Overview

The Ultra Series Fund (the “Fund”) is a series fund with a variety of investment portfolios, each with different investment objectives and policies. The shares are offered to separate accounts and qualified pension and retirement plans of CUNA Mutual Insurance Society or its affiliates. The Fund may, in the future, offer shares to separate accounts of insurance companies and to qualified pension and retirement plans that are not affiliated with CUNA Mutual Group. The Fund does not offer shares directly to the general public.

Prospectuses & Documents

Fund Prospectus SAI Annual Report Semi-Annual Report 1st Quarter Holdings 3rd Quarter Holdings N-CSR N-CSR S Proxy Voting Record

Fixed Income Funds
Core Bond Fund I Prospectus Prospectus SAI SAI Annual Report Annual Report Semi-Annual Report Semi-Annual Report 1st Quarter Holdings 1st Quarter Holdings 3rd Quarter Holdings 3rd Quarter Holdings N-CSR

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Core Bond Fund II Prospectus Prospectus SAI SAI Annual Report Annual Report Semi-Annual Report Semi-Annual Report 1st Quarter Holdings 1st Quarter Holdings 3rd Quarter Holdings 3rd Quarter Holdings N-CSR

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High Income Fund I Prospectus Prospectus SAI SAI Annual Report Annual Report Semi-Annual Report Semi-Annual Report 1st Quarter Holdings 1st Quarter Holdings 3rd Quarter Holdings 3rd Quarter Holdings N-CSR

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High Income Fund II Prospectus Prospectus SAI SAI Annual Report Annual Report Semi-Annual Report Semi-Annual Report 1st Quarter Holdings 1st Quarter Holdings 3rd Quarter Holdings 3rd Quarter Holdings N-CSR

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Asset Allocation Funds
Diversified Income Fund I Prospectus Prospectus SAI SAI Annual Report Annual Report Semi-Annual Report Semi-Annual Report 1st Quarter Holdings 1st Quarter Holdings 3rd Quarter Holdings 3rd Quarter Holdings N-CSR

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Diversified Income Fund II Prospectus Prospectus SAI SAI Annual Report Annual Report Semi-Annual Report Semi-Annual Report 1st Quarter Holdings 1st Quarter Holdings 3rd Quarter Holdings 3rd Quarter Holdings N-CSR

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Conservative Allocation Fund I Prospectus Prospectus SAI SAI Annual Report Annual Report Semi-Annual Report Semi-Annual Report 1st Quarter Holdings 1st Quarter Holdings 3rd Quarter Holdings 3rd Quarter Holdings N-CSR

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Conservative Allocation Fund II Prospectus Prospectus SAI SAI Annual Report Annual Report Semi-Annual Report Semi-Annual Report 1st Quarter Holdings 1st Quarter Holdings 3rd Quarter Holdings 3rd Quarter Holdings N-CSR

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Moderate Allocation Fund I Prospectus Prospectus SAI SAI Annual Report Annual Report Semi-Annual Report Semi-Annual Report 1st Quarter Holdings 1st Quarter Holdings 3rd Quarter Holdings 3rd Quarter Holdings N-CSR

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Moderate Allocation Fund II Prospectus Prospectus SAI SAI Annual Report Annual Report Semi-Annual Report Semi-Annual Report 1st Quarter Holdings 1st Quarter Holdings 3rd Quarter Holdings 3rd Quarter Holdings N-CSR

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Aggressive Allocation Fund I Prospectus Prospectus SAI SAI Annual Report Annual Report Semi-Annual Report Semi-Annual Report 1st Quarter Holdings 1st Quarter Holdings 3rd Quarter Holdings 3rd Quarter Holdings N-CSR

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Aggressive Allocation Fund II Prospectus Prospectus SAI SAI Annual Report Annual Report Semi-Annual Report Semi-Annual Report 1st Quarter Holdings 1st Quarter Holdings 3rd Quarter Holdings 3rd Quarter Holdings N-CSR

