# EDGAR Filing Document

**Accession Number:** 0000732697
**File Stem:** 0001410368-25-022044
**Filing Date:** 2025-11
**Character Count:** 93146
**Document Hash:** c8b6f6b91f6af0d340368be9921bc738
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001410368-25-022044.hdr.sgml**: 20251113

**ACCESSION NUMBER**: 0001410368-25-022044

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251113

**DATE AS OF CHANGE**: 20251113

**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:** 251477918

**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

### 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 |  |

## Nport-Ex

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

**Conservative Allocation Fund Portfolio of Investments** **(unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 1, 2) |
| **EXCHANGE TRADED FUNDS - 43.5%** |  |  |
| **Bond Funds - 17.2%** |  |  |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 18064 | $977082 |
| Janus Henderson Mortgage-Backed Securities ETF | 72187 | 3296780 |
| Schwab Intermediate-Term U.S. Treasury ETF (A) | 112098 | 2817023 |
| Vanguard Short-Term Corporate Bond ETF | 12393 | 990572 |
|  |  | 8081457 |
| **Foreign Stock Funds - 9.4%** |  |  |
| Franklin FTSE Japan ETF | 14839 | 512836 |
| iShares MSCI Emerging Markets Asia ETF (A) | 15071 | 1382764 |
| iShares MSCI Eurozone ETF | 5961 | 369224 |
| Vanguard FTSE All-World ex-U.S. ETF | 10488 | 748529 |
| Vanguard FTSE Europe ETF | 17829 | 1422754 |
|  |  | 4436107 |
| **Stock Funds - 16.9%** |  |  |
| Distillate U.S. Fundamental Stability & Value ETF (A) | 17446 | 1011170 |
| Energy Select Sector SPDR Fund ETF | 3986 | 356109 |
| Invesco S&P 500 Quality ETF | 41846 | 3066893 |
| iShares Core S&P Small-Cap ETF | 7107 | 844525 |
| SPDR S&P Bank ETF | 17276 | 1026540 |
| Vanguard Information Technology ETF (A) | 2198 | 1641093 |
|  |  | 7946330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds**<br> (Cost $17,686,907) |  | 20463894 |
| **INVESTMENT COMPANIES - 49.6%** |  |  |
| **Bond Funds - 42.8%** |  |  |
| Madison Core Bond Fund, Class R6 (B) (C) | 2209554 | 20106946 |
| **Stock Funds - 6.8%** |  |  |
| Madison Large Cap Fund, Class R6 (C) | 109815 | 3212080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies**<br> (Cost $23,410,206) |  | 23319026 |
| **SHORT-TERM INVESTMENTS - 7.2%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (D), 4.090% | 3183138 | 3183138 |
| State Street Navigator Securities Lending Government Money Market Portfolio (D) (E), 4.180% | 204775 | 204775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments**<br> (Cost $3,387,913) |  | 3387913 |
| **TOTAL INVESTMENTS - 100.3%** <br> (Cost $44,485,026) |  | 47170833 |
| **NET OTHER ASSETS AND LIABILITIES - (0.3%)** | **NET OTHER ASSETS AND LIABILITIES - (0.3%)** | (151995) |
| **TOTAL NET ASSETS - 100.0%** |  | $47018838 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) All
 or a portion of these securities is on loan. The total value of the securities on loan
 is $200,847, collateralized by cash collateral of $204,775.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Greater
 than 25% of the portfolio. For more information refer the website https://madisonfunds.com/funds/ultra-series-fund/.

&nbsp;&nbsp;&nbsp;&nbsp;(C) Affiliated
 Company.

&nbsp;&nbsp;&nbsp;&nbsp;(D) 7-day
 yield.

&nbsp;&nbsp;&nbsp;&nbsp;(E) Represents
 investments of cash collateral received in connection with securities lending.

---

| | |
|:---|:---|
| ETF | Exchange Traded Fund. |
| FTSE | The Financial Times Stock Exchange. |
| MSCI | Morgan Stanley Capital International. |
| S&P | Standard & Poor's. |
| SPDR | Standard & Poor's Depository Receipts. |

---

See accompanying Notes to Portfolios of Investments.

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

**Moderate Allocation Fund Portfolio of Investments** **(unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 1, 2) |
| **EXCHANGE TRADED FUNDS - 53.0%** |  |  |
| **Bond Funds - 8.6%** |  |  |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 19072 | $1031605 |
| Janus Henderson Mortgage-Backed Securities ETF | 90466 | 4131582 |
| Schwab Intermediate-Term U.S. Treasury ETF (A) | 143387 | 3603315 |
|  |  | 8766502 |
| **Foreign Stock Funds - 17.0%** |  |  |
| Franklin FTSE Japan ETF (A) | 56738 | 1960865 |
| iShares MSCI Emerging Markets Asia ETF (A) | 58896 | 5403708 |
| iShares MSCI Eurozone ETF | 17294 | 1071190 |
| Vanguard FTSE All-World ex-U.S. ETF | 45518 | 3248620 |
| Vanguard FTSE Europe ETF | 72134 | 5756293 |
|  |  | 17440676 |
| **Stock Funds - 27.4%** |  |  |
| Distillate U.S. Fundamental Stability & Value ETF | 66002 | 3825476 |
| Energy Select Sector SPDR Fund ETF | 17491 | 1562646 |
| Invesco S&P 500 Quality ETF (A) | 126617 | 9279760 |
| iShares Core S&P Small-Cap ETF | 30124 | 3579635 |
| SPDR S&P Bank ETF (A) | 67378 | 4003601 |
| Vanguard Information Technology ETF | 7875 | 5879711 |
|  |  | 28130829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds**<br> (Cost $45,500,401) |  | 54338007 |
| **INVESTMENT COMPANIES - 41.2%** |  |  |
| **Bond Funds - 28.2%** |  |  |
| Madison Core Bond Fund, Class R6 (B) (C) | 3174754 | 28890263 |
| **Stock Funds - 13.0%** |  |  |
| Madison Large Cap Fund, Class R6 (C) | 418643 | 12245313 |
| Madison Mid Cap Fund, Class R6 (C) | 64915 | 1127566 |
|  |  | 13372879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies**<br> (Cost $37,787,389) |  | 42263142 |
| **SHORT-TERM INVESTMENTS - 11.6%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (D), 4.090% | 6138611 | 6138611 |
| State Street Navigator Securities Lending Government Money Market Portfolio (D) (E), 4.180% | 5747764 | 5747764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments**<br> (Cost $11,886,375) |  | 11886375 |
| **TOTAL INVESTMENTS - 105.8%**<br> (Cost $95,174,165) |  | 108487524 |
| **NET OTHER ASSETS AND LIABILITIES - (5.8%)** | **NET OTHER ASSETS AND LIABILITIES - (5.8%)** | (5906776) |
| **TOTAL NET ASSETS - 100.0%** |  | $102580748 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) All
 or a portion of these securities is on loan. The total value of the securities on loan
 is $5,598,163, collateralized by cash collateral of $5,747,764.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Greater
 than 25% of the portfolio. For more information refer the website https://madisonfunds.com/funds/ultra-series-fund/.

&nbsp;&nbsp;&nbsp;&nbsp;(C) Affiliated
 Company.

&nbsp;&nbsp;&nbsp;&nbsp;(D) 7-day
 yield.

&nbsp;&nbsp;&nbsp;&nbsp;(E) Represents
 investments of cash collateral received in connection with securities lending.

---

| | |
|:---|:---|
| ETF | Exchange Traded Fund. |
| FTSE | The Financial Times Stock Exchange. |
| MSCI | Morgan Stanley Capital International. |
| S&P | Standard & Poor's. |
| SPDR | Standard & Poor's Depository Receipts. |

---

See accompanying Notes to Portfolios of Investments.

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

**Aggressive Allocation Fund Portfolio of Investments** **(unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 1, 2) |
| **EXCHANGE TRADED FUNDS - 65.0%** |  |  |
| **Bond Funds - 2.8%** |  |  |
| Janus Henderson Mortgage-Backed Securities ETF | 11903 | $543610 |
| Schwab Intermediate-Term U.S. Treasury ETF | 24595 | 618072 |
|  |  | 1161682 |
| **Foreign Stock Funds - 22.9%** |  |  |
| Franklin FTSE Japan ETF | 32935 | 1138234 |
| iShares MSCI Emerging Markets Asia ETF | 31358 | 2877096 |
| iShares MSCI Eurozone ETF | 7017 | 434633 |
| Vanguard FTSE All-World ex-U.S. ETF | 21554 | 1538309 |
| Vanguard FTSE Europe ETF | 43995 | 3510801 |
|  |  | 9499073 |
| **Stock Funds - 39.3%** |  |  |
| Distillate U.S. Fundamental Stability & Value ETF | 50636 | 2934863 |
| Energy Select Sector SPDR Fund ETF | 8283 | 740003 |
| Invesco S&P 500 Quality ETF | 68592 | 5027108 |
| iShares Core S&P Small-Cap ETF | 15589 | 1852441 |
| SPDR S&P Bank ETF | 39398 | 2341029 |
| Vanguard Information Technology ETF | 4565 | 3408366 |
|  |  | 16303810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds**<br> (Cost $22,173,832) |  | 26964565 |
| **INVESTMENT COMPANIES - 30.4%** |  |  |
| **Bond Funds - 15.1%** |  |  |
| Madison Core Bond Fund, Class R6 (A) | 689746 | 6276686 |
| **Stock Funds - 15.3%** |  |  |
| Madison Large Cap Fund, Class R6 (A) | 197978 | 5790855 |
| Madison Mid Cap Fund, Class R6 (A) | 32044 | 556611 |
|  |  | 6347466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies**<br> (Cost $9,864,219) |  | 12624152 |
| **SHORT-TERM INVESTMENTS - 5.1%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (B), 4.090% | 2129117 | 2129117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments**<br> (Cost $2,129,117) |  | 2129117 |
| **TOTAL INVESTMENTS - 100.5%**<br> (Cost $34,167,168) |  | 41717834 |
| **NET OTHER ASSETS AND LIABILITIES - (0.5%)** | **NET OTHER ASSETS AND LIABILITIES - (0.5%)** | (195698) |
| **TOTAL NET ASSETS - 100.0%** |  | $41522136 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Affiliated
 Company.

&nbsp;&nbsp;&nbsp;&nbsp;(B) 7-day
 yield.

---

| | |
|:---|:---|
| ETF | Exchange Traded Fund. |
| FTSE | The Financial Times Stock Exchange. |
| MSCI | Morgan Stanley Capital International. |
| S&P | Standard & Poor's. |
| SPDR | Standard & Poor's Depository Receipts. |

---

See accompanying Notes to Portfolios of Investments.

