||||||||||
Net investment income | 657,703 | 1,205,386 | 190,971 | 245,698 | ||||||||||||
Net realized gain | 2,536,618 | 1,894,990 | 425,200 | 188,246 | ||||||||||||
Net change in unrealized appreciation | 465,716 | 7,472,509 | 507,169 | 2,058,896 | ||||||||||||
Net increase in net assets from operations | 3,660,037 | 10,572,885 | 1,123,340 | 2,492,840 | ||||||||||||
Distributions to shareholders from: | ||||||||||||||||
Net investment income | ||||||||||||||||
Class I | (27,574 | ) | (1,211,502 | ) | (5,681 | ) | (249,891 | ) | ||||||||
Net realized gains | ||||||||||||||||
Class I | (127,433 | ) | (1,929,708 | ) | (14,042 | ) | (211,851 | ) | ||||||||
Total distributions | (155,007 | ) | (3,141,210 | ) | (19,723 | ) | (461,742 | ) | ||||||||
Capital Stock transactions: | ||||||||||||||||
Class I Shares | ||||||||||||||||
Shares sold | 15,275,067 | 31,957,596 | 7,471,237 | 12,784,911 | ||||||||||||
Issued to shareholders in reinvestment of distributions | 155,007 | 3,141,212 | 19,723 | 461,742 | ||||||||||||
Shares redeemed | (15,162,229 | ) | (22,881,902 | ) | (4,090,123 | ) | (4,315,260 | ) | ||||||||
Net increase in net assets from capital stock transactions | 267,845 | 12,216,906 | 3,400,837 | 8,931,393 | ||||||||||||
Total increase from capital stock transactions | 267,845 | 12,216,906 | 3,400,837 | 8,931,393 | ||||||||||||
Total increase in net assets | 3,772,875 | 19,648,581 | 4,504,454 | 10,962,491 | ||||||||||||
Net Assets at end of period | $ | 72,690,086 | $ | 68,917,211 | $ | 22,627,027 | $ | 18,122,573 | ||||||||
Undistributed net investment income included in net assets | $ | 657,703 | $ | 27,574 | $ | 190,971 | $ | 5,681 | ||||||||
Capital Share transactions: | ||||||||||||||||
Class I Shares | ||||||||||||||||
Shares sold | 1,741,328 | 3,820,959 | 579,455 | 1,071,415 | ||||||||||||
Issued to shareholders in reinvestment of distributions | 17,003 | 362,172 | 1,465 | 36,179 | ||||||||||||
Shares redeemed | (1,725,605 | ) | (2,722,907 | ) | (317,310 | ) | (359,726 | ) | ||||||||
Net increase from capital stock transactions | 32,726 | 1,460,224 | 263,610 | 747,868 | ||||||||||||
See accompanying Notes to Financial Statements.
Ultra Series Fund | June 30, 2014
Financial Highlights for a Share of Beneficial Interest Outstanding |
CONSERVATIVE ALLOCATION FUND | ||||||||||||||||||||||||
(unaudited) | Year Ended December 31, | |||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
CLASS I | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||
Net Asset Value at beginning of period | $10.70 | $10.45 | $9.96 | $10.01 | $9.61 | $8.48 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income2 | 0.08 | 0.25 | 0.29 | 0.28 | 0.29 | 0.29 | ||||||||||||||||||
Net realized and unrealized gain on investments | 0.38 | 0.55 | 0.60 | 0.03 | 0.52 | 1.12 | ||||||||||||||||||
Total from investment operations | 0.46 | 0.80 | 0.89 | 0.31 | 0.81 | 1.41 | ||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | (0.01 | ) | (0.27 | ) | (0.40 | ) | (0.35 | ) | (0.41 | ) | (0.28 | ) | ||||||||||||
Capital gains | – | (0.28 | ) | – | – | – | – | |||||||||||||||||
Return of capital | – | – | – | (0.01 | ) | – | – | |||||||||||||||||
Total distributions | (0.01 | ) | (0.55 | ) | (0.40 | ) | (0.36 | ) | (0.41 | ) | (0.28 | ) | ||||||||||||
Net increase (decrease) in net asset value | 0.45 | 0.25 | 0.49 | (0.05 | ) | 0.40 | 1.13 | |||||||||||||||||
Net Asset Value at end of period | $11.15 | $10.70 | $10.45 | $9.96 | $10.01 | $9.61 | ||||||||||||||||||
Total Return (%)3 | 4.30 | 4 | 7.61 | 8.98 | 3.14 | 8.37 | 16.76 | |||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $175,336 | $181,427 | $195,526 | $184,431 | $195,657 | $176,322 | ||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.31 | 5 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | |||||||||||||||||
Ratio of net investment income to average net assets (%) | 1.48 | 5 | 2.27 | 2.79 | 2.76 | 2.90 | 3.23 | |||||||||||||||||
Portfolio turnover (%)6 | 43 | 4 | 70 | 44 | 36 | 36 | 47 |
(unaudited) | Inception | |||||||||||||||||||||||
Six Months | to | |||||||||||||||||||||||
CLASS II | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 12/31/091 | ||||||||||||||||||
Net Asset Value at beginning of period | $10.68 | $10.43 | $9.95 | $10.00 | $9.61 | $8.51 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income2 | 0.07 | 0.22 | 0.26 | 0.27 | 0.35 | 0.28 | ||||||||||||||||||
Net realized and unrealized gain on investments | 0.37 | 0.55 | 0.61 | 0.02 | 0.43 | 0.99 | ||||||||||||||||||
Total from investment operations | 0.44 | 0.77 | 0.87 | 0.29 | 0.78 | 1.27 | ||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | – | (0.24 | ) | (0.39 | ) | (0.33 | ) | (0.39 | ) | (0.17 | ) | |||||||||||||
Capital gains | – | (0.28 | ) | – | – | – | – | |||||||||||||||||
Return of capital | – | – | – | (0.01 | ) | – | – | |||||||||||||||||
Total distributions | – | (0.52 | ) | (0.39 | ) | (0.34 | ) | (0.39 | ) | (0.17 | ) | |||||||||||||
Net increase (decrease) in net asset value | 0.44 | 0.25 | 0.48 | (0.05 | ) | 0.39 | 1.10 | |||||||||||||||||
Net Asset Value at end of period | $11.12 | $10.68 | $10.43 | $9.95 | $10.00 | $9.61 | ||||||||||||||||||
Total Return (%)3 | 4.17 | 4 | 7.34 | 8.71 | 2.89 | 8.10 | 14.91 | 4 | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $39,101 | $40,069 | $42,691 | $43,203 | $35,425 | $12,829 | ||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.56 | 5 | 0.56 | 0.56 | 0.56 | 0.55 | 0.56 | 5 | ||||||||||||||||
Ratio of net investment income to average net assets (%) | 1.23 | 5 | 2.04 | 2.49 | 2.67 | 3.47 | 4.38 | 5 | ||||||||||||||||
Portfolio turnover (%)6 | 43 | 4 | 70 | 44 | 36 | 36 | 47 | 4 |
1 | Commenced investment operations on May 1, 2009. | |
2 | Based on average shares outstanding during the year. | |
3 | These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year. | |
4 | Not annualized. | |
5 | Annualized. | |
6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
55 |
Ultra Series Fund | June 30, 2014
Financial Highlights for a Share of Beneficial Interest Outstanding |
MODERATE ALLOCATION FUND | ||||||||||||||||||||||||
(unaudited) | Year Ended December 31, | |||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
CLASS I | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||
Net Asset Value at beginning of period | $11.48 | $10.11 | $9.42 | $9.49 | $8.87 | $7.51 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income2 | 0.06 | 0.19 | 0.23 | 0.20 | 0.20 | 0.18 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.49 | 1.39 | 0.77 | (0.01 | ) | 0.71 | 1.37 | |||||||||||||||||
Total from investment operations | 0.55 | 1.58 | 1.00 | 0.19 | 0.91 | 1.55 | ||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | (0.01 | ) | (0.21 | ) | (0.31 | ) | (0.26 | ) | (0.29 | ) | (0.19 | ) | ||||||||||||
Net increase (decrease) in net asset value | 0.54 | 1.37 | 0.69 | (0.07 | ) | 0.62 | 1.36 | |||||||||||||||||
Net Asset Value at end of period | $12.02 | $11.48 | $10.11 | $9.42 | $9.49 | $8.87 | ||||||||||||||||||
Total Return (%)3 | 4.80 | 4 | 15.66 | 10.54 | 2.03 | 10.22 | 20.61 | |||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $355,558 | $370,954 | $358,486 | $346,733 | $352,545 | $332,428 | ||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.31 | 5 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | |||||||||||||||||
Ratio of net investment income to average net assets (%) | 0.99 | 5 | 1.75 | 2.32 | 2.07 | 2.24 | 2.29 | |||||||||||||||||
Portfolio turnover (%)6 | 40 | 4 | 66 | 49 | 25 | 34 | 52 |
(unaudited) | Inception | |||||||||||||||||||||||
Six Months | to | |||||||||||||||||||||||
CLASS II | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 12/31/091 | ||||||||||||||||||
Net Asset Value at beginning of period | $11.45 | $10.08 | $9.41 | $9.48 | $8.87 | $7.56 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income2 | 0.04 | 0.16 | 0.20 | 0.18 | 0.25 | 0.19 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.49 | 1.39 | 0.77 | (0.01 | ) | 0.63 | 1.24 | |||||||||||||||||
Total from investment operations | 0.53 | 1.55 | 0.97 | 0.17 | 0.88 | 1.43 | ||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | – | (0.18 | ) | (0.30 | ) | (0.24 | ) | (0.27 | ) | (0.12 | ) | |||||||||||||
Net increase (decrease) in net asset value | 0.53 | 1.37 | 0.67 | (0.07 | ) | 0.61 | 1.31 | |||||||||||||||||
Net Asset Value at end of period | $11.98 | $11.45 | $10.08 | $9.41 | $9.48 | $8.87 | ||||||||||||||||||
Total Return (%)3 | 4.67 | 4 | 15.37 | 10.26 | 1.78 | 9.94 | 18.82 | 4 | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $35,319 | $34,965 | $34,573 | $35,873 | $31,715 | $12,162 | ||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.56 | 5 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 5 | ||||||||||||||||
Ratio of net investment income to average net assets (%) | 0.75 | 5 | 1.49 | 2.01 | 1.86 | 2.76 | 3.33 | 5 | ||||||||||||||||
Portfolio turnover (%)6 | 40 | 4 | 66 | 49 | 25 | 34 | 52 | 4 |
1 | Commenced investment operations on May 1, 2009. | |
2 | Based on average shares outstanding during the year. | |
3 | These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year. | |
4 | Not annualized. | |
5 | Annualized. | |
6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
56 |
Ultra Series Fund | June 30, 2014
Financial Highlights for a Share of Beneficial Interest Outstanding |
AGGRESSIVE ALLOCATION FUND | ||||||||||||||||||||||||
(unaudited) | Year Ended December 31, | |||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
CLASS I | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||
Net Asset Value at beginning of period | $11.66 | $9.75 | $8.96 | $9.08 | $8.30 | $6.57 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income2 | 0.04 | 0.12 | 0.17 | 0.12 | 0.11 | 0.10 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.57 | 2.07 | 0.84 | (0.08 | ) | 0.81 | 1.74 | |||||||||||||||||
Total from investment operations | 0.61 | 2.19 | 1.01 | 0.04 | 0.92 | 1.84 | ||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | (0.00 | )7 | (0.13 | ) | (0.22 | ) | (0.16 | ) | (0.14 | ) | (0.11 | ) | ||||||||||||
Capital gains | (0.00 | )7 | (0.15 | ) | – | – | – | – | ||||||||||||||||
Total distributions | (0.00 | )7 | (0.28 | ) | (0.22 | ) | (0.16 | ) | (0.14 | ) | (0.11 | ) | ||||||||||||
Net increase (decrease) in net asset value | 0.61 | 1.91 | 0.79 | (0.12 | ) | 0.78 | 1.73 | |||||||||||||||||
Net Asset Value at end of period | $12.27 | $11.66 | $9.75 | $8.96 | $9.08 | $8.30 | ||||||||||||||||||
Total Return (%)3 | 5.33 | 4 | 22.35 | 11.34 | 0.48 | 11.15 | 27.91 | |||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $144,283 | $149,514 | $142,755 | $132,575 | $126,270 | $114,492 | ||||||||||||||||||
Ratios of expenses to average net assets: | 0.31 | 5 | 0.31 | 0.31 | 0.31 | 0.31 | 0.31 | |||||||||||||||||
Ratio of net investment income to average net assets (%) | 0.67 | 5 | 1.07 | 1.80 | 1.26 | 1.27 | 1.44 | |||||||||||||||||
Portfolio turnover (%)6 | 39 | 4 | 70 | 69 | 32 | 33 | 58 |
(unaudited) | Inception | |||||||||||||||||||||||
Six Months | to | |||||||||||||||||||||||
CLASS II | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 12/31/091 | ||||||||||||||||||
Net Asset Value at beginning of period | $11.62 | $9.72 | $8.95 | $9.07 | $8.30 | $6.69 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income2 | 0.03 | 0.09 | 0.15 | 0.10 | 0.17 | 0.15 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.57 | 2.06 | 0.83 | (0.08 | ) | 0.73 | 1.54 | |||||||||||||||||
Total from investment operations | 0.60 | 2.15 | 0.98 | 0.02 | 0.90 | 1.69 | ||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | – | (0.10 | ) | (0.21 | ) | (0.14 | ) | (0.13 | ) | (0.08 | ) | |||||||||||||
Capital gains | (0.00 | )7 | (0.15 | ) | – | – | – | – | ||||||||||||||||
Total distributions | (0.00 | )7 | (0.25 | ) | (0.21 | ) | (0.14 | ) | (0.13 | ) | (0.08 | ) | ||||||||||||
Net increase (decrease) in net asset value | 0.60 | 1.90 | 0.77 | (0.12 | ) | 0.77 | 1.61 | |||||||||||||||||
Net Asset Value at end of period | $12.22 | $11.62 | $9.72 | $8.95 | $9.07 | $8.30 | ||||||||||||||||||
Total Return (%)3 | 5.20 | 4 | 22.05 | 11.06 | 0.23 | 10.87 | 25.09 | 4 | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $1,871 | $1,911 | $1,921 | $1,786 | $1,424 | $514 | ||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.56 | 5 | 0.56 | 0.56 | 0.56 | 0.56 | 0.56 | 5 | ||||||||||||||||
Ratio of net investment income to average net assets (%) | 0.43 | 5 | 0.81 | 1.55 | 1.05 | 1.99 | 2.86 | 5 | ||||||||||||||||
Portfolio turnover (%)6 | 39 | 4 | 70 | 69 | 32 | 33 | 58 | 4 |
1 | Commenced investment operations on May 1, 2009. | |
2 | Based on average shares outstanding during the year. | |
3 | These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year. | |
4 | Not annualized. | |
5 | Annualized. | |
6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | |
7 | Amounts represents less than $0.005 per share. |
See accompanying Notes to Financial Statements.
