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Previous: GENZYME CORP, 10-Q, 1996-08-14 |
Next: BELLSOUTH CORP, 10-Q, 1996-08-14 |
CAPITAL APPRECIATION STOCK FUND OF ULTRA SERIES FUND
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
At this place, the shareholder report shows a graphic representation of how the
Capital Appreciation Stock Fund compared to several indexes. $10,000 invested on
the inception date of January 3, 1994 would have the following value as of June
30, 1996.
Capital Appreciation Stock Fund* $15,144
S&P 500 Stock Index 16,818
Lipper Average** 14,362
Consumer Price Index 10,899
- -------------------------------------------------------------------------
Average Annual Total Return
- -------------------------------------------------------------------------
6-30-95/ 6-30-91/ Since Inception
6-30-96 6-30-96 of Fund
- ---------------------------------- ---------- ---------- ----------------
Capital Appreciation Stock 22.98% N/A 18.06%
Fund*** 25.77% N/A 18.57%
S&P 500 Stock Index 26.48% N/A 17.78%
Lipper Average** 2.82% N/A 2.95%
Consumer Price Index
- ---------------------------------- ---------- ---------- ----------------
TEN LARGEST HOLDINGS (% of Portfolio)
Wang Laboratories, Inc. 3.9% Aetna Life & Casualty Co. 2.3%
Airtouch Communications, Inc. 3.3% MCI Communications, Inc. 2.1%
EMC Corp 2.9% Everest Reinsurance
Glaxo Wellcome - ADR. 2.7% Holdings, Inc. 1.9%
WMX Technologies, Inc 2.6% Owens Illinois, Inc 1.9%
Tyson Foods, Inc. - Class A. 1.8%
At this place, the shareholder report contains a pie chart showing a portfolio
mix of 4.5% in short-term investments and 95.5% in common stocks.
*Capital Appreciation Stock Fund returns on the graph are from inception,
January 3, 1994. Average Annual Total Returns are for the most recent 1, 5,
and 10 years ending June 30, 1996.
**Lipper Performance Summary Average for Capital Appreciation Stock Funds
represents the average annual total return of all the underlying Capital
Appreciation Stock Funds in Lipper Analytical Services Variable Insurance
Products Performance Analysis Service.
***These returns are after all charges at the mutual fund level have been
subtracted. These returns are higher than the returns at the separate
account level because charges made at the separate account level have not
been subtracted. Capital Appreciation Stock Fund expenses, after
reimbursement, have been .65% annually, that is, approximately $65 for
$10,000 invested during the entire year. More detail on fund level charges
is shown in the Financial Highlights on page 38.
Figures for more than one year reflect a steady compounded rate. Actual returns
fluctuated year by year. Because principal value and investment return
fluctuate, there may be a gain or loss on withdrawal. Past performance is not
predictive of future results. This material must be preceded or accompanied by a
current prospectus. Current prospectuses are mailed to existing policyholders.
<PAGE>
GROWTH AND INCOME STOCK FUND OF ULTRA SERIES FUND
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
At this place, the shareholder report shows a graphic representation of how the
Growth and Income Stock Fund compared to several indexes. $10,000 invested on
the inception date of January 3, 1985 would have the following value as of June
30, 1996.
Growth and Income Stock Fund* $44,744
S&P 500 Stock Index 63,412
Lipper Average** 49,010
Consumer Price Index 15,089
- -----------------------------------------------------------------------
Average Annual Total Return
- -----------------------------------------------------------------------
6-30-95/ 6-30-91/ 6-30-86/
6-30-96 6-30-96 6-30-96
- -------------------------------- ------------ ------------ ------------
Growth and Income Stock Fund*** 22.26% 14.25% 9.57%
S&P 500 Stock Index 25.77% 15.42% 13.77%
Lipper Average** 23.55% 14.75% 12.32%
Consumer Price Index 2.82% 2.89% 3.66%
- -------------------------------- ------------ ------------ ------------
TEN LARGEST HOLDINGS (% of Portfolio)
Glaxo Wellcome - ADR....... 4.0% Bristol-Myers Squibb Co. 2.9%
WMX Technologies, Inc.......3.4% GTE Corp................ 2.7%
AT&T Corp.................. 3.3% Nabisco Holdings
International Business Corp - Class A...... 2.5%
Machines Corp........... 3.2% Sara Lee Corp........... 2.5%
Tyson Foods Inc. - Class A. 3.0% General Mills........... 2.4%
At this place, the shareholder report contains a pie chart showing a portfolio
mix of 6.1% in short-term investments and 93.9% in common stocks.
*Growth and Income Stock Fund returns on the graph are from inception,
January 3, 1985. Average Annual Total Returns are for the most recent 1, 5,
and 10 years ending June 30, 1996.
**The Lipper Performance Summary Average for Growth and Income Stock Funds
represents the average annual total return of all the underlying Growth and
Income Stock Funds in Lipper Analytical Services Variable Insurance Products
Performance Analysis Service.
***These returns are after all charges at the mutual fund level have been
subtracted. These returns are higher than the returns at the separate
account level because charges made at the separate account level have not
been subtracted. Growth and Income Stock Fund expenses, after reimbursement,
have been .65% annually, that is, approximately $65 for $10,000 invested
during the entire year. More detail on fund level charges is shown in the
Financial Highlights on page 39.
Figures for more than one year reflect a steady compounded rate. Actual returns
fluctuated year by year. Because principal value and investment return
fluctuate, there may be a gain or loss on withdrawal. Past performance is not
predictive of future results. This material must be preceded or accompanied by a
current prospectus. Current prospectuses are mailed to existing policyholders.
<PAGE>
BALANCED FUND OF ULTRA SERIES FUND
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
At this place, the shareholder report shows a graphic representation of how the
Balanced Fund compared to several indexes. $10,000 invested on the inception
date of January 3, 1985 would have the following value as of June 30, 1996.
Balanced Fund* $34,354
Synthetic Index** 38,942
Lipper Average*** 34,679
Consumer Price Index 15,089
- ------------------------------------------------------------------------
Average Annual Total Return
- ------------------------------------------------------------------------
6-30-95/ 6-30-91/ 6-30-86/
6-30-96 6-30-96 6-30-96
- ------------------------------- ------------ ------------- -------------
Balanced Fund**** 12.17% 9.56% 7.77%
Synthetic Index 13.81% 10.65% 10.19%
Lipper Average*** 14.30% 11.19% 9.29%
Consumer Price Index 2.82% 2.89% 3.66%
- ------------------------------- ------------ ------------- -------------
At this place, the shareholder report contains a pie chart showing a portfolio
mix of 12.0% in short-term investments, 14.8% in government and agency bond,
30.3% in corporate bonds and 42.9% in common stocks.
*Balanced Fund returns on the graph are from inception, January 3, 1985.
Average Annual Total Returns are for the most recent 1, 5, and 10 years
ending June 30, 1996.
**The Synthetic Index represents the average annual total returns of a
portfolio which was annually readjusted to 45% Standard and Poor's 500, 40%
Lehman Intermediate Government/Corporate Index, and 15% 90-Day Treasury
Bills.
***The Lipper Performance Summary Average for Balanced Funds represents
the average annual total return of all the underlying Balanced Funds in
Lipper Analytical Services Variable Insurance Products Performance Analysis
Service.
****These returns are after all charges at the mutual fund level have been
subtracted. These returns are higher than the returns at the separate
account level because charges made at the separate account level have not
been subtracted. Balanced Fund expenses, after reimbursement, have been
.65% annually, that is, approximately $65 for $10,000 invested during the
entire year. More detail on fund level charges is shown in the Financial
Highlights on page 40.
Figures for more than one year reflect a steady compounded rate. Actual returns
fluctuated year by year. Because principal value and investment return
fluctuate, there may be a gain or loss on withdrawal. Past performance is not
predictive of future results. This material must be preceded or accompanied by a
current prospectus. Current prospectuses are mailed to existing policyholders.
<PAGE>
BOND FUND OF ULTRA SERIES FUND
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
At this place, the shareholder report shows a graphic representation of how the
Bond Fund compared to several indexes. $10,000 invested on the inception date of
January 3, 1985 would have the following value as of June 30, 1996.
Bond Fund* $26,032
Lehman Brothers Intermediate
Government/Corporate Bond Index 27,371
Lipper Average** 24,009
Consumer Price Index 15,089
--------------------------------------------------------------------------
Average Annual Total Return
--------------------------------------------------------------------------
6-30-95/ 6-30-91/ 6-30-86/
6-30-96 6-30-96 6-30-96
-------------------------------- ------------- ------------- -------------
Bond Fund*** 3.79% 7.00% 6.05%
Lehman Brothers Intermediate
Govt./Corporate Bond Index 5.00% 7.64% 7.99%
Lipper Average** 4.33% 6.65% 6.50%
Consumer Price Index 2.82% 2.89% 3.66%
-------------------------------- ------------- ------------- -------------
At this place, the shareholder report contains a pie chart showing a portfolio
mix of 4.0% in short-term investments, 24.4% in government and agency bonds and
71.6% in corporate bonds.
*Bond Fund returns on the graph are from inception, January 3, 1985.
Average Annual Total Returns are for the most recent 1, 5, and 10 years
ending June 30, 1996.
**The Lipper Performance Summary average for Short/Intermediate Investment
Grade Funds represents the average annual total return of all the underlying
Short/Intermediate Investment Grade Funds in Lipper Analytical Services
Variable Insurance Products Performance Analysis Service.
***These returns are after all charges at the mutual fund level have been
subtracted. These returns are higher than the returns at the separate
account level because charges made at the separate account level have not
been subtracted. Bond Fund expenses, after reimbursement, have been .65%
annually, that is, approximately $65 for $10,000 invested during the entire
year. More detail on fund level charges is shown in the Financial Highlights
on page 41.
Figures for more than one year reflect a steady compounded rate. Actual returns
fluctuated year by year. Because principal value and investment return
fluctuate, there may be a gain or loss on withdrawal. Past performance is not
predictive of future results. This material must be preceded or accompanied by a
current prospectus. Current prospectuses are mailed to existing policyholders.
<PAGE>
TREASURY 2000 FUND OF ULTRA SERIES FUND
COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
At this place, the shareholder report shows a graphic representation of how the
Treasury 2000 Fund compared to several indexes. $10,000 invested on the
inception date of July 28, 1988 would have the following value as of June 30,
1996.
Treasury 2000 Fund* $22,859
Lipper Average** 22,710
Lehman Brothers Intermediate Treasury Bond Index 19,440
Consumer Price Index 14,103
- --------------------------------------------------------------------------
Average Annual Total Return
- --------------------------------------------------------------------------
6-30-95/ 6-30-91/ Since
6-30-96 6-30-96 Inception of
Fund
- ---------------------------------- ---------- ----------- ----------------
Treasury 2000 Fund*** 3.50% 10.16% 10.89%
Lipper Average** 3.49% 11.21% 9.09%
Lehman Brothers Intermediate
Treasury 4.91% 7.39% 8.25%
Bond Index 2.82% 3.06% 3.60%
Consumer Price Index
- ---------------------------------- ---------- ----------- ----------------
*Treasury 2000 Fund returns on the graph are from inception, July 28, 1988.
Average Annual Total Returns are for the most recent 1, 5, and 10 years
ending June 30, 1996.
**The Lipper Performance Summary Average for Target Maturity Funds represents
the average annual total return of all the underlying Target Maturity Funds
in Lipper Analytical Services Variable Insurance Products Performance
Analysis Service.
***These return are after all charges at the mutual fund level have been
subtracted. These returns are higher than the returns at the separate
account level because charges made at the separate account level have not
been subtracted. Treasury 2000 Fund expenses have been .45% annually, that
is, approximately $45 for $10,000 invested during the entire year.
Figures for more than one year reflect a steady compounded rate. Actual returns
fluctuated year by year. Because principal value and investment return
fluctuate, there may be a gain or loss on withdrawal. Past performance is not
predictive of future results. This material must be preceded or accompanied by a
current prospectus. Current prospectuses are mailed to existing policyholders.
