SUPPLEMENT DATED MAY 3, 1999 TO
ULTRA SERIES FUND PROSPECTUS DATED MAY 1, 1999
Insert the following to the Portfolio Management Section
after the third paragraph on page 22
CIMCO selects subadvisers based on a continuing quantitative and qualitative
evaluation of their skills and proven abilities in managing assets pursuant to a
particular investment style. While superior performance is the ultimate goal,
short-term performance by itself will not be a significant factor in selecting
or terminating subadvisers, and CIMCO does not expect frequent changes in
subadvisers.
CIMCO received an order of the Commission that permits the Ultra Series Fund
board to employ particular subadvisers without shareholder approval for the
Mid-Cap Stock Fund. If there is a change in Mid-Cap Stock Fund subadvisers, you
will receive an "information statement" within 90 days of the change. The
statement will provide you with relevant information about the reason for the
change and information about any new subadvisers.
