# EDGAR Filing Document

**Accession Number:** 0000732697
**File Stem:** 0001753926-25-001421
**Filing Date:** 2025-9
**Character Count:** 267161
**Document Hash:** 9b31690a2af6edc91761ffbca55a5607
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001753926-25-001421.hdr.sgml**: 20250902

**ACCESSION NUMBER**: 0001753926-25-001421

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 20

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250902

**DATE AS OF CHANGE**: 20250902

**EFFECTIVENESS DATE**: 20250902

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ULTRA SERIES FUND
- **CENTRAL INDEX KEY:** 0000732697

**ORGANIZATION NAME:**
- **EIN:** 392004659
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04815
- **FILM NUMBER:** 251284740

**BUSINESS ADDRESS:**
- **STREET 1:** 550 SCIENCE DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53711
- **BUSINESS PHONE:** 6082740300

**MAIL ADDRESS:**
- **STREET 1:** 550 SCIENCE DRIVE
- **CITY:** MADISON
- **STATE:** WI
- **ZIP:** 53711

## Series and Classes Contracts Data

### Madison Target Retirement 2020 Fund (Series ID: S000019110)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000052853 | Madison Target Retirement 2020 Fund Class I |  |

### Madison Target Retirement 2030 Fund (Series ID: S000019111)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000052854 | Madison Target Retirement 2030 Fund Class I |  |

### Madison Target Retirement 2040 Fund (Series ID: S000019112)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000052855 | Madison Target Retirement 2040 Fund Class I |  |

### Core Bond Fund (Series ID: S000019978)

| Class ID   | Class Name              | Ticker Symbol   |
|:---|:---|:---|
| C000056036 | Core Bond Fund Class I  |  |
| C000074783 | Core Bond Fund Class II |  |

### Diversified Income Fund (Series ID: S000019980)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000056038 | Diversified Income Fund Class I  |  |
| C000074785 | Diversified Income Fund Class II |  |

### Large Cap Value Fund (Series ID: S000019981)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000056039 | Large Cap Value Fund Class I  |  |
| C000074786 | Large Cap Value Fund Class II |  |

### Large Cap Growth Fund (Series ID: S000019982)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000056040 | Large Cap Growth Fund Class I  |  |
| C000074787 | Large Cap Growth Fund Class II |  |

### Mid Cap Fund (Series ID: S000019983)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000056041 | Mid Cap Fund Class I  |  |
| C000074788 | Mid Cap Fund Class II |  |

### Conservative Allocation Fund (Series ID: S000019999)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000056077 | Conservative Allocation Fund Class I  |  |
| C000074791 | Conservative Allocation Fund Class II |  |

### Aggressive Allocation Fund (Series ID: S000020000)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000056078 | Aggressive Allocation Fund Class I  |  |
| C000074792 | Aggressive Allocation Fund Class II |  |

### Moderate Allocation Fund (Series ID: S000020001)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000056079 | Moderate Allocation Fund Class I  |  |
| C000074793 | Moderate Allocation Fund Class II |  |

### Madison Target Retirement 2050 Fund (Series ID: S000030254)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000093111 | Madison Target Retirement 2050 Fund Class I |  |

?xml version='1.0' encoding='ASCII'?

OMB APPROVAL

OMB Number: 3235-0570

Expires: September 30, 2026

Estimated average burden hours per response...7.78

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number 811-04815

**Ultra Series Fund**

(Exact name of registrant as specified in charter)

550 Science Drive, Madison, WI 53711

(Address of principal executive offices)(Zip code)

Steve J. Fredricks

Chief Legal Officer & Chief Compliance Officer

550 Science Drive

Madison, WI 53711

(Name and address of agent for service)

Registrant's telephone number, including area code: 608-274-0300

Date of fiscal year end: December 31

Date of reporting period: June 30, 2025

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

**Item 1. Reports to Shareholders.**

---

| | |
|:---|:---|
| ![](img001.jpg) | Semi-Annual Shareholder Report<br> June 30, 2025 |

---

**Conservative Allocation Fund Class I**

**Fund Overview**

This semi-annual shareholder report contains important information about Conservative Allocation Fund Class I for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/ultra-series-fund/. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class I | $17 | 0.33% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of June 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $46984089 |
| # of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $70831 |

---

**What does the Fund invest in?** 

The Fund invests primarily in shares of other registered investment companies. The Fund's total net assets will be allocated among various asset classes and underlying funds with target allocations over time of approximately 35% equity investments and 65% fixed income investments.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Madison Core Bond Fund, Class R6 | 42.4% |
| Schwab Intermediate-Term U.S. Treasury ETF | 8.5% |
| Madison Large Cap Fund, Class R6 | 8.5% |
| Janus Henderson Mortgage-Backed Securities ETF | 7.8% |
| Invesco S&P 500 Quality ETF | 6.6% |
| Vanguard Information Technology ETF | 3.1% |
| Vanguard FTSE Europe ETF | 2.9% |
| iShares MSCI Emerging Markets Asia ETF | 2.6% |
| Vanguard Short-Term Corporate Bond ETF | 2.1% |
| Distillate U.S. Fundamental Stability & Value ETF | 2.1% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Investment Companies | 50.9% |
| Exchange Traded Funds | 47.9% |
| Short-Term Investments | 2.8% |
| Other Assets and Liabilities, Net | (1.6%) |

---

---

| | |
|:---|:---|
| **Additional Information** <br> If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/ultra-series-fund/.<br>Phone: 1-800-877-6089  | ![](img002.jpg) |

---

Conservative Allocation Fund Class I

---

| | |
|:---|:---|
| ![](img001.jpg) | Semi-Annual Shareholder Report<br> June 30, 2025 |

---

**Conservative Allocation Fund Class II**

**Fund Overview**

This semi-annual shareholder report contains important information about Conservative Allocation Fund Class II for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/ultra-series-fund/. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class II | $29 | 0.58% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of June 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $46984089 |
| # of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $70831 |

---

**What does the Fund invest in?** 

The Fund invests primarily in shares of other registered investment companies. The Fund's total net assets will be allocated among various asset classes and underlying funds with target allocations over time of approximately 35% equity investments and 65% fixed income investments.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Madison Core Bond Fund, Class R6 | 42.4% |
| Schwab Intermediate-Term U.S. Treasury ETF | 8.5% |
| Madison Large Cap Fund, Class R6 | 8.5% |
| Janus Henderson Mortgage-Backed Securities ETF | 7.8% |
| Invesco S&P 500 Quality ETF | 6.6% |
| Vanguard Information Technology ETF | 3.1% |
| Vanguard FTSE Europe ETF | 2.9% |
| iShares MSCI Emerging Markets Asia ETF | 2.6% |
| Vanguard Short-Term Corporate Bond ETF | 2.1% |
| Distillate U.S. Fundamental Stability & Value ETF | 2.1% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Investment Companies | 50.9% |
| Exchange Traded Funds | 47.9% |
| Short-Term Investments | 2.8% |
| Other Assets and Liabilities, Net | (1.6%) |

---

---

| | |
|:---|:---|
| **Additional Information** <br> If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/ultra-series-fund/.<br>Phone: 1-800-877-6089  | ![](img002.jpg) |

---

Conservative Allocation Fund Class II

---

| | |
|:---|:---|
| ![](img001.jpg) | Semi-Annual Shareholder Report<br> June 30, 2025 |

---

**Moderate Allocation Fund Class I**

**Fund Overview**

This semi-annual shareholder report contains important information about Moderate Allocation Fund Class I for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/ultra-series-fund/. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class I | $17 | 0.33% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of June 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $101959298 |
| # of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 25% |
| Total Advisory Fees Paid | $153356 |

---

**What does the Fund invest in?** 

The Fund invests primarily in shares of other registered investment companies. The Fund's total net assets will be allocated among various asset classes and underlying funds with target allocations over time of approximately 60% equity investments and 40% fixed income investments.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Madison Core Bond Fund, Class R6 | 27.2% |
| Madison Large Cap Fund, Class R6 | 13.8% |
| Invesco S&P 500 Quality ETF | 9.7% |
| Vanguard FTSE Europe ETF | 5.5% |
| Vanguard Information Technology ETF | 5.1% |
| iShares MSCI Emerging Markets Asia ETF | 4.8% |
| Janus Henderson Mortgage-Backed Securities ETF | 4.2% |
| Distillate U.S. Fundamental Stability & Value ETF | 3.6% |
| iShares Core S&P Small-Cap ETF | 3.2% |
| Schwab Intermediate-Term U.S. Treasury ETF | 3.1% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Exchange Traded Funds | 54.7% |
| Investment Companies | 42.1% |
| Short-Term Investments | 6.7% |
| Other Assets and Liabilities, Net | (3.5%) |

---

---

| | |
|:---|:---|
| **Additional Information** <br> If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/ultra-series-fund/.<br>Phone: 1-800-877-6089  | ![](img002.jpg) |

---

Moderate Allocation Fund Class I

---

| | |
|:---|:---|
| ![](img001.jpg) | Semi-Annual Shareholder Report<br> June 30, 2025 |

---

**Moderate Allocation Fund Class II**

**Fund Overview**

This semi-annual shareholder report contains important information about Moderate Allocation Fund Class II for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/ultra-series-fund/. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class II | $29 | 0.58% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of June 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $101959298 |
| # of Portfolio Holdings | 20 |
| Portfolio Turnover Rate | 25% |
| Total Advisory Fees Paid | $153356 |

---

**What does the Fund invest in?** 

The Fund invests primarily in shares of other registered investment companies. The Fund's total net assets will be allocated among various asset classes and underlying funds with target allocations over time of approximately 60% equity investments and 40% fixed income investments.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Madison Core Bond Fund, Class R6 | 27.2% |
| Madison Large Cap Fund, Class R6 | 13.8% |
| Invesco S&P 500 Quality ETF | 9.7% |
| Vanguard FTSE Europe ETF | 5.5% |
| Vanguard Information Technology ETF | 5.1% |
| iShares MSCI Emerging Markets Asia ETF | 4.8% |
| Janus Henderson Mortgage-Backed Securities ETF | 4.2% |
| Distillate U.S. Fundamental Stability & Value ETF | 3.6% |
| iShares Core S&P Small-Cap ETF | 3.2% |
| Schwab Intermediate-Term U.S. Treasury ETF | 3.1% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Exchange Traded Funds | 54.7% |
| Investment Companies | 42.1% |
| Short-Term Investments | 6.7% |
| Other Assets and Liabilities, Net | (3.5%) |

---

---

| | |
|:---|:---|
| **Additional Information** <br> If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/ultra-series-fund/.<br>Phone: 1-800-877-6089  | ![](img002.jpg) |

---

Moderate Allocation Fund Class II

---

| | |
|:---|:---|
| ![](img001.jpg) | Semi-Annual Shareholder Report<br> June 30, 2025 |

---

**Aggressive Allocation Fund Class I**

**Fund Overview**

This semi-annual shareholder report contains important information about Aggressive Allocation Fund Class I for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/ultra-series-fund/. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class I | $17 | 0.32% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of June 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $41383479 |
| # of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $59918 |

---

**What does the Fund invest in?** 

The Fund invests primarily in shares of other registered investment companies. The Fund's total net assets will be allocated among various asset classes and underlying funds with target allocations over time of approximately 80% equity investments and 20% fixed income investments.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Madison Large Cap Fund, Class R6 | 16.5% |
| Madison Core Bond Fund, Class R6 | 13.9% |
| Invesco S&P 500 Quality ETF | 12.4% |
| Vanguard FTSE Europe ETF | 8.2% |
| Vanguard Information Technology ETF | 7.3% |
| Distillate U.S. Fundamental Stability & Value ETF | 6.8% |
| iShares MSCI Emerging Markets Asia ETF | 6.3% |
| SPDR S&P Bank ETF | 4.5% |
| iShares Core S&P Small-Cap ETF | 4.1% |
| Vanguard FTSE All-World ex-U.S. ETF | 3.5% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Exchange Traded Funds | 64.5% |
| Investment Companies | 31.8% |
| Short-Term Investments | 8.7% |
| Other Assets and Liabilities, Net | (5.0%) |

---

---

| | |
|:---|:---|
| **Additional Information** <br> If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/ultra-series-fund/.<br>Phone: 1-800-877-6089  | ![](img002.jpg) |

---

Aggressive Allocation Fund Class I

---

| | |
|:---|:---|
| ![](img001.jpg) | Semi-Annual Shareholder Report<br> June 30, 2025 |

---

**Aggressive Allocation Fund Class II**

**Fund Overview**

This semi-annual shareholder report contains important information about Aggressive Allocation Fund Class II for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/ultra-series-fund/. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class II | $29 | 0.57% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of June 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $41383479 |
| # of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | 27% |
| Total Advisory Fees Paid | $59918 |

---

**What does the Fund invest in?** 

The Fund invests primarily in shares of other registered investment companies. The Fund's total net assets will be allocated among various asset classes and underlying funds with target allocations over time of approximately 80% equity investments and 20% fixed income investments.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Madison Large Cap Fund, Class R6 | 16.5% |
| Madison Core Bond Fund, Class R6 | 13.9% |
| Invesco S&P 500 Quality ETF | 12.4% |
| Vanguard FTSE Europe ETF | 8.2% |
| Vanguard Information Technology ETF | 7.3% |
| Distillate U.S. Fundamental Stability & Value ETF | 6.8% |
| iShares MSCI Emerging Markets Asia ETF | 6.3% |
| SPDR S&P Bank ETF | 4.5% |
| iShares Core S&P Small-Cap ETF | 4.1% |
| Vanguard FTSE All-World ex-U.S. ETF | 3.5% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Exchange Traded Funds | 64.5% |
| Investment Companies | 31.8% |
| Short-Term Investments | 8.7% |
| Other Assets and Liabilities, Net | (5.0%) |

---

---

| | |
|:---|:---|
| **Additional Information** <br> If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/ultra-series-fund/.<br>Phone: 1-800-877-6089  | ![](img002.jpg) |

---

Aggressive Allocation Fund Class II

---

| | |
|:---|:---|
| ![](img001.jpg) | Semi-Annual Shareholder Report<br> June 30, 2025 |

---

**Diversified Income Fund Class I**

**Fund Overview**

This semi-annual shareholder report contains important information about Diversified Income Fund Class I for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/ultra-series-fund/. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class I | $14 | 0.27% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of June 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $144073661 |
| # of Portfolio Holdings | 16 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid | $180875 |

---

**What does the Fund invest in?** 

The Fund primarily invests in shares of other registered investment companies, diversifying across various asset classes according to an asset allocation approximately 60% in equity investments and 40% in fixed income investments.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Madison Short-Term Strategic Income ETF | 22.4% |
| Madison Dividend Value ETF | 19.0% |
| Madison Aggregate Bond ETF | 17.9% |
| Madison Covered Call ETF | 15.7% |
| SPDR Portfolio High Yield Bond ETF | 10.0% |
| Janus Henderson Mortgage-Backed Securities ETF | 4.9% |
| Global X MLP ETF | 4.0% |
| Schwab U.S. Dividend Equity ETF | 3.4% |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 2.0% |
| Federal National Mortgage Association, 7.000%, due 11/01/31 | 0.0% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Exchange Traded Funds | 99.4% |
| Short-Term Investments | 1.4% |
| Mortgage Backed Securities | 0.0% |
| Commercial Mortgage-Backed Securities | 0.0% |
| Other Assets and Liabilities, Net | (0.8%) |

---

---

| | |
|:---|:---|
| **Additional Information** <br> If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/ultra-series-fund/.<br>Phone: 1-800-877-6089  | ![](img002.jpg) |

---

Diversified Income Fund Class I

---

| | |
|:---|:---|
| ![](img001.jpg) | Semi-Annual Shareholder Report<br> June 30, 2025 |

---

**Diversified Income Fund Class II**

**Fund Overview**

This semi-annual shareholder report contains important information about Diversified Income Fund Class II for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/ultra-series-fund/. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class II | $26 | 0.52% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of June 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $144073661 |
| # of Portfolio Holdings | 16 |
| Portfolio Turnover Rate | 16% |
| Total Advisory Fees Paid | $180875 |

---

**What does the Fund invest in?** 

The Fund primarily invests in shares of other registered investment companies, diversifying across various asset classes according to an asset allocation approximately 60% in equity investments and 40% in fixed income investments.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Madison Short-Term Strategic Income ETF | 22.4% |
| Madison Dividend Value ETF | 19.0% |
| Madison Aggregate Bond ETF | 17.9% |
| Madison Covered Call ETF | 15.7% |
| SPDR Portfolio High Yield Bond ETF | 10.0% |
| Janus Henderson Mortgage-Backed Securities ETF | 4.9% |
| Global X MLP ETF | 4.0% |
| Schwab U.S. Dividend Equity ETF | 3.4% |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 2.0% |
| Federal National Mortgage Association, 7.000%, due 11/01/31 | 0.0% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Exchange Traded Funds | 99.4% |
| Short-Term Investments | 1.4% |
| Mortgage Backed Securities | 0.0% |
| Commercial Mortgage-Backed Securities | 0.0% |
| Other Assets and Liabilities, Net | (0.8%) |

---

---

| | |
|:---|:---|
| **Additional Information** <br> If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/ultra-series-fund/.<br>Phone: 1-800-877-6089  | ![](img002.jpg) |

---

Diversified Income Fund Class II

---

| | |
|:---|:---|
| ![](img001.jpg) | Semi-Annual Shareholder Report<br> June 30, 2025 |

---

**Core Bond Fund Class I**

**Fund Overview**

This semi-annual shareholder report contains important information about Core Bond Fund Class I for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/ultra-series-fund/. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class I | $29 | 0.58% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of June 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $53754931 |
| # of Portfolio Holdings | 254 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $172883 |

---

**What does the Fund invest in?** 

The Fund invests primary in fixed income securities such as Corporate, U.S. Government and Foreign debt securities. In addition the fund also invested in asset backed, mortgage-backed and commercial mortgage-backed securities.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Federal Home Loan Mortgage Corp., 2.500%, due 01/01/52 | 1.5% |
| U.S. Treasury Bonds, 6.625%, due 02/15/27 | 1.5% |
| U.S. Treasury Notes, 4.375%, due 05/15/34 | 1.4% |
| U.S. Treasury Bonds, 4.500%, due 05/15/38 | 1.4% |
| U.S. Treasury Notes, 4.000%, due 02/15/34 | 1.4% |
| U.S. Treasury Notes, 2.875%, due 05/15/28 | 1.4% |
| U.S. Treasury Notes, 2.625%, due 02/15/29 | 1.3% |
| U.S. Treasury Bonds, 4.250%, due 08/15/54 | 1.3% |
| U.S. Treasury Bonds, 3.750%, due 08/15/41 | 1.3% |
| Federal National Mortgage Association, 4.500%, due 08/01/52 | 1.1% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Mortgage Backed Securities | 41.1% |
| Corporate Notes and Bonds | 25.7% |
| U.S. Government and Agency Obligations | 18.9% |
| Collateralized Mortgage Obligations | 6.5% |
| Foreign Corporate Bonds | 3.1% |
| Short-Term Investments | 2.5% |
| Asset Backed Securities | 1.2% |
| Commercial Mortgage-Backed Securities | 0.8% |
| Other Assets and Liabilities, Net | 0.2% |

---

---

| | |
|:---|:---|
| **Additional Information** <br> If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/ultra-series-fund/.<br>Phone: 1-800-877-6089  | ![](img002.jpg) |

---

Core Bond Fund Class I

---

| | |
|:---|:---|
| ![](img001.jpg) | Semi-Annual Shareholder Report<br> June 30, 2025 |

---

**Core Bond Fund Class II**

**Fund Overview**

This semi-annual shareholder report contains important information about Core Bond Fund Class II for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/ultra-series-fund/. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class II | $42 | 0.83% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of June 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $53754931 |
| # of Portfolio Holdings | 254 |
| Portfolio Turnover Rate | 8% |
| Total Advisory Fees Paid | $172883 |

---

**What does the Fund invest in?** 

The Fund invests primary in fixed income securities such as Corporate, U.S. Government and Foreign debt securities. In addition the fund also invested in asset backed, mortgage-backed and commercial mortgage-backed securities.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Federal Home Loan Mortgage Corp., 2.500%, due 01/01/52 | 1.5% |
| U.S. Treasury Bonds, 6.625%, due 02/15/27 | 1.5% |
| U.S. Treasury Notes, 4.375%, due 05/15/34 | 1.4% |
| U.S. Treasury Bonds, 4.500%, due 05/15/38 | 1.4% |
| U.S. Treasury Notes, 4.000%, due 02/15/34 | 1.4% |
| U.S. Treasury Notes, 2.875%, due 05/15/28 | 1.4% |
| U.S. Treasury Notes, 2.625%, due 02/15/29 | 1.3% |
| U.S. Treasury Bonds, 4.250%, due 08/15/54 | 1.3% |
| U.S. Treasury Bonds, 3.750%, due 08/15/41 | 1.3% |
| Federal National Mortgage Association, 4.500%, due 08/01/52 | 1.1% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Mortgage Backed Securities | 41.1% |
| Corporate Notes and Bonds | 25.7% |
| U.S. Government and Agency Obligations | 18.9% |
| Collateralized Mortgage Obligations | 6.5% |
| Foreign Corporate Bonds | 3.1% |
| Short-Term Investments | 2.5% |
| Asset Backed Securities | 1.2% |
| Commercial Mortgage-Backed Securities | 0.8% |
| Other Assets and Liabilities, Net | 0.2% |

---

---

| | |
|:---|:---|
| **Additional Information** <br> If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/ultra-series-fund/.<br>Phone: 1-800-877-6089 | ![](img002.jpg) |

---

Core Bond Fund Class II

---

| | |
|:---|:---|
| ![](img001.jpg) | Semi-Annual Shareholder Report<br> June 30, 2025 |

---

**Large Cap Value Fund Class I**

**Fund Overview**

This semi-annual shareholder report contains important information about Large Cap Value Fund Class I for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/ultra-series-fund/. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class I | $32 | 0.63% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of June 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $164797008 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 7% |
| Total Advisory Fees Paid | $521825 |

---

**What does the Fund invest in?** 

The Fund invests primarily in common stocks of large-cap companies as defined as those in the Russell 1000<sup>®</sup> Value Index. The Fund targets to maintain at least 80% of its net assets in such stocks.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| CME Group, Inc. | 4.3% |
| Automatic Data Processing, Inc. | 4.0% |
| Blackrock, Inc. | 3.9% |
| Morgan Stanley | 3.8% |
| Honeywell International, Inc. | 3.8% |
| NextEra Energy, Inc. | 3.5% |
| Home Depot, Inc. | 3.5% |
| Texas Instruments, Inc. | 3.5% |
| Johnson & Johnson | 3.3% |
| Fastenal Co. | 3.3% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Industrials | 20.3% |
| Financials | 20.0% |
| Health Care | 14.1% |
| Energy | 8.9% |
| Consumer Discretionary | 8.7% |
| Information Technology | 8.1% |
| Consumer Staples | 7.3% |
| Utilities | 3.6% |
| Equity Real Estate Investment Trusts (REITs) | 2.8% |
| Communication Services | 2.7% |
| Materials | 1.9% |
| Short-Term Investments | 1.6% |
| Other Assets and Liabilities, Net | 0.0% |

---

---

| | |
|:---|:---|
| **Additional Information** <br> If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/ultra-series-fund/.<br>Phone: 1-800-877-6089 | ![](img002.jpg) |

---

Large Cap Value Fund Class I

---

| | |
|:---|:---|
| ![](img001.jpg) | Semi-Annual Shareholder Report<br> June 30, 2025 |

---

**Large Cap Value Fund Class II**

**Fund Overview**

This semi-annual shareholder report contains important information about Large Cap Value Fund Class II for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/ultra-series-fund/. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class II | $44 | 0.88% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of June 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $164797008 |
| # of Portfolio Holdings | 40 |
| Portfolio Turnover Rate | 7% |
| Total Advisory Fees Paid | $521825 |

---

**What does the Fund invest in?** 

The Fund invests primarily in common stocks of large-cap companies as defined as those in the Russell 1000<sup>®</sup> Value Index. The Fund targets to maintain at least 80% of its net assets in such stocks.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| CME Group, Inc. | 4.3% |
| Automatic Data Processing, Inc. | 4.0% |
| Blackrock, Inc. | 3.9% |
| Morgan Stanley | 3.8% |
| Honeywell International, Inc. | 3.8% |
| NextEra Energy, Inc. | 3.5% |
| Home Depot, Inc. | 3.5% |
| Texas Instruments, Inc. | 3.5% |
| Johnson & Johnson | 3.3% |
| Fastenal Co. | 3.3% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Industrials | 20.3% |
| Financials | 20.0% |
| Health Care | 14.1% |
| Energy | 8.9% |
| Consumer Discretionary | 8.7% |
| Information Technology | 8.1% |
| Consumer Staples | 7.3% |
| Utilities | 3.6% |
| Equity Real Estate Investment Trusts (REITs) | 2.8% |
| Communication Services | 2.7% |
| Materials | 1.9% |
| Short-Term Investments | 1.6% |
| Other Assets and Liabilities, Net | 0.0% |

---

---

| | |
|:---|:---|
| **Additional Information** <br> If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/ultra-series-fund/.<br>Phone: 1-800-877-6089 | ![](img002.jpg) |

---

Large Cap Value Fund Class II

---

| | |
|:---|:---|
| ![](img001.jpg) | Semi-Annual Shareholder Report<br> June 30, 2025 |

---

**Large Cap Growth Fund Class I**

**Fund Overview**

This semi-annual shareholder report contains important information about Large Cap Growth Fund Class I for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/ultra-series-fund/. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class I | $41 | 0.83% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of June 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $180760334 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 15% |
| Total Advisory Fees Paid | $769153 |

---

**What does the Fund invest in?** 

The Fund invests primarily in common stocks of large-cap companies as defined as those in the Russell 1000<sup>®</sup> Growth Index. The Fund targets to maintain at least 80% of its net assets in such stocks.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Arch Capital Group Ltd. | 6.0% |
| Amazon.com, Inc. | 5.3% |
| Alphabet, Inc., Class C | 5.2% |
| Texas Instruments, Inc. | 5.0% |
| Ferguson Enterprises, Inc. | 4.6% |
| Fiserv, Inc. | 4.2% |
| Visa, Inc., Class A | 3.9% |
| Progressive Corp. | 3.8% |
| PACCAR, Inc. | 3.8% |
| Parker-Hannifin Corp. | 3.7% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Financials | 26.1% |
| Information Technology | 20.0% |
| Industrials | 17.6% |
| Consumer Discretionary | 15.5% |
| Health Care | 11.7% |
| Communication Services | 7.1% |
| Short-Term Investments | 2.0% |
| Other Assets and Liabilities, Net | 0.0% |

---

---

| | |
|:---|:---|
| **Additional Information** <br> If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/ultra-series-fund/.<br>Phone: 1-800-877-6089 | ![](img002.jpg) |

---

Large Cap Growth Fund Class I

---

| | |
|:---|:---|
| ![](img001.jpg) | Semi-Annual Shareholder Report<br> June 30, 2025 |

---

**Large Cap Growth Fund Class II**

**Fund Overview**

This semi-annual shareholder report contains important information about Large Cap Growth Fund Class II for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/ultra-series-fund/. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class II | $54 | 1.08% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of June 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $180760334 |
| # of Portfolio Holdings | 31 |
| Portfolio Turnover Rate | 15% |
| Total Advisory Fees Paid | $769153 |

