# EDGAR Filing Document

**Accession Number:** 0000732697
**File Stem:** 0001753926-23-000220
**Filing Date:** 2023-3
**Character Count:** 418642
**Document Hash:** 1d4c948f07a3fc1607fbd36d867b99e5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001753926-23-000220.hdr.sgml**: 20230301

**ACCESSION NUMBER**: 0001753926-23-000220

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 18

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230301

**DATE AS OF CHANGE**: 20230228

**EFFECTIVENESS DATE**: 20230301

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ULTRA SERIES FUND
- **CENTRAL INDEX KEY:** 0000732697
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04815
- **FILM NUMBER:** 23688282

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

### International Stock Fund (Series ID: S000019977)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000056035 | International Stock Fund Class I  |  |
| C000074782 | International Stock Fund Class II |  |

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

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

### High Income Fund (Series ID: S000019979)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000056037 | High Income Fund Class I  |  |
| C000074784 | High Income Fund Class II |  |

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

OMB APPROVAL

OMB Number: 3235-0570

Expires: July 31, 2022

Estimated average burden hours per response...20.3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4815

Ultra Series Fund

(Exact name of registrant as specified in charter)

550 Science Drive, Madison, WI 53711

(Address of principal executive offices)(Zip code)

Steven J. Fredricks

Madison Legal and Compliance Department

550 Science Drive

Madison, WI 53711

(Name and address of agent for service)

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

Date of fiscal year end: December 31

Date of reporting period: December 31, 2022

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

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

**Item 1. Certified Financial Statement**![](g187246_img15.jpg)

---

| |
|:---|
| Conservative Allocation Fund |
| Moderate Allocation Fund |
| Aggressive Allocation Fund |
| Core Bond Fund |
| High Income Fund |
| Diversified Income Fund |
| Large Cap Value Fund |
| Large Cap Growth Fund |
| Mid Cap Fund |
| International Stock Fund |
| Madison Target Retirement 2020 Fund |
| Madison Target Retirement 2030 Fund |
| Madison Target Retirement 2040 Fund |
| Madison Target Retirement 2050 Fund |

---

**Ultra Series Fund** \| December 31, 2022

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

---

| | |
|:---|:---|
|  | Page |
| **Management's Discussion of Fund Performance** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Period in Review](#a_001) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Allocation Funds](#a_002) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Conservative Allocation Fund](#a_003) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Moderate Allocation Fund](#a_004) | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Aggressive Allocation Fund](#a_005) | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Core Bond Fund](#a_006) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[High Income Fund](#a_007) | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Diversified Income Fund](#a_008) | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Large Cap Value Fund](#a_009) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Large Cap Growth Fund](#a_010) | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mid Cap Fund](#a_011) | 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International Stock Fund](#a_012) | 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Madison Target Retirement 2020 Fund](#a_013) | 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Madison Target Retirement 2030 Fund](#a_014) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Madison Target Retirement 2040 Fund](#a_015) | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Madison Target Retirement 2050 Fund](#a_016) | 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Management's Discussion of Fund Performance](#a_039) | 28 |
| **Portfolios of Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Conservative Allocation Fund](#a_017) | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Moderate Allocation Fund](#a_018) | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Aggressive Allocation Fund](#a_019) | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Core Bond Fund](#a_020) | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[High Income Fund](#a_021) | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Diversified Income Fund](#a_022) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Large Cap Value Fund](#a_023) | 48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Large Cap Growth Fund](#a_024) | 49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Mid Cap Fund](#a_025) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[International Stock Fund](#a_026) | 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Madison Target Retirement 2020 Fund](#a_034) | 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Madison Target Retirement 2030 Fund](#a_035) | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Madison Target Retirement 2040 Fund](#a_036) | 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Madison Target Retirement 2050 Fund](#a_037) | 56 |
| **Financial Statements** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Assets and Liabilities](#a_027) | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Operations](#a_028) | 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Statements of Changes in Net Assets](#a_029) | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Financial Highlights for a Share of Beneficial Interest Outstanding](#a_030) | 65 |
| [**Notes to Financial Statements**](#a_031) | 79 |
| [**Audit Opinion Letter**](#a_038) | 97 |
| [**Other Information**](#a_032) | 98 |
| [**Trustees and Officers**](#a_033) | 105 |

---

**Nondeposit investment products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by any financial institution.** For more complete information about Ultra Series Fund, including charges and expenses, request a prospectus from your financial advisor or from CMFG Life Insurance Company, 2000 Heritage Way, Waverly, IA 50677. Consider the investment objectives, risks, and charges and expenses of any Fund carefully before investing. The prospectus contains this and other information about the investment company. For more current Ultra Series Fund performance information, please call 1-800-SEC-0330. Current performance may be lower or higher than the performance data quoted within this report. Past performance does not guarantee future results. Nothing in this report represents a recommendation of a security by the investment adviser. Portfolio holdings may have changed since the date of this report.

**Ultra Series Fund** \| December 31, 2022

**Management's Discussion of Fund Performance** (unaudited)

**PERIOD IN REVIEW**

Over the past 12 months, investors had their world turned upside down. Coming off a three-year stretch where the total return (price plus dividends) of the S&P 500 doubled, few envisioned a vicious bear market lurking around the corner. And while stocks experienced a peak-to-trough decline of over 25% during the period, it was no match for the pain felt by bondholders. Stocks are expected to go through periods of extreme volatility over a market cycle, but high-quality fixed income investors expect more stable, if not boring, results. However, due to rapidly increasing inflation, the Federal Reserve (Fed) was forced to increase interest rates with a speed and magnitude not witnessed since the early 1980's. The rapid rise in rates resulted in the benchmark Bloomberg US Aggregate Bond Index falling an eyepopping -13.01% over the period. Historical context is needed here, since 1975, and prior to 2022, the index had never experienced a 12 month decline of -10.00%, and only three times did the drawdown fall below -5.00%. Although the S&P 500 Index ended up lagging bonds, down -18.11%, 2022 will forever be remembered for what occurred on the fixed income side of the ledger.

Underneath the surface there was a pronounced change in market leadership. US large cap growth stocks, which had been the dominate performers over the past five years prior to 2022, by the tune of +14.00% annualized over values stocks, became downside leaders as their elevated valuations came under heavy pressure from the outsized uptick in interest rates. Pulled down by heavy losses in Communication Services, Consumer Discretionary and Technology stocks, the Russell 1000 Growth Index fell -29.14%, whereas the Russell 1000 Value Index dropped a much smaller -7.54%, boosted by the meteoric rise of Energy stocks and positive return from Utilities.

Economic growth slowed throughout the period, and we witnessed two consecutive quarters of negative real GDP growth, traditionally the hallmark of a recession. However, the bulk of the decline could be attributed to the normalization of the economy after the serious distortions stemming from the pandemic. As supply chains normalized, it was apparent that too many goods were ordered, and inventories were overbuilt. The resulting destocking, along with reductions in government spending, provided large headwinds. Fortunately, the consumer remained resilient despite inflation constraining a growing portion of their budget. Consumption remained solid on the strength of the labor market, and the associated above average wage growth. The healthy labor market is complicating the Federal Reserve's attempt to slow the economy to combat inflation. Asset markets spent the middle of the year rallying on hopes of a less aggressive Fed, only to fall again once it was clear that the Fed would need to stick to the plan. Softer inflation data generated one more market rally from mid-October through November, but a down December dampened the tone heading into 2023. The path of markets from here will be dictated by whether a recession can be avoided.

Monetary policy works with long lags, so the impact of the Fed raising rates by 4.25% the past nine and a half months may be drawn out. For perspective, it took the Fed over three years to increase rates by just 2.25% last cycle. Housing has clearly been impacted by mortgage rates eclipsing 7% and will likely continue to provide a material drag on the economy. Given the Fed's prior actions and the need to do more to squelch inflation, we fear a recession is quite likely in 2023. Although markets have already experienced substantial declines, equity prices don't appear to be accounting for the sizeable earnings declines that a recession would bring. Up to this point, the decline in stock prices has been nearly wholly accounted for by a decline in valuations. We expect volatility and turbulent markets to remain with us until inflation is brought fully under control and the Fed can relax policy. In this environment, we believe it is critical to lean on high quality companies with durable business models and proven management teams.

On a brighter note, the extreme repricing within the fixed income markets has returned a great amount of yield and value to high quality bonds. Investors no longer need to push further out in maturity or down in credit quality to find a fair yield.

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

It is possible that bond yields could continue to rise, although we believe we are at, or near, the peak in long-term rates. With a higher yield cushion now in tow, high quality bonds will likely generate a positive 12-month return from here.

**ALLOCATION FUNDS**

The Ultra Series Conservative Allocation, Moderate Allocation and Aggressive Allocation Funds (collectively, the "Target Allocation Funds") invest primarily in shares of registered investment companies (the "Underlying Funds"). The Target Allocation Funds are diversified among a number of asset classes and their allocation among Underlying Funds is based on an asset allocation model developed by Madison Asset Management, LLC ("Madison"), the Funds' investment adviser. The team may use multiple analytical approaches to determine the appropriate asset allocation, including:

• **Asset allocation optimization analysis** – considers the degree to which returns in different asset classes do or do not
move together, and the Funds' aim to achieve a favorable overall risk profile for any targeted portfolio return.

• **Scenario analysis** – historical and expected return data is analyzed to model how individual asset classes and combinations
of asset classes would affect the Funds under different economic and market conditions.

• **Fundamental analysis** – draws upon Madison's investment teams to judge each asset class against current and forecasted
market conditions. Economic, industry and security analysis is used to develop return and risk expectations that may influence asset class
selection. In addition, Madison has a flexible mandate which permits the Funds, at the sole discretion of Madison, to materially reduce
equity risk exposures when and if conditions are deemed to warrant such an action.

**CONSERVATIVE ALLOCATION FUND**

**INVESTMENT STRATEGY HIGHLIGHTS**

Under normal circumstances, the Ultra Series Conservative Allocation Fund's total net assets will be allocated among various asset classes and Underlying Funds, including those whose shares trade on a stock exchange (exchange traded funds or "ETFs"), with target allocations over time of approximately 35% equity investments and 65% fixed income investments. Underlying Funds in which the Fund invests may include funds advised by Madison and/or its affiliates, including the Madison Funds (the "Affiliated Underlying Funds"). Generally, Madison will not invest more than 75% of the Fund's net assets, at the time of purchase, in Affiliated Underlying Funds.

**PERFORMANCE DISCUSSION**

The Ultra Series Conservative Allocation Fund (Class I) returned -13.17% for the year, compared to its Custom Blended Index return of -14.59%. The Fund outperformed its Morningstar Allocation 30% to 50% Equity peer group, which returned -14.71%.

With double digit drawdowns in all major asset classes, 2022 was an incredibly challenging year. While nearly all investors suffered, none felt the effects more acutely than those invested in bonds. Equity investors are accustomed to periods of high volatility and outsized price declines, as they say, it goes with the territory. Bondholders on the other hand, are not, and along with multi-asset investors, count on fixed income to provide safety and portfolio stability. However, due to rampant inflation not seen since the late 1970's, and the Federal Reserve (Fed) raising interest rates at breakneck speed, the benchmark Bloomberg US Aggregate Bond Index fell -13.01%, better than the S&P 500 Index's -18.11% decline, but offered no help in terms of portfolio diversification. Negative returns in the teens for stocks and bonds left most investors with nowhere to hide outside of cash, commodities, and energy stocks. Fortunately, the portfolio entered the year overweight cash and commodities, which helped cushion the Fund's downside. Additional shifts to lighten risk throughout the period, such as reducing international equity exposure in the spring, and raising cash again in late summer, helped to mitigate losses.

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

Overall, the Fund outperformed its blended benchmark for the period, and while the absolute return was decisively negative, we were encouraged by the downside protection provided. Asset allocation positioning relative to benchmark was favorable, led by overweight allocations to cash and commodities. The Fund's atypically large cash and floating rate US Treasury holdings provided a substantial benefit to the portfolio over the period. Within equities, the Fund benefited from below market exposure to domestic growth stocks. Performance was also aided by strong performance from our active core US stock and high-quality dividend holdings. The single largest performance detractor came from the Fund's long-term US Treasury position. Within equities, technology and growth leaning holdings were a drag on performance.

Moving forward, we believe the dramatic repricing brought on by greatly increased yields has restored a tremendous amount of value to the bond market. Investors can once again earn a solid yield without taking undue risk. As such, we moved fixed income back to a neutral weight by the end of the year. That said, we continue to favor US Treasuries and mortgages over corporate bonds. Recession risk is elevated, and the economy is clearly slowing, underwritten by a Fed that wants to lower inflation. Yields on corporate bonds are not reflective of the heighted risk of recession. The same can be said for stocks and although they have re-rated to better valuations, the risk of recession and material earnings declines are not in the price. To this point, the decline in riskier assets has been due to increases in interest rates, and we continue to guard against further downside brought on by an economic decline. High quality bonds should do well in this environment, and we have taken the opportunity to increase our positions. As for stocks, we intend to remain underweight via excess cash holdings until it's clear that inflation is under control and the delayed effects of the Fed's aggressive tightening campaign have worked their way through the economy.

**Cumulative Performance of $10,000 investment<sup>1,2</sup>**

![](g187246_img01.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return (%) through December 31, 2022<sup>1,2</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,2</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,2</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,2</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,2</sup>** |
|  | 1 Year<br> Return | 3 Year<br> Return | 5 Year<br> Return | 10 Year <br> Return |
| Ultra Series Conservative Allocation, Class I | -13.17 | -0.52 | 1.64 | 3.62 |
| Ultra Series Conservative Allocation, Class II | -13.38 | -0.77 | 1.38 | 3.36 |
| Conservative Allocation Fund Custom Index | -14.59 | 0.31 | 2.56 | 4.22 |
| ICE BofA US Corp, Govt & Mortg Index | -13.31 | -2.81 | 0.00 | 1.06 |

---

**PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22** 

---

| | |
|:---|:---|
| Alternative Funds | 0.5% |
| Bond Funds | 64.7% |
| Foreign Stock Funds | 3.3% |
| Short-Term Investments | 8.8% |
| Stock Funds | 23.6% |
| Net Other Assets and Liabilities | (0.9)% |

---

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

**MODERATE ALLOCATION FUND** 

**INVESTMENT STRATEGY HIGHLIGHTS**

Under normal circumstances, the Ultra Series Moderate Allocation Fund's total net assets will be allocated among various asset classes and Underlying Funds, including ETFs, with target allocations over time of approximately 60% equity investments and 40% fixed income investments. Underlying Funds in which the Fund invests may include Affiliated Underlying Funds. Generally, Madison will not invest more than 75% of the Fund's net assets, at the time of purchase, in Affiliated Underlying Funds.

**PERFORMANCE DISCUSSION**

The Ultra Series Moderate Allocation Fund (Class I) returned -13.54% for the year, compared to its Custom Blended Index return of -15.87%. The Fund outperformed its Morningstar Allocation 50% to 70% Equity peer group, which returned -16.23%.

With double digit drawdowns in all major asset classes, 2022 was an incredibly challenging year. While nearly all investors suffered, none felt the effects more acutely than those invested in bonds. Equity investors are accustomed to periods of high volatility and outsized price declines, as they say, it goes with the territory. Bondholders on the other hand, are not, and along with multi-asset investors, count on fixed income to provide safety and portfolio stability. However, due to rampant inflation not seen since the late 1970's, and the Fed raising interest rates at breakneck speed, the benchmark Bloomberg US Aggregate Bond Index fell -13.01%, better than the S&P 500 Index's -18.11% decline, but offered no help in terms of portfolio diversification. Negative returns in the teens for stocks and bonds left most investors with nowhere to hide outside of cash, commodities, and energy stocks. Fortunately, the portfolio entered the year overweight cash and commodities, which helped cushion the Fund's downside. Additional shifts to lighten risk throughout the period, such as reducing international equity exposure in the spring, and raising cash again in late summer, helped to mitigate losses.

Overall, the Fund outperformed its blended benchmark for the period, and while the absolute return was decisively negative, we were encouraged by the downside protection provided. Asset allocation positioning relative to benchmark was favorable, led by overweight allocations to cash and commodities. The Fund's atypically large cash and floating rate US Treasury holdings provided a substantial benefit to the portfolio over the period. Within equities, the Fund benefited from below market exposure to domestic growth stocks. Performance was also aided by strong performance from our active core US stock and high-quality dividend holdings. The single largest performance detractor came from the Fund's long-term US Treasury position. Within equities, technology and growth leaning holdings were a drag on performance.

Moving forward, we believe the dramatic repricing brought on by greatly increased yields has restored a tremendous amount of value to the bond market. Investors can once again earn a solid yield without taking undue risk. As such, we moved fixed income back to a neutral weight by the end of the year. That said, we continue to favor US Treasuries and mortgages over corporate bonds. Recession risk is elevated, and the economy is clearly slowing, underwritten by a Fed that wants to lower inflation. Yields on corporate bonds are not reflective of the heighted risk of recession. The same can be said for stocks and although they have rerated to better valuations, the risk of recession and material earnings declines are not in the price. To this point, the decline in riskier assets has been due to increases in interest rates, and we continue to guard against further downside brought on by an economic decline. High quality bonds should do well in this environment, and we have taken the opportunity to increase our positions. As for stocks, we intend to remain underweight via excess cash holdings until it's clear that inflation is under control and the delayed effects of the Fed's aggressive tightening campaign have worked their way through the economy.

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

**Cumulative Performance of $10,000 investment<sup>1,2</sup>**

![](g187246_img02.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return (%) through December 31, 2022<sup>1,2</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,2</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,2</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,2</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,2</sup>** |
|  | 1 Year<br> Return | 3 Year<br> Return | 5 Year<br> Return | 10 Year<br> Return |
| Ultra Series Moderate Allocation, Class I | -13.54 | 0.73 | 2.64 | 5.57 |
| Ultra Series Moderate Allocation, Class II | -13.76 | 0.47 | 2.38 | 5.30 |
| Moderate Allocation Fund Custom Index | -15.87 | 2.27 | 4.19 | 6.38 |
| S&P 500® Index | -18.11 | 7.66 | 9.42 | 12.56 |

---

**PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22** 

---

| | |
|:---|:---|
| Alternative Funds | 0.9% |
| Bond Funds | 42.2% |
| Foreign Stock Funds | 5.5% |
| Short-Term Investments | 11.3% |
| Stock Funds | 41.0% |
| Net Other Assets and Liabilities | (0.9)% |

---

**AGGRESSIVE ALLOCATION FUND** 

**INVESTMENT STRATEGY HIGHLIGHTS**

Under normal circumstances, the Ultra Series Aggressive Allocation Fund's total net assets will be allocated among various asset classes and Underlying Funds, including ETFs, with target allocations over time of approximately 80% equity investments and 20% fixed income investments. Underlying Funds in which the Fund invests may include Affiliated Underlying Funds. Generally, Madison will not invest more than 75% of Fund's net assets, at the time of purchase, in Affiliated Underlying Funds.

**PERFORMANCE DISCUSSION**

The Ultra Series Aggressive Allocation Fund (Class I) returned -14.35% for the year, compared to its Custom Blended Index return of -16.97%. The Fund outperformed its Morningstar Allocation 70% to 85% Equity peer group, which returned -17.56%.

With double digit drawdowns in all major asset classes, 2022 was an incredibly challenging year. While nearly all investors suffered, none felt the effects more acutely than those invested in bonds. Equity investors are accustomed to periods of high volatility and outsized price declines, as they say, it goes with the territory. Bondholders on the other hand, are not, and along with multi-asset investors, count on fixed income to provide safety and portfolio stability. However, due to rampant inflation not seen since the late 1970's, and the Fed raising interest rates at breakneck speed, the benchmark Bloomberg US Aggregate Bond Index fell -13.01%, better than the S&P 500

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

Index's -18.11% decline, but offered no help in terms of portfolio diversification. Negative returns in the teens for stocks and bonds left most investors with nowhere to hide outside of cash, commodities, and energy stocks. Fortunately, the portfolio entered the year overweight cash and commodities, which helped cushion the Fund's downside. Additional shifts to lighten risk throughout the period, such as reducing international equity exposure in the spring, and raising cash again in late summer, helped to mitigate losses.

Overall, the Fund outperformed its blended benchmark for the period, and while the absolute return was decisively negative, we were encouraged by the downside protection provided. Asset allocation positioning relative to benchmark was favorable, led by overweight allocations to cash and commodities. The Fund's atypically large cash and floating rate US Treasury holdings provided a substantial benefit to the portfolio over the period. Within equities, the Fund benefited from below market exposure to domestic growth stocks. Performance was also aided by strong performance from our active core US stock and high-quality dividend holdings. The single largest performance detractor came from the Fund's long-term US Treasury position. Within equities, technology and growth leaning holdings were a drag on performance.

Moving forward, we believe the dramatic repricing brought on by greatly increased yields has restored a tremendous amount of value to the bond market. Investors can once again earn a solid yield without taking undue risk. As such, we moved fixed income back to a neutral weight by the end of the year. That said, we continue to favor US Treasuries and mortgages over corporate bonds. Recession risk is elevated, and the economy is clearly slowing, underwritten by a Fed that wants to lower inflation. Yields on corporate bonds are not reflective of the heighted risk of recession. The same can be said for stocks and although they have re-rated to better valuations, the risk of recession and material earnings declines are not in the price. To this point, the decline in riskier assets has been due to increases in interest rates, and we continue to guard against further downside brought on by an economic decline. High quality bonds should do well in this environment, and we have taken the opportunity to increase our positions. As for stocks, we intend to remain underweight via excess cash holdings until it's clear that inflation is under control and the delayed effects of the Fed's aggressive tightening campaign have worked their way through the economy.

**Cumulative Performance of $10,000 investment<sup>1,2</sup>**

![](g187246_img03.jpg)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return (%) through December 31, 2022<sup>1,2</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,2</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,2</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,2</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,2</sup>** |
|  | 1 Year<br> Return | 3 Year<br> Return | 5 Year<br> Return | 10 Year<br> Return |
| Ultra Series Aggressive Allocation, Class I | -14.35 | 1.28 | 3.13 | 6.94 |
| Ultra Series Aggressive Allocation, Class II | -14.57 | 1.02 | 2.87 | 6.68 |
| Aggressive Allocation Fund Custom Index | -16.97 | 3.70 | 5.37 | 8.04 |
| S&P 500® Index | -18.11 | 7.66 | 9.42 | 12.56 |

---

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

**PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22**

---

| | |
|:---|:---|
| Alternative Funds | 1.1% |
| Bond Funds | 23.0% |
| Foreign Stock Funds | 7.1% |
| Short-Term Investments | 12.8% |
| Stock Funds | 56.2% |
| Net Other Assets and Liabilities | (0.2)% |

---

**ULTRA SERIES CORE BOND FUND**

**INVESTMENT STRATEGY HIGHLIGHTS**

Under normal circumstances, the Ultra Series Core Bond Fund invests at least 80% of its net assets in bonds. To keep current income relatively stable and to limit share price volatility, the Fund emphasizes investment grade securities and maintains an intermediate (typically 3-7 year) average portfolio duration, with the goal of being between 85-115% of the market benchmark duration. The Fund also strives to add incremental return in the portfolio by making strategic decisions relating to credit risk, sector exposure and yield curve positioning. The Fund may invest in corporate debt securities, U.S. Government debt securities, foreign government debt securities, non-rated debt securities, and asset-backed, mortgage-backed and commercial mortgage-backed securities.

**PERFORMANCE DISCUSSION**

The Ultra Core Bond Fund (Class I) returned -13.17% for the year, compared to its benchmark the Bloomberg U.S. Aggregate Bond Index return of -13.01%. The Fund outperformed its Morningstar Intermediate Core Bond per group, which returned -13.65%.

In response to a significant rise in inflation, the Fed aggressively increased interest rates in 2022 ending the year with a stated range of 4.25 to 4.50%, up from near 0% to begin the year. However, inflation continues to be a concern for the Fed. The Personal Consumption Expenditure Core Price Index (PCE Core), which is the Fed's preferred measure of inflation, ended the year at a 4.70% annual rate, lower than the beginning of the year but much higher than the long-term targeted level of 2%. While inflation is lower than the high levels seen earlier in 2022, much of the lower inflation is due to falling prices on various goods, due to easing supply chains and lower overall demand, versus falling prices on services. Higher prices on services are due to a very strong labor market, where there are many more job openings than currently unemployed. The continued diminished labor supply will keep wages elevated and make the Fed's job of lowering overall inflation much more difficult task than in prior cycles.

Due to the aggressive monetary policy by the Fed, total returns were negative across most fixed income asset classes as there were few places to hide. The two-year, ten-year and thirty-year Treasuries increased 369 bps, 237 bps and 206 bps, respectively, during the last year. With low starting yields, total returns for Treasuries were significantly negative with the Bloomberg US Treasury Index returning -12.46% during the year. The Fed intends to further increase interest rates through 2023 before pausing to determine the path of future monetary policy. Current market pricing has the Fed Funds Rate much lower by the end of 2023 and near the long-term targeted neutral rate of 2.5% by 2025. The difference between the Fed's guidance and market pricing will continue to infuse volatility into the asset prices for much of the upcoming year.

Like Treasuries, investment grade corporate bonds experienced large negative returns. For 2022, the Bloomberg U.S. Corporate Bond had a total return of -15.76% and underperformed similar maturity Treasuries due to widening spreads. While the outlook for corporate bonds is mixed, fundamentals are currently strong with many issuers locking in historically low interest rates. However, increased labor costs along with a slowing economy will hurt some lower quality borrowers.

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

Mortgage-Backed Securities (MBS) were not immune to negative performance with the Bloomberg Mortgage-Backed Securities Fixed Rate Index returning -11.81%. The outlook for MBS is attractive given the valuation adjustment experienced in 2022. With higher all-in yields and most of the existing securities trading below par, MBS are poised to deliver better expected returns going forward.

The Fund was less aggressive in adding corporate bonds when compared to prior years. The Fund has shifted towards higher rated bonds and continues to look for opportunities within the asset-backed and MBS markets.

**Cumulative Performance of $10,000 investment<sup>1</sup>**

![](g187246_img04.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** |
|  | 1 Year<br> Return | 3 Year<br> Return | 5 Year<br> Return | 10 Year<br> Return |
| Ultra Series Core Bond, Class I | -13.17 | -2.35 | 0.06 | 0.86 |
| Ultra Series Core Bond, Class II | -13.38 | -2.59 | -0.19 | 0.60 |
| Bloomberg U.S. Aggregate Bond Index | -13.01 | -2.71 | 0.02 | 1.06 |

---

---

| | |
|:---|:---|
| **PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22** | **PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22** |
| Asset Backed Securities | 3.2% |
| Collateralized Mortgage Obligations | 4.1% |
| Commercial Mortgage-Backed Securities | 1.8% |
| Corporate Notes and Bonds | 29.4% |
| Foreign Corporate Bonds | 2.6% |
| Long Term Municipal Bonds | 2.1% |
| Mortgage Backed Securities | 23.2% |
| Short-Term Investments | 1.6% |
| U.S. Government and Agency Obligations | 31.6% |
| Net Other Assets and Liabilities | 0.4% |

---

**ULTRA SERIES HIGH INCOME FUND**

**INVESTMENT STRATEGY HIGHLIGHTS**

The Ultra Series High Income Fund invests primarily in lower-rated, higher-yielding income bearing securities, such as "junk" bonds. Because the performance of these securities has historically been strongly influenced by economic conditions, the Fund may rotate securities selection by business sector according to the economic outlook. Under normal market conditions, the Fund invests at least 80% of its net assets in bonds rated lower than investment grade (BBB/Baa) and their unrated equivalents or other high-yielding securities.

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

**PERFORMANCE DISCUSSION**

The Ultra Series High Income Fund (Class I) returned -9.45% for the year, compared to its benchmark the ICE BofAML U.S. High Yield Constrained® Index's return of -11.21%. The Fund outperformed its Morningstar High Yield Bond peer group, which returned -10.82%.

In 2022, the high yield market experienced a significant decline, particularly over the first half of the year. We believe the decline was largely driven by very high U.S. inflation, which peaked in June at +9.1% year-over-year, a level not reached since 1981, and significant interest rate hikes by the Fed. Both high inflation and higher interest rates also had a negative impact on overall earnings growth expectations, as companies had to quickly look for ways to offset higher costs to manage their profit margins. Taken all together, bond market participants have largely priced in at least a mild U.S. economic recession with the expectation this could occur sometime during 2023. Consequently, as bond prices fell, the index's yield-to-worst (YTW) ended the year at 8.98%, a 465-basis point increase when compared to YTW of 4.33% at the start of the year.

Within the high yield rating categories, higher quality bonds outperformed during the year. BB-rated bonds (51% of the total market) outperformed with a -10.44% total return. B-rated bonds (39% of the total market) also outperformed with a total return of -10.56%. CCC-rated corporate bonds (10% of the total market) significantly underperformed the overall market with a total return of -16.53%. Importantly, however, we note that shorter-dated bonds with 1-5 year maturities substantially outperformed similarly rated 7-10 year maturities.

The Fund outperformed, in large part, due to positive contributions from holding a much lower duration and having an underweight within CCC-rated bonds relative to the benchmark. Additional positives include an overweight within the Capital Goods sector, an underweight within the Healthcare sector and good bond selection within the Leisure and Media sectors. Partially offsetting these positives, the Fund was negatively impacted by its bond selection within the Financial Services and Real Estate sectors, as well as from an underweight within the Energy sector. As of December 31, 2022, the yield-to-worst of the Fund was 8.6% and the average rating within the Fund was B1.

The Fund will continue to emphasize BB-rated and B-rated corporate bonds. We will also continue to be cautious when adding duration to the portfolio until there is less market volatility with respect to the potential for an economic recession, as well as from high inflation and higher rates. Thus, we enter 2023 with the anticipation that the total return for the high yield market could be in the mid-to-high single-digit range. Our targeted total return factors in a lower earnings growth expectation and that interest rates could remain near current levels throughout the year. We also believe these negatives are largely factored into current bond prices already. We intend to maintain our bias towards higher quality credit and a low single-digit cash position.

**Cumulative Performance of $10,000 investment<sup>1</sup>**

![](g187246_img05.jpg)

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** |
|  | 1 Year<br> Return | 3 Year<br> Return | 5 Year<br> Return | 10 Year<br> Return |
| Ultra Series High Income, Class I | -9.45 | 0.01 | 1.02 | 2.76 |
| Ultra Series High Income, Class II | -9.68 | -0.24 | 0.77 | 2.50 |
| ICE BofA US High Yield Constrained Index | -11.21 | -0.26 | 2.10 | 3.94 |

---

---

| | |
|:---|:---|
| **SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22** | **SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22** |
| Bond Funds | 3.4% |
| Communication Services | 16.6% |
| Consumer Discretionary | 17.1% |
| Consumer Staples | 6.9% |
| Energy | 3.9% |
| Financials | 17.2% |
| Health Care | 6.1% |
| Industrials | 18.5% |
| Information Technology | 4.7% |
| Materials | 1.3% |
| Short-Term Investments | 12.9% |
| Utilities | 1.6% |
| Net Other Assets and Liabilities | (10.2)% |

---

**ULTRA SERIES DIVERSIFIED INCOME FUND** 

**INVESTMENT STRATEGY HIGHLIGHTS**

The Ultra Series Diversified Income Fund seeks income by investing in a broadly diversified array of securities including bonds, common stocks, real estate securities, foreign market bonds and stocks and money market instruments. Bonds, stock and cash components will vary, reflecting the portfolio managers' judgments of the relative availability of attractively yielding and priced stocks and bonds; however, under normal market conditions, the Fund's portfolio managers generally attempt to target a 40% bond and 60% stock investment allocation. Nevertheless, bonds (including investment grade, high yield and mortgage- or asset-backed) may constitute up to 80% of the Fund's assets, stocks (including common stocks, preferred stocks and convertible bonds) may constitute up to 70% of the Fund's assets, real estate securities may constitute up to 25% of the Fund's assets, foreign (including American Depositary Receipts ("ADRs") and emerging market) stocks and bonds may constitute up to 25% of the Fund's assets, and money market instruments may constitute up to 25% of the Fund's assets. Although the Fund is permitted to invest up to 80% of its assets in lower credit quality bonds, under normal circumstances, the Fund intends to limit the investment in lower credit quality bonds to less than 50% of the Fund's assets. The balance between the two strategies of the Fund (fixed income and equity investing) is determined after reviewing the risks associated with each type of investment, with the goal of meaningful risk reduction as market conditions demand.

**PERFORMANCE DISCUSSION**

The Ultra Series Diversified Income Fund (Class I) returned -7.64% for the year, compared to its Custom Blended Index return of -15.40%. The Fund outperformed its Morningstar Allocation 50-70% Equity peer group, which returned -16.23%.

 ****

***EQUITY ALLOCATION***

For the full year, the equity portion of the Ultra Series Diversified Income Fund declined -4.62% which outperformed the S&P 500 Index decline of -18.11%. Relative to the index, sector allocation and stock selection

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

were additive to results. For sector allocation, an underweight position in Technology and an overweight position in Energy helped performance. For stock selection, there were positive contributions from Consumer Discretionary, Technology, Consumer Staples, Financials, Communication Services, Industrials, and Materials, which was partially offset by weakness in Energy and Utilities.

Within Financials, property, and casualty insurer Travelers Companies (TRV) was the most additive stock in the portfolio. It benefited from a strong pricing environment throughout the year. In Energy, exploration, and production company EOG Resources (EOG) contributed nicely to results, along with oilfield services firm Baker Hughes (BKR). Both companies benefited from higher oil prices. Within Health Care, pharmaceutical manufacturer Bristol Myers-Squibb (BMY) was an outperforming stock due in part to its promising drug pipeline and cheap valuation. Another outperforming stock was Archer-Daniels-Midland (ADM) within Consumer Staples. It benefited from strong demand for its agricultural products. On the negative side, gold producer Newmont (NEM) was the most detractive stock in the portfolio. It was hurt by falling gold prices and rising inflationary costs. In Consumer Discretionary, media conglomerate Comcast (CMCSA) trailed the index due to concerns about slowing subscriber growth in its cable division. Within Health Care, medical device manufacturer Medtronic (MDT) negatively impacted results. The company delayed a key product launch and experienced slowing organic growth. In Real Estate, tower owner and operator American Tower (AMT) was an underperforming stock. Rising interest rates were a headwind for this stock. Another underperforming stock was industrial parts distributor Fastenal (FAST) which declined in part due to concerns about deteriorating economic growth. The Fund continues to hold all stocks mentioned above.

***FIXED ALLOCATION***

The 4th quarter capped a difficult 2022 for financial markets. The Fed's campaign to combat a historic rise in inflation left investors few hiding places from broadly negative returns. As we begin 2023, we survey a fixed income landscape with meaningfully higher yields, wider credit spreads, and likely further Fed tightening. Uncertainty will remain elevated as the Fed seeks to lower inflation pressures without causing a recession. However, higher yields and market volatility could provide improved return prospects going forward.

Looking back on 2022 from an investment perspective, the historic rise in inflation leading to the Fed's aggressive tightening campaign will leave lasting memories. After several years of falling yields during the Covid influenced economic slowdown, rising interest rates remained a distant memory. That is, until rebounding economic activity fueled by low borrowing costs, fiscal stimulus, and supply chain disruptions led to rapidly rising inflation pressures causing the Fed to begin raising the Fed Funds rate at their March 2022 meeting. After starting the year at 0-0.25%, the Fed Funds Rate hiked 7 times reaching 4.25-4.50% by year-end, nearly 425 basis points higher on the year. The resulting rise in borrowing costs impacted business and consumers alike and led to a significant revaluation in asset prices.

The fixed income portion of the Ultra Series Diversified Income Fund outperformed the benchmark by 21 basis points in 2022, returning -12.86% versus the Bloomberg Barclay's U.S. Aggregate Index return of -13.01%. Performance was positively impacted by yield curve positioning, conservative duration positioning, and the Fund's yield advantage relative to the benchmark. Performance was negatively impacted by wider corporate yield spreads. The Fund continued to add MBS due to better relative valuations and has upgraded the overall credit quality of the portfolio.

Corporate spreads continued to move lower into year-end. The Bloomberg U.S. Corporate Bond Index tightened by 29 bps generating 2.89% of excess return relative to Treasuries and a total return of 3.63%. The recent performance helped dampen an overall very poor year for corporate bonds. For 2022, the index had a total return of -15.76% and underperformed similar maturity Treasuries. While the outlook for corporate bonds is mixed,

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

fundamentals are currently strong with many issuers locking in historically low interest rates. However, increased labor costs along with a slowing economy will hurt some lower quality borrowers.

MBS staged a comeback in the fourth quarter with spreads tighter by 18 bps and achieving an excess return versus Treasuries of 1.06%. The year-end rally helped reduce the damage of the year. For the year, the Bloomberg Mortgage-Backed Securities Fixed Rate Index returned -11.81%. The outlook for MBS is attractive given the valuation adjustment experienced in 2022. With higher all-in yields and most of the existing securities trading below par, MBS are poised to deliver better returns over the next year.

The Fund has performed as expected even through a difficult 2022. After taking advantage of the credit dislocation during the Covid shutdown, the investment opportunity set has become more limited in the investment grade universe. Close supervision of credit holdings will be a significant theme heading into the later stages of Fed Monetary Policy Normalization. As we look forward to 2023, we see improved valuations, significantly higher Treasury yields and the potential for wider credit spreads. We anticipate continued volatility in financial markets as investors adjust to the path of monetary policy. However, with improved valuations we see increased opportunities to add attractive positions and boost portfolio yields.