57 |
Ultra Series Fund | June 30, 2014
Financial Highlights for a Share of Beneficial Interest Outstanding |
MONEY MARKET FUND | ||||||||||||||||||||||||
(unaudited) | Year Ended December 31, | |||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
CLASS I | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||
Net Asset Value at beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income2 | – | – | – | – | – | 0.00 | 4 | |||||||||||||||||
Total from investment operations | – | – | – | – | – | – | ||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | – | – | – | – | – | (0.00 | )4 | |||||||||||||||||
Net increase in net asset value | – | – | – | – | – | – | ||||||||||||||||||
Net Asset Value at end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | ||||||||||||||||||
Total Return (%)3 | 0.00 | 5 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $25,749 | $36,922 | $48,648 | $61,682 | $69,634 | $92,463 | ||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||
Before waiver of expenses by adviser (%) | 0.47 | 6 | 0.46 | 0.46 | 0.47 | 0.47 | 0.47 | |||||||||||||||||
After waiver of expenses by adviser (%) | 0.09 | 6,7 | 0.12 | 7 | 0.11 | 7 | 0.08 | 7 | 0.14 | 7 | 0.28 | 7 | ||||||||||||
Ratio of net investment income to average net assets (%) | 0.00 | 6 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
(unaudited) | Inception | |||||||||||||||||||||||
Six Months | to | |||||||||||||||||||||||
CLASS II | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 12/31/091 | ||||||||||||||||||
Net Asset Value at beginning of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income2 | – | – | – | – | – | – | ||||||||||||||||||
Total from investment operations | – | – | – | – | – | – | ||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | – | – | – | – | – | – | ||||||||||||||||||
Net increase in net asset value | – | – | – | – | – | – | ||||||||||||||||||
Net Asset Value at end of period | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | ||||||||||||||||||
Total Return (%)3 | 0.00 | 5 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 5 | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $1,815 | $1,730 | $1,676 | $979 | $577 | $185 | ||||||||||||||||||
Ratios of expenses to average net assets: | ||||||||||||||||||||||||
Before waiver of expenses by adviser (%) | 0.72 | 6 | 0.71 | 0.71 | 0.72 | 0.73 | 0.73 | 6 | ||||||||||||||||
After waiver of expenses by adviser (%) | 0.09 | 6,7 | 0.12 | 7 | 0.12 | 7 | 0.07 | 7 | 0.16 | 7 | 0.20 | 6,7 | ||||||||||||
Ratio of net investment income to average net assets (%) | 0.00 | 6 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6 |
1 | Commenced investment operations on May 1, 2009. | |
2 | Based on average shares outstanding during the year. | |
3 | These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year. | |
4 | Amounts represent less than $0.005 per share. | |
5 | Not annualized. | |
6 | Annualized. | |
7 | Amounts include fees waived by the adviser (see Note 3). |
See accompanying Notes to Financial Statements.
58 |
Ultra Series Fund | June 30, 2014
Financial Highlights for a Share of Beneficial Interest Outstanding |
CORE BOND FUND | ||||||||||||||||||||||||
(unaudited) | Year Ended December 31, | |||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
CLASS I | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||
Net Asset Value at beginning of period | $9.97 | $10.55 | $10.57 | $10.29 | $10.14 | $9.94 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income2 | 0.15 | 0.31 | 0.34 | 0.38 | 0.40 | 0.43 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.22 | (0.54 | ) | 0.00 | 7 | 0.31 | 0.20 | 0.21 | ||||||||||||||||
Total from investment operations | 0.37 | (0.23 | ) | 0.34 | 0.69 | 0.60 | 0.64 | |||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | (0.01 | ) | (0.35 | ) | (0.36 | ) | (0.41 | ) | (0.45 | ) | (0.44 | ) | ||||||||||||
Net increase (decrease) in net asset value | 0.36 | (0.58 | ) | (0.02 | ) | 0.28 | 0.15 | 0.20 | ||||||||||||||||
Net Asset Value at end of period | $10.33 | $9.97 | $10.55 | $10.57 | $10.29 | $10.14 | ||||||||||||||||||
Total Return (%)3 | 3.69 | 4 | (2.24 | ) | 3.21 | 6.73 | 5.92 | 6.50 | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $254,017 | $270,289 | $340,335 | $375,325 | $429,499 | $541,789 | ||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.57 | 5 | 0.56 | 0.56 | 0.57 | 0.56 | 0.57 | |||||||||||||||||
Ratio of net investment income to average net assets (%) | 2.93 | 5 | 3.02 | 3.13 | 3.62 | 3.76 | 4.28 | |||||||||||||||||
Portfolio turnover (%)6 | 9 | 4 | 14 | 11 | 6 | 2 | 25 |
(unaudited) | Inception | |||||||||||||||||||||||
Six Months | to | |||||||||||||||||||||||
CLASS II | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 12/31/091 | ||||||||||||||||||
Net Asset Value at beginning of period | $9.95 | $10.54 | $10.56 | $10.28 | $10.14 | $9.85 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income2 | 0.14 | 0.29 | 0.31 | 0.36 | 0.37 | 0.27 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.22 | (0.56 | ) | 0.01 | 0.31 | 0.20 | 0.28 | |||||||||||||||||
Total from investment operations | 0.36 | (0.27 | ) | 0.32 | 0.67 | 0.57 | 0.55 | |||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | – | (0.32 | ) | (0.34 | ) | (0.39 | ) | (0.43 | ) | (0.26 | ) | |||||||||||||
Net increase (decrease) in net asset value | 0.36 | (0.59 | ) | (0.02 | ) | 0.28 | 0.14 | 0.29 | ||||||||||||||||
Net Asset Value at end of period | $10.31 | $9.95 | $10.54 | $10.56 | $10.28 | $10.14 | ||||||||||||||||||
Total Return (%)3 | 3.56 | 4 | (2.49 | ) | 2.96 | 6.47 | 5.66 | 5.55 | 4 | |||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $48,630 | $46,991 | $49,456 | $49,774 | $35,750 | $9,719 | ||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.82 | 5 | 0.81 | 0.81 | 0.82 | 0.81 | 0.82 | 5 | ||||||||||||||||
Ratio of net investment income to average net assets (%) | 2.68 | 5 | 2.77 | 2.88 | 3.36 | 3.49 | 3.86 | 5 | ||||||||||||||||
Portfolio turnover (%)6 | 9 | 4 | 14 | 11 | 6 | 2 | 25 | 4 |
1 | Commenced investment operations on May 1, 2009. | |
2 | Based on average shares outstanding during the year. | |
3 | These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year. | |
4 | Not annualized. | |
5 | Annualized. | |
6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | |
7 | Amount represents less than $0.005 per share. |
See accompanying Notes to Financial Statements.
59 |
Ultra Series Fund | June 30, 2014
Financial Highlights for a Share of Beneficial Interest Outstanding |
HIGH INCOME FUND | ||||||||||||||||||||||||
(unaudited) | Year Ended December 31, | |||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
CLASS I | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||
Net Asset Value at beginning of period | $9.22 | $9.37 | $9.18 | $9.42 | $9.11 | $7.34 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income2 | 0.24 | 0.52 | 0.61 | 0.65 | 0.72 | 0.68 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.21 | (0.01 | ) | 0.42 | (0.18 | ) | 0.35 | 1.80 | ||||||||||||||||
Total from investment operations | 0.45 | 0.51 | 1.03 | 0.47 | 1.07 | 2.48 | ||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | (0.02 | ) | (0.66 | ) | (0.84 | ) | (0.71 | ) | (0.76 | ) | (0.71 | ) | ||||||||||||
Net increase (decrease) in net asset value | 0.43 | (0.15 | ) | 0.19 | (0.24 | ) | 0.31 | 1.77 | ||||||||||||||||
Net Asset Value at end of period | $9.65 | $9.22 | $9.37 | $9.18 | $9.42 | $9.11 | ||||||||||||||||||
Total Return (%)3 | 4.84 | 4 | 5.49 | 11.23 | 5.01 | 11.73 | 34.29 | |||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $41,530 | $43,622 | $60,362 | $86,462 | $95,552 | $107,722 | ||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.77 | 5 | 0.76 | 0.77 | 0.77 | 0.77 | 0.77 | |||||||||||||||||
Ratio of net investment income to average net assets (%) | 5.20 | 5 | 5.42 | 6.31 | 6.76 | 7.54 | 7.94 | |||||||||||||||||
Portfolio turnover (%)6 | 30 | 4 | 32 | 55 | 54 | 53 | 73 |
(unaudited) | Inception | |||||||||||||||||||||||
Six Months | to | |||||||||||||||||||||||
CLASS II | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 12/31/091 | ||||||||||||||||||
Net Asset Value at beginning of period | $9.23 | $9.37 | $9.19 | $9.42 | $9.11 | $8.14 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income2 | 0.23 | 0.50 | 0.58 | 0.63 | 0.70 | 0.47 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.20 | – | 0.42 | (0.18 | ) | 0.34 | 0.96 | |||||||||||||||||
Total from investment operations | 0.43 | 0.50 | 1.00 | 0.45 | 1.04 | 1.43 | ||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | (0.00 | )7 | (0.64 | ) | (0.82 | ) | (0.68 | ) | (0.73 | ) | (0.46 | ) | ||||||||||||
Net increase (decrease) in net asset value | 0.43 | (0.14 | ) | 0.18 | (0.23 | ) | 0.31 | 0.97 | ||||||||||||||||
Net Asset Value at end of period | $9.66 | $9.23 | $9.37 | $9.19 | $9.42 | $9.11 | ||||||||||||||||||
Total Return (%)3 | 4.71 | 4 | 5.23 | 10.95 | 4.75 | 11.45 | 17.49 | 4 | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $7,168 | $6,906 | $6,737 | $6,213 | $4,286 | $1,148 | ||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.02 | 5 | 1.01 | 1.02 | 1.02 | 1.01 | 1.01 | 5 | ||||||||||||||||
Ratio of net investment income to average net assets (%) | 4.95 | 5 | 5.17 | 6.02 | 6.52 | 7.20 | 7.65 | 5 | ||||||||||||||||
Portfolio turnover (%)6 | 30 | 4 | 32 | 55 | 54 | 53 | 73 | 4 |
1 | Commenced investment operations on May 1, 2009. | |
2 | Based on average shares outstanding during the year. | |
3 | These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year. | |
4 | Not annualized. | |
5 | Annualized. | |
6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | |
7 | Amount represents less than $0.005 per share. |
See accompanying Notes to Financial Statements.