---

**What does the Fund invest in?** 

The Fund invests primarily in common stocks of large-cap companies as defined as those in the Russell 1000<sup>®</sup> Growth Index. The Fund targets to maintain at least 80% of its net assets in such stocks.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Arch Capital Group Ltd. | 6.0% |
| Amazon.com, Inc. | 5.3% |
| Alphabet, Inc., Class C | 5.2% |
| Texas Instruments, Inc. | 5.0% |
| Ferguson Enterprises, Inc. | 4.6% |
| Fiserv, Inc. | 4.2% |
| Visa, Inc., Class A | 3.9% |
| Progressive Corp. | 3.8% |
| PACCAR, Inc. | 3.8% |
| Parker-Hannifin Corp. | 3.7% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Financials | 26.1% |
| Information Technology | 20.0% |
| Industrials | 17.6% |
| Consumer Discretionary | 15.5% |
| Health Care | 11.7% |
| Communication Services | 7.1% |
| Short-Term Investments | 2.0% |
| Other Assets and Liabilities, Net | 0.0% |

---

---

| | |
|:---|:---|
| **Additional Information** <br> If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/ultra-series-fund/.<br>Phone: 1-800-877-6089 | ![](img002.jpg) |

---

Large Cap Growth Fund Class II

---

| | |
|:---|:---|
| ![](img001.jpg) | Semi-Annual Shareholder Report<br> June 30, 2025 |

---

**Mid Cap Fund Class I**

**Fund Overview**

This semi-annual shareholder report contains important information about Mid Cap Fund Class I for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/ultra-series-fund/. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class I | $46 | 0.93% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of June 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $122138845 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $598960 |

---

**What does the Fund invest in?** 

The Fund invests in common stocks, securities convertible into common stocks and related equity securities of midsize companies defined as those companies with market capitalizations of between $500 million and $70 billion.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Arch Capital Group Ltd. | 7.2% |
| Amphenol Corp., Class A | 5.6% |
| Brown & Brown, Inc. | 5.5% |
| Gartner, Inc. | 5.2% |
| Ross Stores, Inc. | 4.7% |
| Carlisle Cos., Inc. | 4.3% |
| CDW Corp. | 4.2% |
| Copart, Inc. | 3.7% |
| PACCAR, Inc. | 3.6% |
| Liberty Media Corp.-Liberty Formula One, Class C | 3.4% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Information Technology | 26.0% |
| Financials | 24.1% |
| Industrials | 16.6% |
| Consumer Discretionary | 14.3% |
| Health Care | 8.0% |
| Communication Services | 6.5% |
| Short-Term Investments | 4.6% |
| Other Assets and Liabilities, Net | (0.1%) |

---

---

| | |
|:---|:---|
| **Additional Information** <br> If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/ultra-series-fund/.<br>Phone: 1-800-877-6089 | ![](img002.jpg) |

---

Mid Cap Fund Class I

---

| | |
|:---|:---|
| ![](img001.jpg) | Semi-Annual Shareholder Report<br> June 30, 2025 |

---

**Mid Cap Fund Class II**

**Fund Overview**

This semi-annual shareholder report contains important information about Mid Cap Fund Class II for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/ultra-series-fund/. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class II | $59 | 1.18% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of June 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $122138845 |
| # of Portfolio Holdings | 32 |
| Portfolio Turnover Rate | 11% |
| Total Advisory Fees Paid | $598960 |

---

**What does the Fund invest in?** 

The Fund invests in common stocks, securities convertible into common stocks and related equity securities of midsize companies defined as those companies with market capitalizations of between $500 million and $70 billion.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Arch Capital Group Ltd. | 7.2% |
| Amphenol Corp., Class A | 5.6% |
| Brown & Brown, Inc. | 5.5% |
| Gartner, Inc. | 5.2% |
| Ross Stores, Inc. | 4.7% |
| Carlisle Cos., Inc. | 4.3% |
| CDW Corp. | 4.2% |
| Copart, Inc. | 3.7% |
| PACCAR, Inc. | 3.6% |
| Liberty Media Corp.-Liberty Formula One, Class C | 3.4% |

---

**Sector Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Information Technology | 26.0% |
| Financials | 24.1% |
| Industrials | 16.6% |
| Consumer Discretionary | 14.3% |
| Health Care | 8.0% |
| Communication Services | 6.5% |
| Short-Term Investments | 4.6% |
| Other Assets and Liabilities, Net | (0.1%) |

---

---

| | |
|:---|:---|
| **Additional Information** <br> If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/ultra-series-fund/.<br>Phone: 1-800-877-6089 | ![](img002.jpg) |

---

Mid Cap Fund Class II

---

| | |
|:---|:---|
| ![](img001.jpg) | Semi-Annual Shareholder Report<br> June 30, 2025 |

---

**Madison Target Retirement 2020 Fund Class I**

**Fund Overview**

This semi-annual shareholder report contains important information about Madison Target Retirement 2020 Fund Class I for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/ultra-series-fund/. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class I | $16 | 0.31% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of June 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $10973144 |
| # of Portfolio Holdings | 17 |
| Portfolio Turnover Rate | 9% |
| Total Advisory Fees Paid | $14342 |

---

**What does the Fund invest in?** 

The Fund primarily invests in shares of other registered investment companies, following an asset allocation strategy for those planning to retire around 2020. As time progresses, the Fund's allocation will shift to a more conservative mix, aiming for about 10-30% in stock funds and 70-90% in bond funds.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Janus Henderson Mortgage-Backed Securities ETF | 24.1% |
| iShares 7-10 Year Treasury Bond ETF | 16.8% |
| Schwab Intermediate-Term U.S. Treasury ETF | 16.5% |
| SPDR Portfolio Short Term Treasury ETF | 10.5% |
| iShares Aaa - A Rated Corporate Bond ETF | 7.8% |
| Invesco S&P 500 Quality ETF | 6.2% |
| iShares MSCI International Quality Factor ETF | 3.9% |
| Distillate U.S. Fundamental Stability & Value ETF | 3.3% |
| Vanguard Information Technology ETF | 2.1% |
| SPDR Portfolio Long Term Treasury ETF | 1.6% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Exchange Traded Funds | 98.1% |
| Short-Term Investments | 1.9% |
| Other Assets and Liabilities, Net | 0.0% |

---

---

| | |
|:---|:---|
| **Additional Information** <br> If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/ultra-series-fund/.<br>Phone: 1-800-877-6089 | ![](img002.jpg) |

---

Madison Target Retirement 2020 Fund Class I

---

| | |
|:---|:---|
| ![](img001.jpg) | Semi-Annual Shareholder Report<br> June 30, 2025 |

---

**Madison Target Retirement 2030 Fund Class I**

**Fund Overview**

This semi-annual shareholder report contains important information about Madison Target Retirement 2030 Fund Class I for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/ultra-series-fund/. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class I | $16 | 0.31% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of June 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $50933863 |
| # of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | 13% |
| Total Advisory Fees Paid | $61385 |

---

**What does the Fund invest in?** 

The Fund primarily invests in shares of other registered investment companies, following an asset allocation strategy for those planning to retire around 2030. As time progresses, the Fund's allocation will shift to a more conservative mix, aiming for about 10-30% in stock funds and 70-90% in bond funds.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Janus Henderson Mortgage-Backed Securities ETF | 18.6% |
| iShares 7-10 Year Treasury Bond ETF | 13.2% |
| Schwab Intermediate-Term U.S. Treasury ETF | 11.7% |
| Invesco S&P 500 Quality ETF | 10.3% |
| Distillate U.S. Fundamental Stability & Value ETF | 8.0% |
| SPDR Portfolio Short Term Treasury ETF | 7.9% |
| iShares Aaa - A Rated Corporate Bond ETF | 6.1% |
| iShares MSCI International Quality Factor ETF | 4.6% |
| Vanguard Information Technology ETF | 3.8% |
| iShares MSCI Emerging Markets Asia ETF | 2.4% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Exchange Traded Funds | 97.0% |
| Short-Term Investments | 3.0% |
| Other Assets and Liabilities, Net | 0.0% |

---

---

| | |
|:---|:---|
| **Additional Information** <br> If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/ultra-series-fund/.<br>Phone: 1-800-877-6089 | ![](img002.jpg) |

---

Madison Target Retirement 2030 Fund Class I

---

| | |
|:---|:---|
| ![](img001.jpg) | Semi-Annual Shareholder Report<br> June 30, 2025 |

---

**Madison Target Retirement 2040 Fund Class I**

**Fund Overview**

This semi-annual shareholder report contains important information about Madison Target Retirement 2040 Fund Class I for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/ultra-series-fund/. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class I | $16 | 0.31% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of June 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $42381174 |
| # of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | 18% |
| Total Advisory Fees Paid | $49619 |

---

**What does the Fund invest in?** 

The Fund primarily invests in shares of other registered investment companies, following an asset allocation strategy for those planning to retire around 2040. As time progresses, the Fund's allocation will shift to a more conservative mix, aiming for about 10-30% in stock funds and 70-90% in bond funds.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Invesco S&P 500 Quality ETF | 15.4% |
| Distillate U.S. Fundamental Stability & Value ETF | 12.9% |
| Janus Henderson Mortgage-Backed Securities ETF | 11.0% |
| Schwab Intermediate-Term U.S. Treasury ETF | 9.2% |
| iShares 7-10 Year Treasury Bond ETF | 7.9% |
| iShares MSCI International Quality Factor ETF | 7.0% |
| Vanguard Information Technology ETF | 6.5% |
| iShares Aaa - A Rated Corporate Bond ETF | 4.5% |
| iShares MSCI Emerging Markets Asia ETF | 4.1% |
| SPDR S&P Bank ETF | 3.7% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Exchange Traded Funds | 96.5% |
| Short-Term Investments | 3.4% |
| Other Assets and Liabilities, Net | 0.1% |

---

---

| | |
|:---|:---|
| **Additional Information** <br> If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/ultra-series-fund/.<br>Phone: 1-800-877-6089 | ![](img002.jpg) |

---

Madison Target Retirement 2040 Fund Class I

---

| | |
|:---|:---|
| ![](img001.jpg) | Semi-Annual Shareholder Report<br> June 30, 2025 |

---

**Madison Target Retirement 2050 Fund Class I**

**Fund Overview**

This semi-annual shareholder report contains important information about Madison Target Retirement 2050 Fund Class I for the period of January 1, 2025 to June 30, 2025. You can find additional information about the Fund at www.madisonfunds.com/funds/ultra-series-fund/. You can also request this information by contacting us at 1-800-877-6089.

**What were the Fund costs for last period?**

(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| | **Cost of a $10,000** <br> **investment** | **Costs paid as a** <br> **percentage of a** <br> **$10,000 investment<sup>1</sup>** |
| Class I | $16 | 0.31% |

---

<sup>1</sup> Annualized.

**Key Fund Statistics (As of June 30, 2025)**

---

| | |
|:---|:---|
| Total Net Assets | $36499161 |
| # of Portfolio Holdings | 19 |
| Portfolio Turnover Rate | 19% |
| Total Advisory Fees Paid | $42692 |

---

**What does the Fund invest in?** 

The Fund primarily invests in shares of other registered investment companies, following an asset allocation strategy for those planning to retire around 2050. As time progresses, the Fund's allocation will shift to a more conservative mix, aiming for about 10-30% in stock funds and 70-90% in bond funds.

**Top Ten Holdings (% of Net Assets)**

---

| | |
|:---|:---|
| Invesco S&P 500 Quality ETF | 17.9% |
| Distillate U.S. Fundamental Stability & Value ETF | 15.2% |
| Janus Henderson Mortgage-Backed Securities ETF | 8.0% |
| iShares MSCI International Quality Factor ETF | 7.7% |
| Vanguard Information Technology ETF | 7.2% |
| Schwab Intermediate-Term U.S. Treasury ETF | 6.8% |
| iShares 7-10 Year Treasury Bond ETF | 6.1% |
| iShares MSCI Emerging Markets Asia ETF | 4.9% |
| iShares MSCI Eurozone ETF | 4.2% |
| SPDR S&P Bank ETF | 4.1% |

---

**Portfolio Allocation (% of Net Assets)**

---

| | |
|:---|:---|
| Exchange Traded Funds | 96.3% |
| Short-Term Investments | 3.6% |
| Other Assets and Liabilities, Net | 0.1% |

---

---

| | |
|:---|:---|
| **Additional Information** <br> If you wish to view additional information about the Fund; including but not limited to financial statements or holdings, please visit www.madisonfunds.com/funds/ultra-series-fund/.<br>Phone: 1-800-877-6089 | ![](img002.jpg) |

---

Madison Target Retirement 2050 Fund Class I

**Item 2. Code of Ethics.**

Not applicable in semi-annual report.

**Item 3. Audit Committee Financial Expert.**

Not applicable in semi-annual report.

**Item 4. Principal Accountant Fees and Services.**

Not applicable in semi-annual report.

**Item 5. Audit Committee of Listed Registrants.**

Not applicable in semi-annual report.

**Item 6. Schedule of Investments**

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule
 of Investments is included as part of the Financial Statement and Financial Highlights
 for Open-End Management Investment Companies filed under Item 7 of this Form.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Not
 applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant's Financial Statements are attached herewith.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The
 registrant's Financial Highlights are attached herewith.

---

| | |
|:---|:---|
| **ULTRA SERIES FUND** | **Semi-Annual Financial Statements**<br> **and Other Information**<br>(unaudited)<br>**June 30, 2025** |

---

**Conservative Allocation Fund** 

**Moderate Allocation Fund**

**Aggressive Allocation Fund**

**Diversified Income Fund**

**Core Bond Fund**

**Large Cap Value Fund**

**Large Cap Growth Fund**

**Mid Cap Fund**

**Madison Target Retirement 2020 Fund**

**Madison Target Retirement 2030 Fund**

**Madison Target Retirement 2040 Fund**

**Madison Target Retirement 2050 Fund**

**Ultra Series Fund** \| June 30, 2025

&nbsp;&nbsp;**Table of Contents**

---

| | |
|:---|:---|
|  | Page |
| **Portfolios of Investments** |  |
| &nbsp;&nbsp;[Conservative Allocation Fund](#a001) | 3 |
| &nbsp;&nbsp;[Moderate Allocation Fund](#a002) | 4 |
| &nbsp;&nbsp;[Aggressive Allocation Fund](#a003) | 5 |
| &nbsp;&nbsp;[Diversified Income Fund](#a004) | 6 |
| &nbsp;&nbsp;[Core Bond Fund](#a005) | 7 |
| &nbsp;&nbsp;[Large Cap Value Fund](#a006) | 12 |
| &nbsp;&nbsp;[Large Cap Growth Fund](#a007) | 13 |
| &nbsp;&nbsp;[Mid Cap Fund](#a008) | 14 |
| &nbsp;&nbsp;[Madison Target Retirement 2020 Fund](#a009) | 15 |
| &nbsp;&nbsp;[Madison Target Retirement 2030 Fund](#a010) | 16 |
| &nbsp;&nbsp;[Madison Target Retirement 2040 Fund](#a011) | 17 |
| &nbsp;&nbsp;[Madison Target Retirement 2050 Fund](#a012) | 18 |
| **Financial Statements** |  |
| &nbsp;&nbsp;[Statements of Assets and Liabilities](#a013) | 19 |
| &nbsp;&nbsp;[Statements of Operations](#a014) | 21 |
| &nbsp;&nbsp;[Statements of Changes in Net Assets](#a015) | 23 |
| &nbsp;&nbsp;[Financial Highlights for a Share of Beneficial Interest Outstanding](#a016) | 26 |
| [**Notes to Financial Statements**](#a017) | 38 |

---

**Ultra Series Fund** \| June 30, 2025

&nbsp;&nbsp;Conservative Allocation Fund Portfolio of Investments (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **EXCHANGE TRADED FUNDS - 47.9%** |  |  |
| **Bond Funds - 22.3%** |  |  |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 18064 | $962631 |
| Janus Henderson Mortgage-Backed Securities ETF | 81863 | 3687928 |
| Schwab Intermediate-Term U.S. Treasury ETF (A) | 159816 | 4000194 |
| SPDR Portfolio Long Term Treasury ETF | 31882 | 847424 |
| Vanguard Short-Term Corporate Bond ETF | 12393 | 985243 |
|  |  | 10483420 |
| **Foreign Stock Funds - 9.6%** |  |  |
| Franklin FTSE Japan ETF | 17507 | 562850 |
| iShares MSCI Emerging Markets Asia ETF | 15071 | 1244111 |
| iShares MSCI Eurozone ETF | 10273 | 610730 |
| Vanguard FTSE All-World ex-U.S. ETF | 10488 | 705003 |
| Vanguard FTSE Europe ETF | 17829 | 1381748 |
|  |  | 4504442 |
| **Stock Funds - 16.0%** |  |  |
| Distillate U.S. Fundamental Stability & Value ETF (A) | 17446 | 965636 |
| Energy Select Sector SPDR Fund ETF | 5335 | 452461 |
| Invesco S&P 500 Quality ETF | 43648 | 3110357 |
| iShares Core S&P Small-Cap ETF | 7107 | 776724 |
| SPDR S&P Bank ETF (A) | 12842 | 716070 |
| Vanguard Information Technology ETF | 2198 | 1457889 |
|  |  | 7479137 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $20,384,570) |  | 22466999 |
| **INVESTMENT COMPANIES - 50.9%** |  |  |
| **Bond Funds - 42.4%** |  |  |
| Madison Core Bond Fund, Class R6 (B) (C) | 2209554 | 19908086 |
| **Stock Funds - 8.5%** |  |  |
| Madison Large Cap Fund, Class R6 (C) | 133304 | 3985781 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $24,058,453) |  | 23893867 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **SHORT-TERM INVESTMENTS - 2.8%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (D), 4.270% | 445182 | $445182 |
| State Street Navigator Securities Lending Government Money Market Portfolio (D) (E), 4.350% | 913695 | 913695 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,358,877) |  | 1358877 |
| **TOTAL INVESTMENTS - 101.6%** |  |  |
| (Cost $45,801,900\*\*) |  | 47719743 |
| **NET OTHER ASSETS AND LIABILITIES - (1.6%)** |  | (735654) |
| **TOTAL NET ASSETS - 100.0%** |  | $46984089 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;\*\* | &nbsp;&nbsp;Aggregate cost for Federal tax purposes was $46,188,145. |
| &nbsp;&nbsp;(A) | &nbsp;&nbsp;All or a portion of these securities, with an aggregate fair value of $1,678,713, are on loan as part of a securities lending program. See footnote (E) and Note 8 for details on the securities lending program. |
| &nbsp;&nbsp;(B) | &nbsp;&nbsp;Greater than 25% of the portfolio. For more information refer the website https://madisonfunds.com/funds/ultra-series-fund/. |
| &nbsp;&nbsp;(C) | &nbsp;&nbsp;Affiliated Company (see Note 10). |
| &nbsp;&nbsp;(D) | &nbsp;&nbsp;7-day yield. |
| &nbsp;&nbsp;(E) | &nbsp;&nbsp;Represents investments of cash collateral received in connection with securities lending. |
| &nbsp;&nbsp;ETF | &nbsp;&nbsp;Exchange Traded Fund. |
| &nbsp;&nbsp;FTSE | &nbsp;&nbsp;The Financial Times Stock Exchange. |
| &nbsp;&nbsp;MSCI | &nbsp;&nbsp;Morgan Stanley Capital International. |
| &nbsp;&nbsp;S&P | &nbsp;&nbsp;Standard & Poor's. |
| &nbsp;&nbsp;SPDR | &nbsp;&nbsp;Standard & Poor's Depositary Receipt. |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| June 30, 2025

&nbsp;&nbsp;Moderate Allocation Fund Portfolio of Investments (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **EXCHANGE TRADED FUNDS - 54.7%** |  |  |
| **Bond Funds - 10.9%** |  |  |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 34336 | $1829766 |
| Janus Henderson Mortgage-Backed Securities ETF | 95558 | 4304888 |
| Schwab Intermediate-Term U.S. Treasury ETF | 124436 | 3114633 |
| SPDR Portfolio Long Term Treasury ETF | 68892 | 1831149 |
|  |  | 11080436 |
| **Foreign Stock Funds - 17.2%** |  |  |
| Franklin FTSE Japan ETF (A) | 63317 | 2035641 |
| iShares MSCI Emerging Markets Asia ETF (A) | 58896 | 4861865 |
| iShares MSCI Eurozone ETF (A) | 34295 | 2038838 |
| Vanguard FTSE All-World ex-U.S. ETF | 45518 | 3059720 |
| Vanguard FTSE Europe ETF | 72134 | 5590385 |
|  |  | 17586449 |
| **Stock Funds - 26.6%** |  |  |
| Distillate U.S. Fundamental Stability & Value ETF (A) | 66002 | 3653211 |
| Energy Select Sector SPDR Fund ETF | 23017 | 1952072 |
| Invesco S&P 500 Quality ETF | 138302 | 9855400 |
| iShares Core S&P Small-Cap ETF | 30124 | 3292252 |
| SPDR S&P Bank ETF (A) | 55758 | 3109066 |
| Vanguard Information Technology ETF | 7875 | 5223330 |
|  |  | 27085331 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $49,322,032) |  | 55752216 |
| **INVESTMENT COMPANIES - 42.1%** |  |  |
| **Bond Funds - 27.2%** |  |  |
| Madison Core Bond Fund, Class R6 (B) (C) | 3080831 | 27758292 |
| **Stock Funds - 14.9%** |  |  |
| Madison Large Cap Fund, Class R6 (C) | 471426 | 14095634 |
| Madison Mid Cap Fund, Class R6 (C) | 64914 | 1105495 |
|  |  | 15201129 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $37,700,465) |  | 42959421 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **SHORT-TERM INVESTMENTS - 6.7%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (D), 4.270% | 3247042 | $3247042 |
| State Street Navigator Securities Lending Government Money Market Portfolio (D) (E), 4.350% | 3545191 | 3545191 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $6,792,233) |  | 6792233 |
| **TOTAL INVESTMENTS - 103.5%** |  |  |
| (Cost $93,814,730\*\*) |  | 105503870 |
| **NET OTHER ASSETS AND LIABILITIES - (3.5%)** |  | (3544572) |
| **TOTAL NET ASSETS - 100.0%** |  | $101959298 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;\*\* | &nbsp;&nbsp;Aggregate cost for Federal tax purposes was $94,307,698. |
| &nbsp;&nbsp;(A) | &nbsp;&nbsp;All or a portion of these securities, with an aggregate fair value of $3,824,490, are on loan as part of a securities lending program. See footnote (E) and Note 8 for details on the securities lending program. |
| &nbsp;&nbsp;(B) | &nbsp;&nbsp;Greater than 25% of the portfolio. For more information refer the website https://madisonfunds.com/funds/ultra-series-fund/. |
| &nbsp;&nbsp;(C) | &nbsp;&nbsp;Affiliated Company (see Note 10). |
| &nbsp;&nbsp;(D) | &nbsp;&nbsp;7-day yield. |
| &nbsp;&nbsp;(E) | &nbsp;&nbsp;Represents investments of cash collateral received in connection with securities lending. |
| &nbsp;&nbsp;ETF | &nbsp;&nbsp;Exchange Traded Fund. |
| &nbsp;&nbsp;FTSE | &nbsp;&nbsp;The Financial Times Stock Exchange. |
| &nbsp;&nbsp;MSCI | &nbsp;&nbsp;Morgan Stanley Capital International. |
| &nbsp;&nbsp;S&P | &nbsp;&nbsp;Standard & Poor's. |
| &nbsp;&nbsp;SPDR | &nbsp;&nbsp;Standard & Poor's Depositary Receipt. |

---

See accompanying Notes to Financial Statements.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Aggressive Allocation Fund Portfolio of Investments (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **EXCHANGE TRADED FUNDS - 64.5%** |  |  |
| **Bond Funds - 3.9%** |  |  |
| Janus Henderson Mortgage-Backed Securities ETF | 12523 | $564161 |
| Schwab Intermediate-Term U.S. Treasury ETF (A) | 12545 | 314001 |
| SPDR Portfolio Long Term Treasury ETF | 27376 | 727654 |
|  |  | 1605816 |
| **Foreign Stock Funds - 23.2%** |  |  |
| Franklin FTSE Japan ETF | 35335 | 1136020 |
| iShares MSCI Emerging Markets Asia ETF (A) | 31358 | 2588603 |
| iShares MSCI Eurozone ETF (A) | 17399 | 1034371 |
| Vanguard FTSE All-World ex-U.S. ETF | 21554 | 1448860 |
| Vanguard FTSE Europe ETF | 43995 | 3409612 |
|  |  | 9617466 |
| **Stock Funds - 37.4%** |  |  |
| Distillate U.S. Fundamental Stability & Value ETF (A) | 50636 | 2802703 |
| Energy Select Sector SPDR Fund ETF | 11683 | 990835 |
| Invesco S&P 500 Quality ETF | 71787 | 5115542 |
| iShares Core S&P Small-Cap ETF | 15589 | 1703722 |
| SPDR S&P Bank ETF (A) | 33398 | 1862272 |
| Vanguard Information Technology ETF | 4565 | 3027873 |
|  |  | 15502947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds**<br> (Cost $23,310,503) |  | 26726229 |
| **INVESTMENT COMPANIES - 31.8%** |  |  |
| **Bond Funds - 13.9%** |  |  |
| Madison Core Bond Fund, Class R6 (B) | 639873 | 5765260 |
| **Stock Funds - 17.9%** |  |  |
| Madison Large Cap Fund, Class R6 (B) | 229040 | 6848307 |
| Madison Mid Cap Fund, Class R6 (B) | 32045 | 545717 |
|  |  | 7394024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies**<br> (Cost $10,130,973) |  | 13159284 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **SHORT-TERM INVESTMENTS - 8.7%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (C), 4.270% | 1640241 | $1640241 |
| State Street Navigator Securities Lending Government Money Market Portfolio (C) (D), 4.350% | 1931648 | 1931648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments**<br> (Cost $3,571,889) |  | 3571889 |
| **TOTAL INVESTMENTS - 105.0%** <br> (Cost $37,013,365\*\*) |  | 43457402 |
| **NET OTHER ASSETS AND LIABILITIES - (5.0%)** |  | (2073923) |
| **TOTAL NET ASSETS - 100.0%** |  | $41383479 |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Aggregate cost for Federal tax purposes was $37,224,966. |
| (A) | &nbsp;&nbsp;&nbsp;All or a portion of these securities, with an aggregate fair value of $2,075,446, are on loan as part of a securities lending program. See footnote (D) and Note 8 for details on the securities lending program. |
| (B) | &nbsp;&nbsp;&nbsp;Affiliated Company (see Note 10). |
| (C) | &nbsp;&nbsp;&nbsp;7-day yield. |
| (D) | &nbsp;&nbsp;&nbsp;Represents investments of cash collateral received in connection with securities lending. |
| ETF | &nbsp;&nbsp;&nbsp;Exchange Traded Fund. |
| FTSE | &nbsp;&nbsp;&nbsp;The Financial Times Stock Exchange. |
| MSCI | &nbsp;&nbsp;&nbsp;Morgan Stanley Capital International. |
| S&P | &nbsp;&nbsp;&nbsp;Standard & Poor's. |
| SPDR | &nbsp;&nbsp;&nbsp;Standard & Poor's Depositary Receipt. |