<PAGE>
<TABLE>
<CAPTION>
ULTRA SERIES FUND
Statement of Assets and Liabilities
June 30, 1996
(Unaudited)
Capital Growth and Money Treasury
Appreciation Income Stock Balanced Bond Market 2000
Assets: Stock Fund Fund Fund Fund Fund Fund
---------- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Investments in securities, at value,
(note 2) - see accompanying schedule
(cost $62,336,175) $66,646,396 $ -- $ -- $ -- $ -- $ --
(cost $145,433,124) -- 161,382,429 -- -- -- --
(cost $143,451,505) -- -- 149,804,886 -- -- --
(cost $20,102,601) -- -- -- 19,837,987 -- --
(cost $19,542,580) -- -- -- -- 19,542,580 --
(cost $1,329,872) -- -- -- -- -- 1,514,620
Receivable for securities sold 956,776 1,298,764 1,030,593 -- -- --
Accrued interest receivable 8,435 14,714 1,081,241 317,987 11,197 --
Accrued dividends receivable 91,277 341,777 126,021 -- -- --
----------- ----------- ----------- ---------- ---------- ----------
Total assets 67,702,884 163,037,684 152,042,741 20,155,974 19,553,777 1,514,620
----------- ----------- ----------- ---------- ---------- ----------
Liabilities:
Payable for securities purchased 877,980 2,321,031 142,497 -- -- --
Dividends payable -- -- -- -- 2,876 --
Accrued expenses 32,900 77,205 73,571 9,569 9,181 4,036
----------- ----------- ----------- ---------- ---------- ----------
Total liabilities 910,880 2,398,236 216,068 9,569 12,057 4,036
----------- ----------- ----------- ---------- ---------- ----------
Net assets applicable to outstanding
capital stock $66,792,004 $160,639,448 $151,826,673 $20,146,405 19,541,720 $1,510,584
=========== =========== =========== ========== ========== ==========
Represented by:
Capital stock, par value $.01 $48,697 $82,470 $101,619 $19,595 $195,417 $1,825
Additional paid-in capital 59,256,487 140,067,055 140,048,250 20,067,476 19,346,303 1,271,352
Undistributed net investment income 136,983 636,989 1,347,778 277,498 -- --
Undistributed net realized gain (loss)
on investments 3,039,616 3,903,629 3,975,645 46,450 -- --
Unrealized appreciation (depreciation)
on investments 4,310,221 15,949,305 6,353,381 (264,614) -- 237,407
----------- ----------- ----------- ---------- ---------- ----------
Total net assets - representing net
assets applicable to outstanding
capital stock $66,792,004 $160,639,448 $151,826,673 $20,146,405 $19,541,720 $1,510,584
=========== =========== =========== ========== ========== ==========
Number of shares issued and
outstanding (note 5) 4,869,643 8,246,972 10,161,857 1,959,490 19,541,720 182,546
=========== =========== =========== ========== ========== ==========
Net asset value per share of
outstanding capital stock (note 2) 13.72 19.48 14.94 10.28 1.00 8.28
=========== =========== =========== ========== ========== ==========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
CAPITAL APPRECIATION STOCK FUND OF ULTRA SERIES FUND
Investments in Securities
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
CAPITAL APPRECIATION STOCK % Net Quality Annualized Maturity Par
FUND INVESTMENTS: Assets Rating* Yield Date Amount Value
------ ------- ----- ---- ------ -----
<S> <C> <C> <C> <C>
Short-Term Investments:
Commercial Paper/Savings: 4.5%
Chase Manhattan - Cash Account 4.52% $2,987,343 $2,987,342
---------
TOTAL SHORT-TERM INVESTMENTS $2,987,342
---------
% Net
Long-Term Investments: Assets Shares Value
Common Stocks: 95.3%
Forest Products/Paper: 1.5%
Champion International Corp. 15,150 632,512
Potlatch Corporation 10,100 395,162
--------
Forest Products/Paper total 1,027,674
--------
Insurance: 3.8%
Allstate Corporation 22,102 1,008,404
Aetna Life & Casualty Company 21,200 1,515,800
--------
Insurance total 2,524,204
--------
Investment Banking/Brokerage: 6.8%
A. G. Edwards, Inc. 36,500 990,063
Dean Witter Discover & Company 7,700 440,825
Everest Reinsurance Holdings, Inc. 49,800 1,288,575
Mutual Risk Management Ltd. 21,833 682,281
Salomon Inc. 25,100 1,104,400
--------
Investment Banking/Brokerage total 4,506,144
--------
Banks: 1.4%
Bankers Trust New York Corp. 12,700 938,213
--------
Finance Companies: 0.7%
Credit Acceptance Corp. *** 23,100 485,100
--------
Drugs/Health Care: 8.8%
Bristol-Meyers Squibb Co. 11,200 1,008,000
Caremark International, Inc. 31,200 787,800
Centocor Inc. *** 27,300 815,588
Glaxo Wellcome - ADR 67,300 1,800,275
Healthsource, Inc. *** 44,000 770,000
Perrigo Company *** 30,000 337,500
Pharmacia & Upjohn, Inc. 2,800 124,250
Smithkline Beecham - ADR 4,300 233,812
--------
Drugs/Health Care total 5,877,225
--------
Hospital Management/Supplies: 0.8%
Biomet, Inc. *** 38,300 550,562
--------
Retail-Discount: 1.0%
Price/Costco, Inc. *** 29,900 646,588
--------
Leisure Time: 0.4%
Johnson Worldwide Associates, Inc.
- Class A *** 19,600 269,500
--------
Publishing/Printing: 2.8%
Banta Corporation 43,600 1,100,900
K-III Communications, Inc. *** 61,700 771,250
--------
Publishing/Printing total 1,872,15
--------
</TABLE>
<PAGE>
CAPITAL APPRECIATION STOCK FUND OF ULTRA SERIES FUND
Investments in Securities (Continued)
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
CAPITAL APPRECIATION STOCK % Net
FUND INVESTMENTS, CONTINUED: Assets Shares Value
<S> <C> <C> <C>
Foods - Products & Service: 7.2%
General Mills Inc. 18,500 $1,008,250
Hudson Foods, Inc. 39,900 558,600
Nabisco Holdings Corp. - Class A 32,200 1,139,075
Sara Lee Corp 28,100 909,737
Tyson Foods, Inc. - Class A 44,400 1,215,450
--------
Foods - Products & Service total 4,831,112
--------
Restaurants: 1.3%
Darden Restaurants, Inc. 82,000 881,500
--------
Auto-Related: 3.1%
General Motors Corporation 18,500 968,938
Jason, Inc. *** 69,900 585,412
Strattec Security Corp. *** 28,600 507,650
--------
Auto-Related total 2,062,000
--------
Home Furnishings: 2.1%
Congoleum Corporation *** 20,800 239,200
Department 56, Inc. *** 31,500 712,688
Triangle Pacific Inc. *** 24,200 477,950
--------
Home Furnishings total 1,429,838
--------
Apparel/Textile: 2.6%
Authentic Fitness Corporation 52,000 968,500
Quiksilver, Inc. *** 26,100 783,000
--------
Apparel/Textile total 1,751,500
--------
Office Equipment/Computers: 10.8%
Alphanet Solutions, Inc. *** 42,000 372,750
Amdahl Corp. *** 93,500 1,005,125
EMC Corp. *** 103,500 1,927,688
International Business Machines Corp. 8,150 806,850
Seagate Technology, Inc. *** 10,100 454,500
Wang Laboratories, Inc. *** 139,000 2,623,625
--------
Office Equipment/Computers total 7,190,538
--------
Electronics-Semiconductors: 1.2%
Dallas Semiconductor Corporation 19,700 357,062
Micron Technology, Inc. 14,500 375,188
Watkins Johnson Company 1,300 35,588
--------
Electronics-Semiconductors total 767,838
--------
Electronics: 2.8%
Molex, Inc. - Class A 40,000 1,175,000
Texas Instruments, Inc. 13,300 663,338
--------
Electronics total 1,838,338
--------
Electrical Equipment: 1.6%
BWIP Holding, Inc. 30,000 570,000
Stewart & Stevenson Services, Inc. 23,200 527,800
--------
Electrical Equipment total 1,097,800
--------
Pollution Control: 2.6%
WMX Technologies, Inc. 52,500 1,719,375
--------
<PAGE>
CAPITAL APPRECIATION STOCK FUND OF ULTRA SERIES FUND
Investments in Securities (Continued)
June 30, 1996
(Unaudited)
CAPITAL APPRECIATION STOCK % Net
FUND INVESTMENTS, CONTINUED: Assets Shares Value
Oil/Oil Service: 9.3%
Amoco Corporation 8,500 $ 615,187
Occidental Petroleum Corp. 46,200 1,143,450
Phillips Petroleum Co. 15,350 642,781
Ranger Oil, Ltd. 52,500 387,187
Santa Fe Energy Resources *** 64,100 761,187
Schlumberger, Ltd. 11,300 952,025
Unocal Corp. 30,100 1,015,875
USX-Marathon Group 34,300 690,288
--------
Oil/Oil Service total 6,207,980
--------
Natural Gas-Diversified: 1.4%
Belden & Blake Corp. *** 45,700 948,275
--------
Containers: 1.9%
Owens Illinois, Inc. *** 79,600 1,273,600
--------
Chemicals: 1.9%
Dow Chemical Company 8,300 630,800
Lyondell Petrochemcial 26,000 627,250
--------
Chemicals total 1,258,050
--------
Transportation: 1.7%
Delta Air Lines, Inc. 3,900 323,700
Hunt (JB) Transport Services, Inc. 29,800 622,075
Midwest Express Holdings, Inc. *** 6,000 192,750
--------
Transportation total 1,138,525
--------
Telecommunications: 8.5%
Airtouch Communications, Inc. *** 79,200 2,237,400
American Portable Telecom, Inc. *** 66,000 709,500
MCI Communications, Inc. 55,900 1,432,438
McLeod, Inc. *** 5,500 132,000
Telefonos deMexico SP ADR- Cl L 35,600 1,192,600
--------
Telecommunications total 5,703,938
--------
Utilities-Telephone: 3.4%
AT&T Corporation 14,900 923,800
Bell Atlantic Corporation 11,650 742,687
GTE Corporation 13,900 622,025
--------
Utilities-Telephone total 2,288,512
--------
Utilities-Electric: 0.8%
Pacific Gas & Electric Company 22,200 516,150
--------
Diversified Companies: 0.9%
Rockwell International Corporation 10,500 601,125
--------
Miscellaneous: 2.2%
BDM International, Inc. *** 6,200 288,300
Hasbro, Inc. 9,200 328,900
Interim Services, Inc. *** 19,500 838,500
--------
Miscellaneous total 1,455,700
--------
TOTAL COMMON STOCKS
(COST: $59,348,832) $63,659,054
----------
TOTAL INVESTMENTS, CAPITAL APPRECIATION
STOCK FUND (COST: $62,336,175)** $66,646,396
==========
See accompanying notes to investments in securities.
</TABLE>
<PAGE>
CAPITAL APPRECIATION STOCK FUND OF ULTRA SERIES FUND
Investments in Securities (Continued)
June 30, 1996
(Unaudited)
*Moody's/Standard & Poors' quality ratings. See the current Prospectus and
Statement of Additional Information for a complete description of these ratings.
**At June 30, 1996, the cost of securities for federal income tax purposes was
$62,336,175. The aggregate unrealized appreciation and depreciation of
investments in securities based on this cost were:
Gross unrealized appreciation...................... $6,690,762
Gross unrealized depreciation..................... (2,380,541)