60 |
Ultra Series Fund | June 30, 2014
Financial Highlights for a Share of Beneficial Interest Outstanding |
DIVERSIFIED INCOME FUND | ||||||||||||||||||||||||
(unaudited) | Year Ended December 31, | |||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
CLASS I | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||
Net Asset Value at beginning of period | $20.76 | $18.29 | $17.39 | $16.62 | $15.37 | $14.46 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income2 | 0.24 | 0.46 | 0.49 | 0.51 | 0.56 | 0.60 | ||||||||||||||||||
Net realized and unrealized gain on investments | 0.75 | 2.48 | 0.92 | 0.79 | 1.29 | 0.92 | ||||||||||||||||||
Total from investment operations | 0.99 | 2.94 | 1.41 | 1.30 | 1.85 | 1.52 | ||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | (0.01 | ) | (0.47 | ) | (0.51 | ) | (0.53 | ) | (0.60 | ) | (0.61 | ) | ||||||||||||
Net increase in net asset value | 0.98 | 2.47 | 0.90 | 0.77 | 1.25 | 0.91 | ||||||||||||||||||
Net Asset Value at end of period | $21.74 | $20.76 | $18.29 | $17.39 | $16.62 | $15.37 | ||||||||||||||||||
Total Return (%)3 | 4.77 | 4 | 16.07 | 8.16 | 7.84 | 12.04 | 10.74 | |||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $362,945 | $378,807 | $359,022 | $372,852 | $384,709 | $418,381 | ||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.71 | 5 | 0.71 | 0.71 | 0.72 | 0.72 | 0.72 | |||||||||||||||||
Ratio of net investment income to average net assets (%) | 2.29 | 5 | 2.31 | 2.69 | 2.94 | 3.50 | 4.12 | |||||||||||||||||
Portfolio turnover (%)6 | 13 | 4 | 17 | 17 | 19 | 23 | 26 |
(unaudited) | Inception | |||||||||||||||||||||||
Six Months | to | |||||||||||||||||||||||
CLASS II | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 12/31/091 | ||||||||||||||||||
Net Asset Value at beginning of period | $20.71 | $18.26 | $17.37 | $16.61 | $15.37 | $13.74 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income2 | 0.21 | 0.41 | 0.44 | 0.46 | 0.52 | 0.35 | ||||||||||||||||||
Net realized and unrealized gain on investments | 0.75 | 2.47 | 0.93 | 0.79 | 1.29 | 1.64 | ||||||||||||||||||
Total from investment operations | 0.96 | 2.88 | 1.37 | 1.25 | 1.81 | 1.99 | ||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | – | (0.43 | ) | (0.48 | ) | (0.49 | ) | (0.57 | ) | (0.36 | ) | |||||||||||||
Net increase in net asset value | 0.96 | 2.45 | 0.89 | 0.76 | 1.24 | 1.63 | ||||||||||||||||||
Net Asset Value at end of period | $21.67 | $20.71 | $18.26 | $17.37 | $16.61 | $15.37 | ||||||||||||||||||
Total Return (%)3 | 4.64 | 4 | 15.78 | 7.89 | 7.57 | 11.77 | 14.43 | 4 | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $45,745 | $43,601 | $34,908 | $30,360 | $22,309 | $6,261 | ||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.96 | 5 | 0.96 | 0.96 | 0.97 | 0.97 | 0.97 | 5 | ||||||||||||||||
Ratio of net investment income to average net assets (%) | 2.04 | 5 | 2.05 | 2.43 | 2.69 | 3.20 | 3.44 | 5 | ||||||||||||||||
Portfolio turnover (%)6 | 13 | 4 | 17 | 17 | 19 | 23 | 26 | 4 |
1 | Commenced investment operations on May 1, 2009. | |
2 | Based on average shares outstanding during the year. | |
3 | These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year. | |
4 | Not annualized. | |
5 | Annualized. | |
6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
61 |
Ultra Series Fund | June 30, 2014
Financial Highlights for a Share of Beneficial Interest Outstanding |
LARGE CAP VALUE FUND | ||||||||||||||||||||||||
(unaudited) | Year Ended December 31, | |||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
CLASS I | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||
Net Asset Value at beginning of period | $34.76 | $27.12 | $24.78 | $23.56 | $22.17 | $19.42 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income2 | 0.23 | 0.48 | 0.55 | 0.50 | 0.38 | 0.43 | ||||||||||||||||||
Net realized and unrealized gain on investments | 2.67 | 7.67 | 2.37 | 1.24 | 1.46 | 2.76 | ||||||||||||||||||
Total from investment operations | 2.90 | 8.15 | 2.92 | 1.74 | 1.84 | 3.19 | ||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | (0.01 | ) | (0.51 | ) | (0.58 | ) | (0.52 | ) | (0.45 | ) | (0.44 | ) | ||||||||||||
Net increase in net asset value | 2.89 | 7.64 | 2.34 | 1.22 | 1.39 | 2.75 | ||||||||||||||||||
Net Asset Value at end of period | $37.65 | $34.76 | $27.12 | $24.78 | $23.56 | $22.17 | ||||||||||||||||||
Total Return (%)3 | 8.34 | 4 | 30.07 | 11.82 | 7.38 | 8.29 | 16.79 | |||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $573,981 | $576,731 | $494,587 | $485,978 | $524,894 | $630,764 | ||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.61 | 5 | 0.61 | 0.61 | 0.62 | 0.62 | 0.62 | |||||||||||||||||
Ratio of net investment income to average net assets (%) | 1.30 | 5 | 1.53 | 2.05 | 2.03 | 1.72 | 2.23 | |||||||||||||||||
Portfolio turnover (%)6 | 39 | 4 | 32 | 27 | 29 | 63 | 81 |
(unaudited) | Inception | |||||||||||||||||||||||
Six Months | to | |||||||||||||||||||||||
CLASS II | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 12/31/091 | ||||||||||||||||||
Net Asset Value at beginning of period | $34.64 | $27.05 | $24.73 | $23.54 | $22.17 | $17.74 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income2 | 0.18 | 0.40 | 0.48 | 0.43 | 0.34 | 0.18 | ||||||||||||||||||
Net realized and unrealized gain on investments | 2.67 | 7.64 | 2.37 | 1.25 | 1.44 | 4.45 | ||||||||||||||||||
Total from investment operations | 2.85 | 8.04 | 2.85 | 1.68 | 1.78 | 4.63 | ||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | – | (0.45 | ) | (0.53 | ) | (0.49 | ) | (0.41 | ) | (0.20 | ) | |||||||||||||
Net increase in net asset value | 2.85 | 7.59 | 2.32 | 1.19 | 1.37 | 4.43 | ||||||||||||||||||
Net Asset Value at end of period | $37.49 | $34.64 | $27.05 | $24.73 | $23.54 | $22.17 | ||||||||||||||||||
Total Return (%)3 | 8.21 | 4 | 29.74 | 11.55 | 7.11 | 8.02 | 26.09 | 4 | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $6,973 | $6,875 | $5,882 | $5,697 | $5,354 | $2,552 | ||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.86 | 5 | 0.86 | 0.86 | 0.87 | 0.87 | 0.87 | 5 | ||||||||||||||||
Ratio of net investment income to average net assets (%) | 1.05 | 5 | 1.28 | 1.80 | 1.78 | 1.51 | 1.28 | 5 | ||||||||||||||||
Portfolio turnover (%)6 | 39 | 4 | 32 | 27 | 29 | 63 | 81 | 4 |
1 | Commenced investment operations on May 1, 2009. | |
2 | Based on average shares outstanding during the year. | |
3 | These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year. | |
4 | Not annualized. | |
5 | Annualized. | |
6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
62 |
Ultra Series Fund | June 30, 2014
Financial Highlights for a Share of Beneficial Interest Outstanding |
LARGE CAP GROWTH FUND | ||||||||||||||||||||||||
(unaudited) | Year Ended December 31, | |||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
CLASS I | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||
Net Asset Value at beginning of period | $28.76 | $24.09 | $21.84 | $22.16 | $19.87 | $14.50 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income2 | 0.09 | 0.17 | 0.18 | 0.05 | 0.10 | 0.12 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.35 | 7.17 | 2.26 | (0.31 | ) | 2.31 | 5.37 | |||||||||||||||||
Total from investment operations | 1.44 | 7.34 | 2.44 | (0.26 | ) | 2.41 | 5.49 | |||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | (0.00 | )6 | (0.18 | ) | (0.19 | ) | (0.06 | ) | (0.12 | ) | (0.12 | ) | ||||||||||||
Capital gains | (0.27 | ) | (2.49 | ) | – | – | – | – | ||||||||||||||||
Total distributions | (0.27 | ) | (2.67 | ) | (0.19 | ) | (0.06 | ) | (0.12 | ) | (0.12 | ) | ||||||||||||
Net increase (decrease) in net asset value | 1.17 | 4.67 | 2.25 | (0.32 | ) | 2.29 | 5.37 | |||||||||||||||||
Net Asset Value at end of period | $29.93 | $28.76 | $24.09 | $21.84 | $22.16 | $19.87 | ||||||||||||||||||
Total Return (%)3 | 5.05 | 4 | 30.51 | 11.20 | (1.19 | ) | 12.13 | 37.98 | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $344,108 | $359,959 | $318,024 | $331,032 | $374,644 | $433,483 | ||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.81 | 5 | 0.81 | 0.82 | 0.82 | 0.82 | 0.82 | |||||||||||||||||
Ratio of net investment income to average net assets (%) | 0.62 | 5 | 0.62 | 0.76 | 0.24 | 0.51 | 0.72 | |||||||||||||||||
Portfolio turnover (%)8 | 17 | 4 | 50 | 64 | 85 | 78 | 89 |
(unaudited) | Inception | |||||||||||||||||||||||
Six Months | to | |||||||||||||||||||||||
CLASS II | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 12/31/091 | ||||||||||||||||||
Net Asset Value at beginning of period | $28.63 | $24.02 | $21.80 | $22.14 | $19.87 | $15.78 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income2 | 0.05 | 0.10 | 0.12 | (0.00 | )6 | 0.06 | 0.05 | |||||||||||||||||
Net realized and unrealized gain (loss) on investments | 1.36 | 7.13 | 2.26 | (0.32 | ) | 2.30 | 4.09 | |||||||||||||||||
Total from investment operations | 1.41 | 7.23 | 2.38 | (0.32 | ) | 2.36 | 4.14 | |||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | – | (0.13 | ) | (0.16 | ) | (0.02 | ) | (0.09 | ) | (0.05 | ) | |||||||||||||
Capital gains | (0.27 | ) | (2.49 | ) | – | – | – | – | ||||||||||||||||
Total distributions | (0.27 | ) | (2.62 | ) | (0.16 | ) | (0.02 | ) | (0.09 | ) | (0.05 | ) | ||||||||||||
Net increase in net asset value | 1.14 | 4.61 | 2.22 | (0.34 | ) | 2.27 | 4.09 | |||||||||||||||||
Net Asset Value at end of period | $29.77 | $28.63 | $24.02 | $21.80 | $22.14 | $19.87 | ||||||||||||||||||
Total Return (%)3 | 4.92 | 4 | 30.18 | 10.93 | (1.43 | ) | 11.85 | 26.21 | 4 | |||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $33,143 | $33,983 | $29,101 | $27,589 | $20,802 | $6,003 | ||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.06 | 5 | 1.06 | 1.07 | 1.07 | 1.07 | 1.07 | 5 | ||||||||||||||||
Ratio of net investment income to average net assets (%) | 0.37 | 5 | 0.37 | 0.51 | 0.00 | 7 | 0.29 | 0.36 | 5 | |||||||||||||||
Portfolio turnover (%)8 | 17 | 4 | 50 | 64 | 85 | 78 | 89 | 4 |
1 | Commenced investment operations on May 1, 2009. | |
2 | Based on average shares outstanding during the year. | |
3 | These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year. | |
4 | Not annualized. | |
5 | Annualized. | |
6 | Amount represents less than $0.005 per share. | |
7 | Amount represents less than 0.01%. | |
8 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
See accompanying Notes to Financial Statements.
63 |
Ultra Series Fund | June 30, 2014 |
Financial Highlights for a Share of Beneficial Interest Outstanding |
MID CAP FUND | ||||||||||||||||||||||||
(unaudited) | Year Ended December 31, | |||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
CLASS I | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 20092 | ||||||||||||||||||
Net Asset Value at beginning of period | $21.76 | $17.09 | $14.75 | $14.14 | $11.82 | $8.01 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income3 | 0.04 | 0.00 | 5 | 0.05 | 0.02 | 0.04 | 0.00 | 5 | ||||||||||||||||
Net realized and unrealized gain on investments | 0.68 | 5.00 | 2.34 | 0.62 | 2.33 | 3.81 | ||||||||||||||||||
Total from investment operations | 0.72 | 5.00 | 2.39 | 0.64 | 2.37 | 3.81 | ||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | – | (0.00 | )5 | (0.05 | ) | (0.03 | ) | (0.05 | ) | (0.00 | )5 | |||||||||||||
Capital gains | (0.20 | ) | (0.33 | ) | – | – | – | – | ||||||||||||||||
Total distributions | (0.20 | ) | (0.33 | ) | (0.05 | ) | (0.03 | ) | (0.05 | ) | – | |||||||||||||
Net increase in net asset value | 0.52 | 4.67 | 2.34 | 0.61 | 2.32 | 3.81 | ||||||||||||||||||
Net Asset Value at end of period | $22.28 | $21.76 | $17.09 | $14.75 | $14.14 | $11.82 | ||||||||||||||||||
Total Return (%)4 | 3.32 | 6 | 29.28 | 16.24 | 4.47 | 20.12 | 47.28 | |||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $354,157 | $381,703 | $356,534 | $351,833 | $385,219 | $229,395 | ||||||||||||||||||
Ratios of expenses to average net assets (%) | 0.91 | 7 | 0.91 | 0.91 | 0.91 | 0.90 | 0.87 | |||||||||||||||||
Ratio of net investment income to average net assets (%) | 0.41 | 7 | (0.01 | ) | 0.30 | 0.16 | 0.42 | (0.05 | ) | |||||||||||||||
Portfolio turnover (%)8 | 19 | 6 | 28 | 25 | 52 | 46 | 186 |
(unaudited) | Inception | |||||||||||||||||||||||
Six Months | to | |||||||||||||||||||||||
CLASS II | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 12/31/091,2 | ||||||||||||||||||
Net Asset Value at beginning of period | $21.65 | $17.05 | $14.72 | $14.13 | $11.82 | $9.36 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income3 | 0.02 | (0.05 | ) | 0.01 | (0.01 | ) | 0.04 | (0.00 | )5 | |||||||||||||||
Net realized and unrealized gain on investments | 0.66 | 4.98 | 2.35 | 0.60 | 2.30 | 2.46 | ||||||||||||||||||
Total from investment operations | 0.68 | 4.93 | 2.36 | 0.59 | 2.34 | 2.46 | ||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | – | – | (0.03 | ) | – | (0.03 | ) | – | ||||||||||||||||
Capital gains | (0.20 | ) | (0.33 | ) | – | – | – | – | ||||||||||||||||
Total distributions | (0.20 | ) | (0.33 | ) | (0.03 | ) | – | (0.03 | ) | – | ||||||||||||||
Net increase in net asset value | 0.48 | 4.60 | 2.33 | 0.59 | 2.31 | 2.45 | ||||||||||||||||||
Net Asset Value at end of period | $22.13 | $21.65 | $17.05 | $14.72 | $14.13 | $11.82 | ||||||||||||||||||
Total Return (%)4 | 3.19 | 6 | 28.95 | 15.95 | 4.22 | 19.82 | 26.13 | 6 | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $15,374 | $15,762 | $13,927 | $13,270 | $11,951 | $4,813 | ||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.16 | 7 | 1.16 | 1.16 | 1.17 | 1.16 | 1.22 | 7 | ||||||||||||||||
Ratio of net investment income to average net assets (%) | 0.19 | 7 | (0.26 | ) | 0.05 | (0.07 | ) | 0.38 | 0.53 | 7 | ||||||||||||||
Portfolio turnover (%)8 | 19 | 6 | 28 | 25 | 52 | 46 | 186 | 6 |
1 | Commenced investment operations on May 1, 2009. | |
2 | The financial highlights prior to May 1, 2010 are those of the Mid Cap Growth Fund, the accounting survivor of the reorganization of the Mid Cap Value and Mid Cap Growth Funds. The net asset values and other per share information of the Mid Cap Growth Fund have been restated by the conversion ratio of 2.6623 for Class I shares and 2.6678 for Class II shares to reflect those of the legal survivor of the reorganization the Mid Cap Value Fund, which was renamed the Mid Cap Fund after the reorganization. | |
3 | Based on average shares outstanding during the year. | |
4 | These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year. | |
5 | Amounts represent less than $0.005 per share. | |
6 | Not annualized. | |
7 | Annualized. | |
8 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
Ultra Series Fund | June 30, 2014 |
Financial Highlights for a Share of Beneficial Interest Outstanding |
SMALL CAP FUND | ||||||||||||||||||||||||
(unaudited) | Year Ended December 31, | |||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
CLASS I | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||
Net Asset Value at beginning of period | $9.10 | $12.32 | $10.81 | $10.75 | $8.54 | $6.53 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income2 | 0.05 | 0.02 | 0.14 | 0.04 | 0.08 | 0.05 | ||||||||||||||||||
Net realized and unrealized gain on investments | 0.10 | 4.03 | 1.52 | 0.06 | 2.20 | 2.00 | ||||||||||||||||||
Total from investment operations | 0.15 | 4.05 | 1.66 | 0.10 | 2.28 | 2.05 | ||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | – | (0.05 | ) | (0.15 | ) | (0.04 | ) | (0.07 | ) | (0.04 | ) | |||||||||||||
Capital gains | (0.10 | ) | (7.22 | ) | – | – | – | – | ||||||||||||||||