**Cumulative Performance of $10,000 investment<sup>1</sup>**

![](g187246_img06.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** |
|  | 1 Year<br> Return | 3 Year<br> Return | 5 Year<br> Return | 10 Year<br> Return |
| Ultra Series Diversified Income, Class I | -7.64 | 4.58 | 6.32 | 7.64 |
| Ultra Series Diversified Income, Class II | -7.87 | 4.32 | 6.05 | 7.37 |
| Custom Blended Index (50% Fixed, 50% Equity) | -15.40 | 2.75 | 5.02 | 6.94 |
| ICE BofA US Corp, Govt & Mortg Index | -13.31 | -2.81 | 0.00 | 1.06 |
| S&P 500® Index | -18.11 | 7.66 | 9.42 | 12.56 |

---

---

| | |
|:---|:---|
| **PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22** | **PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22** |
| Asset Backed Securities | 0.8% |
| Collateralized Mortgage Obligations | 1.6% |
| Commercial Mortgage-Backed Securities | 0.5% |
| Common Stocks | 69.1% |
| Corporate Notes and Bonds | 8.4% |
| Foreign Corporate Bonds | 0.7% |
| Long Term Municipal Bonds | 0.6% |
| Mortgage Backed Securities | 6.5% |
| Short-Term Investments | 2.6% |
| U.S. Government and Agency Obligations | 9.3% |
| Net Other Assets and Liabilities | (0.1)% |

---

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

**ULTRA SERIES LARGE CAP VALUE FUND**

**INVESTMENT STRATEGY HIGHLIGHTS**

The Ultra Series Large Cap Value Fund will, under normal market conditions, maintain at least 80% of its net assets in large cap stocks. The Fund follows a "value" approach, meaning the portfolio managers seek to invest in stocks at prices below their perceived intrinsic value as estimated based on fundamental analysis of the issuing company and its prospects. By investing in value stocks, the Fund attempts to limit the downside risk over time but may also produce smaller gains than other stock funds if their intrinsic values are not realized by the market or if growth-oriented investments are favored by investors. The Fund will diversify its holdings among various industries and among companies within those industries.

**PERFORMANCE DISCUSSION**

The Ultra Series Large Cap Value Fund (Class I) returned -4.91% for the year, compared to its benchmark the Russell 1000<sup>®</sup> Value Index return of -7.54%. The Fund underperformed its Morningstar Large Value peer group, which returned -4.60%.

Relative to the index, sector allocation and stock selection were additive to results. For sector allocation, an underweight position in Communication Services helped performance. For stock selection, there were positive contributions from Technology, Consumer Staples, Financials, Industrials, Consumer Discretionary, and Materials, which was partially offset by weakness in Energy, Utilities and Health Care.

Within Energy, exploration, and production company EOG Resources (EOG) was the most additive stock in the portfolio, and oilfield services firm Baker Hughes (BKR) also contributed nicely to results. Both companies benefited from higher oil prices. In Financials, property and casualty insurer Travelers Companies (TRV) was additive to performance. It benefited from a strong pricing environment throughout the year. Within Consumer Staples, agricultural commodity processor Archer-Daniels-Midland (ADM) was an outperforming stock that benefited from strong demand for its agricultural products. In Health Care, pharmaceutical manufacturer Bristol Myers-Squibb (BMY) was another outperforming stock due in part to its promising drug pipeline and cheap valuation. On the negative side, gold producer Newmont (NEM) was the most detractive stock in the portfolio. It was hurt by falling gold prices and rising inflationary costs. In Consumer Discretionary, media conglomerate Comcast (CMCSA) trailed the index due to concerns about slowing subscriber growth in its cable division. Home improvement retailer Home Depot (HD) also negatively impacted results as rising interest rates hurt the housing market. Within Health Care, medical device manufacturer Medtronic (MDT) underperformed. The company delayed a key product launch and experienced slowing organic growth. In Financials, financial exchange operator CME Group (CME) was another underperforming stock. It experienced slowing trading volume growth during the year. The Fund continues to hold all stocks mentioned above.

**Cumulative Performance of $10,000 investment<sup>1</sup>**

****

****

 

**<sup>![](g187246_img07.jpg)</sup>** 

** 

****

**** 

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** |
|  | 1 Year<br> Return | 3 Year<br> Return | 5 Year<br> Return | 10 Year<br> Return |
| Ultra Series Large Cap Value, Class I | -4.91 | 3.76 | 4.05 | 8.59 |
| Ultra Series Large Cap Value, Class II | -5.14 | 3.50 | 3.80 | 8.32 |
| Russell 1000® Value Index | -7.54 | 5.96 | 6.67 | 10.29 |

---

---

| | |
|:---|:---|
| **SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22** | **SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22** |
| Communication Services | 2.7% |
| Consumer Discretionary | 8.8% |
| Consumer Staples | 8.0% |
| Energy | 10.7% |
| Financials | 20.3% |
| Health Care | 14.0% |
| Industrials | 14.5% |
| Information Technology | 9.9% |
| Materials | 4.7% |
| Real Estate | 2.0% |
| Short-Term Investments | 1.4% |
| Utilities | 2.8% |
| Net Other Assets and Liabilities | 0.2% |

---

**ULTRA SERIES LARGE CAP GROWTH FUND** 

**INVESTMENT STRATEGY HIGHLIGHTS**

The Ultra Series Large Cap Growth Fund invests primarily in common stocks of larger companies and will, under normal market conditions, maintain at least 80% of its net assets in large cap stocks. The Fund invests in well-established companies with competitive advantages that have demonstrated patterns of consistent growth. To a lesser extent, the Fund may invest in the stocks of less established companies that may offer more rapid growth potential. The Fund invests when a stock trades at a good price in relation to underlying value and the Fund looks to sell or trim a stock when the portfolio manager deems a stock to be overpriced compared to underlying value.

**PERFORMANCE DISCUSSION**

The Ultra Series Large Cap Growth Fund (Class I) returned -13.45% for the year, compared to its benchmark the Russell 1000® Growth Index return of -29.14%. The Fund outperformed its Morningstar U.S. Large Growth category peer group, which returned -16.83%.

True to our bottom-up approach, stock selection accounted for most of the outperformance. Our strongest contributors came from stocks in a variety of sectors, including Financials, Consumer Discretionary, and Information Technology. Our insurance stocks in the Financials sector performed particularly well, and, within Consumer Discretionary our off-price retail stocks were significant contributors. In the Information Technology sector, our payments and analog semiconductor related stocks were positive contributors.

The worst performing sectors in the S&P 500 were the Consumer Staples and Energy sectors, both of which the Fund did not have any exposure to during the year. Portfolio turnover was approximately 1 2%, which is below our typical annual range of 20% - 30%. During the year, we established two new positions and exited three positions. We like what we own, so we found it best to mostly stay put and establish new positions at below-average weights in a rapidly changing environment. The two new positions were Nike and Ferguson. Both companies meet our three investment pillars: good business model, high-quality management, and attractive valuation.

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

Nike is the largest seller of athletic footwear and apparel in the world. In addition to its continuous investments in brand innovation and marketing, over the last few years, Nike has invested heavily to lay the foundation for multi-channel commerce. We expect Nike's ongoing investments to drive overall revenue mix towards the direct-to-consumer channel which we estimate will result in substantial margin improvement over the coming years.

Ferguson is a distributor of plumbing and HVAC equipment. Over the last decade, Ferguson has divested lower quality international businesses and focused exclusively on the more attractive North American market. We believe growth will outpace the industry as Ferguson's digital tools and national network of stores and distribution centers provide best-in-class product selection and delivery. While higher interest rates negatively impact housing activity in the near term, we believe Ferguson is well positioned for long-term growth.

The three sales during the year – PPG Industries, Linde and Novartis - highlight our discipline when exiting investments. We sold PPG Industries as we became increasingly concerned that the company would not achieve our growth expectations and that margins would remain stubbornly low in a persistently elevated raw material input cost environment. We exited Linde as the stock price reached our estimate of intrinsic value. Linde is an excellent company that owns critical infrastructure assets and generates stable, contracted revenue. As such, we will continue to monitor the performance of this terrific company. We sold Novartis as we became concerned about the outlook for some of its recently launched therapeutics, as well as some generic competition in a few of its mature drugs.

Despite a challenging market environment in 2022, we are staying the course with our long-term strategy focused on investing in high-quality businesses at reasonable valuations and are optimistic about our portfolio of such stocks.

**Cumulative Performance of $10,000 investment<sup>1</sup>**

![](g187246_img08.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** |
|  | 1 Year<br> Return | 3 Year<br> Return | 5 Year<br> Return | 10 Year<br> Return |
| Ultra Series Large Cap Growth, Class I | -13.45 | 6.64 | 9.66 | 11.97 |
| Ultra Series Large Cap Growth, Class II | -13.67 | 6.37 | 9.38 | 11.69 |
| Russell 1000® Growth Index | -29.14 | 7.79 | 10.96 | 14.10 |

---

---

| | |
|:---|:---|
| **SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22** | **SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22** |
| Communication Services | 8.9% |
| Consumer Discretionary | 17.5% |
| Financials | 25.0% |
| Health Care | 11.8% |
| Industrials | 15.5% |
| Information Technology | 20.8% |
| Short-Term Investments | 0.5% |

---

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

**ULTRA SERIES MID CAP FUND**

**INVESTMENT STRATEGY HIGHLIGHTS**

The Ultra Series Mid Cap Fund generally invests in common stocks of midsize companies and will, under normal market conditions, maintain at least 80% of its net assets in mid cap securities. The Fund seeks attractive long-term returns through bottom-up security selection based on fundamental analysis in a diversified portfolio of high-quality companies with attractive valuations. These will typically be industry leading companies in niches with strong growth prospects. The Fund's portfolio managers believe in selecting stocks for the Fund that show steady, sustainable growth and reasonable valuations. As a result, stocks of issuers that are believed to have a blend of both value and growth potential will be selected for investment.

**PERFORMANCE DISCUSSION**

The Ultra Series Mid Cap Fund (Class I) returned -13.17% for the year, compared to its benchmark the Russell Midcap® Index return of -17.32%. The Fund outperformed its Morningstar Mid-Cap Core peer group, which returned -15.90%.

Stock selection accounted for all of our outperformance. The top three contributors were Arch Capital, Progressive, and Ross Stores. The top three detractors were Liberty Broadband, CarMax, and Clarivate. True to our bottom-up approach, our strongest contributors to performance came from some of our largest and highest conviction holdings. Our insurance holdings performed extremely well in 2022. While each insurance company has its idiosyncrasies, the common themes to outperformance were a strong pricing environment, superb management, and safe haven status amid turbulent capital markets. Even with less turbulence in the fourth quarter, the first two factors helped our insurance companies continue to outperform, which supports our decision to remain overweight.

The portfolio has an eclectic group of consumer discretionary holdings. The overweight in retailers with low price strategies, such as Ross Stores and Dollar Tree, helped performance during the year. Looking forward, the majority of our consumer discretionary holdings are well positioned to experience greater demand from consumer trade-down in a weakening economic environment. All of our holdings are in the hands of strong management teams, who have experience navigating rough economic patches, perhaps leading to share gains.

Portfolio turnover was 17%, which was below our typical 20% to 30% range, primarily from our continued high conviction in our largest holdings. During the year, we established five new positions and exited four positions.

Here is a summary of the new positions:

Floor & Décor is the dominant category killer retailer of tile, wood, stone, and resilient flooring products into the renovation and replacement market. We believe the company has many years of expansion left, and the weakening economic environment provided an attractive entry point.

Liberty Formula One holds the exclusive global commercial rights to promote and monetize Formula One racing. Formula One is a unique, asset-light business with tremendous global appeal, commanding over 430 million unique viewers in a given race year. We have invested alongside Liberty for years in other ventures and have the utmost confidence in their capital allocation.

Microchip is a global provider of microcontroller and analog semiconductor chips, which are embedded in thousands of products. They represent a small portion of product cost yet have a big impact on performance, which has led to high customer retention. There is above-average growth potential as product electronification proliferates.

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

Take-Two Interactive Software is a leading publisher of video games, having published industry favorites such as Grand Theft Auto and NBA2K. We are optimistic the company's investment in new title launches can generate strong returns over the next several years.

Thor Industries is the leading recreational vehicle ("RV") maker with a 40% share of the U.S. market. Thor has generated strong returns on capital for several years, despite the industry's cyclicality, because of a highly variable cost structure, low capital intensity, and market consolidation, with the top three RV makers controlling 90% of the U.S. market. Consumer interest in RVs remains strong, notably among younger buyers, providing above-average growth potential over the next decade.

We sold our remaining position in IHS Markit shortly before S&P Global completed its acquisition of the company early in the year. We exited Cannae Holdings, Clarivate, and Vontier after a reassessment of each management team's operational and capital allocation record of the past couple years led us to more favorable investment opportunities.

**Cumulative Performance of $10,000 investment<sup>1</sup>**

![](g187246_img09.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** |
|  | 1 Year<br> Return | 3 Year<br> Return | 5 Year<br> Return | 10 Year<br> Return |
| Ultra Series Mid Cap, Class I | -13.17 | 6.38 | 9.75 | 11.55 |
| Ultra Series Mid Cap, Class II | -13.39 | 6.11 | 9.47 | 11.27 |
| Russell Mid Cap® Index | -17.32 | 5.88 | 7.10 | 10.96 |

---

---

| | |
|:---|:---|
| **SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22** | **SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22** |
| Communication Services | 5.9% |
| Consumer Discretionary | 18.1% |
| Consumer Staples | 1.0% |
| Financials | 28.8% |
| Health Care | 3.8% |
| Industrials | 14.4% |
| Information Technology | 23.3% |
| Short-Term Investments | 6.9% |
| Net Other Assets and Liabilities | (2.2)% |

---

**ULTRA SERIES INTERNATIONAL STOCK FUND**

**INVESTMENT STRATEGY HIGHLIGHTS**

The Ultra Series International Stock Fund will invest, under normal market conditions, at least 80% of its net assets in the stock of foreign companies. Typically, a majority of the Fund's assets are invested in relatively large

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

cap stocks of companies located or operating in developed countries. The Fund may also invest up to 30% of its assets in securities of companies whose principal business activities are located in emerging market countries. The portfolio managers typically maintain this segment of the Fund's portfolio in such stocks which they believes have a low market price relative to their perceived value based on fundamental analysis of the issuing company and its prospects. The Fund may also invest in foreign debt and other income bearing securities at times when it believes that income bearing securities have greater capital appreciation potential than equity securities.

**PERFORMANCE DISCUSSION**

The Ultra Series International Stock Fund (Class I) returned -17.70% during the period, compared to its benchmark the MSCI ACWII Ex USA Index (net) return of -16.00%. The Fund underperformed its Morningstar Foreign Large Blend peer group, which returned -15.51%.

In general, international equity markets were negatively impacted by the mixture of persistently high inflation levels, major central banks raising interest rates with an aim to tame inflation, disruption caused by Russia's invasion of Ukraine, high energy prices, and fears of economic recession.

Upon review of the sector and regional category breakdown that make up the overall benchmark's performance over the period, all regions had a total return that was negative, with the largest decline in Emerging Markets. The sector with the lowest negative return was Information Technology, while Energy was the only one with a positive total return.

Over the one-year period, the Fund underperformed relative to the benchmark. The largest regional detractor was Europe which was driven primarily by stock selection. A relative underweight in Emerging Markets and positive stock selection led to it being the region with the most positive contribution. From a sector view, Industrials detracted the most while Health Care was the largest contributor, both driven by stock selection. The cash position was additive because the benchmark performance was negative.

Portfolio sector and regional weights are determined through bottom-up stock selection, with internal sector and regional guardrails that keep exposure within modest tilts of the benchmark to ensure diversification and to manage risk. With this in mind, portfolio composition did change to some extent over the period. Among the three geographic buckets the portfolio is viewed on relative to the benchmark, all increased because a portion of cash was reallocated across the portfolio. From a sector perspective, there were several notable changes. Materials went from underweight to overweight because of two new stocks. One less stock in Industrials and two fewer in Financials led to a more underweight position in these sectors. One reclassification in Consumer Discretionary, and two fewer stocks in Consumer Staples contracted their overweight positions to neutral. The Information Technology overweight increased because the benchmark weight declined and an increase in shares held for some portfolio holdings. Lastly, the Communication Services underweight moved to a neutral because of increased weight in portfolio holdings. Over the period, five stocks were bought and eight were sold. Three were sold for a better opportunity, three were sold to take profits, and two were sold because of deteriorating fundamentals.

Looking ahead, our expectation is global growth will remain weak in the short-term while inflation levels may begin to moderate in countries where central banks are actively implementing more restrictive monetary policies. Irrespective of the economic backdrop, our team will continue to manage the Fund so that it is comprised of a diversified collection of high-quality, profitable growth stocks.

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

**Cumulative Performance of $10,000 investment<sup>1</sup>**

![](g187246_img10.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1</sup>** |
|  | 1 Year<br> Return | 3 Year<br> Return | 5 Year<br> Return | 10 Year<br> Return |
| Ultra Series International Stock, Class I | -17.70 | -4.17 | -1.71 | 1.73 |
| Ultra Series International Stock, Class II | -17.90 | -4.41 | -1.95 | 1.47 |
| MSCI ACWI ex-USA Index (net) | -16.00 | 0.07 | 0.88 | 3.80 |

---

---

| | |
|:---|:---|
| **SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22** | **SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22** |
| Communication Services | 6.0% |
| Consumer Discretionary | 11.2% |
| Consumer Staples | 8.9% |
| Energy | 5.3% |
| Financials | 18.8% |
| Health Care | 8.6% |
| Industrials | 11.4% |
| Information Technology | 16.5% |
| Materials | 10.7% |
| Short-Term Investments | 3.1% |
| Net Other Assets and Liabilities | (0.5)% |

---

---

| | |
|:---|:---|
| **GEOGRAPHICAL ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22** | **GEOGRAPHICAL ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22** |
| Japan | 15.4% |
| United Kingdom | 10.6% |
| Germany | 9.7% |
| France | 9.3% |
| India | 7.7% |
| China | 7.2% |
| Switzerland | 6.7% |
| Canada | 5.5% |
| Netherlands | 3.8% |
| Brazil | 3.4% |
| United States | 3.1% |
| Mexico | 3.0% |
| Singapore | 2.2% |
| Australia | 2.0% |
| Hong Kong | 2.0% |
| Denmark | 1.9% |
| Ireland | 1.8% |
| Italy | 1.4% |

---

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

---

| | |
|:---|:---|
| **GEOGRAPHICAL ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22** | **GEOGRAPHICAL ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22** |
| Israel | 1.3% |
| Norway | 1.3% |
| Taiwan | 1.2% |
| Net Other Assets and Liabilities | (0.5)% |

---

**ULTRA SERIES TARGET RETIREMENT 2020 FUND** 

**INVESTMENT STRATEGY HIGHLIGHTS**

The Ultra Series Madison Target Retirement 2020 Fund invests primarily in shares of registered investment companies according to an asset allocation strategy developed by the Fund's investment adviser for investors planning to retire in or within a few years of 2020. Over time, the Fund's asset allocation will gradually shift until it reaches the more conservative allocation target of approximately 10-30% in stock funds and 70-90% in bond funds. The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period.

**PERFORMANCE DISCUSSION**

The Ultra Series Target Retirement 2020 Fund (Class I) returned -13.00% for the year, compared to its benchmark the S&P Target Date to 2020® Index return of -12.08%. The Fund outperformed its Morningstar Target-Date 2020 peer group, which returned -13.82%.

With double-digit drawdowns in all major asset classes, 2022 proved to be an incredibly challenging year. While nearly all investors suffered, arguably none felt the effects more acutely than those invested in bonds. Equity investors are accustomed to periods of high volatility and outsized price declines, as they say, it goes with the territory. Bondholders on the other hand, are not, and along with multi-asset investors, count on fixed income to provide safety and portfolio stability. However, due to rampant inflation not seen since the late 1970's, and the Fed raising interest rates at breakneck speed, the benchmark Bloomberg US Aggregate Bond Index fell -13.01%, providing minimal offset to heavy declines in global equities. With U.S. equities (Russell 3000 Index) falling 19.21% and foreign stocks (MSCI ACWX–ex US Index) dropping 16.00%, investors had nowhere to hide outside of cash, commodities, and energy stocks. Fortunately, the portfolio entered the period overweight cash and commodities, which clearly helped cushion the Fund's downside. Additional shifts to lighten risk throughout the period, such as reducing equity exposure in the spring, and raising cash again in late summer helped to mitigate losses.

The Fund entered 2022 conservatively positioned. We were concerned with both elevated valuations as well as heightened levels of investor complacency. Asset allocation positioning relative to benchmark was very favorable, led by underweight allocations to global stocks and overweight allocations to cash, commodities, and energy stocks. The Fund's atypically large cash and floating rate US Treasury holdings also provided a substantial benefit to the portfolio over the period. The single largest performance detractor came from the Fund's long-term US Treasury position.

Moving forward, we believe the dramatic repricing brought on by greatly increased yields has restored value to the bond market. Investors can once again earn a solid yield without taking undue risk. We also continue to favor US Treasuries over corporate bonds. Recession risk is elevated, and the economy is clearly slowing, underwritten by a Fed that wants to lower inflation. Yields on corporate bonds are not reflective of the heighted risk of recession. The same can be said for stocks and although they have rerated to better valuations, the risk of recession and material earnings declines are not in the price. To this point, the decline in riskier assets has been due to increases in interest rates, and we continue to guard against further downside brought on by an economic decline.

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

We also believe the current economic backdrop points to increasing stagflationary risks, where real economic growth slows and stagnates while inflation remains uncomfortably elevated. It follows then that the case for owning select "real" assets is growing. Understanding the unique attractiveness of commodities and related asset classes is an important adaptation for forward-looking portfolios. At a minimum, we believe it is imperative for portfolios to be strategically and opportunistically hedged for the approaching incremental onset of structurally higher inflation and lower economic growth. Risk management is becoming increasingly essential; we believe the Fund is well-positioned for 2023.

**Cumulative Performance of $10,000 investment<sup>1,3</sup>**

![](g187246_img11.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return (%) through December 31, 2022<sup>1,3</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,3</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,3</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,3</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,3</sup>** |
|  | 1 Year <br> Return | 3 Year <br> Return | 5 Year <br> Return | 10 Year <br> Return |
| Ultra Series Target Retirement 2020, Class I | -13.00 | -1.34 | 0.99 | 3.60 |
| S&P Target Date To 2020 Index | -12.08 | 1.11 | 2.69 | 4.68 |

---

**PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22**

---

| | |
|:---|:---|
| Alternative Funds | 7.1% |
| Bond Funds | 73.3% |
| Foreign Stock Funds | 1.0% |
| Short-Term Investments | 27.3% |
| Stock Funds | 8.5% |
| Net Other Assets and Liabilities | (17.2)% |

---

**ULTRA SERIES TARGET RETIREMENT 2030 FUND** 

**INVESTMENT STRATEGY HIGHLIGHTS**

The Ultra Series Madison Target Retirement 2030 Fund invests primarily in shares of registered investment companies according to an asset allocation strategy developed by the Fund's investment adviser for investors planning to retire in or within a few years of 2030. Over time, the Fund's asset allocation will gradually shift until it reaches the more conservative allocation target of approximately 10-30% in stock Funds and 70-90% in bond Funds. The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period.

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

**PERFORMANCE DISCUSSION**

The Ultra Series Target Retirement 2030 Fund (Class I) returned -11.79% for the year, compared to its benchmark the S&P Target Date to 2030® Index return of -13.55%. The Fund outperformed its Morningstar Target-Date 2030 peer group, which returned -15.32%.

With double-digit drawdowns in all major asset classes, 2022 proved to be an incredibly challenging year. While nearly all investors suffered, arguably none felt the effects more acutely than those invested in bonds. Equity investors are accustomed to periods of high volatility and outsized price declines, as they say, it goes with the territory. Bondholders on the other hand, are not, and along with multi-asset investors, count on fixed income to provide safety and portfolio stability. However, due to rampant inflation not seen since the late 1970's, and the Fed raising interest rates at breakneck speed, the benchmark Bloomberg US Aggregate Bond Index fell -13.01%, providing minimal offset to heavy declines in global equities. With U.S. equities (Russell 3000 Index) falling 19.21% and foreign stocks (MSCI ACWX–ex US Index) dropping 16.00%, investors had nowhere to hide outside of cash, commodities, and energy stocks. Fortunately, the portfolio entered the period overweight cash and commodities, which clearly helped cushion the Fund's downside. Additional shifts to lighten risk throughout the period, such as reducing equity exposure in the spring, and raising cash again in late summer helped to mitigate losses.

Overall, the USF Target Date 2030 Fund notably outperformed its peers and benchmark for the year. While the absolute return for 2022 was decisively negative, we were encouraged by the significant degree of downside protection that the Fund provided.

The Fund entered 2022 conservatively positioned. We were concerned with both elevated valuations as well as heightened levels of investor complacency. Asset allocation positioning relative to benchmark was very favorable, led by underweight allocations to global stocks and overweight allocations to cash, commodities, and energy stocks. The Fund's atypically large cash and floating rate US Treasury holdings also provided a substantial benefit to the portfolio over the period. The single largest performance detractor came from the Fund's long-term US Treasury position.

Moving forward, we believe the dramatic repricing brought on by greatly increased yields has restored value to the bond market. Investors can once again earn a solid yield without taking undue risk. We also continue to favor US Treasuries over corporate bonds. Recession risk is elevated, and the economy is clearly slowing, underwritten by a Fed that wants to lower inflation. Yields on corporate bonds are not reflective of the heighted risk of recession. The same can be said for stocks and although they have re-rated to better valuations, the risk of recession and material earnings declines are not in the price. To this point, the decline in riskier assets has been due to increases in interest rates, and we continue to guard against further downside brought on by an economic decline.

We also believe the current economic backdrop points to increasing stagflationary risks, where real economic growth slows and stagnates while inflation remains uncomfortably elevated. It follows then that the case for owning select "real" assets is growing. Understanding the unique attractiveness of commodities and related asset classes is an important adaptation for forward-looking portfolios. At a minimum, we believe it is imperative for portfolios to be strategically and opportunistically hedged for the approaching incremental onset of structurally higher inflation and lower economic growth. Risk management is becoming increasingly essential; we believe the Fund is well-positioned for 2023.

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

**Cumulative Performance of $10,000 investment<sup>1,3</sup>**

![](g187246_img12.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return (%) through December 31, 2022<sup>1,3</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,3</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,3</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,3</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,3</sup>** |
|  | 1 Year <br> Return | 3 Year <br> Return | 5 Year <br> Return | 10 Year <br> Return |
| Ultra Series Target Retirement 2030, Class I | -11.79 | 1.86 | 3.50 | 6.06 |
| S&P Target Date To 2030 Index | -13.55 | 2.53 | 3.89 | 6.14 |

---

---

| | |
|:---|:---|
| PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22 | PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22 |
| Alternative Funds | 8.6% |
| Bond Funds | 60.4% |
| Foreign Stock Funds | 4.4% |
| Short-Term Investments | 17.3% |
| Stock Funds | 16.5% |
| Net Other Assets and Liabilities | (7.2)% |

---

**ULTRA SERIES TARGET RETIREMENT 2040 FUND** 

**INVESTMENT STRATEGY HIGHLIGHTS**

The Ultra Series Madison Target Retirement 2040 Fund invests primarily in shares of registered investment companies according to an asset allocation strategy developed by the Fund's investment adviser for investors planning to retire in or within a few years of 2040. Over time, the Fund's asset allocation will gradually shift until it reaches the more conservative allocation target of approximately 10-30% in stock Funds and 70-90% in bond Funds. The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period.

**PERFORMANCE DISCUSSION**

The Ultra Series Target Retirement 2040 Fund (Class I) returned -11.35% for the year, compared to its benchmark the S&P Target Date to 2040® Index return of -15.20%. The Fund outperformed its Morningstar Target-Date 2040 peer group, which returned -16.17%.

With double-digit drawdowns in all major asset classes, 2022 proved to be an incredibly challenging year. While nearly all investors suffered, arguably none felt the effects more acutely than those invested in bonds. Equity investors are accustomed to periods of high volatility and outsized price declines, as they say, it goes with the territory. Bondholders on the other hand, are not, and along with multi-asset investors, count on fixed income to provide safety and portfolio stability. However, due to rampant inflation not seen since the late 1970's, and the

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

Fed raising interest rates at breakneck speed, the benchmark Bloomberg US Aggregate Bond Index fell -13.01%, providing minimal offset to heavy declines in global equities. With U.S. equities (Russell 3000 Index) falling 19.21% and foreign stocks (MSCI ACWX–ex US Index) dropping 16.00%, investors had nowhere to hide outside of cash, commodities, and energy stocks. Fortunately, the portfolio entered the period overweight cash and commodities, which clearly helped cushion the Fund's downside. Additional shifts to lighten risk throughout the period, such as reducing equity exposure in the spring, and raising cash again in late summer helped to mitigate losses.

Overall, the USF Target Date 2040 Fund notably outperformed its peers and benchmark for the year. While the absolute return for 2022 was decisively negative, we were encouraged by the significant degree of downside protection that the Fund provided.

The Fund entered 2022 conservatively positioned. We were concerned with both elevated valuations as well as heightened levels of investor complacency. Asset allocation positioning relative to benchmark was very favorable, led by underweight allocations to global stocks and overweight allocations to cash, commodities, and energy stocks. The Fund's atypically large cash and floating rate US Treasury holdings also provided a substantial benefit to the portfolio over the period. The single largest performance detractor came from the Fund's long-term US Treasury position.

Moving forward, we believe the dramatic repricing brought on by greatly increased yields has restored value to the bond market. Investors can once again earn a solid yield without taking undue risk. We also continue to favor US Treasuries over corporate bonds. Recession risk is elevated, and the economy is clearly slowing, underwritten by a Fed that wants to lower inflation. Yields on corporate bonds are not reflective of the heighted risk of recession. The same can be said for stocks and although they have re-rated to better valuations, the risk of recession and material earnings declines are not in the price. To this point, the decline in riskier assets has been due to increases in interest rates, and we continue to guard against further downside brought on by an economic decline.

We also believe the current economic backdrop points to increasing stagflationary risks, where real economic growth slows and stagnates while inflation remains uncomfortably elevated. It follows then that the case for owning select "real" assets is growing. Understanding the unique attractiveness of commodities and related asset classes is an important adaptation for forward-looking portfolios. At a minimum, we believe it is imperative for portfolios to be strategically and opportunistically hedged for the approaching incremental onset of structurally higher inflation and lower economic growth. Risk management is becoming increasingly essential; we believe the Fund is well-positioned for 2023.

**Cumulative Performance of $10,000 investment<sup>1,3</sup>**

**** 

![](g187246_img13.jpg)

**** 

****

**** 

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return (%) through December 31, 2022<sup>1,3</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,3</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,3</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,3</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,3</sup>** |
|  | 1 Year <br> Return | 3 Year <br> Return | 5 Year <br> Return | 10 Year <br> Return |
| Ultra Series Target Retirement 2040, Class I | -11.35 | 2.80 | 4.20 | 6.98 |
| S&P Target Date To 2040 Index | -15.20 | 3.31 | 4.61 | 7.18 |

---

**PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22** 

---

| | |
|:---|:---|
| Alternative Funds | 10.6% |
| Bond Funds | 49.8% |
| Foreign Stock Funds | 6.4% |
| Short-Term Investments | 14.2% |
| Stock Funds | 23.1% |
| Net Other Assets and Liabilities | (4.1)% |

---

**ULTRA SERIES TARGET RETIREMENT 2050 FUND** 

**INVESTMENT STRATEGY HIGHLIGHTS**

The Ultra Series Madison Target Retirement 2050 Fund invests primarily in shares of registered investment companies according to an asset allocation strategy developed by the Fund's investment adviser for investors planning to retire in or within a few years of 2050. Over time, the Fund's asset allocation will gradually shift until it reaches the more conservative allocation target of approximately 10-30% in stock Funds and 70-90% in bond Funds. The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period.

**PERFORMANCE DISCUSSION**

The Ultra Series Target Retirement 2050 Fund (Class I) returned -11.04% for the year, compared to its benchmark the S&P Target Date to 2040® Index return of -15.84%. The Fund outperformed its Morningstar Target-Date 2050 peer group, which returned -16.31%.

With double-digit drawdowns in all major asset classes, 2022 proved to be an incredibly challenging year. While nearly all investors suffered, arguably none felt the effects more acutely than those invested in bonds. Equity investors are accustomed to periods of high volatility and outsized price declines, as they say, it goes with the territory. Bondholders on the other hand, are not, and along with multi-asset investors, count on fixed income to provide safety and portfolio stability. However, due to rampant inflation not seen since the late 1970's, and the Fed raising interest rates at breakneck speed, the benchmark Bloomberg US Aggregate Bond Index fell -13.01%, providing minimal offset to heavy declines in global equities. With U.S. equities (Russell 3000 Index) falling 19.21% and foreign stocks (MSCI ACWX–ex US Index) dropping 16.00%, investors had nowhere to hide outside of cash, commodities, and energy stocks. Fortunately, the portfolio entered the period overweight cash and commodities, which clearly helped cushion the Fund's downside. Additional shifts to lighten risk throughout the period, such as reducing equity exposure in the spring, and raising cash again in late summer helped to mitigate losses.

Overall, the USF Target Date 2050 Fund notably outperformed its peers and benchmark for the year. While the absolute return for 2022 was decisively negative, we were encouraged by the significant degree of downside protection that the Fund provided.

The Fund entered 2022 conservatively positioned. We were concerned with both elevated valuations as well as heightened levels of investor complacency. Asset allocation positioning relative to benchmark was very favorable,

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

led by underweight allocations to global stocks and overweight allocations to cash, commodities, and energy stocks. The Fund's atypically large cash and floating rate US Treasury holdings also provided a substantial benefit to the portfolio over the period. The single largest performance detractor came from the Fund's long-term US Treasury position.

Moving forward, we believe the dramatic repricing brought on by greatly increased yields has restored value to the bond market. Investors can once again earn a solid yield without taking undue risk. We also continue to favor US Treasuries over corporate bonds. Recession risk is elevated, and the economy is clearly slowing, underwritten by a Fed that wants to lower inflation. Yields on corporate bonds are not reflective of the heighted risk of recession. The same can be said for stocks and although they have re-rated to better valuations, the risk of recession and material earnings declines are not in the price. To this point, the decline in riskier assets has been due to increases in interest rates, and we continue to guard against further downside brought on by an economic decline.

We also believe the current economic backdrop points to increasing stagflationary risks, where real economic growth slows and stagnates while inflation remains uncomfortably elevated. It follows then that the case for owning select "real" assets is growing. Understanding the unique attractiveness of commodities and related asset classes is an important adaptation for forward-looking portfolios. At a minimum, we believe it is imperative for portfolios to be strategically and opportunistically hedged for the approaching incremental onset of structurally higher inflation and lower economic growth. Risk management is becoming increasingly essential; we believe the Fund is well-positioned for 2023.

**Cumulative Performance of $10,000 investment<sup>1,3</sup>**

![](g187246_img14.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Return (%) through December 31, 2022<sup>1,3</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,3</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,3</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,3</sup>** | **Average Annual Total Return (%) through December 31, 2022<sup>1,3</sup>** |
|  | 1 Year <br> Return | 3 Year <br> Return | 5 Year <br> Return | 10 Year <br> Return |
| Ultra Series Target Retirement 2050, Class I | -11.04 | 3.42 | 4.66 | 7.77 |
| S&P Target Date To 2050 Index | -15.84 | 3.82 | 5.01 | 7.81 |

---

---

| | |
|:---|:---|
| PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22 | PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 12/31/22 |
| Alternative Funds | 11.5% |
| Bond Funds | 47.8% |
| Foreign Stock Funds | 7.4% |
| Short-Term Investments | 6.5% |
| Stock Funds | 28.0% |
| Net Other Assets and Liabilities | (1.2)% |

---

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

**Notes to Management's Discussion of Fund Performance** (unaudited)

---

| | |
|:---|:---|
| 1 | Fund returns are calculated after fund level expenses have been subtracted, but do not include any separate account fees, charges or expenses imposed by the variable annuity and variable life insurance contracts that invest in the fund, as described in the Prospectus. If these fees, charges, or expenses were included, fund returns would have been lower. Fund returns also assume that dividends and capital gains are reinvested in additional shares of the fund. Returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of the fund shares. Investment return and principal value will fluctuate, so an investor's shares, when redeemed, may be worth more or less than when purchased. Further information relating to the fund's performance is contained in the Prospectus and elsewhere in this report. The fund's past performance is not indicative of future performance. Current performance may be lower or higher than the performance data cited. For Ultra Series Fund performance data current to the most recent month-end, please call 1-800-670-3600 or visit www.ultraseriesfund.com. Indices are unmanaged and investors cannot invest in them directly. Index returns do not reflect fees or expenses. |

---

---

| | |
|:---|:---|
| 2 | Madison Asset Management, LLC (the "Investment Adviser" or "Madison"), has contractually agreed to waive 0.10% of its management fee for the Conservative, Moderate and Aggressive Allocation Funds until at least April 30, 2022. The fee waiver commenced July 1, 2014. Investment returns reflect the fee waiver, without which returns would have been lower. Fee agreements may by modified or terminated at any time or for any reason, but only with fund Board approval. The fee waiver was discontinued effective May 1, 2022. |

---

---

| | |
|:---|:---|
| 3 | For the period August 30, 2014 to November 19, 2018, Madison waived the investment advisory fee of 0.25% and administrative services fee of 0.05% for each fund. Investment returns reflect the fee waivers, without which returns would have been lower. |

---

© Morningstar, Inc. All Rights Reserved. The Morningstar related information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.

Morningstar Percentile rankings note: 1st percentile is top, 99th percentile is bottom.

**BENCHMARK DESCRIPTIONS**

**Allocation Fund Indexes\***

The Conservative Allocation Fund Custom Index consists of 65% Bloomberg US Aggregate Bond Index, 24.5% Russell 3000<sup>®</sup> Index and 10.5% MSCI ACWI ex-USA Index (net). See market index descriptions below.

The Moderate Allocation Fund Custom Index consists of 40% Bloomberg US Aggregate Bond Index, 42% Russell 3000<sup>®</sup> Index and 18% MSCI ACWI ex-USA Index (net). See market index descriptions below.

The Aggressive Allocation Fund Custom Index consists of 20% Bloomberg US Aggregate Bond Index, 56% Russell 3000<sup>®</sup> Index and 24% MSCI ACWI ex-USA Index (net). See market index descriptions below.

**Hybrid Fund Custom Indexes\***

The Custom Blended Index consists of 50% S&P 500® Index and 50% ICE BofA U.S. Corporate, Government & Mortgage Index. See market indexes descriptions below.

\*The Custom Index is calculated using a monthly re-balancing frequency (i.e., rebalanced back to original constituent weight every calendar month-end).

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

**Market Indexes**

The ICE BofA U.S. Corporate, Government & Mortgage Index is a broad-based measure of the total rate of return performance of the U.S. investment-grade bond markets. The index is a capitalization-weighted aggregation of outstanding U.S. treasury, agency and supranational mortgage pass-through, and investment-grade corporate bonds meeting specified selection criteria.

The ICE BofA U.S. High Yield Constrained Index tracks the performance of below investment grade U.S. dollar denominated corporate bonds publicly issued in the U.S. domestic market, but limits any individual issuer to a maximum weighting of 2%.

The Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage backed securities, asset backed securities and commercial mortgage-backed securities.

Bloomberg U.S. Corporate Bond Index measures the investment grade, fixed-rate, taxable corporate bond market. It includes USD denominated securities publicly issued by U.S. financial issuers.

The Bloomberg US Government TR index measures the performance of the U.S. Treasury and U.S. Agency Indices, including Treasuries and U.S. agency debentures. It is a component of the U.S. Government/Credit Index and the U.S. Aggregate Index.

The MSCI ACWI ex USA Index (net) is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. The MSCI ACWI ex USA (net) is calculated on a total return basis with dividends reinvested after the deduction of withholding taxes.

The Russell 1000<sup>®</sup> Growth Index is a large-cap market index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.

The Russell 1000<sup>®</sup> Value Index is a large-cap market index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.

The Russell 3000<sup>®</sup> Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents 98% of the investable U.S. equity market.

The Russell Midcap<sup>®</sup> Index is a mid-cap market index which measures the performance of the mid-cap segment of the U.S. equity universe.

The S&P 500<sup>®</sup> Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the U.S.

Russell Investment Group is the source and owner of the trademarks, service marks and copyrights related to the Russell Indexes. Russell<sup>®</sup> is a trademark of Russell Investment Group.

**The S&P Target Date® To Index Series** 

The *S&P Target Date**<sup>®</sup>** "To" Index* Series consists of multi-asset class indices, and corresponds to specific target retirement dates. The series reflects the consensus asset allocation and glide path of a subset of target date funds that generally pursue investment policies characterized by static total equity exposure after retirement and a relatively conservative total equity exposure near retirement. As the overall universe becomes more conservative with the approach of each target date year, so will the index. The asset allocation is based on market observations through an annual survey of "to" target date fund managers, and is categorized by S&P Dow Jones Indices.

**Ultra Series Fund** \| **Management's Discussion of Fund Performance** (unaudited) - continued \| December 31, 2022

• The *S&P Target Date **<sup>®</sup>** To 2020 Index* is a benchmark for multi-class asset portfolios that corresponds to
 the target retirement date 2020.

• The *S&P Target Date **<sup>®</sup>** To 2030 Index* is a benchmark for multi-class asset portfolios that corresponds to the
 target retirement date 2030.

• The *S&P Target Date **<sup>®</sup>** To 2040 Index* is a benchmark for multi-class asset portfolios that corresponds to the
 target retirement date 2040.

• The *S&P Target Date **<sup>®</sup>** To 2050 Index* is a benchmark for multi-class asset portfolios that corresponds to the
 target retirement date 2050.

**Ultra Series Fund** \| December 31, 2022

**Conservative Allocation Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **INVESTMENT COMPANIES - 92.1%** |  |  |
| **Alternative Funds - 0.5%** |  |  |
| Invesco Optimum Yield Diversified Commodity Strategy ETF | 35142 | $519399 |
| **Bond Funds - 64.7%** |  |  |
| iShares 20+ Year Treasury Bond ETF | 101077 | 10063226 |
| iShares Treasury Floating Rate Bond ETF | 116916 | 5893736 |
| Janus Henderson Mortgage-Backed Securities ETF | 127744 | 5807242 |
| Madison Core Bond Fund, Class R6 (A) (B) | 3766816 | 33072648 |
| Schwab Intermediate-Term U.S. Treasury ETF (C) | 225244 | 11088762 |
| Vanguard Short-Term Corporate Bond ETF | 116504 | 8759936 |
|  |  | 74685550 |
| **Foreign Stock Funds - 3.3%** |  |  |
| Vanguard FTSE All-World ex-U.S. ETF | 76981 | 3859827 |
| **Stock Funds - 23.6%** |  |  |
| Distillate U.S. Fundamental Stability & Value ETF (C) | 108383 | 4422026 |
| Energy Select Sector SPDR Fund ETF | 19871 | 1738116 |
| iShares Core S&P Small-Cap ETF | 18884 | 1787182 |
| Madison Dividend Income Fund, Class R6 (B) | 145507 | 4065461 |
| Madison Investors Fund, Class R6 (B) | 324573 | 7422979 |
| Schwab U.S. Dividend Equity ETF (C) | 17538 | 1324821 |
| VanEck Gold Miners ETF | 24846 | 712086 |
| Vanguard Information Technology ETF (C) | 18027 | 5758004 |
|  |  | 27230675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $114,732,789) |  | 106295451 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **SHORT-TERM INVESTMENTS - 8.8%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, (D), 4.11% | 9146643 | $9146643 |
| State Street Navigator Securities Lending Government Money Market Portfolio, (D) (E), 4.34% | 950818 | 950818 |
|  |  | 10097461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $10,097,461) |  | 10097461 |
| **TOTAL INVESTMENTS - 100.9%** |  |  |
| (Cost $124,830,250\*\*) |  | 116392912 |
| **NET OTHER ASSETS AND LIABILITIES - (0.9%)** |  | (986708) |
| **TOTAL NET ASSETS - 100.0%** |  | $115406204 |

---

\*\* Aggregate cost for Federal tax purposes was $125,593,486.

(A) Greater
 than 25% of the portfolio. For more information refer the website https://madisonfunds.com/individual/core-bond-fund.

(B) Affiliated
 Company (see Note 12).

(C) All
 or a portion of these securities, with an aggregate fair value of $931,088, are on loan as
 part of a securities lending program. See footnote (E) and Note 10 for details on the securities
 lending program.

(D) 7-day
 yield.

---

| | |
|:---|:---|
| (E) | Represents investments of cash collateral received in connection with securities lending. |
| ETF | Exchange Traded Fund. |
| FTSE | The Financial Times Stock Exchange. |
| SPDR | Standard & Poor's Depositary Receipt. |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Moderate Allocation Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **INVESTMENT COMPANIES - 89.6%** |  |  |
| **Alternative Funds - 0.9%** |  |  |
| Invesco Optimum Yield Diversified Commodity Strategy ETF | 70780 | $1046128 |
| **Bond Funds - 42.2%** |  |  |
| iShares 20+ Year Treasury Bond ETF | 64484 | 6420027 |
| iShares Treasury Floating Rate Bond ETF | 143158 | 7216595 |
| Janus Henderson Mortgage-Backed Securities ETF | 65830 | 2992632 |
| Madison Core Bond Fund, Class R6 (A) | 2601849 | 22844236 |
| Schwab Intermediate-Term U.S. Treasury ETF | 121562 | 5984497 |
| Vanguard Short-Term Corporate Bond ETF | 63402 | 4767196 |
|  |  | 50225183 |
| **Foreign Stock Funds - 5.5%** |  |  |
| Vanguard FTSE All-World ex-U.S. ETF | 130337 | 6535097 |
| **Stock Funds - 41.0%** |  |  |
| Distillate U.S. Fundamental Stability & Value ETF | 162957 | 6648646 |
| Energy Select Sector SPDR Fund ETF | 36681 | 3208487 |
| iShares Core S&P Small-Cap ETF | 38553 | 3648656 |
| iShares Core S&P U.S. Growth ETF (B) | 14397 | 1173643 |
| Madison Dividend Income Fund, Class R6 (A) | 244349 | 6827124 |
| Madison Investors Fund, Class R6 (A) | 546203 | 12491653 |
| Madison Mid Cap Fund, Class R6 (A) | 109152 | 1411330 |
| Schwab U.S. Dividend Equity ETF (B) | 22102 | 1669585 |
| VanEck Gold Miners ETF | 51394 | 1472952 |
| Vanguard Information Technology ETF (B) | 31991 | $10218245 |
|  |  | 48770321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $108,319,219) |  | 106576729 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **SHORT-TERM INVESTMENTS - 11.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class (C), 4.11% | 12305598 | $12305598 |
| State Street Navigator Securities Lending Government Money Market Portfolio, (C) (D), 4.34% | 1062250 | 1062250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $13,367,848) |  | 13367848 |
| **TOTAL INVESTMENTS - 100.9%** |  |  |
| (Cost $121,687,067\*\*) |  | 119944577 |
| **NET OTHER ASSETS AND LIABILITIES - (0.9%)** |  | (1040167) |
| **TOTAL NET ASSETS - 100.0%** |  | $118904410 |

---

\*\* Aggregate cost for Federal tax purposes was $122,596,043.

(A) Affiliated
 Company (see Note 12).

(B) All
 or a portion of these securities, with an aggregate fair value of $1,461,724, are on loan
 as part of a securities lending program. See footnote (D) and Note 10 for details on the
 securities lending program.

(C) 7-day
 yield.

(D) Represents
 investments of cash collateral received in connection with securities lending.

<br> ETF Exchange Traded Fund.

FTSE The Financial Times Stock Exchange.

SPDR Standard & Poor's Depositary Receipt.

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Aggressive Allocation Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **INVESTMENT COMPANIES - 87.4%** |  |  |
| **Alternative Funds - 1.1%** |  |  |
| Invesco Optimum Yield Diversified Commodity Strategy ETF | 29964 | $442868 |
| **Bond Funds - 23.0%** |  |  |
| iShares 20+ Year Treasury Bond ETF | 13328 | 1326936 |
| iShares Treasury Floating Rate Bond ETF | 47759 | 2407531 |
| Janus Henderson Mortgage-Backed Securities ETF | 8764 | 398411 |
| Madison Core Bond Fund, Class R6 (A) | 374204 | 3285507 |
| Schwab Intermediate-Term U.S. Treasury ETF | 18456 | 908589 |
| Vanguard Short-Term Corporate Bond ETF | 10576 | 795210 |
|  |  | 9122184 |
| **Foreign Stock Funds - 7.1%** |  |  |
| Vanguard FTSE All-World ex-U.S. ETF | 56529 | 2834364 |
| **Stock Funds - 56.2%** |  |  |
| Distillate U.S. Fundamental Stability & Value ETF | 62557 | 2552326 |
| Energy Select Sector SPDR Fund ETF | 16679 | 1458912 |
| iShares Core S&P Small-Cap ETF | 21368 | 2022267 |
| iShares Core S&P U.S. Growth ETF (B) | 9661 | 787565 |
| Madison Dividend Income Fund, Class R6 (A) | 114958 | 3211927 |
| Madison Investors Fund, Class R6 (A) | 237733 | 5436957 |
| Madison Mid Cap Fund, Class R6 (A) | 45626 | 589944 |
| Schwab U.S. Dividend Equity ETF | 11592 | 875660 |
| VanEck Gold Miners ETF | 25586 | 733295 |
| Vanguard Information Technology ETF | 14652 | $4679995 |
|  |  | 22348848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $34,410,526) |  | 34748264 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **SHORT-TERM INVESTMENTS - 12.8%** |  |  |
| State Street Institutional U.S. |  |  |
| Government Money Market Fund, Premier Class, (C), 4.11% | 5003377 | $5003377 |
| State Street Navigator Securities |  |  |
| Lending Government Money Market Portfolio, (C) (D), 4.34% | 91850 | 91850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,095,227) |  | 5095227 |
| **TOTAL INVESTMENTS - 100.2%** |  |  |
| (Cost $39,505,753\*\*) |  | 39843491 |
| **NET OTHER ASSETS AND LIABILITIES - (0.2%)** |  | (80740) |
| **TOTAL NET ASSETS - 100.0%** |  | $39762751 |

---

\*\* Aggregate cost for Federal tax purposes was $39,729,635.

(A) Affiliated Company (see Note 12).

(B) All or a portion of these securities, with an aggregate fair
 value of $89,672, are on loan as part of a securities lending program. See footnote (D) and Note
 10 for details on the securities lending program.

---

| | |
|:---|:---|
| (C) | 7-day yield. |
| &nbsp;&nbsp;<br> (D) | Represents investments of cash collateral received in connection with securities lending. |
| ETF | Exchange Traded Fund. |
| FTSE | The Financial Times Stock Exchange. SPDR Standard & Poor's Depositary Receipt. |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Core Bond Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| **ASSET BACKED SECURITIES - 3.2%** |  |  |
| CCG Receivables Trust, Series 2020-1, Class A2 (A), 0.54%, 12/14/27 | $68417 | $67087 |
| CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 1/15/26 | 143917 | 143837 |
| Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2 (A), 0.56%, 12/11/34 | 247840 | 239497 |
| Enterprise Fleet Financing LLC, Series 2019-3, Class A2 (A), 2.06%, 5/20/25 | 13795 | 13769 |
| Enterprise Fleet Financing LLC, Series 2022-4,Class A2, 5.76%, 10/22/29 | 250000 | 251276 |
| JPMorgan Chase Bank NA, Series 2020-2, Class B (A), 0.84%, 2/25/28 | 58704 | 57315 |
| JPMorgan Chase Bank NA, Series 2021-1, Class B (A), 0.875%, 9/25/28 | 90758 | 87733 |
| JPMorgan Chase Bank NA, Series 2021-2, Class B (A), 0.889%, 12/26/28 | 107756 | 102983 |
| JPMorgan Chase Bank NA, Series 2021-3, Class C (A), 0.86%, 2/26/29 | 224968 | 211642 |
| LAD Auto Receivables Trust, Series 2021- 1A, Class A (A), 1.3%, 8/17/26 | 203284 | 197552 |
| LAD Auto Receivables Trust, Series 2022- 1A, Class A (A), 5.21%, 6/15/27 | 219391 | 215884 |
| Santander Revolving Auto Loan Trust, Series 2019-A, Class C (A), 3%, 1/26/32 | 300000 | 278656 |
| Synchrony Credit Card Master Note Trust, Series 2018-2, Class C, 3.87%, 5/15/26 | 500000 | 495864 |
| Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 7/22/24 | 250000 | 247615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,716,254) |  | 2610710 |
| **COLLATERALIZED MORTGAGE** |  |  |
| **OBLIGATIONS - 4.1%** |  |  |
| Bunker Hill Loan Depositary Trust, Series 2019-2, Class A1 (A) (B), 2.879%, 7/25/49 | 99777 | 91811 |
| CIM Trust, Series 2021-J2, Class A4 (A) (C) (D), 2.5%, 4/25/51 | 303704 | 264153 |
| Federal Home Loan Mortgage Corp. REMICS, Series 4066, Class DI, IO, 3%, 6/15/27 | 574862 | 24591 |
| Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA3, Class M1, (SOFR30A + 0.750%) (A) (D), 4.678%, 10/25/33 | 215888 | 214139 |
| Federal National Mortgage Association REMICS, Series 2015-12, Class NI, IO, 3.5%, 3/25/30 | 619295 | 50177 |
| Federal National Mortgage Association REMICS, Series 2011-31, Class DB, 3.5%, 4/25/31 | 133728 | 128620 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| Federal National Mortgage Association REMICS, Series 2011-36, Class QB, 4%, 5/25/31 | $202907 | $198299 |
| Federal National Mortgage Association REMICS, Series 2005-79, Class LT, 5.5%, 9/25/35 | 195308 | 198533 |
| Federal National Mortgage Association REMICS, Series 2020-44, Class TI, IO, 5.5%, 12/25/35 | 1667713 | 265002 |
| Federal National Mortgage Association REMICS, Series 2016-21, Class BA, 3%, 3/25/42 | 44056 | 43433 |
| GCAT Trust, Series 2021-NQM1, Class A1 (A) (C) (D), 0.874%, 1/25/66 | 184938 | 155458 |
| Government National Mortgage |  |  |
| Association REMICS, Series 2015-53, Class IL, IO, 3%, 9/20/44 | 65566 | 833 |
| JPMorgan Mortgage Trust, Series 2019-5, Class A3 (A) (C) (D), 4%, 11/25/49 | 18295 | 16953 |
| JPMorgan Mortgage Trust, Series 2019-7, Class A3 (A) (C) (D), 3.5%, 2/25/50 | 66752 | 59123 |
| JPMorgan Mortgage Trust, Series 2021-1, Class A3 (A) (C) (D), 2.5%, 6/25/51 | 326951 | 263323 |
| JPMorgan Mortgage Trust, Series 2021-6, Class A4 (A) (C) (D), 2.5%, 10/25/51 | 497222 | 426853 |
| JPMorgan Wealth Management, Series 2020-ATR1, Class A3 (A) (C) (D), 3%, 2/25/50 | 148750 | 124446 |
| PSMC Trust, Series 2019-2, Class A1 (A) (C) (D), 3.5%, 10/25/49 | 5077 | 4945 |
| PSMC Trust, Series 2020-2, Class A2 (A) (C) (D), 3%, 5/25/50 | 69848 | 60788 |
| PSMC Trust, Series 2021-1, Class A11 (A) (C) (D), 2.5%, 3/25/51 | 183633 | 158104 |
| RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (C) (D), 2.5%, 12/25/51 | 290073 | 249021 |
| Sequoia Mortgage Trust, Series 2013-7, Class A2 (C) (D), 3%, 6/25/43 | 246591 | 215631 |
| Towd Point HE Trust, Series 2021-HE1, Class A1 (A) (C) (D), 0.918%, 2/25/63 | 171817 | 160661 |
| Wells Fargo Mortgage-Backed Securities Trust, Series 2019-2, Class A1 (A) (C) (D), 4%, 4/25/49 | 9355 | 8944 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,063,525) |  | 3383841 |
| **COMMERCIAL MORTGAGE-BACKED** |  |  |
| **SECURITIES - 1.8%** |  |  |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ17, Class A2, 2.982%, 11/25/25 | 164979 | 158998 |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Core Bond Fund Portfolio of Investments - continued**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K059, Class X1, IO (C) (D), 0.304%, 9/25/26 | $11437160 | $104042 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K066, Class A2, 3.117%, 6/25/27 | 650000 | 615693 |
| Federal National Mortgage Association- Aces, Series 2017-M15, Class ATS2 (C) (D), 3.158%, 11/25/27 | 214195 | 203311 |
| FREMF Mortgage Trust, Series 2015-K44, Class B (A) (C) (D), 3.719%, 1/25/48 | 450000 | 428340 |
| GSAMP Trust, Series 2006-S5, Class M5 (C), 7.488% 9/25/36 | 4940000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Mortgage-Backed** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Securities (Cost $1,609,595)** |  | 1510384 |
| **CORPORATE NOTES AND BONDS - 29.4%** |  |  |
| **Communication Services - 2.8%** |  |  |
| AT&T, Inc., 2.25%, 2/1/32 | 500000 | 393375 |
| CCO Holdings LLC/CCO Holdings Capital Corp. (A), 4.75%, 3/1/30 | 200000 | 170511 |
| Charter Communications Operating LLC/ |  |  |
| Charter Communications Operating |  |  |
| Capital, 4.908%, 7/23/25 | 400000 | 392360 |
| Discovery Communications LLC, 5%, 9/20/37 | 125000 | 101075 |
| Expedia Group, Inc., 3.25%, 2/15/30 | 350000 | 297647 |
| SBA Communications Corp., 3.875%, 2/15/27 | 250000 | 225847 |
| T-Mobile USA, Inc., 2.625%, 4/15/26 | 225000 | 206145 |
| Verizon Communications, Inc., 3.875%, 2/8/29 | 300000 | 282085 |
| Verizon Communications, Inc., 4.4%, 11/1/34 | 300000 | 275858 |
|  |  | 2344903 |
| **Consumer Discretionary - 2.2%** |  |  |
| 7-Eleven, Inc. (A), 1.8%, 2/10/31 | 300000 | 229324 |
| American Airlines, Inc./AAdvantage Loyalty IP Ltd. (A), 5.5%, 4/20/26 | 200000 | 192276 |
| Clarios Global LP/Clarios U.S. Finance Co. (A), 6.25%, 5/15/26 | 150000 | 146569 |
| Hilton Domestic Operating Co., Inc. (A), 5.375%, 5/1/25 | 200000 | 197961 |
| Lowe's Cos., Inc., 3%, 10/15/50 | 500000 | 320169 |
| Lowe's Cos., Inc., 4.25%, 4/1/52 | 250000 | 199813 |
| McDonald's Corp., 4.875%, 12/9/45 | 400000 | 372289 |
| Tractor Supply Co., 1.75%, 11/1/30 | 200000 | 153945 |
|  |  | 1812346 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| **Consumer Staples - 1.5%** |  |  |
| General Mills, Inc., 2.875%, 4/15/30 | $200000 | $173056 |
| Hormel Foods Corp., 1.8%, 6/11/30 | 200000 | 163016 |
| Keurig Dr Pepper, Inc., 3.8%, 5/1/50 | 300000 | 226996 |
| Mars, Inc. (A), 3.875%, 4/1/39 | 350000 | 298601 |
| Mars, Inc. (A), 2.375%, 7/16/40 | 350000 | 238617 |
| Performance Food Group, Inc. (A), 5.5%, 10/15/27 | 150000 | 141475 |
|  |  | 1241761 |
| **Energy - 3.1%** |  |  |
| Eastern Gas Transmission & Storage, Inc., 3%, 11/15/29 | 150000 | 129799 |
| Energy Transfer LP, 5.25%, 4/15/29 | 300000 | 290972 |
| EnLink Midstream Partners LP (E), 5.45%, 6/1/47 | 550000 | 440901 |
| Kinder Morgan, Inc., 5.55%, 6/1/45 | 300000 | 274704 |
| Marathon Petroleum Corp., 4.7%, 5/1/25 | 275000 | 270996 |
| MPLX LP, 4.8%, 2/15/29 | 50000 | 47968 |
| MPLX LP, 2.65%, 8/15/30 | 200000 | 163195 |
| ONEOK, Inc., 5.85%, 1/15/26 | 100000 | 101298 |
| Phillips 66, 2.15%, 12/15/30 | 250000 | 200626 |
| Pioneer Natural Resources Co., 2.15%, 1/15/31 | 200000 | 159124 |
| Sunoco LP/Sunoco Finance Corp., 6%, 4/15/27 | 150000 | 147705 |
| Valero Energy Corp., 4%, 6/1/52 | 100000 | 75482 |
| Valero Energy Partners LP, 4.5%, 3/15/28 | 250000 | 242807 |
|  |  | 2545577 |
| **Financials - 9.5%** |  |  |
| Aflac, Inc., 4.75%, 1/15/49 | 400000 | 356949 |
| Air Lease Corp., 1.875%, 8/15/26 | 250000 | 217444 |
| American Express Co., 5.85%, 11/5/27 | 250000 | 259996 |
| Bank of America Corp., (5 year CMT + 2.000%) (D), 3.846%, 3/8/37 | 150000 | 124600 |
| Belrose Funding Trust (A), 2.33%, 8/15/30 | 200000 | 151919 |
| Berkshire Hathaway Finance Corp., 3.85%, 3/15/52 | 225000 | 181929 |
| BlackRock, Inc., 2.1%, 2/25/32 | 350000 | 282637 |
| Capital One Financial Corp., (SOFRRATE + 2.057%) (D), 4.927%, 5/10/28 | 200000 | 193682 |
| Citigroup, Inc., (SOFRRATE + 2.086%) (D), 4.91%, 5/24/33 | 250000 | 234892 |
| Discover Bank, 3.45%, 7/27/26 | 75000 | 69161 |
| Empower Finance 2020 LP (A), 3.075%, 9/17/51 | 125000 | 78434 |
| Fifth Third Bancorp, 2.55%, 5/5/27 | 175000 | 157344 |
| Fifth Third Bancorp, (SOFRRATE + 1.660%) (D), 4.337%, 4/25/33 | 200000 | 183353 |
| GLP Capital LP/GLP Financing II, Inc. (E), 3.25%, 1/15/32 | 200000 | 159877 |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Core Bond Fund Portfolio of Investments - continued**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| Goldman Sachs BDC, Inc., 2.875%, 1/15/26 | $200000 | $183900 |
| Goldman Sachs Group, Inc., (SOFRRATE + 0.913%) (D), 1.948%, 10/21/27 | 250000 | 218887 |
| Huntington Bancshares, Inc., (5 year CMT + 1.170%) (D), 2.487%, 8/15/36 | 500000 | 360782 |
| Huntington National Bank, (SOFRRATE + 1.205%) (D), 4.008%, 5/16/25 | 250000 | 244827 |
| Intercontinental Exchange, Inc., 4.6%, 3/15/33 | 250000 | 239941 |
| Jefferies Financial Group, Inc., 2.625%, 10/15/31 | 250000 | 191072 |
| JPMorgan Chase & Co., (TSFR3M + 0.695%) (D), 1.04%, 2/4/27 | 400000 | 348881 |
| KKR Group Finance Co. VIII LLC (A), 3.5%, 8/25/50 | 250000 | 168407 |
| Liberty Mutual Group, Inc. (A), 4.569%, 2/1/29 | 400000 | 373838 |
| Liberty Mutual Group, Inc. (A), 3.95%, 5/15/60 | 150000 | 98773 |
| Morgan Stanley, (SOFRRATE + 1.020%) (D), 1.928%, 4/28/32 | 250000 | 189267 |
| NASDAQ, Inc., 1.65%, 1/15/31 | 200000 | 153401 |
| Old Republic International Corp., 3.85%, 6/11/51 | 250000 | 172736 |
| Omega Healthcare Investors, Inc., 3.375%, 2/1/31 | 225000 | 173696 |
| PNC Bank NA, 2.7%, 10/22/29 | 125000 | 105727 |
| Public Storage, 1.95%, 11/9/28 | 125000 | 106842 |
| Regions Financial Corp. (E), 1.8%, 8/12/28 | 495000 | 421288 |
| State Street Corp., (SOFRRATE + 1.490%) (D), 3.031%, 11/1/34 | 125000 | 105414 |
| Teachers Insurance & Annuity Association of America (A), 3.3%, 5/15/50 | 300000 | 209036 |
| Truist Bank, 2.25%, 3/11/30 | 325000 | 263515 |
| Truist Financial Corp., (SOFRRATE + 0.609%) (D), 1.267%, 3/2/27 | 300000 | 265967 |
| Wells Fargo & Co., (SOFRRATE + 2.100%) (D), 2.393%, 6/2/28 | 250000 | 220983 |
| Western Union Co., 2.85%, 1/10/25 | 125000 | 119095 |
| Weyerhaeuser Co., 3.375%, 3/9/33 | 250000 | 209731 |
|  |  | 7798223 |
| **Health Care – 1.9%** |  |  |
| Baxter International, Inc., 2.272%, 12/1/28 | 300000 | 255970 |
| Block, Inc., 2.75%, 6/1/26 | 300000 | 268020 |
| Centene Corp., 2.45%, 7/15/28 | 300000 | 252967 |
| Cigna Corp., 4.375%, 10/15/28 | 50000 | 48316 |
| Cigna Corp., 4.9%, 12/15/48 | 200000 | 181537 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| CVS Health Corp., 5.125%, 7/20/45 | $250000 | $226845 |
| Gartner, Inc. (A) (E), 4.5%, 7/1/28 | 150000 | 139849 |
| Health Care Service Corp. A Mutual Legal |  |  |
| Reserve Co. (A), 2.2%, 6/1/30 | 250000 | 201546 |
|  |  | 1575050 |
| **Industrials - 3.9%** |  |  |
| Ball Corp., 4.875%, 3/15/26 | 250000 | 242275 |
| Boeing Co., 3.625%, 2/1/31 | 200000 | 176071 |
| Boeing Co., 5.805%, 5/1/50 | 350000 | 325861 |
| Carlisle Cos., Inc., 3.5%, 12/1/24 | 200000 | 193363 |
| Carrier Global Corp., 3.577%, 4/5/50 | 150000 | 107706 |
| Otis Worldwide Corp., 2.565%, 2/15/30 | 300000 | 252754 |
| Quanta Services, Inc., 2.9%, 10/1/30 | 250000 | 206182 |
| TD SYNNEX Corp., 1.75%, 8/9/26 | 500000 | 425520 |
| TD SYNNEX Corp., 2.65%, 8/9/31 | 200000 | 152034 |
| Textron, Inc., 2.45%, 3/15/31 | 250000 | 200867 |
| TransDigm, Inc. (A), 6.25%, 3/15/26 | 200000 | 197238 |
| United Rentals North America, Inc., 5.5%, 5/15/27 | 300000 | 296160 |
| Vulcan Materials Co., 3.5%, 6/1/30 | 200000 | 176948 |
| WRKCo, Inc., 3.9%, 6/1/28 | 250000 | 230142 |
|  |  | 3183121 |
| **Information Technology - 2.2%** |  |  |
| Broadcom, Inc. (A), 3.187%, 11/15/36 | 12000 | 8647 |
| Dell International LLC/EMC Corp., 8.35%, 7/15/46 | 62000 | 71024 |
| Dell International LLC/EMC Corp. (A), 3.45%, 12/15/51 | 275000 | 169571 |
| Fiserv, Inc., 3.5%, 7/1/29 | 200000 | 180450 |
| HP, Inc., 2.65%, 6/17/31 | 400000 | 312662 |
| Intuit, Inc., 1.65%, 7/15/30 | 250000 | 201105 |
| Iron Mountain, Inc. (A), 4.5%, 2/15/31 | 125000 | 102743 |
| Lam Research Corp., 1.9%, 6/15/30 | 350000 | 286028 |
| Oracle Corp., 3.95%, 3/25/51 | 400000 | 286792 |
| VMware, Inc., 2.2%, 8/15/31 | 250000 | 190328 |
|  |  | 1809350 |
| **Materials - 1.0%** |  |  |
| Arconic Corp. (A), 6%, 5/15/25 | 150000 | 147465 |
| Celanese U.S. Holdings LLC, 6.165%, 7/15/27 | 150000 | 148164 |
| DuPont de Nemours, Inc., 4.725%, 11/15/28 | 300000 | 296371 |
| LYB International Finance III LLC, 3.625%, 4/1/51 | 400000 | 269720 |
|  |  | 861720 |
| **Utilities - 1.3%** |  |  |
| AES Corp., 1.375%, 1/15/26 | 225000 | 200019 |
| Berkshire Hathaway Energy Co., 1.65%, 5/15/31 | 200000 | 154800 |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Core Bond Fund Portfolio of Investments - continued**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| Duke Energy Corp., 3.75%, 9/1/46 | $400000 | $298759 |
| Interstate Power & Light Co., 3.5%, 9/30/49 | 225000 | 161459 |
| Wisconsin Electric Power Co., 1.7%, 6/15/28 | 250000 | 212985 |
|  |  | 1028022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Notes and Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $28,579,363) |  | 24200073 |
| **FOREIGN CORPORATE BONDS - 2.6%** |  |  |
| **Communication Services - 0.5%** |  |  |
| Alibaba Group Holding Ltd. (E), 2.125%, 2/9/31 | 250000 | 199685 |
| Vodafone Group PLC, 5%, 5/30/38 | 250000 | 231181 |
|  |  | 430866 |
| **Financials - 1.4%** |  |  |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26 | 300000 | 264267 |
| AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.625%, 10/15/27 | 200000 | 186055 |
| Avolon Holdings Funding Ltd. (A), 2.125%, 2/21/26 | 300000 | 258342 |
| Toronto-Dominion Bank, 4.456%, 6/8/32 | 250000 | 238229 |
| UBS Group AG, (1 year CMT + 2.050%) (A) (D), 4.703%, 8/5/27 | 200000 | 193531 |
|  |  | 1140424 |
| **Health Care - 0.7%** |  |  |
| Royalty Pharma PLC, 2.2%, 9/2/30 | 200000 | 156848 |
| Royalty Pharma PLC, 3.55%, 9/2/50 | 250000 | 160951 |
| STERIS Irish FinCo UnLtd Co. (E), 3.75%, |  |  |
| 3/15/51 | 350000 | 250595 |
|  |  | 568394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Foreign Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,522,453) |  | 2139684 |
| **LONG TERM MUNICIPAL BONDS - 2.1%** |  |  |
| **General - 2.1%** |  |  |
| Hillsboro School District No 1J, General |  |  |
| Obligation, 4.35%, 6/30/34 | 800000 | 754264 |
| Metropolitan Transportation Authority |  |  |
| Revenue, 6.548%, 11/15/31 | 1000000 | 1016416 |
| **Total Long Term Municipal Bonds** |  |  |
| (Cost $2,018,722) |  | 1770680 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| **MORTGAGE BACKED SECURITIES - 23.2%** |  |  |
| **Fannie Mae - 15.1%** |  |  |
| 3%, 9/1/30 Pool # 890696 | $380400 | $364281 |
| 3%, 12/1/30 Pool # AL8924 | 155701 | 149493 |
| 7%, 11/1/31 Pool # 607515 | 12767 | 13022 |
| 3.5%, 12/1/31 Pool # MA0919 | 42050 | 40776 |
| 6.5%, 3/1/32 Pool # 631377 | 15054 | 15431 |
| 7%, 5/1/32 Pool # 644591 | 4823 | 4825 |
| 6.5%, 6/1/32 Pool # 545691 | 87953 | 91266 |
| 3.5%, 8/1/32 Pool # MA3098 | 45262 | 43791 |
| 5.5%, 11/1/33 Pool # 555880 | 132563 | 135371 |
| 4%, 2/1/35 Pool # MA2177 | 455917 | 439549 |
| 5%, 8/1/35 Pool # 829670 | 147122 | 148796 |
| 5%, 9/1/35 Pool # 835699 | 211628 | 213660 |
| 5%, 9/1/35 Pool # 820347 | 227032 | 232051 |
| 3.5%, 12/1/35 Pool # MA2473 | 258017 | 247000 |
| 5%, 12/1/35 Pool # 850561 | 59531 | 60634 |
| 4%, 6/1/36 Pool # AL8618 | 119806 | 115503 |
| 5.5%, 10/1/36 Pool # 901723 | 52726 | 52921 |
| 6.5%, 10/1/36 Pool # 894118 | 211659 | 217806 |
| 6%, 11/1/36 Pool # 902510 | 220424 | 230237 |
| 6%, 10/1/37 Pool # 947563 | 188756 | 197245 |
| 6.5%, 8/1/38 Pool # 987711 | 278169 | 295715 |
| 3%, 11/1/39 Pool # MA3831 | 53641 | 48775 |
| 4%, 1/1/41 Pool # AB2080 | 461332 | 443584 |
| 2.5%, 5/1/41 Pool # MA4334 | 423312 | 372907 |
| 4.5%, 7/1/41 Pool # AB3274 | 187298 | 185863 |
| 5.5%, 7/1/41 Pool # AL6588 | 412431 | 427975 |
| 4%, 9/1/41 Pool # AJ1406 | 215500 | 207214 |
| 3.5%, 6/1/42 Pool # AO4136 | 464536 | 435451 |
| 4%, 6/1/42 Pool # MA1087 | 124704 | 119906 |
| 3.5%, 8/1/42 Pool # AP2133 | 217245 | 203644 |
| 3.5%, 9/1/42 Pool # AB6228 | 389646 | 365250 |
| 4%, 10/1/42 Pool # AP7363 | 310948 | 298667 |
| 3.5%, 3/1/43 Pool # AT0310 | 280073 | 262531 |
| 4%, 1/1/45 Pool # AS4257 | 64493 | 61851 |
| 4.5%, 2/1/45 Pool # MA2193 | 251773 | 247586 |
| 3.5%, 11/1/45 Pool # BA4907 | 142411 | 132600 |
| 3.5%, 12/1/45 Pool # AS6309 | 118935 | 110741 |
| 4.5%, 10/1/46 Pool # MA2783 | 22955 | 22528 |
| 4%, 12/1/46 Pool # BD2379 | 76800 | 73463 |
| 3%, 1/1/47 Pool # BE0108 | 237896 | 213419 |
| 2.5%, 12/1/47 Pool # FM3165 | 477660 | 412504 |
| 4%, 7/1/48 Pool # MA3415 | 115990 | 110489 |
| 4%, 11/1/50 Pool # FM5530 | 315250 | 298605 |
| 4%, 5/1/52 Pool # CB3627 | 734639 | 690231 |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Core Bond Fund Portfolio of Investments - continued**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| 4%, 5/1/52 Pool # CB3678 | $244787 | $230037 |
| 4%, 5/1/52 Pool # FS1704 | 187106 | 177250 |
| 3.5%, 6/1/52 Pool # CB3845 | 729980 | 666274 |
| 4.5%, 8/1/52 Pool # CB4383 | 745689 | 722445 |
| 4.5%, 8/1/52 Pool # FS2605 | 482486 | 465027 |
| 5%, 10/1/52 Pool # MA4785 | 491099 | 484610 |
| 5.5%, 10/1/52 Pool # MA4786 | 340732 | 342091 |
| 5%, 11/1/52 Pool # MA4806 | 247333 | 244066 |
|  |  | 12386957 |
| **Freddie Mac - 8.1%** |  |  |
| 4.5%, 2/1/25 Pool # J11722 | 20778 | 20775 |
| 4.5%, 5/1/25 Pool # J12247 | 41022 | 40980 |
| 8%, 6/1/30 Pool # C01005 | 5650 | 5946 |
| 7%, 3/1/31 Pool # C48129 | 29101 | 29059 |
| 2.5%, 2/1/32 Pool # ZS8641 | 105699 | 98946 |
| 5.5%, 11/1/34 Pool # A28282 | 172459 | 173637 |
| 2.5%, 6/1/35 Pool # RC1421 | 183343 | 168148 |
| 5.5%, 1/1/37 Pool # G04593 | 89319 | 92744 |
| 2%, 3/1/41 Pool # RB5105 | 405763 | 346158 |
| 4%, 10/1/41 Pool # Q04092 | 217532 | 209398 |
| 3%, 9/1/42 Pool # C04233 | 592395 | 540483 |
| 3%, 4/1/43 Pool # V80025 | 785850 | 716970 |
| 3%, 4/1/43 Pool # V80026 | 774001 | 706156 |
| 3.5%, 8/1/44 Pool # Q27927 | 210946 | 197175 |
| 3%, 7/1/45 Pool # G08653 | 253608 | 228409 |
| 3.5%, 8/1/45 Pool # Q35614 | 344667 | 321523 |
| 3%, 10/1/46 Pool # G60722 | 395820 | 355471 |
| 4%, 3/1/47 Pool # Q46801 | 101474 | 97144 |
| 3.5%, 12/1/47 Pool # Q52955 | 145313 | 134968 |
| 2.5%, 4/1/48 Pool # QA2240 | 379220 | 327071 |
| 3%, 7/1/49 Pool # QA1033 | 207560 | 183817 |
| 3.5%, 4/1/52 Pool # SD0960 | 729957 | 669693 |
| 3.5%, 5/1/52 Pool # RA7380 | 243045 | 221864 |
| 3.5%, 5/1/52 Pool # QE2363 | 192327 | 175182 |
| 5.5%, 11/1/52 Pool # SD1859 | 248461 | 250904 |
| 4.5%, 12/1/52 Pool # SD1921 | 349364 | 339122 |
|  |  | 6651743 |
| **Ginnie Mae - 0.0%** |  |  |
| 6.5%, 2/20/29 Pool # 2714 | 18339 | 18797 |
| 6.5%, 4/20/31 Pool # 3068 | 13353 | 13934 |
|  |  | 32731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Mortgage Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $20,507,387) |  | 19071431 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| **U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 31.6%** |  |  |
| **U.S. Treasury Bonds - 10.7%** |  |  |
| 6.625%, 2/15/27 | $2000000 | $2188203 |
| 4.500%, 5/15/38 | 2000000 | 2136406 |
| 3.750%, 8/15/41 | 1500000 | 1431914 |
| 3.000%, 5/15/45 | 750000 | 622558 |
| 2.500%, 5/15/46 | 500000 | 376055 |
| 3.375%, 11/15/48 | 500000 | 444766 |
| 1.250%, 5/15/50 | 1500000 | 815801 |
| 1.875%, 2/15/51 | 1250000 | 802295 |
|  |  | 8817998 |
| **U.S. Treasury Notes - 20.9%** |  |  |
| 2.250%, 11/15/25 | 1500000 | 1421074 |
| 0.375%, 1/31/26 | 1500000 | 1335879 |
| 1.500%, 8/15/26 | 2500000 | 2281445 |
| 2.375%, 5/15/27 | 3000000 | 2801250 |
| 2.875%, 5/15/28 | 3200000 | 3025125 |
| 2.625%, 2/15/29 | 2500000 | 2315625 |
| 0.625%, 8/15/30 | 1750000 | 1381611 |
| 1.375%, 11/15/31 | 3250000 | 2654590 |
|  |  | 17216599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Obligations (Cost $28,837,584)** |  | 26034597 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | |
| **SHORT-TERM INVESTMENTS - 1.6%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, (F), 4.11% | 656303 | 656303 |
| State Street Navigator Securities Lending Government Money Market Portfolio, (F) (G), 4.34% | 638043 | 638043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,294,346) |  | 1294346 |
| **TOTAL INVESTMENTS - 99.6%** |  |  |
| (Cost $92,149,229\*\*) |  | 82015746 |
| **NET OTHER ASSETS AND LIABILITIES - 0.4%** |  | 338296 |
| **TOTAL NET ASSETS - 100.0%** |  | $82354042 |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Core Bond Fund Portfolio of Investments - continued**

\*\* Aggregate cost for Federal tax purposes was $92,209,554 .