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

**Diversified Income Fund Portfolio of Investments** **(unaudited)**

---

| | | | |
|:---|:---|:---|:---|
|  | Par Value | Par Value | Value (Note 1, 2) |
| **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 | $| 5848 | 6106 |
| 7.000%, 5/1/32 Pool # 644591 |  | 757 | 790 |
|  |  |  | 6896 |
| **Freddie Mac - 0.0%** |  |  |  |
| 8.000%, 6/1/30 Pool # C01005 |  | 2874 | 3003 |
| **Ginnie Mae - 0.0%** |  |  |  |
| 6.500%, 4/20/31 Pool # 3068 |  | 5699 | 5944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mortgage Backed Securities**<br> (Cost $15,184) |  |  | 15843 |
|  |  | Shares |  |
| **EXCHANGE TRADED FUNDS - 99.4%** |  |  |  |
| **Bond Funds - 56.3%** |  |  |  |
| iShares 5-10 Year Investment Grade Corporate Bond ETF (D) |  | 41658 | 2253281 |
| Janus Henderson Mortgage-Backed Securities ETF (D) |  | 139559 | 6373660 |
| Madison Aggregate Bond ETF (D) (E) |  | 1215000 | 24950025 |
| Madison Short-Term Strategic Income ETF (E) |  | 1562500 | 32257812 |
| SPDR Portfolio High Yield Bond ETF (D) |  | 608301 | 14562726 |
|  |  |  | 80397504 |
| **Stock Funds - 43.1%** |  |  |  |
| Global X MLP ETF (D) |  | 115261 | 5580938 |
| Madison Covered Call ETF (E) |  | 1220000 | 22655034 |
| Madison Dividend Value ETF (E) |  | 1210000 | 28156700 |
| Schwab U.S. Dividend Equity ETF |  | 186851 | 5101032 |
|  |  |  | 61493704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds**<br> (Cost $137,067,776) |  |  | 141891208 |
| **SHORT-TERM INVESTMENTS - 6.3%** |  |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (F), 4.090% |  | 1009592 | 1009592 |
| State Street Navigator Securities Lending Government Money Market Portfolio (F) (G), 4.180% |  | 8009446 | 8009446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments**<br> (Cost $9,019,038) |  |  | 9019038 |
| **TOTAL INVESTMENTS - 105.7%**<br> (Cost $146,101,998) |  |  | 150926089 |
| **NET OTHER ASSETS AND LIABILITIES - (5.7%)** | **NET OTHER ASSETS AND LIABILITIES - (5.7%)** | **NET OTHER ASSETS AND LIABILITIES - (5.7%)** | (8169069) |
| **TOTAL NET ASSETS - 100.0%** |  |  | $142757020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(A) Floating
 rate or variable rate note. Rate shown is as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(B) Coupon
 rate may change based on changes of the underlying collateral or prepayments of principal.
 The coupon rate shown represents the rate at September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(C) Defaulted
 Security. Security was deemed illiquid by Madison. Interest is not being accrued.

&nbsp;&nbsp;&nbsp;&nbsp;(D) All
 or a portion of these securities is on loan. The total value of the securities on loan
 is $7,828,298, collateralized by cash collateral of $8,009,446.

&nbsp;&nbsp;&nbsp;&nbsp;(E) Affiliated
 Company.

&nbsp;&nbsp;&nbsp;&nbsp;(F) 7-day
 yield.

&nbsp;&nbsp;&nbsp;&nbsp;(G) Represents
 investments of cash collateral received in connection with securities lending.

ETF Exchange Traded Fund. <br>SPDR Standard & Poor's Depository Receipts.

See accompanying Notes to Portfolios of Investments.

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

**Core Bond Fund Portfolio of Investments** **(unaudited)**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 1, 2) |
| **ASSET BACKED SECURITIES - 1.0%** | **ASSET BACKED SECURITIES - 1.0%** | **ASSET BACKED SECURITIES - 1.0%** |
| Chesapeake Funding II LLC, Series 2023- 1A, Class A1 (A), 5.650%, 5/15/35 | $114525 | $115231 |
| Enterprise Fleet Financing LLC, Series 2022-4, Class A2 (A), 5.760%, 10/22/29 | 43923 | 44134 |
| John Deere Owner Trust, Series 2023-B, Class A3, 5.180%, 3/15/28 | 179732 | 181046 |
| LAD Auto Receivables Trust, Series 2022- 1A, Class A (A), 5.210%, 6/15/27 | 2301 | 2302 |
| Towd Point Mortgage Trust, Series 2024- CES1, Class A1A (B) (C), 5.848%, 1/25/64 | 187707 | 189048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $528,089) |  | 531761 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS - 6.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 6.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS - 6.3%** |
| Bunker Hill Loan Depositary Trust, Series 2019-2, Class A1 (A) (D), 2.879%, 7/25/49 | 34022 | 33360 |
| CIM Trust, Series 2021-J2, Class A4 (A) (B) (C), 2.500%, 4/25/51 | 244778 | 220461 |
| Federal Home Loan Mortgage Corp. REMICS, Series 4066, Class DI, 3.000%, 6/15/27 | 104822 | 1561 |
| Federal Home Loan Mortgage Corp. REMICS, Series 5451, Class A, 5.000%, 5/25/49 | 219515 | 219781 |
| Federal National Mortgage Association REMICS, Series 2015-12, Class NI, 3.500%, 3/25/30 | 288636 | 12908 |
| Federal National Mortgage Association REMICS, Series 2011-31, Class DB, 3.500%, 4/25/31 | 68227 | 67055 |
| Federal National Mortgage Association REMICS, Series 2011-36, Class QB, 4.000%, 5/25/31 | 109095 | 108432 |
| Federal National Mortgage Association REMICS, Series 2005-79, Class LT, 5.500%, 9/25/35 | 121441 | 125961 |
| Federal National Mortgage Association REMICS, Series 2020-44, Class TI, 5.500%, 12/25/35 | 810575 | 115804 |
| Federal National Mortgage Association REMICS, Series 2024-99, Class EA, 5.500%, 5/25/51 | 420462 | 425945 |
| Federal National Mortgage Association REMICS, Series 2025-5, Class EA, 5.500%, 10/25/51 | 215960 | 218692 |
| GCAT Trust, Series 2021-NQM1, Class A1 (A) (B) (C), 0.874%, 1/25/66 | 115179 | 103048 |
| Government National Mortgage Association REMICS, Series 2015-53, Class IL, 3.000%, 9/20/44 | 15551 | 92 |
| JP Morgan Mortgage Trust, Series 2019-5, Class A3 (A) (B) (C), 4.000%, 11/25/49 | 10103 | 9535 |
| JP Morgan Mortgage Trust, Series 2019-7, Class A3 (A) (B) (C), 3.459%, 2/25/50 | 49054 | 44369 |
| JP Morgan Mortgage Trust, Series 2021-1, Class A3 (A) (B) (C), 2.500%, 6/25/51 | 270815 | 225316 |
| JP Morgan Mortgage Trust, Series 2021-6, Class A4 (A) (B) (C), 2.500%, 10/25/51 | 391198 | 351540 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Par Value | Par Value | Value (Note 1, 2) | Value (Note 1, 2) |
| JP Morgan Wealth Management, Series 2020-ATR1, Class A3 (A) (B) (C), 3.000%, 2/25/50 | $| 120258 | $| 105462 |
| PSMC Trust, Series 2020-2, Class A2 (A) (B) (C), 3.000%, 5/25/50 |  | 46289 |  | 41183 |
| PSMC Trust, Series 2021-1, Class A11 (A) (B) (C), 2.500%, 3/25/51 |  | 144080 |  | 128761 |
| RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (B) (C), 2.500%, 12/25/51 |  | 228114 |  | 203349 |
| Sequoia Mortgage Trust, Series 2013-7, Class A2 (B) (C), 3.000%, 6/25/43 |  | 183209 |  | 165294 |
| Towd Point Mortgage Trust, Series 2024-4, Class A1A (B) (C), 4.541%, 10/27/64 |  | 425757 |  | 426607 |
| Wells Fargo Mortgage-Backed Securities Trust, Series 2019-2, Class A1 (A) (B) (C), 4.000%, 4/25/49 |  | 5563 |  | 5287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Mortgage Obligations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $3,796,364) |  |  |  | 3359803 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%** | **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.7%** |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K059, Class X1 (B) (C), 0.367%, 9/25/26 |  | 10015237 |  | 16087 |
| FREMF Mortgage Trust, Series 2020-K106, Class B (A) (B) (C), 3.685%, 3/25/53 |  | 150000 |  | 141463 |
| Government National Mortgage Association, Series 2024-153, Class AB, 4.500%, 3/16/65 |  | 241800 |  | 238888 |
| 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** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $392,620) |  |  |  | 396438 |
| **CORPORATE NOTES AND BONDS - 26.8%** | **CORPORATE NOTES AND BONDS - 26.8%** | **CORPORATE NOTES AND BONDS - 26.8%** | **CORPORATE NOTES AND BONDS - 26.8%** | **CORPORATE NOTES AND BONDS - 26.8%** |
| **Communication Services - 0.6%** | **Communication Services - 0.6%** | **Communication Services - 0.6%** | **Communication Services - 0.6%** | **Communication Services - 0.6%** |
| AT&T, Inc., 2.250%, 2/1/32 |  | 50000 |  | 43788 |
| SBA Communications Corp., 3.875%, 2/15/27 |  | 250000 |  | 246238 |
|  |  |  |  | 290026 |
| **Communications - 0.5%** | **Communications - 0.5%** | **Communications - 0.5%** | **Communications - 0.5%** | **Communications - 0.5%** |
| NTT Finance Corp., 5.171%, 7/16/32 |  | 250000 |  | 256154 |
| **Consumer Discretionary - 1.3%** | **Consumer Discretionary - 1.3%** | **Consumer Discretionary - 1.3%** | **Consumer Discretionary - 1.3%** | **Consumer Discretionary - 1.3%** |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. (A), 5.500%, 4/20/26 |  | 50000 |  | 50009 |
| Lowe's Cos., Inc., 3.000%, 10/15/50 |  | 250000 |  | 161476 |
| Royal Caribbean Cruises Ltd., 7.500%, 10/15/27 |  | 150000 |  | 159129 |
| Tractor Supply Co., 1.750%, 11/1/30 |  | 200000 |  | 175866 |
| Tractor Supply Co., 5.250%, 5/15/33 |  | 150000 |  | 154664 |
|  |  |  |  | 701144 |
| **Consumer Staples - 1.2%** | **Consumer Staples - 1.2%** | **Consumer Staples - 1.2%** | **Consumer Staples - 1.2%** | **Consumer Staples - 1.2%** |
| Keurig Dr. Pepper, Inc., 3.800%, 5/1/50 |  | 200000 |  | 144867 |
| Lamb Weston Holdings, Inc. (A), 4.875%, 5/15/28 |  | 150000 |  | 149343 |
| Mars, Inc., 5.200%, 3/1/35 |  | 200000 |  | 204432 |

---

See accompanying Notes to Portfolios of Investments.