---

See accompanying Notes to Financial Statements.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Diversified Income Fund Portfolio of Investments (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.0%** |  |  |
| GSAMP Trust, Series 2006-S5, Class Class M5 (A) (B) (C), 7.488%, 9/25/36 | $2190000 | $– |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities**<br> (Cost $–) |  |  |
| **MORTGAGE BACKED SECURITIES - 0.0%** |  |  |
| **Fannie Mae - 0.0%** |  |  |
| 7.000%, 11/1/31 Pool # 607515 | 6212 | 6547 |
| 7.000%, 5/1/32 Pool # 644591 | 793 | 836 |
|  |  | 7383 |
| **Freddie Mac - 0.0%** |  |  |
| 8.000%, 6/1/30 Pool # C01005 | 3014 | 3147 |
| **Ginnie Mae - 0.0%** |  |  |
| 6.500%, 4/20/31 Pool # 3068 | 6060 | 6312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mortgage Backed Securities**<br> (Cost $16,087) |  | 16842 |
|  | Shares |  |
| **EXCHANGE TRADED FUNDS - 99.4%** |  |  |
| **Bond Funds - 57.2%** |  |  |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 54016 | $2878513 |
| Janus Henderson Mortgage-Backed Securities ETF (D) | 157638 | 7101592 |
| Madison Aggregate Bond ETF (D) (E) | 1265000 | 25763749 |
| Madison Short-Term Strategic Income ETF (D) (E) | 1562500 | 32225156 |
| SPDR Portfolio High Yield Bond ETF (D) | 608301 | 14477564 |
|  |  | 82446574 |
| **Stock Funds - 42.2%** |  |  |
| Global X MLP ETF (D) | 115261 | $5786102 |
| Madison Covered Call ETF (E) | 1220000 | 22673700 |
| Madison Dividend Value ETF (D) (E) | 1235000 | 27396499 |
| Schwab U.S. Dividend Equity ETF (D) | 186851 | 4951551 |
|  |  | 60807852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds**<br> (Cost $140,018,650) |  | 143254426 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **SHORT-TERM INVESTMENTS - 1.4%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (F), 4.270% | 916031 | $916031 |
| State Street Navigator Securities Lending Government Money Market Portfolio (F) (G), 4.350% | 1088375 | 1088375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments**<br> (Cost $2,004,406) |  | 2004406 |
| **TOTAL INVESTMENTS - 100.8%** <br> (Cost $142,039,143\*\*) |  | 145275674 |
| **NET OTHER ASSETS AND LIABILITIES - (0.8%)** |  | (1202013) |
| **TOTAL NET ASSETS - 100.0%** |  | $144073661 |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Aggregate cost for Federal tax purposes was $142,039,143. |
| (A) | &nbsp;&nbsp;&nbsp;Floating rate or variable rate note. Rate shown is as of June 30, 2025. |
| (B) | &nbsp;&nbsp;&nbsp;Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at June 30, 2025. |
| (C) | &nbsp;&nbsp;&nbsp;Defaulted Security. Security was deemed illiquid by Madison. Interest is not being accrued. |
| (D) | &nbsp;&nbsp;&nbsp;All or a portion of these securities, with an aggregate fair value of $7,115,160, are on loan as part of a securities lending program. See footnote (G) and Note 8 for details on the securities lending program. |
| (E) | &nbsp;&nbsp;&nbsp;Affiliated Company (see Note 10). |
| (F) | &nbsp;&nbsp;&nbsp;7-day yield. |
| (G) | &nbsp;&nbsp;&nbsp;Represents investments of cash collateral received in connection with securities lending. |
| ETF | &nbsp;&nbsp;&nbsp;Exchange Traded Fund. |
| SPDR | &nbsp;&nbsp;&nbsp;Standard & Poor's Depositary Receipt. |

---

See accompanying Notes to Financial Statements.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Core Bond Fund Portfolio of Investments (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| **ASSET BACKED SECURITIES - 1.2%** |  |  |
| Chesapeake Funding II LLC, Series <br> 2023- 1A, Class A1 (A), 5.650%, 5/15/35 | $140428 | $141120 |
| Enterprise Fleet Financing LLC, Series 2022-4, Class A2 (A), 5.760%, 10/22/29 | 72838 | 73129 |
| John Deere Owner Trust, Series 2023-B, Class A3, 5.180%, 3/15/28 | 211020 | 212140 |
| LAD Auto Receivables Trust, Series 2022-1A, Class A (A), 5.210%, 6/15/27 | 15340 | 15351 |
| Towd Point Mortgage Trust, Series 2024-CES1, Class A1A (B) (C), 5.848%, 1/25/64 | 208332 | 209081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Backed Securities**<br> (Cost $647,844) |  | 650821 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 6.5%** |  |  |
| Bunker Hill Loan Depositary Trust, Series 2019-2, Class A1 (A) (D), 2.879%, 7/25/49 | 40233 | 39265 |
| CIM Trust, Series 2021-J2, Class A4 (A) (B) (C), 2.500%, 4/25/51 | 248445 | 222467 |
| Federal Home Loan Mortgage Corp. REMICS, Series 4066, Class DI, 3.000%, 6/15/27 | 132898 | 2319 |
| Federal Home Loan Mortgage Corp. REMICS, Series 5451, Class A, 5.000%, 5/25/49 | 236018 | 235710 |
| Federal National Mortgage Association REMICS, Series 2015-12, Class NI, 3.500%, 3/25/30 | 309302 | 14784 |
| Federal National Mortgage Association REMICS, Series 2011-31, Class DB, 3.500%, 4/25/31 | 74071 | 72616 |
| Federal National Mortgage Association REMICS, Series 2011-36, Class QB, 4.000%, 5/25/31 | 116572 | 116321 |
| Federal National Mortgage Association REMICS, Series 2005-79, Class LT, 5.500%, 9/25/35 | 127661 | 133148 |
| Federal National Mortgage Association REMICS, Series 2020-44, Class TI, 5.500%, 12/25/35 | 867812 | 125049 |
| Federal National Mortgage Association REMICS, Series 2024-99, Class EA, 5.500%, 5/25/51 | 443737 | 450268 |
| Federal National Mortgage Association REMICS, Series 2025-5, Class EA, 5.500%, 10/25/51 | 227623 | 231011 |
| GCAT Trust, Series 2021-NQM1, Class A1 (A) (B) (C), 0.874%, 1/25/66 | 119785 | 106905 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| Government National Mortgage Association REMICS, Series 2015-53, Class IL, 3.000%, 9/20/44 | $19114 | $131 |
| JP Morgan Mortgage Trust, Series 2019-5, Class A3 (A) (B) (C), 4.000%, 11/25/49 | 11085 | 10460 |
| JP Morgan Mortgage Trust, Series 2019-7, Class A3 (A) (B) (C), 3.459%, 2/25/50 | 49433 | 44746 |
| JP Morgan Mortgage Trust, Series 2021-1, Class A3 (A) (B) (C), 2.500%, 6/25/51 | 276660 | 225542 |
| JP Morgan Mortgage Trust, Series 2021-6, Class A4 (A) (B) (C), 2.500%, 10/25/51 | 403214 | 360829 |
| JP Morgan Wealth Management, Series 2020-ATR1, Class A3 (A) (B) (C), 3.000%, 2/25/50 | 122230 | 106642 |
| PSMC Trust, Series 2020-2, Class A2 (A) (B) (C), 3.000%, 5/25/50 | 47952 | 42713 |
| PSMC Trust, Series 2021-1, Class A11 (A) (B) (C), 2.500%, 3/25/51 | 146304 | 130292 |
| RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (B) (C), 2.500%, 12/25/51 | 235340 | 207911 |
| Sequoia Mortgage Trust, Series 2013-7, Class A2 (B) (C), 3.000%, 6/25/43 | 191692 | 171948 |
| Towd Point Mortgage Trust, Series 2024-4, Class A1A (B) (C), 4.435%, 10/27/64 | 445652 | 447657 |
| Wells Fargo Mortgage-Backed Securities Trust, Series 2019-2, Class A1 (A) (B) (C), 4.000%, 4/25/49 | 6186 | 5879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Mortgage Obligations** (Cost $3,959,167) |  | 3504613 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.8%** |  |  |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ17, Class A2, 2.982%, 11/25/25 | 2525 | 2517 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K059, Class X1 (B) (C), 0.385%, 9/25/26 | 10483078 | 23336 |
| FREMF Mortgage Trust, Series 2020-K106, Class B (A) (B) (C), 3.685%, 3/25/53 | 150000 | 140595 |
| Government National Mortgage Association, Series 2024-153, Class AB, 4.500%, 3/16/65 | 248452 | 244686 |
| GSAMP Trust, Series 2006-S5, Class M5 (B) (C) (E), 7.488%, 9/25/36 | 4940000 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Mortgage-Backed Securities**<br> (Cost $409,625) |  | 411134 |

---

See accompanying Notes to Financial Statements.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Core Bond Fund Portfolio of Investments (unaudited) -** **continued** |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| **CORPORATE NOTES AND BONDS - 25.7%** |  |  |
| **Communication Services - 0.5%** |  |  |
| AT&T, Inc., 2.250%, 2/1/32 | $50000 | $43043 |
| SBA Communications Corp., 3.875%, 2/15/27 | 250000 | 245996 |
|  |  | 289039 |
| **Consumer Discretionary - 1.3%** |  |  |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. (A), 5.500%, 4/20/26 | 66666 | 66515 |
| Lowe's Cos., Inc., 3.000%, 10/15/50 | 250000 | 155789 |
| Royal Caribbean Cruises Ltd., 7.500%, 10/15/27 | 150000 | 158488 |
| Tractor Supply Co., 1.750%, 11/1/30 | 200000 | 173389 |
| Tractor Supply Co., 5.250%, 5/15/33 | 150000 | 153150 |
|  |  | 707331 |
| **Consumer Staples - 1.2%** |  |  |
| Keurig Dr. Pepper, Inc., 3.800%, 5/1/50 | 200000 | 148144 |
| Lamb Weston Holdings, Inc. (A), 4.875%, 5/15/28 | 150000 | 149139 |
| Mars, Inc., 5.200%, 3/1/35 | 200000 | 202269 |
| Performance Food Group, Inc. (A), 5.500%, 10/15/27 | 150000 | 149687 |
|  |  | 649239 |
| **Energy - 3.4%** |  |  |
| Devon Energy Corp. (F), 5.200%, 9/15/34 | 200000 | 194217 |
| Diamondback Energy, Inc., 5.400%, 4/18/34 | 200000 | 200626 |
| Eastern Gas Transmission & Storage, Inc., 3.000%, 11/15/29 | 150000 | 141665 |
| Energy Transfer LP, 5.250%, 4/15/29 | 150000 | 153583 |
| Energy Transfer LP, 6.550%, 12/1/33 | 200000 | 217034 |
| Kinder Morgan, Inc., 5.550%, 6/1/45 | 150000 | 141670 |
| MPLX LP, 4.800%, 2/15/29 | 50000 | 50481 |
| MPLX LP, 2.650%, 8/15/30 | 200000 | 180992 |
| ONEOK, Inc., 5.850%, 1/15/26 | 100000 | 100507 |
| Sunoco LP/Sunoco Finance Corp., 6.000%, 4/15/27 | 150000 | 149960 |
| Valero Energy Corp., 4.000%, 6/1/52 | 100000 | 70659 |
| Valero Energy Partners LP, 4.500%, 3/15/28 | 200000 | 200370 |
|  |  | 1801764 |
| **Financials - 11.4%** |  |  |
| Aflac, Inc., 4.750%, 1/15/49 | 250000 | 215739 |
| American Express Co., (Secured Overnight Financing Rate + 1.940%) (B) (C), 6.489%, 10/30/31 | 250000 | 272315 |
| Athene Holding Ltd., 6.250%, 4/1/54 | 125000 | 123526 |
| Bank of America Corp., (5 year CMT + 2.000%) (B) (C), 3.846%, 3/8/37 | 150000 | 137280 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| Capital One Financial Corp., (Secured Overnight Financing Rate + 2.640%) (B) (C), 6.312%, 6/8/29 | $200000 | $209913 |
| CBRE Services, Inc., 4.800%, 6/15/30 | 125000 | 125516 |
| Citibank NA, 5.803%, 9/29/28 | 250000 | 261366 |
| Citigroup, Inc., (Secured Overnight Financing Rate + 2.086%) (B) (C), 4.910%, 5/24/33 | 250000 | 249461 |
| Citigroup, Inc., (5 year CMT + 1.730%) (B) (C), 5.411%, 9/19/39 | 150000 | 145692 |
| Empower Finance 2020 LP (A), 3.075%, 9/17/51 | 125000 | 79226 |
| Fifth Third Bancorp, (Secured Overnight Financing Rate + 1.660%) (B) (C), 4.337%, 4/25/33 | 200000 | 190952 |
| GLP Capital LP/GLP Financing II, Inc., 3.250%, 1/15/32 | 200000 | 176015 |
| Goldman Sachs BDC, Inc., 2.875%, 1/15/26 | 200000 | 197788 |
| Goldman Sachs Group, Inc., (Secured Overnight Financing Rate + 1.580%) (B) (C), 5.218%, 4/23/31 | 250000 | 256182 |
| Jefferies Financial Group, Inc., 2.625%, 10/15/31 | 250000 | 217445 |
| Jefferies Financial Group, Inc., 6.200%, 4/14/34 | 100000 | 104621 |
| JPMorgan Chase & Co., (Secured Overnight Financing Rate + 1.620%) (B) (C), 5.336%, 1/23/35 | 250000 | 255921 |
| JPMorgan Chase & Co., (Secured Overnight Financing Rate + 1.680%) (B) (C), 5.572%, 4/22/36 | 200000 | 207362 |
| KeyCorp, 4.100%, 4/30/28 | 150000 | 149035 |
| KKR Group Finance Co. VIII LLC (A), 3.500%, 8/25/50 | 250000 | 170785 |
| Liberty Mutual Group, Inc. (A), 4.569%, 2/1/29 | 150000 | 150069 |
| Morgan Stanley, (Secured Overnight Financing Rate + 1.020%) (B) (C), 1.928%, 4/28/32 | 250000 | 213675 |
| Morgan Stanley, (Secured Overnight Financing Rate + 1.730%) (B) (C), 5.466%, 1/18/35 | 250000 | 255541 |
| Nasdaq, Inc., 1.650%, 1/15/31 | 200000 | 172400 |
| Old Republic International Corp., 3.850%, 6/11/51 | 100000 | 70991 |
| Omega Healthcare Investors, Inc., 3.375%, 2/1/31 | 225000 | 205815 |
| PNC Bank NA, 2.700%, 10/22/29 | 125000 | 116597 |
| PNC Financial Services Group, Inc., (Secured Overnight Financing Rate + 2.284%) (B) (C), 6.875%, 10/20/34 | 200000 | 223633 |
| Realty Income Corp., 4.850%, 3/15/30 | 200000 | 203524 |

---

See accompanying Notes to Financial Statements.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Core Bond Fund Portfolio of Investments (unaudited) -** **continued** |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| State Street Corp., (Secured Overnight Financing Rate + 1.490%) (B) (C), 3.031%, 11/1/34 | $125000 | $115445 |
| Truist Financial Corp., (Secured Overnight Financing Rate + 2.361%) (B) (C), 5.867%, 6/8/34 | 200000 | 208913 |
| U.S. Bancorp, (Secured Overnight Financing Rate + 1.560%) (B) (C), 5.384%, 1/23/30 | 125000 | 128672 |
| U.S. Bancorp, (Secured Overnight Financing Rate + 1.600%) (B) (C), 4.839%, 2/1/34 | 100000 | 98760 |
| Wells Fargo & Co., (Secured Overnight Financing Rate + 2.100%) (B) (C), 2.393%, 6/2/28 | 100000 | 96374 |
| Wells Fargo & Co., (Secured Overnight Financing Rate + 1.500%) (B) (C), 5.198%, 1/23/30 | 125000 | 128002 |
|  |  | 6134551 |
| **Health Care - 1.5%** |  |  |
| Amgen, Inc., 5.650%, 3/2/53 | 75000 | 73392 |
| Centene Corp., 2.450%, 7/15/28 | 150000 | 139278 |
| Cigna Group, 4.375%, 10/15/28 | 50000 | 50051 |
| Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.200%, 6/1/30 | 250000 | 223480 |
| Humana, Inc., 5.375%, 4/15/31 | 100000 | 102273 |
| J.M. Smucker Co., 6.200%, 11/15/33 | 200000 | 214520 |
|  |  | 802994 |
| **Industrials - 2.8%** |  |  |
| Ball Corp., 4.875%, 3/15/26 | 250000 | 249675 |
| Boeing Co., 6.858%, 5/1/54 | 200000 | 219232 |
| Carrier Global Corp., 3.577%, 4/5/50 | 51000 | 37471 |
| Otis Worldwide Corp., 2.565%, 2/15/30 | 150000 | 138343 |
| Quanta Services, Inc., 2.900%, 10/1/30 | 250000 | 230410 |
| Textron, Inc., 2.450%, 3/15/31 | 250000 | 221509 |
| Vulcan Materials Co., 3.500%, 6/1/30 | 200000 | 191292 |
| WRKCo, Inc., 3.900%, 6/1/28 | 200000 | 197352 |
|  |  | 1485284 |
| **Information Technology - 2.5%** |  |  |
| Broadcom, Inc. (A), 3.187%, 11/15/36 | 12000 | 9948 |
| Dell International LLC/EMC Corp., 8.350%, 7/15/46 | 62000 | 79162 |
| Dell International LLC/EMC Corp., 3.450%, 12/15/51 | 275000 | 188772 |
| Fiserv, Inc., 3.500%, 7/1/29 | 200000 | 192609 |
| Gartner, Inc. (A), 4.500%, 7/1/28 | 150000 | 148412 |
| HP, Inc., 2.650%, 6/17/31 | 200000 | 176753 |
| Iron Mountain, Inc. (A), 4.500%, 2/15/31 | 125000 | 119139 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| Oracle Corp., 3.950%, 3/25/51 | $250000 | $184678 |
| VMware LLC, 2.200%, 8/15/31 | 250000 | 216841 |
|  |  | 1316314 |
| **Materials - 0.5%** |  |  |
| Celanese U.S. Holdings LLC, 6.415%, 7/15/27 | 96000 | 99396 |
| LYB International Finance III LLC, 3.625%, 4/1/51 | 250000 | 167456 |
|  |  | 266852 |
| **Utilities - 0.6%** |  |  |
| Duke Energy Corp., 3.750%, 9/1/46 | 250000 | 185320 |
| Interstate Power & Light Co., 3.500%, 9/30/49 | 225000 | 158512 |
|  |  | 343832 |
| &nbsp;&nbsp;&nbsp;**Total Corporate Notes and Bonds**<br> (Cost $14,729,004) |  | 13797200 |
| **FOREIGN CORPORATE BONDS - 3.1%** |  |  |
| **Energy - 0.2%** |  |  |
| Enbridge, Inc., 5.700%, 3/8/33 | 125000 | 129596 |
| **Financials - 2.2%** |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.750%, 1/30/26 | 150000 | 147373 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.625%, 10/15/27 | 200000 | 200832 |
| Avolon Holdings Funding Ltd. (A), 2.125%, 2/21/26 | 121000 | 118762 |
| Mitsubishi UFJ Financial Group, Inc., <br> (1 year CMT + 1.530%) (B) (C), 5.475%, 2/22/31 | 250000 | 259085 |
| Toronto-Dominion Bank, 4.456%, 6/8/32 | 250000 | 245399 |
| UBS Group AG, (1 year CMT + 2.050%) (A) (B) (C), 4.703%, 8/5/27 | 200000 | 200383 |
|  |  | 1171834 |
| **Health Care - 0.6%** |  |  |
| Pfizer Investment Enterprises Pte. Ltd., 5.340%, 5/19/63 | 200000 | 185834 |
| STERIS Irish FinCo UnLtd Co., 3.750%, 3/15/51 | 200000 | 142602 |
|  |  | 328436 |
| **Industrials - 0.1%** |  |  |
| BAE Systems PLC (A), 5.300%, 3/26/34 | 50000 | 51120 |
| &nbsp;&nbsp;&nbsp;**Total Foreign Corporate Bonds**<br> (Cost $1,739,297) |  | 1680986 |

---

See accompanying Notes to Financial Statements.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Core Bond Fund Portfolio of Investments (unaudited) -** **continued** |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| **MORTGAGE BACKED SECURITIES - 41.1%** |  |  |
| **Fannie Mae - 25.7%** |  |  |
| 3.000%, 9/1/30 Pool # 890696 | $194061 | $189690 |
| 3.000%, 12/1/30 Pool # AL8924 | 68657 | 67368 |
| 7.000%, 11/1/31 Pool # 607515 | 6212 | 6547 |
| 3.500%, 12/1/31 Pool # MA0919 | 24224 | 23763 |
| 6.500%, 3/1/32 Pool # 631377 | 8418 | 8692 |
| 7.000%, 5/1/32 Pool # 644591 | 1442 | 1520 |
| 6.500%, 6/1/32 Pool # 545691 | 55502 | 57625 |
| 3.500%, 8/1/32 Pool # MA3098 | 27730 | 27288 |
| 5.500%, 11/1/33 Pool # 555880 | 84141 | 86109 |
| 4.000%, 2/1/35 Pool # MA2177 | 308903 | 305922 |
| 3.500%, 12/1/35 Pool # MA2473 | 175829 | 170547 |
| 4.000%, 6/1/36 Pool # AL8618 | 83079 | 81589 |
| 2.500%, 9/1/36 Pool # FS4049 | 344053 | 323503 |
| 5.500%, 10/1/36 Pool # 901723 | 45890 | 46788 |
| 6.500%, 10/1/36 Pool # 894118 | 50893 | 52550 |
| 6.000%, 11/1/36 Pool # 902510 | 153638 | 160633 |
| 6.000%, 10/1/37 Pool # 947563 | 146434 | 153569 |
| 4.500%, 5/1/38 Pool # MA5013 | 176199 | 175183 |
| 6.500%, 8/1/38 Pool # 987711 | 219551 | 231984 |
| 3.000%, 11/1/39 Pool # MA3831 | 40983 | 38365 |
| 2.500%, 8/1/40 Pool # BP6565 | 541195 | 491089 |
| 4.000%, 1/1/41 Pool # AB2080 | 331279 | 320024 |
| 2.500%, 5/1/41 Pool # MA4334 | 342072 | 305500 |
| 4.500%, 7/1/41 Pool # AB3274 | 144799 | 143816 |
| 5.500%, 7/1/41 Pool # AL6588 | 293684 | 302998 |
| 4.000%, 9/1/41 Pool # AJ1406 | 147575 | 142561 |
| 2.500%, 3/1/42 Pool # CB3076 | 383561 | 339102 |
| 3.500%, 6/1/42 Pool # AO4136 | 361185 | 339111 |
| 4.000%, 6/1/42 Pool # MA1087 | 97744 | 94210 |
| 3.500%, 8/1/42 Pool # AP2133 | 170329 | 159937 |
| 3.500%, 9/1/42 Pool # AB6228 | 293822 | 275743 |
| 4.000%, 10/1/42 Pool # AP7363 | 241277 | 232453 |
| 3.500%, 3/1/43 Pool # AT0310 | 202156 | 189802 |
| 5.000%, 11/1/44 Pool # MA5539 | 226675 | 226618 |
| 4.000%, 1/1/45 Pool # AS4257 | 45743 | 43485 |
| 4.500%, 2/1/45 Pool # MA2193 | 78278 | 76505 |
| 3.500%, 11/1/45 Pool # BA4907 | 117747 | 109330 |
| 3.500%, 12/1/45 Pool # AS6309 | 91820 | 85295 |
| 4.500%, 10/1/46 Pool # MA2783 | 18282 | 17838 |
| 4.000%, 12/1/46 Pool # BD2379 | 58537 | 55454 |
| 3.000%, 1/1/47 Pool # BE0108 | 194500 | 173772 |
| 2.500%, 12/1/47 Pool # FM3165 | 389991 | 333750 |
| 3.000%, 1/1/48 Pool # FM1303 | 473434 | 423007 |
| 4.000%, 7/1/48 Pool # MA3415 | 90177 | 85339 |
| 3.000%, 1/1/49 Pool # FS4296 | 281889 | 254461 |
| 4.000%, 11/1/50 Pool # FM5530 | 249399 | 233566 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| 2.000%, 12/1/51 Pool # FM9925 | $614723 | $495087 |
| 2.000%, 1/1/52 Pool # CB2601 | 317740 | 256108 |
| 2.500%, 3/1/52 Pool # BV4133 | 241397 | 200344 |
| 2.500%, 4/1/52 Pool # FS4138 | 209532 | 175668 |
| 4.000%, 5/1/52 Pool # FS1704 | 1014979 | 946477 |
| 3.500%, 6/1/52 Pool # CB3845 | 607886 | 549695 |
| 4.500%, 8/1/52 Pool # FS2605 | 1064939 | 1022660 |
| 4.000%, 9/1/52 Pool # MA4732 | 209083 | 194791 |
| 5.000%, 10/1/52 Pool # MA4785 | 387667 | 381814 |
| 5.500%, 10/1/52 Pool # MA4786 | 254968 | 255698 |
| 5.000%, 11/1/52 Pool # MA4806 | 301826 | 297814 |
| 5.000%, 12/1/52 Pool # MA4841 | 206076 | 203190 |
| 5.500%, 12/1/52 Pool # MA4842 | 79399 | 79632 |
| 4.500%, 7/1/53 Pool # FS4996 | 184041 | 176576 |
| 5.500%, 7/1/53 Pool # MA5072 | 209213 | 209505 |
| 5.500%, 9/1/53 Pool # FS5575 | 297061 | 299396 |
| 5.500%, 5/1/54 Pool # FS7759 | 398867 | 399951 |
|  |  | 13808407 |
| **Freddie Mac - 15.4%** |  |  |
| 8.000%, 6/1/30 Pool # C01005 | 3768 | 3933 |
| 7.000%, 3/1/31 Pool # C48129 | 15431 | 16279 |
| 2.500%, 2/1/32 Pool # ZS8641 | 64609 | 62027 |
| 5.500%, 11/1/34 Pool # A28282 | 76613 | 78176 |
| 2.500%, 6/1/35 Pool # RC1421 | 129408 | 121261 |
| 5.500%, 1/1/37 Pool # G04593 | $55860 | $57722 |
| 5.000%, 5/1/40 Pool # SB8384 | 342741 | 345163 |
| 2.000%, 3/1/41 Pool # RB5105 | 330347 | 284512 |
| 4.000%, 10/1/41 Pool # Q04092 | 165185 | 159614 |
| 3.000%, 9/1/42 Pool # C04233 | 476205 | 431322 |
| 3.500%, 8/1/44 Pool # Q27927 | 174794 | 162865 |
| 3.000%, 7/1/45 Pool # G08653 | 203820 | 181699 |
| 3.500%, 8/1/45 Pool # Q35614 | 260398 | 242358 |
| 3.000%, 10/1/46 Pool # G60722 | 307724 | 274418 |
| 4.000%, 3/1/47 Pool # Q46801 | 78713 | 74662 |
| 3.500%, 12/1/47 Pool # Q52955 | 112388 | 103121 |
| 2.500%, 4/1/48 Pool # QA2240 | 309818 | 264936 |
| 3.000%, 7/1/49 Pool # QA1033 | 161176 | 141045 |
| 2.500%, 1/1/52 Pool # SD7552 | 939936 | 791383 |
| 3.500%, 4/1/52 Pool # SD0960 | 588942 | 539311 |
| 3.500%, 5/1/52 Pool # RA7380 | 356053 | 321442 |
| 3.000%, 8/1/52 Pool # SD7556 | 555785 | 486290 |
| 4.500%, 11/1/52 Pool # SD8266 | 422754 | 405087 |
| 5.000%, 11/1/52 Pool # SD8267 | 165277 | 162773 |
| 5.500%, 11/1/52 Pool # SD1859 | 198612 | 200281 |
| 4.500%, 12/1/52 Pool # SD1921 | 284948 | 274642 |
| 5.000%, 12/1/52 Pool # SD8276 | 209170 | 206001 |