(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) Stepped
 rate security. Rate shown is as of December 31, 2022.

(C) Coupon
 rate may change based on changes of the underlying collateral or prepayments of principal.
 The coupon rate shown represents the rate at December 31, 2022.

(D) Floating
 rate or variable rate note. Rate shown is as of December 31, 2022.

(E) All
 or a portion of these securities, with an aggregate fair value of $622,648, are on loan as
 part of a securities lending program. See footnote (G) and Note 10 for details on the securities
 lending program.

(F) 7-day
 yield.

(G) 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.

IO Interest Only.

LLC Limited Liability Company. LP Limited Partnership. PLC Public Limited Company.

REMIC Real Estate Mortgage Investment Conduit. SOFR Secured Overnight Financing Rate.

SOFR30A 30-day SOFR Average.

STACR Structured Agency Credit Risk TSFR3M 3 Months USD Term SOFR

USD United States Dollar

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**High Income Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| **CORPORATE NOTES AND BONDS - 87.2%** |  |  |
| **Communication Services - 16.2%** |  |  |
| Advantage Sales & Marketing, Inc. (A), 6.5%, 11/15/28 | $150000 | $114353 |
| Cars.com, Inc. (A), 6.375%, 11/1/28 | 150000 | 133273 |
| CCO Holdings LLC/CCO Holdings Capital Corp. (A), 4.75%, 3/1/30 | 145000 | 123621 |
| Frontier Communications Holdings LLC (A), 5%, 5/1/28 | 225000 | 195372 |
| Hughes Satellite Systems Corp., 5.25%, 8/1/26 | 225000 | 215820 |
| Lamar Media Corp., 4.875%, 1/15/29 | 180000 | 165272 |
| Level 3 Financing, Inc. (A), 4.25%, 7/1/28 | 180000 | 141786 |
| Millennium Escrow Corp. (A) (B), 6.625%, 8/1/26 | 225000 | 144012 |
| Netflix, Inc., 6.375%, 5/15/29 | 125000 | 128661 |
| Outfront Media Capital LLC/Outfront Media Capital Corp. (A), 4.25%, 1/15/29 | 125000 | 103716 |
| SBA Communications Corp., 3.875%, 2/15/27 | 250000 | 225847 |
| Sprint LLC, 7.125%, 6/15/24 | 275000 | 280507 |
| Viasat, Inc. (A), 6.5%, 7/15/28 | 150000 | 112533 |
|  |  | 2084773 |
| **Consumer Discretionary - 13.0%** |  |  |
| American Airlines, Inc./AAdvantage Loyalty |  |  |
| IP Ltd. (A), 5.5%, 4/20/26 | 300000 | 288413 |
| Genting New York LLC/GENNY Capital, Inc. (A), 3.3%, 2/15/26 | 200000 | 175084 |
| Murphy Oil USA, Inc., 5.625%, 5/1/27 | 400000 | 388404 |
| QVC, Inc., 4.375%, 9/1/28 | 160000 | 95600 |
| RHP Hotel Properties LP/RHP Finance Corp. (A), 4.5%, 2/15/29 | 115000 | 99198 |
| RLJ Lodging Trust LP (A), 3.75%, 7/1/26 | 150000 | 133451 |
| United Airlines, Inc. (A), 4.375%, 4/15/26 | 125000 | 115866 |
| Vail Resorts, Inc. (A), 6.25%, 5/15/25 | 200000 | 200000 |
| Williams Scotsman International, Inc. (A) (B), 6.125%, 6/15/25 | 175000 | 173250 |
|  |  | 1669266 |
| **Consumer Staples - 6.9%** |  |  |
| B&G Foods, Inc. (B), 5.25%, 9/15/27 | 220000 | 168715 |
| Edgewell Personal Care Co. (A), 5.5%, 6/1/28 | 125000 | 116904 |
| Lamb Weston Holdings, Inc. (A), 4.875%, 5/15/28 | 125000 | 118438 |
| Lamb Weston Holdings, Inc. (A), 4.125%, 1/31/30 | 125000 | 110400 |
| Performance Food Group, Inc. (A), 5.5%, 10/15/27 | 215000 | 202780 |
| U.S. Foods, Inc. (A), 6.25%, 4/15/25 | 175000 | 173168 |
|  |  | 890405 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| **Energy - 3.9%** |  |  |
| Berry Petroleum Co. LLC (A), 7%, 2/15/26 | $125000 | $114804 |
| Buckeye Partners LP (A), 4.125%, 3/1/25 | 150000 | 142933 |
| Sunoco LP/Sunoco Finance Corp., 6%, 4/15/27 | 150000 | 147705 |
| Sunoco LP/Sunoco Finance Corp., 4.5%, 4/30/30 | 110000 | 95486 |
|  |  | 500928 |
| **Financials - 17.2%** |  |  |
| Bread Financial Holdings, Inc. (A) (B), 4.75%, 12/15/24 | 500000 | 443369 |
| Credit Acceptance Corp. (A), 5.125%, 12/31/24 | 125000 | 117472 |
| Diversified Healthcare Trust, 9.75%, 6/15/25 | 75000 | 71847 |
| Enact Holdings, Inc. (A), 6.5%, 8/15/25 | 250000 | 246250 |
| Home Point Capital, Inc. (A), 5%, 2/1/26 | 130000 | 89894 |
| Jefferies Finance LLC/JFIN Co-Issuer Corp. (A), 5%, 8/15/28 | 200000 | 163146 |
| LPL Holdings, Inc. (A), 4%, 3/15/29 | 150000 | 130515 |
| MGIC Investment Corp., 5.25%, 8/15/28 | 200000 | 184417 |
| MPT Operating Partnership LP/MPT Finance Corp., (B), 5%, 10/15/27 | 300000 | 252159 |
| MPT Operating Partnership LP/MPT Finance Corp., 3.5%, 3/15/31 | 150000 | 102822 |
| NFP Corp. (A), 6.875%, 8/15/28 | 125000 | 103035 |
| OneMain Finance Corp. (B), 3.875%, 9/15/28 | 195000 | 155068 |
| Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc. (A), 3.875%, 3/1/31 | 200000 | 152655 |
|  |  | 2212649 |
| **Health Care – 3.9%** |  |  |
| AdaptHealth LLC (A), 4.625%, 8/1/29 | 50000 | 41863 |
| HCA, Inc., 5.875%, 2/15/26 | 250000 | 251854 |
| Legacy LifePoint Health LLC (A), 6.75%, 4/15/25 | 150000 | 141164 |
| Medline Borrower LP (A), 3.875%, 4/1/29 | 90000 | 72439 |
|  |  | 507320 |
| **Industrials – 18.5%** |  |  |
| ADT Security Corp., 4.125%, 6/15/23 | 225000 | 222762 |
| Brink's Co. (A), 5.5%, 7/15/25 | 125000 | 122729 |
| Energizer Holdings, Inc. (A), 4.75%, 6/15/28 | 190000 | 164655 |
| EnerSys (A), 4.375%, 12/15/27 | 125000 | 112500 |
| Madison IAQ LLC (A), 4.125%, 6/30/28 | 200000 | 164000 |
| Roller Bearing Co. of America, Inc. (A) (B), 4.375%, 10/15/29 | 100000 | 86470 |
| RR Donnelley & Sons Co. (A), 6.125%, 11/1/26 | 300000 | 279000 |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**High Income Fund Portfolio of Investments - continued**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| Sealed Air Corp. (A), 5.125%, 12/1/24 | $300000 | $294750 |
| Sealed Air Corp. (A), 5%, 4/15/29 | 125000 | 117500 |
| Spirit AeroSystems, Inc. (A), 7.5%, 4/15/25 | 250000 | 247040 |
| TransDigm, Inc. (A), 6.25%, 3/15/26 | 275000 | 271202 |
| United Rentals North America, Inc., 5.5%, 5/15/27 | 100000 | 98720 |
| Waste Pro USA, Inc. (A), 5.5%, 2/15/26 | 225000 | 198697 |
|  |  | 2380025 |
| **Information Technology - 4.7%** |  |  |
| Iron Mountain, Inc. (A), 4.875%, 9/15/27 | 250000 | 229900 |
| Iron Mountain, Inc. (A), 5.25%, 7/15/30 | 135000 | 117315 |
| Pitney Bowes, Inc. (A) (B), 6.875%, 3/15/27 | 210000 | 179527 |
| Playtika Holding Corp. (A) (B), 4.25%, 3/15/29 | 110000 | 86344 |
|  |  | 613086 |
| **Materials - 1.3%** |  |  |
| Arconic Corp. (A), 6.125%, 2/15/28 | 175000 | 164196 |
| **Utilities - 1.6%** |  |  |
| AmeriGas Partners LP/AmeriGas Finance Corp., 5.875%, 8/20/26 | 100000 | 94971 |
| Calpine Corp. (A), 3.75%, 3/1/31 | 135000 | 108659 |
|  |  | 203630 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Notes and Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $12,650,321) |  | 11226278 |
| **FOREIGN CORPORATE BONDS - 6.7%** |  |  |
| **Communication Service - 0.4%** |  |  |
| Telesat Canada/Telesat LLC (A), 6.5%, 10/15/27 | 175000 | 50619 |
| **Consumer Discretionary - 4.1%** |  |  |
| Carnival Corp. (A), 5.75%, 3/1/27 | 200000 | 142808 |
| Hawaiian Brand Intellectual Property Ltd./ |  |  |
| HawaiianMiles Loyalty Ltd. (A), 5.75%, 1/20/26 | 175000 | 158375 |
| International Game Technology PLC (A), 4.125%, 4/15/26 | 250000 | 233164 |
|  |  | 534347 |
| **Health Care - 2.2%** |  |  |
| Mallinckrodt International Finance SA/ |  |  |
| Mallinckrodt CB LLC (A) (C), 10%, 4/15/25 | 425000 | 282625 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Foreign Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,249,662) |  | 867591 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| **EXCHANGE TRADED FUNDS - 3.4%** |  |  |
| **Bond Funds - 3.4%** |  |  |
| iShares iBoxx High Yield Corporate Bond ETF | 5900 | $434417 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Exchange Traded Funds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $508,730) |  | 434417 |
| **SHORT-TERM INVESTMENTS - 12.9%** |  |  |
| State Street Institutional U.S. Government |  |  |
| Money Market Fund, Premier Class, (D), 4.11% | 168131 | 168131 |
| State Street Navigator Securities Lending |  |  |
| Government Money Market Portfolio, (D) (E), 4.34% | 1487923 | 1487923 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,656,054) |  | 1656054 |
| **TOTAL INVESTMENTS - 110.2%** |  |  |
| (Cost $16,064,767\*\*) |  | 14184340 |
| **NET OTHER ASSETS AND LIABILITIES - (10.2%)** |  | (1309178) |
| **TOTAL NET ASSETS - 100.0%** |  | $12875162 |

---

\*\* Aggregate cost for Federal tax purposes was $16,054,007.

(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) All or a portion of these securities, with an aggregate fair
 value of $1,456,691, are on loan as part of a securities lending program. See footnote (E) and
 Note 10 for details on the securities lending program.

(C) In default. Issuer is bankrupt.

(D) 7-day yield.

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

ETF Exchange Traded Fund.

LLC Limited Liability Company.

LP Limited Partnership.

PLC Public Limited Company.

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Diversified Income Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **COMMON STOCKS - 69.1%** |  |  |
| **Communication Service - 1.9%** |  |  |
| Comcast Corp., Class A | 105000 | $3671850 |
| **Consumer Discretionary - 6.2%** |  |  |
| Home Depot, Inc. | 14750 | 4658935 |
| Lowe's Cos., Inc. | 7200 | 1434528 |
| McDonald's Corp. | 9350 | 2464006 |
| Starbucks Corp. | 21600 | 2142720 |
| Target Corp. | 7800 | 1162512 |
|  |  | 11862701 |
| **Consumer Staples - 5.6%** |  |  |
| Archer-Daniels-Midland Co. | 42200 | 3918270 |
| Coca-Cola Co. | 36700 | 2334487 |
| PepsiCo, Inc. | 12750 | 2303415 |
| Procter & Gamble Co. | 14550 | 2205198 |
|  |  | 10761370 |
| **Energy - 7.6%** |  |  |
| Baker Hughes Co. | 126600 | 3738498 |
| Chevron Corp. | 21850 | 3921856 |
| EOG Resources, Inc. | 25750 | 3335140 |
| Kinder Morgan, Inc. | 191100 | 3455088 |
|  |  | 14450582 |
| **Financials - 14.3%** |  |  |
| Aflac, Inc. | 47150 | 3391971 |
| BlackRock, Inc. | 5725 | 4056907 |
| CME Group, Inc. | 23600 | 3968576 |
| JPMorgan Chase & Co. | 30600 | 4103460 |
| Morgan Stanley | 40300 | 3426306 |
| Northern Trust Corp. | 23350 | 2066242 |
| Travelers Cos., Inc. | 25350 | 4752871 |
| U.S. Bancorp | 35921 | 1566515 |
|  |  | 27332848 |
| **Health Care - 9.9%** |  |  |
| Bristol-Myers Squibb Co. | 40800 | 2935560 |
| CVS Health Corp. | 46400 | 4324016 |
| Johnson & Johnson | 28250 | 4990362 |
| Medtronic PLC | 41000 | 3186520 |
| Pfizer, Inc. | 68250 | 3497130 |
|  |  | 18933588 |
| **Industrials - 10.1%** |  |  |
| Caterpillar, Inc. | 17750 | 4252190 |
| Emerson Electric Co. | 24250 | 2329455 |
| Fastenal Co. | 51450 | 2434614 |
| Honeywell International, Inc. | 18100 | 3878830 |
| PACCAR, Inc. | 42450 | 4201276 |
| Union Pacific Corp. | 10300 | 2132821 |
|  |  | 19229186 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **Information Technology - 6.8%** |  |  |
| Analog Devices, Inc. | 9250 | $1517278 |
| Automatic Data Processing, Inc. | 7850 | 1875051 |
| Cisco Systems, Inc. | 99500 | 4740180 |
| Paychex, Inc. | 12650 | 1461834 |
| Texas Instruments, Inc. | 21200 | 3502664 |
|  |  | 13097007 |
| **Materials - 3.3%** |  |  |
| Air Products & Chemicals, Inc. | 14000 | 4315640 |
| Newmont Corp. | 41100 | 1939920 |
|  |  | 6255560 |
| **Real Estate - 1.4%** |  |  |
| American Tower Corp., REIT | 12950 | 2743587 |
| **Utilities - 2.0%** |  |  |
| Dominion Energy, Inc. | 61500 | 3771180 |
| **Total Common Stocks** |  |  |
| (Cost $96,963,432) |  | 132109459 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value |  |
| **ASSET BACKED SECURITIES - 0.8%** |  |  |
| CCG Receivables Trust, Series 2020-1, Class A2 (A), 0.54%, 12/14/27 | $22806 | 22362 |
| CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 1/15/26 | 83152 | 83106 |
| Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2 (A), 0.56%, 12/11/34 | 110151 | 106443 |
| Enterprise Fleet Financing LLC, Series 2019-3, Class A2 (A), 2.06%, 5/20/25 | 13795 | 13769 |
| Enterprise Fleet Financing LLC, Series 2022-4,Class A2, 5.76%, 10/22/29 | 150000 | 150766 |
| JPMorgan Chase Bank NA, Series 2020- 2, Class B (A), 0.84%, 2/25/28 | 58704 | 57314 |
| JPMorgan Chase Bank NA, Series 2021- 1, Class B (A), 0.875%, 9/25/28 | 90758 | 87733 |
| JPMorgan Chase Bank NA, Series 2021- 2, Class B (A), 0.889%, 12/26/28 | 107756 | 102983 |
| JPMorgan Chase Bank NA, Series 2021- 3, Class C (A), 0.86%, 2/26/29 | 142480 | 134040 |
| LAD Auto Receivables Trust, Series 2021- 1A, Class A (A), 1.3%, 8/17/26 | 101642 | 98776 |
| LAD Auto Receivables Trust, Series 2022- 1A, Class A (A), 5.21%, 6/15/27 | 199446 | 196258 |
| Santander Revolving Auto Loan Trust, Series 2019-A, Class C (A), 3%, 1/26/32 | 200000 | 185771 |
| Synchrony Credit Card Master Note Trust, Series 2018-2, Class C, 3.87%, 5/15/26 | 100000 | 99173 |
| Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 7/22/24 | 150000 | 148569 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Asset Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,541,245) |  | $1487063 |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Diversified Income Fund Portfolio of Investments - continued**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| COLLATERALIZED MORTGAGE OBLIGATIONS - 1.6% |  |  |
| CIM Trust, Series 2021-J2, Class A4 (A) (B) (C), 2.5%, 4/25/51 | $142920 | $124307 |
| Federal Home Loan Mortgage Corp. REMICS, Series 4037, Class B, 3%, 4/15/27 | 220770 | 213416 |
| Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA3, Class M1, (SOFR30A + 0.750%) (A) (C), 4.678%, 10/25/33 | 118738 | 117776 |
| Federal National Mortgage Association |  |  |
| Connecticut Avenue Securities, Series 2022-R01, Class 1M1, (SOFR30A + 1.000%) (A) (C), 4.928%, 12/25/41 | 195024 | 192536 |
| Federal National Mortgage Association REMICS, Series 2011-31, Class DB, 3.5%, 4/25/31 | 124813 | 120045 |
| Federal National Mortgage Association REMICS, Series 2011-36, Class QB, 4%, 5/25/31 | 195196 | 190764 |
| Federal National Mortgage Association REMICS, Series 2005-79, Class LT, 5.5%, 9/25/35 | 178219 | 181162 |
| Federal National Mortgage Association REMICS, Series 2020-44, Class TI, IO, 5.5%, 12/25/35 | 848486 | 134825 |
| Federal National Mortgage Association REMICS, Series 2016-21, Class BA, 3%, 3/25/42 | 26434 | 26060 |
| Flagstar Mortgage Trust, Series 2021- 9INV, Class A1 (A) (B) (C), 2.5%, 9/25/41 | 167756 | 145894 |
| GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class A2 (A) (B) (C), 2.5%, 5/25/51 | 167960 | 137071 |
| JPMorgan Mortgage Trust, Series 2019- 7, Class A3 (A) (B) (C), 3.5%, 2/25/50 | 42478 | 37624 |
| JPMorgan Mortgage Trust, Series 2021- 1, Class A3 (A) (B) (C), 2.5%, 6/25/51 | 294256 | 236991 |
| JPMorgan Mortgage Trust, Series 2021- 3, Class A3 (A) (B) (C), 2.5%, 7/25/51 | 109500 | 88190 |
| JPMorgan Mortgage Trust, Series 2021- 6, Class A4 (A) (B) (C), 2.5%, 10/25/51 | 307877 | 264306 |
| JPMorgan Wealth Management, Series 2020-ATR1, Class A3 (A) (B) (C), 3%, 2/25/50 | 44625 | 37334 |
| PSMC Trust, Series 2019-2, Class A1 (A) (B) (C), 3.5%, 10/25/49 | 3046 | 2967 |
| PSMC Trust, Series 2021-1, Class A11 (A) (B) (C), 2.5%, 3/25/51 | $220359 | $189724 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (B) (C), 2.5%, 12/25/51 | $290073 | $249021 |
| RCKT Mortgage Trust, Series 2022-1, Class A5 (A) (B) (C), 2.5%, 1/25/52 | 279256 | 239735 |
| Sequoia Mortgage Trust, Series 2013-7, Class A2 (B) (C), 3%, 6/25/43 | 138332 | 120964 |
| Towd Point HE Trust, Series 2021-HE1, Class A1 (A) (B) (C), 0.918%, 2/25/63 | 85908 | 80330 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Collateralized Mortgage Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $3,496,140) |  | 3131042 |
| **COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.5%** |  |  |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ17, Class A2, 2.982%, 11/25/25 | 109986 | 105999 |
| Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K066, Class A2, 3.117%, 6/25/27 | 300000 | 284166 |
| Federal National Mortgage Association- Aces, Series 2022-M1, Class A2 (B) (C), 1.669%, 10/25/31 | 280000 | 222547 |
| FREMF Mortgage Trust, Series 2015-K44, Class B (A) (B) (C), 3.719%, 1/25/48 | 300000 | 285560 |
| GSAMP Trust, Series 2006-S5, Class M5 (B), 7.488% 9/25/36 | 2190000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Commercial Mortgage-Backed** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Securities (Cost $954,519)** |  | 898272 |
| **CORPORATE NOTES AND BONDS - 8.4%** |  |  |
| **Communication Services - 1.2%** |  |  |
| AT&T, Inc., 2.25%, 2/1/32 | 200000 | 157350 |
| AT&T, Inc., 4.75%, 5/15/46 | 500000 | 425470 |
| Charter Communications Operating LLC/ Charter Communications Operating Capital, 4.908%, 7/23/25 | 300000 | 294270 |
| Comcast Corp., 4.15%, 10/15/28 | 275000 | 264209 |
| Discovery Communications LLC, 5%, 9/20/37 | 150000 | 121291 |
| eBay, Inc., 1.9%, 3/11/25 | 50000 | 46830 |
| eBay, Inc. (D), 2.6%, 5/10/31 | 250000 | 205593 |
| Expedia Group, Inc., 3.25%, 2/15/30 | 250000 | 212605 |
| Meta Platforms, Inc. (A), 3.85%, 8/15/32 | 150000 | 132992 |
| T-Mobile USA, Inc., 2.625%, 4/15/26 | 100000 | 91620 |
| Verizon Communications, Inc., 4.329%, 9/21/28 | 309000 | 297653 |
|  |  | 2249883 |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Diversified Income Fund Portfolio of Investments - continued**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| **Consumer Discretionary - 0.4%** |  |  |
| 7-Eleven, Inc. (A), 1.8%, 2/10/31 | $125000 | $95551 |
| Hilton Domestic Operating Co., Inc. (A) (D), 5.375%, 5/1/25 | 100000 | 98981 |
| Lowe's Cos., Inc., 3%, 10/15/50 | 300000 | 192102 |
| Lowe's Cos., Inc., 4.25%, 4/1/52 | 125000 | 99907 |
| Southwest Airlines Co., 5.25%, 5/4/25 | 75000 | $75324 |
| Tractor Supply Co., 1.75%, 11/1/30 | 125000 | 96215 |
| Walgreens Boots Alliance, Inc., 3.45%, 6/1/26 | 123000 | 117066 |
|  |  | 775146 |
| **Consumer Staples - 0.5%** |  |  |
| Conagra Brands, Inc., 0.5%, 8/11/23 | 250000 | 242893 |
| GE HealthCare Technologies, Inc. (D), 6.377%, 11/22/52 | 150000 | 161474 |
| Hormel Foods Corp., 1.8%, 6/11/30 | 75000 | 61131 |
| Keurig Dr Pepper, Inc., 3.8%, 5/1/50 | 100000 | 75665 |
| Mars, Inc. (A), 3.875%, 4/1/39 | 150000 | 127972 |
| Mars, Inc. (A), 2.375%, 7/16/40 | 250000 | 170441 |
| Performance Food Group, Inc. (A), 5.5%, 10/15/27 | 50000 | 47158 |
| Sysco Corp., 5.95%, 4/1/30 | 58000 | 60183 |
|  |  | 946917 |
| **Energy - 1.5%** |  |  |
| Energy Transfer LP, 5.25%, 4/15/29 | 100000 | 96991 |
| Exxon Mobil Corp., 4.114%, 3/1/46 | 375000 | 319978 |
| Kinder Morgan, Inc., 5.55%, 6/1/45 | 250000 | 228920 |
| Marathon Petroleum Corp., 4.7%, 5/1/25 | 125000 | 123180 |
| MPLX LP, 4.8%, 2/15/29 | 150000 | 143904 |
| MPLX LP, 2.65%, 8/15/30 | 100000 | 81597 |
| Phillips 66 (D), 2.15%, 12/15/30 | 250000 | 200626 |
| Phillips 66, 4.65%, 11/15/34 | 275000 | 257613 |
| Pioneer Natural Resources Co., 2.15%, 1/15/31 | 125000 | 99452 |
| Schlumberger Holdings Corp. (A), 3.9%, 5/17/28 | 390000 | 364014 |
| Valero Energy Corp., 6.625%, 6/15/37 | 500000 | 534307 |
| Valero Energy Corp., 4%, 6/1/52 | 75000 | 56612 |
| Valero Energy Partners LP, 4.5%, 3/15/28 | 350000 | 339930 |
|  |  | 2847124 |
| **Financials - 2.1%** |  |  |
| Air Lease Corp., 1.875%, 8/15/26 | 150000 | 130467 |
| Bank of America Corp., (SOFRRATE + 1.060%) (C), 2.087%, 6/14/29 | 100000 | 84323 |
| Bank of America Corp., (5 year CMT + 2.000%) (C), 3.846%, 3/8/37 | 100000 | 83066 |
| Belrose Funding Trust (A), 2.33%, 8/15/30 | 100000 | 75959 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| Berkshire Hathaway Finance Corp., 3.85%, 3/15/52 | $125000 | $101072 |
| BlackRock, Inc., 2.1%, 2/25/32 | 100000 | 80754 |
| Brixmor Operating Partnership LP, 3.65%, 6/15/24 | 100000 | 96958 |
| Capital One Financial Corp., (SOFRRATE + 2.057%) (C) (D), 4.927%, 5/10/28 | 125000 | $121052 |
| Capital One Financial Corp., (SOFRRATE + 1.790%) (C), 3.273%, 3/1/30 | 100000 | 85679 |
| Citigroup, Inc., (SOFRRATE + 2.086%) (C), 4.91%, 5/24/33 | 125000 | 117446 |
| Empower Finance 2020 LP (A), 3.075%, 9/17/51 | 75000 | 47061 |
| Fifth Third Bancorp, 2.55%, 5/5/27 | 125000 | 112388 |
| Fifth Third Bancorp, (SOFRRATE + 1.660%) (C), 4.337%, 4/25/33 | 125000 | 114596 |
| GLP Capital LP/GLP Financing II, Inc. (D), 3.25%, 1/15/32 | 100000 | 79938 |
| Goldman Sachs BDC, Inc., 2.875%, 1/15/26 | 100000 | 91950 |
| Goldman Sachs Group, Inc., (SOFRRATE + 0.913%) (C), 1.948%, 10/21/27 | 100000 | 87555 |
| Healthpeak Properties, Inc., 3.25%, 7/15/26 | 100000 | 94570 |
| Huntington Bancshares, Inc., (5 year CMT + 1.170%) (C), 2.487%, 8/15/36 | 300000 | 216469 |
| Intercontinental Exchange, Inc., 4.6%, 3/15/33 | 100000 | 95977 |
| Jefferies Financial Group, Inc., 2.625%, 10/15/31 | 175000 | 133750 |
| JPMorgan Chase & Co., (TSFR3M + 0.695%) (C), 1.04%, 2/4/27 | 250000 | 218050 |
| KKR Group Finance Co. VIII LLC (A), 3.5%, 8/25/50 | 125000 | 84204 |
| Liberty Mutual Group, Inc. (A), 3.95%, 5/15/60 | 50000 | 32924 |
| Morgan Stanley, 3.875%, 1/27/26 | 200000 | 193478 |
| Morgan Stanley, (SOFRRATE + 1.020%) (C), 1.928%, 4/28/32 | 250000 | 189267 |
| NASDAQ, Inc., 1.65%, 1/15/31 | 175000 | 134226 |
| Omega Healthcare Investors, Inc., 3.375%, 2/1/31 | 200000 | 154396 |
| Synchrony Financial, 3.7%, 8/4/26 | 250000 | 230257 |
| Teachers Insurance & Annuity Association of America (A), 3.3%, 5/15/50 | 100000 | 69679 |
| Truist Bank, 2.25%, 3/11/30 | 50000 | 40541 |
| Truist Financial Corp., (SOFRRATE + 0.609%) (C), 1.267%, 3/2/27 | 200000 | 177311 |
| Wells Fargo & Co., (SOFRRATE + 2.100%) (C), 2.393%, 6/2/28 | 175000 | 154688 |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Diversified Income Fund Portfolio of Investments - continued**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| Welltower, Inc., 2.05%, 1/15/29 | $150000 | $122133 |
| Western Union Co., 2.85%, 1/10/25 | 200000 | 190553 |
| Weyerhaeuser Co., 3.375%, 3/9/33 | 100000 | 83892 |
|  |  | 4126629 |
| **Health Care - 0.8%** |  |  |
| Baxter International, Inc., 2.272%, 12/1/28 | 300000 | $255970 |
| Block, Inc., 2.75%, 6/1/26 | 200000 | 178680 |
| Cigna Corp., 4.375%, 10/15/28 | 50000 | 48316 |
| Cigna Corp., 4.9%, 12/15/48 | 100000 | 90768 |
| CVS Health Corp., 5.125%, 7/20/45 | 400000 | 362952 |
| Gartner, Inc. (A) (D), 4.5%, 7/1/28 | 100000 | 93233 |
| Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.2%, 6/1/30 | 75000 | 60464 |
| UnitedHealth Group, Inc., 3.7%, 8/15/49 | 150000 | 118418 |
| Zoetis, Inc., 3%, 9/12/27 | 225000 | 208332 |
| Zoetis, Inc., 3%, 5/15/50 | 175000 | 119217 |
|  |  | 1536350 |
| **Industrials - 0.8%** |  |  |
| Ashtead Capital, Inc. (A), 2.45%, 8/12/31 | 275000 | 212440 |
| Boeing Co., 3.625%, 2/1/31 | 125000 | 110045 |
| Boeing Co., 5.805%, 5/1/50 | 75000 | 69827 |
| Martin Marietta Materials, Inc., 3.2%, 7/15/51 | 300000 | 204095 |
| Quanta Services, Inc., 2.9%, 10/1/30 | 150000 | 123709 |
| TD SYNNEX Corp., 2.65%, 8/9/31 | 50000 | 38009 |
| Textron, Inc., 2.45%, 3/15/31 | 150000 | 120520 |
| TransDigm, Inc. (A), 6.25%, 3/15/26 | 100000 | 98619 |
| United Rentals North America, Inc., 5.5%, 5/15/27 | 250000 | 246800 |
| Vulcan Materials Co., 3.5%, 6/1/30 | 175000 | 154829 |
| WRKCo, Inc., 3.9%, 6/1/28 | 50000 | 46028 |
| WRKCo, Inc., 3%, 6/15/33 | 100000 | 79760 |
|  |  | 1504681 |
| **Information Technology - 0.6%** |  |  |
| Broadcom, Inc. (A), 3.187%, 11/15/36 | 5000 | 3603 |
| Dell International LLC/EMC Corp., 8.35%, 7/15/46 | 44000 | 50404 |
| Dell International LLC/EMC Corp. (A), 3.45%, 12/15/51 | 200000 | 123324 |
| HP, Inc., 2.65%, 6/17/31 | 300000 | 234497 |
| Intel Corp., 3.734%, 12/8/47 | 435000 | 328498 |
| Intuit, Inc., 1.65%, 7/15/30 | 100000 | 80442 |
| Iron Mountain, Inc. (A), 4.5%, 2/15/31 | 100000 | 82194 |
| Oracle Corp., 3.95%, 3/25/51 | 200000 | 143396 |
| Salesforce, Inc., 2.9%, 7/15/51 | 150000 | 99055 |
|  |  | 1145413 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| **Materials - 0.2%** |  |  |
| DuPont de Nemours, Inc., 4.725%, 11/15/28 | $295000 | $291432 |
| International Flavors & Fragrances, Inc. (A), 1.832%, 10/15/27 | 250000 | 210146 |
|  |  | 501578 |
| **Utilities - 0.3%** |  |  |
| AES Corp., 1.375%, 1/15/26 | 125000 | $111122 |
| Berkshire Hathaway Energy Co., 1.65%, 5/15/31 | 125000 | 96750 |
| Florida Power & Light Co., 2.875%, 12/4/51 | 150000 | 101276 |
| Interstate Power & Light Co., 3.5%, 9/30/49 | 150000 | 107639 |
| Wisconsin Electric Power Co., 1.7%, 6/15/28 | 100000 | 85194 |
|  |  | 501981 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Corporate Notes and Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $18,823,372) |  | 16135702 |
| **FOREIGN CORPORATE BONDS - 0.7%** |  |  |
| **Communication Service - 0.1%** |  |  |
| Thomson Reuters Corp., 4.3%, 11/23/23 | 200000 | 198587 |
| **Financials - 0.4%** |  |  |
| AerCap Ireland Capital DAC/AerCap |  |  |
| Global Aviation Trust, 1.75%, 1/30/26 | 200000 | 176178 |
| AerCap Ireland Capital DAC/AerCap |  |  |
| Global Aviation Trust, 4.625%, 10/15/27 | 150000 | 139541 |
| Avolon Holdings Funding Ltd. (A), 2.125%, 2/21/26 | 200000 | 172228 |
| Toronto-Dominion Bank, 4.456%, 6/8/32 | 100000 | 95292 |
| UBS Group AG, (1 year CMT + 2.050%) (A) (C), 4.703%, 8/5/27 | 200000 | 193531 |
|  |  | 776770 |
| **Health Care - 0.2%** |  |  |
| Royalty Pharma PLC, 2.2%, 9/2/30 | 200000 | 156849 |
| Royalty Pharma PLC, 3.55%, 9/2/50 | 200000 | 128760 |
|  |  | 285609 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Foreign Corporate Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,432,621) |  | 1260966 |
| **LONG TERM MUNICIPAL BONDS - 0.6%** |  |  |
| **General - 0.6%** |  |  |
| Metropolitan Transportation Authority Revenue, 6.548%, 11/15/31 | 1000000 | 1016416 |
| University of Massachusetts Building Authority Revenue, Series B, 6.573%, 5/1/39 | 70000 | 70058 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Long Term Municipal Bonds** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,274,058) |  | 1086474 |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Diversified Income Fund Portfolio of Investments - continued**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| **MORTGAGE BACKED SECURITIES - 6.5%** |  |  |
| **Fannie Mae - 4.2%** |  |  |
| 3%, 9/1/30 Pool # 890696 | $180189 | $172554 |
| 3%, 12/1/30 Pool # AL8924 | 124561 | 119595 |
| 7%, 11/1/31 Pool # 607515 | 12767 | 13022 |
| 3.5%, 12/1/31 Pool # MA0919 | 52562 | 50970 |
| 7%, 5/1/32 Pool # 644591 | 2652 | 2653 |
| 3.5%, 8/1/32 Pool # MA3098 | 45262 | 43791 |
| 5.5%, 10/1/33 Pool # 254904 | 57020 | 58827 |
| 5.5%, 11/1/33 Pool # 555880 | 132563 | 135371 |
| 5%, 5/1/34 Pool # 780890 | 178971 | 182923 |
| 4%, 2/1/35 Pool # MA2177 | 219191 | 211321 |
| 5%, 9/1/35 Pool # 820347 | 92789 | 94840 |
| 5%, 9/1/35 Pool # 835699 | 88585 | 89435 |
| 5%, 12/1/35 Pool # 850561 | 24904 | 25365 |
| 5.5%, 9/1/36 Pool # 831820 | 141959 | 145050 |
| 5.5%, 10/1/36 Pool # 901723 | 19772 | 19845 |
| 5.5%, 12/1/36 Pool # 903059 | 130921 | 132845 |
| 4%, 1/1/41 Pool # AB2080 | 205036 | 197148 |
| 2.5%, 5/1/41 Pool # MA4334 | 211656 | 186454 |
| 4.5%, 7/1/41 Pool # AB3274 | 59039 | 58587 |
| 5.5%, 7/1/41 Pool # AL6588 | 237941 | 246909 |
| 4%, 9/1/41 Pool # AJ1406 | 95778 | 92095 |
| 4%, 10/1/41 Pool # AJ4046 | 204888 | 198014 |
| 2.5%, 3/1/42 Pool # CB3076 | 239161 | 207875 |
| 2.5%, 3/1/42 Pool # MA4571 | 472041 | 411171 |
| 3.5%, 6/1/42 Pool # AO4136 | 174201 | 163294 |
| 3.5%, 6/1/42 Pool # AO4134 | 179740 | 168487 |
| 3.5%, 8/1/42 Pool # AP2133 | 181038 | 169703 |
| 4%, 10/1/42 Pool # AP7363 | 163657 | 157193 |
| 3%, 2/1/43 Pool # AB8486 | 318929 | 290637 |
| 3%, 2/1/43 Pool # AL3072 | 316165 | 288122 |
| 3.5%, 3/1/43 Pool # AT0310 | 178229 | 167065 |
| 4%, 1/1/45 Pool # AS4257 | 46578 | 44670 |
| 4.5%, 2/1/45 Pool # MA2193 | 142180 | 139815 |
| 3.5%, 4/1/45 Pool # MA2229 | 128441 | 119632 |
| 3.5%, 11/1/45 Pool # BA4907 | 142411 | 132600 |
| 3.5%, 12/1/45 Pool # AS6309 | 44600 | 41528 |
| 2.5%, 12/1/47 Pool # FM3165 | 119415 | 103126 |
| 4%, 7/1/48 Pool # MA3415 | 86993 | 82867 |
| 4%, 11/1/50 Pool # FM5530 | 210166 | 199070 |
| 4%, 5/1/52 Pool # CB3627 | 489759 | 460154 |
| 4%, 5/1/52 Pool # CB3678 | 244787 | 230037 |
| 4%, 5/1/52 Pool # FS1704 | 140330 | 132937 |
| 4%, 5/1/52 Pool # FS1818 | 487880 | 458181 |
| 3.5%, 6/1/52 Pool # CB3845 | 243327 | 222091 |
| 4.5%, 8/1/52 Pool # CB4383 | 248563 | 240815 |
| 4.5%, 8/1/52 Pool # FS2605 | 248704 | 239705 |