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

**Core Bond Fund Portfolio of Investments** **(unaudited) - continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Par Value | Par Value | Value (Note 1, 2) | Value (Note 1, 2) |
| Performance Food Group, Inc. (A), 5.500%, 10/15/27 | $| 150000 | $| 149621 |
|  |  |  |  | 648263 |
| **Energy - 3.5%** | **Energy - 3.5%** | **Energy - 3.5%** | **Energy - 3.5%** | **Energy - 3.5%** |
| Devon Energy Corp. (F), 5.200%, 9/15/34 |  | 200000 |  | 199176 |
| Diamondback Energy, Inc., 5.400%, 4/18/34 |  | 200000 |  | 204246 |
| Eastern Gas Transmission & Storage, Inc., 3.000%, 11/15/29 |  | 150000 |  | 142843 |
| Energy Transfer LP, 5.250%, 4/15/29 |  | 150000 |  | 154355 |
| Energy Transfer LP, 6.550%, 12/1/33 |  | 200000 |  | 218755 |
| Kinder Morgan, Inc., 5.550%, 6/1/45 |  | 150000 |  | 145590 |
| MPLX LP, 4.800%, 2/15/29 |  | 50000 |  | 50704 |
| MPLX LP, 2.650%, 8/15/30 |  | 200000 |  | 183681 |
| ONEOK, Inc., 5.850%, 1/15/26 |  | 100000 |  | 100269 |
| Sunoco LP/Sunoco Finance Corp., 6.000%, 4/15/27 |  | 150000 |  | 149948 |
| Valero Energy Corp., 4.000%, 6/1/52 |  | 100000 |  | 74331 |
| Valero Energy Partners LP, 4.500%, 3/15/28 |  | 200000 |  | 201517 |
|  |  |  |  | 1825415 |
| **Financials - 11.7%** | **Financials - 11.7%** | **Financials - 11.7%** | **Financials - 11.7%** | **Financials - 11.7%** |
| Aflac, Inc., 4.750%, 1/15/49 |  | 250000 |  | 224154 |
| American Express Co., (1 day USD SOFR + 1.940%) (B) (C), 6.489%, 10/30/31 |  | 250000 |  | 274085 |
| Athene Holding Ltd., 6.250%, 4/1/54 |  | 125000 |  | 127386 |
| Bank of America Corp., (5 yr. CMT + 2.000%) (B) (C), 3.846%, 3/8/37 |  | 150000 |  | 140119 |
| Capital One Financial Corp., (1 day USD SOFR + 2.640%) (B) (C), 6.312%, 6/8/29 |  | 200000 |  | 209836 |
| CBRE Services, Inc., 4.800%, 6/15/30 |  | 125000 |  | 127011 |
| Citibank NA, 5.803%, 9/29/28 |  | 250000 |  | 262264 |
| Citigroup, Inc., (1 day USD SOFR + 2.086%) (B) (C), 4.910%, 5/24/33 |  | 250000 |  | 253033 |
| Citigroup, Inc., (5 yr. CMT + 1.730%) (B) (C), 5.411%, 9/19/39 |  | 150000 |  | 150541 |
| Empower Finance 2020 LP (A), 3.075%, 9/17/51 |  | 125000 |  | 81245 |
| Fifth Third Bancorp, (1 day USD SOFR + 1.660%) (B) (C) (F), 4.337%, 4/25/33 |  | 200000 |  | 194917 |
| GLP Capital LP/GLP Financing II, Inc., 3.250%, 1/15/32 |  | 200000 |  | 179953 |
| Goldman Sachs BDC, Inc., 2.875%, 1/15/26 |  | 200000 |  | 198860 |
| Goldman Sachs Group, Inc., (1 day USD SOFR + 1.580%) (B) (C), 5.218%, 4/23/31 |  | 250000 |  | 258507 |
| Jefferies Financial Group, Inc., 2.625%, 10/15/31 |  | 250000 |  | 222460 |
| Jefferies Financial Group, Inc., 6.200%, 4/14/34 |  | 100000 |  | 106217 |
| JPMorgan Chase & Co., (1 day USD SOFR + 1.620%) (B) (C), 5.336%, 1/23/35 |  | 250000 |  | 259474 |
| JPMorgan Chase & Co., (1 day USD SOFR + 1.680%) (B) (C) (F), 5.572%, 4/22/36 |  | 200000 |  | 210862 |
| KeyCorp, 4.100%, 4/30/28 |  | 150000 |  | 149830 |
| KKR Group Finance Co. VIII LLC (A), 3.500%, 8/25/50 |  | 250000 |  | 178769 |
| Liberty Mutual Group, Inc. (A), 4.569%, 2/1/29 |  | 150000 |  | 151013 |
| Morgan Stanley, (1 day USD SOFR + 1.020%) (B) (C), 1.928%, 4/28/32 |  | 250000 |  | 218241 |
| Morgan Stanley, (1 day USD SOFR + 1.730%) (B) (C), 5.466%, 1/18/35 |  | 250000 |  | 260302 |
| Nasdaq, Inc., 1.650%, 1/15/31 |  | 200000 |  | 174912 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Par Value | Par Value | Value (Note 1, 2) | Value (Note 1, 2) |
| Old Republic International Corp., 3.850%, 6/11/51 | $| 100000 | $| 72466 |
| Omega Healthcare Investors, Inc., 3.375%, 2/1/31 |  | 225000 |  | 208854 |
| PNC Bank NA, 2.700%, 10/22/29 |  | 125000 |  | 117613 |
| PNC Financial Services Group, Inc., (1 day USD SOFR + 2.284%) (B) (C), 6.875%, 10/20/34 |  | 200000 |  | 226582 |
| Realty Income Corp. (F), 4.850%, 3/15/30 |  | 200000 |  | 205143 |
| State Street Corp., (1 day USD SOFR + 1.490%) (B) (C), 3.031%, 11/1/34 |  | 125000 |  | 117315 |
| Truist Financial Corp., (1 day USD SOFR + 2.361%) (B) (C), 5.867%, 6/8/34 |  | 200000 |  | 211923 |
| U.S. Bancorp, (1 day USD SOFR + 1.560%) (B) (C), 5.384%, 1/23/30 |  | 125000 |  | 129267 |
| U.S. Bancorp, (1 day USD SOFR + 1.600%) (B) (C), 4.839%, 2/1/34 |  | 100000 |  | 100433 |
| Wells Fargo & Co., (1 day USD SOFR + 2.100%) (B) (C), 2.393%, 6/2/28 |  | 100000 |  | 97207 |
| Wells Fargo & Co., (1 day USD SOFR + 1.500%) (B) (C), 5.198%, 1/23/30 |  | 125000 |  | 128796 |
|  |  |  |  | 6229590 |
| **Health Care - 1.5%** | **Health Care - 1.5%** | **Health Care - 1.5%** | **Health Care - 1.5%** | **Health Care - 1.5%** |
| Amgen, Inc., 5.650%, 3/2/53 |  | 75000 |  | 74818 |
| Centene Corp., 2.450%, 7/15/28 |  | 150000 |  | 139452 |
| Cigna Group, 4.375%, 10/15/28 |  | 50000 |  | 50271 |
| Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.200%, 6/1/30 |  | 250000 |  | 226108 |
| Humana, Inc., 5.375%, 4/15/31 |  | 100000 |  | 102878 |
| J.M. Smucker Co., 6.200%, 11/15/33 |  | 200000 |  | 217423 |
|  |  |  |  | 810950 |
| **Industrials - 2.8%** | **Industrials - 2.8%** | **Industrials - 2.8%** | **Industrials - 2.8%** | **Industrials - 2.8%** |
| Ball Corp., 4.875%, 3/15/26 |  | 250000 |  | 249921 |
| Boeing Co., 6.858%, 5/1/54 |  | 200000 |  | 227769 |
| Carrier Global Corp., 3.577%, 4/5/50 |  | 51000 |  | 38166 |
| Otis Worldwide Corp., 2.565%, 2/15/30 |  | 150000 |  | 139715 |
| Quanta Services, Inc., 2.900%, 10/1/30 |  | 250000 |  | 233462 |
| Textron, Inc., 2.450%, 3/15/31 |  | 250000 |  | 225151 |
| Vulcan Materials Co., 3.500%, 6/1/30 |  | 200000 |  | 193255 |
| WRKCo, Inc., 3.900%, 6/1/28 |  | 200000 |  | 198389 |
|  |  |  |  | 1505828 |
| **Information Technology - 2.5%** | **Information Technology - 2.5%** | **Information Technology - 2.5%** | **Information Technology - 2.5%** | **Information Technology - 2.5%** |
| Broadcom, Inc. (A), 3.187%, 11/15/36 |  | 12000 |  | 10245 |
| Dell International LLC/EMC Corp., 8.350%, 7/15/46 |  | 62000 |  | 80536 |
| Dell International LLC/EMC Corp., 3.450%, 12/15/51 |  | 275000 |  | 193178 |
| Fiserv, Inc., 3.500%, 7/1/29 |  | 200000 |  | 194423 |
| Gartner, Inc. (A), 4.500%, 7/1/28 |  | 150000 |  | 148791 |
| HP, Inc., 2.650%, 6/17/31 |  | 200000 |  | 180469 |
| Iron Mountain, Inc. (A), 4.500%, 2/15/31 |  | 125000 |  | 119316 |
| Oracle Corp., 3.950%, 3/25/51 |  | 250000 |  | 185652 |
| VMware LLC, 2.200%, 8/15/31 |  | 250000 |  | 220574 |
|  |  |  |  | 1333184 |
| **Materials - 0.5%** | **Materials - 0.5%** | **Materials - 0.5%** | **Materials - 0.5%** | **Materials - 0.5%** |
| Celanese U.S. Holdings LLC, 6.665%, 7/15/27 |  | 96000 |  | 98452 |
| LYB International Finance III LLC, 3.625%, 4/1/51 |  | 250000 |  | 167558 |
|  |  |  |  | 266010 |
| **Utilities - 0.7%** | **Utilities - 0.7%** | **Utilities - 0.7%** | **Utilities - 0.7%** | **Utilities - 0.7%** |
| Duke Energy Corp., 3.750%, 9/1/46 |  | 250000 |  | 191644 |

---

See accompanying Notes to Portfolios of Investments.