Total distributions | (0.10 | ) | (7.27 | ) | (0.15 | ) | (0.04 | ) | (0.07 | ) | (0.04 | ) | ||||||||||||
Net increase (decrease) in net asset value | 0.05 | (3.22 | ) | 1.51 | 0.06 | 2.21 | 2.01 | |||||||||||||||||
Net Asset Value at end of period | $9.15 | $9.10 | $12.32 | $10.81 | $10.75 | $8.54 | ||||||||||||||||||
Total Return (%)3 | $1.74 | 4 | 32.77 | 15.39 | 0.91 | 26.80 | 31.56 | |||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $5,336 | $6,121 | $11,936 | $11,261 | $11,710 | $7,989 | ||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.12 | 5 | 1.11 | 1.11 | 1.11 | 1.11 | 1.11 | |||||||||||||||||
Ratio of net investment income to average net assets (%) | 1.02 | 5 | 0.17 | 1.24 | 0.41 | 0.85 | 0.77 | |||||||||||||||||
Portfolio turnover (%)6 | 9 | 4 | 19 | 15 | 22 | 33 | 21 |
(unaudited) | Inception | |||||||||||||||||||||||
Six Months | to | |||||||||||||||||||||||
CLASS II | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 12/31/091 | ||||||||||||||||||
Net Asset Value at beginning of period | $9.05 | $12.29 | $10.79 | $10.74 | $8.54 | $6.50 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income2 | 0.04 | – | 0.11 | 0.02 | 0.06 | 0.02 | ||||||||||||||||||
Net realized and unrealized gain on investments | 0.10 | 3.99 | 1.52 | 0.06 | 2.20 | 2.03 | ||||||||||||||||||
Total from investment operations | 0.14 | 3.99 | 1.63 | 0.08 | 2.26 | 2.05 | ||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | – | (0.01 | ) | (0.13 | ) | (0.03 | ) | (0.06 | ) | (0.01 | ) | |||||||||||||
Capital gains | (0.10 | ) | (7.22 | ) | – | – | – | – | ||||||||||||||||
Total distributions | (0.10 | ) | (7.23 | ) | (0.13 | ) | (0.03 | ) | (0.06 | ) | (0.01 | ) | ||||||||||||
Net increase (decrease) in net asset value | 0.04 | (3.24 | ) | 1.50 | 0.05 | 2.20 | 2.04 | |||||||||||||||||
Net Asset Value at end of period | $9.09 | $9.05 | $12.29 | $10.79 | $10.74 | $8.54 | ||||||||||||||||||
Total Return (%)3 | 1.62 | 4 | 32.44 | 15.10 | 0.66 | 26.48 | 31.57 | 4 | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $1,667 | $1,775 | $1,486 | $1,401 | $1,387 | $616 | ||||||||||||||||||
Ratios of expenses to average net assets | 1.37 | 5 | 1.37 | 1.36 | 1.36 | 1.36 | 1.36 | 5 | ||||||||||||||||
Ratio of net investment income to average net assets (%) | 0.79 | 5 | (0.02 | ) | 0.99 | 0.16 | 0.67 | 0.44 | 5 | |||||||||||||||
Portfolio turnover (%)6 | 9 | 4 | 19 | 15 | 22 | 33 | 21 | 4 |
1 | Commenced investment operations on May 1, 2009. | |
2 | Based on average shares outstanding during the year. | |
3 | These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. | |
4 | Not annualized. | |
5 | Annualized. | |
6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
Ultra Series Fund | June 30, 2014 |
Financial Highlights for a Share of Beneficial Interest Outstanding |
INTERNATIONAL STOCK FUND | ||||||||||||||||||||||||
(unaudited) | Year Ended December 31, | |||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
CLASS I | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||
Net Asset Value at beginning of period | $12.99 | $10.78 | $9.03 | $9.99 | $9.53 | $7.59 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income2 | 0.19 | 0.16 | 0.17 | 0.19 | 0.14 | 0.17 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.48 | 2.07 | 1.75 | (0.96 | ) | 0.53 | 1.95 | |||||||||||||||||
Total from investment operations | 0.67 | 2.23 | 1.92 | (0.77 | ) | 0.67 | 2.12 | |||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | (0.18 | ) | (0.02 | ) | (0.17 | ) | (0.19 | ) | (0.21 | ) | (0.18 | ) | ||||||||||||
Net increase (decrease) in net asset value | 0.49 | 2.21 | 1.75 | (0.96 | ) | 0.46 | 1.94 | |||||||||||||||||
Net Asset Value at end of period | $13.48 | $12.99 | $10.78 | $9.03 | $9.99 | $9.53 | ||||||||||||||||||
Total Return (%)3 | 5.12 | 4 | 20.76 | 21.31 | (7.70 | ) | 7.09 | 27.90 | ||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $64,709 | $75,808 | $76,919 | $72,756 | $92,063 | $77,997 | ||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.17 | 5 | 1.21 | 1.21 | 1.22 | 1.22 | 1.22 | |||||||||||||||||
Ratio of net investment income to average net assets (%) | 2.96 | 5 | 1.37 | 1.74 | 1.90 | 1.48 | 2.08 | |||||||||||||||||
Portfolio turnover (%)6 | 78 | 4 | 39 | 42 | 38 | 79 | 87 |
(unaudited) | Inception | |||||||||||||||||||||||
Six Months | to | |||||||||||||||||||||||
CLASS II | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 12/31/091 | ||||||||||||||||||
Net Asset Value at beginning of period | $12.96 | $10.76 | $9.02 | $9.99 | $9.53 | $7.32 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income2 | 0.18 | 0.13 | 0.14 | 0.16 | 0.09 | 0.04 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.47 | 2.07 | 1.76 | (0.96 | ) | 0.56 | 2.33 | |||||||||||||||||
Total from investment operations | 0.65 | 2.20 | 1.90 | (0.80 | ) | 0.65 | 2.37 | |||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | (0.16 | ) | (0.00 | )7 | (0.16 | ) | (0.17 | ) | (0.19 | ) | (0.16 | ) | ||||||||||||
Net increase (decrease) in net asset value | 0.49 | 2.20 | 1.74 | (0.97 | ) | 0.46 | 2.21 | |||||||||||||||||
Net Asset Value at end of period | $13.45 | $12.96 | $10.76 | $9.02 | $9.99 | $9.53 | ||||||||||||||||||
Total Return (%)3 | 4.99 | 4 | 20.45 | 21.01 | (7.91 | ) | 6.83 | 32.30 | 4 | |||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $19,027 | $19,134 | $18,263 | $15,407 | $13,241 | $3,962 | ||||||||||||||||||
Ratios of expenses to average net assets (%) | 1.42 | 5 | 1.46 | 1.46 | 1.47 | 1.47 | 1.48 | 5 | ||||||||||||||||
Ratio of net investment income to average net assets (%) | 2.76 | 5 | 1.10 | 1.45 | 1.58 | 1.00 | 0.57 | 5 | ||||||||||||||||
Portfolio turnover (%)6 | 78 | 4 | 39 | 42 | 38 | 79 | 87 | 4 |
1 | Commenced investment operations on May 1, 2009. | |
2 | Based on average shares outstanding during the year. | |
3 | These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year. | |
4 | Not annualized. | |
5 | Annualized. | |
6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | |
7 | Amount represents less than $0.005 per share. |
Ultra Series Fund | June 30, 2014 |
Financial Highlights for a Share of Beneficial Interest Outstanding |
MADISON TARGET RETIREMENT 2020 FUND | ||||||||||||||||||||||||
(unaudited) | Year Ended December 31, | |||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
CLASS I | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||
Net Asset Value at beginning of period | $8.76 | $8.31 | $7.82 | $8.06 | $7.64 | $6.04 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income1 | 0.09 | 0.21 | 0.24 | 0.22 | 0.20 | 0.15 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.30 | 0.70 | 0.53 | (0.04 | ) | 0.49 | 1.59 | |||||||||||||||||
Total from investment operations | 0.39 | 0.91 | 0.77 | 0.18 | 0.69 | 1.74 | ||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | – | (0.22 | ) | (0.25 | ) | (0.23 | ) | (0.27 | ) | (0.14 | ) | |||||||||||||
Capital gains | (0.01 | ) | (0.24 | ) | (0.03 | ) | (0.19 | ) | – | – | ||||||||||||||
Total distributions | (0.01 | ) | (0.46 | ) | (0.28 | ) | (0.42 | ) | (0.27 | ) | (0.14 | ) | ||||||||||||
Net increase (decrease) in net asset value | 0.38 | 0.45 | 0.49 | (0.24 | ) | 0.42 | 1.60 | |||||||||||||||||
Net Asset Value at end of period | $9.14 | $8.76 | $8.31 | $7.82 | $8.06 | $7.64 | ||||||||||||||||||
Total Return (%)2 | 4.50 | 3 | 10.94 | 9.98 | 2.11 | 9.01 | 28.93 | |||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $74,586 | $70,472 | $56,607 | $39,580 | $27,648 | $19,300 | ||||||||||||||||||
Ratios of expenses to average net assets | ||||||||||||||||||||||||
Before reimbursement of expenses by adviser (%) | 0.30 | 4 | 0.30 | 0.30 | 0.26 | 0.40 | 0.41 | |||||||||||||||||
After reimbursement of expenses by adviser (%) | 0.30 | 4 | 0.30 | 0.30 | 0.24 | 5 | 0.20 | 5 | 0.34 | 5 | ||||||||||||||
Ratio of net investment income to average net assets (%) | 2.13 | 4 | 2.37 | 2.96 | 2.70 | 2.61 | 2.24 | |||||||||||||||||
Portfolio turnover (%)6 | 110 | 3 | 167 | 90 | 114 | 51 | 78 |
1 | Based on average shares outstanding during the year. | |
2 | These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year. | |
3 | Not annualized. | |
4 | Annualized. | |
5 | Amount includes fees waived by the adviser through a contractual management fee reduction from 0.40% to 0.20% effective October 1, 2009 to February 16, 2011. Effective February 17, 2011 to August 31, 2011, the fee was permanently reduced to 0.20%. Effective September 1, 2011, shareholders approved a new fee arrangement which includes an advisory fee of 0.25% and services agreement fee of 0.05%. | |
6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. |
Ultra Series Fund | June 30, 2014 |
Financial Highlights for a Share of Beneficial Interest Outstanding |
MADISON TARGET RETIREMENT 2030 FUND | ||||||||||||||||||||||||
(unaudited) | Year Ended December 31, | |||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
CLASS I | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||
Net Asset Value at beginning of period | $8.92 | $8.04 | $7.49 | $7.90 | $7.41 | $5.75 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income1 | 0.09 | 0.19 | 0.23 | 0.19 | 0.18 | 0.12 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.36 | 1.13 | 0.60 | (0.09 | ) | 0.52 | 1.65 | |||||||||||||||||
Total from investment operations | 0.45 | 1.32 | 0.83 | 0.10 | 0.70 | 1.77 | ||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | (0.00)7 | (0.18 | ) | (0.22 | ) | (0.20 | ) | (0.21 | ) | (0.11 | ) | |||||||||||||
Capital gains | (0.02 | ) | (0.26 | ) | (0.06 | ) | (0.31 | ) | – | – | ||||||||||||||
Total distributions | (0.02 | ) | (0.44 | ) | (0.28 | ) | (0.51 | ) | (0.21 | ) | (0.11 | ) | ||||||||||||
Net increase (decrease) in net asset value | 0.43 | 0.88 | 0.55 | (0.41 | ) | 0.49 | 1.66 | |||||||||||||||||
Net Asset Value at end of period | $9.35 | $8.92 | $8.04 | $7.49 | $7.90 | $7.41 | ||||||||||||||||||
Total Return (%)2 | 5.07 | 3 | 16.56 | 11.05 | 1.16 | 9.56 | 30.94 | |||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $99,228 | $93,187 | $68,009 | $45,404 | $31,279 | $19,330 | ||||||||||||||||||
Ratios of expenses to average net assets | ||||||||||||||||||||||||
Before reimbursement of expenses by adviser (%) | 0.30 | 4 | 0.30 | 0.30 | 0.26 | 0.40 | 0.41 | |||||||||||||||||
After reimbursement of expenses by adviser (%) | 0.30 | 4 | 0.30 | 0.30 | 0.24 | 5 | 0.20 | 5 | 0.34 | 5 | ||||||||||||||
Ratio of net investment income to average net assets (%) | 1.95 | 4 | 2.16 | 2.84 | 2.43 | 2.42 | 1.87 | |||||||||||||||||
Portfolio turnover (%)6 | 78 | 3 | 136 | 86 | 108 | 43 | 78 |
1 | Based on average shares outstanding during the year. | |
2 | These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year. | |
3 | Not annualized. | |
4 | Annualized. | |
5 | Amount includes fees waived by the adviser through a contractual management fee reduction from 0.40% to 0.20% effective October 1, 2009 to February 16, 2011. Effective February 17, 2011 to August 31, 2011, the fee was permanently reduced to 0.20%. Effective September 1, 2011, shareholders approved a new fee arrangement which includes an advisory fee of 0.25% and services agreement fee of 0.05%. | |
6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | |
7 | Amount represents less than $0.005 per share. |
Ultra Series Fund | June 30, 2014 |
Financial Highlights for a Share of Beneficial Interest Outstanding |
MADISON TARGET RETIREMENT 2040 FUND | ||||||||||||||||||||||||
(unaudited) | Year Ended December 31, | |||||||||||||||||||||||
Six Months | ||||||||||||||||||||||||
CLASS I | Ended 6/30/14 | 2013 | 2012 | 2011 | 2010 | 2009 | ||||||||||||||||||
Net Asset Value at beginning of period | $8.68 | $7.61 | $7.06 | $7.60 | $7.07 | $5.43 | ||||||||||||||||||
Income from Investment Operations: | ||||||||||||||||||||||||
Net investment income1 | 0.08 | 0.17 | 0.20 | 0.16 | 0.15 | 0.08 | ||||||||||||||||||
Net realized and unrealized gain (loss) on investments | 0.38 | 1.32 | 0.61 | (0.12 | ) | 0.55 | 1.63 | |||||||||||||||||
Total from investment operations | 0.46 | 1.49 | 0.81 | 0.04 | 0.70 | 1.71 | ||||||||||||||||||
Less Distributions From: | ||||||||||||||||||||||||
Net investment income | (0.00 | )7 | (0.16 | ) | (0.19 | ) | (0.17 | ) | (0.17 | ) | (0.07 | ) | ||||||||||||
Capital gains | (0.02 | ) | (0.26 | ) | (0.07 | ) | (0.41 | ) | – | – | ||||||||||||||
Total distributions | (0.02 | ) | (0.42 | ) | (0.26 | ) | (0.58 | ) | (0.17 | ) | (0.07 | ) | ||||||||||||
Net increase (decrease) in net asset value | 0.44 | 1.07 | 0.55 | (0.54 | ) | 0.53 | 1.64 | |||||||||||||||||
Net Asset Value at end of period | $9.12 | $8.68 | $7.61 | $7.06 | $7.60 | $7.07 | ||||||||||||||||||
Total Return (%)2 | 5.27 | 4 | 19.63 | 11.42 | 0.47 | 9.97 | 31.64 | |||||||||||||||||
Ratios/Supplemental Data: | ||||||||||||||||||||||||
Net Assets at end of period (in 000’s) | $72,690 | $68,917 | $49,269 | $35,182 | $26,147 | $16,656 | ||||||||||||||||||
Ratios of expenses to average net assets | ||||||||||||||||||||||||
Before reimbursement of expenses by adviser (%) | 0.30 | 5 | 0.30 | 0.30 | 0.26 | 0.40 | 0.41 | |||||||||||||||||
After reimbursement of expenses by adviser (%) | 0.30 | 5 | 0.30 | 0.30 | 0.24 | 5 | 0.20 | 5 | 0.34 | 5 | ||||||||||||||
Ratio of net investment income to average net assets (%) | 1.90 | 5 | 2.01 | 2.65 | 2.11 | 2.14 | 1.22 | |||||||||||||||||
Portfolio turnover (%)6 | 77 | 4 | 151 | 101 | 115 | 40 | 86 |
1 | Based on average shares outstanding during the year. | |
2 | These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year. | |
3 | Not annualized. | |
4 | Annualized. | |
5 | Amount includes fees waived by the adviser through a contractual management fee reduction from 0.40% to 0.20% effective October 1, 2009 to February 16, 2011. Effective February 17, 2011 to August 31, 2011, the fee was permanently reduced to 0.20%. Effective September 1, 2011, shareholders approved a new fee arrangement which includes an advisory fee of 0.25% and services agreement fee of 0.05%. | |
6 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | |
7 | Amount represents less than $0.005 per share. |
Ultra Series Fund | June 30, 2014 |
Financial Highlights for a Share of Beneficial Interest Outstanding |
MADISON TARGET RETIREMENT 2050 FUND | ||||||||||||||||
(unaudited) | Year Ended | Inception | ||||||||||||||
Six Months | to | |||||||||||||||
CLASS I | Ended 6/30/14 | 12/31/13 | 12/31/12 | 12/31/111 | ||||||||||||
Net Asset Value at beginning of period | $12.78 | $10.69 | $9.75 | $10.00 | ||||||||||||
Income from Investment Operations: | ||||||||||||||||
Net investment income2 | 0.12 | 0.24 | 0.30 | 0.26 | ||||||||||||
Net realized and unrealized gain (loss) on investments | 0.57 | 2.19 | 0.89 | (0.36 | ) | |||||||||||
Total from investment operations | 0.69 | 2.43 | 1.19 | (0.10 | ) | |||||||||||
Less Distributions From: | ||||||||||||||||
Net investment income | (0.00 | )8 | (0.18 | ) | (0.21 | ) | (0.14 | ) | ||||||||
Capital gains | (0.01 | ) | (0.16 | ) | (0.04 | ) | – | |||||||||
Return of capital | – | – | – | (0.01 | ) | |||||||||||
Total distributions | (0.01 | ) | (0.34 | ) | (0.25 | ) | (0.15 | ) | ||||||||
Net increase (decrease) in net asset value | 0.68 | 2.09 | 0.94 | (0.25 | ) | |||||||||||
Net Asset Value at end of period | $13.46 | $12.78 | $10.69 | $9.75 | ||||||||||||
Total Return (%)3 | 5.38 | 4 | 22.78 | 12.12 | (1.03 | )4 | ||||||||||
Ratios/Supplemental Data: | ||||||||||||||||