---

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| 5%, 10/1/52 Pool # MA4785 | $245549 | $242305 |
| 5.5%, 10/1/52 Pool # MA4786 | 228778 | 229690 |
| 5%, 11/1/52 Pool # MA4806 | 247333 | 244066 |
|  |  | 8064450 |
| **Freddie Mac - 2.3%** |  |  |
| 4.5%, 2/1/25 Pool # J11722 | 12467 | 12465 |
| 4.5%, 5/1/25 Pool # J12247 | 11537 | 11526 |
| 8%, 6/1/30 Pool # C01005 | 4520 | 4757 |
| 6.5%, 1/1/32 Pool # C62333 | 28668 | 29417 |
| 2.5%, 6/1/35 Pool # RC1421 | 160425 | 147130 |
| 3.5%, 11/1/40 Pool # G06168 | 79745 | 74815 |
| 2%, 3/1/41 Pool # RB5105 | 405763 | 346158 |
| 2.5%, 6/1/41 Pool # SC0151 | 211279 | 186114 |
| 4.5%, 9/1/41 Pool # Q03516 | 152855 | 151415 |
| 4%, 10/1/41 Pool # Q04092 | 217532 | 209398 |
| 3%, 9/1/42 Pool # C04233 | 189566 | 172954 |
| 3%, 4/1/43 Pool # V80025 | 314340 | 286788 |
| 3%, 4/1/43 Pool # V80026 | 309600 | 282462 |
| 3%, 7/1/45 Pool # G08653 | 152165 | 137045 |
| 3.5%, 8/1/45 Pool # Q35614 | 229778 | 214349 |
| 3%, 10/1/46 Pool # G60722 | 218964 | 196644 |
| 4%, 3/1/47 Pool # Q46801 | 81179 | 77715 |
| 2.5%, 4/1/48 Pool # QA2240 | 284415 | 245303 |
| 3%, 7/1/49 Pool # QA1033 | 134914 | 119481 |
| 3.5%, 4/1/52 Pool # SD0960 | 486638 | 446462 |
| 3.5%, 5/1/52 Pool # RA7380 | 243045 | 221864 |
| 3.5%, 5/1/52 Pool # QE2363 | 240409 | 218977 |
| 5.5%, 11/1/52 Pool # SD8268 | 246431 | 247341 |
| 4.5%, 12/1/52 Pool # SD1921 | 399273 | 387568 |
|  |  | 4428148 |
| **Ginnie Mae - 0.0%** |  |  |
| 6.5%, 4/20/31 Pool # 3068 | 10996 | 11475 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Mortgage Backed Securities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $13,464,407) |  | 12504073 |
| **U.S. GOVERNMENT AND AGENCY** |  |  |
| **OBLIGATIONS - 9.3%** |  |  |
| **U.S. Treasury Bonds - 3.2%** |  |  |
| 6.625%, 2/15/27 | 1500000 | 1641152 |
| 2.250%, 5/15/41 | 1500000 | 1135664 |
| 3.000%, 5/15/42 | 1000000 | 846602 |
| 2.500%, 2/15/45 | 750000 | 569004 |
| 2.500%, 5/15/46 | 500000 | 376055 |
| 2.250%, 8/15/46 | 500000 | 356836 |
| 3.000%, 5/15/47 | 200000 | 164961 |
| 1.250%, 5/15/50 | 750000 | 407900 |
| 1.875%, 2/15/51 | 1000000 | 641836 |
|  |  | 6140010 |
| **U.S. Treasury Notes - 6.1%** |  |  |
| 2.250%, 11/15/25 | 2250000 | 2131611 |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Diversified Income Fund Portfolio of Investments - continued**

---

| | | |
|:---|:---|:---|
|  | Par Value | Value (Note 2,3) |
| 1.500%, 8/15/26 | $2000000 | $1825156 |
| 2.375%, 5/15/27 | 1505000 | 1405294 |
| 0.375%, 9/30/27 | 1250000 | 1055713 |
| 2.875%, 5/15/28 | 1700000 | 1607098 |
| 2.625%, 2/15/29 | 1500000 | 1389375 |
| 3.875%, 11/30/29 | 500000 | 497813 |
| 0.625%, 8/15/30 | 1000000 | 789492 |
| 1.375%, 11/15/31 | 1250000 | 1020996 |
|  |  | 11722548 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total U.S. Government and Agency** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Obligations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $20,449,098) |  | 17862558 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | |
| **SHORT-TERM INVESTMENTS - 2.6%** |  |  |
| State Street Institutional U.S. |  |  |
| Government Money Market Fund, |  |  |
| Premier Class, (E), 4.11% | 3946371 | 3946371 |
| State Street Navigator Securities |  |  |
| Lending Government Money Market |  |  |
| Portfolio, (E) (F), 4.34% | 916373 | 916373 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $4,862,744) |  | 4862744 |
| **TOTAL INVESTMENTS - 100.1%** |  |  |
| (Cost $163,261,636\*\*) |  | 191338353 |
| **NET OTHER ASSETS AND LIABILITIES - (0.1%)** |  | (149327) |
| **TOTAL NET ASSETS - 100.0%** |  | $191189026 |

---

\*\* Aggregate cost for Federal tax purposes was $164,136,446.

(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) Coupon rate may change based on changes of the underlying collateral
 or prepayments of principal. The coupon rate shown represents the rate at December 31, 2022.

(C) Floating rate or variable rate note. Rate shown is as of December
 31, 2022.

(D) All or a portion of these securities, with an aggregate fair
 value of $897,727, are on loan as part of a securities lending program. See footnote (F) and
 Note 10 for details on the securities lending program.

(E) 7-day yield.

(F) Represents investments of cash collateral received in connection
 with securities lending.

BDC Business Development Company. CMT Constant Maturity Treasury.

FREMF Freddie Mac Multifamily.

DAC Designated Activity Company.

IO Interest Only.

LLC Limited Liability Company. PLC Public Limited Company. REIT Real Estate Investment Trust.

REMIC Real Estate Mortgage Investment Conduit. SOFR Secured Overnight Financing Rate.

SOFR30A 30-day SOFR Average.

STACR Structured Agency Credit Risk TSFR3M 3 mo. USD Term SOFR.

USD United States Dollar.

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Large Cap Value Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **COMMON STOCKS - 98.4%** |  |  |
| **Communication Service - 2.7%** |  |  |
| Comcast Corp., Class A | 156500 | $5472805 |
| **Consumer Discretionary - 8.8%** |  |  |
| Home Depot, Inc. | 22700 | 7170022 |
| Lowe's Cos., Inc. | 10000 | 1992400 |
| McDonald's Corp. | 14300 | 3768479 |
| Starbucks Corp. | 33500 | 3323200 |
| Target Corp. | 12000 | 1788480 |
|  |  | 18042581 |
| **Consumer Staples - 8.0%** |  |  |
| Archer-Daniels-Midland Co. | 63500 | 5895975 |
| Coca-Cola Co. | 56500 | 3593965 |
| PepsiCo, Inc. | 19500 | 3522870 |
| Procter & Gamble Co. | 22500 | 3410100 |
|  |  | 16422910 |
| **Energy - 10.7%** |  |  |
| Baker Hughes Co. | 193000 | 5699290 |
| Chevron Corp. | 33500 | 6012915 |
| EOG Resources, Inc. | 39000 | 5051280 |
| Kinder Morgan, Inc. | 290000 | 5243200 |
|  |  | 22006685 |
| **Financials - 20.3%** |  |  |
| Aflac, Inc. | 71000 | 5107740 |
| BlackRock, Inc. | 8700 | 6165081 |
| CME Group, Inc. | 35500 | 5969680 |
| JPMorgan Chase & Co. | 47500 | 6369750 |
| Morgan Stanley | 60500 | 5143710 |
| Northern Trust Corp. | 36000 | 3185640 |
| Travelers Cos., Inc. | 38700 | 7255863 |
| U.S. Bancorp | 55000 | 2398550 |
|  |  | 41596014 |
| **Health Care - 14.0%** |  |  |
| Bristol-Myers Squibb Co. | 62000 | 4460900 |
| CVS Health Corp. | 70500 | 6569895 |
| Johnson & Johnson | 43000 | 7595950 |
| Medtronic PLC | 62000 | 4818640 |
| Pfizer, Inc. | 102500 | 5252100 |
|  |  | 28697485 |
| **Industrials - 14.5%** |  |  |
| Caterpillar, Inc. | 27200 | 6516032 |
| Emerson Electric Co. | 38000 | 3650280 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| Fastenal Co. | 80000 | $3785600 |
| Honeywell International, Inc. | 27500 | 5893250 |
| PACCAR, Inc. | 65000 | 6433050 |
| Union Pacific Corp. | 16000 | 3313120 |
|  |  | 29591332 |
| **Information Technology - 9.9%** |  |  |
| Analog Devices, Inc. | 15000 | 2460450 |
| Automatic Data Processing, Inc. | 12000 | 2866320 |
| Cisco Systems, Inc. | 151500 | 7217460 |
| Paychex, Inc. | 19500 | 2253420 |
| Texas Instruments, Inc. | 33000 | 5452260 |
|  |  | 20249910 |
| **Materials - 4.7%** |  |  |
| Air Products & Chemicals, Inc. | 21500 | 6627590 |
| Newmont Corp. | 63500 | 2997200 |
|  |  | 9624790 |
| **Real Estate - 2.0%** |  |  |
| American Tower Corp., REIT | 19500 | 4131270 |
| **Utilities - 2.8%** |  |  |
| Dominion Energy, Inc. | 92500 | 5672100 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $166,492,455) |  | 201507882 |
| **SHORT-TERM INVESTMENTS - 1.4%** |  |  |
| State Street Institutional U.S. |  |  |
| Government Money Market Fund, |  |  |
| Premier Class, (A), 4.11% | 2831330 | 2831330 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $2,831,330) |  | 2831330 |
| **TOTAL INVESTMENTS - 99.8%** |  |  |
| (Cost $169,323,785\*\*) |  | 204339212 |
| **NET OTHER ASSETS AND LIABILITIES - 0.2%** |  | 448029 |
| **TOTAL NET ASSETS - 100.0%** |  | $204787241 |

---

\*\* Aggregate cost for Federal tax purposes was $169,386,544.

(A) 7-day yield.

PLC Public Limited Company.

REIT Real Estate Investment Trust.

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Large Cap Growth Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **COMMON STOCKS - 99.5%** |  |  |
| **Communication Services - 8.9%** |  |  |
| Alphabet, Inc., Class C \* | 130535 | $11582370 |
| Liberty Broadband Corp., Class C \* | 53158 | 4054361 |
|  |  | 15636731 |
| **Consumer Discretionary - 17.5%** |  |  |
| Amazon.com, Inc. \* | 65288 | 5484192 |
| Dollar Tree, Inc. \* | 58088 | 8215967 |
| Lowe's Cos., Inc. | 41016 | 8172028 |
| NIKE, Inc., Class B | 15679 | 1834600 |
| TJX Cos., Inc. | 90554 | 7208098 |
|  |  | 30914885 |
| **Financials - 25.0%** |  |  |
| *Capital Markets - 3.0%* |  |  |
| Brookfield Asset Management Ltd., |  |  |
| Class A \* (A) | 34543 | 990348 |
| Brookfield Corp., Class A | 138174 | 4346954 |
|  |  | 5337302 |
| *Commercial Banks - 3.0%* |  |  |
| U.S. Bancorp | 120526 | 5256139 |
| *Diversified Financial Services - 4.2%* |  |  |
| Berkshire Hathaway, Inc., Class B \* | 23960 | 7401244 |
| *Insurance - 14.8%* |  |  |
| Arch Capital Group Ltd. \* | 193606 | 12154585 |
| Marsh & McLennan Cos., Inc. | 43073 | 7127720 |
| Progressive Corp. | 53375 | 6923271 |
|  |  | 26205576 |
|  |  | 44200261 |
| **Health Care - 11.8%** |  |  |
| Alcon, Inc. | 107075 | 7339991 |
| Becton Dickinson & Co. | 34218 | 8701637 |
| Danaher Corp. | 17850 | 4737747 |
|  |  | 20779375 |
| **Industrials - 15.5%** |  |  |
| Copart, Inc. \* | 80650 | 4910778 |
| Ferguson PLC | 24205 | 3073309 |
| Jacobs Solutions, Inc. | 55061 | 6611174 |
| PACCAR, Inc. | 73246 | 7249157 |
| Parker-Hannifin Corp. | 18791 | $5468181 |
|  |  | 27312599 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **Information Technology - 20.8%** |  |  |
| Accenture PLC, Class A | 16609 | $4431946 |
| Adobe, Inc. \* | 8367 | 2815746 |
| Analog Devices, Inc. | 46033 | 7550793 |
| Black Knight, Inc. \* | 54855 | 3387296 |
| Fiserv, Inc. \* | 75901 | 7671314 |
| TE Connectivity Ltd. | 41142 | 4723102 |
| Visa, Inc., Class A | 29641 | 6158214 |
|  |  | 36738411 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $116,886,623) |  | 175582262 |
| **SHORT-TERM INVESTMENTS - 0.5%** |  |  |
| State Street Institutional U.S. |  |  |
| Government Money Market Fund, |  |  |
| Premier Class, 4.11% (B) | 670994 | 670994 |
| State Street Navigator Securities |  |  |
| Lending Government Money Market |  |  |
| Portfolio, 4.34% (B) (C) | 304650 | 304650 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $975,644) |  | 975644 |
| **TOTAL INVESTMENTS - 100.0%** |  |  |
| (Cost $117,862,267\*\*) |  | 176557906 |
| **NET OTHER ASSETS AND LIABILITIES - (0.0%)** |  | (58065) |
| **TOTAL NET ASSETS - 100.0%** |  | $176499841 |

---

\* Non-income producing.

\*\* Aggregate cost for Federal tax purposes was $118,481,153 .

(A) All or a portion of these securities, with an aggregate fair
 value of $291,144, are on loan as part of a securities lending program. See footnote (C) and
 Note 10 for details on the securities lending program.

(B) 7-day yield.

(C) Represents investments of cash collateral received in connection
 with securities lending.

PLC Public Limited Company.

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Mid Cap Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **COMMON STOCKS - 95.3%** |  |  |
| **Communication Services - 5.9%** |  |  |
| Liberty Broadband Corp., Class C \* | 64930 | $4952211 |
| Liberty Media Corp.-Liberty Formula |  |  |
| One, Class C \* | 25030 | 1496293 |
| Take-Two Interactive Software, Inc. \* | 16290 | 1696278 |
|  |  | 8144782 |
| **Consumer Discretionary - 18.1%** |  |  |
| CarMax, Inc. \* | 57186 | 3482056 |
| Dollar Tree, Inc. \* | 46433 | 6567483 |
| Floor & Decor Holdings, Inc., Class A \* | 52363 | 3646036 |
| Ross Stores, Inc. | 77349 | 8977898 |
| Thor Industries, Inc. (A) | 31510 | 2378690 |
|  |  | 25052163 |
| **Consumer Staples - 1.0%** |  |  |
| Brown-Forman Corp., Class B | 21417 | 1406669 |
| **Financials - 28.8%** |  |  |
| *Capital Markets - 4.2%* |  |  |
| Brookfield Asset Management Ltd., |  |  |
| Class A \* (A) | 21012 | 602414 |
| Brookfield Corp., Class A | 84048 | 2644150 |
| Moelis & Co., Class A | 65812 | 2525206 |
|  |  | 5771770 |
| *Commercial Banks - 1.8%* |  |  |
| Glacier Bancorp, Inc. | 49949 | 2468480 |
| *Insurance - 22.8%* |  |  |
| Arch Capital Group Ltd. \* | 204492 | 12838008 |
| Brown & Brown, Inc. | 103378 | 5889445 |
| Markel Corp. \* | 3005 | 3959057 |
| Progressive Corp. | 35655 | 4624810 |
| W R Berkley Corp. | 58786 | 4266100 |
|  |  | 31577420 |
|  |  | 39817670 |
| **Health Care - 3.8%** |  |  |
| Laboratory Corp. of America Holdings | 22577 | 5316432 |
| **Industrials - 14.4%** |  |  |
| Armstrong World Industries, Inc. | 27932 | 1915856 |
| Carlisle Cos., Inc. | 22197 | 5230723 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| Copart, Inc. \* | 78964 | $4808118 |
| Expeditors International of Washington, |  |  |
| Inc. | 26007 | 2702647 |
| PACCAR, Inc. | 53161 | 5261344 |
|  |  | 19918688 |
| **Information Technology - 23.3%** |  |  |
| Amphenol Corp., Class A | 59123 | 4501625 |
| Arista Networks, Inc. \* | 39592 | 4804489 |
| Black Knight, Inc. \* | 54393 | 3358768 |
| CDW Corp. | 28434 | 5077744 |
| Gartner, Inc. \* | 26738 | 8987711 |
| Microchip Technology, Inc. | 23162 | 1627131 |
| MKS Instruments, Inc. | 46715 | 3958162 |
|  |  | 32315630 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $68,340,105) |  | 131972034 |
| **SHORT-TERM INVESTMENTS - 6.9%** |  |  |
| State Street Institutional U.S. |  |  |
| Government Money Market Fund, |  |  |
| Premier Class, (B), 4.11% | 6541735 | 6541735 |
| State Street Navigator Securities |  |  |
| Lending Government Money Market |  |  |
| Portfolio, (B) (C), 4.34% | 2995413 | 2995413 |
| **Total Short-Term Investments** |  |  |
| (Cost $9,537,148) |  | 9537148 |
| **TOTAL INVESTMENTS - 102.2%** |  |  |
| (Cost $77,877,253\*\*) |  | 141509182 |
| **NET OTHER ASSETS AND LIABILITIES - (2.2)%** |  | (2985972) |
| **TOTAL NET ASSETS - 100.0%** |  | $138523210 |

---

\* Non-income producing.

\*\* Aggregate cost for Federal tax purposes was $78,009,837 .

(A) All or a portion of these securities, with an aggregate fair
 value of $2,921,400, are on loan as part of a securities lending program. See footnote (C) and
 Note 10 for details on the securities lending program.

(B) 7-day yield.

(C) Represents investments of cash collateral received in connection
 with securities lending.

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**International Stock Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **COMMON STOCKS - 97.4%** |  |  |
| **Australia - 2.0%** |  |  |
| Treasury Wine Estates Ltd. | 44138 | $408999 |
| **Brazil - 3.4%** |  |  |
| Itau Unibanco Holding SA, ADR | 48475 | 228317 |
| Pagseguro Digital Ltd., Class A \* | 28526 | 249317 |
| XP, Inc., Class A \* | 15478 | 237433 |
|  |  | 715067 |
| **Canada - 5.5%** |  |  |
| Cameco Corp. | 20159 | 457004 |
| Canadian Pacific Railway Ltd. (A) | 3384 | 252413 |
| Manulife Financial Corp. | 24392 | 435153 |
|  |  | 1144570 |
| C**hina - 7.2%** |  |  |
| Alibaba Group Holding Ltd., ADR \* | 4837 | 426091 |
| Ping An Insurance Group Co. of China |  |  |
| Ltd., Class H | 81390 | 538572 |
| Tencent Holdings Ltd. | 12432 | 531973 |
|  |  | 1496636 |
| **Denmark - 1.9%** |  |  |
| Genmab AS \* | 958 | 405579 |
| **France - 9.3%** |  |  |
| Air Liquide SA | 2367 | 335469 |
| Airbus SE | 4401 | 523021 |
| EssilorLuxottica SA | 1337 | 242158 |
| Hermes International | 140 | 216552 |
| LVMH Moet Hennessy Louis Vuitton SE | 411 | 299125 |
| Worldline SA \* (B) | 8456 | 330659 |
|  |  | 1946984 |
| **Germany - 9.7%** |  |  |
| adidas AG | 2180 | 297438 |
| Deutsche Telekom AG | 20201 | 403031 |
| KION Group AG | 12444 | 356595 |
| SAP SE, ADR | 3501 | 361268 |
| Siemens AG | 2715 | 376769 |
| Symrise AG | 2007 | 218384 |
|  |  | 2013485 |
| **Hong Kong - 2.0%** |  |  |
| AIA Group Ltd. | 37320 | 415015 |
| **India - 7.7%** |  |  |
| HDFC Bank Ltd., ADR | 8982 | 614458 |
| Infosys Ltd., ADR | 17863 | 321713 |
| Larsen & Toubro Ltd., GDR | 26717 | 675940 |
|  |  | 1612111 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **Ireland - 1.8%** |  |  |
| Kerry Group PLC, Class A | 4256 | $383783 |
| **Israel - 1.3%** |  |  |
| CyberArk Software Ltd. \* | 2073 | 268764 |
| **Italy - 1.4%** |  |  |
| Ferrari NV | 1385 | 296695 |
| **Japan - 15.4%** |  |  |
| CyberAgent, Inc. | 32129 | 285939 |
| Keyence Corp. | 700 | 274261 |
| Lasertec Corp. | 2000 | 331378 |
| Murata Manufacturing Co. Ltd. | 5293 | 265698 |
| Nidec Corp. | 4100 | 213654 |
| Pan Pacific International Holdings Corp. | 19900 | 371950 |
| Shin-Etsu Chemical Co. Ltd. | 2600 | 321434 |
| Shiseido Co. Ltd. | 5100 | 251464 |
| Sony Group Corp. | 5897 | 450902 |
| Toray Industries, Inc. | 80253 | 450429 |
|  |  | 3217109 |
| **Mexico - 3.0%** |  |  |
| Grupo Mexico SAB de CV, Series B | 97607 | 344115 |
| Wal-Mart de Mexico SAB de CV, ADR | 7782 | 273615 |
|  |  | 617730 |
| **Netherlands - 3.8%** |  |  |
| ASML Holding NV | 739 | 403790 |
| NXP Semiconductors NV | 2485 | 392704 |
|  |  | 796494 |
| **Norway - 1.3%** |  |  |
| Norsk Hydro ASA | 35855 | 268342 |
| **Singapore - 2.2%** |  |  |
| DBS Group Holdings Ltd. | 17800 | 450781 |
| **Switzerland - 6.7%** |  |  |
| Lonza Group AG | 654 | 320475 |
| Nestle SA | 1808 | 209495 |
| Partners Group Holding AG | 289 | 255291 |
| Roche Holding AG | 1022 | 321085 |
| Sika AG | 1221 | 292755 |
|  |  | 1399101 |
| **Taiwan - 1.2%** |  |  |
| Taiwan Semiconductor Manufacturing |  |  |
| Co. Ltd., ADR | 3343 | 249020 |
| **United Kingdom - 10.6%** |  |  |
| AstraZeneca PLC | 3728 | 505592 |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**International Stock Fund Portfolio of Investments - continued**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| Diageo PLC | 7483 | $330200 |
| London Stock Exchange Group PLC | 3463 | 298755 |
| Prudential PLC | 32001 | 436203 |
| Shell PLC | 23076 | 648901 |
|  |  | 2219651 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Common Stocks** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $24,143,857) |  | 20325916 |
| **SHORT-TERM INVESTMENTS - 3.1%** |  |  |
| State Street Institutional U.S. |  |  |
| Government Money Market Fund, |  |  |
| Premier Class, (C), 4.11% | 387126 | 387126 |
| State Street Navigator Securities |  |  |
| Lending Government Money Market |  |  |
| Portfolio, (C) (D), 4.34% | 255332 | 255332 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $642,458) |  | 642458 |
| **TOTAL INVESTMENTS - 100.5%** |  |  |
| (Cost $24,786,315\*\*) |  | 20968374 |
| **NET OTHER ASSETS AND LIABILITIES - (0.5%)** |  | (105341) |
| **TOTAL NET ASSETS - 100.0%** |  | 20863033 |

---

\* Non-income producing.

\*\* Aggregate cost for Federal tax purposes was $24,852,680 .

(A) All or a portion of these securities, with an aggregate fair
 value of $247,340, are on loan as part of a securities lending program. See footnote (D) and
 Note 10 for details on the securities lending program.

(B) 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 investors."
 The securities have been determined to be liquid under guidelines established by the Board of
 Trustees.

(C) 7-day yield.

(D) Represents investments of cash collateral received in connection
 with securities lending.

ADR American Depositary Receipt.

GDR Global Depositary Receipt.

PLC Public Limited Company.

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Target Retirement 2020 Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **INVESTMENT COMPANIES - 89.9%** |  |  |
| **Alternative Funds - 7.1%** |  |  |
| Invesco Optimum Yield Diversified |  |  |
| Commodity Strategy ETF | 89681 | $1325485 |
| **Bond Funds - 73.3%** |  |  |
| iShares Treasury Floating Rate Bond ETF (A) | 131707 | 6639350 |
| Schwab Intermediate-Term U.S. Treasury ETF | 21078 | 1037670 |
| Schwab U.S. TIPS ETF | 30749 | 1592491 |
| Vanguard Extended Duration Treasury ETF | 53442 | 4426601 |
|  |  | 13696112 |
| **Foreign Stock Funds - 1.0%** |  |  |
| Global X MSCI Norway ETF | 3871 | 99291 |
| iShares MSCI Switzerland ETF | 2300 | 96439 |
|  |  | 195730 |
| **Stock Funds - 8.5%** |  |  |
| First Trust Natural Gas ETF | 7902 | 193678 |
| Global X Uranium ETF | 1899 | 38132 |
| iShares Biotechnology ETF | 1596 | 209539 |
| SPDR S&P North American Natural Resources ETF | 6694 | 362948 |
| VanEck Gold Miners ETF | 10829 | 310359 |
| Vanguard Health Care ETF | 1136 | $281785 |
| Vanguard Information Technology ETF | 609 | 194521 |
|  |  | 1590962 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $17,013,991) |  | 16808289 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **SHORT-TERM INVESTMENTS - 27.3%** |  |  |
| State Street Institutional U.S. |  |  |
| Government Money Market Fund, |  |  |
| Premier Class, (B), 4.11% | 5099172 | $5099172 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,099,172) |  | 5099172 |
| **TOTAL INVESTMENTS - 117.2%** |  |  |
| (Cost $22,113,163\*\*) |  | 21907461 |
| **NET OTHER ASSETS AND LIABILITIES - (17.2%)** |  | (3220472) |
| **TOTAL NET ASSETS - 100.0%** |  | $18686989 |

---

\*\* Aggregate cost for Federal tax purposes was $23,138,174.

(A) Greater than 25% of the portfolio. For more information refer
 the website https://www.ishares.com/us/products/260652/ ishares-treasury-floating-rate-bond-etf.

(B) 7-day yield.

ETF Exchange Traded Fund.

MSCI Morgan Stanley Capital International.

SPDR Standard & Poor's Depositary Receipt.

TIPS Treasury Inflation Protected Security.

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Target Retirement 2030 Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **INVESTMENT COMPANIES - 89.9%** |  |  |
| **Alternative Funds - 8.6%** |  |  |
| Invesco Optimum Yield Diversified Commodity Strategy ETF | 332551 | $4915104 |
| **Bond Funds - 60.4%** |  |  |
| iShares Treasury Floating Rate Bond ETF (A) | 338508 | 17064188 |
| Schwab Intermediate-Term U.S. Treasury ETF | 28556 | 1405812 |
| Schwab U.S. TIPS ETF | 58666 | 3038312 |
| Vanguard Extended Duration Treasury ETF | 155805 | 12905328 |
|  |  | 34413640 |
| **Foreign Stock Funds - 4.4%** |  |  |
| Global X MSCI Norway ETF | 41594 | 1066886 |
| iShares MSCI Switzerland ETF | 33677 | 1412077 |
|  |  | 2478963 |
| **Stock Funds - 16.5%** |  |  |
| First Trust Natural Gas ETF | 46375 | 1136651 |
| Global X Uranium ETF | 8595 | 172588 |
| iShares Biotechnology ETF | 8858 | 1162967 |
| SPDR S&P North American Natural Resources ETF | 32099 | 1740408 |
| VanEck Gold Miners ETF | 60537 | 1734990 |
| Vanguard Health Care ETF | 7009 | $1738583 |
| Vanguard Information Technology ETF | 5335 | 1704052 |
|  |  | 9390239 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $51,698,273) |  | 51197946 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **SHORT-TERM INVESTMENTS - 17.3%** |  |  |
| State Street Institutional U.S. Government Money Market Fund, Premier Class, (B), 4.11% | 9871279 | $9871279 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $9,871,279) |  | 9871279 |
| **TOTAL INVESTMENTS - 107.2%** |  |  |
| (Cost $61,569,552\*\*) |  | 61069225 |
| **NET OTHER ASSETS AND LIABILITIES - (7.2%)** |  | (4125105) |
| **TOTAL NET ASSETS - 100.0%** |  | $56944120 |

---

\*\* Aggregate cost for Federal tax purposes was $64,708,678.

(A) Greater than 25% of the portfolio.
 For more information refer the website https://www.ishares.com/us/products/260652/ ishares-treasury-floating-rate-bond-etf.

(B) 7-day yield.

ETF Exchange Traded Fund.

MSCI Morgan Stanley Capital International.

SPDR Standard & Poor's Depositary Receipt.

TIPS Treasury Inflation Protected Security.

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Target Retirement 2040 Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **INVESTMENT COMPANIES - 89.9%** |  |  |
| **Alternative Funds - 10.6%** |  |  |
| Invesco Optimum Yield Diversified Commodity Strategy ETF | 258943 | $3827177 |
| **Bond Funds - 49.8%** |  |  |
| iShares Treasury Floating Rate Bond ETF (A) | 180262 | 9087007 |
| Schwab Intermediate-Term U.S. Treasury ETF | 3372 | 166004 |
| Schwab U.S. TIPS ETF | 16386 | 848631 |
| Vanguard Extended Duration Treasury ETF | 94458 | 7823956 |
|  |  | 17925598 |
| **Foreign Stock Funds - 6.4%** |  |  |
| Global X MSCI Norway ETF | 32727 | 839448 |
| iShares MSCI Switzerland ETF | 34481 | 1445788 |
|  |  | 2285236 |
| **Stock Funds - 23.1%** |  |  |
| First Trust Natural Gas ETF | 43124 | 1056969 |
| Global X Uranium ETF | 5388 | 108191 |
| iShares Biotechnology ETF | 7187 | 943581 |
| SPDR S&P North American Natural Resources ETF | 27266 | 1478363 |
| VanEck Gold Miners ETF | 50761 | 1454811 |
| Vanguard Health Care ETF | 7465 | 1851693 |
| Vanguard Information Technology ETF | 4510 | $1440539 |
|  |  | 8334147 |
| **Total Investment Companies** |  |  |
| (Cost $32,577,001) |  | 32372158 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **SHORT-TERM INVESTMENTS - 14.2%** |  |  |
| State Street Institutional U.S. |  |  |
| Government Money Market Fund, Premier Class, (B), 4.11% | 5130748 | $5130748 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $5,130,748) |  | 5130748 |
| **TOTAL INVESTMENTS - 104.1%** |  |  |
| (Cost $37,707,749\*\*) |  | 37502906 |
| **NET OTHER ASSETS AND LIABILITIES - (4.1%)** |  | (1479020) |
| **TOTAL NET ASSETS - 100.0%** |  | $36023886 |

---

\*\* Aggregate cost for Federal tax purposes was $39,790,283.

(A) Greater than 25% of the portfolio. For more information refer
 the website https://www.ishares.com/us/products/260652/ ishares-treasury-floating-rate-bond-etf.

(B) 7-day yield.

ETF Exchange Traded Fund.

MSCI Morgan Stanley Capital International.

SPDR Standard & Poor's Depositary Receipt.

TIPS Treasury Inflation Protected Security.

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Target Retirement 2050 Fund Portfolio of Investments**

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **INVESTMENT COMPANIES - 94.7%** |  |  |
| **Alternative Funds - 11.5%** |  |  |
| Invesco Optimum Yield Diversified |  |  |
| Commodity Strategy ETF | 221416 | $3272529 |
| **Bond Funds - 47.8%** |  |  |
| iShares Treasury Floating Rate Bond ETF | 140252 | 7070103 |
| Schwab Intermediate-Term U.S. Treasury ETF | 1257 | 61882 |
| Schwab U.S. TIPS ETF | 7560 | 391532 |
| Vanguard Extended Duration Treasury ETF | 73503 | 6088254 |
|  |  | 13611771 |
| **Foreign Stock Funds - 7.4%** |  |  |
| Global X MSCI Norway ETF | 29994 | 769346 |
| iShares MSCI Switzerland ETF | 32175 | 1349098 |
|  |  | 2118444 |
| **Stock Funds - 28.0%** |  |  |
| First Trust Natural Gas ETF | 45156 | 1106773 |
| Global X Uranium ETF | 4266 | 85661 |
| iShares Biotechnology ETF | 6580 | 863888 |
| SPDR S&P North American Natural Resources ETF | 26167 | 1418775 |
| VanEck Gold Miners ETF | 49313 | 1413311 |
| Vanguard Health Care ETF | 6863 | 1702367 |
| Vanguard Information Technology ETF | 4307 | $1375699 |
|  |  | 7966474 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Investment Companies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $27,079,179) |  | 26969218 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | Value (Note 2,3) |
| **SHORT-TERM INVESTMENTS - 6.5%** |  |  |
| State Street Institutional U.S. |  |  |
| Government Money Market Fund, |  |  |
| Premier Class, (A), 4.11% | 1835889 | $1835889 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total Short-Term Investments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;(Cost $1,835,889) |  | 1835889 |
| **TOTAL INVESTMENTS - 101.2%** |  |  |
| (Cost $28,915,068\*\*) |  | 28805107 |
| **NET OTHER ASSETS AND LIABILITIES - (1.2%)** |  | (338161) |
| **TOTAL NET ASSETS - 100.0%** |  | $28466946 |

---

\*\* Aggregate cost for Federal tax purposes was $30,797,809.

(A) 7-day yield.

ETF Exchange Traded Fund.

MSCI Morgan Stanley Capital International.

SPDR Standard & Poor's Depositary Receipt.

TIPS Treasury Inflation Protected Security.

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Statements of Assets and Liabilities as of December 31, 2022**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Conservative**<br> **Allocation**<br> **Fund** | **Moderate**<br> **Allocation**<br> **Fund** | **Aggressive**<br> **Allocation**<br> **Fund** | **Core**<br> **Bond**<br> **Fund** | **High**<br> **Income**<br> **Fund** | **Diversified**<br> **Income**<br> **Fund** | **Large Cap**<br> **Value**<br> **Fund** |
| **Assets:** |  |  |  |  |  |  |  |
| Investments in unaffiliated securities, at fair value<sup>†§</sup> | $71831824 | $76370234 | $27319156 | $82015746 | $14184340 | $191338353 | $204339212 |
| Investments in affiliated securities, at fair value<sup>‡1</sup> | 44561088 | 43574343 | 12524335 |  |  |  |  |
| Due from Custodian |  |  |  | 443509 |  | 196791 |  |
| Receivables: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 25048 | 75294 | 27251 | 17466 | 2447 | 10876 | 86047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and Interest | – | 443 | 1220 | 571517 | 188252 | 735931 | 539985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 116417960 | 120020314 | 39871962 | 83048238 | 14375039 | 192281951 | 204965244 |
| **Liabilities:** |  |  |  |  |  |  |  |
| Payables: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares repurchased | 8561 |  | 185 | 96 | 949 | 26340 | 40628 |
| &nbsp;&nbsp;&nbsp;&nbsp;Upon return of securities loaned | 950818 | 1062250 | 91850 | 638043 | 1487923 | 916373 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory agreement fees | 29940 | 30715 | 10312 | 39047 | 8310 | 114180 | 104593 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 19711 | 20521 | 6732 | 13772 | 2135 | 30690 | 32293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class II | 2726 | 2418 | 132 | 3238 | 560 | 5342 | 489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1011756 | 1115904 | 109211 | 694196 | 1499877 | 1092925 | 178003 |
| **Net assets.** | $115406204 | $118904410 | $39762751 | $82354042 | $12875162 | $191189026 | $204787241 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital in excess of par | $127131287 | $121268683 | $39575090 | $93681686 | $17065563 | $161892251 | $167771878 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated distributable earnings (loss) | (11725083) | (2364273) | 187661 | (11327644) | (4190401) | 29296775 | 37015363 |
| **Net Assets** | $115406204 | $118904410 | $39762751 | $82354042 | $12875162 | $191189026 | $204787241 |
| **Class I Shares:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $102726749 | $107663811 | $39148666 | $67310645 | $10263626 | $166136222 | $202491585 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 11930711 | 13235174 | 5563604 | 8213018 | 1448622 | 10327743 | 8673429 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value and** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;redemption price per share | $8.61 | $8.13 | $7.04 | $8.20 | $7.09 | $16.09 | $23.35 |
| **Class II Shares:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net Assets | $12679455 | $11240599 | $614085 | $15043397 | $2611536 | $25052804 | $2295656 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding | 1466626 | 1377932 | 87438 | 1846690 | 368678 | 1580596 | 100199 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Net Asset Value and** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;redemption price per share | $8.65 | $8.16 | $7.02 | $8.15 | $7.08 | $15.85 | $22.91 |
| † Cost of Investments in unaffiliated securities | $77600122 | $80656773 | $28738475 | $92149229 | $16064767 | $163261636 | $169323785 |
| ‡ Cost of investments in affiliated securities | $47230128 | $41030294 | $10767278 | $– | $– | $– | $– |
| § Fair Value of securities on loan | $931088 | $1461724 | $89672 | $622648 | $1456691 | $897727 | $– |

---

<sup>1</sup> See Note 12 for information on affiliated issuers.