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

**Core Bond Fund Portfolio of Investments** **(unaudited) - continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Par Value | Par Value | Value (Note 1, 2) | Value (Note 1, 2) |
| Interstate Power & Light Co. (F), 3.500%, 9/30/49 | $| 225000 | $| 163356 |
|  |  |  |  | 355000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Notes and Bonds** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $14,961,729) |  |  |  | 14221564 |
| **FOREIGN CORPORATE BONDS - 3.2%** | **FOREIGN CORPORATE BONDS - 3.2%** | **FOREIGN CORPORATE BONDS - 3.2%** | **FOREIGN CORPORATE BONDS - 3.2%** | **FOREIGN CORPORATE BONDS - 3.2%** |
| **Energy - 0.3%** | **Energy - 0.3%** | **Energy - 0.3%** | **Energy - 0.3%** | **Energy - 0.3%** |
| Enbridge, Inc., 5.700%, 3/8/33 |  | 125000 |  | 131621 |
| **Financials - 2.2%** | **Financials - 2.2%** | **Financials - 2.2%** | **Financials - 2.2%** | **Financials - 2.2%** |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.750%, 1/30/26 |  | 150000 |  | 148782 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.625%, 10/15/27 |  | 200000 |  | 201543 |
| Avolon Holdings Funding Ltd. (A), 2.125%, 2/21/26 |  | 121000 |  | 119768 |
| Mitsubishi UFJ Financial Group, Inc., (1 yr. CMT + 1.530%) (B) (C), 5.475%, 2/22/31 |  | 250000 |  | 260540 |
| Toronto-Dominion Bank, 4.456%, 6/8/32 |  | 250000 |  | 249825 |
| UBS Group AG, (1 yr. CMT + 2.050%) (A) (B) (C), 4.703%, 8/5/27 |  | 200000 |  | 200680 |
|  |  |  |  | 1181138 |
| **Health Care - 0.6%** | **Health Care - 0.6%** | **Health Care - 0.6%** | **Health Care - 0.6%** | **Health Care - 0.6%** |
| Pfizer Investment Enterprises Pte. Ltd., 5.340%, 5/19/63 |  | 200000 |  | 189662 |
| STERIS Irish FinCo UnLtd Co., 3.750%, 3/15/51 |  | 200000 |  | 147200 |
|  |  |  |  | 336862 |
| **Industrials - 0.1%** | **Industrials - 0.1%** | **Industrials - 0.1%** | **Industrials - 0.1%** | **Industrials - 0.1%** |
| BAE Systems PLC (A), 5.300%, 3/26/34 |  | 50000 |  | 51821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Foreign Corporate Bonds** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,739,610) |  |  |  | 1701442 |
| **MORTGAGE BACKED SECURITIES - 44.3%** | **MORTGAGE BACKED SECURITIES - 44.3%** | **MORTGAGE BACKED SECURITIES - 44.3%** | **MORTGAGE BACKED SECURITIES - 44.3%** | **MORTGAGE BACKED SECURITIES - 44.3%** |
| **Fannie Mae - 27.1%** | **Fannie Mae - 27.1%** | **Fannie Mae - 27.1%** | **Fannie Mae - 27.1%** | **Fannie Mae - 27.1%** |
| 3.000%, 9/1/30 Pool # 890696 |  | 179413 |  | 175921 |
| 3.000%, 12/1/30 Pool # AL8924 |  | 62045 |  | 61128 |
| 7.000%, 11/1/31 Pool # 607515 |  | 5848 |  | 6106 |
| 3.500%, 12/1/31 Pool # MA0919 |  | 22671 |  | 22287 |
| 6.500%, 3/1/32 Pool # 631377 |  | 7722 |  | 8010 |
| 7.000%, 5/1/32 Pool # 644591 |  | 1376 |  | 1437 |
| 6.500%, 6/1/32 Pool # 545691 |  | 53072 |  | 55179 |
| 3.500%, 8/1/32 Pool # MA3098 |  | 26548 |  | 26188 |
| 5.500%, 11/1/33 Pool # 555880 |  | 79933 |  | 82001 |
| 4.000%, 2/1/35 Pool # MA2177 |  | 290871 |  | 288448 |
| 3.500%, 12/1/35 Pool # MA2473 |  | 170878 |  | 165896 |
| 4.000%, 6/1/36 Pool # AL8618 |  | 80061 |  | 78810 |
| 2.500%, 9/1/36 Pool # FS4049 |  | 328507 |  | 311113 |
| 5.500%, 10/1/36 Pool # 901723 |  | 45162 |  | 46515 |
| 6.500%, 10/1/36 Pool # 894118 |  | 49459 |  | 51039 |
| 6.000%, 11/1/36 Pool # 902510 |  | 150912 |  | 158548 |
| 6.000%, 10/1/37 Pool # 947563 |  | 143577 |  | 151302 |
| 4.500%, 5/1/38 Pool # MA5013 |  | 166664 |  | 166692 |
| 6.500%, 8/1/38 Pool # 987711 |  | 216829 |  | 229084 |
| 3.000%, 11/1/39 Pool # MA3831 |  | 39798 |  | 37263 |
| 2.500%, 8/1/40 Pool # BP6565 |  | 528817 |  | 480265 |
| 4.000%, 1/1/41 Pool # AB2080 |  | 322461 |  | 314544 |
| 2.500%, 5/1/41 Pool # MA4334 |  | 332733 |  | 296035 |
| 4.500%, 7/1/41 Pool # AB3274 |  | 141561 |  | 141692 |
| 5.500%, 7/1/41 Pool # AL6588 |  | 285276 |  | 296932 |
| 4.000%, 9/1/41 Pool # AJ1406 |  | 144587 |  | 140992 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Par Value | Par Value | Value (Note 1, 2) | Value (Note 1, 2) |
| 2.500%, 3/1/42 Pool # MA4571 | $| 710766 | $| 631108 |
| 3.500%, 6/1/42 Pool # AO4136 |  | 352457 |  | 333778 |
| 4.000%, 6/1/42 Pool # MA1087 |  | 95401 |  | 92841 |
| 3.500%, 8/1/42 Pool # AP2133 |  | 166276 |  | 157567 |
| 3.500%, 9/1/42 Pool # AB6228 |  | 280129 |  | 264590 |
| 4.000%, 10/1/42 Pool # AP7363 |  | 238367 |  | 231946 |
| 3.500%, 3/1/43 Pool # AT0310 |  | 195096 |  | 184515 |
| 5.000%, 11/1/44 Pool # MA5539 |  | 218740 |  | 220781 |
| 4.000%, 1/1/45 Pool # AS4257 |  | 45229 |  | 43609 |
| 4.500%, 2/1/45 Pool # MA2193 |  | 77200 |  | 76676 |
| 5.000%, 9/1/45 Pool # MA5833 |  | 346115 |  | 348103 |
| 3.500%, 11/1/45 Pool # BA4907 |  | 116576 |  | 109670 |
| 3.500%, 12/1/45 Pool # AS6309 |  | 90870 |  | 85487 |
| 4.500%, 10/1/46 Pool # MA2783 |  | 18089 |  | 17943 |
| 4.000%, 12/1/46 Pool # BD2379 |  | 55774 |  | 53672 |
| 3.000%, 1/1/47 Pool # BE0108 |  | 190959 |  | 173290 |
| 2.500%, 12/1/47 Pool # FM3165 |  | 383270 |  | 333202 |
| 3.000%, 1/1/48 Pool # FM1303 |  | 461973 |  | 419247 |
| 4.000%, 7/1/48 Pool # MA3415 |  | 87390 |  | 84020 |
| 3.000%, 1/1/49 Pool # FS4296 |  | 273647 |  | 251718 |
| 4.000%, 11/1/50 Pool # FM5530 |  | 245454 |  | 233706 |
| 2.000%, 12/1/51 Pool # FM9925 |  | 596898 |  | 490070 |
| 3.000%, 12/1/51 Pool # FS3478 |  | 207050 |  | 182426 |
| 2.000%, 1/1/52 Pool # CB2601 |  | 307651 |  | 252789 |
| 2.500%, 3/1/52 Pool # BV4133 |  | 235408 |  | 198839 |
| 2.500%, 4/1/52 Pool # FS4138 |  | 204438 |  | 174318 |
| 4.000%, 5/1/52 Pool # FS1704 |  | 988741 |  | 936033 |
| 3.500%, 6/1/52 Pool # CB3845 |  | 589362 |  | 540944 |
| 4.500%, 8/1/52 Pool # FS2605 |  | 1043432 |  | 1019594 |
| 4.000%, 9/1/52 Pool # MA4732 |  | 203987 |  | 193069 |
| 5.000%, 10/1/52 Pool # MA4785 |  | 375906 |  | 374768 |
| 5.500%, 10/1/52 Pool # MA4786 |  | 246766 |  | 249891 |
| 5.000%, 11/1/52 Pool # MA4806 |  | 293898 |  | 293539 |
| 5.000%, 12/1/52 Pool # MA4841 |  | 200340 |  | 199734 |
| 5.500%, 12/1/52 Pool # MA4842 |  | 77104 |  | 78225 |
| 4.500%, 7/1/53 Pool # FS4996 |  | 181659 |  | 177543 |
| 5.500%, 7/1/53 Pool # MA5072 |  | 203013 |  | 205086 |
| 5.500%, 9/1/53 Pool # FS5575 |  | 286145 |  | 291476 |
| 5.500%, 5/1/54 Pool # FS7759 |  | 388757 |  | 393723 |
|  |  |  |  | 14392963 |
| **Freddie Mac - 17.2%** | **Freddie Mac - 17.2%** | **Freddie Mac - 17.2%** | **Freddie Mac - 17.2%** | **Freddie Mac - 17.2%** |
| 8.000%, 6/1/30 Pool # C01005 |  | 3593 |  | 3754 |
| 7.000%, 3/1/31 Pool # C48129 |  | 13980 |  | 14613 |
| 2.500%, 2/1/32 Pool # ZS8641 |  | 60914 |  | 58678 |
| 5.500%, 11/1/34 Pool # A28282 |  | 73353 |  | 75223 |
| 2.500%, 6/1/35 Pool # RC1421 |  | 123482 |  | 116544 |
| 5.500%, 1/1/37 Pool # G04593 |  | 54291 |  | 56574 |
| 5.000%, 5/1/40 Pool # SB8384 |  | 327821 |  | 331334 |
| 2.000%, 3/1/41 Pool # RB5105 |  | 322805 |  | 279087 |
| 4.000%, 10/1/41 Pool # Q04092 |  | 161484 |  | 157408 |
| 3.000%, 9/1/42 Pool # C04233 |  | 461852 |  | 425801 |
| 3.500%, 8/1/44 Pool # Q27927 |  | 169307 |  | 159472 |
| 3.000%, 7/1/45 Pool # G08653 |  | 198428 |  | 180594 |
| 3.500%, 8/1/45 Pool # Q35614 |  | 255728 |  | 240872 |
| 3.000%, 10/1/46 Pool # G60722 |  | 299819 |  | 271605 |
| 4.000%, 3/1/47 Pool # Q46801 |  | 66713 |  | 64278 |
| 3.500%, 12/1/47 Pool # Q52955 |  | 108650 |  | 101153 |
| 2.500%, 4/1/48 Pool # QA2240 |  | 1366977 |  | 1187508 |
| 3.000%, 7/1/49 Pool # QA1033 |  | 157718 |  | 140231 |
| 2.500%, 1/1/52 Pool # SD7552 |  | 916228 |  | 786557 |

---

See accompanying Notes to Portfolios of Investments.

