Conservative Allocation Fund
Data updated: 2026-08-21
C000074791 — Conservative Allocation Fund. United States Multi-Cap / All-Cap Blend / Core Equity · $44.56M AUM. Holdings, fees, performance and SEC filings.
C000074791 Fund Overview
Conservative Allocation 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: $44.56M
- 1-year return: 9.6%
- SEC CIK: 0000732697
- SEC series ID: S000019999
- Share class ID: C000074791
C000074791 Investment Objective and Strategy
Conservative Allocation Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Ultra Series Fund.
Investment objective
The Conservative Allocation Fund seeks income, capital appreciation and relative stability of value.
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 a number of asset classes and its allocation among underlying funds will be based on an asset allocation model developed by Madison Asset Management, LLC (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 35% equity investments (including foreign equity), and 65% fixed income investments. Underlying funds in which the Fund invests may include funds advised by Madison and/or its affiliates, including the Madison Funds and Madison ETFs Trust (the affiliated underlying funds).
Generally, Madison will not invest more than 75% 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: 62.8% - Foreign Stock Funds: 10.2% - Short-Term Investments: 7.7% - Stock Funds: 24.8% - Net Other Assets and Liabilities: (5.5)% 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 w as 5.59 years. Madison may employ multiple analytical approaches to determine the appropriate asset allocation for the Fund, 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 which 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.
C000074791 Holdings
Top 10 holdings of Conservative Allocation Fund by percentage of net assets, from the fund's latest SEC N-PORT filing.
| Holding | % of net assets |
|---|---|
| Madison Core Bond Fund | 49.57% |
| Madison Large Cap Fund | 6.14% |
| State Street Global Advisors | 4.69% |
| Vanguard FTSE All-World ex-US ETF | 4.29% |
| Janus Henderson Mortgage-Backed Securities ETF | 4.13% |
| VanEck J. P. Morgan EM Local Currency Bond ETF | 4.09% |
| State Street Global Advisors | 3.63% |
| iShares Core S&P U.S. Growth ETF | 3.27% |
| VictoryShares Free Cash Flow ETF | 3.26% |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 3.08% |
C000074791 Portfolio Allocation
Asset-class allocation of Conservative Allocation Fund by percentage of net assets, from the latest SEC N-PORT filing.
| Asset class | Allocation |
|---|---|
| Equity | 95.1% |
| Cash & Equivalents | 8.3% |
C000074791 Performance
Total returns for C000074791 (as of 2026-10-01), from SEC filings.
| Period | Total return |
|---|---|
| YTD | 5.0% |
| 1 year | 9.6% |
| 3 years (annualised) | 7.7% |
| 5 years (annualised) | 2.7% |
C000074791 Risk Information
Risk metrics for C000074791, derived from monthly returns in SEC filings.
- 1-year volatility (annualised): 6.1%
C000074791 Costs and Fees
C000074791 costs about $83 per $10,000 invested per year in fund expenses.
- Net expense ratio: 0.83%
- Gross expense ratio: 0.83%
- Portfolio turnover: 28%
- Brokerage commissions: 3.48 bps of average net assets (SEC N-CEN)
C000074791 Cashflows
Over the 12 months to 2026-06, Conservative Allocation Fund had net outflows of $5.40M, from monthly SEC N-PORT filings.
| Month | Net flow |
|---|---|
| 2026-06 | −$498.63K |
| 2026-05 | −$1.26M |
| 2026-04 | −$1.01M |
| 2026-03 | −$690.03K |
| 2026-02 | −$391.41K |
| 2026-01 | −$72.89K |
C000074791 Debt Constituents
No individual debt constituents are reported in Conservative Allocation Fund's latest SEC N-PORT filing.
C000074791 Prospectus and SEC Filings
Official Conservative Allocation 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.