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Statements of Assets and Liabilities as of December 31, 2022**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap**<br> **Growth**<br> **Fund** | **Mid Cap**<br> **Fund** | **International**<br> **Stock**<br> **Fund** | **Madison**<br> **Target**<br> **Retirement**<br> **2020 Fund** | **Madison**<br> **Target**<br> **Retirement**<br> **2030 Fund** | **Madison**<br> **Target**<br> **Retirement**<br> **2040 Fund** | **Madison**<br> **Target**<br> **Retirement**<br> **2050 Fund** |
| **Assets:** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments in unaffiliated securities, at fair value<sup>†§</sup> | $176557906 | $141509182 | $20968374 | $21907461 | $61069225 | $37502906 | $28805107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due from Custodian | 16443 | 6876 | 52002 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign currency (cost of $48) (Note 2) |  |  | 48 |  |  |  |  |
| Receivables: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments sold |  |  |  | 1078668 | 2666139 | 283013 | 199268 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares sold | 4450 | 3591 | 1638 | 14741 | 57878 | 50346 | 73077 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends and Interest | 452287 | 179847 | 127509 | 1917 | 20013 | 15679 | 14581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | 177031086 | 141699496 | 21149571 | 23002787 | 63813255 | 37851944 | 29092033 |
| **Liabilities:** |  |  |  |  |  |  |  |
| Payables: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investments purchased |  |  |  | 4310910 | 6854345 | 1818767 | 617759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fund shares repurchased | 74608 | 49972 | 5950 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Upon return of securities loaned | 304650 | 2995413 | 255332 |  |  |  |  |
| Advisory agreement fees | 121134 | 107540 | 20698 | 4072 | 12325 | 7743 | 6107 |
| Administrative services agreement fees |  |  |  | 816 | 2465 | 1548 | 1221 |
| Audit fees | 28638 | 22370 | 3335 |  |  |  |  |
| Distribution fees - Class II | 2215 | 991 | 1223 |  |  |  |  |
| Total liabilities | 531245 | 3176286 | 286538 | 4315798 | 6869135 | 1828058 | 625087 |
| **Net assets** | $176499841 | $138523210 | $20863033 | $18686989 | $56944120 | $36023886 | $28466946 |
| **Net assets consist of:** |  |  |  |  |  |  |  |
| Paid-in capital in excess of<br> par | $117285708 | $74004424 | $25925113 | $21419318 | $60415031 | $37807148 | $29926155 |
| Accumulated distributable earnings (loss) | 59214133 | 64518786 | (5062080) | (2732329) | (3470911) | (1783262) | (1459209) |
| **Net Assets** | $176499841 | $138523210 | $20863033 | $18686989 | $56944120 | $36023886 | $28466946 |
| **Class I Shares:** |  |  |  |  |  |  |  |
| Net Assets | $166176124 | $133928235 | $15192703 | $18686989 | $56944120 | $36023886 | $28466946 |
| Shares of beneficial interest outstanding | 8844894 | 8484080 | 1619623 | 2896094 | 8192622 | 5691142 | 2585677 |
| **Net Asset Value** and redemption price per share | $18.79 | $15.79 | $9.38 | $6.45 | $6.95 | $6.33 | $11.01 |
| **Class II Shares:** |  |  |  |  |  |  |  |
| Net Assets | $10323717 | $4594975 | $5670330 |  |  |  |  |
| Shares of beneficial interest outstanding | 567430 | 308004 | 609270 |  |  |  |  |
| **Net Asset Value** and redemption price per share | $18.19 | $14.92 | $9.31 |  |  |  |  |
| † Cost of Investments in unaffiliated securities | $117862267 | $77877253 | $24786315 | $22113163 | $61569552 | $37707749 | $28915068 |
| § Fair Value of securities on loan | $291144 | $2921400 | $247340 | $– | $– | $– | $– |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Statements of Operations for the Year Ended December 31, 2022**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Conservative** <br> **Allocation** <br> **Fund** | **Moderate** <br> **Allocation** <br> **Fund** | **Aggressive** <br> **Allocation** <br> **Fund** | **Core Bond Fund** | **High** <br> **Income** <br> **Fund** | **Diversified** <br> **Income** <br> **Fund** | **Large Cap** <br> **Value** <br> **Fund** |
| **Investment Income:** |  |  |  |  |  |  |  |
| Interest | $70125 | $80633 | $29075 | $2711868 | $724896 | $1746995 | $26660 |
| Dividends |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 1585493 | 1569053 | 540412 |  | 23033 | 4172182 | 6337635 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers<sup>1</sup> | 914335 | 788958 | 190261 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Foreign taxes withheld/ reclaimed |  |  |  |  |  | 906 | 1217 |
| Income from securities lending | 63421 | 66806 | 32891 | 3639 | 8469 | 2994 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2633374 | 2505450 | 792639 | 2715507 | 756398 | 5923077 | 6365512 |
| **Expenses:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory agreement fees | 389882 | 401920 | 132786 | 502280 | 106220 | 1428444 | 1291227 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 19711 | 20521 | 6731 | 13772 | 2135 | 30690 | 32293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee fees | 7778 | 8097 | 2656 | 5434 | 843 | 12110 | 12742 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class II | 36427 | 32251 | 1673 | 41030 | 7240 | 66574 | 6422 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 5224 | 5357 | 1812 | 3650 | 575 | 8582 | 9239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses before reimbursement/waiver. | 459022 | 468146 | 145658 | 566166 | 117013 | 1546400 | 1351923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less reimbursement/waiver<sup>2</sup> | (47146) | (50016) | (16378) | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses net of reimbursement/waiver | 411876 | 418130 | 129280 | 566166 | 117013 | 1546400 | 1351923 |
| **Net Investment Income (Loss)** | 2221498 | 2087320 | 663359 | 2149341 | 639385 | 4376677 | 5013589 |
| **Net Realized and Unrealized** |  |  |  |  |  |  |  |
| **Gain (loss) on Investments** |  |  |  |  |  |  |  |
| Net realized gain (loss) on investments (including net realized gain (loss) on foreign currency related transactions) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (5528716) | (5297797) | (2171159) | (1306104) | (46458) | 15664564 | 15332589 |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers<sup>1</sup> | 1444135 | 4053802 | 1487675 |  |  |  |  |
| Capital gain distributions received from underlying funds |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated issuers<sup>1</sup> | 732447 | 1257871 | 564295 |  |  |  |  |
| Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (8842628) | (10383170) | (3917758) | (14503116) | (2107809) | (37549120) | (32233755) |
| &nbsp;&nbsp;&nbsp;&nbsp;Affiliated Issuers<sup>1</sup> | (9476125) | (12735290) | (3941519) | – | – | – | – |
| **Net Realized and Unrealized** |  |  |  |  |  |  |  |
| **Loss on Investments** | (21670887) | (23104584) | (7978466) | (15809220) | (2154267) | (21884556) | (16901166) |
| **Net Decrease in Net Assets from Operations** | $(19449389) | $(21017264) | $(7315107) | $(13659879) | $(1514882) | $(17507879) | $(11887577) |

---

<sup>1</sup> See Note 12 for information on affiliated issuers.

<sup>2</sup> See Note 4 for information on expense, including any waivers.

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Statements of Operations for the Year Ended December 31, 2022**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Large Cap** <br> **Growth** <br> **Fund** | **Mid Cap** <br> **Fund** | **International** <br> **Stock** <br> **Fund** | **Madison** <br> **Target** <br> **Retirement** <br> **2020 Fund** | **Madison** <br> **Target** <br> **Retirement** <br> **2030 Fund** | **Madison** <br> **Target** <br> **Retirement** <br> **2040 Fund** | **Madison** <br> **Target** <br> **Retirement** <br> **2050 Fund** |
| **Investment Income:** |  |  |  |  |  |  |  |
| Interest | $91999 | $58641 | $7792 | $18967 | $42261 | $26737 | $14296 |
| Dividends |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 2098668 | 1102744 | 453281 | 521713 | 1613706 | 1049147 | 874113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Foreign taxes withheld/ reclaimed | (61078) | (7112) | (44811) |  |  |  |  |
| Income from securities lending | 5326 | 528 | 2231 | – | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;Total investment income | 2134915 | 1154801 | 418493 | 540680 | 1655967 | 1075884 | 888409 |
| **Expenses:<sup>1</sup>** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Advisory agreement fees | 1524833 | 1346896 | 253638 | 54619 | 154083 | 93397 | 75625 |
| &nbsp;&nbsp;&nbsp;&nbsp;Administrative services agreement fees |  |  |  | 10924 | 30817 | 18679 | 15125 |
| &nbsp;&nbsp;&nbsp;&nbsp;Audit fees | 28638 | 22370 | 3335 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Trustee fees | 11300 | 8827 | 1316 | 1340 | 3663 | 2194 | 1801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Distribution fees - Class II | 29231 | 12764 | 14810 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 8051 | 6362 | 943 | 834 | 2519 | 1554 | 1258 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total expenses | 1602053 | 1397219 | 274042 | 67717 | 191082 | 115824 | 93809 |
| **Net Investment Income (Loss)** | 532862 | (242418) | 144451 | 472963 | 1464885 | 960060 | 794600 |
| **Net Realized and Unrealized Gain (loss) on Investments** |  |  |  |  |  |  |  |
| Net realized gain (loss) on investments (including net realized gain (loss) on foreign currency related transactions) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | 10814314 | 10118328 | (1223463) | (2640105) | (2819193) | (1262195) | (640476) |
| Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions) |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Unaffiliated issuers | (41255519) | (33651842) | (3591729) | (1022198) | (6671002) | (4340882) | (3739722) |
| **Net Realized and Unrealized Loss on Investments** | (30441205) | (23533514) | (4815192) | (3662303) | (9490195) | (5603077) | (4380198) |
| **Net Decrease in Net Assets from Operations** | $(29908343) | $(23775932) | $(4670741) | $(3189340) | $(8025310) | $(4643017) | $(3585598) |

---

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

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Statements of Changes in Net Assets**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Core Bond Fund** | **Core Bond Fund** |
| <br>**Year Ended December 31,** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Net Assets at beginning of period** | $151828650 | $165422761 | $162812791 | $179989672 | $53373262 | $55567094 | $105136739 | $116192174 |
| **Increase (decrease) in net assets from operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 2221498 | 3182560 | 2087320 | 4096301 | 663359 | 1508286 | 2149341 | 2113870 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (3352134) | 4877920 | 13876 | 12604234 | (119189) | 5162691 | (1306104) | 2110243 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized (depreciation) | (18318753) | (2589121) | (23118460) | (4311401) | (7859277) | (1343503) | (14503116) | (6106937) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from operations | (19449389) | 5471359 | (21017264) | 12389134 | (7315107) | 5327474 | (13659879) | (1882824) |
| **Distributions to shareholders from:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings (combined net investment income and net realized gains): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (5138051) | (3855911) | (10207888) | (7311404) | (4126984) | (3083845) | (2228279) | (3344296) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class II | (595848) | (454959) | (1026475) | (766503) | (62195) | (45139) | (457960) | (753413) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions** | (5733899) | (4310870) | (11234363) | (8077907) | (4189179) | (3128984) | (2686239) | (4097709) |
| **Capital Stock transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class I Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 4841627 | 4651695 | 4596739 | 5690666 | 2845537 | 4385779 | 3941225 | 5430772 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 5138050 | 3855911 | 10207888 | 7311404 | 4126984 | 3083845 | 2228279 | 3344295 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (19359690) | (21076802) | (24627227) | (32209422) | (9067917) | (11528528) | (11210911) | (10696160) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) from capital stock transactions | (9380013) | (12569196) | (9822600) | (19207352) | (2095396) | (4058904) | (5041407) | (1921093) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class II Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 204513 | 968034 | 223330 | 914475 | 287 | 21994 | 148756 | 1006562 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 595848 | 454959 | 1026475 | 766503 | 62195 | 45139 | 457960 | 753413 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (2659506) | (3608397) | (3083959) | (3961734) | (73311) | (400551) | (2001888) | (4913784) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) from capital stock transactions | (1859145) | (2185404) | (1834154) | (2280756) | (10829) | (333418) | (1395172) | (3153809) |
| **Total (decrease) from capital stock transactions** | (11239158) | (14754600) | (11656754) | (21488108) | (2106225) | (4392322) | (6436579) | (5074902) |
| **Total (decrease) in net assets** | (36422446) | (13594111) | (43908381) | (17176881) | (13610511) | (2193832) | (22782697) | (11055435) |
| **Net Assets at end of period** | $115406204 | $151828650 | $118904410 | $162812791 | $39762751 | $53373262 | $82354042 | $105136739 |
| **Capital Share transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class I Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 511059 | 443800 | 508234 | 547107 | 365058 | 477028 | 439654 | 539100 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 575122 | 371082 | 1194448 | 710445 | 555145 | 339380 | 263180 | 341425 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (2090155) | (2013389) | (2716232) | (3065226) | (1143812) | (1247830) | (1290451) | (1059543) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) from capital shares transactions | (1003974) | (1198507) | (1013550) | (1807674) | (223609) | (431422) | (587617) | (179018) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class II Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 22020 | 92205 | 23372 | 87853 | 42 | 2471 | 16724 | 100504 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 66366 | 43660 | 119742 | 74365 | 8380 | 4981 | 54458 | 77332 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (288288) | (342571) | (333465) | (380475) | (9205) | (44543) | (224910) | (491154) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) from capital shares trasactions | (199902) | (206706) | (190351) | (218257) | (783) | (37091) | (153728) | (313318) |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Statements of Changes in Net Assets - continued**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **High Income Fund** | **High Income Fund** | **Diversified Income Fund** | **Diversified Income Fund** | **Large Cap Value Fund** | **Large Cap Value Fund** | **Large Cap Growth Fund** | **Large Cap Growth Fund** |
| <br>**Year Ended December 31,** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Net Assets at beginning of period** | $16435301 | $17681974 | $230544931 | $224564622 | $242749232 | $223906583 | $228314536 | $214460395 |
| **Increase (decrease) in net assets from operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 639385 | 694502 | 4376677 | 3647443 | 5013589 | 4164861 | 532862 | 859979 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (46458) | 248350 | 15664564 | 26719335 | 15332589 | 26297754 | 10814314 | 21865047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (2107809) | (240000) | (37549120) | 1104775 | (32233755) | 16523360 | (41255519) | 23093108 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from operations | (1514882) | 702852 | (17507879) | 31471553 | (11887577) | 46985975 | (29908343) | 45818134 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings (combined net investment income and net realized gains): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I. | (517572) | (559966) | (19643221) | (24780441) | (21063238) | (10247114) | (12522785) | (20820569) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class II | (124548) | (141047) | (2932596) | (3683783) | (239334) | (134118) | (785387) | (1470083) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions** | (642120) | (701013) | (22575817) | (28464224) | (21302572) | (10381232) | (13308172) | (22290652) |
| **Capital Stock transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class I Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 232781 | 250792 | 2261172 | 3322993 | 3677245 | 4037410 | 2189402 | 3693167 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 517572 | 559966 | 19643220 | 24780441 | 21063238 | 10247114 | 12522785 | 20820569 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1804045) | (1771751) | (21720442) | (25409972) | (29075142) | (31262941) | (21676747) | (31329990) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | (1053692) | (960993) | 183950 | 2693462 | (4334659) | (16978417) | (6964560) | (6816254) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class II Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 24808 | 151978 | 1263328 | 352083 | 13299 | 129681 | 76147 | 218233 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 124548 | 141047 | 2932596 | 3683783 | 239334 | 134118 | 785386 | 1470083 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (498801) | (580544) | (3652083) | (3756348) | (689816) | (1047476) | (2495153) | (4545403) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | (349445) | (287519) | 543841 | 279518 | (437183) | (783677) | (1633620) | (2857087) |
| **Total increase (decrease) from capital stock transactions** | (1403137) | (1248512) | 727791 | 2972980 | (4771842) | (17762094) | (8598180) | (9673341) |
| **Total increase (decrease) in net assets** | (3560139) | (1246673) | (39355905) | 5980309 | (37961991) | 18842649 | (51814695) | 13854141 |
| **Net Assets at end of period** | $12875162 | $16435301 | $191189026 | $230544931 | $204787241 | $242749232 | $176499841 | $228314536 |
| **Capital Share transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class I Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 30098 | 29778 | 124715 | 159403 | 143221 | 158770 | 105936 | 163297 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 71608 | 68166 | 1188799 | 1259337 | 891369 | 378061 | 654395 | 901450 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (237751) | (210689) | (1206709) | (1234436) | (1127403) | (1218307) | (1037564) | (1349392) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from capital shares transactions | (136045) | (112745) | 106805 | 184304 | (92813) | (681476) | (277233) | (284645) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class II Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 3229 | 18036 | 69455 | 16940 | 527 | 5191 | 3688 | 9607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 17249 | 17172 | 180189 | 189626 | 10321 | 5032 | 42361 | 65544 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (65676) | (69053) | (202820) | (182686) | (27039) | (41191) | (123789) | (202853) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from capital shares trasactions | (45198) | (33845) | 46824 | 23880 | (16191) | (30968) | (77740) | (127702) |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Statements of Changes in Net Assets - continued**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Mid Cap Fund** | **Mid Cap Fund** | **International Stock Fund** | **International Stock Fund** | **Madison Target Retirement <br> 2020 Fund** | **Madison Target Retirement <br> 2020 Fund** | **Madison Target Retirement <br> 2030 Fund** | **Madison Target Retirement <br> 2030 Fund** |
| <br>**Year Ended December 31,** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
| **Net Assets at beginning of period** | $182924165 | $171137657 | $26455566 | $30771546 | $27013768 | $35684515 | $71328060 | $70124885 |
| **Increase (decrease) in net assets from operations:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (242418) | 92452 | 144451 | 269688 | 472963 | 462407 | 1464885 | 2422423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | 10118328 | 21936301 | (1223463) | 6516688 | (2640105) | 1140338 | (2819193) | 3284607 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (33651842) | 19450897 | (3591729) | (7147999) | (1022198) | (1220918) | (6671002) | (750904) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from operations | (23775932) | 41479650 | (4670741) | (361623) | (3189340) | 381827 | (8025310) | 4956126 |
| **Distributions to shareholders from:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings (combined net investment income and net realized gains): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (12639998) | (21033769) | (256978) | (1396481) | (506498) | (1310017) | (1992004) | (4962392) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class II | (461066) | (817307) | (80412) | (506754) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions** | (13101064) | (21851076) | (337390) | (1903235) | (506498) | (1310017) | (1992004) | (4962392) |
| **Capital Stock transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class I Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1753228 | 2426762 | 686329 | 476654 | 4470777 | 3874580 | 9177618 | 10415959 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 12639998 | 21033769 | 256978 | 1396481 | 506498 | 1310016 | 1992004 | 4962392 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (21334914) | (30001019) | (1409171) | (2743858) | (9608216) | (12927153) | (15536248) | (14168910) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from capital stock transactions | (6941688) | (6540488) | (465864) | (870723) | (4630941) | (7742557) | (4366626) | 1209441 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class II Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 31959 | 50988 | 450291 | 149674 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 461066 | 817307 | 80412 | 506754 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1075296) | (2169873) | (649241) | (1836827) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) from capital stock transactions | (582271) | (1301578) | (118538) | (1180399) |  |  |  |  |
| **Total increase (decrease) from capital stock transactions** | (7523959) | (7842066) | (584402) | (2051122) | (4630941) | (7742557) | (4366626) | 1209441 |
| **Total increase (decrease) in net assets** | (44400955) | 11786508 | (5592533) | (4315980) | (8326779) | (8670747) | (14383940) | 1203175 |
| **Net Assets at end of period** | $138523210 | $182924165 | $20863033 | $26455566 | $18686989 | $27013768 | $56944120 | $71328060 |
| **Capital Share transactions:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class I Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 102929 | 124187 | 69441 | 37694 | 647689 | 495330 | 1230115 | 1247551 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 785221 | 1077511 | 27027 | 122160 | 74816 | 171603 | 271777 | 612963 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1229516) | (1506887) | (145089) | (216963) | (1379940) | (1649771) | (2061550) | (1682576) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from capital shares transactions | (341366) | (305189) | (48621) | (57109) | (657435) | (982838) | (559658) | 177938 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class II Shares** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 1912 | 2651 | 46912 | 12321 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 30251 | 43910 | 8520 | 44671 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (64893) | (115449) | (65992) | (145675) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (decrease) from capital shares trasactions | (32730) | (68888) | (10560) | (88683) |  |  |  |  |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Statements of Changes in Net Assets - continued**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Madison Target Retirement** | **Madison Target Retirement** | **Madison Target Retirement** | **Madison Target Retirement** |
| | **2040 Fund** | **2040 Fund** | **2050 Fund** | **2050 Fund** |
| <br>**Year Ended December 31,** | **2022** | **2021** | **2022** | **2021** |
| **Net Assets at beginning of period** | $40984397 | $41990185 | $34283473 | $30436863 |
| **Increase (decrease) in net assets from operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 960060 | 1557344 | 794600 | 1423608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net realized gain (loss) | (1262195) | 2585720 | (640476) | 1639423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (4340882) | (590633) | (3739722) | 49375 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) in net assets from operations | (4643017) | 3552431 | (3585598) | 3112406 |
| **Distributions to shareholders from:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated earnings (combined net investment income and net<br> realized gains): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class I | (1766714) | (3463717) | (1867196) | (2649779) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total distributions** | (1766714) | (3463717) | (1867196) | (2649779) |
| **Capital Stock transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class I Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 5841222 | 5550905 | 4859219 | 6502773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 1766714 | 3463717 | 1867196 | 2649779 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (6158716) | (10109124) | (7090148) | (5768569) |
| **Total increase (decrease) from capital stock transactions** | 1449220 | (1094502) | (363733) | 3383983 |
| **Total increase (decrease) in net assets.** | (4960511) | (1005788) | (5816527) | 3846610 |
| **Net Assets at end of period** | $36023886 | $40984397 | $28466946 | $34283473 |
| **Capital Share transactions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Class I Shares** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares sold. | 843383 | 712623 | 402700 | 475660 |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued to shareholders in reinvestment of distributions | 265450 | 465559 | 161355 | 202588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (886511) | (1291950) | (573979) | (423943) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase (decrease) from capital shares transactions | 222322 | (113768) | (9924) | 254305 |

---

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding**

**CONSERVATIVE ALLOCATION FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **CLASS I** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $10.40 | $10.33 | $10.13 | $9.21 | $10.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income. | 0.18 | 0.23 | 0.12 | 0.201 | 0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.54) | 0.15 | 0.83 | 1.00 | (0.51) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.36) | 0.38 | 0.95 | 1.20 | (0.26) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.21) | (0.22) | (0.19) | (0.25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.25) | (0.10) | (0.41) | (0.09) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | – | – | (0.12) | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.43) | (0.31) | (0.75) | (0.28) | (0.75) |
| Net increase (decrease) in net asset value | (1.79) | 0.07 | 0.20 | 0.92 | (1.01) |
| **Net Asset Value at end of period** | $8.61 | $10.40 | $10.33 | $10.13 | $9.21 |
| **Total Return** (%)<sup>2</sup>** | (13.17) | 3.59 | 9.46 | 12.97 | (2.49) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $102727 | $134456 | $146016 | $109012 | $96763 |
| Ratios of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before waiver of expenses by Adviser (%) | 0.33 | 0.32 | 0.32 | 0.32 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After waiver of expenses by Adviser (%) | 0.29 | 0.22 | 0.22 | 0.22 | 0.22 |
| Ratio of net investment income to average net assets (%) | 1.74 | 2.04 | 1.56 | 2.15 | 2.13 |
| Portfolio turnover (%)<sup>3</sup> | 64 | 50 | 73 | 57 | 54 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **CLASS II** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $10.42 | $10.36 | $10.14 | $9.22 | $10.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.13 | 0.19 | 0.13 | 0.171 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.51) | 0.15 | 0.80 | 1.00 | (0.47) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.38) | 0.34 | 0.93 | 1.17 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (0.18) | (0.18) | (0.16) | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.25) | (0.10) | (0.41) | (0.09) | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | – | – | (0.12) | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.39) | (0.28) | (0.71) | (0.25) | (0.72) |
| Net increase (decrease) in net asset value | (1.77) | 0.06 | 0.22 | 0.92 | (1.00) |
| **Net Asset Value at end of period** | $8.65 | $10.42 | $10.36 | $10.14 | $9.22 |
| **Total Return (%)**<sup>2</sup>** | (13.38) | 3.33 | 9.18 | 12.69 | (2.73) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000s) | $12679 | $17373 | $19406 | $21984 | $22527 |
| Ratios of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before waiver of expenses by Adviser (%) | 0.58 | 0.57 | 0.57 | 0.57 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After waiver of expenses by Adviser (%) | 0.54 | 0.47 | 0.47 | 0.47 | 0.47 |
| Ratio of net investment income to average net assets (%) | 1.48 | 1.79 | 1.30 | 1.86 | 1.88 |
| Portfolio turnover (%)<sup>3</sup> | 64 | 50 | 73 | 57 | 54 |

---

<sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.

<sup>2</sup> These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted.

<sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year .

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

**MODERATE ALLOCATION FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **CLASS I** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $10.29 | $10.09 | $10.31 | $9.20 | $10.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.15 | 0.28 | 0.15 | 0.22<sup>1</sup> | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.53) | 0.46 | 0.89 | 1.30 | (0.69) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.38) | 0.74 | 1.04 | 1.52 | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.16) | (0.26) | (0.17) | (0.23) | (0.12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.62) | (0.28) | (0.78) | (0.18) | (1.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | - | - | (0.31) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.78) | (0.54) | (1.26) | (0.41) | (1.17) |
| Net increase (decrease) in net asset value | (2.16) | 0.20 | (0.22) | 1.11 | (1.65) |
| **Net Asset Value at end of period** | $8.13 | $10.29 | $10.09 | $10.31 | $9.20 |
| **Total Return** (%)<sup>2</sup>** | (13.54) | 7.40 | 10.06 | 16.56 | (4.36) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $107664 | $146647 | $161944 | $171065 | $175785 |
| Ratios of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before waiver of expenses by Adviser (%) | 0.33 | 0.32 | 0.32 | 0.32 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After waiver of expenses by Adviser (%) | 0.29 | 0.22 | 0.22 | 0.22 | 0.22 |
| Ratio of net investment income to average net assets (%) | 1.58 | 2.37 | 1.32 | 1.87 | 1.85 |
| Portfolio turnover (%)<sup>3</sup> | 64 | 59 | 79 | 62 | 67 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **CLASS II** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $10.31 | $10.10 | $10.31 | $9.19 | $10.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.09 | 0.21 | 0.11 | 0.15<sup>1</sup> | 0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.49) | 0.51 | 0.90 | 1.34 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.40) | 0.72 | 1.01 | 1.49 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.13) | (0.23) | (0.13) | (0.19) | (0.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.62) | (0.28) | (0.78) | (0.18) | (1.05) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | - | - | (0.31) | - | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.75) | (0.51) | (1.22) | (0.37) | (1.14) |
| Net increase (decrease) in net asset value | (2.15) | 0.21 | (0.21) | 1.12 | (1.64) |
| **Net Asset Value at end of period** | $8.16 | $10.31 | $10.10 | $10.31 | $9.19 |
| **Total Return** (%)<sup>2</sup>** | (13.76) | 7.13 | 9.78 | 16.27 | (4.60) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000s) | $11241 | $16166 | $18046 | $18790 | $20302 |
| Ratios of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before waiver of expenses by Adviser (%) | 0.58 | 0.57 | 0.57 | 0.57 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After waiver of expenses by Adviser (%) | 0.54 | 0.47 | 0.47 | 0.47 | 0.47 |
| Ratio of net investment income to average net assets (%) | 1.32 | 2.17 | 1.07 | 1.62 | 1.58 |
| Portfolio turnover (%)<sup>3</sup> | 64 | 59 | 79 | 62 | 67 |

---

<sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.

<sup>2</sup> These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted.

<sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year .

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

**AGGRESSIVE ALLOCATION FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **CLASS I** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $9.08 | $8.76 | $9.09 | $7.97 | $10.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.13 | 0.28 | 0.12 | 0.161 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.39) | 0.61 | 0.79 | 1.40 | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.26) | 0.89 | 0.91 | 1.56 | (0.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.14) | (0.26) | (0.13) | (0.15) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.64) | (0.31) | (0.72) | (0.29) | (1.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | – | – | (0.39) | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.78) | (0.57) | (1.24) | (0.44) | (1.53) |
| Net increase (decrease) in net asset value | (2.04) | 0.32 | (0.33) | 1.12 | (2.15) |
| **Net Asset Value at end of period** | $7.04 | $9.08 | $8.76 | $9.09 | $7.97 |
| **Total Return** (%)<sup>2</sup>** | (14.35) | 10.18 | 10.08 | 19.69 | (6.16) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $39149 | $52574 | $54472 | $61127 | $61777 |
| Ratios of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before waiver of expenses by Adviser (%) | 0.33 | 0.32 | 0.32 | 0.32 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After waiver of expenses by Adviser (%) | 0.29 | 0.22 | 0.22 | 0.22 | 0.22 |
| Ratio of net investment income to average net assets (%) | 1.50 | 2.74 | 1.14 | 1.71 | 1.55 |
| Portfolio turnover (%)<sup>3</sup> | 70 | 71 | 93 | 78 | 69 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **CLASS II** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $9.06 | $8.74 | $9.06 | $7.94 | $10.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.10 | 0.22 | 0.08 | 0.131 | 0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.39) | 0.64 | 0.80 | 1.41 | (0.78) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.29) | 0.86 | 0.88 | 1.54 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.11) | (0.23) | (0.09) | (0.13) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.64) | (0.31) | (0.72) | (0.29) | (1.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | – | – | (0.39) | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.75) | (0.54) | (1.20) | (0.42) | (1.50) |
| Net increase (decrease) in net asset value | (2.04) | 0.32 | (0.32) | 1.12 | (2.15) |
| **Net Asset Value at end of period** | $7.02 | $9.06 | $8.74 | $9.06 | $7.94 |
| **Total Return** (%)<sup>2</sup>** | (14.57) | 9.90 | 9.81 | 19.39 | (6.39) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000s) | $614 | $799 | $1095 | $1272 | $1527 |
| Ratios of expenses to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Before waiver of expenses by Adviser (%) | 0.58 | 0.57 | 0.57 | 0.57 | 0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;After waiver of expenses by Adviser (%) | 0.54 | 0.47 | 0.47 | 0.47 | 0.47 |
| Ratio of net investment income to average net assets (%) | 1.27 | 2.42 | 0.90 | 1.41 | 1.01 |
| Portfolio turnover (%)<sup>3</sup> | 70 | 71 | 93 | 78 | 69 |

---

<sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.

<sup>2</sup> These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted.

<sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year .

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

**CORE BOND FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **CLASS I** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $9.74 | $10.30 | $9.89 | $9.39 | $9.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.23 | 0.20 | 0.26 | 0.311 | 0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.50) | (0.37) | 0.62 | 0.48 | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.27) | (0.17) | 0.88 | 0.79 | (0.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.23) | (0.23) | (0.28) | (0.28) | (0.31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.04) | (0.16) | (0.19) | (0.01) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.27) | (0.39) | (0.47) | (0.29) | (0.31) |
| Net increase (decrease) in net asset value | (1.54) | (0.56) | 0.41 | 0.50 | (0.37) |
| **Net Asset Value at end of period** | $8.20 | $9.74 | $10.30 | $9.89 | $9.39 |
| **Total Return** (%)<sup>2</sup>** | (13.17) | (1.58) | 8.97 | 8.36 | (0.62) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $67311 | $85758 | $92471 | $95679 | $104781 |
| Ratios of expenses to average net assets (%) | 0.58 | 0.57 | 0.57 | 0.57 | 0.57 |
| Ratio of net investment income to average net assets (%) | 2.40 | 1.97 | 2.23 | 2.67 | 2.70 |
| Portfolio turnover (%)<sup>3</sup> | 27 | 34 | 44 | 26 | 24 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **CLASS II** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $9.69 | $10.25 | $9.84 | $9.36 | $9.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.12 | 0.07 | 0.11 | 0.171 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.41) | (0.25) | 0.74 | 0.58 | (0.27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.29) | (0.18) | 0.85 | 0.75 | (0.08) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.21) | (0.22) | (0.25) | (0.26) | (0.29) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.04) | (0.16) | (0.19) | (0.01) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.25) | (0.38) | (0.44) | (0.27) | (0.29) |
| Net increase (decrease) in net asset value | (1.54) | (0.56) | 0.41 | 0.48 | (0.37) |
| **Net Asset Value at end of period.** | $8.15 | $9.69 | $10.25 | $9.84 | $9.36 |
| **Total Return** (%)<sup>2</sup>** | (13.38) | (1.83) | 8.70 | 8.09 | (0.87) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000s) | $15043 | $19379 | $23721 | $26855 | $29713 |
| Ratios of expenses to average net assets (%) | 0.83 | 0.82 | 0.82 | 0.82 | 0.82 |
| Ratio of net investment income to average net assets (%) | 2.15 | 1.72 | 1.98 | 2.43 | 2.45 |
| Portfolio turnover (%)<sup>3</sup> | 27 | 34 | 44 | 26 | 24 |

---

<sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.

<sup>2</sup> These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted.

<sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year .

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

**HIGH INCOME FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **CLASS I** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $8.22 | $8.24 | $8.17 | $7.91 | $8.66 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.40 | 0.38 | 0.46 | 0.491 | 0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.16) | (0.04) | 0.03 | 0.19 | (0.77) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.76) | 0.34 | 0.49 | 0.68 | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.37) | (0.36) | (0.42) | (0.42) | (0.47) |
| Net increase (decrease) in net asset value | (1.13) | (0.02) | 0.07 | 0.26 | (0.75) |
| **Net Asset Value at end of period** | $7.09 | $8.22 | $8.24 | $8.17 | $7.91 |
| **Total Return** (%)<sup>2</sup>** | (9.45) | 4.24 | 5.98 | 8.64 | (3.20) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $10264 | $13032 | $13989 | $15658 | $17466 |
| Ratios of expenses to average net assets (%) | 0.78 | 0.77 | 0.77 | 0.77 | 0.77 |
| Ratio of net investment income to average net assets (%) | 4.57 | 4.14 | 4.77 | 4.96 | 5.12 |
| Portfolio turnover (%)<sup>3</sup> | 4 | 50 | 55 | 17 | 22 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **CLASS II** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $8.22 | $8.25 | $8.18 | $7.92 | $8.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.20 | 0.25 | 0.26 | 0.311 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (0.99) | 0.07 | 0.21 | 0.35 | (0.67) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations. | (0.79) | 0.32 | 0.47 | 0.66 | (0.30) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.35) | (0.35) | (0.40) | (0.40) | (0.45) |
| Net increase (decrease) in net asset value | (1.14) | (0.03) | 0.07 | 0.26 | (0.75) |
| **Net Asset Value at end of period** | $7.08 | $8.22 | $8.25 | $8.18 | $7.92 |
| **Total Return** (%)<sup>2</sup>** | (9.68) | 3.98 | 5.71 | 8.36 | (3.44) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000s) | $2612 | $3403 | $3693 | $4181 | $4605 |
| Ratios of expenses to average net assets (%) | 1.03 | 1.02 | 1.02 | 1.02 | 1.02 |
| Ratio of net investment income to average net assets (%) | 4.32 | 3.89 | 4.52 | 4.71 | 4.87 |
| Portfolio turnover (%)<sup>3</sup> | 4 | 50 | 55 | 17 | 22 |

---

<sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.

<sup>2</sup> These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted.

<sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year .

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

**DIVERSIFIED INCOME FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **CLASS I** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $19.65 | $19.47 | $19.11 | $17.26 | $19.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.41 | 0.36 | 0.40 | 0.431 | 0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.89) | 2.53 | 1.04 | 2.96 | (0.65) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations. | (1.48) | 2.89 | 1.44 | 3.39 | (0.18) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.41) | (0.39) | (0.41) | (0.40) | (0.48) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (1.67) | (2.32) | (0.67) | (1.14) | (1.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2.08) | (2.71) | (1.08) | (1.54) | (2.11) |
| Net increase (decrease) in net asset value | (3.56) | 0.18 | 0.36 | 1.85 | (2.29) |
| **Net Asset Value at end of period** | $16.09 | $19.65 | $19.47 | $19.11 | $17.26 |
| **Total Return** (%)<sup>2</sup>** | (7.64) | 14.92 | 7.77 | 19.68 | (0.76) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $166136 | $200806 | $195463 | $206780 | $201421 |
| Ratios of expenses to average net assets (%) | 0.73 | 0.72 | 0.72 | 0.72 | 0.72 |
| Ratio of net investment income to average net assets (%) | 2.18 | 1.64 | 2.04 | 2.10 | 2.17 |
| Portfolio turnover (%)<sup>3</sup> | 32 | 34 | 31 | 28 | 26 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **CLASS II** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $19.39 | $19.27 | $18.92 | $17.12 | $19.41 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.37 | 0.32 | 0.27 | 0.341 | 0.38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.88) | 2.48 | 1.12 | 2.97 | (0.60) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.51) | 2.80 | 1.39 | 3.31 | (0.22) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.36) | (0.36) | (0.37) | (0.37) | (0.44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (1.67) | (2.32) | (0.67) | (1.14) | (1.63) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2.03) | (2.68) | (1.04) | (1.51) | (2.07) |
| Net increase (decrease) in net asset value | (3.54) | 0.12 | 0.35 | 1.80 | (2.29) |
| **Net Asset Value at end of period** | $15.85 | $19.39 | $19.27 | $18.92 | $17.12 |
| **Total Return** (%)<sup>2</sup>** | (7.87) | 14.64 | 7.50 | 19.38 | (1.01) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000s) | $25053 | $29739 | $29102 | $33801 | $32925 |
| Ratios of expenses to average net assets (%) | 0.98 | 0.97 | 0.97 | 0.97 | 0.97 |
| Ratio of net investment income to average net assets (%) | 1.93 | 1.39 | 1.79 | 1.85 | 1.92 |
| Portfolio turnover (%)<sup>3</sup> | 32 | 34 | 31 | 28 | 26 |

---

<sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.