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

**Core Bond Fund Portfolio of Investments** **(unaudited) - concluded**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Par Value | Par Value | Value (Note 1, 2) | Value (Note 1, 2) |
| 3.500%, 4/1/52 Pool # SD0960 | $| 578333 | $| 536881 |
| 3.500%, 5/1/52 Pool # RA7380 |  | 345902 |  | 317132 |
| 3.000%, 8/1/52 Pool # SD7556 |  | 543041 |  | 482906 |
| 4.500%, 11/1/52 Pool # SD8266 |  | 414198 |  | 403856 |
| 5.000%, 11/1/52 Pool # SD8267 |  | 160990 |  | 160668 |
| 5.500%, 11/1/52 Pool # SD1859 |  | 192041 |  | 195944 |
| 4.500%, 12/1/52 Pool # SD1921 |  | 283344 |  | 277863 |
| 5.000%, 12/1/52 Pool # SD8276 |  | 203791 |  | 203163 |
| 5.000%, 1/1/53 Pool # SD8288 |  | 175852 |  | 175311 |
| 5.000%, 2/1/53 Pool # SD8299 |  | 459016 |  | 457861 |
| 5.500%, 2/1/53 Pool # SD2172 |  | 242842 |  | 247905 |
| 5.000%, 5/1/53 Pool # SD2875 |  | 324959 |  | 327034 |
| 6.000%, 9/1/53 Pool # SD3739 |  | 565840 |  | 583228 |
| 5.500%, 2/1/54 Pool # SD4901 |  | 84966 |  | 86219 |
|  |  |  |  | 9107257 |
| **Ginnie Mae - 0.0%** | **Ginnie Mae - 0.0%** | **Ginnie Mae - 0.0%** | **Ginnie Mae - 0.0%** | **Ginnie Mae - 0.0%** |
| 6.500%, 2/20/29 Pool # 2714 |  | 6515 |  | 6689 |
| 6.500%, 4/20/31 Pool # 3068 |  | 6920 |  | 7217 |
|  |  |  |  | 13906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mortgage Backed Securities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $24,177,927) |  |  |  | 23514126 |
| **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 15.5%** | **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 15.5%** | **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 15.5%** | **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 15.5%** | **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 15.5%** |
| **U.S. Treasury Bonds - 10.5%** | **U.S. Treasury Bonds - 10.5%** | **U.S. Treasury Bonds - 10.5%** | **U.S. Treasury Bonds - 10.5%** | **U.S. Treasury Bonds - 10.5%** |
| 6.625%, 2/15/27 |  | 500000 |  | 521211 |
| 4.500%, 5/15/38 |  | 750000 |  | 765967 |
| 3.750%, 8/15/41 |  | 750000 |  | 681006 |
| 4.625%, 5/15/44 |  | 565000 |  | 560498 |
| 3.000%, 5/15/45 |  | 750000 |  | 583066 |
| 2.500%, 5/15/46 |  | 500000 |  | 351230 |
| 3.375%, 11/15/48 |  | 500000 |  | 401270 |
| 1.250%, 5/15/50 |  | 600000 |  | 293977 |
| 1.875%, 2/15/51 |  | 500000 |  | 285313 |
| 4.125%, 8/15/53 |  | 500000 |  | 451562 |
| 4.250%, 8/15/54 |  | 750000 |  | 691787 |
|  |  |  |  | 5586887 |
| **U.S. Treasury Notes - 5.0%** | **U.S. Treasury Notes - 5.0%** | **U.S. Treasury Notes - 5.0%** | **U.S. Treasury Notes - 5.0%** | **U.S. Treasury Notes - 5.0%** |
| 4.625%, 6/15/27 |  | 300000 |  | 304805 |
| 3.875%, 11/30/29 |  | 300000 |  | 301992 |
| 4.000%, 7/31/30 |  | 350000 |  | 354033 |
| 4.250%, 6/30/31 |  | 175000 |  | 178855 |
| 4.000%, 2/15/34 |  | 750000 |  | 748096 |
| 4.375%, 5/15/34 |  | 750000 |  | 767461 |
|  |  |  |  | 2655242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency Obligations** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $8,991,355) |  |  |  | 8242129 |
|  | Shares | Shares |  |  |
| **SHORT-TERM INVESTMENTS - 3.2%** | **SHORT-TERM INVESTMENTS - 3.2%** | **SHORT-TERM INVESTMENTS - 3.2%** | **SHORT-TERM INVESTMENTS - 3.2%** | **SHORT-TERM INVESTMENTS - 3.2%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (G), 4.090% |  | 839183 |  | 839183 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 1, 2) |
| State Street Navigator Securities Lending Government Money Market Portfolio (G) (H), 4.180% | 839750 | $839750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,678,933) |  | 1678933 |
| **TOTAL INVESTMENTS - 101.0%** |  |  |
| (Cost $56,266,627) |  | 53646196 |
| **NET OTHER ASSETS AND LIABILITIES - (1.0%)** | **NET OTHER ASSETS AND LIABILITIES - (1.0%)** | (505041) |
| **TOTAL NET ASSETS - 100.0%** | **TOTAL NET ASSETS - 100.0%** | $53141155 |

---

---

| | |
|:---|:---|
| (A) | 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) | Floating rate or variable rate note. Rate shown is as of September 30, 2025. |
| (C) | Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at September 30, 2025. |
| (D) | Stepped rate security. Rate shown is as of September 30, 2025. |
| (E) | Defaulted Security. Security was deemed illiquid by Madison. Interest is not being accrued. |
| (F) | All or a portion of these securities is on loan. The total value of the securities on loan is $821,320, collateralized by cash collateral of $839,750. |
| (G) | 7-day yield. |
| (H) | Represents investments of cash collateral received in connection with securities lending. |
| BDC | Business Development Company. |
| CMT | Constant Maturity Treasury. |
| DAC | Designated Activity Company. |
| FREMF | Freddie Mac Multifamily Securities. |
| IO | Interest Only. |
| LLC | Limited Liability Corporation. |
| LP | Limited Partnership. |
| PLC | Public Limited Company. |
| REMIC | Real Estate Mortgage Investment Conduit. |
| SOFR | Secured Overnight Financing Rate. |
| USD | United States Dollar. |

---

See accompanying Notes to Portfolios of Investments.

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

**Large Cap Value Fund Portfolio of Investments** **(unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 1, 2) |
| **COMMON STOCKS - 98.5%** | **COMMON STOCKS - 98.5%** | **COMMON STOCKS - 98.5%** |
| **Communication Services - 1.9%** | **Communication Services - 1.9%** | **Communication Services - 1.9%** |
| Comcast Corp., Class A | 99700 | $3132574 |
| **Consumer Discretionary - 10.4%** | **Consumer Discretionary - 10.4%** | **Consumer Discretionary - 10.4%** |
| Home Depot, Inc. | 14870 | 6025175 |
| Lowe's Cos., Inc. | 18485 | 4645465 |
| McDonald's Corp. | 7500 | 2279175 |
| NIKE, Inc., Class B | 37069 | 2584821 |
| Starbucks Corp. | 22259 | 1883112 |
|  |  | 17417748 |
| **Consumer Staples - 7.0%** | **Consumer Staples - 7.0%** | **Consumer Staples - 7.0%** |
| Colgate-Palmolive Co. | 31800 | 2542092 |
| Hershey Co. | 14700 | 2749635 |
| PepsiCo, Inc. | 23500 | 3300340 |
| Procter & Gamble Co. | 20375 | 3130619 |
|  |  | 11722686 |
| **Energy - 8.7%** | **Energy - 8.7%** | **Energy - 8.7%** |
| Chevron Corp. | 28100 | 4363649 |
| ConocoPhillips | 26702 | 2525742 |
| EOG Resources, Inc. | 39500 | 4428740 |
| Exxon Mobil Corp. | 28800 | 3247200 |
|  |  | 14565331 |
| **Equity Real Estate Investment Trusts (REITs) - 2.4%** | **Equity Real Estate Investment Trusts (REITs) - 2.4%** | **Equity Real Estate Investment Trusts (REITs) - 2.4%** |
| American Tower Corp., REIT | 20500 | 3942560 |
| **Financials - 19.3%** | **Financials - 19.3%** | **Financials - 19.3%** |
| Bank of America Corp. | 95009 | 4901514 |
| Blackrock, Inc. | 5800 | 6762046 |
| CME Group, Inc. | 21300 | 5755047 |
| JPMorgan Chase & Co. | 15274 | 4817878 |
| Marsh & McLennan Cos., Inc. | 15300 | 3083409 |
| Morgan Stanley | 42700 | 6787592 |
|  |  | 32107486 |
| **Health Care - 14.5%** | **Health Care - 14.5%** | **Health Care - 14.5%** |
| Abbott Laboratories | 30800 | 4125352 |
| AbbVie, Inc. | 22300 | 5163342 |
| Elevance Health, Inc. | 7300 | 2358776 |
| Johnson & Johnson | 39100 | 7249922 |
| Medtronic PLC | 55883 | 5322297 |
|  |  | 24219689 |
| **Industrials - 20.1%** | **Industrials - 20.1%** | **Industrials - 20.1%** |
| Automatic Data Processing, Inc. | 18100 | 5312350 |
| Caterpillar, Inc. | 4388 | 2093734 |
| Cummins, Inc. | 7003 | 2957857 |
| Fastenal Co. | 88400 | 4335136 |
| Honeywell International, Inc. | 26000 | 5473000 |
| Illinois Tool Works, Inc. | 18700 | 4876212 |
| Rockwell Automation, Inc. | 8652 | 3024134 |
| Union Pacific Corp. | 23010 | 5438874 |
|  |  | 33511297 |
| **Information Technology - 8.7%** | **Information Technology - 8.7%** | **Information Technology - 8.7%** |
| Accenture PLC, Class A | 8580 | 2115828 |
| Analog Devices, Inc. | 9693 | 2381570 |
| TE Connectivity PLC | 22400 | 4917472 |
| Texas Instruments, Inc. | 27419 | 5037693 |
|  |  | 14452563 |
| **Materials - 1.8%** | **Materials - 1.8%** | **Materials - 1.8%** |
| Air Products & Chemicals, Inc. | 10934 | 2981920 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 1, 2) |
| **Utilities - 3.7%** | **Utilities - 3.7%** | **Utilities - 3.7%** |
| NextEra Energy, Inc. | 81900 | $6182631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $124,814,181) |  | 164236485 |
| **SHORT-TERM INVESTMENTS - 1.5%** | **SHORT-TERM INVESTMENTS - 1.5%** | **SHORT-TERM INVESTMENTS - 1.5%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 4.090% | 2443382 | 2443382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,443,382) |  | 2443382 |
| **TOTAL INVESTMENTS - 100.0%** |  |  |
| (Cost $127,257,563) |  | 166679867 |
| **NET OTHER ASSETS AND LIABILITIES - (0.0%)** | **NET OTHER ASSETS AND LIABILITIES - (0.0%)** | (19679) |
| **TOTAL NET ASSETS - 100.0%** | **TOTAL NET ASSETS - 100.0%** | $166660188 |

---

(A) 7-day yield. <br> PLC Public Limited Company. <br> REIT Real Estate Investment Trust.

See accompanying Notes to Portfolios of Investments.