---------
Net unrealized appreciation....................... $4,310,221
=========
***This Security is not income producing.
<PAGE>
GROWTH AND INCOME STOCK FUND OF ULTRA SERIES FUND
Investments in Securities (Continued)
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
GROWTH AND INCOME STOCK % Net Quality Annualized Maturity Par
FUND INVESTMENTS: Assets Rating* Yield Date Amount Value
------ ------- ----- ---- ------ -----
<S> <C> <C> <C> <C> <C> <C>
Short-Term Investments:
Commercial Paper/Savings: 6.1%
American Express Credit A-1/P-1 5.82% Jan 09, 1996 $1,000,000 $997,308
American Express Credit A-1/P-1 5.40% Jul 02, 1996 1,000,000 999,558
The Coca Cola Company A-1+/P-1 5.40% Aug 13, 1996 1,000,000 993,388
Ford Motor Credit Company A-1/P-1 5.42% Jul 16, 1996 2,000,000 1,996,015
General Electric Capital Corporation A-1+/P-1 5.46% Aug 06, 1996 1,000,000 994,353
Merrill Lynch Capital Market A-1+/P-1 5.46% Jul 30, 1996 2,000,000 1,991,818
Chase Manhattan - Cash Account 4.52% 2,760,226 2,760,226
--------
TOTAL COMMERCIAL PAPER/
SAVINGS, AT COST $9,735,358
---------
% Net
Long-Term Investments: Assets Shares Value
Common Stocks: 94.4%
Forest Products/Paper: 1.6%
Louisiana - Pacific Corporation 43,500 962,438
Champion International Corp. 37,700 1,573,974
--------
Forest Products/Paper total 2,536,412
--------
Insurance: 5.8%
Aetna Life & Casualty Company 44,600 3,188,900
Allstate Corporation 84,719 3,865,304
Everest Reinsurance Holdings, Inc. 84,600 2,189,025
--------
Insurance total 9,243,229
--------
Banks: 1.4%
Bankers Trust New York Corp. 29,900 2,208,862
--------
Investment Banking/Brokerage: 3.6%
A. G. Edwards, Inc. 61,600 1,670,900
Dean Witter Discover & Company 32,400 1,854,900
Salomon Inc. 52,800 2,323,200
--------
Investment Banking/Brokerage total 5,849,000
--------
Drugs/Health Care: 9.4%
Bristol-Myers Squibb Co. 52,050 4,684,500
Caremark International, Inc. 48,500 1,224,625
Glaxo Wellcome - ADR 242,300 6,481,525
Pharmacia & Upjohn, Inc. 27,765 1,232,072
Smithkline Beecham - ADR 25,700 1,397,437
--------
Drugs/Health Care total 15,020,159
---------
Hospital Management/Supplies: 1.9%
Columbia HCA Healthcare Corp. 56,571 3,019,476
--------
Retail - Department: 1.1%
Sears Roebuck & Co. 34,700 1,687,288
--------
Retail - Discount: 3.1%
Price/Costco, Inc. *** 76,200 1,647,825
Wal-Mart Stores 130,700 3,316,513
--------
Retail - Discount total 4,964,338
--------
Retail - Drug: 0.5%
Revco D. S., Inc. *** 33,100 790,262
--------
Real Estate: 0.5%
Highwood Properties, Inc. 28,000 773,500
--------
<PAGE>
GROWTH AND INCOME STOCK FUND OF ULTRA SERIES FUND
Investments in Securities (Continued)
June 30, 1996
(Unaudited)
GROWTH AND INCOME STOCK % Net
FUND INVESTMENTS, CONTINUED: Assets Shares Value
Media 1.6%
Banta Corporation 99,900 $2,522,475
--------
Printing/Publishing: 0.8%
Readers Digest Assn. Inc. - Class A 30,600 1,300,500
--------
Foods - Products & Service: 10.5%
General Mills Inc. 71,300 3,885,850
Nabisco Holdings Corp. - Class A 119,300 4,220,238
Sara Lee Corp. 124,400 4,027,450
Tyson Foods Inc. - Class A 174,500 4,776,937
--------
Foods - Products & Service total 16,910,475
---------
Restaurants: 1.2%
Darden Restaurants, Inc. 175,000.00 1,881,250
--------
Auto-Related: 2.8%
Bandag Inc. - Class A 29,000 1,359,375
General Motors Corporation 59,500 3,116,313
--------
Auto-Related total 4,475,688
--------
Apparel/Textile: 0.5%
Kellwood Co. 42,850 787,368
--------
Office Equipment/Computers: 7.1%
Amdahl Corp. *** 184,100 1,979,075
EMC Corp. *** 197,900 3,685,888
International Business Machines Corp. 51,250 5,073,750
Seagate Technology, Inc. *** 13,200 594,000
--------
Office Equipment/Computers total 11,332,713
---------
Electronics: 2.8%
Molex, Inc. - Class A 73,000 2,144,375
Texas Instruments, Inc. 48,100 2,398,988
--------
Electronics total 4,543,363
--------
Telecommunications: 1.8%
MCI Communications, Inc. 112,600 2,885,375
--------
Electrical Equipment: 1.2%
BWIP Holding, Inc. 42,400 805,600
Grainger, (WW) Inc. 15,000 1,162,500
--------
Electrical Equipment total 1,968,100
--------
Pollution Control: 3.4%
WMX Technologies, Inc. 167,800 5,495,450
--------
Oil/Oil Service: 11.1%
Amerada Hess Corporation 14,100 756,112
Amoco Corporation 46,500 3,365,438
Exxon Corp 16,800 1,459,500
Occidental Petroleum Corp. 93,500 2,314,125
Phillips Petroleum Co. 49,100 2,056,062
Schlumberger, Ltd. 22,450 1,891,413
Texaco Inc. 19,000 1,593,625
Unocal Corp. 79,500 2,683,125
USX-Marathon Group 82,800 1,666,350
--------
Oil/Oil Service total 17,785,750
---------
Containers: 0.8%
Owens-Illinois, Inc. *** 80,200 1,283,200
--------
GROWTH AND INCOME STOCK FUND OF ULTRA SERIES FUND
Investments in Securities (Continued)
June 30, 1996
(Unaudited)
GROWTH AND INCOME STOCK % Net
FUND INVESTMENTS, CONTINUED: Assets Shares Value
Chemicals: 1.5%
Dow Chemical Company 32,400 $2,462,400
--------
Transportation: 1.1%
Delta Air Lines, Inc. 10,100 838,300
Hunt (JB) Transport Services, Inc. 43,000 897,625
--------
Transportation total 1,735,925
--------
Utilities-Telephone: 9.3%
Ameritech Corporation 34,200 2,030,625
AT&T Corp. 86,500 5,363,000
Bell Atlantic Corporation 29,750 1,896,563
GTE Corp. 97,000 4,340,750
NYNEX Corp. 26,200 1,244,500
--------
Utilities-Telephone total 14,875,438
---------
Utilities-Electric: 3.9%
Duke Power Company 35,300 1,809,125
Northern States Power Company 28,000 1,382,500
Pacific Gas & Electric Company 132,600 3,082,950
--------
Utilities-Electric total 6,274,575
--------
Diversified Companies: 3.6%
Alexander & Baldwin, Inc. 57,800 1,394,425
Minnesota Mining & Mfg. Co. 26,000 1,794,000
Rockwell International Corp. 44,700 2,559,075
--------
Diversified Companies total 5,747,500
--------
Miscellaneous: 0.8%
Hasbro, Inc. 36,000 1,287,000
--------
TOTAL COMMON STOCKS
(COST: $135,697,768) $151,647,071
-----------
TOTAL INVESTMENTS, GROWTH AND
INCOME STOCK FUND (COST: $145,433,124)** $161,382,429
===========
See accompanying notes to investments in securities.
*Moody's/Standard & Poors' quality ratings. See the current Prospectus and
Statement of Additional Information for a complete description of these ratings.
**At June 30, 1996, the cost of securities for federal income tax purposes was
$145,433,124. The aggregate unrealized appreciation and depreciation of
investments in securities based on this cost were:
Gross unrealized appreciation........................ $18,725,348
Gross unrealized depreciation........................ (2,776,043)
----------
Net unrealized appreciation.......................... $15,949,305
==========
***This Security is not income producing.
</TABLE>
<PAGE>
BALANCED FUND OF ULTRA SERIES FUND
Investments in Securities (Continued)
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
% Net Quality Annualized Maturity Par
BALANCED FUND INVESTMENTS: Assets Rating* Yield Date Amount Value
------ ------- ----- ---- ------ -----
<S> <C> <C> <C> <C> <C> <C>
Short-Term Investments:
Commercial Paper/Savings: 11.0%
American Express Credit Corporation A-1/P-1 5.45% Sep 03, 1996 $2,000,000 $1,985,619
Associate Corp of North America A-1+/P-1 5.47% Aug 20, 1996 2,000,000 1,985,620
Coca-Cola Co. A-1+/P-1 5.42% Aug 27, 1996 2,000,000 1,983,697
Ford Motor Credit Company A-1/P-1 5.43% Sep 27, 1996 3,000,000 2,979,986
General Electric Capital Corporation A-1+/P-1 5.44% Sep 10, 1996 2,000,000 1,987,667
Merrill Lynch Capital Markets A-1+/P-1 5.41% Jul 23, 1996 2,000,000 1,996,008
Chase Manhattan - Cash Account 4.52% 3,935,602 3,935,602
--------
TOTAL COMMERCIAL PAPER
SAVINGS, AT COST $16,854,199
----------
% Net Quality Coupon Maturity Par
Long-Term Investments: Assets Rating* Rate Date Amount Value
------ ------- ---- ---- ------ -----
Government Guaranteed - U.S.: 8.5%
U.S. Treasury Notes AAA 8.500 Feb 15, 2000 500,000 533,438
U.S. Treasury AAA 7.875 Nov 15, 1999 500,000 522,344
U.S. Treasury AAA 7.125 Oct 15, 1998 1,000,000 1,020,000
U.S. Treasury Notes AAA 7.500 Nov 15, 2001 1,000,000 1,043,750
U.S. Treasury Notes AAA 6.250 Jan 31, 1997 500,000 502,031
U.S. Treasury Notes AAA 7.875 Apr 15, 1998 1,000,000 1,029,687
U.S. Treasury Notes AAA 5.500 Jul 31, 1997 500,000 497,968
U.S. Treasury Notes AAA 5.750 Oct 31, 1997 500,000 498,594
U.S. Treasury Notes AAA 5.500 Sep 30, 1997 500,000 497,656
U.S. Treasury Notes AAA 5.500 Apr 15, 2000 500,000 485,156
U.S. Treasury Notes AAA 7.125 Sep 30, 1999 1,000,000 1,022,187
U.S. Treasury Notes AAA 5.875 Feb 15, 2004 850,000 811,484
U.S. Treasury Notes AAA 5.750 Aug 15, 2003 700,000 666,312
U.S. Treasury Notes AAA 6.500 May 15, 2005 1,100,000 1,084,531
U.S. Treasury Notes AAA 6.500 Aug 15, 2005 700,000 689,500
U.S. Treasury Notes AAA 5.875 Nov 15, 2005 1,350,000 1,271,531
U.S. Treasury Notes AAA 8.500 May 15, 1997 700,000 715,968
--------
TOTAL GOVERNMENT GUARANTEED- U.S.
(COST: $13,045,821) $12,892,137
----------
Quasi-Government/Government Sponsored: 6.3%
Federal Home Loan Bank AAA 5.440 Oct 15, 2003 620,000 566,772
Federal Home Loan Bank AAA 6.440 Jan 28, 2000 250,000 248,452
Federal Home Loan Bank AAA 7.900 Jun 15, 2021 3,344,000 3,462,879
Federal Home Loan Bank AAA 10.000 Jan 15, 2021 2,250,000 2,513,768
FNMA Pass Through Cert. AAA 8.000 Feb 01, 2002 116,835 119,099
FNMA Pass Through Cert. AAA 8.400 Nov 25, 2019 1,600,000 1,653,376
Private Export Funding AAA 5.500 Mar 15, 2001 1,000,000 954,989
--------
TOTAL QUASI-GOVERNMENT/GOVERNMENT
SPONSORED (COST: $9,628,304) $9,519,335
---------
Nonconvertible Corporate Bonds: 30.3%
Building Materials: 0.2%
Stanley Works A-2/A 7.375 Dec 15, 2002 250,000 255,745
--------
Drug/Health Care: 1.3%
Abbott Laboratories, Inc. AA-1/AAA 6.800 May 15, 2005 500,000 491,658
American Home Products, Corp. A-2/A- 7.700 Feb 15, 2000 1,000,000 1,032,034
Bergen Brunswig BAA-1/A- 7.250 Jun 01, 2005 500,000 488,816
--------
Drug/Health Care total 2,012,508
--------
Electronics: 0.7%
Raytheon Co. A-1/A+ 6.500 Jul 15, 2005 500,000 478,099
Texas Instruments, Inc. A-3/A 9.000 Mar 15, 2001 500,000 540,744
--------
Electronics total 1,018,843
--------
BALANCED FUND OF ULTRA SERIES FUND
Investments in Securities (Continued)
June 30, 1996
(Unaudited)
BALANCED FUND INVESTMENTS, % Net Quality Coupon Maturity Par
CONTINUED: Assets Rating* Rate Date Amount Value
------ ------- ---- ---- ------ -----
Forest Products/Paper: 2.0%
Champion International Corp. BAA-1/BBB 9.875 Jun 01, 2000 $250,000 $274,620
Champion International Corp. BAA-1/BBB 7.100 Sep 01, 2005 550,000 537,809
International Paper A-3/A- 7.875 Aug 01, 2006 500,000 519,930
Kimberly Clark Corp. AA-2/AA 9.000 Aug 01, 2000 750,000 809,812
Weyerhaeuser Company A-2/A 8.375 Feb 02, 2007 800,000 868,260
--------
Forest Products/Paper total 3,010,431
--------
Hospital Supplies: 0.6%
Baxter International, Inc. A-3/A- 7.625 Nov 15, 2002 250,000 254,795
Columbia/HCA Healthcare Corporation A-3/A- 6.910 Jun 15, 2005 700,000 683,526
--------
Hospital Supplies total 938,321
--------
Insurance/Casualty: 0.3%
Lincoln National Corp. A-2/A 7.250 May 15, 2005 500,000 492,713
--------
Investment Banking/Brokerage: 3.1%
Dean Witter Discover & Company A-2/A 6.250 Mar 15, 2000 200,000 196,860
Donaldson, Lufkin Jenrette, Inc. BAA-1/A- 6.875 Nov 11, 2005 300,000 285,152
Donaldson, Lufkin Jenrette, Inc. BAA-1/A- 5.625 Feb 15, 2016 500,000 471,165
Merrill Lynch A-1/A+ 6.250 Jan 15, 2006 650,000 598,949
Paine Webber Group BAA-1/BBB+ 6.750 May 01, 2006 1,000,000 934,265
Salomon Inc. BAA-1/BBB 6.700 Dec 01, 1998 650,000 649,671
Salomon Inc. BAA-1/BBB 7.125 Aug 01, 1999 1,000,000 1,006,912
Salomon Inc. BAA-1/BBB 6.875 Dec 15, 2003 600,000 574,732
--------
Investment Banking/Brokerage total 4,717,706
--------
Finance Co. - Consumer Loan: 1.0%
American General Finance A-1/A+ 7.125 Dec 01, 1999 500,000 506,960
Household Finance Co. A-2/A 7.125 Sep 01,2005 500,000 494,599
Norwest Financial Inc. AA-3/AA- 7.875 Feb 15, 2002 500,000 522,433
--------
Finance Co. - Consumer Loan total 1,523,992
--------
Mortgage Related Securities: 0.8%
Prudential Home Funding AAA 6.050 Apr 25, 2024 1,500,000 1,257,015
--------
Cosmetics/Personal Care: 0.2%