Net Assets at end of period (in 000’s) | $22,627 | $18,123 | $7,160 | $2,236 | ||||||||||||
Ratios of expenses to average net assets | ||||||||||||||||
Before reimbursement of expenses by adviser (%) | 0.30 | 5 | 0.30 | 0.30 | 0.26 | 5 | ||||||||||
After reimbursement of expenses by adviser (%) | 0.30 | 5 | 0.30 | 0.30 | 0.26 | 5,6 | ||||||||||
Ratio of net investment income to average net assets (%) | 1.93 | 5 | 1.98 | 2.90 | 2.61 | 5 | ||||||||||
Portfolio turnover (%)7 | 88 | 4 | 215 | 86 | 75 | 4 |
1 | Commenced investment operations on January 3, 2011. | |
2 | Based on average shares outstanding during the year. | |
3 | These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year. | |
4 | Not annualized. | |
5 | Annualized. | |
6 | Effective September 1, 2011, shareholders approved a new fee arrangement which includes an advisory fee of 0.25% and services agreement fee of 0.05%. | |
7 | Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period. | |
8 | Amount represents less than $0.005 per share. |
Ultra Series Fund | June 30, 2014 |
Notes to Financial Statements (unaudited) |
1. ORGANIZATION
The Ultra Series Fund (the “Trust”), a Massachusetts business trust, is registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as a diversified, open-end management investment company. The Trust is a series fund with, at the end of the period covered by this report, 16 investment portfolios (individually, a “Fund,” and collectively, the “Funds”), each with different investment objectives and policies. The Funds currently available at the end of the period were the Money Market Fund, Core Bond Fund, High Income Fund, Diversified Income Fund, Large Cap Value Fund, Large Cap Growth Fund, Mid Cap Fund, Small Cap Fund and International Stock Fund (collectively, the “Core Funds”), the Conservative Allocation Fund, Moderate Allocation Fund and Aggressive Allocation Fund (collectively, the “Target Allocation Funds”), and the Madison Target Retirement 2020 Fund, Madison Target Retirement 2030 Fund, Madison Target Retirement 2040 Fund, and Madison Target Retirement 2050 Fund, (collectively, the “Target Date Funds”).
The Declaration of Trust permits the Board of Trustees to issue an unlimited number of full and fractional shares of the Trust without par value. All Funds, except for the Target Date Funds, offer Class I and II shares. The Target Date Funds only offer a single class of shares, Class I shares. Each class of shares represents an interest in the assets of the respective Fund and has identical voting, dividend, liquidation and other rights, except that each class of shares bears its own distribution fees, if any, and its proportional share of Fund level expenses, and has exclusive voting rights on matters pertaining to Rule 12b-1 under the 1940 Act as it relates to that class and other class specific matters. Shares are offered to separate accounts (the “Accounts”) of CMFG Life Insurance Company and to qualified pension and retirement plans of CMFG Life Insurance Company or its affiliates (“CUNA Mutual Group”). The Trust may, in the future, offer other share classes to separate accounts of insurance companies and to qualified pension and retirement plans that are not affiliated with CUNA Mutual Group. The Trust does not offer shares directly to the general public.
The Trust has entered into a Management Agreement with Madison Asset Management, LLC. (the “Investment Adviser” or “Madison”). The Investment Adviser, in turn, has entered into subadvisory agreements with certain subadvisers (“Subadvisers”) for the management of the investments of the High Income, Small Cap and International Stock Funds.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements.
Portfolio Valuation: Securities and other investments are valued as follows: Equity securities, including American Depositary Receipts (“ADRs”), Global Depositary Receipts (“GDRs”) and exchange-traded funds (“ETFs”) listed on any U.S. or foreign stock exchange or quoted on the National Association of Securities Dealers Automated Quotation System (“NASDAQ”) are valued at the last quoted sale price or official closing price on that exchange or NASDAQ on the valuation day (provided that, for securities traded on NASDAQ, the Funds utilize the NASDAQ Official Closing Price). If no sale occurs, equities traded on a U.S. exchange, foreign exchange or on NASDAQ are valued at the bid price. Debt securities purchased with a remaining maturity of 61 days or more are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services approved by the Trust. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures based on valuation technology commonly employed in the market for such investments. Municipal debt securities are traded via a network among dealers and brokers that connect buyers and sellers. Liquidity in the tax-exempt market has been reduced as a result of overall economic conditions and credit tightening. There may be little trading in the secondary market for the particular bonds and other debt securities, making them more difficult to value or sell. Asset-
Ultra Series Fund | June 30, 2014 |
Notes to Financial Statements (unaudited) |
backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche.
Investments in shares of open-end mutual funds, including money market funds, are valued at their daily net asset value (“NAV”) which is calculated as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Standard Time) on each day on which the New York Stock Exchange is open for business. NAV per share is determined by dividing each Fund’s total net assets by the number of shares of such Fund outstanding at the time of calculation. Because the assets of each Target Allocation and each Target Date Fund consist primarily of shares of underlying funds, the NAV of each Fund is determined based on the NAV’s of the underlying funds. Total net assets are determined by adding the total current value of portfolio securities, cash, receivables, and other assets and subtracting liabilities. Short-term instruments having maturities of 60 days or less and all securities in the Money Market Fund are valued on an amortized cost basis, which approximates market value.
Over-the-counter securities not listed or traded on NASDAQ are valued at the last sale price on the valuation day. If no sale occurs on the valuation day, an over-the-counter security is valued at the last bid price. Exchange traded options are valued at the mean of the best bid and ask prices across all option exchanges. Financial futures contracts generally are valued at the settlement price established by the exchange(s) on which the contracts are primarily traded. The Trust’s Pricing Committee (the “Committee”) shall estimate the fair value of futures positions affected by the daily limit by using its valuation procedures for determining fair value, when necessary. Spot and forward foreign currency exchange contracts are valued based on quotations supplied by dealers in such contracts. Overnight repurchase agreements are valued at cost, and term repurchase agreements (i.e., those whose maturity exceeds seven days), swaps, caps, collars and floors, if any, are valued at the average of the closing bids obtained daily from at least one dealer.
Through the end of this reporting period, the value of all assets and liabilities expressed in foreign currencies was converted into U.S. dollar values using the then-current exchange rate at the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Standard Time).
All other securities for which either quotations are not readily available, no other sales have occurred, or in the Investment Adviser’s opinion, do not reflect the current market value, are appraised at their fair values as determined in good faith by the Trust’s Pricing Committee (the “Committee”) and under the general supervision of the Board of Trustees. When fair value pricing of securities is employed, the prices of securities used by the Funds to calculate NAV may differ from market quotations or official closing prices. Because the Target Allocation and Target Date Funds primarily invest in underlying funds, government securities and short-term paper, it is not anticipated that the Investment Adviser will need to “fair value” any of the investments of these Funds. However, an underlying fund may need to “fair value” one or more of its investments, which may, in turn, require a Target Allocation or Target Date Fund to do the same because of delays in obtaining the underlying fund’s NAV.
A Fund’s investments (or underlying fund) will be valued at fair value if, in the judgment of the Committee, an event impacting the value of an investment occurred between the closing time of a security’s primary market or exchange (for example, a foreign exchange or market) and the time the Fund’s share price is calculated as of the close of regular trading on the New York Stock Exchange (usually 4:00 p.m. Eastern Standard Time). Significant events may include, but are not limited to, the following: (1) significant fluctuations in domestic markets, foreign markets or foreign currencies; (2) occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant government actions; and (3) major announcements affecting a single issuer or an entire market or market sector. In responding to a significant
Ultra Series Fund | June 30, 2014 |
Notes to Financial Statements (unaudited) |
event, the Committee would determine the fair value of affected securities considering factors including, but not limited to: fundamental analytical data relating to the investment; the nature and duration of any restrictions on the disposition of the investment; and the forces influencing the market(s) in which the investment is purchased or sold.
In addition to independent fair value decisions made by the Committee noted above, the Committee also engages an independent fair valuation service to adjust the valuations of foreign equity securities based on specific market-movement parameters established by the Committee and approved by the Trust. Such adjustments to the valuation of foreign securities are applied automatically upon market close if the parameters established are exceeded. A foreign security is also automatically fair valued if the exchange it is traded in is on Holiday.
Security Transactions and Investment Income: Security transactions are accounted for on a trade date basis. Net realized gains or losses on sales are determined by the identified cost method. Interest income is recorded on an accrual basis. Dividend income is recorded on ex-dividend date, except that certain dividends from foreign securities may be recorded after the ex-dividend date based on when the Fund is informed of the dividend. Amortization and accretion are recorded on the effective yield method.
Expenses: Expenses that are directly related to one Fund are charged directly to that Fund. Other operating expenses are prorated to the Funds primarily on the basis of relative net assets and other relevant factors as determined by Management. Class-specific expenses are borne by that class.
Classes: Income and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative net assets.
Repurchase Agreements: Each Fund may engage in repurchase agreements. In a repurchase agreement, a security is purchased for a relatively short period (usually not more than 7 days) subject to the obligation to sell it back to the issuer at a fixed time and price plus accrued interest. The Funds will enter into repurchase agreements only with member banks of the Federal Reserve System and with “primary dealers” in U.S. Government securities. As of June 30, 2014, none of the Funds held open repurchase agreements.
The Trust has established a procedure providing that the securities serving as collateral for each repurchase agreement must be delivered to the Trust’s custodian either physically or in book-entry form and that the collateral must be marked to market daily to ensure that the repurchase agreement is fully collateralized at all times. In the event of bankruptcy or other default by a seller of a repurchase agreement, a Fund could experience one of the following: delays in liquidating the underlying securities during the period in which the Fund seeks to enforce its rights thereto, possible subnormal levels of income, declines in value of the underlying securities, or lack of access to income during this period and the expense of enforcing its rights.
Foreign Currency Transactions: The Trust’s books and records are maintained in U.S. dollars. Foreign currency denominated transactions (i.e., market value of investment securities, assets and liabilities, purchases and sales of investment securities, and income and expenses) are translated into U.S. dollars at the current rate of exchange. The Funds enter into contracts on the trade date to settle any securities transactions denominated in foreign currencies on behalf of the Funds at the spot rate at settlement.
Each Fund, except the Money Market Fund, which can only invest in U.S. dollar-denominated foreign money market securities, reports certain foreign currency-related transactions as components of realized gains or losses for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes. Only the International Stock Fund had net realized gains from foreign currency transactions’ and that amount is included in the Statements of Operations under the heading “Net realized gain (loss) on investments” for that Fund.
Ultra Series Fund | June 30, 2014 |
Notes to Financial Statements (unaudited) |
The Funds do not isolate the portion of gains and losses on investments in securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of securities. Such amounts are categorized as gain or loss on investments for financial reporting purposes.
Forward Foreign Currency Exchange Contracts : Each Fund, except the Money Market Fund, may purchase and sell forward foreign currency exchange contracts for defensive or hedging purposes. When entering into forward foreign currency exchange contracts, the Funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily. The Funds’ net assets reflect unrealized gains or losses on the contracts as measured by the difference between the forward foreign currency exchange rates at the dates of entry into the contracts and the forward rates at the reporting date. The Funds realize a gain or a loss at the time the forward foreign currency exchange contracts are settled or closed out with an offsetting contract. Realized and unrealized gains and losses are included in the Statements of Operations. As of June 30, 2014, none of the Funds had open forward foreign currency exchange contracts.
If a Fund enters into a forward foreign currency exchange contract to buy foreign currency for any purpose, the Fund will be required to place cash or other liquid assets in a segregated account with the Fund’s custodian in an amount equal to the value of the Fund’s total assets committed to the consummation of the forward contract. If the value of the securities in the segregated account declines, additional cash or securities will be placed in the segregated account so that the value of the account will equal the amount of the Fund’s commitment with respect to the contract.
Cash Concentration: At times, the Funds maintain cash balances at financial institutions in excess of federally insured limits. The Funds monitor this credit risk and have not experienced any losses related to this risk.