<sup>2</sup> These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted.

<sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year .

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

**LARGE CAP VALUE FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **CLASS I** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $27.33 | $23.34 | $25.08 | $21.85 | $28.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.63 | 0.49 | 0.40 | 0.411 | 0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.96) | 4.71 | (1.46) | 5.01 | (4.09) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.33) | 5.20 | (1.06) | 5.42 | (3.59) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.61) | (0.49) | (0.38) | (0.37) | (0.46) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (2.04) | (0.72) | (0.30) | (1.82) | (2.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital |  |  |  |  | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2.65) | (1.21) | (0.68) | (2.19) | (3.04) |
| Net increase (decrease) in net asset value | (3.98) | 3.99 | (1.74) | 3.23 | (6.63) |
| **Net Asset Value at end of period** | $23.35 | $27.33 | $23.34 | $25.08 | $21.85 |
| **Total Return** (%)<sup>2</sup>** | (4.91) | 22.36 | (3.99) | 24.93 | (12.59) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $202492 | $239621 | $220518 | $256775 | $243697 |
| Ratios of expenses to average net assets (%) | 0.63 | 0.62 | 0.62 | 0.62 | 0.62 |
| Ratio of net investment income to average net assets (%) | 2.33 | 1.78 | 1.74 | 1.49 | 1.54 |
| Portfolio turnover (%)<sup>3</sup> | 29 | 32 | 87 | 76 | 83 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **CLASS II** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $26.87 | $22.99 | $24.72 | $21.56 | $28.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.42 | 0.24 | 0.23 | 0.301 | 0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.80) | 4.81 | (1.33) | 4.98 | (3.98) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.38) | 5.05 | (1.10) | 5.28 | (3.62) |
| **Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.54) | (0.45) | (0.33) | (0.30) | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (2.04) | (0.72) | (0.30) | (1.82) | (2.01) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital | – | – | – | – | (0.57) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (2.58) | (1.17) | (0.63) | (2.12) | (2.99) |
| Net increase (decrease) in net asset value | (3.96) | 3.88 | (1.73) | 3.16 | (6.61) |
| **Net Asset Value at end of period** | $22.91 | $26.87 | $22.99 | $24.72 | $21.56 |
| **Total Return** (%)<sup>2</sup>** | (5.14) | 22.05 | (4.23) | 24.61 | (12.81) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000s) | $2296 | $3128 | $3388 | $4284 | $3829 |
| Ratios of expenses to average net assets (%) | 0.87 | 0.87 | 0.87 | 0.87 | 0.87 |
| Ratio of net investment income to average net assets (%) | 2.06 | 1.52 | 1.48 | 1.24 | 1.29 |
| Portfolio turnover (%)<sup>3</sup> | 29 | 32 | 87 | 76 | 83 |

---

<sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.

<sup>2</sup> These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted.

<sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year .

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

**LARGE CAP GROWTH FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **CLASS I** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $23.42 | $21.11 | $20.17 | $17.19 | $26.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.07 | 0.10 | 0.09 | 0.121 | 0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (3.21) | 4.68 | 2.61 | 5.20 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (3.14) | 4.78 | 2.70 | 5.32 | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.08) | (0.08) | (0.09) | (0.12) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (1.41) | (2.39) | (1.67) | (2.22) | (8.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.49) | (2.47) | (1.76) | (2.34) | (9.03) |
| Net increase (decrease) in net asset value | (4.63) | 2.31 | 0.94 | 2.98 | (9.35) |
| **Net Asset Value at end of period.** | $18.79 | $23.42 | $21.11 | $20.17 | $17.19 |
| **Total Return** (%)<sup>2</sup>** | (13.45) | 22.96 | 13.94 | 31.13 | (0.28) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $166176 | $213648 | $198560 | $197776 | $184508 |
| Ratios of expenses to average net assets (%) | 0.83 | 0.82 | 0.82 | 0.82 | 0.82 |
| Ratio of net investment income to average net assets (%) | 0.30 | 0.40 | 0.43 | 0.52 | 0.70 |
| Portfolio turnover (%)<sup>3</sup> | 12 | 16 | 29 | 18 | 73 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **CLASS II** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $22.73 | $20.57 | $19.71 | $16.85 | $26.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.05) | (0.04) | (0.01) | 0.021 | 0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (3.05) | 4.64 | 2.59 | 5.14 | (0.56) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (3.10) | 4.60 | 2.58 | 5.16 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.03) | (0.05) | (0.05) | (0.08) | (0.16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (1.41) | (2.39) | (1.67) | (2.22) | (8.84) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (1.44) | (2.44) | (1.72) | (2.30) | (9.00) |
| Net increase (decrease) in net asset value . | (4.54) | 2.16 | 0.86 | 2.86 | (9.37) |
| **Net Asset Value at end of period** | $18.19 | $22.73 | $20.57 | $19.71 | $16.85 |
| **Total Return** (%)<sup>2</sup>** | (13.67) | 22.66 | 13.65 | 30.80 | (0.53) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000s) | $10324 | $14667 | $15900 | $17569 | $17704 |
| Ratios of expenses to average net assets (%) | 1.08 | 1.07 | 1.07 | 1.07 | 1.07 |
| Ratio of net investment income to average net assets (%) | 0.04 | 0.17 | 0.19 | 0.27 | 0.45 |
| Portfolio turnover (%)<sup>3</sup> | 12 | 16 | 29 | 18 | 73 |

---

<sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.

<sup>2</sup> These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted.

<sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year .

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

**MID CAP FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **CLASS I** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $19.99 | $17.97 | $18.38 | $15.19 | $18.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income (loss) | (0.02) | 0.01 | (0.01) | (0.03) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.61) | 4.62 | 1.66 | 5.22 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.63) | 4.63 | 1.65 | 5.19 | (0.37) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (1.57) | (2.61) | (2.06) | (2.00 | (3.41) |
| Net increase (decrease) in net asset value | (4.20) | 2.02 | (0.41) | 3.19 | (3.78) |
| **Net Asset Value at end of period** | $15.79 | $19.99 | $17.97 | $18.38 | $15.19 |
| **Total Return** (%)<sup>2</sup>** | (13.17) | 26.39 | 9.69 | 34.27 | (1.50) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $133928 | $176437 | $164068 | $167094 | $152077 |
| Ratios of expenses to average net assets (%) | 0.93 | 0.92 | 0.92 | 0.92 | 0.92 |
| Ratio of net investment income (loss) to average net assets (%) | (0.15) | 0.06 | (0.07) | (0.18) | (0.03) |
| Portfolio turnover (%)<sup>3</sup> | 17 | 25 | 24 | 16 | 25 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **CLASS II** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $19.04 | $17.26 | $17.77 | $14.77 | $18.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment loss | (0.14) | (0.14) | (0.10) | (0.14) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.41) | 4.53 | 1.65 | 5.14 | (0.34) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.55) | 4.39 | 1.55 | 5.00 | (0.41) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (1.57) | (2.61) | (2.06) | (2.00 | (3.41) |
| Net increase (decrease) in net asset value | (4.12) | 1.78 | (0.51) | 3.00 | (3.82) |
| **Net Asset Value at end of period** | $14.92 | $19.04 | $17.26 | $17.77 | $14.77 |
| **Total Return** (%)<sup>2</sup>** | (13.39) | 26.08 | 9.41 | 33.93 | (1.75) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000s) | $4595 | $6487 | $7069 | $8070 | $7921 |
| Ratios of expenses to average net assets (%) | 1.18 | 1.17 | 1.17 | 1.17 | 1.17 |
| Ratio of net investment loss to average net assets (%) | (0.41) | (0.17) | (0.31) | (0.43) | (0.28) |
| Portfolio turnover (%)<sup>3</sup> | 17 | 25 | 24 | 16 | 25 |

---

<sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.

<sup>2</sup> These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted.

<sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year .

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

**INTERNATIONAL STOCK FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **CLASS I** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $11.59 | $12.67 | $11.80 | $9.93 | $11.73 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.08 | 0.14 | 0.12 | 0.231 | 0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.14) | (0.32) | 0.86 | 1.84 | (1.82) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.06) | (0.18) | 0.98 | 2.07 | (1.61) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.07) | (0.12) | (0.11) | (0.20) | (0.19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.08) | (0.78) | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.15) | (0.90) | (0.11) | (0.20) | (0.19) |
| Net increase (decrease) in net asset value | (2.21) | (1.08) | 0.87 | 1.87 | (1.80) |
| **Net Asset Value at end of period** | $9.38 | $11.59 | $12.67 | $11.80 | $9.93 |
| **Total Return** (%)<sup>2</sup>** | (17.70) | (1.34) | 8.36 | 20.81 | (13.69) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $15193 | $19330 | $21852 | $22721 | $21130 |
| Ratios of expenses to average net assets (%) | 1.18 | 1.17 | 1.17 | 1.17 | 1.17 |
| Ratio of net investment income to average net assets (%) | 0.73 | 1.01 | 0.88 | 1.83 | 1.59 |
| Portfolio turnover (%)<sup>3</sup> | 22 | 130 | 33 | 31 | 33 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
| **CLASS II** | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $11.50 | $12.59 | $11.73 | $9.88 | $11.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.04 | 0.04 | 0.01 | 0.151 | 0.11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (2.10) | (0.25) | 0.93 | 1.88 | (1.73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (2.06) | (0.21) | 0.94 | 2.03 | (1.62) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.05) | (0.10) | (0.08) | (0.18) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.08) | (0.78) | – | – | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.13) | (0.88) | (0.08) | (0.18) | (0.17) |
| Net increase (decrease) in net asset value | (2.19) | (1.09) | 0.86 | 1.85 | (1.79) |
| **Net Asset Value at end of period** | $9.31 | $11.50 | $12.59 | $11.73 | $9.88 |
| **Total Return** (%)<sup>2</sup>** | (17.90) | (1.58) | 8.09 | 20.51 | (13.91) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000s) | $5670 | $7126 | $8919 | $9691 | $9219 |
| Ratios of expenses to average net assets (%) | 1.43 | 1.42 | 1.42 | 1.42 | 1.42 |
| Ratio of net investment income to average net assets (%) | 0.47 | 0.79 | 0.63 | 1.60 | 1.35 |
| Portfolio turnover (%)<sup>3</sup> | 22 | 130 | 33 | 31 | 33 |

---

<sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.

<sup>2</sup> These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted.

<sup>3</sup> Portfolio turnover is calculated at the fund level and represents the entire fiscal year .

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

**MADISON TARGET RETIREMENT 2020 FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $7.60 | $7.87 | $7.83 | $7.38 | $7.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.17 | 0.13 | 0.09 | 0.161 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.15) | (0.02) | 0.60 | 0.70 | (0.32<sup>)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.98) | 0.11 | 0.69 | 0.86 | (0.16<sup>)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.11) | (0.10) | (0.13) | (0.14) | (0.19<sup>)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.06) | (0.28) | (0.52) | (0.27) | (0.10<sup>)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Return of capital. | – | – | – | – | (0.10<sup>)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.17) | (0.38) | (0.65) | (0.41) | (0.39<sup>)</sup> |
| Net increase (decrease) in net asset value | (1.15) | (0.27) | 0.04 | 0.45 | (0.55<sup>)</sup> |
| **Net Asset Value at end of period** | $6.45 | $7.60 | $7.87 | $7.83 | $7.38 |
| **Total Return** (%)<sup>2</sup>** | (13.00) | 1.45 | 8.80 | 11.76 | (2.11<sup>)</sup> |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $18687 | $27014 | $35685 | $35602 | $38523 |
| Ratios of expenses to average net assets (%) | 0.31 | 0.31 | 0.30 | 0.30 | 0.03<sup>3</sup> |
| Ratio of net investment income to average net assets (%) | 2.17 | 1.54 | 1.14 | 2.00 | 1.75<sup>3</sup> |
| Portfolio turnover (%)<sup>4</sup> | 305 | 210 | 318 | 276 | 35 |

---

<sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.

<sup>2</sup> These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted.

<sup>3</sup> Amount does not include income or expenses of the underlying GS Target Date Portfolio, nor the underlying expenses of the funds held by the GS Target Date Portfolio.

<sup>4</sup> Portfolio turnover is calculated at the Fund level and represents the entire fiscal year.

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

**MADISON TARGET RETIREMENT 2030 FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $8.15 | $8.18 | $7.89 | $7.34 | $8.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.19 | 0.29 | 0.09 | 0.161 | 0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.14) | 0.29 | 0.82 | 1.08 | (0.50) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.95) | 0.58 | 0.91 | 1.24 | (0.33) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.18) | (0.20) | (0.12) | (0.14) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.07) | (0.41) | (0.50) | (0.55) | (0.28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.25) | (0.61) | (0.62) | (0.69) | (0.49) |
| Net increase (decrease) in net asset value | (1.20) | (0.03) | 0.29 | 0.55 | (0.82) |
| **Net Asset Value at end of period** | $6.95 | $8.15 | $8.18 | $7.89 | $7.34 |
| **Total Return** (%)<sup>2</sup>** | (11.79) | 7.20 | 11.77 | 17.10 | (4.04) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $56944 | $71328 | $70125 | $62469 | $62556 |
| Ratios of expenses to average net assets (%) | 0.31 | 0.31 | 0.30 | 0.30 | 0.033 |
| Ratio of net investment income to average net assets (%) | 2.38 | 3.40 | 1.09 | 1.97 | 1.883 |
| Portfolio turnover (%)<sup>4</sup> | 303 | 215 | 372 | 244 | 33 |

---

<sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.

<sup>2</sup> These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted.

<sup>3</sup> Amount does not include income or expenses of the underlying GS Target Date Portfolio, nor the underlying expenses of the funds held by the GS Target Date Portfolio.

<sup>4</sup> Portfolio turnover is calculated at the Fund level and represents the entire fiscal year.

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

**MADISON TARGET RETIREMENT 2040 FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $7.49 | $7.52 | $7.21 | $6.66 | $7.55 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.18 | 0.31 | 0.08 | 0.151 | 0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.01) | 0.36 | 0.81 | 1.09 | (0.52) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (0.83) | 0.67 | 0.89 | 1.24 | (0.36) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.17) | (0.21) | (0.10) | (0.14) | (0.21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.16) | (0.49) | (0.48) | (0.55) | (0.32) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.33) | (0.70) | (0.58) | (0.69) | (0.53) |
| Net increase (decrease) in net asset value | (1.16) | (0.03) | 0.31 | 0.55 | (0.89) |
| **Net Asset Value at end of period** | $6.33 | $7.49 | $7.52 | $7.21 | $6.66 |
| **Total Return** (%)<sup>2</sup>** | (11.35) | 8.91 | 12.51 | 18.86 | (4.88) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $36024 | $40984 | $41990 | $37060 | $38424 |
| Ratios of expenses to average net assets (%) | 0.31 | 0.31 | 0.30 | 0.30 | 0.03<sup>3</sup> |
| Ratio of net investment income to average net assets (%) | 2.57 | 3.71 | 1.08 | 1.94 | 1.69<sup>3</sup> |
| Portfolio turnover (%)<sup>4</sup> | 309 | 209 | 367 | 258 | 30 |

---

<sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.

<sup>2</sup> These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted.

<sup>3</sup> Amount does not include income or expenses of the underlying GS Target Date Portfolio, nor the underlying expenses of the funds held by the GS Target Date Portfolio.

<sup>4</sup> Portfolio turnover is calculated at the Fund level and represents the entire fiscal year.

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Financial Highlights for a Share of Beneficial Interest Outstanding - continued**

**MADISON TARGET RETIREMENT 2050 FUND**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, |
|  | 2022 | 2021 | 2020 | 2019 | 2018 |
| **Net Asset Value at beginning of period** | $13.21 | $13.00 | $12.37 | $12.03 | $13.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Income from Investment Operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | 0.33 | 0.57 | 0.13 | 0.261 | 0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investments | (1.76) | 0.74 | 1.43 | 2.10 | (1.06) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from investment operations | (1.43) | 1.31 | 1.56 | 2.36 | (0.80) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Less Distributions From:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net investment income | (0.33) | (0.38) | (0.18) | (0.22) | (0.38) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital gains | (0.44) | (0.72) | (0.75) | (1.80) | (0.39) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributions | (0.77) | (1.10) | (0.93) | (2.02) | (0.77) |
| Net increase (decrease) in net asset value | (2.20) | 0.21 | 0.63 | 0.34 | (1.57) |
| **Net Asset Value at end of period** | $11.01 | $13.21 | $13.00 | $12.37 | $12.03 |
| **Total Return** (%)<sup>2</sup>** | (11.04) | 10.22 | 12.80 | 20.55 | (5.85) |
| **Ratios/Supplemental Data:** |  |  |  |  |  |
| Net Assets at end of period (in 000's) | $28467 | $34283 | $30437 | $24850 | $23081 |
| Ratios of expenses to average net assets (%) | 0.31 | 0.30 | 0.30 | 0.30 | 0.03<sup>3</sup> |
| Ratio of net investment income to average net assets (%) | 2.63 | 4.34 | 1.07 | 1.95 | 1.61<sup>3</sup> |
| Portfolio turnover (%)<sup>4</sup> | 329 | 228 | 390 | 292 | 37 |

---

<sup>1</sup> Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.

<sup>2</sup> These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted.

<sup>3</sup> Amount does not include income or expenses of the underlying GS Target Date Portfolio, nor the underlying expenses of the funds held by the GS Target Date Portfolio.

<sup>4</sup> Portfolio turnover is calculated at the Fund level and represents the entire fiscal year.

See accompanying Notes to Financial Statements.

**Ultra Series Fund** \| December 31, 2022

**Notes to Financial Statements**

1. ORGANIZATION

The Ultra Series Fund (the "Trust"), a Massachusetts business trust, is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified, open-end management investment company. The Trust is a series trust with 14 investment portfolios (individually, a "fund," and collectively, the "funds"), each with different investment objectives and policies. The Funds are the Core Bond Fund, High Income Fund, Diversified Income Fund, Large Cap Value Fund, Large Cap Growth Fund, Mid Cap Fund and International Stock Fund (collectively, the "Core Funds"), the Conservative Allocation Fund, Moderate Allocation Fund and Aggressive Allocation Fund (collectively, the "Target Allocation Funds") and the Madison Target Retirement 2020 Fund, Madison Target Retirement 2030 Fund, Madison Target Retirement 2040 Fund, and Madison Target Retirement 2050 Fund, (collectively, the "Target Date Funds"). Madison Asset Management, LLC (the "Investment Adviser" or "Madison") serves as the funds' investment adviser.

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

2. SIGNIFICANT ACCOUNTING POLICIES

The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Actual results could differ from those estimates.

The Funds are investment companies that apply the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services-Investment Companies (ASC 946). The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements.

**Portfolio Valuation:** The Trust and each series of the Trust, referred to individually as a fund, 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

**Ultra Series Fund** \| **Notes to Financial Statements** - continued \| December 31, 2022

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 Investment Adviser's Pricing Committee (the "Committee") and under the general supervision of the Board of Trustees. When fair value pricing of securities is employed, the prices of securities used by the Funds to calculate NAV may differ from market quotations or NOCP. Because the Target Allocation Funds and Target Date Funds primarily invest in Underlying Funds, government securities and short-term paper, it is not anticipated that the Investment Adviser will need to "fair value" any of the investments of these funds. However, an Underlying Fund may need to "fair value" one or more of its investments, which may, in turn, require a Target Allocation Fund or Target Date Fund to do the same because of delays in obtaining the Underlying Fund's NAV.

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

**Ultra Series Fund** \| **Notes to Financial Statements** - continued \| December 31, 2022

markets, foreign markets or foreign currencies; (2) occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant government actions; and (3) major announcements affecting a single issuer or an entire market or market sector. Fixed income securities either newly issued or not being priced for various reasons by one of our approved pricing sources may also be fair valued. In responding to a significant event, the Committee would determine the fair value of affected securities considering factors including, but not limited to: fundamental analytical data relating to the investment; the nature and duration of any restrictions on the disposition of the investment; and the forces influencing the market(s) in which the investment is purchased or sold.

In addition to the fair value decisions made by the Committee noted above, the Committee also engages an independent fair valuation service to adjust the valuations of foreign equity securities based on specific marketmovement 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.

**Recently Issued Accounting Pronouncements:** On December 3, 2020, the U.S. Securities and Exchange Commission ("SEC") adopted new rule 2a-5 ("Valuation Rule") under the 1940 Act, establishing an updated regulatory framework for Fund valuation. The Valuation Rule, in part, provides a framework for good faith fair value determination and permits a Board to designated fair value determinations to a fund's investment adviser. Further, the SEC rescinded previously issued guidance on related issues. The Valuation Rule became effective on March 8, 2021, with a compliance date of September 8, 2022. The Trust adopted amended valuation policies that incorporated the new Valuation Rule as of the compliance date.

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

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

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

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

The Trust has established a procedure providing that the securities serving as collateral for each repurchase agreement must be delivered to the Trust's custodian either physically or in book-entry form and that the collateral must be marked to market daily to ensure that each repurchase agreement is fully collateralized at all times. In the event of bankruptcy or other default by a seller of a repurchase agreement, a Fund could experience one of the following: delays in liquidating the underlying securities during the period in which the Fund seeks to enforce its rights thereto, possible decreased levels of income, declines in value of the underlying securities, or lack of access

**Ultra Series Fund** \| **Notes to Financial Statements** - continued \| December 31, 2022

to income during this period and the expense of enforcing its rights. As of December 31, 2022, none of the Funds held open repurchase agreements.

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

Each Fund reports certain foreign currency-related transactions as components of realized gains or losses for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes. Realized gains or losses associated with currency transactions are included in the Statements of Operations under the heading "Net realized gain (loss) on investments. For the year ended, December 31, 2022, the International Stock Fund had net realized losses of $(1,839) from foreign currency transactions. As of December 31, 2022, only the International Stock Fund had open foreign currency transactions.

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

**Forward Foreign Currency Exchange Contracts:** Each Fund may purchase and sell forward foreign currency exchange contracts for defensive or hedging purposes. When entering into forward foreign currency exchange contracts, the Funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily. The funds' net assets reflect unrealized gains or losses on the contracts as measured by the difference between the forward foreign currency exchange rates at the dates of entry into the contracts and the forward rates at the reporting date. The Funds realize a gain or a loss at the time the forward foreign currency exchange contracts are settled or closed out with an offsetting contract. Contracts are traded over-the-counter directly with a counterparty. Realized and unrealized gains and losses are included in the Statements of Operations. As of December 31, 2022, none of the Funds had open forward foreign currency exchange contracts.

If a Fund enters into a forward foreign currency exchange contract to buy foreign currency for any purpose, the Fund will be required to place cash or other liquid assets in a segregated account with the fund's custodian in an amount equal to the value of the fund's total assets committed to the consummation of the forward contract. If the value of the securities in the segregated account declines, additional cash or securities will be placed in the segregated account so that the value of the account will equal the amount of the fund's commitment with respect to the contract.

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

**Illiquid Securities:** Each Fund currently limits investments in illiquid investments, as defined by Rule 22e-4 under the 1940 Act, to 15% of net assets at the time of purchase. An illiquid investment is generally defined as a security that a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the security. At December 31, 2022, there were no illiquid securities held in the funds.

**Delayed Delivery Securities:** Each Fund may purchase securities on a when-issued or delayed delivery basis. "When-issued" refers to securities whose terms are available and for which a market exists, but that have not been issued. For when-issued or delayed delivery transactions, no payment is made until delivery date, which

**Ultra Series Fund** \| **Notes to Financial Statements** - continued \| December 31, 2022

is typically longer than the normal course of settlement. When a Fund enters into an agreement to purchase securities on a when-issued or delayed delivery basis, the Fund may segregate cash or other liquid securities, of any type or maturity, equal in value to the fund's commitment. Losses may arise due to changes in the fair value of the underlying securities, if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic or other factors. As of December 31, 2022, none of the Funds had entered into such transactions.

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

3. FAIR VALUE MEASUREMENTS

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

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

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

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

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

The valuation techniques used by the Funds to measure fair value for the year ended December 31, 2022 maximized the use of observable inputs and minimized the use of unobservable inputs. The Funds utilized the following fair value techniques: multi-dimensional relational pricing model and option adjusted spread pricing; the Funds estimated the price that would have prevailed in a liquid market for an international equity security given information available at the time of valuation. As of December 31, 2022, 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 December 31, 2022, in valuing the funds' investments carried at fair value:

**Ultra Series Fund** \| **Notes to Financial Statements** - continued \| December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund<sup>1</sup>** | **Level 1** | **Level 2** | **Level 3** | **Value at 12/31/22** |
| **Conservative Allocation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | $106295451 | $— | $— | $106295451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 10097461 |  |  | 10097461 |
|  | 116392912 |  |  | 116392912 |
| **Moderate Allocation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 106576729 |  |  | 106576729 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 13367848 |  |  | 13367848 |
|  | 119944577 |  |  | 119944577 |
| **Aggressive Allocation** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment Companies | 34748264 |  |  | 34748264 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 5095227 |  |  | 5095227 |
|  | 39843491 |  |  | 39843491 |
| **Core Bond** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Backed Securities |  | 2610710 |  | 2610710 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations |  | 3383841 |  | 3383841 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 1510384 |  | 1510384 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Notes and Bonds |  | 24200073 |  | 24200073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Corporate Bonds |  | 2139684 |  | 2139684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds |  | 1770680 |  | 1770680 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Backed Securities |  | 19071431 |  | 19071431 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government and Agency Obligations |  | 26034597 |  | 26034597 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 1294346 |  |  | 1294346 |
|  | 1294346 | 80721400 |  | 82015746 |
| **High Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Notes and Bonds |  | 11226278 |  | 11226278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Corporate Bonds |  | 867591 |  | 867591 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 434417 |  |  | 434417 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 1656054 |  |  | 1656054 |
|  | 2090471 | 12093869 |  | 14184340 |
| **Diversified Income** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 132109459 |  |  | 132109459 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset Backed Securities |  | 1487063 |  | 1487063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Collateralized Mortgage Obligations |  | 3131042 |  | 3131042 |
| &nbsp;&nbsp;&nbsp;&nbsp;Commercial Mortgage-Backed Securities |  | 898272 |  | 898272 |
| &nbsp;&nbsp;&nbsp;&nbsp;Corporate Notes and Bonds |  | 16135702 |  | 16135702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign Corporate Bonds |  | 1260966 |  | 1260966 |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-Term Municipal Bonds |  | 1086474 |  | 1086474 |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgage Backed Securities |  | 12504073 |  | 12504073 |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Government and Agency Obligations |  | 17862558 |  | 17862558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 4862744 |  |  | 4862744 |
|  | 136972203 | 54366150 |  | 191338353 |
| **Large Cap Value** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 201507882 |  |  | 201507882 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 2831330 |  |  | 2831330 |
|  | 204339212 |  |  | 204339212 |
| **Large Cap Growth** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 175582262 |  |  | 175582262 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 975644 |  |  | 975644 |
|  | 176557906 |  |  | 176557906 |
| **Mid Cap** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 131972034 |  |  | 131972034 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 9537148 |  |  | 9537148 |
|  | 141509182 |  |  | 141509182 |

---

**Ultra Series Fund** \| **Notes to Financial Statements** - continued \| December 31, 2022

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund<sup>1</sup>** | **Level 1** | **Level 2** | **Level 3** | **Value at 12/31/22** |
| **International Stock** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Australia | 408999 |  |  | 408999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brazil | 715067 |  |  | 715067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 1144570 |  |  | 1144570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;China | 1496636 |  |  | 1496636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Denmark | 405579 |  |  | 405579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;France | 1946984 |  |  | 1946984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Germany | 2013485 |  |  | 2013485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Hong Kong | 415015 |  |  | 415015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;India | 1612111 |  |  | 1612111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ireland | 383783 |  |  | 383783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Israel | 268764 |  |  | 268764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Italy | 296695 |  |  | 296695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Japan | 3217109 |  |  | 3217109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mexico | 617730 |  |  | 617730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Netherlands | 796494 |  |  | 796494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norway | 268342 |  |  | 268342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Singapore | 450781 |  |  | 450781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Switzerland | 1399101 |  |  | 1399101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taiwan | 249020 |  |  | 249020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United Kingdom | 2219651 |  |  | 2219651 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-Term Investments | 642458 |  |  | 642458 |
|  | 20968374 |  |  | 20968374 |
| **Madison Target Retirement 2020** | 21907461 |  |  | 21907461 |
| **Madison Target Retirement 2030** | 61069225 |  |  | 61069225 |
| **Madison Target Retirement 2040** | 37502906 |  |  | 37502906 |
| **Madison Target Retirement 2050** | 28805107 |  |  | 28805107 |

---

<sup>1</sup> See respective portfolio of investments for underlying holdings in each fund. For additional 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 funds website or visit the securities and exchange commission website http://www.sec.gov.

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

**Investment Advisory Agreements:** The Investment Adviser is entitled to receive an advisory fee, which is calculated daily and paid monthly, at an annual rate based upon the following percentages of average daily net assets of each Fund as follows as of December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Advisory Fee** | **Fund** | **Advisory Fee** |
| Conservative Allocation | 0.30% | Large Cap Growth | 0.80% |
| Moderate Allocation | 0.30% | Mid Cap | 0.90% |
| Aggressive Allocation | 0.30% | International Stock | 1.15% |
| Core Bond | 0.55% | Madison Target Retirement 2020 | 0.25% |
| High Income | 0.75% | Madison Target Retirement 2030 | 0.25% |
| Diversified Income | 0.70% | Madison Target Retirement 2040 | 0.25% |
| Large Cap Value | 0.60% | Madison Target Retirement 2050 | 0.25% |

---

The Investment Advisory Agreement for the Core Funds and the Target Allocation Funds is structured as a "unitary fee arrangement" and, as such, requires the Investment Adviser to provide or arrange to provide overall management of the funds, including but not limited to, investment management services, custody, transfer agency, dividend disbursing, legal, accounting and administrative services. The unitary fee arrangement with these Funds does not cover, and therefore these Funds pay directly for, the following fees and expenses: (i) fees and expenses of the independent Trustees; (ii) fees and expenses of independent counsel to the independent Trustees; (iii) fees and

**Ultra Series Fund** \| **Notes to Financial Statements** - continued \| December 31, 2022

expenses of the Trust's independent registered public accountant; (iv) brokerage commissions and other expenses incurred in the acquisition or disposition of any securities or other investments; (v) costs of borrowing money, overdrafts (if any) and any potential taxes owed; and (vi) extraordinary expenses (including litigation and/or and consulting expenses) as approved by a majority of the independent Trustees.

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

The Investment Adviser may from time to time, contractually or voluntarily, agree to waive a portion of its fees or expenses related to the funds. Fee waiver agreements may be modified or terminated at any time or for any reason, but only with Fund Board approval. During the year ended December 31, 2022, the Investment Adviser contractually agreed to waive 0.10% of its investment advising fee for the Target Allocation Funds until April 30, 2022. The fee waiver was discontinued effective May 1, 2022. Fees waived for the period ended December 31, 2022, reflected as "fees waived" in the accompanying Statements of Operations, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Waived Fees or Expenses \*** | **Waived Fees or Expenses \*** | **Waived Fees or Expenses \*** |
| <br>**Fund** | **Class I** | **Class II** | **Total Waivers** |
| Conservative Allocation | $41775 | $5371 | $47146 |
| Moderate Allocation | 45131 | 4885 | 50016 |
| Aggressive Allocation | 16138 | 240 | 16378 |

---

\*The Investment Adviser does not have the right to recoup these waived fees.

**Administrative Services Agreement - Target Date Funds:** With respect to the Target Date Funds only, in addition to the advisory fee, the Investment Adviser is entitled to receive an administrative services fee pursuant to the terms of a separate Administrative Services Agreement. Under this agreement, Madison provides or arranges for the Target Date Funds to have all operational and support services needed by the funds, for which Madison is entitled to receive a fee of 0.05% annually based upon the average daily net assets of each fund, which is computed and accrued daily and paid monthly. Fees and expenses of independent counsel to the independent Trustees and fees and expenses of the Trust's independent registered public accountant are covered under this agreement.

The Administrative Services Agreement with the Target Retirement Fund does not cover, and therefore these Funds pay directly for, the following expenses: (i) transaction-related expenses including, but not limited to, brokerage commissions paid in connection with Fund transactions, interest or fees in connection with Fund indebtedness or taxes paid in connection with portfolio securities held, (ii) acquired Fund fees, if any, and (iii) any extraordinary or nonrecurring expenses (such as fees and expenses relating to any temporary line of credit the Funds maintain, and overdrafts and (iv) Independent Trustee compensation, including Lead Independent Trustee compensation.

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

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

MFD may from time to time voluntarily agree to waive a portion of its fees or expenses related to the funds. For the year ended December 31, 2022, no fees were waived. MFD does not have the right to recoup waived fees.

**Ultra Series Fund** \| **Notes to Financial Statements** - continued \| December 31, 2022

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

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

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

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

**6. SECURITIES TRANSACTIONS**

For the year ended December 31, 2022, aggregate cost of purchases and proceeds from sales of securities, other than short-term investment, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **U.S. Government Securities** | **U.S. Government Securities** | **Other Investment Securities** | **Other Investment Securities** |
| Fund | **Purchases** | **Sales** | **Purchases** | **Sales** |
| Conservative Allocation | $— | $— | $79750646 | $98579153 |
| Moderate Allocation |  |  | 82106146 | 107135397 |
| Aggressive Allocation |  |  | 29622984 | 37715334 |
| Core Bond | 18973322 | 7826227 | 6390650 | 16367580 |
| High Income |  |  | 562287 | 1680423 |
| Diversified Income | 16818140 | 7792986 | 46953907 | 66627753 |
| Large Cap Value |  |  | 61329359 | 82136426 |
| Large Cap Growth |  |  | 21605217 | 39694305 |
| Mid Cap |  |  | 24818511 | 43680842 |
| International Stock |  |  | 4813279 | 5432020 |
| Madison Target Retirement 2020 |  |  | 60532732 | 65689454 |
| Madison Target Retirement 2030 |  |  | 165800759 | 172789427 |
| Madison Target Retirement 2040 |  |  | 100443362 | 101334210 |
| Madison Target Retirement 2050 |  |  | 87156263 | 88284077 |

---

**7. DERIVATIVES**

The FASB issued guidance intended to enhance financial statement disclosure for derivative instruments and enable investors to understand: a) how and why a Fund uses derivative investments, b) how derivative instruments are accounted for, and c) how derivative instruments affect a fund's financial position, and results of operations. As of December 31, 2022, the Funds did not hold any derivatives.

In addition, in November 2020, the SEC adopted Rule 18f-4 under the 1940 Act to govern the use of derivatives and certain related instruments by registered investment companies. Rule 18f-4, which had a compliance date of August 19, 2022, replaced existing SEC and staff guidance with a new framework for the use of derivatives by registered investment companies. Unless a fund qualifies as a "limited derivatives user," as defined in Rule 18f-4, Rule 18f-4 requires registered investment companies that trade derivatives and other instruments that create future payment or delivery obligations to adopt a value at-risk leverage limit and implement a derivatives risk management program. Each of the Trust's funds that participates in derivatives transactions intends to qualify as a limited derivatives user.

**Ultra Series Fund** \| **Notes to Financial Statements** - continued \| December 31, 2022

**8. FUTURES CONTRACTS AND OPTIONS ON FUTURES CONTRACTS**

The Core Bond Fund (for purposes of this Note, the "Fund"), may purchase and sell futures contracts and purchase and write options on futures contracts on a limited basis. The Fund may purchase and sell futures contracts based on various securities (such as U.S. Government securities), securities indices, foreign currencies and other financial instruments and indices. The Fund will engage in futures or related options transactions on a limited basis only for bona fide hedging purposes or for purposes of seeking to increase total returns to the extent permitted by regulations of the Commodity Futures Trading Commission.

**Futures Contracts.** The Fund may use futures contracts to manage its exposure to the securities markets or to movements in interest rates and currency values. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in fair value of the securities held by the Fund and the prices of futures contracts and the possibility of an illiquid market. Futures contracts are valued based upon their quoted daily settlement prices. Upon entering into a futures contract, the Fund is required to deposit with its futures broker an amount of cash, U.S. government and agency obligations, or other liquid assets, in accordance with the initial margin requirements of the broker or exchange. Futures contracts are marked to market daily and based on such movements in the price of the contracts, an appropriate payable or receivable for the change in value may be posted or collected by the Fund ("variation margin"). Gains or losses are recognized but not considered realized until the contracts expire or close. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed within exchange traded or centrally cleared financial derivative instruments on the Statements of Assets and Liabilities.

The Fund did not hold any futures contracts as of the year ended December 31, 2022.

**Options on Futures Contracts.** The acquisition of put and call options on futures contracts will give the Fund the right (but not the obligation) for a specified price, to sell or to purchase, respectively, the underlying futures contract at any time during the option period. As the purchaser of an option on a futures contract, the Fund obtains the benefit of the futures position if prices move in a favorable direction but limits its risk of loss in the event of an unfavorable price movement to the loss of the premium and transaction costs.

The writing of a call option on a futures contract generates a premium which may partially offset a decline in the value of the Fund's assets. By writing a call option, the Fund becomes obligated, in exchange for the premium, to sell a futures contract which may have a value higher than the exercise price. Conversely, the writing of a put option on a futures contract generates a premium, which may partially offset an increase in the price of securities that the Fund intends to purchase. However, the Fund becomes obligated to purchase a futures contract, which may have a value lower than the exercise price. Thus, the loss incurred by the Fund in writing options on futures is potentially unlimited and may exceed the amount of the premium received.

During the year ended December 31, 2022, the Fund did not enter into any options on futures contracts.

**9. FOREIGN SECURITIES**

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

**Ultra Series Fund** \| **Notes to Financial Statements** - continued \| December 31, 2022

Certain of the Funds have reclaimed receivable balances, in which the Funds are due a reclaim on the taxes that have been paid to some foreign jurisdictions. The values of all reclaims are not significant for any of the Funds and are reflected in other assets on the Statements of Assets and Liabilities. These receivables are reviewed to ensure the current receivable balance is reflective of the amount deemed to be collectable.