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Ultra Series Target Retirement 2020 Fund I Prospectus Prospectus SAI SAI Annual Report Annual Report Semi-Annual Report Semi-Annual Report 1st Quarter Holdings 1st Quarter Holdings 3rd Quarter Holdings 3rd Quarter Holdings N-CSR

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Ultra Series Target Retirement 2030 Fund I Prospectus Prospectus SAI SAI Annual Report Annual Report Semi-Annual Report Semi-Annual Report 1st Quarter Holdings 1st Quarter Holdings 3rd Quarter Holdings 3rd Quarter Holdings N-CSR

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Ultra Series Target Retirement 2040 Fund I Prospectus Prospectus SAI SAI Annual Report Annual Report Semi-Annual Report Semi-Annual Report 1st Quarter Holdings 1st Quarter Holdings 3rd Quarter Holdings 3rd Quarter Holdings N-CSR

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Ultra Series Target Retirement 2050 Fund I Prospectus Prospectus SAI SAI Annual Report Annual Report Semi-Annual Report Semi-Annual Report 1st Quarter Holdings 1st Quarter Holdings 3rd Quarter Holdings 3rd Quarter Holdings N-CSR

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Equity Funds
Large Cap Value
Fund I		 Prospectus Prospectus SAI SAI Annual Report Annual Report Semi-Annual Report Semi-Annual Report 1st Quarter Holdings 1st Quarter Holdings 3rd Quarter Holdings 3rd Quarter Holdings N-CSR

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Large Cap Value
Fund II		 Prospectus Prospectus SAI SAI Annual Report Annual Report Semi-Annual Report Semi-Annual Report 1st Quarter Holdings 1st Quarter Holdings 3rd Quarter Holdings 3rd Quarter Holdings N-CSR

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Large Cap Growth Fund I Prospectus Prospectus SAI SAI Annual Report Annual Report Semi-Annual Report Semi-Annual Report 1st Quarter Holdings 1st Quarter Holdings 3rd Quarter Holdings 3rd Quarter Holdings N-CSR

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Large Cap Growth Fund II Prospectus Prospectus SAI SAI Annual Report Annual Report Semi-Annual Report Semi-Annual Report 1st Quarter Holdings 1st Quarter Holdings 3rd Quarter Holdings 3rd Quarter Holdings N-CSR

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Mid Cap Fund I Prospectus Prospectus SAI SAI Annual Report Annual Report Semi-Annual Report Semi-Annual Report 1st Quarter Holdings 1st Quarter Holdings 3rd Quarter Holdings 3rd Quarter Holdings N-CSR

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Mid Cap Fund II Prospectus Prospectus SAI SAI Annual Report Annual Report Semi-Annual Report Semi-Annual Report 1st Quarter Holdings 1st Quarter Holdings 3rd Quarter Holdings 3rd Quarter Holdings N-CSR

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International Stock Fund I Prospectus Prospectus SAI SAI Annual Report Annual Report Semi-Annual Report Semi-Annual Report 1st Quarter Holdings 1st Quarter Holdings 3rd Quarter Holdings 3rd Quarter Holdings N-CSR

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International Stock Fund II Prospectus Prospectus SAI SAI Annual Report Annual Report Semi-Annual Report Semi-Annual Report 1st Quarter Holdings 1st Quarter Holdings 3rd Quarter Holdings 3rd Quarter Holdings N-CSR

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Other Information

*The Ultra Series Fund is distributed by MFD Distributor, LLC.

Risks associated with an investment of the fund will vary depending on portfolios selected. The principal risks of investing in the fund include: equity risk, commodity risk, interest rate risk, tax risk, concentration risk and foreign security and emerging market risk.

Investors should consider the investment objectives, risks, charges, and expenses of the fund and the variable product carefully before investing. This and other important information are contained in the Ultra Series Fund prospectus and the variable product prospectus. Ask your financial professional to explain all charges that may apply. The fund and variable product prospectus may be obtained by contacting the applicable insurance company or your Investment Consultant. Please read both the Ultra Series Fund prospectus and the variable product prospectus carefully before you invest or send money. The investment portfolios of the Ultra Series Fund are not deposits in, or obligations of, and are not guaranteed by any financial institution and are not federally insured.

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