Gillette Co. AA-3/AA- 5.750 Oct 15, 2005 300,000 271,519
--------
Leisure Time 0.6%
Walt Disney Company A-2/A 6.750 Mar 30, 2006 1,000,000 968,557
--------
Media: 0.2%
McGraw-Hill, Inc. A-1 9.430 Sep 01, 2000 250,000 273,516
--------
Publishing-News: 0.4%
Knight Ridder, Inc. A-1/AA- 8.500 Sep 01, 2001 500,000 526,926
--------
Retail-Department: 1.2%
Dayton Hudson Corp. BAA-1/BBB+ 9.750 Nov 01, 1998 500,000 533,234
J. C. Penney Co. A-1/A+ 6.875 Jun 15, 1999 500,000 502,504
Price/Costo, Inc. BAA-1/BBB 7.125 June 15, 2005 800,000 774,424
--------
Retail-Department total 1,810,162
--------
Foods-Products & Services: 0.9%
Archer Daniels Midland AA-2/AA- 6.250 May 15, 2003 500,000 480,953
Supervalu Inc. A-3/BBB+ 7.800 Nov 15, 2002 250,000 258,452
Sysco Corporation A-1/AA- 6.500 Jun 15, 2005 585,000 560,749
--------
Foods-Products & Services total 1,300,154
--------
<PAGE>
BALANCED FUND OF ULTRA SERIES FUND
Investments in Securities (Continued)
June 30, 1996
(Unaudited)
BALANCED FUND INVESTMENTS, % Net Quality Coupon Maturity Par
CONTINUED: Assets Rating* Rate Date Amount Value
------ ------- ---- ---- ------ -----
Beverage/Confect/Tobacco: 0.5%
Coca-Cola Co. AA-3/AA 6.000 Jul 15, 2003 $500,000 $477,025
Pepsico Inc. A-1/A 6.125 Jan 15, 1998 250,000 249,850
--------
Beverage/Confect/Tobacco total 726,875
--------
Auto-Related: 0.5%
Ford Motor Company A-1/A+ 7.500 Nov 15, 1999 500,000 511,268
General Motors Corporation A-3/A- 7.000 Jun 15, 2003 300,000 297,891
--------
Auto-Related total 809,159
--------
Hotel & Motel 0.6%
Marriott International, Inc. BAA-1/A- 7.125 Jun 01, 2007 1,000,000 950,879
--------
Electrical Equipment: 0.3%
Emerson Electric Co. AA-1/AA+ 6.300 Nov 01, 2005 500,000 474,064
--------
Electric Household Appliances: 0.2%
Maytag Corporation BAA-1/BBB+ 9.750 May 15, 2002 250,000 280,644
--------
Finance-Diversified: 0.7%
Dow Capital B.V. A-1/A 7.125 Jan 15, 2003 250,000 251,225
Dow Capital B.V. A-1/A 7.375 Jul 15, 2002 250,000 255,117
John Deere Capital A-2/A 4.625 Sep 02, 1996 500,000 499,220
--------
Finance-Diversified total 1,005,562
--------
Engineering/Construction Services: 0.4%
Foster Wheeler Corp. BAA-2/BBB 6.750 Nov 15, 2005 600,000 569,537
--------
Machinery/Tools: 0.8%
Giddings & Lewis BA1/BBB 7.500 Oct 01, 2005 500,000 485,430
Ingersoll Rand Company A-2/A 6.480 Jun 01. 2025 700,000 672,087
--------
Machinery/Tools total 1,157,517
--------
Office Equipment/Computers: 0.5%
International Business Machines A-1/A 6.375 Jun 15, 2000 500,000 495,625
Xerox Corporation A-2/A 7.150 Aug 01, 2004 300,000 300,384
--------
Office Equipment/Computers total 796,009
--------
Telecommunications: 0.3%
Cox Communications BAA-2/A- 6.875 Jun 15, 2005 500,000 483,218
--------
Oil/Oil Service: 1.6%
Enron Corp. BAA-2/BBB+ 7.625 Sep 10, 2004 500,000 508,475
Mobil Corporation AA-2/AA 8.375 Feb 12, 2001 500,000 530,625
Shell Oil Company AA-2/AAA 6.625 Jul 01, 1999 300,000 300,914
Shell Canada, Ltd. A-1/AA 8.875 Jan 14, 2001 500,000 541,360
Union Oil California BAA-2/BBB 6.250 May 15, 2005 500,000 491,792
--------
Oil/Oil Service total 2,373,166
--------
Pollution Control: 0.2%
WMX Technologies, Inc. A-1/AA- 7.700 Oct 01, 2002 350,000 363,326
--------
Chemicals: 1.1%
Monsanto Co. A-1/A 6.000 Jul 01, 2000 500,000 484,758
PPG Industries, Inc. A-1/A 6.875 Aug 01, 2005 500,000 487,455
Union Carbide Corporation BBA-2/BBB 6.790 Jun 01, 2025 700,000 672,872
--------
Chemicals total 1,645,085
--------
Specialty Chemicals: 0.3%
Praxair, Inc. A-3/BBB+ 6.850 Jun 15, 2005 500,000 485,297
--------
BALANCED FUND OF ULTRA SERIES FUND
Investments in Securities (Continued)
June 30, 1996
(Unaudited)
BALANCED FUND INVESTMENTS, % Net Quality Coupon Maturity Par
CONTINUED: Assets Rating* Rate Date Amount Value
------ ------- ---- ---- ------ -----
Transportation: 3.2%
American Airlines A-3/BBB- 8.040 Sep 16, 2011 $1,000,000 $1,013,684
Burlington Northern Inc. BAA-2/BBB 7.400 May 15, 1999 500,000 510,027
Delta Air Lines BAA-1/BBB- 8.540 Jan 02, 2007 1,204,422 1,259,403
Federal Express A3/BBB+ 7.850 Jan 30, 2015 1,000,000 1,009,600
Union Pacific Co. A-3/A- 6.250 Mar 15, 1999 500,000 496,088
United Airlines BAA-1/BB+ 9.020 Apr 19, 2012 481,068 510,649
--------
Transportation total 4,799,451
--------
Aerospace/Defense: 0.3%
Rockwell International Corp. AA-3/AA- 7.625 Feb 17, 1998 500,000 510,117
--------
Utilities-Natural Gas Distribution: 0.4%
Laclede Gas Co. AA-3/AA- 6.250 May 01, 2003 700,000 671,342
--------
Utilities-Telephone: 2.7%
Alltel Corporation A2/A+ 7.250 Apr 01, 2004 500,000 500,332
American Telephone & Telegraph Corp. AA-3/AA 6.750 Apr 01, 2004 500,000 490,000
Bell South Telecommunications, Inc. AAA/AAA 6.500 Feb 01, 2000 250,000 248,618
Bell South Telecommunications, Inc. AAA/AAA 6.500 Jun 15, 2005 350,000 336,875
Bell Tel of Penn AA-1/AA 6.125 Mar 15, 2003 500,000 477,830
GTE-California AA-3/AA- 6.250 Jan 15, 1998 250,000 249,988
TE Corporation A-3/BBB+ 9.100 Jun 01, 2003 500,000 553,482
New England Telephone & Telegraph AA-2/AA- 4.625 Jul 01, 2005 572,000 473,705
New York Telephone A-2/A 6.500 Mar 01, 2005 500,000 479,166
Northwestern Bell Telephone Co. AA-3/AA- 9.500 May 01, 2000 250,000 272,142
--------
Utilities-Telephone total 4,082,138
--------
Utilities-Electric: 1.6%
Central Power & Light, Inc. A-2/A 6.000 Oct 01, 1997 250,000 248,952
Consolidated Edison of New York, Inc. A-1/A+ 6.250 Apr 01, 1998 300,000 298,987
Florida Power Corp. AA-3/AA- 6.000 Jul 01, 2003 400,000 375,826
Midwest Power Systems A-2/A+ 7.125 Feb 01, 2003 250,000 249,648
Pacific Gas & Electric Co. A-2/A 6.250 Aug 01, 2003 300,000 285,372
Pacificorp A-2/A 6.750 Apr 01, 2005 500,000 480,357
Wisconsin Public Service, Inc. AA-2/AA+ 7.300 Oct 01, 2002 500,000 506,503
--------
Utilities-Electric total 2,445,645
--------
Utilities-Natural Gas Pipeline: 0.2%
Burlington Resources Inc. A-3/A- 9.625 Jun 15, 2000 250,000 273,181
--------
Diversified Companies 0.2%
Whitman Corporation BAA-2/BBB+ 7.500 Feb 01, 2003 300,000 303,600
--------
Miscellaneous: 0.2%
Chrysler Buildings of New York A-1/A- 9.125 May 01, 1999 250,000 264,160
--------
TOTAL NONCONVERTIBLE CORPORATE
BONDS (COST: $46,087,950) $45,848,080
----------
% Net
Assets Shares Value
Common Stocks: 42.9%
Forest Products/Paper: 0.7%
Champion International Corp. 15,300 638,775
Potlatch Corp 10,500 410,813
--------
Forest Products/Paper total 1,049,588
--------
</TABLE>
<PAGE>
BALANCED FUND OF ULTRA SERIES FUND
Investments in Securities (Continued)
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
BALANCED FUND INVESTMENTS, % Net
CONTINUED: Assets Shares Value
<S> <C> <C> <C>
Insurance: 2.8%
Aetna Life & Casualty Company 22,500 $1,608,750
Allstate Corporation 30,157 1,375,913
Everest Reinsurance Holdings, Inc 45,800 1,185,075
--------
Insurance total 4,169,738
--------
Banks: 0.7%
Bankers Trust New York Corp. 14,700 1,085,962
--------
Investment Banking/Brokerage: 1.4%
A. G. Edwards, Inc. 20,500 556,063
Dean Witter Discover & Company 10,300 589,675
Salomon Inc. 23,200 1,020,800
--------
Investment Banking/Brokerage total 2,166,538
--------
Finance Companies: 0.2%
Credit Acceptance Corp. *** 16,300 342,300
--------
Drugs/Health Care: 4.2%
Bristol-Myers Squibb Co. 16,200 1,458,000
Caremark International, Inc 22,400 565,600
Centocor Inc. *** 18,800 561,650
Glaxo Wellcome - ADR 76,000 2,033,000
Healthsource, Inc. *** 35,000 612,500
Pharmacia & Upjohn, Inc 13,135 582,865
Smith-Kline Beecham - ADR 9,700 527,438
--------
Drugs/Health Care total 6,341,053
--------
Hospital Management/Supplies: 0.6%
Biomet, Inc. *** 29,300 421,188
Columbia HCA Healthcare Corp. 9,100 485,712
--------
Hospital Management/Supplies total 906,900
--------
Retail - Department: 0.4%
Sear Roebuck & Co. 10,800 525,150
--------
Retail-Discount: 1.3%
Price/Costco, Inc. *** 39,500 854,188
Wal-Mart Stores, Inc. 42,400 1,075,900
--------
Retail-Discount total 1,930,088
--------
Retail-Drug: 0.2%
Revco D.S. Inc *** 14,700 350,962
--------
Leisure Time: 0.1%
Johnson Worldwide Associates, Inc. *** 12,350 169,812
--------
Media 0.6%
Banta Corporation 38,000 959,500
--------
Printing/Publishing: 0.3%
Readers Digest Assn, Inc. - Class A 9,900 420,750
--------
Foods-Food Products: 3.7%
General Mills, Inc. 27,800 1,515,100
Nabisco Holdings Corp. - Class A 36,500 1,291,188
Sara Lee Corp. 34,300 1,110,462
Tyson Foods, Inc. - Class A 61,000 1,669,875
--------
Foods-Food Products total 5,586,625
--------
<PAGE>
BALANCED FUND OF ULTRA SERIES FUND
Investments in Securities (Continued)
June 30, 1996
(Unaudited)
BALANCED FUND INVESTMENTS, % Net
CONTINUED: Assets Shares Value
Restaurants: 0.6%
Darden Restaurants, Inc. 84,000 $903,000
--------
Auto-Related: 1.1%
Bandag Inc. - Class A 10,700 501,562
General Motors Corporation 21,200 1,110,350
--------
Auto-Related total 1,611,912
--------
Home Furnishings: 0.6%
Congoleum Corporation *** 20,300 233,450
Department 56, Inc. *** 27,300 617,662
--------
Home Furnishings total 851,112
--------
Apparel/Textile: 0.8%
Authentic Fitness 16,500 307,313
Kellwood Co. 19,000 349,125
Quiksilver, Inc. *** 19,600 588,000
--------
Apparel/Textile total 1,244,438
--------
Office Equipment/Computers: 3.8%
Amdahl Corp. *** 85,800 922,350
EMC Corp. *** 74,900 1,395,012
International Business Machines Corp. 14,550 1,440,450
Seagate Technology, Inc. *** 7,200 324,000
Wang Laboratories, Inc. *** 88,500 1,670,438
--------
Office Equipment/Computers total 5,752,250
--------
Electronics: 1.2%
Molex, Inc. - Class A 33,100 972,312
Texas Instruments, Inc. 16,500 822,938
--------
Electronics total 1,795,250
--------
Electronics-Semi : 0.1%
Micron Technology, Inc. 3,600 93,150
--------
Telecommunications: 1.2%
MCI Communications, Inc. 44,800 1,148,000
Telefos deMexico SP ADR Cl L 19,000 636,500
--------
Telecommunications total 1,784,500
--------
Electrical Equipment: 1.2%
BWIP Holding, Inc. 40,600 771,400
Grainger, (W. W.) Inc. 7,000 542,500
Stewart & Stevenson Services, Inc. 20,000 455,000
--------
Electrical Equipment total 1,768,900
--------
Pollution Control: 1.3%
WMX Technologies, Inc. 61,250 2,005,938
--------
Oil/Oil Service: 4.9%
Amerada Hess Corporation 7,300 391,462
Amoco Corporation 13,100 948,112
Belden & Blake Corp. *** 28,200 585,150
Exxon Corporation 3,500 304,062
Occidental Petroleum Corp. 37,800 935,550
Phillips Petroleum Co. 25,400 1,063,625
Ranger Oil, Ltd. 25,400 187,325
Schlumberger, Ltd. 10,050 846,713
Texaco Inc. 7,700 645,838
Unocal Corp 27,200 918,000
USX-Marathon Group 30,300 609,788
--------
Oil/Oil Service total 7,435,625
--------
BALANCED FUND OF ULTRA SERIES FUND
Investments in Securities (Continued)
June 30, 1996
(Unaudited)
BALANCED FUND INVESTMENTS, % Net
CONTINUED: Assets Shares Value
Containers: 0.5%
Owens-Illinois, Inc. *** 50,300 $804,800
--------
Chemicals: 0.5%
Dow Chemical Company 9,800 744,800
--------
Specialty Chemicals: 0.2%
Lyondell Petrochemical 11,050 266,581
--------
Transportation: 0.7%
Delta Air Lines Inc. 4,300 356,900
Hunt (JB) Transport Services, Inc. 31,500 657,563
--------
Transportation total 1,014,463
--------
Utilities-Telephone: 3.8%
Airtouch Communications, Inc. *** 59,850 1,690,762
Ameritech Corporation 9,200 546,250
AT&T Corp. 24,800 1,537,600
Bell Atlantic 9,200 586,500
GTE Corporation 26,800 1,199,300
NYNEX Corp. 4,000 190,000
--------
Utilities-Telephone total 5,750,412
--------
Utilities-Electric: 1.0%
Duke Power Company 4,100 210,125
Northern States Power 9,200 454,250
Pacific Gas & Electric Company 38,100 885,825
--------
Utilities-Electric total 1,550,200
--------
Diversified Companies: 1.3%
Alexander & Baldwin, Inc. 21,700 523,513
Minnesota Mining & Mfg. 7,500 517,500
Rockwell International Corporation 16,900 967,525
--------
Diversified Companies total 2,008,538
--------
Miscellaneous: 0.9%
Hasbro, Inc. 14,000 500,500
Interim Services, Inc. *** 18,600 799,800
--------
Miscellaneous total 1,300,300
--------
TOTAL COMMON STOCKS,
(COST: $57,835,231) $64,691,135
----------
TOTAL INVESTMENTS, BALANCED SERIES
FUND (COST: $143,451,505)** $149,804,886
===========
See accompanying notes to investments in securities.