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

**Large Cap Growth Fund Portfolio of Investments** **(unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 1, 2) |
| **COMMON STOCKS - 96.6%** | **COMMON STOCKS - 96.6%** | **COMMON STOCKS - 96.6%** |
| **Communication Services - 7.2%** | **Communication Services - 7.2%** | **Communication Services - 7.2%** |
| Alphabet, Inc., Class C | 50608 | $12325578 |
| **Consumer Discretionary - 17.2%** | **Consumer Discretionary - 17.2%** | **Consumer Discretionary - 17.2%** |
| Airbnb, Inc., Class A\* | 35264 | 4281755 |
| Amazon.com, Inc.\* | 41510 | 9114351 |
| Lowe's Cos., Inc. | 26078 | 6553662 |
| NIKE, Inc., Class B | 32028 | 2233312 |
| Starbucks Corp. | 35656 | 3016498 |
| TJX Cos., Inc. | 28463 | 4114042 |
|  |  | 29313620 |
| **Financials -27.4%** | **Financials -27.4%** | **Financials -27.4%** |
| *Capital Markets - 8.4%* | *Capital Markets - 8.4%* | *Capital Markets - 8.4%* |
| Brookfield Corp. (A) | 87854 | 6025027 |
| Charles Schwab Corp. | 49066 | 4684331 |
| MSCI, Inc. | 6274 | 3559931 |
|  |  | 14269289 |
| *Financial Services - 7.0%* | *Financial Services - 7.0%* | *Financial Services - 7.0%* |
| Fiserv, Inc.\* | 41918 | 5404488 |
| Visa, Inc., Class A | 18848 | 6434330 |
|  |  | 11838818 |
| *Insurance - 12.0%* | *Insurance - 12.0%* | *Insurance - 12.0%* |
| Arch Capital Group Ltd. | 113403 | 10289054 |
| Marsh & McLennan Cos., Inc. | 19897 | 4009843 |
| Progressive Corp. | 24915 | 6152759 |
|  |  | 20451656 |
|  |  | 46559763 |
| **Health Care - 7.9%** | **Health Care - 7.9%** | **Health Care - 7.9%** |
| Agilent Technologies, Inc. | 38245 | 4908746 |
| Alcon AG | 28603 | 2131209 |
| Danaher Corp. | 31997 | 6343725 |
|  |  | 13383680 |
| **Industrials - 18.0%** | **Industrials - 18.0%** | **Industrials - 18.0%** |
| Copart, Inc.\* | 102591 | 4613517 |
| Deere & Co. | 8693 | 3974961 |
| Ferguson Enterprises, Inc. | 36696 | 8241188 |
| PACCAR, Inc. | 69867 | 6869324 |
| Parker-Hannifin Corp. | 9234 | 7000757 |
|  |  | 30699747 |
| **Information Technology - 18.9%** | **Information Technology - 18.9%** | **Information Technology - 18.9%** |
| Accenture PLC, Class A | 15180 | 3743388 |
| Analog Devices, Inc. | 20996 | 5158717 |
| CDW Corp. | 28340 | 4513995 |
| Gartner, Inc.\* | 18062 | 4747958 |
| Keysight Technologies, Inc.\* | 37541 | 6566672 |
| Texas Instruments, Inc. | 40427 | 7427653 |
|  |  | 32158383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $92,543,658) |  | 164440771 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 1, 2) |
| **SHORT-TERM INVESTMENTS - 3.4%** | **SHORT-TERM INVESTMENTS - 3.4%** | **SHORT-TERM INVESTMENTS - 3.4%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (B), 4.090% | 5729979 | $5729979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $5,729,979) |  | 5729979 |
| **TOTAL INVESTMENTS - 100.0%** |  |  |
| (Cost $98,273,637) |  | 170170750 |
| **NET OTHER ASSETS AND LIABILITIES - 0.0%** | **NET OTHER ASSETS AND LIABILITIES - 0.0%** | 29780 |
| **TOTAL NET ASSETS - 100.0%** |  | $170200530 |

---

---

| | |
|:---|:---|
| \* | Non-income producing. |
| (A) | All or a portion of these securities is on loan. The total value of the securities on loan is $5,952,677 collateralized by non-cash collateral of $6,135,681. |
| (B) | 7-day yield. |
| MSCI | Morgan Stanley Capital International. |
| PLC | Public Limited Company. |

---

See accompanying Notes to Portfolios of Investments.

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

**Mid Cap Fund Portfolio of Investments** **(unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 1, 2) |
| **COMMON STOCKS - 96.5%** | **COMMON STOCKS - 96.5%** | **COMMON STOCKS - 96.5%** |
| **Communication Services - 5.5%** | **Communication Services - 5.5%** | **Communication Services - 5.5%** |
| Liberty Broadband Corp., Class C\* | 37897 | $2407976 |
| Liberty Media Corp.-Liberty Formula One, Class C\* | 38563 | 4027905 |
|  |  | 6435881 |
| **Consumer Discretionary - 15.6%** | **Consumer Discretionary - 15.6%** | **Consumer Discretionary - 15.6%** |
| Asbury Automotive Group, Inc.\* | 10504 | 2567703 |
| Floor & Decor Holdings, Inc., Class A\* | 46511 | 3427860 |
| Lithia Motors, Inc. | 7932 | 2506512 |
| Ross Stores, Inc. | 44297 | 6750420 |
| Thor Industries, Inc. | 30810 | 3194689 |
|  |  | 18447184 |
| **Financials - 23.9%** | **Financials - 23.9%** | **Financials - 23.9%** |
| Arch Capital Group Ltd. | 94471 | 8571354 |
| Brookfield Asset Management Ltd., Class A | 53021 | 3019016 |
| Brown & Brown, Inc. | 59202 | 5552555 |
| Cullen/Frost Bankers, Inc. | 10567 | 1339579 |
| Glacier Bancorp, Inc. | 28862 | 1404713 |
| Kinsale Capital Group, Inc. | 4546 | 1933232 |
| Moelis & Co., Class A | 33949 | 2421243 |
| W.R. Berkley Corp. | 50498 | 3869157 |
|  |  | 28110849 |
| **Health Care - 11.1%** | **Health Care - 11.1%** | **Health Care - 11.1%** |
| Bio-Techne Corp. | 34891 | 1940986 |
| Labcorp Holdings, Inc. | 15339 | 4403213 |
| Medpace Holdings, Inc.\* | 8106 | 4167781 |
| Waters Corp.\* | 8616 | 2583163 |
|  |  | 13095143 |
| **Industrials - 16.0%** | **Industrials - 16.0%** | **Industrials - 16.0%** |
| Carlisle Cos., Inc. | 13869 | 4562346 |
| Copart, Inc.\* | 90444 | 4067267 |
| Expeditors International of Washington, Inc. | 14894 | 1825855 |
| Graco, Inc. | 13879 | 1179160 |
| PACCAR, Inc. | 45667 | 4489979 |
| Trex Co., Inc.\* | 53083 | 2742799 |
|  |  | 18867406 |
| **Information Technology - 24.4%** | **Information Technology - 24.4%** | **Information Technology - 24.4%** |
| Amphenol Corp., Class A | 67718 | 8380103 |
| Arista Networks, Inc.\* | 15852 | 2309795 |
| CDW Corp. | 28077 | 4472105 |
| Gartner, Inc.\* | 15312 | 4025065 |
| Microchip Technology, Inc. | 40556 | 2604506 |
| MKS, Inc. | 26975 | 3338696 |
| Teledyne Technologies, Inc.\* | 6211 | 3639894 |
|  |  | 28770164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $55,780,351) |  | 113726627 |
| **SHORT-TERM INVESTMENTS - 3.9%** | **SHORT-TERM INVESTMENTS - 3.9%** | **SHORT-TERM INVESTMENTS - 3.9%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 4.090% | 4610975 | 4610975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,610,975) |  | 4610975 |
| **TOTAL INVESTMENTS - 100.4%** |  |  |
| (Cost $60,391,326) |  | 118337602 |
| **NET OTHER ASSETS AND LIABILITIES - (0.4%)** | **NET OTHER ASSETS AND LIABILITIES - (0.4%)** | (519308) |
| **TOTAL NET ASSETS - 100.0%** |  | $117818294 |

---

\* Non-income producing. <br> (A) 7-day yield.

See accompanying Notes to Portfolios of Investments.

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

**Target Retirement 2020 Fund Portfolio of Investments** **(unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 1, 2) |
| **EXCHANGE TRADED FUNDS - 97.8%** | **EXCHANGE TRADED FUNDS - 97.8%** | **EXCHANGE TRADED FUNDS - 97.8%** |
| **Bond Funds - 78.1%** | **Bond Funds - 78.1%** | **Bond Funds - 78.1%** |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 7127 | $385499 |
| iShares 7-10 Year Treasury Bond ETF | 19290 | 1860713 |
| iShares Aaa - A Rated Corporate Bond ETF | 19986 | 968721 |
| Janus Henderson AAA CLO ETF | 1956 | 99326 |
| Janus Henderson Mortgage-Backed Securities ETF | 55629 | 2540577 |
| Schwab Intermediate-Term U.S. Treasury ETF | 65582 | 1648076 |
| SPDR Portfolio Short Term Treasury ETF | 38343 | 1124217 |
|  |  | 8627129 |
| **Foreign Stock Funds - 5.7%** | **Foreign Stock Funds - 5.7%** | **Foreign Stock Funds - 5.7%** |
| iShares MSCI Emerging Markets Asia ETF | 1676 | 153773 |
| iShares MSCI Eurozone ETF | 1328 | 82256 |
| JPMorgan International Research Enhanced Equity ETF | 5375 | 395278 |
|  |  | 631307 |
| **Stock Funds - 14.0%** | **Stock Funds - 14.0%** | **Stock Funds - 14.0%** |
| Distillate Small/Mid Cash Flow ETF | 815 | 29241 |
| Distillate U.S. Fundamental Stability & Value ETF | 6049 | 350600 |
| Invesco S&P 500 Quality ETF | 9203 | 674488 |
| SPDR Portfolio S&P 400 Mid Cap ETF | 1892 | 108203 |
| SPDR S&P Bank ETF | 2190 | 130130 |
| Vanguard Information Technology ETF | 344 | 256841 |
|  |  | 1549503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $10,190,335) |  | 10807939 |
| **SHORT-TERM INVESTMENTS - 2.2%** | **SHORT-TERM INVESTMENTS - 2.2%** | **SHORT-TERM INVESTMENTS - 2.2%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 4.090% | 248284 | 248284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $248,284) |  | 248284 |
| **TOTAL INVESTMENTS - 100.0%** |  |  |
| (Cost $10,438,619) |  | 11056223 |
| **NET OTHER ASSETS AND LIABILITIES - 0.0%** | **NET OTHER ASSETS AND LIABILITIES - 0.0%** | 982 |
| **TOTAL NET ASSETS - 100.0%** |  | $11057205 |

---

---

| | |
|:---|:---|
| (A) | 7-day yield. |
| CLO | Collateralized Loan Obligation |
| ETF | Exchange Traded Fund. |
| MSCI | Morgan Stanley Capital International. |
| S&P | Standard & Poor's. |
| SPDR | Standard & Poor's Depository Receipts. |

---

See accompanying Notes to Portfolios of Investments.

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

**Target Retirement 2030 Fund Portfolio of Investments** **(unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 1, 2) |
| **EXCHANGE TRADED FUNDS - 96.5%** | **EXCHANGE TRADED FUNDS - 96.5%** | **EXCHANGE TRADED FUNDS - 96.5%** |
| **Bond Funds - 59.5%** | **Bond Funds - 59.5%** | **Bond Funds - 59.5%** |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 34886 | $1886984 |
| iShares 7-10 Year Treasury Bond ETF | 69968 | 6749113 |
| iShares Aaa - A Rated Corporate Bond ETF | 69597 | 3373366 |
| Janus Henderson AAA CLO ETF | 10342 | 525167 |
| Janus Henderson Mortgage-Backed Securities ETF | 207039 | 9455471 |
| Schwab Intermediate-Term U.S. Treasury ETF | 214277 | 5384781 |
| SPDR Portfolio Short Term Treasury ETF | 137509 | 4031764 |
|  |  | 31406646 |
| **Foreign Stock Funds - 10.4%** | **Foreign Stock Funds - 10.4%** | **Foreign Stock Funds - 10.4%** |
| iShares MSCI Emerging Markets Asia ETF | 15782 | 1447998 |
| iShares MSCI Eurozone ETF | 16455 | 1019223 |
| JPMorgan International Research Enhanced Equity ETF | 34099 | 2507640 |
| Vanguard FTSE All-World ex-U.S. ETF | 7361 | 525355 |
|  |  | 5500216 |
| **Stock Funds - 26.6%** | **Stock Funds - 26.6%** | **Stock Funds - 26.6%** |
| Distillate Small/Mid Cash Flow ETF | 10886 | 390581 |
| Distillate U.S. Fundamental Stability & Value ETF | 65214 | 3779803 |
| Invesco S&P 500 Quality ETF | 73681 | 5400081 |
| SPDR Portfolio S&P 400 Mid Cap ETF | 13659 | 781158 |
| SPDR S&P Bank ETF | 20423 | 1213535 |
| Vanguard Information Technology ETF | 3282 | 2450440 |
|  |  | 14015598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $46,035,848) |  | 50922460 |
| **SHORT-TERM INVESTMENTS - 3.5%** | **SHORT-TERM INVESTMENTS - 3.5%** | **SHORT-TERM INVESTMENTS - 3.5%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 4.090% | 1839743 | 1839743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Cost $1,839,743) |  | 1839743 |
| **TOTAL INVESTMENTS - 100.0%** |  |  |
| (Cost $47,875,591) |  | 52762203 |
| **NET OTHER ASSETS AND LIABILITIES - (0.0%)** | **NET OTHER ASSETS AND LIABILITIES - (0.0%)** | (9056) |
| **TOTAL NET ASSETS - 100.0%** |  | $52753147 |

---

---

| | |
|:---|:---|
| (A) | 7-day yield. |
| CLO | Collateralized Loan Obligation |
| ETF | Exchange Traded Fund. |
| FTSE | The Financial Times Stock Exchange. |
| MSCI | Morgan Stanley Capital International. |
| S&P | Standard & Poor's. |
| SPDR | Standard & Poor's Depository Receipts. |

---

See accompanying Notes to Portfolios of Investments.