Illiquid Securities: Each Fund currently limits investments in illiquid securities to 15% of net assets at the time of purchase, except for Money Market which limits the investment in illiquid securities to 5% of net assets. An illiquid security is generally defined as any investment that may be difficult to sell within seven days for the price at which the Fund values it. At June 30, 2014, investments in securities of the Core Bond, High Income and Diversified Income Funds include issues that are illiquid. As of that date, the aggregate values of illiquid securities held by Core Bond, High Income and Diversified Income Funds were $10,641,408, $1,072,000 and $8,177,734, respectively, which represent 3.5%, 2.2% and 2.0% of net assets, respectively. Pursuant to guidelines adopted by the Board of Trustees, certain unregistered securities are determined to be liquid and are not included within the percent limitations specified above. Information concerning the illiquid securities held at June 30, 2014, which includes cost and acquisition date, is as follows:
Security | Acquisition Date | Cost | ||||||||
Core Bond Fund | ||||||||||
AARP, Inc. | 5/16/02 | $ | 2,092,018 | |||||||
AerCap Ireland Capital Ltd. / AerCap Global Aviation Trust | 5/8/14 | 400,000 | ||||||||
Apollo Management Holdings L.P. | 5/27/14 | 747,930 | ||||||||
ERAC USA Finance LLC | 12/16/04 | 2,158,686 | ||||||||
First Data Corp. | 6/20/14 | 539,025 | ||||||||
Forest Laboratories Inc. | 12/5/13 | 250,000 | ||||||||
Glencore Funding LLC | 4/22/14 | 523,343 | ||||||||
GLP Capital L.P. / GLP Financing II Inc. | 1/14/14 | 255,971 | ||||||||
Indianapolis Power & Light Co. | 10/2/06 | 994,331 | ||||||||
Liberty Mutual Group Inc. | 6/13/13 | 994,189 | ||||||||
Sirius XM Radio Inc. | 5/1/14 | 350,000 | ||||||||
$ | 9,305,493 |
Ultra Series Fund | June 30, 2014 |
Notes to Financial Statements (unaudited) |
Security | Acquisition Date | Cost | ||||||||
High Income Fund | ||||||||||
Boise Cascade Co. | 10/17/12 | $ | 600,000 | |||||||
Endeavor Energy Resources L.P./EER Finance Inc. | 4/16/14 | 418,403 | ||||||||
$ | 1,018,403 | |||||||||
Diversified Income Fund | ||||||||||
AARP, Inc. | 5/16/02 | $ | 2,092,018 | |||||||
ERAC USA Finance LLC | 12/16/04 | 1,996,785 | ||||||||
First Data Corp. | 6/20/14 | 485,122 | ||||||||
GLP Capital L.P. / GLP Financing II Inc. | 1/14/14 | 455,285 | ||||||||
Indianapolis Power & Light Co. | 10/2/06 | 1,546,185 | ||||||||
Volvo Financial Equipment LLC, Series 2014-1A, Class A3 | 2/25/14 | 249,951 | ||||||||
Delayed Delivery Securities: Each Fund may purchase securities on a when-issued or delayed delivery basis. “When-issued” refers to securities whose terms are available and for which a market exists, but that have not been issued. For whenissued or delayed delivery transactions, no payment is made until delivery date, which is typically longer than the normal course of settlement, and often a month or more after the purchase. When a Fund enters into an agreement to purchase securities on a when-issued or delayed delivery basis, the Fund segregates cash or other liquid securities, of any type or maturity, equal in value to the Fund’s commitment. Losses may arise due to changes in the market value of the underlying securities, if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic or other factors. At June 30, 2014, none of the Funds were engaged in such transactions.
Use of Estimates: The preparation of the financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions. Such estimates affect the reported amounts of assets and liabilities and reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.
Indemnifications: Under the Funds’ organizational documents, the Funds’ officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In the normal course of business, the Funds enter into contracts that contain a variety of representations and provide general indemnifications. The Funds’ maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the Funds. However, based on experience, management expects the risk of loss to be remote.
Fair Value Measurements: Each Fund has adopted the FASB guidance on fair value measurements. Fair value is defined as the price that each Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data “inputs” and minimize the use of unobservable “inputs” and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs used in the valuation technique). Inputs may be observable or unobservable.
Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the
Ultra Series Fund | June 30, 2014 |
Notes to Financial Statements (unaudited) |
asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:
• | Level 1 – unadjusted quoted prices in active markets for identical investments | |
• | Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rate volatilities, prepayment speeds, credit risk, benchmark yields, transactions, bids, offers, new issues, spreads and other relationships observed in the markets among comparable securities, underlying equity of the issuer; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data, etc.) | |
• | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The valuation techniques used by the Funds to measure fair value for the six month period ended June 30, 2014 maximized the use of observable inputs and minimized the use of unobservable inputs. The Funds utilized the following fair value techniques: multi-dimensional relational pricing model and option adjusted spread pricing; the Funds estimated the price that would have prevailed in a liquid market for an international equity security given information available at the time of evaluation. Through the six month period ended June 30, 2014, none of the Funds held securities deemed as a Level 3 and there were no transfers between classification levels.
The following is a summary of the inputs used as of June 30, 2014 in valuing the Funds’ investments carried at fair value (please see the Portfolio of Investments for each Fund for a listing of all securities within each category):
Quoted Prices in | Significant Other | Significant | ||||||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||||||
Identical Investments | Inputs | Inputs | Value at | |||||||||||||||||
Fund | (Level 1) | (Level 2) | (Level 3) | 6/30/14 | ||||||||||||||||
Conservative Allocation | $ | 214,004,885 | $ | – | $ | – | $ | 214,004,885 | ||||||||||||
Moderate Allocation | 385,235,880 | – | – | 385,235,880 | ||||||||||||||||
Aggressive Allocation | 147,435,525 | – | – | 147,435,525 | ||||||||||||||||
Money Market1 | 1,208,964 | 26,236,367 | – | 27,445,331 | ||||||||||||||||
Core Bond | ||||||||||||||||||||
Asset Backed | – | 2,037,386 | – | 2,037,386 | ||||||||||||||||
Corporate Notes and Bonds | – | 92,195,516 | – | 92,195,516 | ||||||||||||||||
Long Term Municipal Bonds | – | 3,429,082 | – | 3,429,082 | ||||||||||||||||
Mortgage Backed | – | 55,200,248 | – | 55,200,248 | ||||||||||||||||
U.S. Government and Agency Obligations | – | 144,052,643 | – | 144,052,643 | ||||||||||||||||
Short-Term Investments | 3,776,821 | – | – | 3,776,821 | ||||||||||||||||
3,776,821 | 296,914,875 | – | 300,691,696 | |||||||||||||||||
High Income | ||||||||||||||||||||
Corporate Notes and Bonds | – | 46,674,160 | – | 46,674,160 | ||||||||||||||||
Short-Term Investments | 2,562,433 | – | – | 2,562,433 | ||||||||||||||||
2,562,433 | 46,674,160 | – | 49,236,593 |
Ultra Series Fund | June 30, 2014 |
Notes to Financial Statements (unaudited) |
Quoted Prices in | Significant Other | Significant | |||||||||
Active Markets for | Observable | Unobservable | |||||||||
Identical Investments | Inputs | Inputs | Value at | ||||||||
Fund | (Level 1) | (Level 2) | (Level 3) | 6/30/14 | |||||||
Diversified Income | |||||||||||
Common Stocks | $230,231,027 | $ | – | $ | – | $ | 230,231,027 | ||||
Asset Backed | – | 3,688,775 | – | 3,688,775 | |||||||
Corporate Notes and Bonds | – | 68,664,674 | – | 68,664,674 | |||||||
Long Term Municipal Bonds | – | 1,061,330 | – | 1,061,330 | |||||||
Mortgage Backed | – | 31,491,042 | – | 31,491,042 | |||||||
U.S. Government and Agency Obligations | – | 61,705,412 | – | 61,705,412 | |||||||
Short-Term Investments | 10,610,154 | – | – | 10,610,154 | |||||||
240,841,181 | 166,611,233 | – | 407,452,414 | ||||||||
Large Cap Value | |||||||||||
Common Stocks | 565,238,804 | – | – | 565,238,804 | |||||||
Short-Term Investments | 22,771,738 | – | – | 22,771,738 | |||||||
588,010,542 | – | – | 588,010,542 | ||||||||
Large Cap Growth | |||||||||||
Common Stocks | 358,137,998 | – | – | 358,137,998 | |||||||
Short-Term Investments | 22,551,322 | – | – | 22,551,322 | |||||||
380,689,320 | – | – | 380,689,320 | ||||||||
Mid Cap | |||||||||||
Common Stocks | 338,677,902 | – | – | 338,677,902 | |||||||
Short-Term Investments | 31,666,749 | – | – | 31,666,749 | |||||||
370,344,651 | – | – | 370,344,651 | ||||||||
Small Cap | |||||||||||
Common Stocks | 6,746,296 | – | – | 6,746,296 | |||||||
Short-Term Investments | 257,832 | – | – | 257,832 | |||||||
7,004,128 | – | – | 7,004,128 | ||||||||
International Stock | |||||||||||
Common Stocks | |||||||||||
Australia | – | 2,039,746 | – | 2,039,746 | |||||||
Brazil | 1,893,195 | 1,472,098 | – | 3,365,293 | |||||||
France | – | 13,918,137 | – | 13,918,137 | |||||||
Germany | – | 3,895,559 | – | 3,895,559 | |||||||
Ireland | – | 1,442,490 | – | 1,442,490 | |||||||
Israel | 1,662,238 | – | – | 1,662,238 | |||||||
Japan | – | 9,201,944 | – | 9,201,944 | |||||||
Netherlands | – | 4,173,238 | – | 4,173,238 | |||||||
Singapore | – | 1,637,521 | – | 1,637,521 | |||||||
South Korea | – | 2,021,391 | – | 2,021,391 | |||||||
Sweden | – | 1,530,861 | – | 1,530,861 | |||||||
Switzerland | – | 15,570,772 | – | 15,570,772 | |||||||
United Kingdom | – | 20,874,238 | – | 20,874,238 | |||||||
Short-Term Investments | 2,035,493 | – | – | 2,035,493 | |||||||
5,590,926 | 77,777,995 | – | 83,368,921 | ||||||||
Madison Target Retirement 2020 | 74,177,870 | – | – | 74,177,870 | |||||||
Madison Target Retirement 2030 | 99,396,063 | – | – | 99,396,063 | |||||||
Madison Target Retirement 2040 | 72,584,769 | – | – | 72,584,769 | |||||||
Madison Target Retirement 2050 | 22,656,970 | – | – | 22,656,970 |
Ultra Series Fund | June 30, 2014 |
Notes to Financial Statements (unaudited) |
New Accounting Pronouncements. In June 2013, FASB issued an update (“ASU 2013-08”) to ASC Topic 946, Financial Services – Investment Companies (“Topic 946”). ASU 2013-08 amends the guidance in Topic 946 for determining whether an entity qualifies as an investment company and requires certain additional disclosures. ASU 2013-08 is effective for interim and annual reporting period in fiscal years that begin after December 15, 2013. FASB has determined that a fund registered under the 1940 Act automatically meets ASU 2013-08’s criteria for an investment company. Although still evaluating the potential impact of ASU 2013-08, Management expects that this will not have a material impact on the Funds’ financial statements.
3. MANAGEMENT, SERVICES AND DISTRIBUTION AGREEMENTS
Management Agreement: For services under the Management Agreement, the Investment Adviser is entitled to receive a management fee, which is calculated daily and paid monthly, at an annual rate based upon the following percentages of average daily net assets:
Fund | Management Fee | Fund | Management Fee | |||||||
Conservative Allocation | 0.30 | % | Large Cap Growth | 0.80 | % | |||||
Moderate Allocation | 0.30 | % | Mid Cap | 0.90 | % | |||||
Aggressive Allocation | 0.30 | % | Small Cap | 1.10 | % | |||||
Money Market | 0.45 | % | International Stock | 1.15 | % | |||||
Core Bond | 0.55 | % | Madison Target Retirement 2020 | 0.25 | % | |||||
High Income | 0.75 | % | Madison Target Retirement 2030 | 0.25 | % | |||||
Diversified Income | 0.70 | % | Madison Target Retirement 2040 | 0.25 | % | |||||
Large Cap Value | 0.60 | % | Madison Target Retirement 2050 | 0.25 | % |
For all but the Target Date Funds, the Management Agreement requires the Investment Adviser to provide or arrange to provide overall management of the Funds, including but not limited to, investment advisory services, custody, transfer agency, dividend disbursing, legal, accounting and administrative services. Neither Management Agreement includes Trustee compensation or the fees paid to the Trust’s independent Registered Public Accountant. For the Target Date Funds, the Management Agreement requires the Investment Adviser to provide investment management services to the Funds. Other services performed by the Investment Adviser for these Funds are covered under a separate Services Agreement (discussed below).
The Investment Adviser is solely responsible for the payment of all fees to the Subadvisers. The Subadvisers for the Funds are Shenkman Capital Management, Inc. for the High Income Fund, Wellington Management Company, LLP for the Small Cap Fund and NorthRoad Capital Management LLC, an affiliate of Madison, for the International Stock Fund. The Investment Adviser manages the Money Market Fund, Core Bond Fund, Diversified Income Fund, Large Cap Growth Fund, Large Cap Value Fund, Mid Cap Fund, Target Allocation Funds and the Target Date Funds.
The Investment Adviser may from time to time voluntarily agree to waive a portion of its fees or expenses related to the Funds. In that regard, the Investment Adviser waived a portion of management fees on the Money Market Class I Shares and Class II Shares. The amount of the daily waiver is equal to the amount required to maintain a minimum daily distribution rate of zero. For the six month period ended June 30, 2014, the waivers totaled $63,314 for Class I Shares and $3,210 for Class II Shares and are reflected as fees waived by the Investment Adviser in the accompanying Statements of Operations. The Investment Adviser does not have the right to recoup these waived fees.
Services Agreement: Effective September 1, 2011, the Investment Adviser entered into a services agreement (“Services Agreement”) for the Target Date Funds. Under the Services Agreement, Madison provides either directly or through
Ultra Series Fund | June 30, 2014 |
Notes to Financial Statements (unaudited) |
outsourced arrangements all operational and support services of the Target Date Funds not provided under the Management Agreement discussed above. Under this Services Agreement, Madison receives a fee of 0.05% (annualized) of the average daily net assets of each Target Date Fund. In exchange for the aforementioned fee, Madison is responsible for paying all of the Funds’ fees and expenses, other than (i) the management fee (described above), (ii) fees related to the Funds’ portfolio holdings (such as brokerage commissions, interest on loans, etc.), (iii) acquired Fund fees, and (iv) extraordinary or non- recurring fees (such as taxes, borrowing costs, etc.). The direct expenses of the Funds’ independent trustees and independent auditors are paid out of this fee by the Target Date Funds. Pursuant to the Services Agreement, Madison has also agreed, until April 30, 2014, to waive and/or reimburse investment advisory fees and/or its services fee to the extent necessary to limit each Target Date Fund’s total operating expenses and underlying fees and expenses to 0.65% of average daily net assets. In applying this waiver, Madison must utilize good faith estimates of the fees and expenses of the underlying funds. For the period ended June 30, 2014, no fees were waived. The Investment Adviser does not have the right to recoup these waived fees, if any.
