# EDGAR Filing Document

**Accession Number:** 0000732697
**File Stem:** 0001752724-25-191558
**Filing Date:** 2025-8
**Character Count:** 10095
**Document Hash:** d14895e41e35ac9ffc5d51ea6df6cadf
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-191558.hdr.sgml**: 20250818

**ACCESSION NUMBER**: 0001752724-25-191558

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250818

**DATE AS OF CHANGE**: 20250818

**PERIOD START**: 20251231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04815
- **FILM NUMBER:** 251227582

**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 |  |

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** ULTRA SERIES FUND

- **b. Investment Company Act file number:** 811-04815

- **c. CIK number of Registrant:** 0000732697

- **d. LEI of Registrant:** 254900JPNAJ16VJV5X45

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 550 SCIENCE DRIVE

  - **City:** MADISON

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53711

  - **Telephone number:** 608-274-0300

**Item A.2. Information about the Series.**

- **a. Name of Series:** Madison Target Retirement 2020 Fund

- **b. EDGAR series identifier (if any):** S000019110

- **c. LEI of Series:** 254900PRDVPMT6AHCM26

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-12-31

- **b. Date as of which information is reported:** 2025-06-30

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $10972142.39

**Total Liabilities:** $2768.91

**Net Assets:** $10969373.48

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000052853 | 0.58%                | 0.31%                | 1.86%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $8722.50                 | $18344.04                                  |
| Month 2  | $16109.24                | $-11201.27                                 |
| Month 3  | $2312.57                 | $156518.27                                 |

### Schedule of Portfolio Investments

| Name                                                             | Title                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| iShares MSCI Eurozone ETF                                        | iShares MSCI Eurozone ETF                                        | CUSIP: 464286608<br>LEI: 549300Q88WD2SU6SPH06 | Long             | EC               | RF                | US        |      1328 | NS      | $78949.60     | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Exchange-Traded Fund Trust - Invesco S&P 500 Quality Etf | Invesco Exchange-Traded Fund Trust - Invesco S&P 500 Quality ETF | CUSIP: 46137V241<br>LEI: 549300CMNB8U49G4GY75 | Long             | EC               | RF                | US        |      9569 | NS      | $681886.94    | 6.22%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Intl Quality Factor ETF                             | iShares MSCI International Quality Factor ETF                    | CUSIP: 46434V456<br>LEI: 549300NCBUPWCYENVS18 | Long             | EC               | RF                | US        |      9801 | NS      | $423599.22    | 3.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Distillate US Fundamental Stability & Value ETF                  | Distillate U.S. Fundamental Stability & Value ETF                | CUSIP: 26922A321<br>LEI: 5493002W0E8K4UD8QD78 | Long             | EC               | RF                | US        |      6477 | NS      | $358501.95    | 3.27%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio Long Term Treasury ETF                            | SPDR Portfolio Long Term Treasury ETF                            | CUSIP: 78464A664<br>LEI: 549300GYQKAMF6JUVI06 | Long             | EC               | RF                | US        |      6404 | NS      | $170218.32    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Aaa - A Rated Corporate Bond ETF                         | iShares Aaa - A Rated Corporate Bond ETF                         | CUSIP: 46429B291<br>LEI: 5493009W1LC1TK28CL24 | Long             | EC               | RF                | US        |     17882 | NS      | $855474.88    | 7.80%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Information Technology ETF                              | Vanguard Information Technology ETF                              | CUSIP: 92204A702<br>LEI: J2NTZGJBERBYMUMBIE74 | Long             | EC               | RF                | US        |       344 | NS      | $228168.32    | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio Short Term Treasury ETF                           | SPDR Portfolio Short Term Treasury ETF                           | CUSIP: 78468R101<br>LEI: 549300CVHDNMTIUMZ693 | Long             | EC               | RF                | US        |     39250 | NS      | $1149632.50   | 10.48%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio S&P 400 Mid Cap ETF                               | SPDR Portfolio S&P 400 Mid Cap ETF                               | CUSIP: 78464A847<br>LEI: 549300TKUU0ZLRVSLJ96 | Long             | EC               | RF                | US        |      1892 | NS      | $102886.96    | 0.94%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors                                     | State Street Institutional US Government Money Market Fund       | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |    203057 | NS      | $203057.45    | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 7-10 Year Treasury Bond ETF                              | iShares 7-10 Year Treasury Bond ETF                              | CUSIP: 464287440<br>LEI: 549300XS1PPZG92M8L16 | Long             | EC               | RF                | US        |     19290 | NS      | $1847403.30   | 16.84%            |  |  |  | No            |                  1 | On Loan: No      |
| Distillate Small/Mid Cash Flow ETF                               | Distillate Small/Mid Cash Flow ETF                               | CUSIP: 26922B667<br>LEI: 549300RXDI4OKGXIK130 | Long             | EC               | RF                | US        |      1713 | NS      | $55706.76     | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Emerging Markets Asia ETF                           | iShares MSCI Emerging Markets Asia ETF                           | CUSIP: 464286426<br>LEI: 549300QNROXHZ53JWF91 | Long             | EC               | RF                | US        |      1676 | NS      | $138353.80    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Bank ETF                                                | SPDR S&P Bank ETF                                                | CUSIP: 78464A797<br>LEI: 549300WRV3OCU6OV1X49 | Long             | EC               | RF                | US        |      2190 | NS      | $122114.40    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Intermediate-Term U.S. Treasury ETF                       | Schwab Intermediate-Term U.S. Treasury ETF                       | CUSIP: 808524854<br>LEI: 549300LPS1K6133V2Q55 | Long             | EC               | RF                | US        |     72123 | NS      | $1805238.69   | 16.46%            |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson AAA CLO ETF                                      | Janus Henderson AAA CLO ETF                                      | CUSIP: 47103U845<br>LEI: 549300N7UZ9PO4OVKA94 | Long             | EC               | RF                | US        |      2200 | NS      | $111650.00    | 1.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson Mortgage-Backed Securities ETF                   | Janus Henderson Mortgage-Backed Securities ETF                   | CUSIP: 47103U852<br>LEI: 549300V6TVE4ZJCDWY16 | Long             | EC               | RF                | US        |     58586 | NS      | $2639299.30   | 24.06%            |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-16

**Name of Applicant:** ULTRA SERIES FUND

**Signature:** Greg Hoppe

**Name of Signer:** Greg Hoppe

**Title:** Chief Financial Officer