Mid Cap Fund
Data updated: 2026-08-21
C000074788 — Mid Cap Fund. United States Mid Cap Blend / Core Equity · $102.01M AUM · 1.18% expense ratio. Holdings, fees, performance and SEC filings.
C000074788 Fund Overview
Mid Cap Fund is a US mutual fund managed by Ultra Series Fund, categorised as United States Mid 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 Mid Cap Blend / Core Equity
- Assets under management: $102.01M
- 1-year return: 4.0%
- SEC CIK: 0000732697
- SEC series ID: S000019983
- Share class ID: C000074788
C000074788 Investment Objective and Strategy
Mid Cap Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Ultra Series Fund.
Investment objective
The Mid Cap Fund seeks long-term capital appreciation.
Principal investment strategy
The Fund invests generally in common stocks, securities convertible into common stocks and related equity securities of midsize companies (for this purpose, midsize is defined as those companies with market capitalizations of between $500 million and $70 billion). Under normal market conditions, the Fund will maintain at least 80% of its net assets (including borrowings for investment purposes) in such mid cap securities. The Fund may also invest up to 25% of its assets in foreign securities (including American Depositary Receipts (ADRs) and emerging market securities). As a non-principal investment strategy, the Fund may also invest in exchange traded funds (ETFs) that are registered investment companies, warrants, preferred stocks, and debt securities, including non-investment grade convertible debt securities.
The Fund generally holds 25-40 individual securities in its portfolio at any given time. This reflects the belief of the Funds investment adviser, Madison Asset Management, LLC (Madison), that your money should be invested in Madisons top investment ideas, and that focusing on Madisons best investment ideas is the best way to achieve the Funds investment objective. The Fund seeks attractive long-term returns through bottom-up security selection based on fundamental analysis in a diversified portfolio of high-quality companies with attractive valuations. These will typically be industry leading companies in niches with strong growth prospects. The Funds portfolio managers believe in selecting stocks for the Fund that show steady, sustainable growth and reasonable valuation. Madison follows a rigorous three-step process when evaluating companies pursuant to which Madison considers (1) the business model, (2) the management team, and (3) the valuation of each potential investment.
When evaluating the business model, Madison looks for sustainable competitive advantages, metrics that demonstrate relatively high levels of profitability, stable and growing earnings, and a solid balance sheet. When assessing management, Madison evaluates its operational and capital allocation track records and the nature of its accounting practices. The final step in the process is assessing the proper valuation for the company. Madison strives to purchase securities trading at a discount to their intrinsic value as determined by discounted cash flows modeling and additional valuation methodologies. Often, Madison finds companies that clear the business model and management team hurdles, but not the valuation hurdle. Those companies are monitored for inclusion at a later date when the price may be more appropriate.
Madison seeks to avoid the downside risks associated with overpriced securities. Madison may sell stocks for a number of reasons, including: (i) the price target Madison has set for the stock has been achieved or exceeded, (ii) the fundamental business prospects for the company have materially changed, or (iii) Madison finds a more attractive alternative. 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.
C000074788 Holdings
Top 10 holdings of Mid Cap Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Arch Capital Group Ltd | 7.38% |
| State Street Global Advisors | 6.53% |
| Amphenol Corp | 5.54% |
| Ross Stores Inc | 5.08% |
| Carlisle Cos Inc | 4.05% |
| Brown & Brown Inc | 3.76% |
| MKS Inc | 3.75% |
| Liberty Media Corp-Liberty Formula One | 3.62% |
| Labcorp Holdings Inc | 3.46% |
| Medpace Holdings Inc | 3.46% |
C000074788 Portfolio Allocation
Asset-class allocation of Mid Cap Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 93.5% |
| Cash & Equivalents | 8.5% |
C000074788 Performance
Total returns for C000074788 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 3.4% |
| 1 year | 4.0% |
| 3 years (annualised) | 9.1% |
| 5 years (annualised) | 7.2% |
C000074788 Risk Information
Risk metrics for C000074788, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 11.7%
C000074788 Costs and Fees
C000074788 costs about $118 per $10,000 invested per year in fund expenses.
- Net expense ratio: 1.18%
- Gross expense ratio: 1.18%
- Portfolio turnover: 19%
- Brokerage commissions: 2.57 bps of average net assets (SEC N-CEN)
C000074788 Cashflows
Over the 12 months to 2026-06, Mid Cap Fund had net outflows of $3.50M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$2.66M |
| 2026-05 | −$2.27M |
| 2026-04 | −$3.26M |
| 2026-03 | −$1.13M |
| 2026-02 | −$1.46M |
| 2026-01 | −$2.06M |
C000074788 Debt Constituents
No individual debt constituents are reported in Mid Cap Fund's latest SEC N-PORT filing.
C000074788 Prospectus and SEC Filings
Official Mid Cap 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 Mid 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.