High Income Fund
Data updated: 2025-05-19
C000074784 — High Income Fund. Short Corporate Bond · $10.43M AUM · 1.03% expense ratio · 6.1% 1-yr return. Holdings, fees, performance and SEC filings.
C000074784 Fund Overview
High Income Fund is a US mutual fund managed by Ultra Series Fund, categorised as Short Corporate Bond. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.
- Type: US mutual fund
- Manager: Ultra Series Fund
- Category: Short Corporate Bond
- Assets under management: $10.43M
- 1-year return: 6.1%
- SEC CIK: 0000732697
- SEC series ID: S000019979
- Share class ID: C000074784
C000074784 Investment Objective and Strategy
High Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Ultra Series Fund.
Investment objective
The High Income Fund seeks high current income. The fund also seeks capital appreciation, but only when consistent with its primary goal.
Principal investment strategy
The 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 (including borrowings for investment purposes) in bonds rated lower than investment grade (BBB/Baa) and their unrated equivalents or other high-yielding securities. Types of bonds and other securities include, but are not limited to, domestic and foreign (including emerging market) corporate bonds, debentures, notes, convertible securities, preferred stocks, municipal obligations, government obligations and mortgage-backed securities.
Up to 25% of the funds assets may be invested in the securities of issuers in any one industry, and up to 50% of the funds assets may be invested in restricted securities (a restricted security is one that has a contractual restriction on resale or cannot be resold publicly until it is registered under the Securities Act of 1933, as amended). The dollar weighted average life of the fund as of December 31, 2017 was 3.69 years. In selecting the funds investments, the portfolio managers employ a multi-faceted, bottom up investment approach that utilizes proprietary analytical tools which are integral to assessing the potential risk and relative value of each investment and also assist in identifying companies that are likely to have the ability to meet their interest and principal payments on their debt securities.
Investment candidates are analyzed in depth at a variety of risk levels. Investments are not made on the basis of one single factor. Rather, investments are made based on the careful consideration of a variety of factors, including: Analyses of business risks (including leverage risk) and macro risks (including interest rate trends, capital market conditions and default rates); Assessment of the industrys attractiveness and competitiveness; Evaluation of the business, including core strengths and competitive weaknesses; Qualitative evaluation of the management team, including in-person meetings or conference calls with key managers; and Quantitative analyses of the companys financial statements. Although the fund expects to pursue its investment objective utilizing its principal investment strategies regardless of market conditions, the fund may invest up to 100% in money market instruments.
To the extent the fund engages in this temporary defensive position, the funds ability to achieve its investment objective may be diminished.
C000074784 Holdings
Top 10 holdings of High Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| State Street Global Advisors | 11.30% |
| State Street Global Advisors | 9.32% |
| iShares iBoxx $ High Yield Corporate Bond ETF | 4.46% |
| Murphy Oil USA Inc | 3.82% |
| HCA Inc | 2.41% |
| Cdw Llc/cdw Finance | 2.39% |
| United Rentals North Am | 2.39% |
| International Game Tech | 2.37% |
| Sba Communications Corp. | 2.33% |
| Sunoco Lp/finance Corp. | 2.15% |
C000074784 Portfolio Allocation
Asset-class allocation of High Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Fixed Income | 83.1% |
| Cash & Equivalents | 20.6% |
| Equity | 4.5% |
C000074784 Performance
Total returns for C000074784 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| 1 year | 6.1% |
| 3 years (annualised) | 3.3% |
| 5 years (annualised) | 5.1% |
C000074784 Risk Information
Risk metrics for C000074784, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 2.9%
C000074784 Costs and Fees
C000074784 costs about $103 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.03%
- Gross expense ratio: 1.03%
- Portfolio turnover: 16%
- Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)
C000074784 Cashflows
Over the 12 months to 2025-03, High Income Fund had net outflows of $1.05M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2025-03 | −$232.76K |
| 2025-02 | −$29.79K |
| 2025-01 | −$129.87K |
| 2024-12 | $312.24K |
| 2024-11 | −$48.23K |
| 2024-10 | −$184.22K |
C000074784 Debt Constituents
Largest debt holdings of High Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Debt holding | % of net assets |
|---|---|
| Murphy Oil USA Inc | 3.82% |
| HCA Inc | 2.41% |
| Cdw Llc/cdw Finance | 2.39% |
| United Rentals North Am | 2.39% |
| International Game Tech | 2.37% |
| Sba Communications Corp. | 2.33% |
| Sunoco Lp/finance Corp. | 2.15% |
| Performance Food Group I | 2.14% |
| Frontier Communications | 2.13% |
| Lpl Holdings, Inc. | 2.06% |
C000074784 Prospectus and SEC Filings
Official High Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2024-04-25
- Prospectus (485BPOS) — filed 2023-04-25
- Prospectus (485BPOS) — filed 2022-04-25
- Portfolio holdings (N-PORT) — filed 2025-05-19
- Portfolio holdings (N-PORT) — filed 2025-02-18
- Portfolio holdings (N-PORT) — filed 2024-11-18
- Annual census (N-CEN) — filed 2025-03-11
- Annual census (N-CEN) — filed 2024-03-13
Related Funds
Other Short Corporate Bond funds tracked on ABC INVEST:
Data Sources
ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.