---

See accompanying Notes to Financial Statements.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Core Bond Fund Portfolio of Investments (unaudited) -** **concluded** |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| 5.000%, 1/1/53 Pool # SD8288 | $180485 | $177741 |
| 5.000%, 2/1/53 Pool # SD8299 | 471752 | 464303 |
| 5.500%, 2/1/53 Pool # SD2172 | 249712 | 252036 |
| 5.000%, 5/1/53 Pool # SD2875 | 335931 | 333077 |
| 6.000%, 9/1/53 Pool # SD3739 | 582456 | 595849 |
| 5.500%, 2/1/54 Pool # SD4901 | 88464 | 88786 |
|  |  | 8304115 |
| **Ginnie Mae - 0.0%** |  |  |
| 6.500%, 2/20/29 Pool # 2714 | 7094 | 7292 |
| 6.500%, 4/20/31 Pool # 3068 | 7358 | 7665 |
|  |  | 14957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mortgage Backed Securities**<br> (Cost $23,080,123) |  | 22127479 |
| **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 18.9%** |  |  |
| **U.S. Treasury Bonds - 10.9%** |  |  |
| 6.625%, 2/15/27 | 750000 | 785684 |
| 4.500%, 5/15/38 | 750000 | 759199 |
| 3.750%, 8/15/41 | 750000 | 672451 |
| 4.625%, 5/15/44 | 565000 | 554737 |
| 3.000%, 5/15/45 | 750000 | 575244 |
| 2.500%, 5/15/46 | 500000 | 345840 |
| 3.375%, 11/15/48 | 500000 | 396074 |
| 1.250%, 5/15/50 | 750000 | 360908 |
| 1.875%, 2/15/51 | 500000 | 281406 |
| 4.125%, 8/15/53 | 500000 | 447344 |
| 4.250%, 8/15/54 | 750000 | 685957 |
|  |  | 5864844 |
| **U.S. Treasury Notes - 8.0%** |  |  |
| 4.625%, 6/15/27 | 300000 | 304957 |
| 2.875%, 5/15/28 | 750000 | 733154 |
| 2.625%, 2/15/29 | 750000 | 722168 |
| 3.875%, 11/30/29 | 500000 | 502129 |
| 4.000%, 7/31/30 | 350000 | 352994 |
| 4.250%, 6/30/31 | 175000 | 178213 |
| 4.000%, 2/15/34 | 750000 | 742295 |
| 4.375%, 5/15/34 | 750000 | 761807 |
|  |  | 4297717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency Obligations** <br> (Cost $11,037,972) |  | 10162561 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| **SHORT-TERM INVESTMENTS - 2.5%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (G), 4.270% | $1102974 | $1102974 |
| State Street Navigator Securities Lending Government Money Market Portfolio (G) (H), 4.350% | 196490 | 196490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments**<br> (Cost $1,299,464) |  | 1299464 |
| **TOTAL INVESTMENTS - 99.8%** <br> (Cost $56,902,496\*\*) |  | 53634258 |
| **NET OTHER ASSETS AND LIABILITIES - 0.2%** |  | 120673 |
| **TOTAL NET ASSETS - 100.0%** |  | $53754931 |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Aggregate cost for Federal tax purposes was $56,968,361. |
| (A) | &nbsp;&nbsp;&nbsp;Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other qualified institutional buyers." |
| (B) | &nbsp;&nbsp;&nbsp;Floating rate or variable rate note. Rate shown is as of June 30, 2025. |
| (C) | &nbsp;&nbsp;&nbsp;Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at June 30, 2025. |
| (D) | &nbsp;&nbsp;&nbsp;Stepped rate security. Rate shown is as of June 30, 2025. |
| (E) | &nbsp;&nbsp;&nbsp;Defaulted Security. Security was deemed illiquid by Madison. Interest is not being accrued. |
| (F) | &nbsp;&nbsp;&nbsp;All or a portion of these securities, with an aggregate fair value of $193,305, are on loan as part of a securities lending program. See footnote (H) and Note 8 for details on the securities lending program. |
| (G) | &nbsp;&nbsp;&nbsp;7-day yield. |
| (H) | &nbsp;&nbsp;&nbsp;Represents investments of cash collateral received in connection with securities lending. |
| BDC | &nbsp;&nbsp;&nbsp;Business Development Company. |
| CMT | &nbsp;&nbsp;&nbsp;Constant Maturity Treasury. |
| DAC | &nbsp;&nbsp;&nbsp;Designated Activity Company. |
| FREMF | &nbsp;&nbsp;&nbsp;Freddie Mac Multifamily Securities<sup>.</sup> |
| IO | &nbsp;&nbsp;&nbsp;Interest Only. |
| LLC | &nbsp;&nbsp;&nbsp;Limited Liability Corporation<sup>.</sup> |
| LP | &nbsp;&nbsp;&nbsp;Limited Partnership<sup>.</sup> |
| PLC | &nbsp;&nbsp;&nbsp;Public Limited Company. |
| REMIC | &nbsp;&nbsp;&nbsp;Real Estate Mortgage Investment Conduit. |

---

See accompanying Notes to Financial Statements.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Large Cap Value Fund Portfolio of Investments (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **COMMON STOCKS - 98.4%** |  |  |
| **Communication Services - 2.7%** |  |  |
| Comcast Corp., Class A | 126193 | $4503828 |
| **Consumer Discretionary - 8.7%** |  |  |
| Home Depot, Inc. | 15870 | 5818577 |
| Lowe's Cos., Inc. | 19185 | 4256576 |
| McDonald's Corp. | 7500 | 2191275 |
| Starbucks Corp. | 22259 | 2039592 |
|  |  | 14306020 |
| **Consumer Staples - 7.3%** |  |  |
| Colgate-Palmolive Co. | 33207 | 3018516 |
| Hershey Co. | 15164 | 2516466 |
| PepsiCo, Inc. | 24139 | 3187314 |
| Procter & Gamble Co. | 21175 | 3373601 |
|  |  | 12095897 |
| **Energy - 8.9%** |  |  |
| Chevron Corp. | 29233 | 4185873 |
| ConocoPhillips | 26702 | 2396238 |
| EOG Resources, Inc. | 40674 | 4865017 |
| Exxon Mobil Corp. | 29798 | 3212224 |
|  |  | 14659352 |
| **Equity Real Estate Investment Trusts (REITs) - 2.8%** |  |  |
| American Tower Corp., REIT | 20993 | 4639873 |
| **Financials - 20.0%** |  |  |
| Bank of America Corp. | 95009 | 4495826 |
| Blackrock, Inc. | 6148 | 6450789 |
| CME Group, Inc. | 25498 | 7027759 |
| JPMorgan Chase & Co. | 17774 | 5152860 |
| Marsh & McLennan Cos., Inc. | 15877 | 3471347 |
| Morgan Stanley | 44956 | 6332502 |
|  |  | 32931083 |
| **Health Care - 14.1%** |  |  |
| Abbott Laboratories | 32227 | 4383194 |
| AbbVie, Inc. | 23243 | 4314366 |
| Elevance Health, Inc. | 10465 | 4070467 |
| Johnson & Johnson | 35947 | 5490904 |
| Medtronic PLC | 57483 | 5010793 |
|  |  | 23269724 |
| **Industrials - 20.3%** |  |  |
| Automatic Data Processing, Inc. | 21200 | 6538080 |
| Caterpillar, Inc. | 4388 | 1703465 |
| Cummins, Inc. | 7003 | 2293482 |
| Fastenal Co. | 130213 | 5468946 |
| Honeywell International, Inc. | 27069 | 6303829 |
| Paychex, Inc. | 20934 | 3045060 |
| Rockwell Automation, Inc. | 8652 | 2873935 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| Union Pacific Corp. | 23010 | $5294141 |
|  |  | 33520938 |
| **Information Technology - 8.1%** |  |  |
| Accenture PLC, Class A | 4680 | 1398805 |
| Analog Devices, Inc. | 9693 | 2307128 |
| TE Connectivity PLC | 22400 | 3778208 |
| Texas Instruments, Inc. | 27919 | 5796543 |
|  |  | 13280684 |
| **Materials - 1.9%** |  |  |
| Air Products & Chemicals, Inc. | 11334 | 3196868 |
| **Utilities - 3.6%** |  |  |
| NextEra Energy, Inc. | 84272 | 5850162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks**<br> (Cost $124,652,435) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks**<br> (Cost $124,652,435) | 162254429 |
| **SHORT-TERM INVESTMENTS - 1.6%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 4.270% | 2613412 | 2613412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments**<br> (Cost $2,613,412) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments**<br> (Cost $2,613,412) | 2613412 |
| **TOTAL INVESTMENTS - 100.0%** <br> (Cost $127,265,847\*\*) |  | 164867841 |
| **NET OTHER ASSETS AND LIABILITIES - 0.0%** |  | (70833) |
| **TOTAL NET ASSETS - 100.0%** |  | $164797008 |

---

---

| | |
|:---|:---|
| \*\* | &nbsp;&nbsp;&nbsp;Aggregate cost for Federal tax purposes was $127,299,033. |
| (A) | &nbsp;&nbsp;&nbsp;7-day yield. |
| PLC | &nbsp;&nbsp;&nbsp;Public Limited Company. |
| REIT | &nbsp;&nbsp;&nbsp;Real Estate Investment Trust. |

---

See accompanying Notes to Financial Statements.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Large Cap Growth Fund Portfolio of Investments (unaudited)** |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **COMMON STOCKS - 98.0%** |  |  |
| **Communication Services - 7.1%** |  |  |
| Alphabet, Inc., Class C | 52790 | $9364418 |
| Liberty Broadband Corp., Class C\* | 35255 | 3468387 |
|  |  | 12832805 |
| **Consumer Discretionary - 15.5%** |  |  |
| Airbnb, Inc., Class A\* | 22600 | 2990884 |
| Amazon.com, Inc.\* | 43300 | 9499587 |
| Lowe's Cos., Inc. | 27202 | 6035308 |
| NIKE, Inc., Class B | 33410 | 2373446 |
| Starbucks Corp. | 37193 | 3407995 |
| TJX Cos., Inc. | 29690 | 3666418 |
|  |  | 27973638 |
| **Financials -26.1%** |  |  |
| *Capital Markets - 5.7%* | | |
| Brookfield Corp. | 91643 | 5668120 |
| Charles Schwab Corp. | 51182 | 4669846 |
|  |  | 10337966 |
| *Financial Services - 8.1%* | | |
| Fiserv, Inc.\* | 43725 | 7538627 |
| Visa, Inc., Class A | 19661 | 6980638 |
|  |  | 14519265 |
| *Insurance - 12.3%* | | |
| Arch Capital Group Ltd. | 118293 | 10770578 |
| Marsh & McLennan Cos., Inc. | 20755 | 4537873 |
| Progressive Corp. | 25989 | 6935424 |
|  |  | 22243875 |
|  |  | 47101106 |
| **Health Care - 11.7%** |  |  |
| Agilent Technologies, Inc. | 39894 | 4707891 |
| Alcon AG (A) | 70996 | 6267527 |
| Danaher Corp. | 33377 | 6593292 |
| Elevance Health, Inc. | 9433 | 3669060 |
|  |  | 21237770 |
| **Industrials - 17.6%** |  |  |
| Copart, Inc.\* | 107016 | 5251275 |
| Deere & Co. | 9068 | 4610987 |
| Ferguson Enterprises, Inc. | 38278 | 8335035 |
| PACCAR, Inc. | 72879 | 6927878 |
| Parker-Hannifin Corp. | 9632 | 6727663 |
|  |  | 31852838 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **Information Technology - 20.0%** |  |  |
| Accenture PLC, Class A | 15835 | $4732923 |
| Analog Devices, Inc. | 21901 | 5212876 |
| CDW Corp. | 29562 | 5279477 |
| Gartner, Inc.\* | 13508 | 5460204 |
| Keysight Technologies, Inc.\* | 39160 | 6416758 |
| Texas Instruments, Inc. | 43274 | 8984548 |
|  |  | 36086786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks**<br> (Cost $99,766,211) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks**<br> (Cost $99,766,211) | 177084943 |
| **SHORT-TERM INVESTMENTS - 2.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (B), 4.270% | 3704865 | 3704865 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments**<br> (Cost $3,704,865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments**<br> (Cost $3,704,865) | 3704865 |
| **TOTAL INVESTMENTS - 100.0%** <br> (Cost $103,471,076\*\*) |  | 180789808 |
| **NET OTHER ASSETS AND LIABILITIES - 0.0%** |  | (29474) |
| **TOTAL NET ASSETS - 100.0%** |  | $180760334 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;&nbsp;Non-income producing. |
| \*\* | &nbsp;&nbsp;&nbsp;Aggregate cost for Federal tax purposes was $103,542,545. |
| (A) | &nbsp;&nbsp;&nbsp;All or a portion of these securities, with an aggregate fair value of $5,339,463, are on loan as part of a securities lending program. See Note 8 for details on the securities lending program. |
| (B) | &nbsp;&nbsp;&nbsp;7-day yield. |
| PLC | &nbsp;&nbsp;&nbsp;Public Limited Company. |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| June 30, 2025

&nbsp;&nbsp;Mid Cap Fund Portfolio of Investments (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **COMMON STOCKS - 95.5%** |  |  |
| **Communication Services - 6.5%** |  |  |
| Liberty Broadband Corp., Class C\* | 38806 | $3817734 |
| Liberty Media Corp.-Liberty Formula One, Class C\* | 39488 | 4126496 |
|  |  | 7944230 |
| **Consumer Discretionary - 14.3%** |  |  |
| Asbury Automotive Group, Inc.\* | 10756 | 2565736 |
| Floor & Decor Holdings, Inc., Class A\* | 47626 | 3617671 |
| Lithia Motors, Inc. | 8122 | 2743774 |
| Ross Stores, Inc. | 45359 | 5786901 |
| Thor Industries, Inc. | 31549 | 2801867 |
|  |  | 17515949 |
| **Financials - 24.1%** |  |  |
| Arch Capital Group Ltd. | 96739 | 8808086 |
| Brookfield Asset Management Ltd., Class A (A) | 54294 | 3001372 |
| Brown & Brown, Inc. | 60623 | 6721272 |
| Cullen/Frost Bankers, Inc. | 10821 | 1390932 |
| Glacier Bancorp, Inc. | 29554 | 1273186 |
| Kinsale Capital Group, Inc. | 4655 | 2252555 |
| Moelis & Co., Class A | 34763 | 2166430 |
| W.R. Berkley Corp. | 51709 | 3799060 |
|  |  | 29412893 |
| **Health Care - 8.0%** |  |  |
| Labcorp Holdings, Inc. | 15707 | 4123244 |
| Medpace Holdings, Inc.\* | 8300 | 2605038 |
| Waters Corp.\* | 8822 | 3079231 |
|  |  | 9807513 |
| **Industrials - 16.6%** |  |  |
| Carlisle Cos., Inc. | 14202 | 5303027 |
| Copart, Inc.\* | 92613 | 4544520 |
| Expeditors International of Washington, Inc. | 15251 | 1742427 |
| Graco, Inc. | 14212 | 1221805 |
| PACCAR, Inc. | 46762 | 4445196 |
| Trex Co., Inc.\* | 54357 | 2955934 |
|  |  | 20212909 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **Information Technology -26.0%** |  |  |
| *Communications Equipment - 2.8%* | | |
| Arista Networks, Inc.\* | 33122 | $3388712 |
| *Electronic Equipment, Instruments & Components - 12.5%* | | |
| Amphenol Corp., Class A | 69343 | 6847621 |
| CDW Corp. | 28751 | 5134641 |
| Teledyne Technologies, Inc.\* | 6360 | 3258292 |
|  |  | 15240554 |
| *IT Services - 5.2%* | | |
| Gartner, Inc.\* | 15680 | 6338170 |
| *Semiconductors & Semiconductor Equipment - 5.5%* | | |
| Microchip Technology, Inc. | 41528 | 2922325 |
| MKS, Inc. | 38798 | 3854969 |
|  |  | 6777294 |
|  |  | 31744730 |
| &nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $56,769,933) |  | 116638224 |
| **SHORT-TERM INVESTMENTS - 4.6%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (B), 4.270% | 5611413 | 5611413 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;(Cost $5,611,413) |  | 5611413 |
| **TOTAL INVESTMENTS - 100.1%** (Cost $62,381,346\*\*) |  | 122249637 |
| **NET OTHER ASSETS AND LIABILITIES - (0.1%)** |  | (110792 |
| **TOTAL NET ASSETS - 100.0%** |  | $122138845 |

---

\* Non-income producing.

\*\* Aggregate cost for Federal tax purposes was $62,622,093.

(A) All or a portion of these securities, with an aggregate fair value of $2,932,825, are on loan as part of a securities lending program. See Note 8 for details on the securities lending program.

(B) 7-day yield.

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| June 30, 2025

&nbsp;&nbsp;Target Retirement 2020 Fund Portfolio of Investments (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **EXCHANGE TRADED FUNDS - 98.1%** |  |  |
| **Bond Funds - 78.2%** |  |  |
| iShares 7-10 Year Treasury Bond ETF | 19290 | $1847403 |
| iShares Aaa - A Rated Corporate Bond ETF | 17882 | 855475 |
| Janus Henderson AAA CLO ETF | 2200 | 111650 |
| Janus Henderson Mortgage-Backed Securities ETF | 58586 | 2639299 |
| Schwab Intermediate-Term U.S. Treasury ETF | 72123 | 1805239 |
| SPDR Portfolio Long Term Treasury ETF | 6404 | 170218 |
| SPDR Portfolio Short Term Treasury ETF | 39250 | 1149633 |
|  |  | 8578917 |
| **Foreign Stock Funds - 5.8%** |  |  |
| iShares MSCI Emerging Markets Asia ETF | 1676 | 138354 |
| iShares MSCI Eurozone ETF | 1328 | 78950 |
| iShares MSCI International Quality Factor ETF | 9801 | 423599 |
|  |  | 640903 |
| **Stock Funds - 14.1%** |  |  |
| Distillate Small/Mid Cash Flow ETF | 1713 | 55707 |
| Distillate U.S. Fundamental Stability & Value ETF | 6477 | 358502 |
| Invesco S&P 500 Quality ETF | 9569 | 681887 |
| SPDR Portfolio S&P 400 Mid Cap ETF | 1892 | 102887 |
| SPDR S&P Bank ETF | 2190 | 122114 |
| Vanguard Information Technology ETF | 344 | 228168 |
|  |  | 1549265 |
| &nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds** <br> (Cost $10,256,615) |  | 10769085 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **SHORT-TERM INVESTMENTS - 1.9%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 4.270% | 203057 | $203057 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments**<br> (Cost $203,057) |  | 203057 |
| **TOTAL INVESTMENTS - 100.0%** <br> (Cost $10,459,672\*\*) |  | 10972142 |
| **NET OTHER ASSETS AND LIABILITIES - 0.0%** |  | 1002 |
| **TOTAL NET ASSETS - 100.0%** |  | $10973144 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;\*\* | &nbsp;&nbsp;Aggregate cost for Federal tax purposes was $10,527,982. |
| &nbsp;&nbsp;(A) | &nbsp;&nbsp;7-day yield. |
| &nbsp;&nbsp;CLO | &nbsp;&nbsp;Collateralized Loan Obligation |
| &nbsp;&nbsp;ETF | &nbsp;&nbsp;Exchange Traded Fund. |
| &nbsp;&nbsp;MSCI | &nbsp;&nbsp;Morgan Stanley Capital International. |
| &nbsp;&nbsp;S&P | &nbsp;&nbsp;Standard & Poor's. |
| &nbsp;&nbsp;SPDR | &nbsp;&nbsp;Standard & Poor's Depositary Receipt. |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| June 30, 2025

&nbsp;&nbsp;Target Retirement 2030 Fund Portfolio of Investments (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **EXCHANGE TRADED FUNDS - 97.0%** |  |  |
| **Bond Funds - 60.4%** |  |  |
| iShares 7-10 Year Treasury Bond ETF | 69968 | $6700835 |
| iShares Aaa - A Rated Corporate Bond ETF | 64942 | 3106825 |
| Janus Henderson AAA CLO ETF | 14650 | 743488 |
| Janus Henderson Mortgage-Backed Securities ETF | 210446 | 9480592 |
| Schwab Intermediate-Term U.S. Treasury ETF | 238565 | 5971282 |
| SPDR Portfolio Long Term Treasury ETF | 27368 | 727442 |
| SPDR Portfolio Short Term Treasury ETF | 137509 | 4027639 |
|  |  | 30758103 |
| **Foreign Stock Funds - 10.1%** |  |  |
| iShares MSCI Emerging Markets Asia ETF | 14976 | 1236269 |
| iShares MSCI Eurozone ETF | 17921 | 1065403 |
| iShares MSCI International Quality Factor ETF | 54107 | 2338504 |
| JPMorgan BetaBuilders Japan ETF | 8179 | 505299 |
|  |  | 5145475 |
| **Stock Funds - 26.5%** |  |  |
| Distillate Small/Mid Cash Flow ETF | 13756 | 447345 |
| Distillate U.S. Fundamental Stability & Value ETF | 73181 | 4050568 |
| Energy Select Sector SPDR Fund ETF | 2308 | 195742 |
| Invesco S&P 500 Quality ETF | 73681 | 5250508 |
| SPDR Portfolio S&P 400 Mid Cap ETF | 9131 | 496544 |
| SPDR S&P Bank ETF | 20423 | 1138787 |
| Vanguard Information Technology ETF | 2905 | 1926828 |
|  |  | 13506322 |
| &nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds**<br> (Cost $45,273,134) |  | 49409900 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **SHORT-TERM INVESTMENTS - 3.0%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 4.270% | 1509455 | $1509455 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments**<br> (Cost $1,509,455) |  | 1509455 |
| **TOTAL INVESTMENTS - 100.0%** (Cost $46,782,589\*\*) |  | 50919355 |
| **NET OTHER ASSETS AND LIABILITIES - 0.0%** |  | 14508 |
| **TOTAL NET ASSETS - 100.0%** |  | $50933863 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;\*\* | &nbsp;&nbsp;Aggregate cost for Federal tax purposes was $47,296,170. |
| &nbsp;&nbsp;(A) | &nbsp;&nbsp;7-day yield. |
| &nbsp;&nbsp;CLO | &nbsp;&nbsp;Collateralized Loan Obligation |
| &nbsp;&nbsp;ETF | &nbsp;&nbsp;Exchange Traded Fund. |
| &nbsp;&nbsp;MSCI | &nbsp;&nbsp;Morgan Stanley Capital International. |
| &nbsp;&nbsp;S&P | &nbsp;&nbsp;Standard & Poor's. |
| &nbsp;&nbsp;SPDR | &nbsp;&nbsp;Standard & Poor's Depositary Receipt. |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| June 30, 2025

&nbsp;&nbsp;Target Retirement 2040 Fund Portfolio of Investments (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **EXCHANGE TRADED FUNDS - 96.5%** |  |  |
| **Bond Funds - 38.0%** |  |  |
| iShares 7-10 Year Treasury Bond ETF | 34983 | $3350322 |
| iShares Aaa - A Rated Corporate Bond ETF | 39872 | 1907476 |
| Janus Henderson AAA CLO ETF | 12002 | 609102 |
| Janus Henderson Mortgage-Backed Securities ETF | 103807 | 4676505 |
| Schwab Intermediate-Term U.S. Treasury ETF | 156562 | 3918747 |
| SPDR Portfolio Long Term Treasury ETF | 15824 | 420602 |
| SPDR Portfolio Short Term Treasury ETF | 42468 | 1243888 |
|  |  | 16126642 |
| **Foreign Stock Funds - 16.1%** |  |  |
| iShares MSCI Emerging Markets Asia ETF | 20995 | 1733137 |
| iShares MSCI Eurozone ETF | 24067 | 1430783 |
| iShares MSCI International Quality Factor ETF | 68526 | 2961694 |
| JPMorgan BetaBuilders Japan ETF | 11231 | 693851 |
|  |  | 6819465 |
| **Stock Funds - 42.4%** |  |  |
| Distillate Small/Mid Cash Flow ETF | 12522 | 407216 |
| Distillate U.S. Fundamental Stability & Value ETF | 98548 | 5454632 |
| Energy Select Sector SPDR Fund ETF | 2919 | 247560 |
| Invesco S&P 500 Quality ETF | 91755 | 6538461 |
| SPDR Portfolio S&P 400 Mid Cap ETF | 17863 | 971390 |
| SPDR S&P Bank ETF | 28329 | 1579625 |
| Vanguard Information Technology ETF | 4162 | 2760571 |
|  |  | 17959455 |
| &nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds** <br> (Cost $36,529,816) |  | 40905562 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **SHORT-TERM INVESTMENTS - 3.4%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 4.270% | 1450601 | $1450601 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments**<br> (Cost $1,450,601) |  | 1450601 |
| **TOTAL INVESTMENTS - 99.9%** <br> (Cost $37,980,417\*\*) |  | 42356163 |
| **NET OTHER ASSETS AND LIABILITIES - 0.1%** |  | 25011 |
| **TOTAL NET ASSETS - 100.0%** |  | $42381174 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;\*\* | &nbsp;&nbsp;Aggregate cost for Federal tax purposes was $38,277,939. |
| &nbsp;&nbsp;(A) | &nbsp;&nbsp;7-day yield. |
| &nbsp;&nbsp;CLO | &nbsp;&nbsp;Collateralized Loan Obligation |
| &nbsp;&nbsp;ETF | &nbsp;&nbsp;Exchange Traded Fund. |
| &nbsp;&nbsp;MSCI | &nbsp;&nbsp;Morgan Stanley Capital International. |
| &nbsp;&nbsp;S&P | &nbsp;&nbsp;Standard & Poor's. |
| &nbsp;&nbsp;SPDR | &nbsp;&nbsp;Standard & Poor's Depositary Receipt. |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| June 30, 2025

&nbsp;&nbsp;Target Retirement 2050 Fund Portfolio of Investments (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **EXCHANGE TRADED FUNDS - 96.3%** |  |  |
| **Bond Funds - 28.2%** |  |  |
| iShares 7-10 Year Treasury Bond ETF | 23186 | $2220523 |
| iShares Aaa - A Rated Corporate Bond ETF | 24399 | 1167248 |
| Janus Henderson AAA CLO ETF | 12094 | 613771 |
| Janus Henderson Mortgage-Backed Securities ETF | 64968 | 2926808 |
| Schwab Intermediate-Term U.S. Treasury ETF | 99764 | 2497093 |
| SPDR Portfolio Long Term Treasury ETF | 12340 | 327997 |
| SPDR Portfolio Short Term Treasury ETF | 18552 | 543388 |
|  |  | 10296828 |
| **Foreign Stock Funds - 18.8%** |  |  |
| iShares MSCI Emerging Markets Asia ETF | 21603 | 1783328 |
| iShares MSCI Eurozone ETF | 26033 | 1547662 |
| iShares MSCI International Quality Factor ETF | 65288 | 2821747 |
| JPMorgan BetaBuilders Japan ETF | 11715 | 723753 |
|  |  | 6876490 |
| **Stock Funds - 49.3%** |  |  |
| Distillate Small/Mid Cash Flow ETF | 15682 | 509979 |
| Distillate U.S. Fundamental Stability & Value ETF | 100329 | 5553210 |
| Energy Select Sector SPDR Fund ETF | 2923 | 247900 |
| Invesco S&P 500 Quality ETF | 91488 | 6519435 |
| SPDR Portfolio S&P 400 Mid Cap ETF | 19638 | 1067914 |
| SPDR S&P Bank ETF | 26654 | 1486227 |
| Vanguard Information Technology ETF | 3936 | 2610670 |
|  |  | 17995335 |
| &nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds**<br> (Cost $30,695,835) |  | 35168653 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **SHORT-TERM INVESTMENTS - 3.6%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 4.270% | 1310984 | $1310984 |
| &nbsp;&nbsp;&nbsp;**Total Short-Term Investments**<br> (Cost $1,310,984) |  | 1310984 |
| **TOTAL INVESTMENTS - 99.9%** <br> (Cost $32,006,819\*\*) |  | 36479637 |
| **NET OTHER ASSETS AND LIABILITIES - 0.1%** |  | 19524 |
| **TOTAL NET ASSETS - 100.0%** |  | $36499161 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;\*\* | &nbsp;&nbsp;Aggregate cost for Federal tax purposes was $32,317,278. |
| &nbsp;&nbsp;(A) | &nbsp;&nbsp;7-day yield. |
| &nbsp;&nbsp;CLO | &nbsp;&nbsp;Collateralized Loan Obligation |
| &nbsp;&nbsp;ETF | &nbsp;&nbsp;Exchange Traded Fund. |
| &nbsp;&nbsp;MSCI | &nbsp;&nbsp;Morgan Stanley Capital International. |
| &nbsp;&nbsp;S&P | &nbsp;&nbsp;Standard & Poor's. |
| &nbsp;&nbsp;SPDR | &nbsp;&nbsp;Standard & Poor's Depositary Receipt. |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| June 30, 2025