*Moody's/Standard & Poors' quality ratings. See the current Prospectus and
Statement of Additional Information for a complete description of these ratings.
**At June 30, 1996, the cost of securities for federal income tax purposes was
$143,451,505. The aggregate unrealized appreciation and depreciation of
investments in securities based on this cost were:
Gross unrealized appreciation........................ $9,504,390
Gross unrealized depreciation....................... (3,151,008)
---------
Net unrealized appreciation......................... $6,353,381
=========
***This Security is not income producing.
</TABLE>
<PAGE>
BOND FUND OF ULTRA SERIES FUND
Investments in Securities (Continued)
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
% Net Quality Annualized Maturity Par
BOND FUND INVESTMENTS: Assets Rating* Yield Date Amount Value
------ ------- ----- ---- ------ -----
<S> <C> <C> <C> <C> <C> <C>
Short-Term Investments:
Commercial Paper/Savings: 2.5%
General Electric Capital Corporation A1+/P1 5.275% Jul 01, 1996 $450,000 $449,870
Chase Manhattan - Cash Account 4.520% 49,463 49,463
--------
TOTAL SHORT-TERM INVESTMENTS
AT COST: $499,333
--------
* For Short-term Investments, Market Value is assumed to equal Book Value.
% Net Quality Coupon Maturity Par
Government & Agency Bonds: Assets Rating* Rate Date Amount Value
------ ------- ---- ---- ------ -----
Government Guaranteed - U.S.: 10.6%
U.S. Treasury Note AAA 8.500 May 15, 1997 300,000 312,938
U.S. Treasury Note AAA 8.500 May 15, 1997 300,000 306,844
U.S. Treasury Note AAA 7.125 Oct 15, 1998 250,000 255,000
U.S. Treasury Note AAA 7.500 Nov 15, 2001 200,000 208,750
U.S. Treasury Note AAA 7.125 Sep 30, 1999 250,000 255,546
U.S. Treasury Note AAA 5.875 Feb 15, 2004 150,000 143,203
U.S. Treasury Note AAA 5.750 Aug 15, 2003 200,000 190,375
U.S. Treasury Note AAA 6.500 May 15, 2005 400,000 394,374
U.S. Treasury Note AAA 6.500 Aug 15, 2005 300,000 295,500
U.S. Treasury Note AAA 5.875 Nov 15, 2005 100,000 94,188
--------
Government Guaranteed - U.S. total
(COST: $2,200,464) $2,143,780
--------
Quasi-Government/Government Sponsored: 13.8%
Federal Home Loan Mortgage Corp. AAA 6.440 Jan 28, 2000 150,000 149,071
Federal Home Loan Mortgage Corp. AAA 7.900 Jun 15, 2001 836,000 865,720
Federal Home Loan Mortgage Corp. AAA 10.000 Jan 12, 2021 750,000 837,923
FHLMC Pass Through Cert. AAA 8.500 Apr 01, 2001 8,424 8,647
FHLMC Pass Through Cert. AAA 8.500 May 01, 2002 21,010 21,567
Federal National Mortgage Association AAA 8.400 Nov 25, 2019 400,000 413,344
Private Export Funding AAA 5.500 Mar 15, 2001 500,000 477,495
--------
Quasi-Government/Government Sponsored total
(COST: $2,813,769) $2,773,767
--------
Nonconvertible Corporate Bonds: 71.6%
Forest Products/Paper: 2.3%
Champion International Corp. BAA-1/BBB 9.875 Jun 01, 2000 100,000 109,848
Champion International Corp. BAA-1/BBB 7.100 Sep 01, 2005 250,000 244,459
Kimberly-Clark Corp. AA-2/AA 9.000 Aug 01, 2000 100,000 107,975
--------
Forest Products/Paper total 462,282
--------
Investment Banking/Brokerage: 11.5%
Donaldson, Lufkin, Jenrette, Inc. BAA-1/A- 6.875 Nov 01, 2005 200,000 190,101
Donaldson, Lufkin, Jenrette, Inc. BAA-1/A- 5.625 Feb 15, 2016 200,000 188,466
Lehman Brothers Holdings BAA-1/A 5.750 Feb 15, 1998 500,000 494,062
Merrill Lynch A-1/A+ 6.250 Jan 15, 2006 350,000 322,511
Paine Webber Group BAA-1/BBB+ 6.750 May 01, 2006 500,000 467,133
Salomon Inc. BAA-1/BBB 6.700 Dec 01, 1998 150,000 149,924
Salomon Inc. BAA-1/BBB 7.125 Aug 01, 1999 500,000 503,456
--------
Investment Banking/Brokerage total 2,315,653
--------
Finance Co. - Consumer Loans: 1.6%
Household Finance Co. A-2/A 7.125 Sep 01, 2005 325,000 321,489
--------
Mortgage Related Securities: 2.1%
Prudential Home Funding AAA 6.050 Apr 25, 2024 500,000 419,005
--------
<PAGE>
BOND FUND OF ULTRA SERIES FUND
Investments in Securities (Continued)
June 30, 1996
(Unaudited)
BOND FUND INVESTMENTS, % Net Quality Coupon Maturity Par
CONTINUED: Assets Rating* Rate Date Amount Value
------ ------- ---- ---- ------ -----
Drugs/Health Care: 3.5%
Abbott Labs AA-1/AAA 5.600 Oct 01, 2003 $200,000 $183,220
American Home Products A-2/A- 7.700 Feb 15, 2000 500,000 516,017
--------
Drugs/Health Care total 699,237
--------
Hospital Management/Supplies 1.5%
Columbia/HCA Healthcare Corporation A-3/A- 6.910 Jun 15, 2005 300,000 292,940
--------
Leisure Time 2.4%
Walt Disney Company A-2/A 6.750 Mar 30, 2006 500,000 484,278
--------
Media: 0.5%
McGraw-Hill, Inc. A-1 9.430 Sep 1, 2000 100,000 109,406
--------
Retail-Department: 2.3%
Dayton Hudson Corp. BAA-1/BBB+ 9.750 Nov 01, 1998 250,000 266,617
Price/Costco Inc. BAA-1/BBB 7.125 Jun 15, 2005 200,000 193,606
--------
Retail-Department total 460,223
--------
Foods-Products & Services: 0.5%
Dean Foods Co. A-3/A 6.750 Jun 15, 2005 100,000 96,404
--------
Beverages/Confect/Tobacco: 1.2%
Coca-Cola Co. AA-3/AA 6.000 Jul 15, 2003 250,000 238,513
--------
Auto-Related: 1.5%
Ford Motor Co. A-1/A+ 7.500 Nov 15, 1999 200,000 204,507
General Motors Acceptance Corporation A-3/A- 6.625 Oct 01, 2002 100,000 97,636
--------
Auto-Related total 302,143
--------
Hotel & Motel: 2.4%
Marriott International, Inc. BAA-1/A- 7.125 Jun 01, 2007 500,000 475,440
--------
Electronics: 3.8%
Motorola Inc. AA-3/AA 6.500 Sep 01, 2025 500,000 486,854
Raytheon Co. A-1/A+ 6.500 Jul 15, 2005 300,000 286,859
--------
Electronics total 773,713
--------
Electrical Equipment: 1.4%
Emerson Electric Co. AA-1/AA+ 6.300 Nov 01, 2005 300,000 284,438
--------
Aerospace/Defense: 0.7%
Rockwell International Corp. AA-3/AA- 6.750 Sep 15, 2002 150,000 148,947
--------
Electric Household Appliance: 0.6%
Maytag Corporation BAA-1/BBB+ 9.750 May 15, 2002 100,000 112,258
--------
Engineering/Construction Services: 0.9%
Foster Wheeler Corp. BAA-2/BBB 6.750 Nov 15, 2005 200,000 189,846
--------
Machine Tools: 2.6%
Giddings & Lewis BA1/BBB 7.500 Oct 01, 2005 250,000 242,715
Ingersoll Rand Company A-2A 6.480 Jun 01, 2025 300,000 288,037
--------
Machine Tools total 530,752
--------
Finance-Diversified: 1.3%
Dow Capital B.V. A-1/A 7.375 Jul 15, 2002 250,000 255,117
--------
Pollution Control: 0.8%
WMX Technologies, Inc. A-1/AA- 4.100 Oct 01, 2002 150,000 155,711
--------
BOND FUND OF ULTRA SERIES FUND
Investments in Securities (Continued)
June 30, 1996
(Unaudited)
BOND FUND INVESTMENTS, % Net Quality Coupon Maturity Par
CONTINUED: Assets Rating* Rate Date Amount Value
------ ------- ---- ---- ------ -----
Oil/Oil Service: 3.7%
Enron Corp. BAA-2/BBB+ 7.625 Sep 10, 2004 $300,000 $305,085
ShellOil Company AA-2/AAA 6.625 Jul 01, 1999 150,000 150,457
Union Oil Co. of California BAA-2/BBB 7.200 May 15, 2005 300,000 295,075
--------
Oil/Oil Service total 750,617
--------
Chemicals: 2.6%
Monsanto Co. A-1/A 6.000 Jul 01, 2000 250,000 242,379
Union Carbide Corporation BAA-2/BBB 6.790 Jun 01, 2025 300,000 288,374
--------
Chemicals total 530,753
--------
Transportation: 10.2%
American Airlines A-3/BBB- 8.040 Sep 16, 2011 500,000 506,842
Burlington Northern, Inc. BAA-2/BBB 7.400 May 15, 1999 200,000 204,011
Delta Air Lines BAA-1/BBB- 8.540 Jun 30, 2007 305,438 319,382
Federal Express A-3/BBB+ 7.850 Jan 30, 2015 500,000 504,800
United Airlilnes BAA-1/BB+ 9.020 Apr 19, 2019 481,068 510,649
--------
Transportation total 2,045,684
--------
Metals-Fabrication & Manufacturing: 0.6%
Cyprus Minerals BAA-2/BBB- 6.625 Oct 15, 2005 130,000 121,648
--------
Utilities-Telephone: 3.2%
Bell South Telecommunications, Inc. AAA/AAA 6.500 Feb 01, 2000 150,000 149,171
Bell South Telecommunications, Inc. AAA/AAA 6.500 Jun 15, 2005 150,000 144,375
Bell Tel of Penn AA-1/AA 6.125 Mar 15, 2003 250,000 238,915
Northwestern Bell Telephone Co. AA-3/AA- 9.500 May 01, 2000 100,000 108,857
--------
Utilities-Telephone total 641,318
--------
Utilities-Electric: 4.9%
Consolidated Edison of New York A-1/A+ 6.250 Apr 01, 1998 200,000 199,325
Midwest Power Systems A-2/A+ 7.125 Feb 01, 2003 150,000 149,789
Pacificorp A-2/A 6.750 Apr 01, 2005 250,000 240,178
Union Electric Company A-1/AA- 6.750 Oct 15, 1999 150,000 150,275
Wisconsin Public Service, Inc. AA-2/AA+ 7.300 Oct 01, 2002 250,000 253,252
--------
Utilities-Electric total 992,819
--------
Utilities-Natural Gas Pipeline: 0.5%
Burlington Resources, Inc. A-3/A- 9.625 Jun 15, 2000 100,000 109,273
--------
Diversified Companies: 0.5%
Whitman Corporation BAA-2/A 7.500 Feb 01, 2003 100,000 101,200
--------
TOTAL NONCONVERTIBLE CORPORATE
BONDS (COST: $14,589,035) $14,421,107
----------
TOTAL INVESTMENTS, BOND FUND
(COST: $20,102,601)** $19,837,987
==========
See accompanying notes to investments in securities.