Distribution Agreement:MFD Distributor, LLC (“MFD”) serves as distributor of the Funds. The Trust adopted a distribution and service plan with respect to the Trust’s Class II shares pursuant to Rule 12b-1 under the 1940 Act. Under the plan, the Trust will pay a service fee with regard to Class II shares at an annual rate of 0.25% of each Fund’s daily net assets. MFD arranges to provide compensation to others that provide distribution and shareholder servicing services to the Funds and their shareholders. Fees incurred by the Funds under the plan are detailed in the Statements of Operations.
MFD may from time to time voluntarily agree to waive a portion of its fees or expenses related to the Funds. In this regard, the distributor waived a portion of 12b-1 fees on the Money Market Class II shares for the purpose of maintaining a one-day yield of zero. For the six month period ended June 30, 2014, the waivers totaled $2,159 and are reflected as fees waived in the Statements of Operations. Neither MFD nor the Investment Adviser has the right to recoup these waived fees.
Other Expenses: Except as provided below, in addition to the management fee, the Trust is responsible for fees of the independent trustees, brokerage commissions and other expenses incurred in connection with the acquisition or disposition of investments, costs of borrowing money, expenses for independent audits, any potential taxes owed and extraordinary expenses as approved by a majority of independent trustees. Effective September 1, 2011, the fees for the independent trustees and independent audits are paid out of the Services Agreement fee (noted above) for the Target Date Funds.
Certain officers and trustees of the Trust are also officers of the Investment Adviser. The Funds do not compensate their officers or affiliated trustees. The Nominating and Governance Committee of the Board may change trustee fees paid at any time.
4. DIVIDENDS FROM NET INCOME AND DISTRIBUTIONS OF CAPITAL GAINS
The Money Market Fund declares dividends from net investment income and net realized gains from investment transactions, if any, daily, and net realized gains from investment transactions, if any, annually, which are reinvested in additional full and fractional shares of the Fund. The Funds declare dividends from net investment income and net realized gains from investment transactions, if any, annually, which are reinvested in additional full and fractional shares of the respective Funds.
Income and capital gain distributions, if any, are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Taxable distributions from income and realized capital gains of the Funds may differ from book amounts earned during the period due to differences in the timing of capital gains recognition, and due to the reclassification of certain gains or losses from capital to income.
Ultra Series Fund | June 30, 2014 |
Notes to Financial Statements (unaudited) |
5. SECURITIES TRANSACTIONS
For the six month period ended June 30, 2014, aggregate cost of purchases and proceeds from sales of securities, other than short-term investments, were as follows:
U.S. Government Securities | Other Investment Securities | ||||||||||||
Fund | Purchases | Sales | Purchases | Sales | |||||||||
Conservative Allocation | $ | – | $ | – | $ | 92,736,762 | $ | 108,626,845 | |||||
Moderate Allocation | – | – | 156,863,992 | 189,930,183 | |||||||||
Aggressive Allocation | – | – | 55,532,288 | 68,710,269 | |||||||||
Core Bond | 3,766,280 | 21,755,620 | 22,027,970 | 23,927,793 | |||||||||
High Income | – | 14,430,856 | 16,796,036 | ||||||||||
Diversified Income | 4,816,518 | 12,060,718 | 47,228,618 | 61,099,107 | |||||||||
Large Cap Value | – | – | 217,499,883 | 257,564,121 | |||||||||
Large Cap Growth | – | – | 59,555,495 | 91,775,183 | |||||||||
Mid Cap | – | – | 67,337,635 | 115,752,068 | |||||||||
Small Cap | – | – | 654,289 | 1,628,852 | |||||||||
International Stock | – | – | 65,354,493 | 79,764,753 | |||||||||
Madison Target Retirement 2020 | – | – | 80,024,957 | 78,375,474 | |||||||||
Madison Target Retirement 2030 | – | – | 74,365,766 | 72,616,057 | |||||||||
Madison Target Retirement 2040 | – | – | 54,325,736 | 53,638,401 | |||||||||
Madison Target Retirement 2050 | – | – | 20,985,392 | 17,476,081 |
6. FOREIGN SECURITIES
Each Fund may invest in foreign securities; however, the Money Market Fund is limited to U.S. dollar-denominated foreign money market securities. Foreign securities include American Depositary Receipts (“ADRs’’), European Depositary Receipts (“EDRs’’), Global Depositary Receipts (“GDRs’’), Swedish Depositary Receipts (“SDRs’’) and foreign money market securities. U.S. dollar-denominated securities that are part of the Merrill Lynch U.S. Domestic Master Index are not considered a foreign security.
Certain Funds have reclaim receivable balances, in which the Funds are due a reclaim on the taxes that have been paid to some foreign jurisdictions. The values of all reclaims are not significant for any of the Funds and are reflected in Other Assets on the Statements of Assets and Liabilities. These receivables are reviewed to ensure the current receivable balance is reflective of the amount deemed to be collectable.
7. SECURITIES LENDING
Each Fund, except the Target Allocation, Money Market, Small Cap and Target Retirement Funds, entered into a Securities Lending Agreement (the “Agreement”) with State Street Bank and Trust Company (“State Street”). Under the terms of the Agreement, the Funds may lend portfolio securities to qualified borrowers in order to earn additional income. The Agreement requires that loans are collateralized at all times by cash or other liquid assets at least equal to 102% of the value of the securitie which is determined on a daily basis. Amounts earned as interest on investments of cash collateral, net of rebates and fees, if any, are included in the Statements of Operations. The primary risk associated with securities lending is if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the Funds could experience delays and costs in recovering securities loaned or in gaining access to the collateral.
At June 30, 2014, none of the Funds had securities out on loan.
Ultra Series Fund | June 30, 2014 |
Notes to Financial Statements (unaudited) |
8. FEDERAL INCOME TAX INFORMATION
It is each Fund’s policy to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986 applicable to regulated investment companies and to distribute all its taxable income to its shareholders. Accordingly, no provisions for federal income taxes are recorded in the accompanying statements.
For federal income tax purposes, the Funds listed below have capital loss carryforwards as of December 31, 2013 which are available to offset future capital gains, if any, realized through the fiscal year listed:
No Expiration- | ||||||||||||||||||||||
Fund | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | Short Term | |||||||||||||||
Conservative Allocation | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | $ | – | ||||||||
Moderate Allocation | – | – | – | 5,429,580 | 9,937,108 | – | – | |||||||||||||||
Aggressive Allocation | – | – | – | – | – | – | – | |||||||||||||||
Money Market | �� | – | – | – | – | – | – | 399 | ||||||||||||||
Core Bond | – | – | – | 8,593,619 | 346,309 | – | – | |||||||||||||||
High Income | – | – | 2,652,908 | 4,641,635 | – | – | – | |||||||||||||||
Diversified Income | – | – | – | 6,420,044 | – | – | – | |||||||||||||||
Large Cap Value | – | – | – | 28,758,901 | – | – | – | |||||||||||||||
Large Cap Growth | – | – | – | – | – | – | – | |||||||||||||||
Mid Cap | – | – | 15,192,498 | – | – | – | – | |||||||||||||||
Small Cap | – | – | 607,545 | – | – | – | – | |||||||||||||||
International Stock | – | – | 3,937,695 | 20,286,292 | 1,822,160 | – | – | |||||||||||||||
Madison Target Retirement 2020 | – | – | – | – | – | – | – | |||||||||||||||
Madison Target Retirement 2030 | – | – | – | – | – | – | – | |||||||||||||||
Madison Target Retirement 2040 | – | – | – | – | – | – | – | |||||||||||||||
Madison Target Retirement 2050 | – | – | – | – | – | – | – |
Included in the net capital loss carryforwards for Mid Cap Fund, Small Cap Fund and International Stock Fund is $15,192,498, $607,545 and $6,562,825, respectively, of capital loss carryforwards subject to certain limitations upon availability, to offset future gains, if any, as the successor of a merger. These acquired losses are included in the total losses available noted above.
At June 30, 2014, the aggregate gross unrealized appreciation/depreciation and net unrealized appreciation for all securities as computed on a federal income tax basis for each Fund were as follows:
Fund | Appreciation | Depreciation | Net | |||||||
Conservative Allocation | $ | 17,383,443 | $ | 13,618 | $ | 17,369,825 | ||||
Moderate Allocation | 57,020,481 | 14,968 | 57,005,513 | |||||||
Aggressive Allocation | 25,893,245 | 527 | 25,892,718 | |||||||
Core Bond | 18,774,092 | 3,948,713 | 14,825,379 | |||||||
High Income | 1,961,554 | 47,500 | 1,914,054 | |||||||
Diversified Income | 85,895,540 | 2,514,545 | 83,380,995 | |||||||
Large Cap Value | 141,725,487 | 720,847 | 141,004,640 | |||||||
Large Cap Growth | 114,865,800 | – | 114,865,800 | |||||||
Mid Cap | 104,878,078 | 1,995,798 | 102,882,280 | |||||||
Small Cap | 2,909,301 | 27,299 | 2,882,002 | |||||||
International Stock | 9,345,737 | 964,549 | 8,381,188 | |||||||
Madison Target Retirement 2020 | 5,229,153 | 896 | 5,228,257 | |||||||
Madison Target Retirement 2030 | 11,164,608 | 25,826 | 11,138,782 | |||||||
Madison Target Retirement 2040 | 9,951,613 | 11,237 | 9,940,376 | |||||||
Madison Target Retirement 2050 | 2,777,419 | 465 | 2,776,954 | |||||||
Ultra Series Fund | June 30, 2014 |
Notes to Financial Statements (unaudited) |
The differences between the book unrealized amounts reflected in the Statement of Assets and Liabilities and tax unrealized amounts (shown above) are due to the tax deferral of losses on wash sales.
9. INVESTMENT RISKS
Investing in certain financial instruments, including forward foreign currency contracts, involves certain risks. Risks associated with these instruments include potential for an illiquid secondary market for the instruments or inability of counterparties to perform under the terms of the contracts, changes in the value of foreign currency relative to the U.S. dollar and financial statement volatility resulting from an imperfect correlation between the movements in the prices of the instruments and the prices of the underlying securities and interest rates being hedged. The International Stock Fund may enter into these contracts primarily to protect the Fund from adverse currency movements.
Investing in foreign securities involves certain risks not necessarily found in U.S. markets. These include, but are not limited to, risks associated with adverse changes in economic, political, regulatory and other conditions, changes in currency exchange rates, exchange control regulations, expropriation of assets or nationalization, imposition of withholding taxes on dividend or interest payments or capital gains, and possible difficulty in obtaining and enforcing judgments against foreign entities. Further, issuers of foreign securities are subject to different, and often less comprehensive, accounting, reporting and disclosure requirements than domestic issuers.
The Money Market Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation (FDIC) or any other governme agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Additionally, while the Fund has maintained a constant share price since inception, and will continue to t to do so, neither the Investment Adviser nor its affiliates are required to make a capital infusion, enter into a capital support agreement or take other actions to prevent the Fund’s share price from falling below $1.00.
The High Income Fund invests in securities offering high current income which generally will include bonds in the below investment grade categories of recognized ratings agencies (so-called“junk bonds’’). These securities generally involve more credit risk than securities in the higher rating categories. In addition, the trading market for high yield securities may be relative less liquid than the market for higher-rated securities. The High Income Fund generally invests at least 80% of its net assets in high yield securities.
The Target Allocation Funds and Target Date Funds are fund of funds, meaning that they invest primarily in the shares of other registered investment companies (the “Underlying Funds’’), including exchange traded funds (“ETFs”). Thus, each Fund’s investment performance and its ability to achieve its investment goal are directly related to the performance of the Underlying Funds in which it invests; and the Underlying Fund’s performance, in turn, depends on the particular securities in which that Underlying Fund invests and the expenses of that Fund. Accordingly, these Funds are subject to the risks of the Underlying Funds in direct proportion to the allocation of their respective assets among the Underlying Funds.
Additionally, the Target Allocation Funds and Target Date Funds are subject to asset allocation risk and manager risk. Manager risk (i.e., fund selection risk) is the risk that the fund(s) selected to fulfill a particular asset class underperforms its peers. Asset allocation risk is the risk that the allocation of the Fund’s assets among the various asset classes and market segments will cause the Fund to underperform other funds with a similar investment objective.
In addition to the other risks described above and in the prospectus, you should understand what we refer to as “unknown market risks.” While investments in securities have been keystones in wealth building and management, at times these investments have produced surprises. Those who enjoyed growth and income of their investments generally were rewarded for the risks they took by investing in the markets. Although the Investment Adviser seeks to appropriately address and
Ultra Series Fund | June 30, 2014 |
Notes to Financial Statements (unaudited) |
manage the risks identified and disclosed to you in connection with the management of the securities in the Funds, you should understand that the very nature of the securities markets includes the possibility that there may be additional risks of which we are not aware. We certainly seek to identify all applicable risks and then appropriately address them, take appropriate action to reasonably manage them and, of course, to make you aware of them so you can determine if they exceed your risk tolerance. Nevertheless, the often volatile nature of the securities markets and the global economy in which we work suggests that the risk of the unknown is something to consider in connection with an investment in securities. Unforeseen events could under certain circumstances produce a material loss of the value of some or all of the securities we manage for you in the Funds.
10. CAPITAL SHARES AND AFFILIATED OWNERSHIP
All capital shares outstanding at June 30, 2014, are owned by separate investment accounts and/or pension plans of CMFG Life Insurance Company.
