# EDGAR Filing Document

**Accession Number:** 0000732697
**File Stem:** 0001410368-26-010560
**Filing Date:** 2026-2
**Character Count:** 9545
**Document Hash:** 6e6b97b2b0f1130afa55a3515efd77de
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-26-010560.hdr.sgml**: 20260210

**ACCESSION NUMBER**: 0001410368-26-010560

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260210

**DATE AS OF CHANGE**: 20260210

**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:** 26614648

**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

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

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

## 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:** Diversified Income Fund

- **b. EDGAR series identifier (if any):** S000019980

- **c. LEI of Series:** 2549008KTOA5OFYKMX41

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

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

- **b. Date as of which information is reported:** 2025-12-31

**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:** $138951669.69

**Total Liabilities:** $1846734.27

**Net Assets:** $137104935.42

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000056038 | -0.61%               | 1.22%                | 0.30%                |
| Class ID C000074785 | -0.64%               | 1.20%                | 0.28%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $42198.09                | $-1279767.31                               |
| Month 2  | $-127146.02              | $1324148.68                                |
| Month 3  | $-61944.55               | $-860059.67                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Freddie Mac                                     | Federal Home Loan Mortgage Corp.                                            | CUSIP: 31292HDJ0<br>LEI: S6XOOCT0IEG5ABCC6L87 | Long             | ABS-MBS          | USGSE             | US        |      2574 | PA      | $2685.34      | 0.00%             | 2030-06-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Federal National Mortgage Association                                       | CUSIP: 31388K3Y6<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |      5474 | PA      | $5748.15      | 0.00%             | 2031-11-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Fannie Mae                                      | Federal National Mortgage Association                                       | CUSIP: 31390FC49<br>LEI: B1V7KEBTPIMZEU4LTD58 | Long             | ABS-MBS          | USGSE             | US        |       717 | PA      | $752.64       | 0.00%             | 2032-05-01      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| Government National Mortgage Association        | Government National Mortgage Association                                    | CUSIP: 36202DMR9<br>LEI: 549300M8ZYFG0OCMTT87 | Long             | ABS-MBS          | USGA              | US        |      5242 | PA      | $5473.09      | 0.00%             | 2031-04-20      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| Global X MLP ETF                                | Global X MLP ETF                                                            | CUSIP: 37954Y343<br>LEI: 5493002HV8507QNNGD19 | Long             | EC               | RF                | US        |    115261 | NS      | $5579785.01   | 4.07%             |  |  |  | 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        |    106559 | NS      | $4868680.71   | 3.55%             |  |  |  | No            |                  1 | On Loan: —       |
| Madison Short-Term Strategic Income ETF         | Madison Short-Term Strategic Income ETF                                     | CUSIP: 557441201<br>LEI: 5493000IALOEBWLDVK15 | Long             | EC               | RF                | US        |   1462500 | NS      | $29988562.50  | 21.87%            |  |  |  | No            |                  1 | On Loan: No      |
| Madison Aggregate Bond ETF                      | Madison Aggregate Bond ETF                                                  | CUSIP: 557441300<br>LEI: 5493000IAHAFHNP0JZ30 | Long             | EC               | RF                | US        |   1165000 | NS      | $23888325.00  | 17.42%            |  |  |  | No            |                  1 | On Loan: —       |
| Madison Covered Call ETF                        | Madison Covered Call ETF                                                    | CUSIP: 557441409<br>LEI: 5493000IABPYPS2KRC89 | Long             | EC               | RF                | US        |   1050000 | NS      | $19352760.00  | 14.12%            |  |  |  | No            |                  1 | On Loan: No      |
| Madison Dividend Value ETF                      | Madison Dividend Value ETF                                                  | CUSIP: 557441508<br>LEI: 5493000IABVCBRPOIQ09 | Long             | EC               | RF                | US        |   1210000 | NS      | $27722673.00  | 20.22%            |  |  |  | No            |                  1 | On Loan: No      |
| State Street SPDR Portfolio High Yield Bond ETF | State Street SPDR Portfolio High Yield Bond ETF                             | CUSIP: 78468R606<br>LEI: 549300B3SM8J1H4W2052 | Long             | EC               | RF                | US        |    608301 | NS      | $14398484.67  | 10.50%            |  |  |  | No            |                  1 | On Loan: No      |
| Schwab US Dividend Equity ETF                   | Schwab U.S. Dividend Equity ETF                                             | CUSIP: 808524797<br>LEI: 549300MUIMRQQDWJ5226 | Long             | EC               | RF                | US        |    186851 | NS      | $5125322.93   | 3.74%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck J. P. Morgan EM Local Currency Bond ETF  | VanEck J. P. Morgan EM Local Currency Bond ETF                              | CUSIP: 92189H300<br>LEI: 549300CNWPR88MZBEA63 | Long             | EC               | RF                | US        |    190000 | NS      | $4905800.00   | 3.58%             |  |  |  | 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        |   1303904 | NS      | $1303904.38   | 0.95%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors                    | State Street Navigator Securities Lending Government Money Market Portfolio | CUSIP: 857509301<br>LEI: 5493008BJIBKQ5KTIF74 | Long             | STIV             | RF                | US        |   1802425 | NS      | $1802425.00   | 1.31%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-16

**Name of Applicant:** ULTRA SERIES FUND

**Signature:** Greg Hoppe

**Name of Signer:** Greg Hoppe

**Title:** Chief Financial Officer