&nbsp;&nbsp;**Statements of Assets and Liabilities as of June 30, 2025 (unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Conservative**<br> **Allocation<br> Fund** | **Moderate<br> Allocation<br> Fund** | **Aggressive**<br> **Allocation<br> Fund** | **Diversified<br> Income<br> Fund** | **Core<br> Bond<br> Fund** | **Large Cap<br> Value<br> Fund** | **Large Cap<br> Growth<br> Fund** |
| **Assets:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at fair value<sup>†§</sup> | $23825876 | $62544449 | $30298118 | $37216570 | $53634258 | $164867841 | $180789808 |
| &nbsp;&nbsp;&nbsp;Investments in affiliated securities, at fair value<sup>1‡</sup> | 23893867 | 42959421 | 13159284 | 108059104 |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash |  |  |  | 16 |  |  |  |
| Receivables: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments sold | 840778 | 2995321 | 1290477 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 4772 | 22456 | 15047 | 4270 | 332 | 8744 | 14349 |
| &nbsp;&nbsp;&nbsp;Dividends and Interest | 64770 | 90310 | 18757 | 94 | 381174 | 115914 | 200070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 48630063 | 108611957 | 44781683 | 145280054 | 54015764 | 164992499 | 181004227 |
| **Liabilities:** |  |  |  |  |  |  |  |
| Payables: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments purchased | 704745 | 3058598 | 1448329 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares repurchased | 9801 | 12529 | 4295 | 71255 | 29368 | 94662 | 93520 |
| &nbsp;&nbsp;&nbsp;Upon return of securities <br> loaned | 913695 | 3545191 | 1931648 | 1088375 | 196490 |  |  |
| &nbsp;&nbsp;&nbsp;Advisory agreement fees | 11577 | 24896 | 10058 | 29455 | 26293 | 83163 | 121671 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 4561 | 9777 | 3776 | 13671 | 6367 | 17344 | 19537 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class II | 1595 | 1668 | 98 | 3637 | 2315 | 322 | 1624 |
| &nbsp;&nbsp;&nbsp;Due to custodian | – | – | – | – | – | – | 7541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 1645974 | 6652659 | 3398204 | 1206393 | 260833 | 195491 | 243893 |
| **Commitments and Contingencies (Note 2)** |  |  |  |  |  |  |  |
| **Net assets** | $46984089 | $101959298 | $41383479 | $144073661 | $53754931 | $164797008 | $180760334 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $50541637 | $88593468 | $34495520 | $138334068 | $62503045 | $120874794 | $79485087 |
| &nbsp;&nbsp;&nbsp;Accumulated distributable earnings (loss) | (3557548) | 13365830 | 6887959 | 5739593 | (8748114) | 43922214 | 101275247 |
| **Net Assets** | $46984089 | $101959298 | $41383479 | $144073661 | $53754931 | $164797008 | $180760334 |
| **Class I Shares:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $39155142 | $93741204 | $40894649 | $126162483 | $42454141 | $163230225 | $172825184 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 4112838 | 10052973 | 4914483 | 9122788 | 4989234 | 6714202 | 7415552 |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share | $9.52 | $9.32 | $8.32 | $13.83 | $8.51 | $24.31 | $23.31 |
| **Class II Shares:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $7828947 | $8218094 | $488830 | $17911178 | $11300790 | $1566783 | $7935150 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 817912 | 877692 | 58803 | 1320530 | 1336763 | 65803 | 354866 |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share | $9.57 | $9.36 | $8.31 | $13.56 | $8.45 | $23.81 | $22.36 |
| <sup>†</sup> Cost of Investments in unaffiliated securities | $21743447 | $56114265 | $26882392 | $36361849 | $56902496 | $127265847 | $103471076 |
| <sup>‡</sup> Cost of investments in affiliated securities<sup>1</sup> | $24058453 | $37700465 | $10130973 | $105677294 | $– | $– | $– |
| <sup>§</sup> Fair Value of securities on loan | $1678713 | $3824490 | $2075446 | $7115160 | $193305 | $– | $5339463 |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| June 30, 2025

&nbsp;&nbsp;**Statements of Assets and Liabilities as of June 30, 2025 (unaudited) -** **concluded**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap<br> Fund** | **Madison Target**<br> **Retirement<br> 2020 Fund** | **Madison Target**<br> **Retirement<br> 2030 Fund** | **Madison Target**<br> **Retirement**<br> **2040 Fund** | **Madison Target**<br> **Retirement<br> 2050 Fund** |
| **Assets:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at fair value<sup>†§</sup> | $122249637 | $10972142 | $50919355 | $42356163 | $36479637 |
| &nbsp;&nbsp;&nbsp;Cash | 1428 |  |  |  |  |
| Receivables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold | 5940 | 3770 | 27003 | 35329 | 28416 |
| &nbsp;&nbsp;&nbsp;Dividends and Interest | 46941 | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 122303946 | 10975912 | 50946358 | 42391492 | 36508053 |
| **Liabilities:** |  |  |  |  |  |
| Payables: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares repurchased | 56159 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory agreement fees | 94404 | 2266 | 10260 | 8478 | 7305 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 13828 | 49 | 183 | 145 | 126 |
| &nbsp;&nbsp;&nbsp;Administrative service agreement fees |  | 453 | 2052 | 1695 | 1461 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class II | 710 | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 165101 | 2768 | 12495 | 10318 | 8892 |
| **Commitments and Contingencies (Note 2)** |  |  |  |  |  |
| **Net assets** | $122138845 | $10973144 | $50933863 | $42381174 | $36499161 |
| **Net assets consist of:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $50786711 | $13310974 | $49878605 | $39110502 | $32870856 |
| &nbsp;&nbsp;&nbsp;Accumulated distributable earnings (loss) | 71352134 | (2337830) | 1055258 | 3270672 | 3628305 |
| **Net Assets** | $122138845 | $10973144 | $50933863 | $42381174 | $36499161 |
| **Class I Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $118635801 | $10973144 | $50933863 | $42381174 | $36499161 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 7295563 | 1643435 | 6764991 | 5905055 | 2852319 |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share | $16.26 | $6.68 | $7.53 | $7.18 | $12.80 |
| **Class II Shares:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets | $3503044 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 233826 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value and redemption price per share | $14.98 |  |  |  |  |
| <sup>†</sup> Cost of Investments in unaffiliated securities | $62381346 | $10459672 | $46782589 | $37980417 | $32006819 |
| <sup>§</sup> Fair Value of securities on loan | $2932825 | $– | $– | $– | $– |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| June 30, 2025

&nbsp;&nbsp;**Statements of Operations for the Six Months Ended June 30, 2025 (unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Conservative**<br> **Allocation<br> Fund** | **Moderate<br> Allocation<br> Fund** | **Aggressive**<br> **Allocation<br> Fund** | **Diversified<br> Income<br> Fund** | **Core<br> Bond<br> Fund** | **Large Cap<br> Value<br> Fund** | **Large Cap<br> Growth<br> Fund** |
| **Investment Income:** |  |  |  |  |  |  |  |
| Interest | $17159 | $48095 | $23982 | $24379 | $1350394 | $60773 | $107379 |
| Dividends |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 309961 | 657516 | 260388 | 958998 |  | 2241774 | 970034 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers<sup>1</sup> | 378626 | 527927 | 109149 | 2353895 |  |  |  |
| &nbsp;&nbsp;&nbsp;Less: Foreign taxes withheld/reclaimed |  |  |  | 1597 |  |  | (38) |
| Income from securities lending | 5541 | 15588 | 6976 | 24309 | 598 | – | 2093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 711287 | 1249126 | 400495 | 3363178 | 1350992 | 2302547 | 1079468 |
| **Expenses:**<sup>2</sup> |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory agreement fees | 70831 | 153356 | 59918 | 180875 | 172883 | 521825 | 769153 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 1567 | 3377 | 1297 | 4694 | 2186 | 5955 | 6708 |
| &nbsp;&nbsp;&nbsp;Audit fees | 4398 | 9423 | 3639 | 13178 | 6136 | 16718 | 18831 |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class II | 9858 | 10356 | 581 | 22705 | 14456 | 2106 | 10297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 86654 | 176512 | 65435 | 221452 | 195661 | 546604 | 804989 |
| **Net Investment Income (loss)** | 624633 | 1072614 | 335060 | 3141726 | 1155331 | 1755943 | 274479 |
| **Net Realized and Unrealized Gain (loss) on Investments** |  |  |  |  |  |  |  |
| Net realized gain (loss) on investments (including net realized gain (loss) on foreign currency related transactions) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 120034 | 368201 | 88937 | 123168 | (836262) | 4588316 | 24312799 |
| &nbsp;&nbsp;&nbsp;Affiliated issuers<sup>1</sup> | (11240) | 640992 | 102931 | (761831) |  |  |  |
| Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 1023962 | 2764612 | 1561098 | 482798 | 1997007 | 1413044 | (20757995) |
| &nbsp;&nbsp;&nbsp;Affiliated Issuers<sup>1</sup> | 493670 | 200849 | 142159 | 2239559 | – | – | – |
| **Net Realized and Unrealized Gain on Investments** | 1626426 | 3974654 | 1895125 | 2083694 | 1160745 | 6001360 | 3554804 |
| **Net Increase in Net Assets from Operations** | $2251059 | $5047268 | $2230185 | $5225420 | $2316076 | $7757303 | $3829283 |

---

 

<sup>1</sup> See Note 10 for information on affiliated issuers.

<sup>2</sup> See Note 4 for information on expenses.

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| June 30, 2025

&nbsp;&nbsp;**Statements of Operations for the Six Months Ended June 30, 2025 (unaudited) -** **concluded**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Mid Cap<br> Fund** | **Madison<br> Target<br> Retirement<br> 2020 Fund** | **Madison<br> Target<br> Retirement<br> 2030 Fund** | **Madison<br> Target<br> Retirement<br> 2040 Fund** | **Madison<br> Target<br> Retirement<br> 2050 Fund** |
| **Investment Income:** |  |  |  |  |  |
| Interest | $113454 | $6925 | $32575 | $33556 | $30830 |
| Dividends |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 559707 | 180670 | 686030 | 460686 | 359565 |
| &nbsp;&nbsp;&nbsp;Less: Foreign taxes withheld/reclaimed | (8113) |  |  |  |  |
| Income from securities lending | 639 | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 665687 | 187595 | 718605 | 494242 | 390395 |
| **Expenses:**<sup>1</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Advisory agreement fees | 598960 | 14342 | 61385 | 49619 | 42692 |
| &nbsp;&nbsp;&nbsp;Administrative services agreement fees |  | 2868 | 12278 | 9924 | 8538 |
| &nbsp;&nbsp;&nbsp;Trustee fees | 4747 | 460 | 1729 | 1377 | 1201 |
| &nbsp;&nbsp;&nbsp;Audit fees | 13330 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Distribution fees - Class II | 4488 | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 621525 | 17670 | 75392 | 60920 | 52431 |
| **Net Investment Income (loss)** | 44162 | 169925 | 643213 | 433322 | 337964 |
| **Net Realized and Unrealized Gain (loss) on Investments** |  |  |  |  |  |
| Net realized gain (loss) on investments (including net realized gain (loss) on foreign currency related transactions) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | 11581418 | 79754 | 615589 | 472166 | 520732 |
| Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions) |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated issuers | (11192420) | 274954 | 1267963 | 1354234 | 1162023 |
| **Net Realized and Unrealized Gain <br> on Investments** | 388998 | 354708 | 1883552 | 1826400 | 1682755 |
| **Net Increase in Net Assets from Operations** | $433160 | $524633 | $2526765 | $2259722 | $2020719 |

---

 

<sup>1</sup> See Note 4 for information on expenses.

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| June 30, 2025

&nbsp;&nbsp;**Statements of Changes in Net Assets**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Diversified Income Fund** | **Diversified Income Fund** |
|  | **(unaudited)<br> Six-Months<br> Ended<br> 6/30/25** | **Year Ended<br> 12/31/24** | **(unaudited)<br> Six-Months<br> Ended<br> 6/30/25** | **Year Ended<br> 12/31/24** | **(unaudited)<br> Six-Months<br> Ended<br> 6/30/25** | **Year Ended<br> 12/31/24** | **(unaudited)<br> Six-Months<br> Ended<br> 6/30/25** | **Year Ended<br> 12/31/24** |
| **Net Assets at beginning of period** | $48543182 | $111074178 | $107456391 | $113197461 | $40904435 | $38914936 | $150344792 | $172144683 |
| **Increase (decrease) in net assets from operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 624633 | 1971711 | 1072614 | 2839399 | 335060 | 916417 | 3141726 | 9932248 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 108794 | 1428929 | 1009193 | 5528818 | 191868 | 2228660 | (638663) | 2011641 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 1517632 | (1063447) | 2965461 | (333110) | 1703257 | 353775 | 2722357 | (3883159) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from operations | 2251059 | 2337193 | 5047268 | 8035107 | 2230185 | 3498852 | 5225420 | 8060730 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (combined net investment income and net realized gains): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (180155) | (1744278) | (1392195) | (4489967) | (677288) | (2218430) | (1759622) | (11871448) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class II | (26819) | (334778) | (111968) | (378546) | (7497) | (24491) | (232179) | (1714884) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions** | (206974) | (2079056) | (1504163) | (4868513) | (684785) | (2242921) | (1991801) | (13586332) |
| **Capital Stock transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class I Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1856746 | 3383063 | 2571014 | 6933880 | 2361706 | 4219658 | 1090981 | 2037897 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 180155 | 1744278 | 1392195 | 4489967 | 677288 | 2218430 | 1759622 | 11871448 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (4985836) | (65894219) | (12282235) | (18719800) | (4109664) | (5682570) | (10707971) | (28122240) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | (2948935) | (60766878) | (8319026) | (7295953) | (1070670) | 755518 | (7857368) | (14212895) |
| &nbsp;&nbsp;&nbsp;**Class II Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1529 | 56708 | 120879 | 186263 | 22 | 16223 | 211263 | 265438 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 26819 | 334778 | 111968 | 378546 | 7497 | 24491 | 232179 | 1714884 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (682591) | (2413741) | (954019) | (2176520) | (3205) | (62664) | (2090824) | (4041716) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | (654243) | (2022255) | (721172) | (1611711) | 4314 | (21950) | (1647382) | (2061394) |
| **Total increase (decrease) from capital stock transactions** | (3603178) | (62789133) | (9040198) | (8907664) | (1066356) | 733568 | (9504750) | (16274289) |
| **Total increase (decrease) in net assets** | (1559093) | (62530996) | (5497093) | (5741070) | 479044 | 1989499 | (6271131) | (21799891) |
| **Net Assets at end of period** | $46984089 | $48543182 | $101959298 | $107456391 | $41383479 | $40904435 | $144073661 | $150344792 |
| **Capital Share transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class I Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 200735 | 361477 | 285873 | 763359 | 295905 | 512729 | 79956 | 143005 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 19118 | 190643 | 150897 | 497787 | 82314 | 276419 | 128096 | 871603 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (537316) | (7256887) | (1365714) | (2027786) | (514162) | (689419) | (785631) | (1975340) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions | (317463) | (6704767) | (928944) | (766640) | (135943) | 99729 | (577579) | (960732) |
| &nbsp;&nbsp;&nbsp;**Class II Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 165 | 6113 | 13761 | 20064 | 3 | 1958 | 15781 | 19265 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 2830 | 36394 | 12085 | 41810 | 911 | 3056 | 17231 | 128311 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (73231) | (257135) | (104665) | (234087) | (397) | (7535) | (157405) | (288936) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions | (70236) | (214628) | (78819) | (172213) | 517 | (2521) | (124393) | (141360) |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| June 30, 2025

&nbsp;&nbsp;**Statements of Changes in Net Assets -** **continued**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Core Bond Fund** | **Core Bond Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** | **Mid Cap Fund** | **Mid Cap Fund** |
|  | **(unaudited)<br> Six-Months<br> Ended<br> 6/30/25** | **Year Ended<br> 12/31/24** | **(unaudited)<br> Six-Months<br> Ended<br> 6/30/25** | **Year Ended<br> 12/31/24** | **(unaudited)<br> Six-Months<br> Ended<br> 6/30/25** | **Year Ended<br> 12/31/24** | **(unaudited)<br> Six-Months<br> Ended<br> 6/30/25** | **Year Ended<br> 12/31/24** |
| **Net Assets at beginning of period** | $65265261 | $74971185 | $178530894 | $187890218 | $200341889 | $198875493 | $141923374 | $153760056 |
| **Increase (decrease) in net assets from operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 1155331 | 2427512 | 1755943 | 4129178 | 274479 | 1263242 | 44162 | 985812 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (836262) | (1443887) | 4588316 | 3211076 | 24312799 | 15738402 | 11581418 | 24948718 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 1997007 | (111466) | 1413044 | 6719032 | (20757995) | 13971994 | (11192420) | (10178967) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from operations | 2316076 | 872159 | 7757303 | 14059286 | 3829283 | 30973638 | 433160 | 15755563 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (combined net investment income and net realized gains): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (199488) | (1995876) | (841152) | (8870244) | (1632179) | (16379149) | (6454535) | (24305650) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class II | (30161) | (421072) | (5802) | (89488) | (67814) | (766810) | (186945) | (718562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions** | (229649) | (2416948) | (846954) | (8959732) | (1699993) | (17145959) | (6641480) | (25024212) |
| **Capital Stock transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 1263541 | 2805757 | 1495506 | 2496858 | 1577514 | 3079481 | 1405978 | 2298541 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 199488 | 1995876 | 841152 | 8870244 | 1632179 | 16379149 | 6454535 | 24305650 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (14045576) | (11819646) | (22659158) | (25586445) | (24067760) | (30051555) | (21286080) | (28702782) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital stock transactions | (12582547) | (7018013) | (20322500) | (14219343) | (20858067) | (10592925) | (13425567) | (2098591) |
| &nbsp;&nbsp;&nbsp;**Class II Shares:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 148356 | 147116 | 19518 | 15647 | 22185 | 27170 | 21949 | 21147 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 30161 | 421072 | 5802 | 89488 | 67814 | 766810 | 186945 | 718562 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1192727) | (1711310) | (347055) | (344670) | (942777) | (2562338) | (359536) | (1209151) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital stock transactions | (1014210) | (1143122) | (321735) | (239535) | (852778) | (1768358) | (150642) | (469442) |
| **Total decrease from capital stock transactions** | (13596757) | (8161135) | (20644235) | (14458878) | (21710845) | (12361283) | (13576209) | (2568033) |
| **Total increase decrease in net assets** | (11510330) | (9705924) | (13733886) | (9359324) | (19581555) | 1466396 | (19784529) | (11836682) |
| **Net Assets at end of period** | $53754931 | $65265261 | $164797008 | $178530894 | $180760334 | $200341889 | $122138845 | $141923374 |
| **Capital Share transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 151710 | 331685 | 62501 | 107274 | 67986 | 129936 | 84195 | 119025 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 23674 | 241610 | 34745 | 386140 | 70332 | 713000 | 401664 | 1403146 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (1671520) | (1414000) | (945932) | (1093316) | (1041326) | (1266148) | (1302985) | (1487237) |
| &nbsp;&nbsp;&nbsp;Net increase decrease from capital share transactions | (1496136) | (840705) | (848686) | (599902) | (903008) | (423212) | (817126) | 34934 |
| &nbsp;&nbsp;&nbsp;**Class II Shares:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 17762 | 17790 | 822 | 702 | 962 | 1226 | 1424 | 1155 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 3602 | 51321 | 245 | 3975 | 3045 | 34743 | 12626 | 44671 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (143443) | (204342) | (14936) | (15040) | (42521) | (112943) | (23293) | (66662) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital share transactions | (122079) | (135231) | (13869) | (10363) | (38514) | (76974) | (9243) | (20836) |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| June 30, 2025

&nbsp;&nbsp;**Statements of Changes in Net Assets -** **concluded**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Madison Target Retirement<br> 2020 Fund** | **Madison Target Retirement<br> 2020 Fund** | **Madison Target Retirement<br> 2030 Fund** | **Madison Target Retirement<br> 2030 Fund** | **Madison Target Retirement<br> 2040 Fund** | **Madison Target Retirement<br> 2040 Fund** | **Madison Target Retirement<br> 2050 Fund** | **Madison Target Retirement<br> 2050 Fund** |
|  | **(unaudited)<br> Six-Months<br> Ended<br> 6/30/25** | **Year Ended<br> 12/31/24** | **(unaudited)<br> Six-Months<br> Ended<br> 6/30/25** | **Year Ended<br> 12/31/24** | **(unaudited)<br> Six-Months<br> Ended<br> 6/30/25** | **Year Ended<br> 12/31/24** | **(unaudited)<br> Six-Months<br> Ended<br> 6/30/25** | **Year Ended<br> 12/31/24** |
| **Net Assets at beginning of period** | $13714523 | $15409894 | $51648653 | $55774944 | $41179759 | $38064139 | $35846052 | $32365350 |
| **Increase (decrease) in net assets from operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | 169925 | 504497 | 643213 | 1612348 | 433322 | 999615 | 337964 | 779504 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 79754 | 173565 | 615589 | 1007885 | 472166 | 1018491 | 520732 | 814813 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 274954 | (173175) | 1267963 | 370646 | 1354234 | 928740 | 1162023 | 1339762 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from operations | 524633 | 504887 | 2526765 | 2990879 | 2259722 | 2946846 | 2020719 | 2934079 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accumulated earnings (combined net investment income and net realized gains): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (49790) | (480656) | (168970) | (1443378) | (120796) | (878819) | (102816) | (676688) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions** | (49790) | (480656) | (168970) | (1443378) | (120796) | (878819) | (102816) | (676688) |
| **Capital Stock transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class I Shares:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 936701 | 1448155 | 3327560 | 6187726 | 3770846 | 7662200 | 3032258 | 5611645 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders <br> in reinvestment <br> of distributions | 49790 | 480656 | 168970 | 1443378 | 120796 | 878819 | 102816 | 676688 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (4202713) | (3648413) | (6569115) | (13304896) | (4829153) | (7493426) | (4399868) | (5065022) |
| &nbsp;&nbsp;&nbsp;Net decrease from capital stock transactions | (3216222) | (1719602) | (3072585) | (5673792) | (937511) | 1047593 | (1264794) | 1223311 |
| **Total decrease from capital stock transactions** | (3216222) | (1719602) | (3072585) | (5673792) | (937511) | 1047593 | (1264794) | 1223311 |
| **Total increase (decrease) in net assets** | (2741379) | (1695371) | (714790) | (4126291) | 1201415 | 3115620 | 653109 | 3480702 |
| **Net Assets at end of period** | $10973144 | $13714523 | $50933863 | $51648653 | $42381174 | $41179759 | $36499161 | $35846052 |
| **Capital Share transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Class I Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 144200 | 221229 | 456433 | 857453 | 546743 | 1126403 | 245944 | 468469 |
| &nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 7531 | 75285 | 22678 | 201491 | 17024 | 129385 | 8130 | 56031 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (651608) | (557946) | (902337) | (1827812) | (703727) | (1103747) | (361390) | (423104) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease) from capital share transactions | (499877) | (261432) | (423226) | (768868) | (139960) | 152041 | (107316) | 101396 |

---

See accompanying Notes to Financial Statements.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Financial Highlights for a Share of Beneficial Interest Outstanding** |

---

**CONSERVATIVE ALLOCATION FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended**<br>**6/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **CLASS I** |  |  |  |  |  |  |
| **Net Asset Value** at beginning of period | $9.12 | $9.07 | $8.61 | $10.40 | $10.33 | $10.13 |
| &nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.13<sup>1</sup> | 0.27<sup>1</sup> | 0.26 | 0.18 | 0.23 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.31 | 0.19 | 0.46 | (1.54) | 0.15 | 0.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.44 | 0.46 | 0.72 | (1.36) | 0.38 | 0.95 |
| &nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.04) | (0.41) | (0.26) | (0.18) | (0.21) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains |  |  |  | (0.25) | (0.10) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of Capital | – | – | – | – | – | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.04) | (0.41) | (0.26) | (0.43) | (0.31) | (0.75) |
| Net increase (decrease) in net asset value | 0.40 | 0.05 | 0.46 | (1.79) | 0.07 | 0.20 |
| **Net Asset Value** at end of period | $9.52 | $9.12 | $9.07 | $8.61 | $10.40 | $10.33 |
| **Total Return (%)<sup>2</sup>** | 4.883 | 4.99 | 8.33 | (13.17) | 3.59 | 9.46 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $39155 | $40399 | $101017 | $102727 | $134456 | $146016 |
| Ratios of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before waiver of expenses by Adviser (%) | 0.33<sup>4</sup> | 0.32 | 0.32 | 0.33 | 0.32 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;After waiver of expenses by Adviser (%) | 0.33<sup>4</sup> | 0.32 | 0.32 | 0.29 | 0.22 | 0.22 |
| Ratio of net investment income to average net assets : |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Advisor (%) | 2.69<sup>4</sup> | 2.88 | 2.77 | 1.70 | 1.94 | 1.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;After reimbursement of expenses by Advisor (%) | 2.69<sup>4</sup> | 2.88 | 2.77 | 1.74 | 2.04 | 1.56 |
| Portfolio turnover (%)<sup>5</sup> | 19<sup>3</sup> | 48 | 49 | 64 | 50 | 73 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended**<br>**6/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **CLASS II** |  |  |  |  |  |  |
| **Net Asset Value** at beginning of period | $9.17 | $9.12 | $8.65 | $10.42 | $10.36 | $10.14 |
| &nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.11<sup>1</sup> | 0.27<sup>1</sup> | 0.21 | 0.13 | 0.19 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.32 | 0.16 | 0.48 | (1.51) | 0.15 | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.43 | 0.43 | 0.69 | (1.38) | 0.34 | 0.93 |
| &nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.03) | (0.38) | (0.22) | (0.14) | (0.18) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains |  |  |  | (0.25) | (0.10) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of Capital | – | – | – | – | (0.12) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.03) | (0.38) | (0.22) | (0.39) | (0.28) | (0.71) |
| Net increase (decrease) in net asset value | 0.40 | 0.05 | 0.47 | (1.77) | 0.06 | 0.22 |
| **Net Asset Value** at end of period | $9.57 | $9.17 | $9.12 | $8.65 | $10.42 | $10.36 |
| **Total Return (%)<sup>2</sup>** | 4.753 | 4.74 | 8.06 | (13.38) | 3.33 | 9.18 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $7829 | $8144 | $10057 | $12679 | $17373 | $19406 |
| Ratios of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before waiver of expenses by Adviser (%) | 0.58<sup>4</sup> | 0.57 | 0.57 | 0.58 | 0.57 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;After waiver of expenses by Adviser (%) | 0.58<sup>4</sup> | 0.57 | 0.57 | 0.54 | 0.47 | 0.47 |
| Ratio of net investment income to average net assets : |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Advisor (%) | 2.444 | 2.91 | 2.46 | 1.44 | 1.69 | 1.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;After reimbursement of expenses by Advisor (%) | 2.444 | 2.91 | 2.46 | 1.48 | 1.79 | 1.30 |
| Portfolio turnover (%)<sup>5</sup> | 193 | 48 | 49 | 64 | 50 | 73 |

---

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> 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. Total returns are not annualized for periods less than one year.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

<sup>5</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.

