Ultra Series Fund

Madison Funds - Madison Asset Management, LLC

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.

Performance Summary

Performance Summary

Prospectuses and Reports

Current disclosures for the Ultra Series Fund as filed with the Securities and Exchange Commission are below.

Prospectuses

Statement of Additional Information (SAI)

SAI (05/22)

Shareholder Reports

Quarterly Holdings

Other Relevant Information

Ultra Large Cap Value Form 8937 (2018)

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

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.

PO Box 219083
Kansas City, MO 64121-9083
800.877.6089

© 2022 Madison Funds® - All Rights Reserved

For more complete information about Madison Funds^®, including charges and expenses, obtain a prospectus from your financial adviser, by calling 800.877.6089 or by clicking on prospectus and reports to view or download a copy. Before investing in the funds, consider the investment objectives, risks, charges and expenses. The prospectus contains this and other information about funds and should be read carefully before investing.

Madison Funds are not deposits in, or obligations of, and are not guaranteed by, any financial institution and are not federally insured, so they may lose value.

This site does not constitute an offering of securities by the distributor in any jurisdiction in which such offering may not lawfully be made. Madison Funds are not to be marketed in Europe or in European Union member nations.

Madison Asset Management, LLC does not provide investment advice directly to shareholders of the Madison Funds. Materials on this website are informational only and should not be taken as investment recommendation or advice of any kind whatsoever (whether impartial or otherwise).

“Madison” and/or “Madison Investments” is the unifying tradename of Madison Investment Holdings, Inc., Madison Asset Management, LLC, and Madison Investment Advisors, LLC, which also includes the Madison Scottsdale office. Madison Funds are distributed by MFD Distributor, LLC. Madison is registered as an investment adviser with the U.S. Securities and Exchange Commission. MFD Distributor, LLC is registered with the U.S. Securities and Exchange Commission as a broker-dealer and is a member firm of the Financial Industry Regulatory Authority (www.finra.org). The home office for each firm listed above is 550 Science Drive, Madison, WI 53711. Madison's toll-free number is 800-767-0300.

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.

Any performance data shown represents past performance. Past performance is no guarantee of future results.

Non-deposit investment products are not federally insured, involve investment risk, may lose value and are not obligations of, or guaranteed by, any financial institution. Investment returns and principal value will fluctuate.