*Moody's/Standard & Poors' quality ratings. See the current Prospectus and
Statement of Additional Information for a complete description of these ratings.
**At June 30, 1996, the cost of securities for federal income tax purposes was
$20,102,601. The aggregate unrealized appreciation and depreciation of
investments in securities based on this cost were:
Gross unrealized appreciation......................... $138,618
Gross unrealized depreciation......................... (403,232)
--------
Net unrealized depreciation........................... ($264,614)
========
</TABLE>
<PAGE>
MONEY MARKET FUND OF ULTRA SERIES FUND
Investments in Securities (Continued)
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
% Net Quality Annualized Maturity Par
MONEY MARKET FUND INVESTMENTS: Assets Rating* Yield Date Amount Value
------ ------- ----- ---- ------ -----
<S> <C> <C> <C> <C> <C> <C>
Short-Term Investments:
Commercial Paper/Savings: 64.5%
American Express Credit A-1/P-1 5.41% Jul 30, 1996 $803,000 $799,377
Anheuser Busch Companies A-1+/P-1 5.40% Aug 02, 1996 895,000 890,554
Associates Corp of North America A-1+/P-1 5.45% Sep 13, 1996 883,000 873,120
Chevron Oil Finance Company A-1+/P-1 5.45% Jul 26, 1996 967,000 963,120
Citibank NA A-1+/P-1 5.59% Sep 13, 1996 354,100 350,700
Coca-Cola Co. A-1+/P-1 5.38% Jul 15, 1996 800,000 798,126
Dean Witter Discover A-1/P-1 5.45% Jul 26, 1996 950,000 946,188
Ford Motor Credit Company A-1/P-1 5.41% Aug 16, 1996 880,000 873,817
General Electric Capital Corporation A-1+/P-1 5.90% Feb 02, 1997 911,000 878,973
Hewlett Packard Inc. A-1+/P-1 5.39% Aug 20, 1996 750,000 744,313
Interstate Power Co. A-1/P-1 5.46% Jul 23, 1996 927,000 923,688
J. C. Penny Funding Corp. A-1/P-1 5.42% Jul 10, 1996 898,000 896,540
John Deere Capital Corp. A-1/P-1 5.44% Jul 08, 1996 781,000 779,965
Pepsico, Inc. A-1/P-1 5.39% Jul 08, 1996 954,000 952,736
United Parcel Service A-1+/P-1 5.38% Aug 16, 1996 893,000 886,773
Chase Manhattan - Cash Account 4.52% 46,663 46,663
--------
TOTAL COMMERCIAL PAPER
SAVINGS, AT COST $12,604,653
----------
Quasi-Government/Government Sponsored: 30.4%
Federal Home Loan Discount Notes 5.36% Jul 05, 1996 4,000,000 3,991,035
Federal Home Loan Bank 5.80% Mar 20, 1997 1,000,000 959,740
FNMA Discount Notes 5.49% sep 13, 1996 1,000,000 988,726
--------
TOTAL QUASI-GOVERNMENT/
GOVERNMENT SPONSORED, AT COST $5,939,501
---------
Govenment Guaranteed:
U. S. Treasury Bill 5.1% 4.88% Jul 11, 1996 1,000,000 998,426
--------
TOTAL GOVERNMENT GUARANTEED,
AT COST $998,426
--------
TOTAL INVESTMENTS, MONEY MARKET
FUND, AT COST $19,542,580
==========
See accompanying notes to investments in securities.
*Moody's/Standard & Poors' quality ratings. See the current Prospectus and
Statement of Additional Information for a complete description of these ratings.
</TABLE>
<PAGE>
TREASURY 2000 FUND OF ULTRA SERIES FUND
Investments in Securities (Continued)
June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
% of Interest Maturity Principal
TREASURY 2000 FUND INVESTMENTS: Net Assets Rate Date Amount Value
---------- ---- ---- ------ -----
<S> <C> <C> <C> <C> <C>
Government Guaranteed - U.S.:
U.S. Treasury Strip (Cost $1,329,872)* 100.3% 9.69% Nov 15, 2000 $2,000,000 $1,514,620
=========
See accompanying notes to investments in securities.
Notes to investments in securities:
Interest rates on short-term investments and stripped Treasury Securities
represent annualized yield to maturity at date of purchase.
Interest rates on other securities represent coupon rates.
Values of investment securities are determined as described in Note 2 of the
financial statements.
*At June 30, 1996, the cost of securities for federal income tax purposes was
$1,329,872. The aggregate unrealized appreciation and depreciation of
investments in securities based on this cost were:
Gross unrealized appreciation............................. $237,407
Gross unrealized depreciation............................. --
--------
Net unrealized appreciation............................... $237,407
========
</TABLE>
<PAGE>
ULTRA SERIES FUND
Statement of Operations
Six Months Ended June 30, 1996
(Unaudited)
<TABLE>
<CAPTION>
Capital Growth and Money Treasury
Appreciation Income Stock Balanced Bond Market 2000
Stock Fund Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C>
Investment income (note 2):
Interest income $71,723 $223,626 $2,346,157 $564,442 $423,966 $56,650
Dividend income 354,832 1,403,749 564,849 -- -- --
---------- ---------- ---------- -------- -------- --------
Total income 426,555 1,627,375 2,911,006 564,442 423,966 56,650
---------- ---------- ---------- -------- -------- --------
Expenses (note 4):
Advisory fees 132,997 321,753 325,588 41,586 38,825 --
Advisory/Administrative fees -- -- -- -- -- 3,403
Accounting and custodian fees 25,719 49,177 49,317 8,006 6,257 --
Trustees' fees 616 1,490 1,505 192 180 --
Legal fees 5,699 13,773 13,902 1,778 1,668 --
Audit fees 2,927 7,073 7,140 913 856 --
Printing and mailing fees 6,676 16,133 16,284 2,083 11,954 --
Other expenses 2,724 6,583 6,645 850 797 --
---------- ---------- ---------- -------- -------- --------
Expenses before reimbursement 177,358 415,982 420,379 55,408 50,537 3,403
Life of America (5,851) (1,317) (952) (1,830) (498) --
---------- ---------- ---------- -------- -------- --------
Total net expenses 171,507 414,665 419,429 53,578 50,039 3,403
---------- ---------- ---------- -------- -------- --------
Net investment income 255,048 1,212,710 2,491,577 510,864 373,927 53,247
---------- ---------- ---------- -------- -------- --------
Realized and unrealized gain (loss)
on investments (notes 2 and 3):
Realized gain (loss) on security
transactions:
Proceeds from sale of securities
and principal pay downs 14,836,701 28,014,249 29,386,200 4,600,044 1,000,000 --
Cost of securities sold (11,797,085) (24,110,620) (25,410,555) (4,533,594) (1,000,000) --
---------- ---------- ---------- --------- -------- --------
Net realized gain (loss) on security
transactions 3,039,616 3,903,629 3,975,645 46,450 -- --
Net change in unrealized appreciation
or depreciation on investments 891,468 3,740,598 (2,633,949) (836,652) -- (87,990)
---------- ---------- ---------- --------- -------- --------
Net gain (loss) on investments 3,931,084 7,644,227 1,341,696 (883,102) -- (87,990)
---------- ---------- ---------- --------- -------- --------
Net increase (decrease) in net assets
resulting from operations $4,186,132 $8,856,937 $3,833,273 $(279,338) $373,927 $(34,743)
========== ========== ========== ========= ======== ========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
ULTRA SERIES FUND
Statement of Changes in Net Assets
Six Months Ended June 30, 1996 and the Year Ended December 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
CAPITAL APPRECIATION GROWTH AND INCOME
STOCK FUND STOCK FUND BALANCED FUND
Operations: 1996 1995 1996 1995 1996 1995
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net investment income $ 255,048 $ 283,910 $ 1,212,710 $ 1,631,967 $ 2,491,577 $ 3,527,057
Net realized gain (loss) on security
transaction 3,039,616 1,078,662 3,903,629 6,556,318 3,975,645 4,247,861
Net change in unrealized appreciation
or depreciation on investments 891,468 3,744,217 3,740,598 11,134,096 (2,633,949) 9,430,371
------------ ------------ ------------- ------------- ------------- -------------
Change in net assets from
operations 4,186,132 5,106,789 8,856,937 19,322,381 3,833,273 17,205,289
------------ ------------ ------------- ------------- ------------- -------------
Distributions to shareholders:
From net investment income (125,126) (280,255) (586,712) (1,628,238) (1,167,468) (3,519,859)
From realized gains on investments -- (1,089,798) (159,518) (6,422,927) (193,364) (4,072,590)
------------ ------------ ------------- ------------- ------------- -------------
Change in net assets from
distributions (125,126) (1,370,053) (746,230) (8,051,165) (1,360,832) (7,592,449)
------------ ------------ ------------- ------------- ------------- -------------
Capital share transactions (note 5):
Proceeds from sale of shares 25,531,836 25,682,821 51,180,090 35,770,514 38,630,128 28,498,420
Net asset value of shares issued in
reinvestment of distributions 125,126 1,370,053 746,230 8,051,165 1,360,833 7,592,449
------------ ------------ ------------- ------------- ------------- -------------
25,656,962 27,052,874 51,926,320 43,821,679 39,990,961 36,090,869
Cost of shares repurchased (1,043,296) (2,121,172) (1,535,741) (1,868,194) (1,605,687) (2,203,087)
------------ ------------ ------------- ------------- ------------- -------------
Change in net assets derived from
capital share transactions 24,613,666 24,931,702 50,390,579 41,953,485 38,385,274 33,887,782
------------ ------------ ------------- ------------- ------------- -------------
Increase in net assets 28,674,672 28,668,438 58,501,286 53,224,701 40,857,715 43,500,622
Net assets:
Beginning of year 38,117,332 9,448,894 102,138,162 48,913,461 110,968,958 67,468,336
------------ ------------ ------------- ------------- ------------- -------------
End of year $ 66,792,004 $ 38,117,332 $ 160,639,448 $ 102,138,162 $ 151,826,673 $ 110,968,958
============ ============ ============= ============= ============= =============
Undistributed net investment
income included in net assets $ 136,983 $ 7,061 $ 636,989 $ 10,991 $ 1,347,778 $ 23,449
============ ============ ============= ============= ============= =============
See accompanying notes to financial statements.
</TABLE>
<PAGE>
ULTRA SERIES FUND
Statement of Changes in Net Assets (Continued)
Six Months Ended June 30, 1996 and the Year Ended December 31, 1995
(Unaudited)
<TABLE>
<CAPTION>
BOND FUND MONEY MARKET FUND TREASURY 2000 FUND
Operations: 1996 1995 1996 1995 1996 1995
- ----------- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Net investment income $ 510,864 $ 624,100 $ 373,927 $ 499,998 $ 53,247 $ 105,279
Net realized gain (loss) on
security transactions 46,450 29,840 -- -- -- --
Net change in unrealized
appreciation or depreciation
on investments (836,652) 883,542 -- -- (87,990) 161,762
------------ ------------ ------------ ------------ ----------- ----------
Change in net assets from
operations (279,338) 1,537,482 373,927 499,998 (34,743) 267,041
------------ ------------ ------------ ------------ ----------- ----------
Distributions to shareholders:
From net investment income (237,851) (622,541) (373,927) (499,998) -- --
From realized gains on
investments -- (29,840) -- -- -- --
------------ ------------ ------------ ------------ ----------- ----------
Change in net assets from
distributions (237,851) (652,381) (373,927) (499,998) -- --
------------ ------------ ------------ ------------ ----------- ----------
Capital share transactions
(note 5):
Proceeds from sale of shares 8,184,829 5,496,387 18,155,298 16,248,249 -- 6,176
Net asset value of shares
issued in reinvestment of
distributions 237,851 652,380 372,608 499,536 -- --
------------ ------------ ------------ ------------ ----------- ----------
8,422,680 6,148,767 18,527,906 16,747,785 -- 6,176
Cost of shares repurchased (1,483,854) (1,176,460) (10,360,315) (13,173,017) -- --
------------ ------------ ------------ ------------ ----------- ----------
Change in net assets derived
from capital share
transactions 6,938,826 4,972,307 8,167,591 3,574,768 -- 6,176
------------ ------------ ------------ ------------ ----------- ----------
Increase (decrease) in net
assets 6,421,637 5,857,408 8,167,591 3,574,768 (34,743) 273,217
Net assets:
Beginning of year 13,724,768 7,867,360 11,374,129 7,799,361 1,545,327 1,272,110
------------ ------------ ------------ ------------ ----------- ----------
End of year $ 20,146,405 $ 13,724,768 19,541,720 $ 11,374,129 $ 1,510,584 $1,545,327
============ ============ ============ ============ =========== ==========
Undistributed net investment
income included in net assets $ 277,498 $ 4,349 -- -- -- --
============ ============ ============ ============ =========== ==========
See accompanying notes to financial statements.