See accompanying Notes to Financial Statements.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Financial Highlights for a Share of Beneficial Interest Outstanding -** **continued** |

---

**MODERATE ALLOCATION FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended**<br>**6/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **CLASS I** |  |  |  |  |  |  |
| **Net Asset Value** at beginning of period | $9.00 | $8.79 | $8.13 | $10.29 | $10.09 | $10.31 |
| &nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.10<sup>1</sup> | 0.24<sup>1</sup> | 0.22 | 0.15 | 0.28 | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.35 | 0.40 | 0.67 | (1.53) | 0.46 | 0.89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.45 | 0.64 | 0.89 | (1.38) | 0.74 | 1.04 |
| &nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.02) | (0.25) | (0.22) | (0.16) | (0.26) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.11) | (0.18) | (0.01) | (0.62) | (0.28) | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of Capital | – | – | – | – | – | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.13) | (0.43) | (0.23) | (0.78) | (0.54) | (1.26) |
| Net increase (decrease) in net asset value | 0.32 | 0.21 | 0.66 | (2.16) | 0.20 | (0.22) |
| **Net Asset Value** at end of period | $9.32 | $9.00 | $8.79 | $8.13 | $10.29 | $10.09 |
| **Total Return (%)<sup>2</sup>** | 5.19<sup>3</sup> | 7.34 | 10.82 | (13.54) | 7.40 | 10.06 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $93741 | $98814 | $103239 | $107664 | $146647 | $161944 |
| Ratios of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before waiver of expenses by Adviser (%) | 0.33<sup>4</sup> | 0.32 | 0.32 | 0.33 | 0.32 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;After waiver of expenses by Adviser (%) | 0.33<sup>4</sup> | 0.32 | 0.32 | 0.29 | 0.22 | 0.22 |
| Ratio of net investment income to average net assets : |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Advisor (%) | 2.12<sup>4</sup> | 2.57 | 2.38 | 1.54 | 2.27 | 1.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;After reimbursement of expenses by Advisor (%) | 2.12<sup>4</sup> | 2.57 | 2.38 | 1.58 | 2.37 | 1.32 |
| Portfolio turnover (%)<sup>5</sup> | 25<sup>3</sup> | 50 | 57 | 64 | 59 | 79 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended**<br>**6/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| CLASS II |  |  |  |  |  |  |
| **Net Asset Value** at beginning of period | $9.04 | $8.82 | $8.16 | $10.31 | $10.10 | $10.31 |
| &nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.08<sup>1</sup> | 0.21<sup>1</sup> | 0.13 | 0.09 | 0.21 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.36 | 0.42 | 0.73 | (1.49) | 0.51 | 0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.44 | 0.63 | 0.86 | (1.40) | 0.72 | 1.01 |
| &nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.01) | (0.23) | (0.19) | (0.13) | (0.23) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.11) | (0.18) | (0.01) | (0.62) | (0.28) | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of Capital | – | – | – | – | – | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.12) | (0.41) | (0.20) | (0.75) | (0.51) | (1.22) |
| Net increase (decrease) in net asset value | 0.32 | 0.22 | 0.66 | (2.15) | 0.21 | (0.21) |
| **Net Asset Value** at end of period | $9.36 | $9.04 | $8.82 | $8.16 | $10.31 | $10.10 |
| **Total Return (%)<sup>2</sup>** | 5.06<sup>3</sup> | 7.07 | 10.54 | (13.76) | 7.13 | 9.78 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000s) | $8218 | $8643 | $9958 | $11241 | $16166 | $18046 |
| Ratios of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before waiver of expenses by Adviser (%) | 0.58<sup>4</sup> | 0.57 | 0.57 | 0.58 | 0.57 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;After waiver of expenses by Adviser (%) | 0.58<sup>4</sup> | 0.57 | 0.57 | 0.54 | 0.47 | 0.47 |
| Ratio of net investment income to average net assets : |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Advisor (%) | 1.87<sup>4</sup> | 2.27 | 2.11 | 1.28 | 2.07 | 0.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;After reimbursement of expenses by Advisor (%) | 1.87<sup>4</sup> | 2.27 | 2.11 | 1.32 | 2.17 | 1.07 |
| Portfolio turnover (%)<sup>5</sup> | 25<sup>3</sup> | 50 | 57 | 64 | 59 | 79 |

---

<sup>1</sup> Per share amounts have been calculated using the average shares method.

<sup>2</sup> 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. Total returns are not annualized for periods less than one year.

<sup>3</sup> Not annualized.

<sup>4</sup> Annualized.

<sup>5</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.

See accompanying Notes to Financial Statements.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Financial Highlights for a Share of Beneficial Interest Outstanding -** **continued** |

---

**AGGRESSIVE ALLOCATION FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended**<br>**6/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **CLASS I** |  |  |  |  |  |  |
| **Net Asset Value** at beginning of period | $8.01 | $7.77 | $7.04 | $9.08 | $8.76 | $9.09 |
| &nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.07<sup>1</sup> | 0.19<sup>1</sup> | 0.18 | 0.13 | 0.28 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.38 | 0.51 | 0.73 | (1.39) | 0.61 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.45 | 0.70 | 0.91 | (1.26) | 0.89 | 0.91 |
| &nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.02) | (0.19) | (0.18) | (0.14) | (0.26) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.12) | (0.27) | (0.00)<sup>2</sup> | (0.64) | (0.31) | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of Capital | – | – | – | – | – | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.14) | (0.46) | (0.18) | (0.78) | (0.57) | (1.24) |
| Net increase (decrease) in net asset value | 0.31 | 0.24 | 0.73 | (2.04) | 0.32 | (0.33) |
| **Net Asset Value** at end of period | $8.32 | $8.01 | $7.77 | $7.04 | $9.08 | $8.76 |
| **Total Return (%)<sup>3</sup>** | 5.68<sup>4</sup> | 9.08 | 12.88 | (14.35) | 10.18 | 10.08 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $40895 | $40438 | $38443 | $39149 | $52574 | $54472 |
| Ratios of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before waiver of expenses by Adviser (%) | 0.32<sup>5</sup> | 0.33 | 0.32 | 0.33 | 0.32 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;After waiver of expenses by Adviser (%) | 0.32<sup>5</sup> | 0.33 | 0.32 | 0.29 | 0.22 | 0.22 |
| Ratio of net investment income to average net assets : |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Advisor (%) | 1.68<sup>5</sup> | 2.25 | 2.14 | 1.46 | 2.64 | 1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;After reimbursement of expenses by Advisor (%) | 1.68<sup>5</sup> | 2.25 | 2.14 | 1.50 | 2.74 | 1.14 |
| Portfolio turnover (%)<sup>6</sup> | 27<sup>4</sup> | 60 | 64 | 70 | 71 | 93 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended**<br>**6/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **CLASS II** |  |  |  |  |  |  |
| **Net Asset Value** at beginning of period | $8.00 | $7.76 | $7.02 | $9.06 | $8.74 | $9.06 |
| &nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.06<sup>1</sup> | 0.16<sup>1</sup> | 0.14 | 0.10 | 0.22 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.38 | 0.52 | 0.75 | (1.39) | 0.64 | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.44 | 0.68 | 0.89 | (1.29) | 0.86 | 0.88 |
| &nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.01) | (0.17) | (0.15) | (0.11) | (0.23) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.12) | (0.27) | (0.00)<sup>2</sup> | (0.64) | (0.31) | (0.72) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of Capital | – | – | – | – | – | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.13) | (0.44) | (0.15) | (0.75) | (0.54) | (1.20) |
| Net increase (decrease) in net asset value | 0.31 | 0.24 | 0.74 | (2.04) | 0.32 | (0.32) |
| **Net Asset Value** at end of period | $8.31 | $8.00 | $7.76 | $7.02 | $9.06 | $8.74 |
| **Total Return (%)<sup>3</sup>** | 5.554 | 8.81 | 12.60 | (14.57) | 9.90 | 9.81 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $489 | $466 | $472 | $614 | $799 | $1095 |
| Ratios of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before waiver of expenses by Adviser (%) | 0.57<sup>5</sup> | 0.58 | 0.57 | 0.58 | 0.57 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;After waiver of expenses by Adviser (%) | 0.57<sup>5</sup> | 0.58 | 0.57 | 0.54 | 0.47 | 0.47 |
| Ratio of net investment income to average net assets : |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Before reimbursement of expenses by Advisor (%) | 1.44<sup>5</sup> | 1.95 | 1.84 | 1.23 | 2.32 | 0.80 |
| &nbsp;&nbsp;&nbsp;&nbsp;After reimbursement of expenses by Advisor (%) | 1.44<sup>5</sup> | 1.95 | 1.84 | 1.27 | 2.42 | 0.90 |
| Portfolio turnover (%)<sup>6</sup> | 27<sup>4</sup> | 60 | 64 | 70 | 71 | 93 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<sup>2</sup>Amounts represent less than $(0.005) per share.

<sup>3</sup>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. Total returns are not annualized for periods less than one year.

<sup>4</sup>Not annualized.

<sup>5</sup>Annualized.

<sup>6</sup>Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.

See accompanying Notes to Financial Statements.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Financial Highlights for a Share of Beneficial Interest Outstanding -** **continued** |

---

**DIVERSIFIED INCOME FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended**<br>**6/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **CLASS I** |  |  |  |  |  |  |
| **Net Asset Value** at beginning of period | $13.52 | $14.09 | $16.09 | $19.65 | $19.47 | $19.11 |
| &nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;Net investment income | 0.29<sup>1</sup> | 0.89<sup>1</sup> | 0.45 | 0.41 | 0.36 | 0.40 |
| &nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.21 | (0.17) | 0.14 | (1.89) | 2.53 | 1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.50 | 0.72 | 0.59 | (1.48) | 2.89 | 1.44 |
| &nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.89) | (0.44) | (0.41) | (0.39) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.01) | (0.40) | (2.15) | (1.67) | (2.32) | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.19) | (1.29) | (2.59) | (2.08) | (2.71) | (1.08) |
| Net increase (decrease) in net asset value | 0.31 | (0.57) | (2.00) | (3.56) | 0.18 | 0.36 |
| **Net Asset Value** at end of period | $13.83 | $13.52 | $14.09 | $16.09 | $19.65 | $19.47 |
| **Total Return (%)<sup>2</sup>** | 3.71<sup>3</sup> | 5.24 | 3.77 | (7.64) | 14.92 | 7.77 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $126162 | $131174 | $150186 | $166136 | $200806 | $195463 |
| Ratios of expenses to average net assets (%) | 0.27<sup>4</sup> | 0.27 | 0.54 | 0.73 | 0.72 | 0.72 |
| Ratio of net investment income to average net assets (%) | 4.38<sup>4</sup> | 6.22 | 2.72 | 2.18 | 1.64 | 2.04 |
| Portfolio turnover (%)<sup>5</sup> | 16<sup>3</sup> | 11 | 118 | 32 | 34 | 31 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended**<br>**6/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **CLASS II** |  |  |  |  |  |  |
| **Net Asset Value** at beginning of period | $13.27 | $13.84 | $15.85 | $19.39 | $19.27 | $18.92 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.28<sup>1</sup> | 0.84<sup>1</sup> | 0.42 | 0.37 | 0.32 | 0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.19 | (0.16) | 0.12 | (1.88) | 2.48 | 1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.47 | 0.68 | 0.54 | (1.51) | 2.80 | 1.39 |
| &nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.85) | (0.40) | (0.36) | (0.36) | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.01) | (0.40) | (2.15) | (1.67) | (2.32) | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.18) | (1.25) | (2.55) | (2.03) | (2.68) | (1.04) |
| Net increase (decrease) in net asset value | 0.29 | (0.57) | (2.01) | (3.54) | 0.12 | 0.35 |
| **Net Asset Value** at end of period | $13.56 | $13.27 | $13.84 | $15.85 | $19.39 | $19.27 |
| **Total Return (%)<sup>2</sup>** | 3.58<sup>3</sup> | 4.98 | 3.51 | (7.87) | 14.64 | 7.50 |
| Net Assets at end of period (in 000's) | $17911 | $19171 | $21959 | $25053 | $29739 | $29102 |
| Ratios of expenses to average net assets (%) | 0.52<sup>4</sup> | 0.52 | 0.79 | 0.98 | 0.97 | 0.97 |
| Ratio of net investment income to average net assets (%) | 4.11<sup>4</sup> | 5.98 | 2.46 | 1.93 | 1.39 | 1.79 |
| Portfolio turnover (%)<sup>5</sup> | 16<sup>3</sup> | 11 | 118 | 32 | 34 | 31 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<sup>2</sup>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. Total returns are not annualized for periods less than one year.

<sup>3</sup>Not annualized.

<sup>4</sup>Annualized.

<sup>5</sup>Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.

See accompanying Notes to Financial Statements.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Financial Highlights for a Share of Beneficial Interest Outstanding -** **continued** |

---

**CORE BOND FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended**<br>**6/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **CLASS I** |  |  |  |  |  |  |
| **Net Asset Value** at beginning of period | $8.23 | $8.41 | $8.20 | $9.74 | $10.30 | $9.89 |
| &nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.16<sup>1</sup> | 0.30<sup>1</sup> | 0.26 | 0.23 | 0.20 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.15 | (0.16) | 0.23 | (1.50) | (0.37) | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.31 | 0.14 | 0.49 | (1.27) | (0.17) | 0.88 |
| &nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.03) | (0.32) | (0.28) | (0.23) | (0.23) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | – | – | – | (0.04) | (0.16) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.03) | (0.32) | (0.28) | (0.27) | (0.39) | (0.47) |
| Net increase (decrease) in net asset value | 0.28 | (0.18) | 0.21 | (1.54) | (0.56) | 0.41 |
| **Net Asset Value** at end of period | $8.51 | $8.23 | $8.41 | $8.20 | $9.74 | $10.30 |
| **Total Return (%)<sup>2</sup>** | 3.85<sup>3</sup> | 1.52 | 6.16 | (13.17) | (1.58) | 8.97 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $42454 | $53343 | $61642 | $67311 | $85758 | $92471 |
| Ratios of expenses to average net assets (%) | 0.58<sup>4</sup> | 0.57 | 0.57 | 0.58 | 0.57 | 0.57 |
| Ratio of net investment income to average net assets (%) | 3.73<sup>4</sup> | 3.55 | 3.18 | 2.40 | 1.97 | 2.23 |
| Portfolio turnover (%)<sup>5</sup> | 8<sup>3</sup> | 16 | 25 | 27 | 34 | 44 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended**<br>**6/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **CLASS II** |  |  |  |  |  |  |
| **Net Asset Value** at beginning of period | $8.17 | $8.36 | $8.15 | $9.69 | $10.25 | $9.84 |
| &nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.15<sup>1</sup> | 0.28<sup>1</sup> | 0.24 | 0.12 | 0.07 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.15 | (0.17) | 0.23 | (1.41) | (0.25) | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.30 | 0.11 | 0.47 | (1.29) | (0.18) | 0.85 |
| &nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.02) | (0.30) | (0.26) | (0.21) | (0.22) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | – | – | – | (0.04) | (0.16) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.02) | (0.30) | (0.26) | (0.25) | (0.38) | (0.44) |
| Net increase (decrease) in net asset value | 0.28 | (0.19) | 0.21 | (1.54) | (0.56) | 0.41 |
| **Net Asset Value** at end of period | $8.45 | $8.17 | $8.36 | $8.15 | $9.69 | $10.25 |
| **Total Return (%)<sup>2</sup>** | 3.73<sup>3</sup> | 1.27 | 5.89 | (13.38) | (1.83) | 8.70 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $11301 | $11922 | $13329 | $15043 | $19379 | $23721 |
| Ratios of expenses to average net assets (%) | 0.83<sup>4</sup> | 0.82 | 0.82 | 0.83 | 0.82 | 0.82 |
| Ratio of net investment income to average net assets (%) | 3.48<sup>4</sup> | 3.30 | 2.93 | 2.15 | 1.72 | 1.98 |
| Portfolio turnover (%)<sup>5</sup> | 8<sup>3</sup> | 16 | 25 | 27 | 34 | 44 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<sup>2</sup>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. Total returns are not annualized for periods less than one year.

<sup>3</sup>Not annualized.

<sup>4</sup>Annualized.

<sup>5</sup>Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.

See accompanying Notes to Financial Statements.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Financial Highlights for a Share of Beneficial Interest Outstanding -** **continued** |

---

**LARGE CAP VALUE FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended**<br>**6/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **CLASS I** |  |  |  |  |  |  |
| **Net Asset Value** at beginning of period | $23.37 | $22.77 | $23.35 | $27.33 | $23.34 | $25.08 |
| &nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.24<sup>1</sup> | 0.53<sup>1</sup> | 0.55 | 0.63 | 0.49 | 0.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.82 | 1.27 | 0.03 | (1.96) | 4.71 | (1.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.06 | 1.80 | 0.58 | (1.33) | 5.20 | (1.06) |
| &nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.06) | (0.54) | (0.58) | (0.61) | (0.49) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.06) | (0.66) | (0.58) | (2.04) | (0.72) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.12) | (1.20) | (1.16) | (2.65) | (1.21) | (0.68) |
| Net increase (decrease) in net asset value | 0.94 | 0.60 | (0.58) | (3.98) | 3.99 | (1.74) |
| **Net Asset Value** at end of period | $24.31 | $23.37 | $22.77 | $23.35 | $27.33 | $23.34 |
| **Total Return (%)<sup>2</sup>** | 4.55<sup>3</sup> | 8.02 | 2.56 | (4.91) | 22.36 | (3.99) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $163230 | $176707 | $185880 | $202492 | $239621 | $220518 |
| Ratios of expenses to average net assets (%) | 0.63<sup>4</sup> | 0.63 | 0.62 | 0.63 | 0.62 | 0.62 |
| Ratio of net investment income to average net assets (%) | 2.02<sup>4</sup> | 2.25 | 2.30 | 2.33 | 1.78 | 1.74 |
| Portfolio turnover (%)<sup>5</sup> | 7<sup>3</sup> | 20 | 28 | 29 | 32 | 87 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended**<br>**6/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **CLASS II** |  |  |  |  |  |  |
| **Net Asset Value** at beginning of period | $22.89 | $22.33 | $22.91 | $26.87 | $22.99 | $24.72 |
| &nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.20<sup>1</sup> | 0.46<sup>1</sup> | 0.37 | 0.42 | 0.24 | 0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.81 | 1.24 | 0.15 | (1.80) | 4.81 | (1.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 1.01 | 1.70 | 0.52 | (1.38) | 5.05 | (1.10) |
| &nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.03) | (0.48) | (0.52) | (0.54) | (0.45) | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.06) | (0.66) | (0.58) | (2.04) | (0.72) | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.09) | (1.14) | (1.10) | (2.58) | (1.17) | (0.63) |
| Net increase (decrease) in net asset value | 0.92 | 0.56 | (0.58) | (3.96) | 3.88 | (1.73) |
| **Net Asset Value** at end of period | $23.81 | $22.89 | $22.33 | $22.91 | $26.87 | $22.99 |
| **Total Return (%)<sup>2</sup>** | 4.42<sup>3</sup> | 7.75 | 2.31 | (5.14) | 22.05 | (4.23) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $1567 | $1823 | $2010 | $2296 | $3128 | $3388 |
| Ratios of expenses to average net assets (%) | 0.88<sup>4</sup> | 0.88 | 0.87 | 0.87 | 0.87 | 0.87 |
| Ratio of net investment income to average net assets (%) | 1.77<sup>4</sup> | 2.00 | 2.04 | 2.06 | 1.52 | 1.48 |
| Portfolio turnover (%)<sup>5</sup> | 7<sup>3</sup> | 20 | 28 | 29 | 32 | 87 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<sup>2</sup>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. Total returns are not annualized for periods less than one year.

<sup>3</sup>Not annualized.

<sup>4</sup>Annualized.

<sup>5</sup>Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.

See accompanying Notes to Financial Statements.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Financial Highlights for a Share of Beneficial Interest Outstanding -** **continued** |

---

**LARGE CAP GROWTH FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended**<br>**6/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **CLASS I** |  |  |  |  |  |  |
| **Net Asset Value** at beginning of period | $23.04 | $21.63 | $18.79 | $23.42 | $21.11 | $20.17 |
| &nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.04<sup>1</sup> | 0.15<sup>1</sup> | 0.07 | 0.07 | 0.10 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.44 | 3.37 | 4.84 | (3.21) | 4.68 | 2.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.48 | 3.52 | 4.91 | (3.14) | 4.78 | 2.70 |
| &nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.02) | (0.15) | (0.07) | (0.08) | (0.08) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.19) | (1.96) | (2.00) | (1.41) | (2.39) | (1.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.21) | (2.11) | (2.07) | (1.49) | (2.47) | (1.76) |
| Net increase (decrease) in net asset value | 0.27 | 1.41 | 2.84 | (4.63) | 2.31 | 0.94 |
| **Net Asset Value** at end of period | $23.31 | $23.04 | $21.63 | $18.79 | $23.42 | $21.11 |
| **Total Return (%)<sup>2</sup>** | 2.07<sup>3</sup> | 16.41 | 26.38 | (13.45) | 22.96 | 13.94 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $172825 | $191639 | $189065 | $166176 | $213648 | $198560 |
| Ratios of expenses to average net assets (%) | 0.83<sup>4</sup> | 0.83 | 0.82 | 0.83 | 0.82 | 0.82 |
| Ratio of net investment income to average net assets (%) | 0.30<sup>4</sup> | 0.63 | 0.36 | 0.30 | 0.40 | 0.43 |
| Portfolio turnover (%)<sup>5</sup> | 15<sup>3</sup> | 9 | 13 | 12 | 16 | 29 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended**<br>**6/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **CLASS II** |  |  |  |  |  |  |
| **Net Asset Value** at beginning of period | $22.12 | $20.86 | $18.19 | $22.73 | $20.57 | $19.71 |
| &nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.00<sup>1,6</sup> | 0.08<sup>1</sup> | (0.09) | (0.05) | (0.04) | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.43 | 3.25 | 4.80 | (3.05) | 4.64 | 2.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.43 | 3.33 | 4.71 | (3.10) | 4.60 | 2.58 |
| &nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.11) | (0.04) | (0.03) | (0.05) | (0.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.19) | (1.96) | (2.00) | (1.41) | (2.39) | (1.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.19) | (2.07) | (2.04) | (1.44) | (2.44) | (1.72) |
| Net increase (decrease) in net asset value | 0.24 | 1.26 | 2.67 | (4.54) | 2.16 | 0.86 |
| **Net Asset Value** at end of period | $22.36 | $22.12 | $20.86 | $18.19 | $22.73 | $20.57 |
| **Total Return (%)<sup>2</sup>** | 1.94<sup>3</sup> | 16.12 | 26.07 | (13.67) | 22.66 | 13.65 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $7935 | $8703 | $9811 | $10324 | $14667 | $15900 |
| Ratios of expenses to average net assets (%) | 1.08<sup>4</sup> | 1.08 | 1.07 | 1.08 | 1.07 | 1.07 |
| Ratio of net investment income to average net assets (%) | 1.08<sup>4</sup> | 0.36 | 0.09 | 0.04 | 0.17 | 0.19 |
| Portfolio turnover (%)<sup>5</sup> | 15<sup>3</sup> | 9 | 13 | 12 | 16 | 29 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<sup>2</sup>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. Total returns are not annualized for periods less than one year.

<sup>3</sup>Not annualized.

<sup>4</sup>Annualized.

<sup>5</sup>Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.

<sup>6</sup>Amounts represent less than $0.005 per share.

See accompanying Notes to Financial Statements.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Financial Highlights for a Share of Beneficial Interest Outstanding -** **continued** |

---

**MID CAP FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended**<br>**6/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **CLASS I** |  |  |  |  |  |  |
| **Net Asset Value** at beginning of period | $17.02 | $18.47 | $15.79 | $19.99 | $17.97 | $18.38 |
| &nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income income | (0.00)<sup>1,2</sup> | 0.13<sup>2</sup> | 0.02 | (0.02) | 0.01 | (0.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.09 | 1.82 | 4.18 | (2.61) | 4.62 | 1.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.09 | 1.95 | 4.20 | (2.63) | 4.63 | 1.65 |
| &nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.01) | (0.13) | (0.03) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.84) | (3.27) | (1.49) | (1.57) | (2.61) | (2.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.85) | (3.40) | (1.52) | (1.57) | (2.61) | (2.06) |
| Net increase (decrease) in net asset value | (0.76) | (1.45) | 2.68 | (4.20) | 2.02 | (0.41) |
| **Net Asset Value** at end of period | $16.26 | $17.02 | $18.47 | $15.79 | $19.99 | $17.97 |
| **Total Return (%)<sup>3</sup>** | 0.59<sup>4</sup> | 10.84 | 26.85 | (13.17) | 26.39 | 9.69 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $118636 | $138093 | $149182 | $133928 | $176437 | $164068 |
| Ratios of expenses to average net assets (%) | 0.93<sup>5</sup> | 0.92 | 0.92 | 0.93 | 0.92 | 0.92 |
| Ratio of net investment income to average net assets (%) | 0.07<sup>5</sup> | 0.66 | 0.08 | (0.15) | 0.06 | (0.07) |
| Portfolio turnover (%)<sup>6</sup> | 11<sup>4</sup> | 15 | 13 | 17 | 25 | 24 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended**<br>**6/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **CLASS II** |  |  |  |  |  |  |
| **Net Asset Value** at beginning of period | $15.76 | $17.35 | $14.92 | $19.04 | $17.26 | $17.77 |
| &nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.01)<sup>2</sup> | 0.07<sup>2</sup> | (0.17) | (0.14) | (0.14) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.07 | 1.71 | 4.09 | (2.41) | 4.53 | 1.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.06 | 1.78 | 3.92 | (2.55) | 4.39 | 1.55 |
| &nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income |  | (0.10) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.84) | (3.27) | (1.49) | (1.57) | (2.61) | (2.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.84) | (3.37) | (1.49) | (1.57) | (2.61) | (2.06) |
| Net increase (decrease) in net asset value | (0.78) | (1.59) | 2.43 | (4.12) | 1.78 | (0.51) |
| **Net Asset Value** at end of period | $14.98 | $15.76 | $17.35 | $14.92 | $19.04 | $17.26 |
| **Total Return (%)<sup>3</sup>** | 0.46<sup>4</sup> | 10.57 | 26.53 | (13.39) | 26.08 | 9.41 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $3503 | $3830 | $4578 | $4595 | $6487 | $7069 |
| Ratios of expenses to average net assets (%) | 1.18<sup>5</sup> | 1.17 | 1.17 | 1.18 | 1.17 | 1.17 |
| Ratio of net investment income to average net assets (%) | (0.18)<sup>5</sup> | 0.39 | (0.18) | (0.41) | (0.17) | (0.31) |
| Portfolio turnover (%)<sup>6</sup> | 11<sup>4</sup> | 15 | 13 | 17 | 25 | 24 |

---

<sup>1</sup>Amounts represent less than $(0.005) per share.