The Target Allocation Funds invest in Underlying Funds, of which certain underlying funds (the “affiliated underlying funds’’), may be deemed to be under common control because of the same Board of Trustees. Madison Funds’ historical financial information is available to you at no cost on the Securities and Exchange Commission’s website at www.sec.gov, by calling 1-800-877-6089 or by visiting the Madison Funds’ website at www.madisonfunds.com. A summary of the transactions with each affiliated underlying fund as of June 30, 2014 follows:
Balance of | Balance of | |||||||||||||||||
Shares | Shares | |||||||||||||||||
Held at | Gross | Gross | Held at | Value at | Realized | Distributions | ||||||||||||
Fund/Underlying Fund | 12/31/13 | Additions | Sales | 6/30/14 | 6/30/14 | Gain (Loss) | Received1 | |||||||||||
Conservative Allocation Fund | ||||||||||||||||||
Madison High Quality Bond Fund ClassY | 1,311,499 | – | 342,885 | 968,614 | $ | 10,693,501 | $ | 41,541 | $ | 59,126 | ||||||||
Madison Core Bond Fund Class Y | 2,922,623 | 686,353 | – | 3,608,976 | 36,883,739 | – | 412,499 | |||||||||||
Madison Corporate Bond Fund ClassY | 1,242,125 | 88,300 | – | 1,330,425 | 15,339,797 | – | 175,245 | |||||||||||
Madison High Income Fund ClassY | 644,273 | – | 376,669 | 267,604 | 1,835,762 | 373,514 | 78,345 | |||||||||||
Madison Large Cap Value Fund ClassY | 1,154,703 | 190,930 | 216,364 | 1,129,269 | 21,614,201 | 731,950 | – | |||||||||||
Madison Investors Fund ClassY | 482,787 | 25,378 | 159,954 | 348,211 | 8,559,030 | 222,129 | – | |||||||||||
Madison Large Cap Growth Fund ClassY | 529,589 | 46,956 | 170,908 | 405,637 | 9,232,306 | 656,827 | – | |||||||||||
Madison NorthRoad International Fund ClassY | – | 340,459 | – | 340,459 | 4,286,382 | – | – | |||||||||||
Madison International Stock Fund ClassY | 619,931 | 75,805 | 536,465 | 159,271 | 2,245,722 | 2,893,625 | – | |||||||||||
Totals | $ | 110,690,440 | $ | 4,919,586 | $ | 725,215 |
1Distributions received include distributions from net investment income and from capital gains, if any, from the underlying funds.
Ultra Series Fund | June 30, 2014 |
Notes to Financial Statements (unaudited) |
Balance of | Balance of | |||||||||||||||||
Shares | Shares | |||||||||||||||||
Held at | Gross | Gross | Held at | Value at | Realized | Distributions | ||||||||||||
Fund/Underlying Fund | 12/31/13 | Additions | Sales | 6/30/14 | 6/30/14 | Gain (Loss) | Received1 | |||||||||||
Moderate Allocation Fund | ||||||||||||||||||
Madison High Quality Bond Fund ClassY | 1,410,475 | – | 332,186 | 1,078,289 | $ | 11,904,312 | $ | 58,062 | $ | 62,348 | ||||||||
Madison Core Bond Fund Class Y | 3,502,719 | 493,709 | – | 3,996,428 | 40,843,490 | – | 459,465 | |||||||||||
Madison Corporate Bond Fund ClassY | – | 481,207 | – | 481,207 | 5,548,316 | – | 28,059 | |||||||||||
Madison High Income Fund ClassY | 997,754 | – | 490,137 | 507,617 | 3,482,251 | 716,588 | 139,466 | |||||||||||
Madison Large Cap Value Fund ClassY | 2,603,004 | 215,005 | 200,392 | 2,617,617 | 50,101,189 | 737,363 | – | |||||||||||
Madison Investors Fund ClassY | 1,408,146 | 104,571 | 206,523 | 1,306,194 | 32,106,243 | 768,137 | – | |||||||||||
Madison Large Cap Growth Fund ClassY | 1,726,206 | 63,887 | 253,171 | 1,536,922 | 34,980,340 | 1,645,108 | – | |||||||||||
Madison Mid Cap Fund ClassY | 1,557,029 | 154,403 | 306,960 | 1,404,472 | 13,749,783 | 664,902 | – | |||||||||||
Madison Small Cap Fund Class Y | 339,648 | – | 339,648 | – | – | 2,429,094 | – | |||||||||||
Madison NorthRoad International Fund ClassY | 1,094,129 | 78,989 | 96,906 | 1,076,212 | 13,549,510 | 183,845 | – | |||||||||||
Madison International Stock Fund ClassY | 617,093 | 37,147 | 250,266 | 403,974 | 5,696,039 | 1,379,585 | – | |||||||||||
Totals | $ | 211,961,473 | $ | 8,582,684 | $ | 689,338 | ||||||||||||
Aggressive Allocation Fund | ||||||||||||||||||
Madison Core Bond Fund Class Y | – | 708,801 | 1,938 | 706,863 | $ | 7,224,140 | $ | (77 | ) | $ | 64,088 | |||||||
Madison High Income Fund ClassY | 110,764 | – | 110,764 | – | – | (23,032 | ) | 4,641 | ||||||||||
Madison Large Cap Value Fund ClassY | 1,197,778 | 65,861 | 98,438 | 1,165,201 | 22,301,956 | 427,829 | – | |||||||||||
Madison Investors Fund ClassY | 658,131 | 23,665 | 71,116 | 610,680 | 15,010,504 | 210,410 | – | |||||||||||
Madison Large Cap Growth Fund ClassY | 813,620 | 40,152 | 119,474 | 734,298 | 16,712,624 | 840,107 | – | |||||||||||
Madison Mid Cap Fund ClassY | 1,166,027 | 42,781 | 480,111 | 728,697 | 7,133,942 | 1,380,787 | – | |||||||||||
Madison Small Cap Fund Class Y | 146,980 | – | 146,980 | – | – | 1,017,216 | – | |||||||||||
Madison NorthRoad International Fund ClassY | 406,344 | 51,343 | 56,252 | 401,435 | 5,054,072 | 106,886 | – | |||||||||||
Madison International Stock Fund ClassY | 302,943 | 28,932 | 125,444 | 206,431 | 2,910,683 | 479,666 | – | |||||||||||
Totals | $ | 76,347,921 | $ | 4,439,792 | $ | 68,729 |
1Distributions received include distributions from net investment income and from capital gains, if any, from the underlying funds.
11. SUBSEQUENT EVENTS
All Matters
Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issue. No other events have taken place that meet the definition of subsequent event that require adjustment to, or disclosure in the financial statements.
Ultra Series Fund | June 30, 2014 |
Other Information (unaudited) |
FUND EXPENSES PAID BY SHAREHOLDERS
As a shareholder of the Funds, you pay no transaction costs, but do incur ongoing costs which include management fees; disinterested trustee fees; brokerage commissions and other expenses incurred in connection with the acquisition or disposition of investments; costs of borrowing money; expenses for independent audits, taxes, and extraordinary expenses as approved by a majority of the disinterested trustees. The examples in the table that follows are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The examples below are based on an investment of $1,000 invested for the six-month period ended June 30, 2014. Expenses paid during the period in the table below are equal to each Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half fiscal year period).
CLASS I | CLASS II | |||||||||||||||||||
Beginning | Ending | Annual | Expenses | Ending | Annual | Expenses | ||||||||||||||
Account | Account | Expense | Paid During | Account | Expense | Paid During | ||||||||||||||
Fund | Value | Value | Ratio | Period | Value | Ratio | Period | |||||||||||||
Conservative Allocation | $1,000 | $1,043.00 | 0.31% | $1.57 | $1,041.70 | 0.56% | $2.83 | |||||||||||||
Moderate Allocation | 1,000 | 1,048.00 | 0.31% | 1.57 | 1,046.70 | 0.56% | 2.84 | |||||||||||||
Aggressive Allocation | 1,000 | 1,053.30 | 0.31% | 1.58 | 1,052.00 | 0.56% | 2.85 | |||||||||||||
Money Market | 1,000 | 1,000.00 | 0.09% | 0.45 | 1,000.00 | 0.09% | 0.45 | |||||||||||||
Core Bond | 1,000 | 1,036.90 | 0.57% | 2.88 | 1,035.60 | 0.82% | 4.14 | |||||||||||||
High Income | 1,000 | 1,048.40 | 0.77% | 3.91 | 1,047.10 | 1.02% | 5.18 | |||||||||||||
Diversified Income | 1,000 | 1,047.70 | 0.71% | 3.60 | 1,046.40 | 0.96% | 4.87 | |||||||||||||
Large Cap Value | 1,000 | 1,083.40 | 0.61% | 3.15 | 1,082.10 | 0.86% | 4.44 | |||||||||||||
Large Cap Growth | 1,000 | 1,050.50 | 0.81% | 4.12 | 1,049.20 | 1.06% | 5.39 | |||||||||||||
Mid Cap | 1,000 | 1,033.20 | 0.91% | 4.59 | 1,031.90 | 1.16% | 5.84 | |||||||||||||
Small Cap | 1,000 | 1,017.40 | 1.12% | 5.60 | 1,016.20 | 1.37% | 6.85 | |||||||||||||
International Stock | 1,000 | 1,051.20 | 1.17% | 5.95 | 1,049.90 | 1.42% | 7.22 | |||||||||||||
Madison Target Retirement 2020 | 1,000 | 1,045.00 | 0.30% | 1.52 | ||||||||||||||||
Madison Target Retirement 2030 | 1,000 | 1,050.70 | 0.30% | 1.53 | ||||||||||||||||
Madison Target Retirement 2040 | 1,000 | 1,052.70 | 0.30% | 1.53 | ||||||||||||||||
Madison Target Retirement 2050 | 1,000 | 1,053.80 | 0.30% | 1.53 |
Ultra Series Fund | June 30, 2014 |
Other Information (unaudited) |
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare the 5% hypothetical example of the Funds you own with the 5% hypothetical examples that appear in the shareholder reports of other similar funds.
CLASS I | CLASS II | |||||||||||||||||||
Beginning | Ending | Annual | Expenses | Ending | Annual | Expenses | ||||||||||||||
Account | Account | Expense | Paid During | Account | Expense | Paid During | ||||||||||||||
Fund | Value | Value | Ratio | Period | Value | Ratio | Period | |||||||||||||
Conservative Allocation | $1,000 | $1,023.26 | 0.31% | $1.56 | $1,022.02 | 0.56% | $2.81 | |||||||||||||
Moderate Allocation | 1,000 | 1,023.26 | 0.31% | 1.56 | 1,022.02 | 0.56% | 2.81 | |||||||||||||
Aggressive Allocation | 1,000 | 1,023.26 | 0.31% | 1.56 | 1,022.02 | 0.56% | 2.81 | |||||||||||||
Money Market | 1,000 | 1,024.35 | 0.09% | 0.45 | 1,024.35 | 0.09% | 0.45 | |||||||||||||
Core Bond | 1,000 | 1,021.97 | 0.57% | 2.86 | 1,020.73 | 0.82% | 4.11 | |||||||||||||
High Income | 1,000 | 1,020.98 | 0.77% | 3.86 | 1,019.74 | 1.02% | 5.11 | |||||||||||||
Diversified Income | 1,000 | 1,021.27 | 0.71% | 3.56 | 1,020.03 | 0.96% | 4.81 | |||||||||||||
Large Cap Value | 1,000 | 1,021.77 | 0.61% | 3.06 | 1,020.53 | 0.86% | 4.31 | |||||||||||||
Large Cap Growth | 1,000 | 1,020.78 | 0.81% | 4.06 | 1,019.54 | 1.06% | 5.31 | |||||||||||||
Mid Cap | 1,000 | 1,020.28 | 0.91% | 4.56 | 1,019.04 | 1.16% | 5.81 | |||||||||||||
Small Cap | 1,000 | 1,019.24 | 1.12% | 5.61 | 1,018.00 | 1.37% | 6.85 | |||||||||||||
International Stock | 1,000 | 1,018.99 | 1.17% | 5.86 | 1,017.75 | 1.42% | 7.10 | |||||||||||||
Madison Target Retirement 2020 | 1,000 | 1,023.31 | 0.30% | 1.51 | ||||||||||||||||
Madison Target Retirement 2030 | 1,000 | 1,023.31 | 0.30% | 1.51 | ||||||||||||||||
Madison Target Retirement 2040 | 1,000 | 1,023.31 | 0.30% | 1.51 | ||||||||||||||||
Madison Target Retirement 2050 | 1,000 | 1,023.31 | 0.30% | 1.51 |
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any separate account fees, charges, or expenses imposed by the variable annuity or variable life insurance contracts, or retirement pension plans that use the Funds. The information provided in the hypothetical example table is useful in comparing ongoing Fund costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these fees, charges or expenses were included, your costs would have been higher.
AVAILABILITY OF QUARTERLY PORTFOLIO SCHEDULES
The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Form N-Q is available to shareholders at no cost on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. More information on the operation of the Public Reference Room may be obtained by calling 1-202-551-8090. Form N-Q and other information about the Trust are available on the EDGAR database on the SEC’s Internet site at www.sec.gov. Copies of this information may also be obtained, upon payment of a duplicating fee, by electronic request at the following email address: publicinfo@sec.gov, or by writing the SEC’s Public Reference Section, Washington, DC 20549-0102.
Ultra Series Fund | June 30, 2014 |
Other Information (unaudited) |
PROXY VOTING POLICIES, PROCEDURES AND RECORDS
A description of the policies and procedures used by the Trust to vote proxies related to portfolio securities is available to shareholders at no cost on the SEC’s website at www.sec.gov and is also located in the Funds’ Statement of Additional Information. The proxy voting records for the Trust for the most recent twelve-month period ended June 30 are available to shareholders at no cost on the SEC’s website at www.sec.gov.
FORWARD-LOOKING STATEMENT DISCLOSURE
One of our most important responsibilities as investment company managers is to communicate with shareholders in an open and direct manner. Some of our comments in our letters to shareholders are based on current management expectations and are considered“forward-looking statements.”Actual future results, however, may prove to be different from our expectations. You can identify forward-looking statements by words such as “estimate,”” may,““ will,”” expect, ““believe,”” plan”and other similar terms. We cannot promise future returns. Our opinions are a reflection of our best judgment at the time this report is compiled, and we disclaim any obligation to update or after forward-looking statements as a result of new information, future events, or otherwise.
SEC File Number: 811-04815
Item 2. Code of Ethics.
Not applicable in semi-annual report.
Item 3. Audit Committee Financial Expert.
Not applicable in semi-annual report.
Item 4. Principal Accountant Fees and Services.
Not applicable in semi-annual report.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Schedule of Investments
Included in report to shareholders (Item 1) above.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Included in report to shareholders (Item 1) above. Otherwise, no changes. The Trust does not normally hold shareholder meetings.
Item 11. Controls and Procedures.
(a) The Trust’s principal executive officer and principal financial officers determined that the Trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) are effective, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 within 90 days of the date of this report. There were no significant changes in the Trust’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation. The officers identified no significant deficiencies or material weaknesses.
(b) There were no changes in the Trust’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust’s internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Not applicable in semi-annual report. (The code was previously filed with the registrant’s Annual Report dated December 31, 2013).
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Act.
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Act.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
Ultra Series Fund
By: (signature)
W. Richard Mason, Chief Compliance Officer
Date: August 25, 2014
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By: (signature)
Katherine L. Frank, Principal Executive Officer
Date: August 25, 2014
By: (signature)
Greg Hoppe, Principal Financial Officer
Date: August 25, 2014