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

**Target Retirement 2040 Fund Portfolio of Investments** **(unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 1, 2) |
| **EXCHANGE TRADED FUNDS - 97.9%** | **EXCHANGE TRADED FUNDS - 97.9%** | **EXCHANGE TRADED FUNDS - 97.9%** |
| **Bond Funds - 37.9%** | **Bond Funds - 37.9%** | **Bond Funds - 37.9%** |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 17390 | $940625 |
| iShares 7-10 Year Treasury Bond ETF | 33448 | 3226394 |
| iShares Aaa - A Rated Corporate Bond ETF | 42048 | 2038066 |
| Janus Henderson AAA CLO ETF | 8197 | 416244 |
| Janus Henderson Mortgage-Backed Securities ETF | 100574 | 4593215 |
| Schwab Intermediate-Term U.S. Treasury ETF | 136457 | 3429164 |
| SPDR Portfolio Short Term Treasury ETF | 42468 | 1245162 |
|  |  | 15888870 |
| **Foreign Stock Funds - 17.0%** | **Foreign Stock Funds - 17.0%** | **Foreign Stock Funds - 17.0%** |
| iShares MSCI Emerging Markets Asia ETF | 21673 | 1988498 |
| iShares MSCI Eurozone ETF | 22561 | 1397429 |
| JPMorgan BetaBuilders Japan ETF | 4704 | 311969 |
| JPMorgan International Research Enhanced Equity ETF | 41174 | 3027936 |
| Vanguard FTSE All-World ex-U.S. ETF | 5892 | 420512 |
|  |  | 7146344 |
| **Stock Funds - 43.0%** | **Stock Funds - 43.0%** | **Stock Funds - 43.0%** |
| Distillate Small/Mid Cash Flow ETF | 9370 | 336188 |
| Distillate U.S. Fundamental Stability & Value ETF | 85504 | 4955812 |
| Invesco S&P 500 Quality ETF | 91755 | 6724724 |
| SPDR Portfolio S&P 400 Mid Cap ETF | 17863 | 1021585 |
| SPDR S&P Bank ETF | 28329 | 1683309 |
| Vanguard Information Technology ETF | 4450 | 3322504 |
|  |  | 18044122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $35,694,774) |  | 41079336 |
| **SHORT-TERM INVESTMENTS - 2.0%** | **SHORT-TERM INVESTMENTS - 2.0%** | **SHORT-TERM INVESTMENTS - 2.0%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 4.090% | 823282 | 823282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $823,282) |  | 823282 |
| **TOTAL INVESTMENTS - 99.9%** |  |  |
| (Cost $36,518,056) |  | 41902618 |
| **NET OTHER ASSETS AND LIABILITIES - 0.1%** | **NET OTHER ASSETS AND LIABILITIES - 0.1%** | 29521 |
| **TOTAL NET ASSETS - 100.0%** |  | $41932139 |

---

---

| | |
|:---|:---|
| (A) | 7-day yield. |
| CLO | Collateralized Loan Obligation |
| ETF | Exchange Traded Fund. |
| FTSE | The Financial Times Stock Exchange. |
| MSCI | Morgan Stanley Capital International. |
| S&P | Standard & Poor's. |
| SPDR | Standard & Poor's Depository Receipts. |

---

See accompanying Notes to Portfolios of Investments.

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

**Target Retirement 2050 Fund Portfolio of Investments** **(unaudited)**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 1, 2) |
| **EXCHANGE TRADED FUNDS - 98.0%** | **EXCHANGE TRADED FUNDS - 98.0%** | **EXCHANGE TRADED FUNDS - 98.0%** |
| **Bond Funds - 28.1%** | **Bond Funds - 28.1%** | **Bond Funds - 28.1%** |
| iShares 5-10 Year Investment Grade Corporate Bond ETF | 19638 | $1062219 |
| iShares 7-10 Year Treasury Bond ETF | 22398 | 2160511 |
| iShares Aaa - A Rated Corporate Bond ETF | 26527 | 1285764 |
| Janus Henderson AAA CLO ETF | 7485 | 380088 |
| Janus Henderson Mortgage-Backed Securities ETF | 64968 | 2967089 |
| Schwab Intermediate-Term U.S. Treasury ETF | 89758 | 2255618 |
| SPDR Portfolio Short Term Treasury ETF | 18552 | 543945 |
|  |  | 10655234 |
| **Foreign Stock Funds - 19.8%** | **Foreign Stock Funds - 19.8%** | **Foreign Stock Funds - 19.8%** |
| iShares MSCI Emerging Markets Asia ETF | 23883 | 2191265 |
| iShares MSCI Eurozone ETF | 24914 | 1543173 |
| JPMorgan BetaBuilders Japan ETF | 5684 | 376963 |
| JPMorgan International Research Enhanced Equity ETF | 40801 | 3000506 |
| Vanguard FTSE All-World ex-U.S. ETF | 5874 | 419227 |
|  |  | 7531134 |
| **Stock Funds - 50.1%** | **Stock Funds - 50.1%** | **Stock Funds - 50.1%** |
| Distillate Small/Mid Cash Flow ETF | 15682 | 562658 |
| Distillate U.S. Fundamental Stability & Value ETF | 90510 | 5245960 |
| Invesco S&P 500 Quality ETF | 92055 | 6746711 |
| SPDR Portfolio S&P 400 Mid Cap ETF | 19638 | 1123097 |
| SPDR S&P Bank ETF | 29770 | 1768933 |
| Vanguard Information Technology ETF | 4755 | 3550226 |
|  |  | 18997585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $31,640,888) |  | 37183953 |
| **SHORT-TERM INVESTMENTS - 2.5%** | **SHORT-TERM INVESTMENTS - 2.5%** | **SHORT-TERM INVESTMENTS - 2.5%** |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 4.090% | 954399 | 954399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $954,399) |  | 954399 |
| **TOTAL INVESTMENTS - 100.5%** |  |  |
| (Cost $32,595,287) |  | 38138352 |
| **NET OTHER ASSETS AND LIABILITIES - (0.5%)** | **NET OTHER ASSETS AND LIABILITIES - (0.5%)** | (204208) |
| **TOTAL NET ASSETS - 100.0%** |  | $37934144 |

---

---

| | |
|:---|:---|
| (A) | 7-day yield. |
| CLO | Collateralized Loan Obligation |
| ETF | Exchange Traded Fund. |
| FTSE | The Financial Times Stock Exchange. |
| MSCI | Morgan Stanley Capital International. |
| S&P | Standard & Poor's. |
| SPDR | Standard & Poor's Depository Receipts. |

---

See accompanying Notes to Portfolios of Investments.

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

**Notes to Portfolio of Investments** **(unaudited)**

**1. Portfolio Valuation:** The Ultra Series Fund (the "Trust") and each series of the Trust referred to individually as a "Fund", and collectively, the ("Funds") values securities and other investments as follows: 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 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. Spot and forward foreign currency exchange contracts are valued based on quotations supplied by dealers in such contracts. 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 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 Allocation 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 an Allocation Fund to do the same because of delays in obtaining the Underlying Fund's NAV.

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

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

**Notes to Portfolio of Investments** **(unaudited) - continued**

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. 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.

**2. Fair Value Measurements:** Each Fund has adopted Financial Accounting Standards Board (the "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 September 30, 2025, maximized the use of observable inputs and minimized the use of unobservable inputs. 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 September 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 September 30, 2025, in valuing the funds' investments carried at fair value:

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

**Notes to Portfolio of Investments** **(unaudited) - concluded**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund<sup>1</sup>** | **Level 1** | **Level 2** | **Level 3** | **Value at<br> 9/30/25** |
| **Conservative Allocation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | $20463894 | $— | $— | $20463894 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 23319026 |  |  | 23319026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 3387913 |  |  | 3387913 |
|  | 47170833 |  |  | 47170833 |
| **Moderate Allocation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 54338007 |  |  | 54338007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 42263142 |  |  | 42263142 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 11886375 |  |  | 11886375 |
|  | 108487524 |  |  | 108487524 |
| **Aggressive Allocation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 26964565 |  |  | 26964565 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 12624152 |  |  | 12624152 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 2129117 |  |  | 2129117 |
|  | 41717834 |  |  | 41717834 |
| **Diversified Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 141891208 |  |  | 141891208 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Backed Securities |  | 15843 |  | 15843 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 9019038 |  |  | 9019038 |
|  | 150910246 | 15843 |  | 150926089 |
| **Core Bond** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Backed Securities |  | 531761 |  | 531761 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations |  | 3359803 |  | 3359803 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 396438 |  | 396438 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Notes and Bonds |  | 14221564 |  | 14221564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Corporate Bonds |  | 1701442 |  | 1701442 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Backed Securities |  | 23514126 |  | 23514126 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government and Agency Obligations |  | 8242129 |  | 8242129 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 1678933 |  |  | 1678933 |
|  | 1678933 | 51967263 |  | 53646196 |
| **Large Cap Value** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 164236485 |  |  | 164236485 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 2443382 |  |  | 2443382 |
|  | 166679867 |  |  | 166679867 |
| **Large Cap Growth** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 164440771 |  |  | 164440771 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 5729979 |  |  | 5729979 |
|  | 170170750 |  |  | 170170750 |
| **Mid Cap** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 113726627 |  |  | 113726627 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 4610975 |  |  | 4610975 |
|  | 118337602 |  |  | 118337602 |
| **Madison Target Retirement 2020 Fund** | 11056223 |  |  | 11056223 |
| **Madison Target Retirement 2030 Fund** | 52762203 |  |  | 52762203 |
| **Madison Target Retirement 2040 Fund** | 41902618 |  |  | 41902618 |
| **Madison Target Retirement 2050 Fund** | 38138352 |  |  | 38138352 |

---

<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.

