Diversified Income Fund
Data updated: 2026-08-21
C000074785 — Diversified Income Fund. United States Multi-Cap / All-Cap Blend / Core Equity · $132.11M AUM. Holdings, fees, performance and SEC filings.
C000074785 Fund Overview
Diversified Income Fund is a US mutual fund managed by Ultra Series Fund, categorised as United States Multi-Cap / All-Cap Blend / Core Equity. 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: United States Multi-Cap / All-Cap Blend / Core Equity
- Assets under management: $132.11M
- 1-year return: 6.0%
- SEC CIK: 0000732697
- SEC series ID: S000019980
- Share class ID: C000074785
C000074785 Investment Objective and Strategy
Diversified Income Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Ultra Series Fund.
Investment objective
The Diversified Income Fund seeks a high total return through the combination of income and capital appreciation.
Principal investment strategy
The Fund invests primarily in shares of other registered investment companies, including those whose shares trade on a stock exchange (exchange traded funds or ETFs) (the underlying funds). The Fund will be diversified among several asset classes and its allocation among underlying funds will be based on an asset allocation model developed by Madison Asset Management (Madison), the Funds investment adviser. Under normal circumstances, the Funds total net assets will be allocated among various asset classes and underlying funds, with target allocations over time of approximately 50% equity investments and 50% fixed income investments. Underlying funds in which the Fund invests may include funds advised by Madison and/or its affiliates, including other Madison Funds and ETFs (the affiliated underlying funds).
Generally, Madison will not invest more than 80% of the Funds net assets, at the time of purchase, in affiliated underlying funds. Although actual allocations may vary, as of December 31, 2025, the Funds portfolio allocation as a percentage of net assets was: - Bond Funds: 56.9% - CMOs, MBS, and Commercial MBS securities 0.00% - Short-Term Investments: 2.3% - Stock Funds/Common Stocks: 42.1% - Net Other Assets and Liabilities: (1.3)% With regard to investments in debt securities, Madisons bias is toward securities with intermediate and short-term maturities. As of December 31, 2025, the weighted average duration of the Funds debt portfolio wa s 3.89 y ears. Madison may employ multiple analytical approaches to determine the appropriate allocation among the underlying funds, including: ? Macroeconomic analysis.
This approach analyzes high frequency economic and market data across the global markets in an effort to identify attractive investment opportunities in countries, regions and/or asset classes. ? Fundamental analysis. This approach reviews fundamental asset class valuation data to determine the absolute and relative attractiveness of existing and potential investment opportunities. ? Correlation analysis. This approach considers the degree to which returns in different asset classes do or do not move together, and the Funds aim to achieve a favorable overall risk and return profile. ? Scenario analysis. This approach analyzes historical and expected return data to model how individual asset classes and combinations of asset classes would affect the Fund under different economic and market conditions.
In addition, Madison has a flexible mandate that 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. The Funds investment strategy reflects Madisons general Participate and Protect investment philosophy. Madisons expectation is that investors in the Fund will participate in market appreciation during bull markets and experience something less than full participation during bear markets compared with investors in portfolios holding more speculative and volatile securities; therefore, this investment philosophy is intended to represent a conservative investment strategy. There is no assurance that Madisons expectations regarding this investment strategy will be realized. 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 cash, money market funds, and/or 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.
C000074785 Holdings
Top 10 holdings of Diversified Income Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Madison Dividend Value ETF | 21.69% |
| Madison Short-Term Strategic Income ETF | 18.20% |
| Madison Aggregate Bond ETF | 17.07% |
| Madison Covered Call ETF | 13.29% |
| State Street SPDR Portfolio High Yield Bond ETF | 11.25% |
| Schwab US Dividend Equity ETF | 6.65% |
| VanEck J. P. Morgan EM Local Currency Bond ETF | 6.13% |
| Global X MLP ETF | 3.12% |
| State Street Global Advisors | 2.01% |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 1.77% |
C000074785 Portfolio Allocation
Asset-class allocation of Diversified Income Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 99.2% |
| Cash & Equivalents | 2.9% |
C000074785 Performance
Total returns for C000074785 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 2.8% |
| 1 year | 6.0% |
| 3 years (annualised) | 6.3% |
| 5 years (annualised) | 3.1% |
C000074785 Risk Information
Risk metrics for C000074785, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 5.1%
C000074785 Costs and Fees
C000074785 costs about $96 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.96%
- Gross expense ratio: 0.96%
- Portfolio turnover: 20%
- Brokerage commissions: 2.73 bps of average net assets (SEC N-CEN)
C000074785 Cashflows
Over the 12 months to 2026-06, Diversified Income Fund had net outflows of $14.17M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$651.83K |
| 2026-05 | −$2.13M |
| 2026-04 | −$1.95M |
| 2026-03 | −$1.90M |
| 2026-02 | −$1.10M |
| 2026-01 | −$1.04M |
C000074785 Debt Constituents
No individual debt constituents are reported in Diversified Income Fund's latest SEC N-PORT filing.
C000074785 Prospectus and SEC Filings
Official Diversified Income Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.
- Prospectus (485BPOS) — filed 2026-04-29
- Prospectus (485BPOS) — filed 2025-04-30
- Prospectus (485BPOS) — filed 2024-04-25
- Portfolio holdings (N-PORT) — filed 2026-08-21
- Portfolio holdings (N-PORT) — filed 2026-05-22
- Portfolio holdings (N-PORT) — filed 2026-02-10
- Annual census (N-CEN) — filed 2026-03-10
- Annual census (N-CEN) — filed 2025-03-11
Related Funds
Other United States Multi-Cap / All-Cap Blend / Core Equity 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.