</TABLE>
<PAGE>
CAPITAL APPRECIATION STOCK FUND OF ULTRA SERIES FUND
Financial Highlights
Six Months Ended June 30, 1996 and the Year Ended December 31
(Unaudited)
<TABLE>
<CAPTION>
--------------------- CAPITAL APPRECIATION STOCK FUND ------------------------------------
(For a share outstanding throughout the period): 1996 1995 1994
---- ---- ----
<S> <C> <C> <C>
Net Asset Value, Beginning of Period $12.51 $9.97 $10.00
------ ------ ------
Income from Investment Operations
Net Investment Income .06 .14 0.16
Net Realized and Unrealized Gain (Loss)
on Investments 1.17 2.91 0.37
------ ------ ------
Total from Investment Operations 1.23 3.05 0.53
-------------------------------------------
Distributions
Distributions from Net Investment Income (.03) (.14) (0.15)
------ ------
Distributions from Realized Capital Gains (.00) (.37) (0.41)
------ ------
Total Distributions (.03) (.51) (0.56)
-------------------------------------------
Net Asset Value, End of Period $13.72 $12.51 $9.97
====================================================================================================================================
Total Return* 9.86% 30.75% 5.44%
====================================================================================================================================
Ratio/Supplemental Data
Net Assets, End of Period (000s Omitted) $66,792 $38,117 $9,449
Ratio of Expenses to Average Net Assets** 0.65% 0.65% 0.65%
Ratio of Net Investment Income to Average
Net Assets** 0.31% 1.37% 1.55%
Portfolio Turnover Rate 27.29% 61.32% 65.81%
Average Commission Rate $0.06 $0.06
====================================================================================================================================
*These returns are after all charges at the mutual fund level have been
subtracted. These returns are higher than the returns at the separate account
level because charges made at the separate account level have not been
subtracted.
** During the periods shown, Century Life of America and its affiliates absorbed
all expenses in excess of .65% of the average net assets of the Capital
Appreciation Stock, Growth and Income Stock, Balanced, Bond and Money Market
Funds under the terms of an Expense Reimbursement Agreement between the Ultra
Series Fund and Century Life of America. Annually, the Fund and Century Life
of America have renewed the Expense Reimbursement Agreement. If the Expense
Reimbursement Agreement had not been in effect and if the full expenses
allowable under the Investment Advisory Agreement between the Ultra Series
Fund and the Investment Adviser had been charged, the amounts that would have
been charged and the ratios that would have resulted are:
Capital Appreciation Stock Fund 1996 1995 1994
---- ---- ----
Amount Charged $177,358 $156,184 $42,519
Ratio of Expenses to
Average Net Assets 0.66% 0.75% 0.85%
Ratio of Net Investment
Income to Average Net Assets 0.92% 1.25% 1.35%
</TABLE>
<PAGE>
GROWTH AND INCOME STOCK FUND OF ULTRA SERIES FUND
Financial Highlights
Six Months Ended June 30, 1996 and the Year Ended December 31
(Unaudited)
<TABLE>
<CAPTION>
------------------------ GROWTH AND INCOME STOCK FUND ----------------------------------
(For a share outstanding throughout the period): 1996 1995 1994 1993 1992
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $18.20 $15.06 $15.51 $15.49 $15.21
------ ------ ------ ------ ------
Income from Investment Operations
Net Investment Income 0.16 0.37 0.32 0.29 0.32
Net Realized and Unrealized Gain (Loss)
on Investments 1.22 4.37 (0.04) 1.87 0.90
----- ----- ----- ----- -----
Total from Investment Operations 1.38 4.74 0.28 2.16 1.22
-------------------------------------------------------------------------------------
Distributions
Distributions from Net Investment Income (.08) (.37) (0.32) (0.29) (0.32)
Distributions from Realized Capital Gains (.02) (1.23) (0.40) (1.85) (0.62)
----- ----- ----- ----- -----
Total Distributions (.12) (1.60) (0.73) (2.14) (0.94)
-------------------------------------------------------------------------------------
Net Asset Value, End of Period $19.48 $18.20 $15.06 $15.51 $15.49
====================================================================================================================================
Total Return* 7.62% 31.75% 1.42% 13.77% 7.66%
====================================================================================================================================
Ratio/Supplemental Data
Net Assets, End of Period (000s Omitted) $160,639 $102,138 $48,913 $32,468 $24,382
Ratio of Expenses to Average Net Assets** 0.65% 0.65% 0.65% 0.65% 0.65%
Ratio of Net Investment Income to Average
Net Assets** 1.22% 2.28% 2.19% 1.84% 2.11%
Portfolio Turnover Rate 21.24% 57.80% 45.36% 56.79% 29.67%
Average Commission Rate $0.06 $0.06
====================================================================================================================================
*These returns are after all charges at the mutual fund level have been
subtracted. These returns are higher than the returns at the separate account
level because charges made at the separate account level have not been
subtracted.
** During the periods shown, Century Life of America and its affiliates absorbed
all expenses in excess of .65% of the average net assets of the Capital
Appreciation Stock, Growth and Income Stock, Balanced, Bond and Money Market
Funds under the terms of an Expense Reimbursement Agreement between the Ultra
Series Fund and Century Life of America. Annually, the Fund and Century Life
of America have renewed the Expense Reimbursement Agreement. If the Expense
Reimbursement Agreement had not been in effect and if the full expenses
allowable under the Investment Advisory Agreement between the Ultra Series
Fund and the Investment Adviser had been charged, the amounts that would have
been charged and the ratios that would have resulted are:
Growth and Income Stock Fund 1996 1995 1994 1993 1992
---- ---- ---- ---- ----
Amount Charged $415,982 $491,168 $281,760 $210,141 $151,195
Ratio of Expenses to
Average Net Assets 0.65% 0.69% 0.70% 0.73% 0.74%
Ratio of Net Investment
Income to Average Net Assets 1.86% 2.23% 2.14% 1.76% 2.02%
</TABLE>
<PAGE>
BALANCED FUND OF ULTRA SERIES FUND
Financial Highlights
Six Months Ended June 30, 1996 and the Year Ended December 31
(Unaudited)
<TABLE>
<CAPTION>
-------------------------------- BALANCED FUND ---------------------------------------------------
(For a share outstanding throughout the period): 1996 1995 1994 1993 1992
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $14.63 $12.90 $13.70 $13.54 $13.44
------ ------ ------ ------ ------
Income from Investment Operations
Net Investment Income 0.15 0.55 0.52 0.50 0.55
Net Realized and Unrealized Gain (Loss)
on Investments 0.31 2.29 (0.56) 0.95 0.40
----- ----- ----- ----- -----
Total from Investment Operations 0.46 2.84 (0.04) 1.45 0.95
-------------------------------------------------------------------------------------
Distributions
Distributions from Net Investment Income (0.02) (0.55) (0.51) (0.50) (0.55)
Distributions from Realized Capital Gains (0.13) (0.56) (0.25) (0.79) (0.30)
----- ----- ----- ----- -----
Total Distributions (0.16) (1.11) (0.76) (1.29) (0.85)
-------------------------------------------------------------------------------------
Net Asset Value, End of Period $14.94 $14.63 $12.90 $13.70 $13.54
====================================================================================================================================
Total Return* 3.17% 22.27% -0.46% 10.47% 6.85%
====================================================================================================================================
Ratio/Supplemental Data
Net Assets, End of Period (000s Omitted) $151,827 $110,969 $67,468 $54,363 $41,604
Ratio of Expenses to Average Net Assets** 0.65% 0.65% 0.65% 0.65% 0.65%
Ratio of Net Investment Income to Average
Net Assets** 3.15% 4.03% 4.00% 3.62% 4.10%
Portfolio Turnover Rate 21.28% 36.68% 28.53% 28.71% 19.23%
Average Commission Rate $0.06 $0.06
====================================================================================================================================
*These returns are after all charges at the mutual fund level have been
subtracted. These returns are higher than the returns at the separate account
level because charges made at the separate account level have not been
subtracted.
** During the periods shown, Century Life of America and its affiliates absorbed
all expenses in excess of .65% of the average net assets of the Capital
Appreciation Stock, Growth and Income Stock, Balanced, Bond and Money Market
Funds under the terms of an Expense Reimbursement Agreement between the Ultra
Series Fund and Century Life of America. Annually, the Fund and Century Life
of America have renewed the Expense Reimbursement Agreement. If the Expense
Reimbursement Agreement had not been in effect and if the full expenses
allowable under the Investment Advisory Agreement between the Ultra Series
Fund and the Investment Adviser had been charged, the amounts that would have
been charged and the ratios that would have resulted are:
Balanced Fund 1996 1995 1994 1993 1992
---- ---- ---- ---- ----
Amount Charged $420,379 $598,507 $417,750 $362,284 $254,326
Ratio of Expenses to
Average Net Assets 0.65% 0.68% 0.70% 0.74% 0.72%
Ratio of Net Investment
Income to Average Net Assets 3.78% 4.00% 3.95% 3.53% 4.03%
</TABLE>
<PAGE>
BOND FUND OF ULTRA SERIES FUND
Financial Highlights
Six Months Ended June 30, 1996 and the Year Ended December 31
(Unaudited)
<TABLE>
<CAPTION>
----------------------------------- BOND FUND -------------------------------------------------------
(For a share outstanding throughout the period): 1996 1995 1994 1993 1992
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $10.63 $9.67 $10.58 $10.32 $10.37
------ ------ ------ ------ ------
Income from Investment Operations
Net Investment Income 0.15 0.60 0.59 0.64 0.69
Net Realized and Unrealized Gain (Loss)
on Investments (0.36) 0.96 (0.90) 0.28 (0.03)
----- ----- ----- ----- -----
Total from Investment Operations (0.21) 1.56 (0.31) 0.92 0.66
-------------------------------------------------------------------------------------
Distributions
Distributions from Net Investment Income (0.00) (0.59) (0.59) (0.65) (0.70)
Distributions from Realized Capital Gains (0.14) (0.01) (0.01) (0.01) (0.01)
----- ----- ----- ----- -----
Total Distributions (0.14) (0.60) (0.60) (0.66) (0.71)
-------------------------------------------------------------------------------------
Net Asset Value, End of Period $10.28 $10.63 $9.67 $10.58 $10.32
- ------------------------------------------------------------------------------------------------------------------------------------
Total Return* -1.96% 16.37% -3.06% 8.87% 6.47%
====================================================================================================================================
Ratio/Supplemental Data
Net Assets, End of Period (000s Omitted) $20,146 $13,725 $7,867 $6,297 $5,244
Ratio of Expenses to Average Net Assets** 0.65% 0.65% 0.65% 0.65% 0.65%
Ratio of Net Investment Income to Average
Net Assets** 5.43% 6.08% 6.03% 5.99% 6.83%
Portfolio Turnover Rate 26.75% 14.74% 11.97% 12.23% 13.58%
====================================================================================================================================
*These returns are after all charges at the mutual fund level have been
subtracted. These returns are higher than the returns at the separate account
level because charges made at the separate account level have not been
subtracted.