## 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:** Large Cap Value Fund

- **b. EDGAR series identifier (if any):** S000019981

- **c. LEI of Series:** 254900KUYEY7WMDXEH86

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

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

- **b. Date as of which information is reported:** 2025-09-30

**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:** $166831514.67

**Total Liabilities:** $106302.76

**Net Assets:** $166725211.91

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000074786 | 0.27%                | 3.80%                | -0.18%               |
| Class ID C000056039 | 0.29%                | 3.82%                | -0.16%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $3303217.70              | $-3124347.81                               |
| Month 2  | $-415049.87              | $6377840.16                                |
| Month 3  | $901379.95               | $-1433182.33                               |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Honeywell International Inc    | Honeywell International, Inc.                              | CUSIP: 438516106<br>LEI: ISRPG12PN4EIEOEMW547 | Long             | EC               | CORP              | US        |     26000 | NS      | $5473000.00   | 3.28%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackrock Inc                  | Blackrock, Inc.                                            | CUSIP: 09290D101<br>LEI: 529900VBK42Y5HHRMD23 | Long             | EC               | CORP              | US        |      5800 | NS      | $6762046.00   | 4.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Accenture PLC                  | Accenture PLC                                              | CUSIP: 000000000<br>LEI: 5493000EWHDSR3MZWH98 | Long             | EC               | CORP              | IE        |      8580 | NS      | $2115828.00   | 1.27%             |  |  |  | No            |                  1 | On Loan: No      |
| Union Pacific Corp             | Union Pacific Corp.                                        | CUSIP: 907818108<br>LEI: 549300LMMRSZZCZ8CL11 | Long             | EC               | CORP              | US        |     23010 | NS      | $5438873.70   | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Johnson & Johnson              | Johnson & Johnson                                          | CUSIP: 478160104<br>LEI: 549300G0CFPGEF6X2043 | Long             | EC               | CORP              | US        |     39100 | NS      | $7249922.00   | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| McDonald's Corp                | McDonald's Corp.                                           | CUSIP: 580135101<br>LEI: UE2136O97NLB5BYP9H04 | Long             | EC               | CORP              | US        |      7500 | NS      | $2279175.00   | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| NextEra Energy Inc             | NextEra Energy, Inc.                                       | CUSIP: 65339F101<br>LEI: 254900RHL9MEUS5NKX63 | Long             | EC               | CORP              | US        |     81900 | NS      | $6182631.00   | 3.71%             |  |  |  | No            |                  1 | On Loan: No      |
| AbbVie Inc                     | AbbVie, Inc.                                               | CUSIP: 00287Y109<br>LEI: FR5LCKFTG8054YNNRU85 | Long             | EC               | CORP              | US        |     22300 | NS      | $5163342.00   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Air Products and Chemicals Inc | Air Products & Chemicals, Inc.                             | CUSIP: 009158106<br>LEI: 7QEON6Y1RL5XR3R1W237 | Long             | EC               | CORP              | US        |     10934 | NS      | $2981920.48   | 1.79%             |  |  |  | No            |                  1 | On Loan: No      |
| EOG Resources Inc              | EOG Resources, Inc.                                        | CUSIP: 26875P101<br>LEI: XWTZDRYZPBUHIQBKDB46 | Long             | EC               | CORP              | US        |     39500 | NS      | $4428740.00   | 2.66%             |  |  |  | No            |                  1 | On Loan: No      |
| NIKE Inc                       | NIKE, Inc.                                                 | CUSIP: 654106103<br>LEI: 787RXPR0UX0O0XUXPZ81 | Long             | EC               | CORP              | US        |     37069 | NS      | $2584821.37   | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Comcast Corp                   | Comcast Corp.                                              | CUSIP: 20030N101<br>LEI: 51M0QTTNCGUN7KFCFZ59 | Long             | EC               | CORP              | US        |     99700 | NS      | $3132574.00   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Medtronic PLC                  | Medtronic PLC                                              | CUSIP: 000000000<br>LEI: 549300GX3ZBSQWUXY261 | Long             | EC               | CORP              | IE        |     55883 | NS      | $5322296.92   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| PepsiCo Inc                    | PepsiCo, Inc.                                              | CUSIP: 713448108<br>LEI: FJSUNZKFNQ5YPJ5OT455 | Long             | EC               | CORP              | US        |     23500 | NS      | $3300340.00   | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Instruments Inc          | Texas Instruments, Inc.                                    | CUSIP: 882508104<br>LEI: WDJNR2L6D8RWOEB8T652 | Long             | EC               | CORP              | US        |     27419 | NS      | $5037692.87   | 3.02%             |  |  |  | No            |                  1 | On Loan: No      |
| CME Group Inc                  | CME Group, Inc.                                            | CUSIP: 12572Q105<br>LEI: LCZ7XYGSLJUHFXXNXD88 | Long             | EC               | CORP              | US        |     21300 | NS      | $5755047.00   | 3.45%             |  |  |  | No            |                  1 | On Loan: No      |
| Elevance Health Inc            | Elevance Health, Inc.                                      | CUSIP: 036752103<br>LEI: 8MYN82XMYQH89CTMTH67 | Long             | EC               | CORP              | US        |      7300 | NS      | $2358776.00   | 1.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Procter & Gamble Co/The        | Procter & Gamble Co.                                       | CUSIP: 742718109<br>LEI: 2572IBTT8CCZW6AU4141 | Long             | EC               | CORP              | US        |     20375 | NS      | $3130618.75   | 1.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Lowe's Cos Inc                 | Lowe's Cos., Inc.                                          | CUSIP: 548661107<br>LEI: WAFCR4OKGSC504WU3E95 | Long             | EC               | CORP              | US        |     18485 | NS      | $4645465.35   | 2.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Cummins Inc                    | Cummins, Inc.                                              | CUSIP: 231021106<br>LEI: ZUNI8PYC725B6H8JU438 | Long             | EC               | CORP              | US        |      7003 | NS      | $2957857.11   | 1.77%             |  |  |  | No            |                  1 | On Loan: No      |
| American Tower Corp            | American Tower Corp.                                       | CUSIP: 03027X100<br>LEI: 5493006ORUSIL88JOE18 | Long             | EC               |  | US        |     20500 | NS      | $3942560.00   | 2.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Rockwell Automation Inc        | Rockwell Automation, Inc.                                  | CUSIP: 773903109<br>LEI: VH3R4HHBHH12O0EXZJ88 | Long             | EC               | CORP              | US        |      8652 | NS      | $3024133.56   | 1.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Chevron Corp                   | Chevron Corp.                                              | CUSIP: 166764100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28100 | NS      | $4363649.00   | 2.62%             |  |  |  | No            |                  1 | On Loan: No      |
| Marsh & McLennan Cos Inc       | Marsh & McLennan Cos., Inc.                                | CUSIP: 571748102<br>LEI: 549300XMP3KDCKJXIU47 | Long             | EC               | CORP              | US        |     15300 | NS      | $3083409.00   | 1.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Exxon Mobil Corp               | Exxon Mobil Corp.                                          | CUSIP: 30231G102<br>LEI: J3WHBG0MTS7O8ZVMDC91 | Long             | EC               | CORP              | US        |     28800 | NS      | $3247200.00   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Hershey Co/The                 | Hershey Co.                                                | CUSIP: 427866108<br>LEI: 21X2CX66SU2BR6QTAD08 | Long             | EC               | CORP              | US        |     14700 | NS      | $2749635.00   | 1.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Bank of America Corp           | Bank of America Corp.                                      | CUSIP: 060505104<br>LEI: 9DJT3UXIJIZJI4WXO774 | Long             | EC               | CORP              | US        |     95009 | NS      | $4901514.31   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Home Depot Inc/The             | Home Depot, Inc.                                           | CUSIP: 437076102<br>LEI: QEKMOTMBBKA8I816DO57 | Long             | EC               | CORP              | US        |     14870 | NS      | $6025175.30   | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Abbott Laboratories            | Abbott Laboratories                                        | CUSIP: 002824100<br>LEI: HQD377W2YR662HK5JX27 | Long             | EC               | CORP              | US        |     30800 | NS      | $4125352.00   | 2.47%             |  |  |  | No            |                  1 | On Loan: No      |
| Analog Devices Inc             | Analog Devices, Inc.                                       | CUSIP: 032654105<br>LEI: GYVOE5EZ4GDAVTU4CQ61 | Long             | EC               | CORP              | US        |      9693 | NS      | $2381570.10   | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Illinois Tool Works Inc        | Illinois Tool Works, Inc.                                  | CUSIP: 452308109<br>LEI: 76NA4I14SZCFAYMNSV04 | Long             | EC               | CORP              | US        |     18700 | NS      | $4876212.00   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Starbucks Corp                 | Starbucks Corp.                                            | CUSIP: 855244109<br>LEI: OQSJ1DU9TAOC51A47K68 | Long             | EC               | CORP              | US        |     22259 | NS      | $1883111.40   | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| TE Connectivity PLC            | TE Connectivity PLC                                        | CUSIP: 000000000<br>LEI: 6367003TB6K484NFHE54 | Long             | EC               | CORP              | IE        |     22400 | NS      | $4917472.00   | 2.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Morgan Stanley                 | Morgan Stanley                                             | CUSIP: 617446448<br>LEI: IGJSJL3JD5P30I6NJZ34 | Long             | EC               | CORP              | US        |     42700 | NS      | $6787592.00   | 4.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Caterpillar Inc                | Caterpillar, Inc.                                          | CUSIP: 149123101<br>LEI: WRJR7GS4GTRECRRTVX92 | Long             | EC               | CORP              | US        |      4388 | NS      | $2093734.20   | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Automatic Data Processing Inc  | Automatic Data Processing, Inc.                            | CUSIP: 053015103<br>LEI: HGBOLILQXWER4SAL2I23 | Long             | EC               | CORP              | US        |     18100 | NS      | $5312350.00   | 3.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Colgate-Palmolive Co           | Colgate-Palmolive Co.                                      | CUSIP: 194162103<br>LEI: YMEGZFW4SBUSS5BQXF88 | Long             | EC               | CORP              | US        |     31800 | NS      | $2542092.00   | 1.52%             |  |  |  | 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        |   2443382 | NS      | $2443381.72   | 1.47%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan Chase & Co            | JPMorgan Chase & Co.                                       | CUSIP: 46625H100<br>LEI: 8I5DZWZKVSZI1NUHU748 | Long             | EC               | CORP              | US        |     15274 | NS      | $4817877.82   | 2.89%             |  |  |  | No            |                  1 | On Loan: No      |
| Fastenal Co                    | Fastenal Co.                                               | CUSIP: 311900104<br>LEI: 529900PP0C7H2HHPSJ32 | Long             | EC               | CORP              | US        |     88400 | NS      | $4335136.00   | 2.60%             |  |  |  | No            |                  1 | On Loan: No      |
| ConocoPhillips                 | ConocoPhillips                                             | CUSIP: 20825C104<br>LEI: WPTL2Z3FIYTHSP5V2253 | Long             | EC               | CORP              | US        |     26702 | NS      | $2525742.18   | 1.51%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-21

**Name of Applicant:** ULTRA SERIES FUND

**Signature:** Greg Hoppe

**Name of Signer:** Greg Hoppe

**Title:** Chief Financial Officer