<sup>2</sup>Per share amounts have been calculated using the average shares method.

<sup>3</sup>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. Total returns are not annualized for periods less than one year.

<sup>4</sup>Not annualized.

<sup>5</sup>Annualized.

<sup>6</sup>Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.

See accompanying Notes to Financial Statements.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Financial Highlights for a Share of Beneficial Interest Outstanding -** **continued** |

---

**MADISON TARGET RETIREMENT 2020 FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended<br> 6/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value** at beginning of period | $6.40 | $6.41 | $6.45 | $7.60 | $7.87 | $7.83 |
| &nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.10<sup>1</sup> | 0.23<sup>1</sup> | 0.24 | 0.17 | 0.13 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.21 | (0.01) | 0.03 | (1.15) | (0.02) | 0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.31 | 0.22 | 0.27 | (0.98) | 0.11 | 0.69 |
| &nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.03) | (0.23) | (0.31) | (0.11) | (0.10) | (0.13) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains | – | – | – | (0.06) | (0.28) | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.03) | (0.23) | (0.31) | (0.17) | (0.38) | (0.65) |
| Net increase (decrease) in net asset value | 0.28 | (0.01) | (0.04) | (1.15) | (0.27) | 0.04 |
| **Net Asset Value** at end of period | $6.68 | $6.40 | $6.41 | $6.45 | $7.60 | $7.87 |
| **Total Return (%)<sup>2</sup>** | 4.81<sup>3</sup> | 3.48 | 4.17 | (13.00) | 1.45 | 8.80 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $10973 | $13715 | $15410 | $18687 | $27014 | $35685 |
| Ratios of expenses to average net assets (%) | 0.31<sup>4</sup> | 0.31 | 0.30 | 0.31 | 0.31 | 0.30 |
| Ratio of net investment income to average net assets (%) | 2.97<sup>4</sup> | 3.46 | 3.16 | 2.17 | 1.54 | 1.14 |
| Portfolio turnover (%)<sup>5</sup> | 9<sup>3</sup> | 39 | 231 | 305 | 210 | 318 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<sup>2</sup>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. Total returns are not annualized for periods less than one year.

<sup>3</sup>Not annualized.

<sup>4</sup>Annualized.

<sup>5</sup>Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.

See accompanying Notes to Financial Statements.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Financial Highlights for a Share of Beneficial Interest Outstanding -** **continued** |

---

**MADISON TARGET RETIREMENT 2030 FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended<br> 6/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value** at beginning of period | $7.19 | $7.01 | $6.95 | $8.15 | $8.18 | $7.89 |
| &nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.10<sup>1</sup> | 0.22<sup>1</sup> | 0.22 | 0.19 | 0.29 | 0.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.27 | 0.17 | 0.17 | (1.14) | 0.29 | 0.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.37 | 0.39 | 0.39 | (0.95) | 0.58 | 0.91 |
| &nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.03) | (0.21) | (0.32) | (0.18) | (0.20) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains |  |  |  | (0.07) | (0.41) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of Capital | – | – | (0.01) | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.03) | (0.21) | (0.33) | (0.25) | (0.61) | (0.62) |
| Net increase (decrease) in net asset value | 0.34 | 0.18 | 0.06 | (1.20) | (0.03) | 0.29 |
| **Net Asset Value** at end of period | $7.53 | $7.19 | $7.01 | $6.95 | $8.15 | $8.18 |
| **Total Return (%)<sup>2</sup>** | 5.14<sup>3</sup> | 5.47 | 5.72 | (11.79) | 7.20 | 11.77 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $50934 | $51649 | $55775 | $56944 | $71328 | $70125 |
| Ratios of expenses to average net assets (%) | 0.31<sup>4</sup> | 0.31 | 0.30 | 0.31 | 0.31 | 0.30 |
| Ratio of net investment income to average net assets (%) | 2.62<sup>4</sup> | 2.96 | 3.03 | 2.38 | 3.40 | 1.09 |
| Portfolio turnover (%)<sup>5</sup> | 13<sup>3</sup> | 38 | 220 | 303 | 215 | 372 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<sup>2</sup>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. Total returns are not annualized for periods less than one year.

<sup>3</sup>Not annualized.

<sup>4</sup>Annualized.

<sup>5</sup>Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.

See accompanying Notes to Financial Statements.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Financial Highlights for a Share of Beneficial Interest Outstanding -** **continued** |

---

**MADISON TARGET RETIREMENT 2040 FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended<br> 6/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value** at beginning of period | $6.81 | $6.46 | $6.33 | $7.49 | $7.52 | $7.21 |
| &nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.08<sup>1</sup> | 0.17<sup>1</sup> | 0.19 | 0.18 | 0.31 | 0.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.31 | 0.33 | 0.23 | (1.01) | 0.36 | 0.81 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.39 | 0.50 | 0.42 | (0.83) | 0.67 | 0.89 |
| &nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.02) | (0.15) | (0.27) | (0.17) | (0.21) | (0.10) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains |  |  | (0.00)<sup>2</sup> | (0.16) | (0.49) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of Capital | – | – | (0.02) | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.02) | (0.15) | (0.29) | (0.33) | (0.70) | (0.58) |
| Net increase (decrease) in net asset value | 0.37 | 0.35 | 0.13 | (1.16) | (0.03) | 0.31 |
| **Net Asset Value** at end of period | $7.18 | $6.81 | $6.46 | $6.33 | $7.49 | $7.52 |
| **Total Return (%)<sup>3</sup>** | 5.66<sup>4</sup> | 7.78 | 6.70 | (11.35) | 8.91 | 12.51 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $42381 | $41180 | $38064 | $36024 | $40984 | $41990 |
| Ratios of expenses to average net assets (%) | 0.31<sup>5</sup> | 0.31 | 0.30 | 0.31 | 0.31 | 0.30 |
| Ratio of net investment income to average net assets (%) | 2.18<sup>5</sup> | 2.50 | 2.84 | 2.57 | 3.71 | 1.08 |
| Portfolio turnover (%)<sup>6</sup> | 18<sup>4</sup> | 43 | 210 | 309 | 209 | 367 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<sup>2</sup>Amounts represent less than $(0.005) per share.

<sup>3</sup>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. Total returns are not annualized for periods less than one year.

<sup>4</sup>Not annualized.

<sup>5</sup>Annualized.

<sup>6</sup>Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.

See accompanying Notes to Financial Statements.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Financial Highlights for a Share of Beneficial Interest Outstanding -** **concluded** |

---

**MADISON TARGET RETIREMENT 2050 FUND**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **(unaudited)**<br>**Six-Months**<br>**Ended<br> 6/30/25** | **2024** | **2023** | **2022** | **2021** | **2020** |
| **Net Asset Value** at beginning of period | $12.11 | $11.32 | $11.01 | $13.21 | $13.00 | $12.37 |
| &nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.12<sup>1</sup> | 0.27<sup>1</sup> | 0.29 | 0.33 | 0.57 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | 0.61 | 0.75 | 0.53 | (1.76) | 0.74 | 1.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | 0.73 | 1.02 | 0.82 | (1.43) | 1.31 | 1.56 |
| &nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.04) | (0.23) | (0.48) | (0.33) | (0.38) | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital gains |  |  | (0.02) | (0.44) | (0.72) | (0.75) |
| &nbsp;&nbsp;&nbsp;&nbsp;Return of Capital | – | – | (0.01) | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.04) | (0.23) | (0.51) | (0.77) | (1.10) | (0.93) |
| Net increase (decrease) in net asset value | 0.69 | 0.79 | 0.31 | (2.20) | 0.21 | 0.63 |
| **Net Asset Value** at end of period | $12.80 | $12.11 | $11.32 | $11.01 | $13.21 | $13.00 |
| **Total Return (%)<sup>2</sup>** | 5.96<sup>3</sup> | 9.04 | 7.60 | (11.04) | 10.22 | 12.80 |
| **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $36499 | $35846 | $32365 | $28467 | $34283 | $30437 |
| Ratios of expenses to average net assets (%) | 0.31<sup>4</sup> | 0.31 | 0.30 | 0.31 | 0.30 | 0.30 |
| Ratio of net investment income to average net assets (%) | 1.98<sup>4</sup> | 2.25 | 2.71 | 2.63 | 4.34 | 1.07 |
| Portfolio turnover (%)<sup>5</sup> | 19<sup>3</sup> | 37 | 226 | 329 | 228 | 390 |

---

<sup>1</sup>Per share amounts have been calculated using the average shares method.

<sup>2</sup>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. Total returns are not annualized for periods less than one year.

<sup>3</sup>Not annualized.

<sup>4</sup>Annualized.

<sup>5</sup>Portfolio turnover is calculated at the fund level and represents the entire fiscal year or period.

See accompanying Notes to Financial Statements.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Notes to Financial Statements (unaudited)** |

---

**1. ORGANIZATION** 

The Ultra Series Fund (the "Trust"), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company. The Trust is a series trust with 12 investment portfolios (individually, a "Fund," and collectively, the "Funds"), each with different investment objectives and policies. The Funds are the Core Bond Fund, Large Cap Value Fund, Large Cap Growth Fund, and Mid Cap Fund (collectively, the "Core Funds"), the Conservative Allocation Fund, Moderate Allocation Fund, Aggressive Allocation Fund and Diversified Income Fund (collectively, the "Target Allocation Funds") and the Madison Target Retirement 2020 Fund, Madison Target Retirement 2030 Fund, Madison Target Retirement 2040 Fund, and Madison Target Retirement 2050 Fund, (collectively, the "Target Date Funds"). Madison Asset Management, LLC (the "Investment Adviser" or "Madison") serves as the Funds' investment adviser.

The Declaration of Trust permits the Board of Trustees to issue an unlimited number of full and fractional shares of the Trust without par value. All Funds, except the Target Date Funds, offer Class I and II shares. The Target Date Funds only offer Class I shares. Each class of shares represents an interest in the assets of the respective Fund and has identical voting, dividend, liquidation and other rights, except that each class of shares bears its own distribution fee, if any, and its proportional share of Fund level expenses, and has exclusive voting rights on matters pertaining to Rule 12b-1 under the 1940 Act as it relates to that class and other class specific matters. Shares are offered to separate accounts (the "Accounts") of TruStage Financial Group, Inc. ("TruStage") and to qualified pension and retirement plans of TruStage. The Trust may, in the future, offer other share classes to separate accounts of insurance companies and to qualified pension and retirement plans that are not affiliated with TruStage. The Trust does not offer shares directly to the general public.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The preparation of financial statements 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 income and expenses during the reported period. Actual results could differ from those estimates.

The Funds are investment companies that apply the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services—Investment Companies (ASC 946).

The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements.

**Portfolio Valuation:** Equity securities, including closed-end investment companies, American Depositary Receipts ("ADRs"),Global Depositary Receipts ("GDRs") and exchange-traded Funds ("ETFs") listed on any U.S. or foreign stock exchange or quoted on the National Association of Securities Dealers Automated Quotation System ("NASDAQ'') are valued at the last quoted sale price or official closing price on that exchange or NASDAQ on the valuation day (provided that, for securities traded on NASDAQ, the Funds utilize the NASDAQ Official Closing Price ("NOCP"). If no sale occurs, equities traded on a U.S. exchange, foreign exchange or on NASDAQ are valued at the bid price. Debt securities (other than short-term obligations) purchased with a remaining maturity of 61 days or more are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services approved by the Trust. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Notes to Financial Statements (unaudited) -** **continued** |

---

matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures based on valuation technology commonly employed in the market for such investments.

Municipal debt securities are traded via a network among dealers and brokers that connect buyers and sellers. They are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services approved by the Trust. There may be little trading in the secondary market for the particular bonds and other debt securities, making them more difficult to value or sell. Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche.

Investments in shares of open-end mutual funds, including money market funds, are valued at their daily net asset value ("NAV") which is calculated as of the close of regular trading on the New York Stock Exchange (the "NYSE") usually 4:00 p.m. Eastern Standard Time on each day on which the NYSE is open for business. NAV per share is determined by dividing each Fund's total net assets by the number of shares of such Fund outstanding at the time of calculation. Because the assets of each Target Allocation Fund and each Target Date Fund consist primarily of shares of other registered investment companies (the "Underlying Funds"), the NAV of each Fund is determined based on the NAVs of the Underlying Funds. Total net assets are determined by adding the total current value of portfolio securities, cash, receivables, and other assets and subtracting liabilities. Short-term instruments having maturities of 60 days or less are valued on an amortized cost basis, which approximates fair value.

Over-the-counter securities not listed or traded on NASDAQ are valued at the last sale price on the valuation day. If no sale occurs on the valuation day, an over-the-counter security is valued at the last bid price. Exchange-traded options are valued at the mean of the best bid and ask prices across all option exchanges. Over-the-counter options are valued based upon prices provided by market makers in such securities or dealers in such currencies. Financial futures contracts generally are valued at the settlement price established by the exchange(s) on which the contracts are primarily traded. Overnight repurchase agreements are valued at cost, and term repurchase agreements (i.e., those whose maturity exceeds seven days), swaps, caps, collars and floors, if any, are valued at the average of the closing bids obtained daily from at least one dealer.

Through the end of this reporting period, the value of all assets and liabilities expressed in foreign currencies was converted into U.S. dollar values using the then-current exchange rate at the close of regular trading on the NYSE.

All other securities for which either quotations are not readily available, no other sales have occurred, or in the Investment Adviser's opinion, do not reflect the current fair value, are appraised at their fair values as determined in good faith by the Investment Adviser's Pricing Committee (the "Committee") and under the general supervision of the Board of Trustees. When fair value pricing of securities is employed, the prices of securities used by the Funds to calculate NAV may differ from market quotations or NOCP. Because the Target Allocation Funds and Target Date Funds primarily invest in Underlying Funds, government securities and short-term paper, it is not anticipated that the Investment Adviser will need to "fair value" any of the investments of these Funds. However, an Underlying Fund may need to "fair value" one or more of its investments, which may, in turn, require a Target Allocation Fund or Target Date Fund to do the same because of delays in obtaining the Underlying Fund's NAV.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Notes to Financial Statements (unaudited) -** **continued** |

---

Rule 2a-5 under the 1940 Act (the "Valuation Rule") establishes requirements for determining fair value in good faith , including related oversight and reporting requirements. The Valuation Rule also defines when market quotations are "readily available," which is the threshold for determining whether a Fund must fair value a security. Among other things, the Valuation Rule permits a board of trustees of a Fund to designate a Fund's investment adviser as valuation designee to perform a Fund's fair value determinations subject to board oversight and certain reporting and other requirements intended to ensure that the board receives the information it needs to oversee a Fund's investment adviser fair value determinations. The Board has designated the Funds' Investment Adviser as Valuation Designee and the Valuation Designee has delegated valuation decisions to the Committee.

A Fund's investments will be valued at fair value if, in the judgment of the Committee, an event impacting the value of an investment occurred between the closing time of a security's primary market or exchange (for example, a foreign exchange or market) and the time the Fund's share price is calculated as of the close of regular trading on the NYSE. Significant events may include, but are not limited to, the following: (1) significant fluctuations in domestic markets, foreign markets or foreign currencies; (2) occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant government actions; and (3) major announcements affecting a single issuer or an entire market or market sector. Fixed income securities either newly issued or not being priced for various reasons by one of our approved pricing sources may also be fair valued. In responding to a significant event, the Committee would determine the fair value of affected securities considering factors including, but not limited to: fundamental analytical data relating to the investment; the nature and duration of any restrictions on the disposition of the investment; and the forces influencing the market(s) in which the investment is purchased or sold.

In addition to the fair value decisions made by the Committee noted above, the Committee also engages an independent fair valuation service to adjust the valuations of foreign equity securities based on specific market-movement parameters established by the Committee and approved by the Board of Trustees. Such adjustments to the valuation of foreign securities are applied automatically upon market close if the parameters established are exceeded. A foreign security is also automatically fair valued if the exchange it is traded on is on holiday.

**Segment Reporting:** The Funds have adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted financial statement disclosures only and did not affect the Fund's financial position or the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Management Committee of the Trust's Investment Adviser acts as the CODM. Each Fund within the Trust represents a single operating segment, as the CODM monitors the operating results of each Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team. The financial information in the form of a Fund's total returns, expense ratios, changes in net assets resulting from operations, subscriptions and redemptions and profitability to the Investment Adviser, which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmarks and peers to make resource allocation decisions for the Fund's single segment, is consistent with that presented within the Fund's financial statements.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Notes to Financial Statements (unaudited) -** **continued** |

---

Segment assets are reflected on the accompanying statement of assets and liabilities as "total assets" and significant segment expenses are listed on the accompanying statement of operations.

**Security Transactions and Investment Income:** Security transactions are accounted for on a trade date basis. Net realized gains or losses on sales are determined by the identified cost method. Net realized gain on investments in the Statements of Operations also includes realized gain distributions received from the underlying exchange-listed funds. Distributions of net realized gains are recorded on the Fund's ex-distribution date. Dividend income is recorded on ex-dividend date, except that certain dividends from foreign securities may be recorded after the ex-dividend date based on when the Funds are informed of the dividend. Interest income is recorded on an accrual basis and is increased by the accretion of discount and decreased by the amortization of premium. Amortization and accretion are recorded on the effective yield method.

**Expenses:** Expenses that are directly related to one fund are charged directly to that Fund. Other operating expenses are prorated to the Funds on the basis of relative net assets. Class-specific expenses are borne by that class.

**Share Classes:** Income and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative net assets.

**Repurchase Agreements:** Each Fund may engage in repurchase agreements. In a repurchase agreement, a security is purchased for a relatively short period (usually not more than seven days) subject to the obligation to sell it back to the issuer at a fixed time and price plus accrued interest. The Funds will enter into repurchase agreements only with members of the Federal Reserve System, U.S. Central Credit Union and with "primary dealers" in U.S. government securities.

The Trust has established a procedure providing that the securities serving as collateral for each repurchase agreement must be delivered to the Trust's custodian either physically or in book-entry form and that the collateral must be marked to market daily to ensure that each repurchase agreement is fully collateralized at all times. In the event of bankruptcy or other default by a seller of a repurchase agreement, a Fund could experience one of the following: delays in liquidating the underlying securities during the period in which the Fund seeks to enforce its rights thereto, possible decreased levels of income, declines in value of the underlying securities, or lack of access to income during this period and the expense of enforcing its rights. As of June 30, 2025, none of the Funds held open repurchase agreements.

**Foreign Currency Transactions:** The Trust's books and records are maintained in U.S. dollars. Foreign currency-denominated transactions (i.e., fair value of investment securities, assets and liabilities, purchases and sales of investment securities, and income and expenses) are translated into U.S. dollars at the current rate of exchange. The Funds enter into contracts on the trade date to settle any securities transactions denominated in foreign currencies on behalf of the Funds at the spot rate at settlement.

Each Fund may invest in foreign currency transactions. Such funds report certain foreign currency-related transactions as components of realized gains or losses for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes. Realized gains or losses associated with currency transactions are included in the Statements of Operations under the heading "Net realized gain (loss) on investments. As of June 30, 2025, none of the Funds had open foreign currency transactions.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Notes to Financial Statements (unaudited) -** **continued** |

---

The Funds do not isolate the portion of gains and losses on investments in securities that is due to changes in the foreign exchange rates from that which is due to change in market prices of securities. Such amounts are categorized as gain or loss on investments for financial reporting purposes.

**Cash Concentration:** At times, the Funds maintain cash balances at financial institutions in excess of federally insured limits. The Funds monitor this credit risk and have not experienced any losses related to this risk.

**Illiquid Securities:** Each Fund currently limits investments in illiquid investments, as defined by Rule 22e-4 under the 1940 Act, to 15% of net assets at the time of purchase. An illiquid investment is generally defined as a security that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security. As of June 30, 2025, there were no illiquid securities held in the Funds.

**Delayed Delivery Securities:** Each Fund may purchase securities on a when-issued or delayed delivery basis. "When-issued" refers to securities whose terms are available and for which a market exists, but that have not been issued. For when-issued or delayed delivery transactions, no payment is made until delivery date, which is typically longer than the normal course of settlement. When a Fund enters into an agreement to purchase securities on a when-issued or delayed delivery basis, the Fund may segregate cash or other liquid securities, of any type or maturity, equal in value to the Fund's commitment. Losses may arise due to changes in the fair value of the underlying securities, if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic or other factors. During the period ended June 30, 2025, none of the Funds had entered into such transactions.

**Indemnifications:** Under the Funds' organizational documents, the Funds' officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In the normal course of business, the Funds enter into contracts that contain a variety of representations and provide general indemnifications. The Funds' maximum liability exposure under these arrangements is unknown, as future claims that have not yet occurred may be made against the Funds. However, based on experience, management expects the risk of loss to be remote.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Notes to Financial Statements (unaudited) -** **continued** |

---

**3. FAIR VALUE MEASUREMENTS**

Each Fund has adopted FASB guidance on fair value measurements. Fair value is defined as the price that each Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. A three-tier hierarchy is used to maximize the use of observable market data "inputs" and minimize the use of unobservable "inputs" and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk (for example, the risk inherent in a particular valuation technique used to measure fair value including such a pricing model and/or the risk inherent in the inputs used in the valuation technique). Inputs may be observable or unobservable.

Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below:

• Level
1 - unadjusted quoted prices in active markets for identical investments

• Level
2 - other significant observable inputs (including quoted prices for similar investments, interest rate volatilities, prepayment
speeds, credit risk, benchmark yields, transactions, bids, offers, new issues, spreads, and other relationships observed in the
markets among comparable securities, underlying equity of the issuer; and proprietary pricing models such as yield measures calculated
using factors such as cash flows, financial or collateral performance, and other reference data, etc.)

• Level
3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments).

The valuation techniques used by the Funds to measure fair value for the period ended June 30, 2025 maximized the use of observable inputs and minimized the use of unobservable inputs. The Funds utilized the following fair value techniques: multi-dimensional relational pricing model and option adjusted spread pricing; the Funds estimated the price that would have prevailed in a liquid market for an international equity security given information available at the time of valuation. As of June 30, 2025, none of the Funds held securities deemed as a Level 3, and there were no transfers between classification levels.

The following is a summary of the inputs used as of June 30, 2025, in valuing the Funds' investments carried at fair value (please see the portfolio of Investments for each fund for a listing of all securities within each category):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund<sup>1</sup>** | **Level 1** | **Level 2** | **Level 3** | **Value at 6/30/25** |
| **Conservative Allocation** |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Funds | $22466999 | $– | $– | $22466999 |
| &nbsp;&nbsp;Investment Companies | 23893867 |  |  | 23893867 |
| &nbsp;&nbsp;Short-Term Investments | 1358877 | – | – | 1358877 |
|  | 47719743 |  |  | 47719743 |
| **Moderate Allocation** |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Funds | 55752216 |  |  | 55752216 |
| &nbsp;&nbsp;Investment Companies | 42959421 |  |  | 42959421 |
| &nbsp;&nbsp;Short-Term Investments | 6792233 | – | – | 6792233 |
|  | 105503870 |  |  | 105503870 |

---

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Notes to Financial Statements (unaudited) -** **continued** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund<sup>1</sup>** | **Level 1** | **Level 2** | **Level 3** | **Value at 6/30/25** |
| **Aggressive Allocation** |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Funds | $26726229 | $– | $– | $26726229 |
| &nbsp;&nbsp;Investment Companies | 13159284 |  |  | 13159284 |
| &nbsp;&nbsp;Short-Term Investments | 3571889 | – | – | 3571889 |
|  | 43457402 |  |  | 43457402 |
| **Diversified Income** |  |  |  |  |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;Exchange Traded Funds | 143254426 |  |  | 143254426 |
| &nbsp;&nbsp;Mortgage Backed Securities |  | 16842 |  | 16842 |
| &nbsp;&nbsp;Short-Term Investments | 2004406 | – | – | 2004406 |
|  | 145258832 | 16842 |  | 145275674 |
| **Core Bond** |  |  |  |  |
| &nbsp;&nbsp;Asset Backed Securities |  | 650821 |  | 650821 |
| &nbsp;&nbsp;Collateralized Mortgage Obligations |  | 3504613 |  | 3504613 |
| &nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 411134 |  | 411134 |
| &nbsp;&nbsp;Corporate Notes and Bonds |  | 13797200 |  | 13797200 |
| &nbsp;&nbsp;Foreign Corporate Bonds |  | 1680986 |  | 1680986 |
| &nbsp;&nbsp;Mortgage Backed Securities |  | 22127479 |  | 22127479 |
| &nbsp;&nbsp;U.S. Government and Agency Obligations |  | 10162561 |  | 10162561 |
| &nbsp;&nbsp;Short-Term Investments | 1299464 | – | – | 1299464 |
|  | 1299464 | 52334794 |  | 53634258 |
| **Large Cap Value** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 162254429 |  |  | 162254429 |
| &nbsp;&nbsp;Short-Term Investments | 2613412 | – | – | 2613412 |
|  | 164867841 |  |  | 164867841 |
| **Large Cap Growth** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 177084943 |  |  | 177084943 |
| &nbsp;&nbsp;Short-Term Investments | 3704865 | – | – | 3704865 |
|  | 180789808 |  |  | 180789808 |
| **Mid Cap** |  |  |  |  |
| &nbsp;&nbsp;Common Stocks | 116638224 |  |  | 116638224 |
| &nbsp;&nbsp;Short-Term Investments | 5611413 | – | – | 5611413 |
|  | 122249637 |  |  | 122249637 |
| **Madison Target Retirement 2020 Fund** | $10972142 | $– | $– | $10972142 |
| **Madison Target Retirement 2030 Fund** | 50919355 |  |  | 50919355 |
| **Madison Target Retirement 2040 Fund** | 42356163 |  |  | 42356163 |
| **Madison Target Retirement 2050 Fund** | 36479637 |  |  | 36479637 |

---

<sup>1</sup> See respective portfolio of Investments for underlying holdings in each Fund. For additional Fund's information on the Underlying Funds held in the Target Allocation Funds and Target Date Funds including shareholder prospectuses and financial reports, please visit each Underlying fund's website or visit the Securities and Exchange Commission website at http://www.sec.gov.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Notes to Financial Statements (unaudited) -** **continued** |

---

**4. ADVISORY, DISTRIBUTION, ADMINISTRATIVE SERVICES AGREEMENTS AND OTHER EXPENSES**

**Investment Advisory Agreements:** For its investment advisory services to the Funds, the Investment Adviser is entitled to receive a fee, which is computed daily and paid monthly, at an annualized percentage rate of the average daily value of the net assets of each Fund as follows as of June 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | &nbsp;&nbsp;&nbsp;**Advisory Fee** | &nbsp;&nbsp;&nbsp;**Fund** | &nbsp;&nbsp;&nbsp;**Advisory Fee** |
| Conservative Allocation | &nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;Large Cap Growth | &nbsp;&nbsp;&nbsp;0.80% |
| Moderate Allocation | &nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;Mid Cap | &nbsp;&nbsp;&nbsp;0.90% |
| Aggressive Allocation | &nbsp;&nbsp;&nbsp;0.30% | &nbsp;&nbsp;&nbsp;Madison Target Retirement 2020 | &nbsp;&nbsp;&nbsp;0.25% |
| Diversified Income | &nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;Madison Target Retirement 2030 | &nbsp;&nbsp;&nbsp;0.25% |
| Core Bond | &nbsp;&nbsp;&nbsp;0.55% | &nbsp;&nbsp;&nbsp;Madison Target Retirement 2040 | &nbsp;&nbsp;&nbsp;0.25% |
| Large Cap Value | &nbsp;&nbsp;&nbsp;0.60% | &nbsp;&nbsp;&nbsp;Madison Target Retirement 2050 | &nbsp;&nbsp;&nbsp;0.25% |

---

The Investment Advisory Agreement for the Core Funds and the Target Allocation Funds is structured as a "unitary fee arrangement" and, as such, requires the Investment Adviser to provide or arrange to provide overall management of the Funds, including but not limited to, investment management services, custody, transfer agency, dividend disbursing, legal, accounting and administrative services. The unitary fee arrangement with these Funds does not cover, and therefore these Funds pay directly for, the following fees and expenses: (i) fees and expenses of the Independent Trustees; (ii) fees and expenses of the Trust's independent registered public accountant; (iii) brokerage commissions and other expenses incurred in the acquisition or disposition of any securities or other investments; (iv) costs of borrowing money, overdrafts (if any) and any potential taxes owed; and (v) extraordinary expenses (including litigation and/or and consulting expenses) as approved by a majority of the Independent Trustees, (these expenses are collectively referred to as "Direct Fund Expenses").

