MADISON, Wis. — Despite a slide in the stock market since October 2007, assets under management in the MEMBERS Capital Advisors–managed MEMBERS Mutual Funds and Ultra Series Funds Target Allocation and USF Target Date Funds have grown to exceed $500 million.

This marks a significant achievement for these funds as this "fund of funds" approach has been offered for only 20 months, CUNA Mutual Group said. Since January 2008, new deposits into the funds total approximately $70 million collectively.

The Target Allocation and Target Date funds utilize a "fund of funds" strategy by investing directly into other underlying mutual funds as opposed to individual stocks and bonds. CUNA Mutual said "this is appealing to many investors because the strategy offers broad diversification across many asset classes and mutual funds managed by both MCA and outside managers, thereby providing "double diversification" and on-going professional management."