** During the periods shown, Century Life of America and its affiliates absorbed
all expenses in excess of .65% of the average net assets of the Capital
Appreciation Stock, Growth and Income Stock, Balanced, Bond and Money Market
Funds under the terms of an Expense Reimbursement Agreement between the Ultra
Series Fund and Century Life of America. Annually, the Fund and Century Life
of America have renewed the Expense Reimbursement Agreement. If the Expense
Reimbursement Agreement had not been in effect and if the full expenses
allowable under the Investment Advisory Agreement between the Ultra Series
Fund and the Investment Adviser had been charged, the amounts that would have
been charged and the ratios that would have resulted are:
Bond Fund 1996 1995 1994 1993 1992
---- ---- ---- ---- ----
Amount Charged $55,408 $70,290 $48,651 $44,293 $33,269
Ratio of Expenses to
Average Net Assets 0.66% 0.68% 0.70% 0.75% 0.75%
Ratio of Net Investment
Income to Average Net Assets 6.04% 6.04% 5.98% 5.89% 6.74%
</TABLE>
<PAGE>
MONEY MARKET FUND OF ULTRA SERIES FUND
Financial Highlights
Six Months Ended June 30, 1996 and the Year Ended December 31
(Unaudited)
<TABLE>
<CAPTION>
------------------------------ MONEY MARKET FUND ----------------------------------------------
(For a share outstanding throughout the period): 1996 1995 1994 1993 1992
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $1.00 $1.00 $1.00 $1.00 $1.00
----- ----- ----- ----- -----
Income from Investment Operations
Net Investment Income 0.02 0.05 0.03 0.03 0.03
Net Realized and Unrealized Gain (Loss)
on Investments 0.00 0.00 0.00 0.00 0.00
----- ----- ----- ----- -----
Total from Investment Operations 0.02 0.05 0.03 0.03 0.03
--------------------------------------------------------------------------------------
Distributions
Distributions from Net Investment Income (0.02) (0.05) (0.03) (0.03) (0.03)
Distributions from Realized Capital Gains 0.00 (0.00) 0.00 0.00 0.00
----- ----- ----- ----- -----
Total Distributions (0.02) (0.05) (0.03) (0.03) (0.03)
--------------------------------------------------------------------------------------
Net Asset Value, End of Period $1.00 $1.00 $1.00 $1.00 $1.00
====================================================================================================================================
Total Return* 2.42% 5.21% 3.34% 2.86% 3.05%
====================================================================================================================================
Ratio/Supplemental Data
Net Assets, End of Period (000s Omitted) $19,542 $11,374 $7,799 $4,749 $5,097
Ratio of Expenses to Average Net Assets** 0.63% 0.65% 0.65% 0.65% 0.65%
Ratio of Net Investment Income to Average
Net Assets** 4.10% 5.17% 3.66% 2.43% 3.05%
Portfolio Turnover Rate -- -- -- -- --
====================================================================================================================================
For the Money Market Fund, the "seven-day average" yield for the seven days
ended June 30, 1996, was 4.93% and the "effective" yield for that period was
5.05%.
*These returns are after all charges at the mutual fund level have been
subtracted. These returns are higher than the returns at the separate account
level because charges made at the separate account level have not been
subtracted.
** During the periods shown, Century Life of America and its affiliates absorbed
all expenses in excess of .65% of the average net assets of the Capital
Appreciation Stock, Growth and Income Stock, Balanced, Bond and Money Market
Funds under the terms of an Expense Reimbursement Agreement between the Ultra
Series Fund and Century Life of America. Annually, the Fund and Century Life
of America have renewed the Expense Reimbursement Agreement. If the Expense
Reimbursement Agreement had not been in effect and if the full expenses
allowable under the Investment Advisory Agreement between the Ultra Series
Fund and the Investment Adviser had been charged, the amounts that would have
been charged and the ratios that would have resulted are:
Money Market Fund 1996 1995 1994 1993 1992
---- ---- ---- ---- ----
Amount Charged $50,537 $70,062 $44,391 $44,836 $39,068
Ratio of Expenses to
Average Net Assets 0.65% 0.73% 0.78% 0.77% 0.75%
Ratio of Net Investment
Income to Average Net Assets 4.73% 5.09% 3.53% 2.31% 2.96%
</TABLE>
<PAGE>
TREASURY 2000 FUND OF ULTRA SERIES FUND
Financial Highlights
Six Months Ended June 30, 1996 and the Year Ended December 31
(Unaudited)
<TABLE>
<CAPTION>
----------------------------- TREASURY 2000 FUND -------------------------------------------------
(For a share outstanding throughout the period) 1996 1995 1994 1993 1992
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net Asset Value, Beginning of Period $8.47 $7.00 $7.53 $6.53 $6.04
----- ----- ----- ----- -----
Income from Investment Operations
Net Investment Income 0.00 0.58 0.53 0.48 0.45
Net Realized and Unrealized Gain (Loss)
on Investments (0.19) 0.89 (1.06) 0.52 0.04
----- ----- ----- ----- -----
Total from Investment Operations (0.19) 1.47 (0.53) 1.00 0.49
---------------------------------------------------------------------------------------
Distributions
Distributions from Net Investment Income 0.00 0.00 0.00 0.00 0.00
Distributions from Realized Capital Gains 0.00 0.00 0.00 0.00 0.00
----- ----- ----- ----- -----
Total Distributions 0.00 0.00 0.00 0.00 0.00
---------------------------------------------------------------------------------------
Net Asset Value, End of Period $8.28 $8.47 $7.00 $7.53 $6.53
====================================================================================================================================
Total Return* -2.25% 20.99% -7.12% 15.43% 8.01%
====================================================================================================================================
Ratio/Supplemental Data
Net Assets, End of Period (000s Omitted) $1,511 $1,545 $1,272 $1,363 $1,176
Ratio of Expenses to Average Net Assets 0.45% 0.45% 0.45% 0.45% 0.45%
Ratio of Net Investment Income to Average
Net Assets 6.56% 7.40% 7.50% 6.69% 7.26%
Portfolio Turnover Rate -- -- -- -- --
====================================================================================================================================
*These returns are after all charges at the mutual fund level have been
subtracted. These returns are higher than the returns at the separate account
level because charges made at the separate account level have not been
subtracted.
</TABLE>
<PAGE>
ULTRA SERIES FUND
Notes to Financial Statements
(1) Description of the Fund
The Ultra Series Fund, a Massachusetts Business Trust, is registered as a
diversified, open-end management investment company under the Investment
Company Act of 1940. The Ultra Series Fund is a series fund with six
investment portfolios (funds), each with different investment objectives
and policies and each issuing a separate class of common stock with a par
value of $.01 per share. Fund shares are sold and redeemed at a price equal
to the shares' net asset value (note 2(b)). The assets of each fund are
held separate from the assets of the other funds.
Shares in each fund are currently offered only to separate accounts of
Century Life of America at a price equal to their respective net asset
values per share, without sales charge.
(2) Significant Accounting Policies
(a) Valuation of Investment Securities
Value of Securities, including call options, which are traded on
exchanges are valued at the last sales price on the principal exchange
as of the close of the New York Stock Exchange or 3:00 p.m. Central
Standard Time, whichever is earlier, on the day the securities are
being valued. Securities not traded on a stock exchange on a given day
or traded over-the-counter are valued using a procedure determined in
good faith to represent a fair value and which is authorized by the
Board of Trustees. Pursuant to Rule 2A-7 of the Investment Company Act
of 1940 (as amended), all money market instruments in the Money Market
Fund are valued on an amortized cost basis. Money Market instruments in
the other funds are valued on an amortized cost basis if there are less
than 60 days to maturity.
(b) Share Valuation and Dividends to Shareholders
The net asset value of the shares of each fund is determined on a daily
basis based on the valuation of the net assets of the funds divided by
the number of shares of the fund outstanding. Expenses, including the
investment advisory and advisory/ administrative fees (note 4), are
accrued daily and reduce the net asset value per share.
Dividends on the Money Market Fund will be declared and reinvested
daily in additional full and fractional shares of the Money Market
Fund. Dividends of ordinary income from the Capital Appreciation Stock
Fund, Growth and Income Stock Fund, Bond Fund, and Balanced Fund will
be declared and reinvested quarterly in additional full and fractional
shares of the respective funds. All net realized capital gains of these
funds, if any, will be declared and reinvested at least annually. The
Treasury 2000 Fund will utilize an annual consent dividend procedure
which provides the Fund with the deduction for dividends constructively
paid to shareholders.
(c) Federal Income and Excise Taxes
The Ultra Series Fund intends to distribute all of its taxable income
and to comply with the other requirements of the Internal Revenue Code
applicable to regulated investment companies. Accordingly, no provision
for income or excise taxes is required.
(d) Other
Security transactions are recorded on the trade date basis. Realized
gains and losses from security transactions are reported on the
identified cost basis. Interest, including amortization of premium and
discount, is accrued daily and dividend income is recorded on the
ex-dividend date.
(e) Use of Estimates
The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and
liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements and the reported amounts of increase
and decrease in net assets from operations during the period. Actual
results could differ from those estimates.
<PAGE>
(3) Purchase and Sales of Investment Securities
The cost of securities purchased and the proceeds from securities sold
(including maturities, excluding short-term securities for all funds except
Money Market) for each fund during the six months ended June 30, 1996, were
as follows:
<TABLE>
<CAPTION>
Capital Growth and Money Treasury
Appreciation Income Stock Balanced Bond Market 2000
Stock Fund Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C>
Total costs of securities purchased $38,183,288 $76,959,859 $60,334,537 $11,664,602 $73,609,304 $ --
========== =========== =========== ========== =========== ========
Total proceeds received on security
sales and principal paydowns $11,797,085 $24,110,620 $25,410,555 $4,553,594 $65,823,348 $ --
========== =========== =========== ========== =========== ========
</TABLE>
(4) Transactions with Affiliates
The Ultra Series Fund has entered into an investment advisory agreement
with Century Investment Management Co. (the Investment Adviser), an
affiliated company. During 1996, the Investment Adviser received monthly
advisory or advisory/administrative fees, based on average daily net
assets, at an annual rate of .5 percent of the Capital Appreciation Stock,
Growth and Income Stock, Balanced, Bond and Money Market Funds and .45
percent of the Treasury 2000 Fund.
Expenses of the Ultra Series Fund are accrued daily. Each fund bears the
expenses directly attributable to its own investments. Such expenses
include, but are not limited to, brokerage and other commission costs,
legal fees relating to the enforcement of rights under a specific
investment owned by the fund and expenses related to defense of claims made
solely against the fund. However, certain expenses from shared resources
are allocated to the various funds on the basis of the net assets of the
respective funds as determined each day. These expenses include Trustees,
accountants, legal, investment management and other general and
administrative expenses. As a result of sharing these resources, the funds
are expected to experience cost savings over the aggregate amount that
would be payable if each fund were a separate mutual fund. There can be no
assurance, however, that such savings will be realized.
The Investment Adviser is required to reimburse the funds for the amount,
if any, by which the aggregate expenses of any fund (including the
Investment Adviser's fee, but excluding brokerage commissions, interest,
taxes, and extraordinary expenses) in any calendar year exceed 2.0 percent
of the average daily net assets of the funds. In addition, Century Life of
America has voluntarily agreed to reimburse the Capital Appreciation Stock,
Growth and Income Stock, Balanced, Bond and Money Market Funds for ordinary
business expenses in excess of .65 percent (of which .5 percent is the
advisory fee and .15 percent is general and administrative expenses) of the
average daily net assets of these funds. Also, the Investment Adviser has
agreed to assume responsibility for providing all administrative services
and paying all ordinary business expenses of the Treasury 2000 Fund which
exceed .45 percent (all of which is the advisory/administrative fee) of
average daily net assets. Currently, Century Life of America and CUNA
Mutual Insurance Society, affiliated companies, are providing
administrative services on behalf of the Adviser.
During the six months ended June 30, 1996, Century Life of America
voluntarily reimbursed expenses for each of the funds in the following
amounts:
Capital Appreciation Stock Fund....................................$5,851
Bond Fund..........................................................$1,830
Growth and Income Stock Fund...................................... $1,317
Money Market Fund................................................. $ 498
Balanced Fund..................................................... $ 952
All capital shares outstanding at June 30, 1996, are owned by separate
investment accounts of Century Life of America. Certain officers and
directors of the Ultra Series Fund are also officers of Century Life of
America or Century Investment Management Co. During the six-month period
ended June 30, 1996, the Ultra Series Fund made no direct payments to its
officers and paid trustees' fees of approximately $4,000 to its
unaffiliated trustees.
<PAGE>
(5) Share Activity
Transactions in shares of each fund for the year ended December 31, 1995 and for
the six-month period ended June 30, 1996, were as follows:
<TABLE>
<CAPTION>
Capital Growth and Money Treasury
Appreciation Income Stock Balanced Bond Market 2000
Stock Fund Fund Fund Fund Fund Fund
<S> <C> <C> <C> <C> <C> <C>
Shares outstanding at December 31, 1994 ........ 947,425 3,248,703 5,230,875 813,520 7,799,361 181,807
Share sold, including reinvestment
of dividends ............................ 2,337,211 2,621,441 2,823,694 657,600 16,747,785 43,617
Shares repurchased ............................. (238,086) (259,097) (469,326) (179,841) (13,173,017) (42,878)
---------- ---------- ----------- ---------- ----------- --------
Shares outstanding at December 31, 1995 ........ 3,046,550 5,611,047 7,585,243 1,291,279 11,374,129 182,546
---------- ---------- ----------- ---------- ----------- --------
Share sold, including reinvestment
of dividends ............................ 1,935,075 2,811,392 2,911,609 883,096 18,527,906 30,030
Shares repurchased ............................. (111,982) (175,467) (334,995) (214,885) (10,360,315) (30,030)
---------- ---------- ----------- ---------- ----------- --------
Shares outstanding at June 30, 1996 ............ 4,869,643 8,246,972 10,161,857 1,959,490 19,541,720 182,546
---------- ---------- ----------- ---------- ----------- --------
</TABLE>
<PAGE>
ULTRA SERIES FUND
Officers and Trustees
<TABLE>
<CAPTION>
OFFICERS BOARD OF TRUSTEES
<S> <C>
Michael S. Daubs, President Gwendolyn M. Boeke
Lawrence R. Halverson, Vice President/Secretary Alfred L. Disrud
Donald Heltner, Vice President Kevin T. Lentz
Michael G. Joneson, Chief Accounting Officer, Treasurer and Assistant Secretary Keith S. Noah
Robert M. Buckingham, Chief Financial Officer/Assistant Secretary Thomas C. Watt
</TABLE>
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