In contrast, the Investment Advisory Agreement for the Target Date Funds is not structured as a "unitary fee arrangement." Accordingly, under the Investment Advisory Agreement for these Funds, the Investment Adviser is only responsible for providing investment management services to the Funds. Other services performed by the Investment Adviser for the Target Date Funds are covered under a separate Administrative Services Agreement (discussed below).

Under the Investment Advisory Agreements for the Core Funds, the Allocation Funds, and the Target Date Funds, the Investment Adviser may from time to time, contractually or voluntarily, agree to waive a portion of its management fee and/or reimburse a Fund's operating expenses to ensure that the Fund's operating expenses do not exceed certain expense limitations. Any fees waived or reimbursed are not subject to later recoupment by the Investment Adviser. The Investment Adviser may also permanently reduce the amount of the management fee for one or more Funds under such terms as it may determine by written notice thereof to the Trust.

In connection with the most recent approval by the Board of Trustees of the Investment Advisory Agreements, the Investment Adviser contractually agreed to enter into an Operating Expense Limitation Agreement with the Trust, on behalf of the Funds, under which the Investment Adviser agreed to waive its management fees and/ or reimburse expenses of each Fund to the extent necessary to limit each class of each Fund's total operating expenses (excluding certain expenses described below) to the annual rate set forth in the Funds' then-currently effective prospectus (i.e., the prospectus dated May 1, 2024, as supplemented). The Operating Expense Limitation Agreement became effective for all Funds on December 1, 2023, and will remain in place until at least November 30, 2025. For the period ended June 30, 2025, the Investment Adviser did not waive any of its management fees and/or reimburse Fund expenses because all Funds operated under the fee cap during the period. Expenses excluded from the fee cap in the Operating Expense Limitation Agreement are as follows:

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| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Notes to Financial Statements (unaudited) -** **continued** |

---

<u>Core Funds and Allocation Funds</u>: Excluded expenses are those expenses assumed by the Funds as provided in Section 4(b) of the relevant Investment Advisory Agreement. Such expenses consist of those expenses identified as "Direct Fund Expenses," above.

<u>Target Date Funds</u>: Excluded expenses consist of the following: any front-end or contingent deferred loads, taxes, leverage/borrowing interest, interest expense, dividends paid on short sales, brokerage commissions, acquired fund fees and expenses, extraordinary expenses such as litigation, and other "Excluded Expenses" (as defined in the Administrative Services Agreement, described below).

**Administrative Services Agreement - Target Date Funds:** With respect to the Target Date Funds only, in addition to the advisory fee, the Investment Adviser is entitled to receive an administrative services fee pursuant to the terms of a separate Administrative Services Agreement. Under this agreement, the Investment Adviser has agreed to provide or arrange to have a third party provide the Target Date Funds with such services as they may require in the conduct of their business, to the extent that the Investment Adviser, acting as the Funds' investment adviser, has not undertaken to provide such services. Services to the Target Date Funds under the Administrative Services Agreement include transfer agent services; fund administrator services; fund accountant services; services of the Trust's independent public accountants; services of legal counsel to the Trust and the Independent Trustees; and such other services necessary to conduct the Funds' business. In exchange for these services, each Target Date Fund pays the Investment Adviser a fee, which is computed daily and paid monthly, at an annualized rate of 0.05% the average daily value of the net assets of each Target Date Fund. Not included in this fee and, therefore, the responsibility of the Target Date Funds, are the following fees and expenses: (i) any fees and expenses relating to portfolio holdings (e.g., brokerage commissions, interest on loans, etc.); (ii) extraordinary and non-recurring fees and expenses (e.g., costs relating to overdrafts of any line of credit maintained with its custodian or another entity for investment purposes); (iii) the costs associated with investment by the Target Date Funds in other investment companies (i.e., acquired fund fees); and (iv) the compensation of Trust's Independent Trustees (these expenses are collectively referred to as "Excluded Expenses").

**Other Expenses:** Due to the "unitary fee arrangement" in place with respect to the Core Funds and the Target Allocation Funds, and the Administrative Services Agreement arrangement in place with respect to the Target Date Funds, the Core Funds and the Allocation Funds are directly responsible for certain fees and expenses that differ somewhat from the fees and expenses for which the Target Date Funds are directly responsible.

**Distribution Agreement:** MFD Distributor, LLC ("MFD") serves as distributor of the Funds. The Trust adopted a distribution and service plan with respect to the Trust's Class II shares pursuant to Rule 12b-1 under the 1940 Act. Under the plan, the Trust will pay a service fee with regard to Class II shares at an annual rate of 0.25% each Fund's daily net assets.

MFD may from time to time voluntarily agree to waive a portion of its fees or expenses related to the Funds. For the period ended June 30, 2025, no fees were waived. MFD does not have the right to recoup waived fees.

**Officers and Trustees:** Certain officers and Trustees of the Trust may also be officers, directors and/or employees of the Adviser or its affiliates. The Trust does not compensate its officers or Trustees who are officers, directors and/ or employees of the Adviser or its affiliates. The Independent Trustees fees are a direct expense of the Funds which is included in the "Trustee fees" line item on the Statements of Operations. The Nominating and Governance Committee of the Board reviews fees paid to Independent Trustees periodically, and may change such fees at any time.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Notes to Financial Statements (unaudited) -** **continued** |

---

**5. DIVIDENDS FROM NET INCOME AND DISTRIBUTIONS OF CAPITAL GAINS**

The Funds declare dividends from net investment income and net realized gains from investment transactions, if any, annually, which are reinvested in additional full and fractional shares of the respective Funds.

Income and capital gain distributions, if any, are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Taxable distributions from income and realized capital gains of the Funds may differ from book amounts earned during the period due to differences in the timing of capital gains recognition, and due to the reclassification of certain gains or losses from capital to income. Dividends from net investment income are determined on a class level. Capital gains are determined on a Fund level.

**6. SECURITIES TRANSACTIONS**

For the period ended June 30, 2025, aggregate cost of purchases and proceeds from sales of securities, other than short-term investment, were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **U.S. Government Securities** | **U.S. Government Securities** | **Other Investment Securities** | **Other Investment Securities** |
| <br>**Fund** | **Purchases** | **Sales** | **Purchases** | **Sales** |
| Conservative Allocation | $– | $– | $9052410 | $11807632 |
| Moderate Allocation |  |  | 25407832 | 32686190 |
| Aggressive Allocation |  |  | 10438088 | 11438155 |
| Diversified Income |  | 244 | 23652296 | 30188378 |
| Core Bond | 3694321 | 7637977 | 1023465 | 7025330 |
| Large Cap Value |  |  | 12073105 | 31573313 |
| Large Cap Growth |  |  | 28465831 | 52234438 |
| Mid Cap |  |  | 14050050 | 33533106 |
| Madison Target Retirement 2020 |  |  | 1027884 | 3945705 |
| Madison Target Retirement 2030 |  |  | 6496097 | 8809878 |
| Madison Target Retirement 2040 |  |  | 7121847 | 7765386 |
| Madison Target Retirement 2050 |  |  | 6379285 | 7118037 |

---

**7. FOREIGN SECURITIES**

Each Fund may invest in foreign securities. Foreign securities are defined as securities that are: (i) issued by companies organized outside the U.S. or whose principal operations are outside the U.S., or issued by foreign governments or their agencies or instrumentalities ("foreign issuers"); (ii) principally traded outside of the U.S.; and/or (iii) quoted or denominated in a foreign currency ("non-dollar securities"). Foreign securities include American Depositary Receipts ("ADRs"), European Depositary Receipts ("EDRs"), Global Depositary Receipts ("GDRs"), Swedish Depositary Receipts ("SDRs") and foreign money market securities. U.S. dollar-denominated securities that are part of the Merrill Lynch U.S. Domestic Master Index are not considered a foreign security.

**8. SECURITIES LENDING**

The Board of Trustees has authorized the Funds, other than the Target Date Funds, to engage in securities lending with State Street Bank and Trust Company as securities lending agent pursuant to a Securities Lending Authorization Agreement (the "Agreement") and subject to the Trust's securities lending policies and procedures. Under the terms of the Agreement, and subject to the policies and procedures, the authorized Funds may lend portfolio securities to qualified borrowers in order to generate additional income, while managing risk associated with the securities lending program. The Agreement requires that loans are collateralized at all times by cash or U.S. government securities, initially equal to at least 102% of the value of domestic securities and 105% of

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| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Notes to Financial Statements (unaudited) -** **continued** |

---

non-domestic securities, based upon the prior days market value for securities loaned. The loaned securities and collateral are marked to market daily to maintain collateral at 102% and 105% for non-domestic security of the total loaned portfolio for each broker/borrower. Amounts earned as interest on investments of cash collateral, net of rebates and fees, if any, are included in the Statements of Operations. The primary risk associated with securities lending is loss associated with investment of cash and non-cash collateral. A secondary risk is if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons. The Funds could experience delays and costs in recovering securities loaned or in gaining access to the collateral. Under the Agreement, the securities lending agent has provided a limited indemnification in the event of a borrower default. The Funds do not have a master netting agreement.

As of June 30, 2025, the aggregate fair value of securities on loan for the Trust was $23,159,402. Cash collateral received for such loans are reinvested into the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral is comprised of U.S.treasuries or other U.S. government securities. See below for fair value on loan and collateral breakout for each Fund and each respective Fund's portfolio of investments for individual securities identified on loan.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Market Value** | **Cash Collateral<sup>1</sup>** | **Non-Cash Collateral<sup>1</sup>** |
| Conservative Allocation | $1678713 | $913695 | $800072 |
| Moderate Allocation | 3824490 | 3545191 | 355205 |
| Aggressive Allocation | 2075446 | 1931648 | 191607 |
| Diversified Income | 7115160 | 1088375 | 6218526 |
| Core Bond | 193305 | 196490 |  |
| Large Cap Growth | 5339463 |  | 5447235 |
| Mid Cap | 2932825 |  | 3030023 |

---

<sup>1</sup>Collateral Represents minimum 102% of the value of domestic securities and 105% of non-domestic securities on loan, based upon the prior days market value for securities loaned.

The following table provides increased transparency about the types of collateral pledged for securities lending transactions that are accounted for as secured borrowing. Non-cash collateral is not reflected in the table because the Funds cannot repledge or resell this collateral.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Remaining Contractual Maturity of the Agreements<br> As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements<br> As of June 30, 2025** |
| | **Overnight and<br> Continuous** | **<30 days**  | **Between<br> 30 & 90 days** | **>90 days** | **Total** |
| <br>**Securities Lending Transactions<sup>1</sup>** |  |  |  |  |  |
| **Conservative Allocation Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $913695 | $— | $— | $— | $913695 |
| **Total Borrowings** | $913695 | $— | $— | $— | $913695 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  |  | $913695 |
| **Moderate Allocation Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $3545191 | $— | $— | $— | $3545191 |
| **Total Borrowings** | $3545191 | $— | $— | $— | $3545191 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  |  | $3545191 |
| **Aggressive Allocation Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Common Stocks | $1931648 | $— | $— | $— | $1931648 |
| **Total Borrowings** | $1931648 | $— | $— | $— | $1931648 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  |  | $1931648 |

---

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Notes to Financial Statements (unaudited) -** **continued** |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements**<br> **As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements**<br> **As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements**<br> **As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements**<br> **As of June 30, 2025** | **Remaining Contractual Maturity of the Agreements**<br> **As of June 30, 2025** |
|  | **Overnight and**<br> **Continuous** | **<30 days** | **Between**<br> **30 & 90 days** | **>90 days** | **Total** |
| **Diversified Income Fund** | | | | | |
| &nbsp;&nbsp;&nbsp;Common Stocks | $1088375 | $— | $— | $— | $1088375 |
| **Total Borrowings** | $1088375 | $— | $— | $— | $1088375 |
| &nbsp;&nbsp;&nbsp;Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp;Gross amount of recognized liabilities for securities lending transactions | &nbsp;&nbsp;&nbsp;Gross amount of recognized liabilities for securities lending transactions |  |  | $1088375 |
| **Core Bond Fund** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Corporate Bonds | $196490 | $— | $— | $— | $196490 |
| **Total Borrowings** | $196490 | $— | $— | $— | $196490 |
| Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions | Gross amount of recognized liabilities for securities lending transactions |  |  | $196490 |

---

<sup>1</sup> Amounts represent the payable for cash collateral received on securities on loan. This will generally be in the "Overnight and Continuous" column as the securities are typically callable on demand. The payable will be allocated into categories of securities based on the market value of the securities on loan.

**9. FEDERAL AND FOREIGN INCOME TAX INFORMATION** 

It is each Fund's policy to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended applicable to regulated investment companies and to distribute all its taxable income to its shareholders and any net realized capital gains at least annually. Accordingly, no provisions for federal income taxes are recorded in the accompanying statements.

The Funds have not recorded any liabilities for material unrecognized tax benefits as of June 30, 2025. It is each Fund's policy to recognize accrued interest and penalties related to uncertain tax benefits in income taxes, as appropriate. Tax years that remain open to examination by major tax jurisdictions include tax years ended October 31, 2021 through October 31, 2024.

For federal income tax purposes, the Funds listed below have capital loss carryforwards as December 31, 2024 which are available to offset future capital gains, if any, realized through the fiscal year listed:

---

| | | |
|:---|:---|:---|
| | **No-Expiration Date** | **No-Expiration Date** |
| <br>**Fund** | **Short-Term** | **Long-Term** |
| Conservative Allocation | $4005544 | $1770530 |
| Core Bond | 367965 | 5355172 |
| Madison Target Retirement 2020 | 2176408 | 820842 |
| Madison Target Retirement 2030 | 2678365 | 1125439 |
| Madison Target Retirement 2040 | 1390852 | 302228 |
| Madison Target Retirement 2050 | 1131960 | 274974 |

---

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Notes to Financial Statements (unaudited) -** **continued** |

---

At June 30, 2025, the aggregate gross unrealized appreciation (depreciation) and net unrealized appreciation (depreciation) for all securities, as computed on a federal income tax basis for each Fund were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Appreciation** | **Depreciation** | **Net** |
| Conservative Allocation | $3120235 | $(1588637) | $1531598 |
| Moderate Allocation | 13602717 | (2406545) | 11196172 |
| Aggressive Allocation | 6778291 | (545855) | 6232436 |
| Diversified Income | 5099882 | (1863351) | 3236531 |
| Core Bond | 459819 | (3793922) | (3334103) |
| Large Cap Value | 40616340 | (3047532) | 37568808 |
| Large Cap Growth | 78836786 | (1589523) | 77247263 |
| Mid Cap | 59876568 | (249024) | 59627544 |
| Madison Target Retirement 2020 | 471921 | (27761) | 444160 |
| Madison Target Retirement 2030 | 3783795 | (160610) | 3623185 |
| Madison Target Retirement 2040 | 4230703 | (152479) | 4078224 |
| Madison Target Retirement 2050 | 4312343 | (149984) | 4162359 |

---

**10. CAPITAL SHARES AND AFFILIATED OWNERSHIP**

All capital shares outstanding at June 30, 2025, are owned by separate investment accounts and/or pension plans of TruStage.

The Allocation Funds invest in Underlying Funds, including the Madison Funds (the "Affiliated Underlying Funds"), which may be deemed to be under common control because of the same or affiliated investment adviser and membership in a common family of investment companies. Madison Funds' historical financial information is available to you at no cost on the SEC's website at www.sec.gov, by calling 1-800-877-6089 or by visiting the Madison Funds' website at www.madisonfunds.com. (the "Affiliated Issuers"). A summary of the transactions with each Affiliated Underlying Fund during the period ended June 30, 2025 follows:

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| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund** | **Beginning value**<br> **as of**<br> **12/31/2024** | **Gross**<br> **Additions** | **Gross**<br> **Sales** | **Realized**<br> **Gain**<br> **(Loss)** | **Change in Unrealized**<br> **Appreciation**<br> **(depreciation)** | **Value at**<br> **6/30/2025** | **Shares** | **Dividend Income** | **Distributions**<br> **Received<sup>1</sup>** |
| **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** |
| Madison Core Bond Fund Class R6 | $19488271 | $– | $– | $– | $419815 | $19908086 | 2209555 | $378626 | $– |
| Madison Large Cap Fund Class R6 | – | – | (1224827) | (11240) | 73855 | 3985781 | 133304 | – | – |
| **Totals** | $24636264 | $– | $(1224827) | $(11240) | $493670 | 23893867 |  | $378626 | $– |
| **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** |
| Madison Core Bond Fund Class R6 | 27172934 |  |  |  | 585358 | 27758292 | 3080832 | 527927 |  |
| Madison Large Cap Fund Class R6 |  |  | (4556043) | 640992 | (394895) | 14095634 | 471426 |  |  |
| Madison Mid Cap Fund Class R6 | 1095108 | – | – | – | 10387 | 1105495 | 64915 | – | – |
| **Totals** | $46673623 | $– | $(4556043) | $640992 | $200850 | 42959421 |  | $527927 | $– |

---

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Notes to Financial Statements (unaudited) -** **continued** |

---

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Fund/Underlying Fund** | **Beginning value**<br> **as of**<br> **12/31/24** | **Gross**<br> **Additions** | **Gross**<br> **Sales** | **Realized**<br> **Gain**<br> **(Loss)** | **Change in Unrealized**<br> **Appreciation**<br> **(depreciation)** | **Value at**<br> **6/30/2025** | **Shares** | **Dividend Income** | **Distributions**<br> **Received<sup>1</sup>** |
| **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** |
| Madison Core Bond Fund Class R6 | $5374007 | $644996 | $(374208) | $(78022) | $198487 | $5765260 | 639873 | $109149 | $– |
| Madison Large Cap Fund Class R6 |  | 125000 | (1383690) | 93157 | 65022 | 6848307 | 229040 |  |  |
| Madison Mid Cap Fund Class R6 | 825556 | – | (246284) | 87796 | (121351) | 545717 | 32044 | – | – |
| **Totals** | $14148380 | $769996 | $(2004182) | $102931 | $142158 | 13159284 |  | $109149 | $– |
| **Diversified Income Fund** | **Diversified Income Fund** | **Diversified Income Fund** | **Diversified Income Fund** | **Diversified Income Fund** | **Diversified Income Fund** | **Diversified Income Fund** | **Diversified Income Fund** | **Diversified Income Fund** | **Diversified Income Fund** |
| Madison Aggregate Bond ETF | 27081000 | 298913 | (2026955) | 5204 | 405587 | 25763749 | 1265000 | 594791 |  |
| Madison Covered Call ETF | 29846208 | 1300050 | (6646640) | (874535) | 348667 | 22673700 | 1220000 | 789000 |  |
| Madison Dividend Value ETF | 26028800 |  | (1096875) | 107500 | 1057024 | 27396499 | 1235000 | 237229 |  |
| Madison Short-Term Strategic Income ETF | 31796875 | – | – | – | 428281 | 32225156 | 1562500 | 732875 | – |
| **Totals** | $114752883 | $1598963 | $(9770470) | $(761831) | $2239559 | 108059104 |  | $2353895 | $– |

---

<sup>1</sup>Distributions received include distributions from net investment income and from capital gains from the underlying funds.

**11. CONCENTRATION OF RISKS**

Investing in certain financial instruments involves certain risks. Risks associated with these instruments include potential for an illiquid secondary market for the instruments or inability of counterparties to perform under the terms of the contracts, changes in the value of foreign currency relative to the U.S. dollar and volatility resulting from an imperfect correlation between the movements in the prices of the instruments and the prices of the underlying securities and interest rates being hedged.

Investing in foreign securities involves certain risks not necessarily found in U.S. markets. These include risks associated with adverse changes in economic, political, regulatory and other conditions, changes in currency exchange rates, exchange control regulations, expropriation of assets or nationalization, imposition of withholding taxes on dividend or interest payments or capital gains, and possible difficulty in obtaining and enforcing judgments against foreign entities. Further, issuers of foreign securities are subject to different, and often less comprehensive, accounting, reporting and disclosure requirements than domestic issuers.

Slowing global economic growth, the risks associated with ongoing trade negotiations with China, the possibility of changes to some international trade agreements, tensions or open conflict between nations, such as between Russia and Ukraine, or political or economic dysfunction within some nations that are major producers of oil could affect the economies of many nations, including the United States, in ways that cannot necessarily be foreseen at the present time.

The Core Bond Fund is subject to derivatives risk, which is the risk that loss may result from investments in options, forwards, futures, swaps and other derivatives instruments. These instruments may be illiquid, difficult to price and leveraged so that small changes in the value of the underlying instruments may produce disproportionate losses to the Fund. Derivatives are also subject to counterparty risk, which is the risk that the other party to the transaction will not fulfill its contractual obligations.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Notes to Financial Statements (unaudited) -** **concluded** |

---

The Target Allocation Funds and Target Date Funds are fund of funds, meaning that each invests primarily in Underlying Funds, including ETFs. Thus, each Fund's investment performance and its ability to achieve its investment goal are directly related to the performance of the Underlying Funds in which it invests; and the Underlying Fund's performance, in turn, depends on the particular securities in which that Underlying Fund invests and the expenses of that Fund. Accordingly, these Funds are subject to the risks of the Underlying Funds in direct proportion to the allocation of their respective assets among the Underlying Funds. Additionally, the Target Allocation Funds and Target Date Funds are subject to asset allocation risk and manager risk. Manager risk (i.e., fund selection risk) is the risk that the Underlying Fund(s) selected to fulfill a particular asset class underperforms their peers. Asset allocation risk is the risk that the allocation of the Fund's assets among the various asset classes and market segments will cause the Fund to underperform other Funds with a similar investment objective.

The Funds may be subject to interest rate risk which is the risk that the value of your investment will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the fair value of income-bearing securities. When interest rates rise, bond prices fall; generally the longer a bond's maturity, the more sensitive it is to risk. Federal Reserve policy changes may expose fixed-income and related markets to heightened volatility and may reduce liquidity for certain Fund investments, which could cause the value of a fund's investments and share price to decline. The Core Bond Fund may invest in derivatives tied to fixed-income markets and may be more substantially exposed to these risks than a Fund that does not invest in derivatives.

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent month and years due to a number of economic, political and global macro factors including uncertainty regarding inflation and interest rate levels, the possibility of a national or global recession, trade tensions, political events, and wars in Europe and in the Middle East. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions. Continuing market volatility as a result of recent market conditions or other events may have adverse effects on the value of the Funds' portfolio holdings.

In addition to the other risks described above and in the Prospectus, you should understand what we refer to as "unknown market risks." While investments in securities have been keystones in wealth building and management, at times these investments have produced surprises. Those who enjoyed growth and income of their investments generally were rewarded for the risks they took by investing in the markets. Although the Investment Adviser seeks to appropriately address and manage the risks identified and disclosed to you in connection with the management of the securities in the Funds, you should understand that the very nature of the securities markets includes the possibility that there may be additional risks of which we are not aware. We certainly seek to identify all applicable risks and then appropriately address them, take appropriate action to reasonably manage them and to make you aware of them so you can determine if they exceed your risk tolerance. Nevertheless, the often volatile nature of the securities markets and the global economy in which we work suggests that the risk of the unknown is something to consider in connection with an investment in securities. Unforeseen events could under certain circumstances produce a material loss of the value of some or all of the securities we manage for you in the Funds.

---

| |
|:---|
| **Ultra Series Fund** \| June 30, 2025 |
| &nbsp;&nbsp;**Notes to Financial Statements (unaudited) -** **concluded** |

---

**12. SUBSEQUENT EVENTS**

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were available for issue. No other events have taken place that meet the definition of a subsequent event that requires adjustment to, or disclosure in the financial statements.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.** 

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

The registrant discloses remuneration paid to directors, officers, and others as part of the financial statements included in item 7 of this Form.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.**

There were no investment advisory contracts for the registrant's board of directors to approve during the Fund's most recent fiscal half-year.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 15. Submission of Matters to a Vote of Security Holders.**

The registrant does not normally hold shareholder meetings. There have been no changes to the registrant's procedures during the period covered by this report.

**Item 16. Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The
 registrant's President (principal executive officer) and Treasurer (principal financial
 officer) determined that the registrant's disclosure controls and procedures (as
 defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act"))
 are effective, based on their evaluation of these controls and procedures required by
 Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange
 Act of 1934 within 90 days of the date of this report. There were no significant changes
 in the registrant's internal controls or in other factors that could significantly
 affect these controls subsequent to the date of their evaluation. The officers identified
 no significant deficiencies or material weaknesses.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There
 were no changes in the registrant's internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this
 report that has materially affected, or is reasonably likely to materially affect, the
 registrant's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation.** 

The registrant did not require an accounting restatement that required recovery of erroneously awarded compensation pursuant to the registrant's compensation recovery policy required by the listing standards adopted pursuant to 17 CFR 240.10D-1.

**Item 19. Exhibits**.

&nbsp;&nbsp;&nbsp;&nbsp;(a) (1)
 Code of ethics – See Item 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Act. – *Filed herewith.*](g208729_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) There was no change in the registrant's independent public accountant for the period covered by this report.

[(b)](g208729_ex99906cert.htm) [Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Act. - Filed herewith.](g208729_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

**Madison Funds**

/s/ Steve J. Fredricks

Steve J. Fredricks, Chief Legal Officer & Chief Compliance Officer

Date: <u>August 29, 2025</u>

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

/s/ Patrick F. Ryan

Patrick F. Ryan, Principal Executive Officer

Date: <u>August 29, 2025</u>

/s/ Greg D. Hoppe

Greg D. Hoppe, Principal Financial Officer & Principal Accounting Officer

Date: <u>August 29, 2025</u>

## Ex-99.Cert

**Exhibit 99.CERT**

**Financial Statement Certifications**

I, Greg Hoppe, certify that:

1. I have reviewed this report on Form N-CSR of Ultra Series Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report there were no changes in the registrant's internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 29, 2025

/s/ Greg Hoppe

Greg Hoppe <br> Principal Financial Officer and Principal Accounting Officer

I, Patrick F. Ryan, certify that:

1. I have reviewed this report on Form N-CSR of Ultra Series Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report there were no changes in the registrant's internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 29, 2025

/s/ Patrick F. Ryan

Patrick F. Ryan<br> Principal Executive Officer

## Exhibit 99.906

**Exhibit 99.906 CERT**

**Certification under Section 906 of Sarbanes Oxley (18 USC 1350)**

**Ultra Series Fund<br> Semi-Annual Report dated June 30, 2025**

The undersigned certify that this periodic report containing the financial statements fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C 78m or 78o(d)) and the information contained in this periodic report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

---

| | |
|:---|:---|
| /s/Patrick F. Ryan | /s/ Greg Hoppe |
| Patrick F. Ryan | Greg Hoppe |
| Principal Executive Officer | Principal Financial Officer and Principal Accounting Officer |

---

Dated this 29<sup>th</sup> day of August, 2025

*A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Ultra Series Fund and will be retained by Ultra Series Fund and furnished to the SEC or its staff upon request.*