**10. SECURITIES LENDING**

The Board of Trustees has authorized the funds, other than the Target Date Funds, to engage in securities lending with State Street Bank and Trust Company as securities lending agent pursuant to a Securities Lending Authorization Agreement (the "Agreement") and subject to the Trust's securities lending policies and procedures. Under the terms of the Agreement, and subject to the policies and procedures, the authorized Funds may lend portfolio securities to qualified borrowers in order to generate additional income, while managing risk associated with the securities lending program. The Agreement requires that loans are collateralized at all times by cash or U.S. government securities, initially equal to at least 102% of the value of domestic securities and 105% of non-domestic securities, based upon the prior days market value for securities loaned. The loaned securities and collateral are marked to market daily to maintain collateral at 102% and 105% for non-domestic security of the total loaned portfolio for each broker/borrower. Amounts earned as interest on investments of cash collateral, net of rebates and fees, if any, are included in the Statements of Operations. The primary risk associated with securities lending is loss associated with investment of cash and non-cash collateral. A secondary risk is if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons. The Funds could experience delays and costs in recovering securities loaned or in gaining access to the collateral. Under the Agreement, the securities lending agent has provided a limited indemnification in the event of a borrower default. The Funds do not have a master netting agreement.

As of December 31, 2022, the aggregate fair value of securities on loan for the Trust was $8,919,434. Cash collateral received for such loans is reinvested into the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral is comprised of U.S. treasuries or government securities. See below for fair value on loan and collateral breakout for each

Fund and each respective fund's portfolio of investments for individual securities identified on loan.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Fair Value on Loan** | **Cash Collateral\*** | **Non-Cash Collateral\*** |
| Conservative Allocation | $931088 | $950818 | $— |
| Moderate Allocation | 1461724 | 1062250 | 435651 |
| Aggressive Allocation | 89672 | 91850 |  |
| Core Bond | 622648 | 638043 |  |
| High Income | 1456691 | 1487923 |  |
| Diversified Income | 897727 | 916373 |  |
| Large Cap Growth | 291144 | 304650 |  |
| Mid Cap | 2921400 | 2995413 |  |
| International Stock | 247340 | 255332 |  |

---

\* Collateral represents minimum 102% of the value of domestic securities and 105% of non-domestic securities on loan, based upon the prior days market value for securities loaned.

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

**Ultra Series Fund** \| **Notes to Financial Statements** - continued \| December 31, 2022

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** | **Remaining Contractual Maturity of the Agreements** |
|  | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** |
|  | **Overnight and Continuous** | **<30 days** | **Between 30 & 90 days** | **>90 days** | **Total** |
| **<u>Securities Lending Transactions<sup>(1)</sup></u>** |  |  |  |  |  |
| **Conservative Allocation** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Government Money Market | $950818 | $— | $— | $— | $950818 |
| **Total Borrowings** | $950818 | $— | $— | $— | $950818 |
| Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $950818 |
| **Moderate Allocation** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Government Money Market | $1062250 | $— | $— | $— | $1062250 |
| **Total Borrowings** | $1062250 | $— | $— | $— | $1062250 |
| Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $1062250 |
| **Aggressive Allocation** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Government Money Market | $91850 | $— | $— | $— | $91850 |
| **Total Borrowings** | $91850 | $— | $— | $— | $91850 |
| Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $91850 |
| **Core Bond** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Government Money Market | $638043 | $— | $— | $— | $638043 |
| **Total Borrowings** | $638043 | $— | $— | $— | $638043 |
| Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $638043 |
| **High Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Government Money Market | $1487923 | $— | $— | $— | $1487923 |
| **Total Borrowings** | $1487923 | $— | $— | $— | $1487923 |
| Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $1487923 |
| **Diversified Income** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Government Money Market | $916373 | $— | $— | $— | $916373 |
| **Total Borrowings** | $916373 | $— | $— | $— | $916373 |
| Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $916373 |
| **Large Cap Growth** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Government Money Market | $304650 | $— | $— | $— | $304650 |
| **Total Borrowings** | $304650 | $— | $— | $— | $304650 |
| Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $304650 |
| **Mid Cap** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Government Money Market | $2995413 | $— | $— | $— | $2995413 |
| **Total Borrowings** | $2995413 | $— | $— | $— | $2995413 |
| Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $2995413 |
| **International Stock** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Government Money Market | $255332 | $— | $— | $— | $255332 |
| **Total Borrowings** | $255332 | $— | $— | $— | $255332 |
| Gross amount of recognized liabilities for securities lending transactions |  |  |  |  | $255332 |

---

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

**Ultra Series Fund** \| **Notes to Financial Statements** - continued \| December 31, 2022

**11. FEDERAL INCOME TAX INFORMATION**

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

The Funds have not recorded any liabilities for material unrecognized tax benefits as of December 31, 2022. It is each fund's policy to recognize accrued interest and penalties related to uncertain tax benefits in income taxes, as appropriate. Tax years that remain open to examination by major tax jurisdictions include tax years ended December 31, 2019 through December 31, 2022.

The tax character of distributions paid during the years ended December 31, 2022 and 2021 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Ordinary Income | Ordinary Income | Long-Term Capital Gain | Long-Term Capital Gain |
| Fund | 2022 | 2021 | 2022 | 2021 |
| Conservative Allocation | $2433684 | $3428332 | $3300215 | $882538 |
| Moderate Allocation | 2279157 | 3991888 | 8955206 | 4086019 |
| Aggressive Allocation | 749825 | 1418419 | 3439354 | 1710565 |
| Core Bond | 2312639 | 2591420 | 373600 | 1506289 |
| High Income | 642120 | 701013 |  |  |
| Diversified Income | 4713737 | 7289761 | 17862080 | 21174463 |
| Large Cap Value | 6198215 | 4194653 | 15104357 | 6186579 |
| Large Cap Growth | 781043 | 2783513 | 12527129 | 19507139 |
| Mid Cap |  |  | 13101064 | 21851076 |
| International Stock | 147092 | 244290 | 190298 | 1658945 |
| Madison Target Retirement 2020 | 405417 | 642504 | 101081 | 667513 |
| Madison Target Retirement 2030 | 1907966 | 4106671 | 84038 | 855721 |
| Madison Target Retirement 2040 | 1306286 | 2684387 | 460428 | 779330 |
| Madison Target Retirement 2050 | 1042210 | 2319276 | 824986 | 330503 |

---

As of December 31, 2022, the components of distributable earnings on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Ordinary Income | Long-Term Capital Gain |
| Conservative Allocation | $228184 | $— |
| Moderate Allocation | 214145 | 73049 |
| Aggressive Allocation | 66619 | 7185 |
| Core Bond | 219187 |  |
| High Income | 64170 |  |
| Diversified Income | 451828 | 1643039 |
| Large Cap Value | 636524 | 1426170 |
| Large Cap Growth | 55543 | 1081840 |
| Mid Cap |  | 1019441 |
| International Stock | 10445 |  |
| Madison Target Retirement 2020 | 231905 |  |
| Madison Target Retirement 2030 | 807162 |  |
| Madison Target Retirement 2040 | 483655 | 20458 |
| Madison Target Retirement 2050 | 481720 | 51773 |

---

For federal income tax purposes, the Funds listed below have capital loss carryforwards as of December 31, 2022, which are available to offset future capital gains, if any, realized through the fiscal year listed:

**Ultra Series Fund** \| **Notes to Financial Statements** - continued \| December 31, 2022

---

| | | |
|:---|:---|:---|
| | **No Expiration Date** | **No Expiration Date** |
| **Fund** | Short-Term | Long-Term |
| Conservative Allocation | $2752692 | $— |
| Core Bond | 396881 | 956143 |
| High Income | 479206 | 1905698 |
| International Stock | 173074 | 1002741 |
| Madison Target Retirement 2020 | 1457251 | 2 76270 |
| Madison Target Retirement 2030 | 6 38623 |  |

---

Certain specified losses incurred after October 31 and within the taxable year are deemed to arise on the first day of the funds' next taxable year, if the Funds so elect. For the year ended December 31, 2022, none of the Funds elected to defer post- October losses.

For the year-ended December 31, 2022, capital losses utilized for each Fund were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | | Amount Utilized |
|  | $|  |

---

At December 31, 2022, the aggregate gross unrealized appreciation (depreciation) and net unrealized appreciation (depreciation) for all securities as computed on a federal income tax basis for each Fund were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | Appreciation | Depreciation | Net |
| Conservative Allocation | $2894282 | $(12094856) | $(9200574) |
| Moderate Allocation | 5324386 | (79 75852) | (26 51466) |
| Aggressive Allocation | 2111956 | (1998100) | 113856 |
| Core Bond | 217425 | (10411233) | (10193808) |
| High Income | 1383 | (1871050) | (1869667) |
| Diversified Income | 43534314 | (16332407) | 27201907 |
| Large Cap Value | 42591962 | (7639294) | 34952668 |
| Large Cap Growth | 66458522 | (8381769) | 58076753 |
| Mid Cap | 67280274 | (3780929) | 63499345 |
| International Stock | 1284376 | (5168682) | (3884306) |
| Madison Target Retirement 2020 | 1 14442 | (1345155) | (1230713) |
| Madison Target Retirement 2030 | 9 53340 | (4592793) | (3639453) |
| Madison Target Retirement 2040 | 7 13306 | (3000683) | (2287377) |
| Madison Target Retirement 2050 | 6 05763 | (2598465) | (1992702) |

---

**Reclassification Adjustments:** Paid-in capital, undistributed net investment income, and accumulated net realized gain (loss) have been adjusted in the Statements of Assets and Liabilities for permanent book-tax differences for all funds.

Differences primarily relate to the tax treatment of net operating losses, paydown gains and losses, foreign currency gains and losses, return of capital and other distributions from real estate investment trusts and non-REIT, securities adjustments related to Treasury Inflation Protected securities (TIPS), distribution re-designations from investments in other regulated investment companies and unusable capital carry loss carryforwards.

To the extent these book and tax differences are permanent in nature, such amounts are reclassified at the end of the fiscal year among paid-in capital in excess of par value, accumulated undistributed net investment income (loss) and accumulated net realized gain (loss) on investments and foreign currency translations. Accordingly, at December 31, 2022, reclassifications were recorded as follows:

**Ultra Series Fund** \| **Notes to Financial Statements** - continued \| December 31, 2022

---

| | | | |
|:---|:---|:---|:---|
| Fund | Paid-in Capital | Undistributed Net<br> Investment Income <br> (Loss) | Accumulated Net<br> Realized Gain (Loss) |
| Conservative Allocation | $— | $(36577) | $36577 |
| Moderate Allocation |  | (25258) | 25258 |
| Aggressive Allocation |  | (3341) | 3341 |
| Core Bond |  | 105963 | (105963) |
| High Income |  | (3922) | 3922 |
| Diversified Income |  | 79767 | (79767) |
| Large Cap Value | (3) | (3884) | 3887 |
| Large Cap Growth |  | (80) | 80 |
| Mid Cap | (301717) | 149966 | 151751 |
| International Stock |  | (10511) | 10511 |
| Madison Target Retirement 2020 |  | (28899) | 28899 |
| Madison Target Retirement 2030 |  | (54543) | 54543 |
| Madison Target Retirement 2040 |  | (109975) | 109975 |
| Madison Target Retirement 2050 |  | (18511) | 18511 |

---

**Ultra Series Fund** \| **Notes to Financial Statements** - continued \| December 31, 2022

**12. CAPITAL SHARES AND AFFILIATED OWNERSHIP**

All capital shares outstanding at December 31, 2022, are owned by separate investment accounts and/or pension plans of CMFG Life Insurance Company.

The Target Allocation Funds invest in Underlying Funds, including the Madison Funds (the "Affiliated Underlying Funds"), which may be deemed to be under common control because of the same or investment adviser and membership in a common family of investment companies . Madison Funds' historical financial information is available to you at no cost on the SEC's website at www.sec.gov, by calling 1-800-877-6089 or by visiting the Madison Funds' website at www.madisonfunds.com. A summary of the transactions with each Affiliated Underlying Fund during the year ended December 31, 2022 follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Fund/Underlying Fund** | **Beginning <br> value as of <br> 12/31/2021** | **Gross <br> Additions** | **Gross <br> Sales** | **Realized<br> Gain (Loss)** | **Change in <br> Unrealized Appreciation <br> (depreciation)** | **Value at <br> 12/31/2022** | **Shares** | **Dividend <br> Income** | **Distributions <br> Received<sup>1</sup>** |
| **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** | **Conservative Allocation Fund** |
| Madison Core Bond Fund |  |  |  |  |  |  |  |  |  |
| Class I<sup>2</sup> | $38476541 | $— | $(38108924) | $— | $(367617) | $— |  | $105306 | $— |
| Madison Core Bond Fund |  |  |  |  |  |  |  |  |  |
| Class R6 |  | 38230105 |  |  | (5157457) | 33072648 | 3766816 | 665672 |  |
| Madison Dividend Income |  |  |  |  |  |  |  |  |  |
| Fund Class I<sup>2</sup> | 6515144 |  | (5224707) | 642659 | (1933096) |  |  |  |  |
| Madison Dividend Income Fund |  |  |  |  |  |  |  |  |  |
| Class R6 |  | 4304701 | (828543) | 208773 | 380530 | 4065461 | 145507 | 99527 | 291901 |
| Madison Investors Fund |  |  |  |  |  |  |  |  |  |
| Class R6 | 11097193 | 484376 | (2352808) | 592703 | (2398485) | 7422979 | 324573 | 43830 | 440546 |
| **Totals** | $56088878 | $43019182 | $(46514982) | $1444135 | $(9476125) | $44561088 |  | $914335 | $732447 |
| **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** | **Moderate Allocation Fund** |
| Madison Core Bond Fund |  |  |  |  |  |  |  |  |  |
| Class I<sup>2</sup> | $26187832 | $375000 | $(25375584) | $— | $(1187248) | $— |  | $72189 | $— |
| Madison Core Bond Fund |  |  |  |  |  |  |  |  |  |
| Class R6 |  | 25459288 |  |  | (2615052) | 22844236 | 2601849 | 459799 |  |
| Madison Dividend Income |  |  |  |  |  |  |  |  |  |
| Fund Class I<sup>2</sup> | 13431772 |  | (9691991) | 398082 | (4137863) |  |  |  |  |
| Madison Dividend Income Fund |  |  |  |  |  |  |  |  |  |
| Class R6 |  | 8517589 | (4119996) | 1242522 | 1187009 | 6827124 | 244349 | 183211 | 490190 |
| Madison Investors Fund |  |  |  |  |  |  |  |  |  |
| Class R6 | 21685953 | 815126 | (6737799) | 2201721 | (5473348) | 12491653 | 546203 | 73759 | 741367 |
| Madison Mid Cap Fund Class R6 | 2255679 | 26314 | (573352) | 211477 | (508788) | 1411330 | 109152 |  | 26314 |
| **Totals** | $63561236 | $35193317 | $(46498722) | $4053802 | $(12735290) | $43574343 |  | $788958 | $1257871 |
| **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** | **Aggressive Allocation Fund** |
| Madison Core Bond Fund |  |  |  |  |  |  |  |  |  |
| Class I2 | $3565165 | $— | $(3532483) | $— | $(32682) | $— |  | $9757 | $— |
| Madison Core Bond Fund |  |  |  |  |  |  |  |  |  |
| Class R6 |  | 3784146 |  |  | (498639) | 3285507 | 374204 | 66129 |  |
| Madison Dividend Income |  |  |  |  |  |  |  |  |  |
| Fund Class I2 | 5255405 |  | (3678155) | 76866 | (1654116) |  |  |  |  |
| Madison Dividend Income Fund |  |  |  |  |  |  |  |  |  |
| Class R6 |  | 3467633 | (1274894) | 394496 | 624692 | 3211927 | 114958 | 82272 | 230617 |
| Madison Investors Fund |  |  |  |  |  |  |  |  |  |
| Class R6 | 8477139 | 804781 | (2598740) | 949222 | (2195445) | 5436957 | 237733 | 32103 | 322678 |
| Madison Mid Cap Fund Class R6 | 871681 | 11000 | (174499) | 67091 | (185329) | 589944 | 45626 |  | 11000 |
| **Totals** | $18169390 | $8067560 | $(11258771) | $1487675 | $(3941519) | $12524335 |  | $190261 | $564295 |

---

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

<sup>2</sup> During the year ended December 31, 2022, all Class I shares were exchanged tax-free into Class R6 shares.

**Ultra Series Fund** \| **Notes to Financial Statements** - continued \| December 31, 2022

**13. CONCENTRATION OF RISKS**

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

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

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

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

The High Income Fund invests in securities offering high current income which generally will include bonds in the below investment grade categories of recognized rating agencies (so-called "junk bonds"). These securities generally involve more credit risk than securities in the higher rating categories. In addition, the trading market for high yield securities may be relatively less liquid than the market for higher-rated securities. The Fund generally invests at least 80% of its net assets in high yield securities.

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

The Funds may be subject to interest rate risk which is the risk that the value of your investment will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the fair value of income-bearing securities. When interest rates rise, bond prices fall; generally the longer a bond's maturity, the more sensitive it

**Ultra Series Fund** \| **Notes to Financial Statements** - continued \| December 31, 2022

is to risk. Federal Reserve policy changes may expose fixed-income and related markets to heightened volatility and may reduce liquidity for certain Fund investments, which could cause the value of a fund's investments and share price to decline. The Core Bond Fund may invest in derivatives tied to fixed-income markets and may be more substantially exposed to these risks than a fund that does not invest in derivatives.

The Funds are also subject to cybersecurity risk, which include the risks associated with computer systems, networks and devices to carry out routine business operations. These systems, networks and devices employ a variety of protections that are designed to prevent cyberattacks. Despite the various cyber protections utilized by the funds, the Investment Adviser, and other service providers, their systems, networks, or devices could potentially be breached. The funds, their shareholders, and the Investment Adviser could be negatively impacted as a result of a cybersecurity breach. The Funds cannot control the cybersecurity plans and systems put in place by service providers or any other third parties whose operations may affect the funds.

U.S. and international markets have experienced and may continue to experience significant periods of volatility in recent years and months due to a number of economic, political and global macro factors including rising inflation, uncertainty regarding central banks' interest rate increases, the possibility of a national or global recession, trade tensions, political events, the war between Russia and Ukraine and the impact of the coronavirus (COVID-19) global pandemic. As a result of continuing political tensions and armed conflicts, including the war between Ukraine and Russia, the U.S. and the European Union imposed sanctions on certain Russian individuals and companies, including certain financial institutions, and have limited certain exports and imports to and from Russia. These developments, as well as other events, could result in further market volatility and negatively affect financial asset prices, the liquidity of certain securities and the normal operations of securities exchanges and other markets, despite government efforts to address market disruptions.

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

 

**14. SUBSEQUENT EVENTS**

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

**Ultra Series Fund** \| December 31, 2022

**Report of Independent Registered Public Accounting Firm** 

To the shareholders and the Board of Trustees of Ultra Series Fund:

**Opinion on the Financial Statements and Financial Highlights**

We have audited the accompanying statements of assets and liabilities of Ultra Series Fund (the "Funds"), comprising the Conservative Allocation Fund, Moderate Allocation Fund, Aggressive Allocation Fund, Core Bond Fund, High Income Fund, Diversified Income Fund, Large Cap Value Fund, Large Cap Growth Fund, Mid Cap Fund, International Stock Fund, Madison Target Retirement 2020 Fund, Madison Target Retirement 2030 Fund, Madison Target Retirement 2040 Fund, and Madison Target Retirement 2050 Fund, including the portfolios of investments as of December 31, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of each of the funds constituting the Ultra Series Fund as of December 31, 2022, and the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

**Basis for Opinion**

These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ Deloitte & Touche LLP

Chicago, Illinois

February 24, 2023

We have served as the auditor of one or more Madison Investment Advisors investment companies since 2009.

**Ultra Series Fund** \| December 31, 2022

**Other Information** (unaudited)

**DISCUSSION OF CONTRACT RENEWAL PROCESS AND CONSIDERATIONS**

At a meeting of the Board of Trustees (the "Board" or "Trustees") of the Ultra Series Fund (the "Trust") held on August 9, 2022, the Board, and by a separate vote, the Independent Trustees of the Trust, approved the continuance of the Investment Advisory Agreement (the "Agreement") between the Trust and Madison Asset Management, LLC (the "Adviser") with respect to the individual series of the Trust (each a "fund" and together, the "funds").

In determining whether to approve the continuation of the Investment Advisory Agreement, the Adviser furnished information necessary for a majority of the Independent Trustees to make the determination that the continuance of the Agreement was in the best interests of the respective funds and their shareholders. The information provided to the Board included: (1) data comparing management fees and expense ratios of comparable investment companies; (2) comparative performance information; (3) the Adviser's and its affiliates' revenues and costs of providing services to the funds; and (4) information about the Adviser's personnel. Prior to voting, the Independent Trustees reviewed the proposed continuance of the Agreement with management and independent legal counsel to the Independent Trustees and received materials from such counsel discussing the legal standards for their consideration of the proposed continuation of the Agreement. The Independent Trustees also reviewed the proposed continuation of the Agreement with independent legal counsel in a private session at which no representatives of management were present. The Independent Trustees made a variety of additional inquiries regarding the written materials provided by the Adviser and discussed the Adviser's responses thereto with independent legal counsel in advance of the meeting.

In approving the continuance of the Investment Advisory Agreement, the Board considered various factors, among them: (1) the nature, extent and quality of services provided by the Adviser; (2) the investment performance of each fund; (3) the costs of the services to be provided and the profits to be realized by the Adviser and their respective affiliates; (4) economies of scale; and (5) the terms of the Agreement. The Board's analysis of these factors is set forth below. The Independent Trustees were advised by independent legal counsel throughout the process.

With regard to the *nature, extent and quality of the services to be provided by the Adviser*, the Board reviewed the biographies and tenure of the personnel involved in Trust management and the experience of the Adviser and its affiliates as investment manager to other investment companies with similar investment strategies or to individual clients or institutions with similar investment strategies. They recognized the wide array of investment professionals employed by the Adviser, and their varying levels of experience and qualifications. They reviewed changes to the portfolio management teams that had occurred during the year, and the rationale therefor. Representatives of the Adviser discussed or otherwise presented their investment philosophies and strategies intended to provide investment performance consistent with each fund's investment objectives in a variety of market environments. The Trustees also noted their familiarity with the Adviser, due to the Adviser's long history of providing advisory services to the funds.

The Board also discussed the quality of services provided to the Trust by its transfer agent, sub-administrator and custodian as well as the various administrative services provided directly by the Adviser.

Based on their review of the information provided, the Board determined with respect to each fund that the nature, extent and quality of services provided by the Adviser to the funds were satisfactory.

With regard to the *investment performance of the Trust and the investment adviser*, the Board reviewed current performance information provided in the written Board materials. They discussed the reasons for both outperformance and underperformance compared with peer groups and applicable indices and benchmarks.

**Ultra Series Fund** \| **Other Information** (unaudited) - continued \| December 31, 2022

They recognized that the usefulness of comparative performance data as a frame of reference to measure a fund's performance may be limited because the performance peer group, among other things, may not precisely reflect the objectives and strategies of the fund, may have a different investable universe, or the composition of the peer group may be limited in size or number as well as other factors. They discussed the unique aspects of the securities markets applicable to particular funds so that the performance of any such funds could be reviewed in context. They reviewed both long-term and short-term performance and considered the effect on long-term performance that may have been attributable to any previous investment advisers/sub-advisers/portfolio managers to any fund or to a different investment strategy. They recognized that the performance data reflects a snapshot in time, in this case as of the end of the most recent calendar year or quarter. They considered that a different performance period, however, could generate significantly different results. Further, they noted that long-term performance can be adversely affected by even one period of significant underperformance so that a single investment decision or theme has the ability to disproportionately affect long-term performance.

The Board also noted that on a quarterly basis, they review detailed information for each fund, including investment performance results, portfolio composition and investment philosophies, processes, and strategies. In addition, the Board also considered the Adviser's quarterly portfolio commentary and discussion of each fund's performance, as well as the Investment Risk Oversight Committee's overviews. They also considered whether any relative underperformance was appropriate in view of the Adviser's conservative investment philosophy. The Board noted the type of market environments that favor the funds' strategies and discussed the funds' performance in such market environments. Representatives of the Adviser discussed with the Board the methodology for arriving at peer groups and indices used for performance comparisons which, with respect to peer groups, followed the same process as the prior year. The Board also considered that sometimes, the Morningstar categories the funds fall into do not precisely match a fund's investment strategy and philosophy.

Based on their review, the Board determined that, given the totality of the above factors and considerations, each fund's overall investment performance had been satisfactory.

With regard to the *costs of the services to be provided and the profits to be realized by the investment adviser* from the relationship with the Trust, the Board reviewed the expense ratios for a variety of other funds in each fund's peer group with similar investment objectives. Like the performance comparisons described above, the expense comparisons followed the same methodology as last year in terms of peer group selection.

The Board noted that the Adviser or its affiliates provided investment management services to other investment company and/or non-investment company clients and considered the advisory fees charged by the Adviser to such funds and clients for purposes of determining whether the given advisory fee was disproportionately large under the so-called *Gartenberg* standard traditionally used by investment company boards in connection with advisory contract renewal considerations. The Board took those fees into account and considered the differences in services and time required by the various types of funds and clients to which the Adviser provided services. The Board recognized that significant differences may exist between the services provided to one type of fund or client and those provided to others, such as those resulting from a greater frequency of shareholder redemptions in a mutual fund, the higher turnover of mutual fund assets and the additional compliance and regulatory work associated with managing a 1940 Act fund. The Board gave such comparisons the weight that they merit in light of the similarities and differences between the services that the various funds require. They considered that, if the services rendered by the Adviser to one type of fund or client differed significantly from others, then the comparison should be given less weight. In the case of non-investment company clients for which the Adviser acts as an investment adviser, the Board noted that the fee may be lower than the fee charged to the Trust. The Board noted too the various administrative, operational, compliance, legal and corporate communication services

**Ultra Series Fund** \| **Other Information** (unaudited) - continued \| December 31, 2022

required to be handled by the Adviser which are performed for investment company clients but are not typically performed for non-investment company clients.

The Trustees compared each fund's total expense ratio and advisory fee to those of comparable funds with similar investment objectives and strategies. The Board noted the relatively simple expense structure maintained by the Trust: (1) for the USF Target Retirement Date Funds, an advisory fee and a capped administrative "services" fee, plus expenses for Trustee compensation which are not covered by the administrative services fee; and (2) for the remaining series of the Trust, a unitary fee with limited independent expenses for Trustee compensation and audit fees not covered by the unitary fee (the "Unitary Fee"). The Board reviewed total expense ratios paid by other funds with similar investment objectives and asset sizes, recognizing that such a comparison, while not dispositive, was an important consideration. The Trustees also considered the expiration of the contractual fee waivers that had been in place for the USF Allocation Funds (waiver of 0.10% of the Unitary Fee).

With regard to the administrative services provided by the Adviser under a separate Services Agreement with each of the USF Target Retirement Date Funds (the "Services Agreement"), the Board acknowledged that the Adviser is compensated for the administrative services it provides or arranges to provide to each of these funds and that such compensation does not always cover all costs incurred by the Adviser because the Services Agreement effectively acts as a cap on administrative expenses. Therefore, the Board recognized that some of the administrative, operational, regulatory or compliance fees or costs in excess of the Services Agreement fees are paid by the Adviser from investment advisory fees earned. In this regard, the Trustees noted that examination of each fund's total expense ratio compared to those of other investment companies was more meaningful than a simple comparison of basic "investment management only" fee schedules.

In addition, the Board recognized that to the extent a fund invests in other mutual funds also managed by the Adviser, the Adviser receives investment advisory fees from both the fund and the underlying mutual fund. The Board were satisfied in this regard that the Adviser provides separate services to each respective Trust's "fund of funds" portfolios and the underlying mutual funds in which each such fund invests in exchange for the fees received from them.

In reviewing costs and profits, the Board noted that for some smaller funds, the salaries of all portfolio management personnel, trading desk personnel, corporate accounting personnel and employees of the Adviser who serve as Trust officers, as well as facility costs (e.g., rent, etc.), could not be supported by fees received from such portfolios alone. However, the Board recognized that the Trust is profitable to the Adviser because such salaries and fixed costs are already paid in whole or in part from revenue generated by management of other client assets managed by the Adviser, including the Trust as a consolidated family of investment companies. The Trustees noted that total assets managed by the Adviser and its affiliates were approximately $19.8 billion as of May 31, 2021, and approximately $22 billion as of May 31, 2022. As a result, although the fees paid by an individual fund at its present size might not be sufficient to profitably support a stand-alone fund, each Trust is reasonably profitable to the Adviser as part of its larger, diversified organization. In sum, the Trustees recognized that the Trust is important to the Adviser and is managed with the attention given to the Adviser's other clients.

Following their review, the Board concluded that the costs for services provided by, and the level of profitability to, the Adviser with respect to the Investment Advisory Agreement and, as it relates to the USF Target Retirement Date Funds, the Services Agreement, were reasonable considering the services provided.

With regard to the extent to which *economies of scale* would be realized as each fund's assets increase, the Trustees recognized that at their current asset levels, it was premature to discuss any economies of scale not

**Ultra Series Fund** \| **Other Information** (unaudited) - continued \| December 31, 2022

already factored into the compensation payable under the existing Investment Advisory Agreement and Services Agreement (for the USF Target Retirement Date Funds).

Counsel to the Independent Trustees confirmed that the Trust's Independent Trustees had met previously and reviewed the written materials provided by the Adviser, including responses to supplemental questions posed by the Independent Trustees in advance of the meeting. Counsel noted that the Independent Trustees had considered such materials in light of the *Gartenberg* standard as well as criteria either set forth or discussed in the Supreme Court decision in *Jones v. Harris* regarding the investment company contract renewal process under Section 15(c) of the Investment Company Act of 1940, as amended. The Independent Trustees made several additional inquiries regarding such written materials to the Adviser and representatives of the Adviser provided satisfactory responses thereto.

In considering the renewal of the funds' Investment Advisory Agreement and Services Agreement (for the USF Target Retirement Date Funds), the Board, including the Independent Trustees, did not identify any single factor as controlling, and each Trustee may have attributed different weights to the various factors. The Board evaluated all information available to them on a fund-by-fund basis, and their determinations were made separately with respect to each fund. The Board reached the following conclusions regarding each fund's Investment Advisory Agreement and Services Agreement (as applicable), among others: (a) the Adviser demonstrated that it possesses the capability and resources to perform the duties required of it under the Investment Advisory and Services Agreement, as applicable; (b) the Adviser is qualified to manage the fund's assets in accordance with the fund's investment objective and strategies; (c) the overall investment performance of each fund is satisfactory relative to the performance of funds with similar investment objectives and relevant indices and benchmarks; (d) the fund's advisory and services fee is reasonable in light of the services received by the fund from the Adviser and other factors considered; and (e) the Adviser's investment strategies are appropriate for pursuing the investment objectives of each fund. Based on the foregoing conclusions, the Board determined with respect to each fund that continuation of the Investment Advisory Agreement with the Adviser was in the best interests of the fund and its shareholders. Moreover, the Board determined that renewal of the Services Agreement for the applicable funds with such agreements currently in place was in the best interests of each respective fund and its shareholders.

**FUND EXPENSES PAID BY SHAREHOLDERS**

As a shareholder of the funds, you pay no transaction costs, but do incur ongoing costs which include, among other things, investment management fees; 12b-1 fees (Class II only); brokerage commissions and other expenses incurred in connection with the acquisition or disposition of investments; and costs of borrowing money. The examples in the table that follows are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples below are based on an investment of $1,000 invested for the six-month period ended December 31, 2022. Expenses paid during the period in the table below are equal to each fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half fiscal year period).

**Actual Expenses**

The table below provides information about actual account values using actual expenses for the funds. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table for the Fund you own under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**Ultra Series Fund** \| **Other Information** (unaudited) - continued \| December 31, 2022

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Actual Expenses | Actual Expenses | Actual Expenses | Actual Expenses | Actual Expenses | Actual Expenses | Actual Expenses |
|  | Class I | Class I | Class I | Class I | Class II | Class II | Class II |
| Fund | Beginning<br> Account<br> Value | Ending <br> Account <br> Value | Annual<br> Expense <br> Ratio | Expenses<br> Paid <br> During <br> Period | Ending <br> Account<br> Value | Annual <br> Expense <br> Ratio | Expenses <br> Paid <br> During <br> Period |
| Conservative Allocation Fund\* | $1000 | $985.20 | 0.29% | $1.65 | $984.00 | 0.54% | $2.90 |
| Moderate Allocation Fund\* | 1000 | 997.30 | 0.29% | 1.66 | 996.10 | 0.54% | 2.92 |
| Aggressive Allocation Fund\* | 1000 | 1004.90 | 0.29% | 1.67 | 1003.60 | 0.54% | 2.93 |
| Core Bond Fund | 1000 | 972.70 | 0.58% | 2.88 | 971.50 | 0.83% | 4.12 |
| High Income Fund | 1000 | 1025.20 | 0.78% | 3.98 | 1023.90 | 1.03% | 5.25 |
| Diversified Income Fund | 1000 | 1025.50 | 0.73% | 3.73 | 1024.20 | 0.98% | 5.00 |
| Large Cap Value Fund | 1000 | 1053.20 | 0.63% | 3.26 | 1051.90 | 0.87% | 4.55 |
| Large Cap Growth Fund | 1000 | 1040.10 | 0.83% | 4.27 | 1038.80 | 1.08% | 5.55 |
| Mid Cap Fund | 1000 | 1062.60 | 0.93% | 4.83 | 1061.30 | 1.18% | 6.13 |
| International Stock Fund | 1000 | 1048.50 | 1.18% | 6.09 | 1047.20 | 1.43% | 7.38 |
| Target Retirement 2020 Fund\* | 1000 | 958.60 | 0.31% | 1.58 | 1000.00 | N/A | N/A |
| Target Retirement 2030 Fund\* | 1000 | 980.00 | 0.31% | 1.60 | 1000.00 | N/A | N/A |
| Target Retirement 2040 Fund\* | 1000 | 990.20 | 0.31% | 1.61 | 1000.00 | N/A | N/A |
| Target Retirement 2050 Fund\* | 1000 | 996.60 | 0.31% | 1.61 | 1000.00 | N/A | N/A |

---

**Hypothetical Example for Comparison Purposes**

The table below provides information about hypothetical account values and hypothetical expenses based on the funds' actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the funds' actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare the 5% hypothetical example of the Funds you own with the 5% hypothetical examples that appear in the shareholder reports of other similar funds.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Hypothetical Expenses | Hypothetical Expenses | Hypothetical Expenses | Hypothetical Expenses | Hypothetical Expenses | Hypothetical Expenses | Hypothetical Expenses |
|  | Class A | Class A | Class A | Class A | Class B | Class B | Class B |
| Fund | Beginning<br> Account <br> Value | Ending<br> Account <br> Value | Annual <br> Expense <br> Ratio | Expenses <br> Paid During <br> Period | Ending<br> Account <br> Value | Annual <br> Expense <br> Ratio | Expenses<br> Paid<br> During <br> Period |
| Conservative Allocation Fund\* | $1000 | $1023.54 | 0.29% | $1.68 | $1022.28 | 0.54% | $2.96 |
| Moderate Allocation Fund\* | 1000 | 1023.54 | 0.29% | 1.68 | 1022.28 | 0.54% | 2.96 |
| Aggressive Allocation Fund\* | 1000 | 1023.54 | 0.29% | 1.68 | 1022.28 | 0.54% | 2.96 |
| Core Bond Fund | 1000 | 1022.28 | 0.58% | 2.96 | 1021.02 | 0.83% | 4.23 |
| High Income Fund | 1000 | 1021.27 | 0.78% | 3.97 | 1020.01 | 1.03% | 5.24 |
| Diversified Income Fund | 1000 | 1021.53 | 0.73% | 3.72 | 1020.27 | 0.98% | 4.99 |
| Large Cap Value Fund | 1000 | 1022.03 | 0.63% | 3.21 | 1020.77 | 0.87% | 4.48 |
| Large Cap Growth Fund | 1000 | 1021.02 | 0.83% | 4.23 | 1019.76 | 1.08% | 5.50 |
| Mid Cap Fund | 1000 | 1020.52 | 0.93% | 4.74 | 1019.26 | 1.18% | 6.01 |
| International Stock Fund | 1000 | 1019.26 | 1.18% | 6.01 | 1018.00 | 1.43% | 7.27 |
| Target Retirement 2020 Fund\* | 1000 | 1023.59 | 0.31% | 1.63 | 1000.00 | N/A | N/A |
| Target Retirement 2030 Fund\* | 1000 | 1023.59 | 0.31% | 1.63 | 1000.00 | N/A | N/A |
| Target Retirement 2040 Fund\* | 1000 | 1023.59 | 0.31% | 1.63 | 1000.00 | N/A | N/A |
| Target Retirement 2050 Fund\* | 1000 | 1023.59 | 0.31% | 1.63 | 1000.00 | N/A | N/A |

---

\*The annual expense ratio does not include the expenses of the underlying funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any separate account fees, charges, or expenses imposed by the variable annuity or variable life insurance contracts, or retirement and pension plans that use the funds. The information provided in the hypothetical example table is useful in comparing ongoing Fund costs only, and will not help you determine the relative total

**Ultra Series Fund** \| **Other Information** (unaudited) - continued \| December 31, 2022

costs of owning different funds. In addition, if these fees, charges or expenses were included, your costs would have been higher.

**STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM**

In accordance with Rule 22e-4 under the 1940 Act, the Funds adopted and implemented a liquidity risk management program (the "Program"). The Program seeks to promote effective liquidity risk management for each series of the Trust and to protect Fund shareholders from dilution of their interests. The Board of Trustees of the Trust has appointed the funds' Chief Compliance Officer as the program administrator (the "Program Administrator"). The Program Administrator is required to provide an annual report to the Board regarding the adequacy and effectiveness of the Program, including the operation of the highly liquidity investment minimum ("HLIM"), if applicable, and any material changes to the Program.

On May 25, 2022, the Board reviewed the Program Administrator's annual written report for the period of the first quarter of 2021 through the fourth quarter of 2021 (the "Report").The Report provided an assessment of each funds' liquidity risk: the risk that a Fund could not meet requests to redeem shares issued by the Fund without significant dilution of the remaining investors' interests in the fund. The Program assesses liquidity risk under both normal and reasonably foreseeable stressed market conditions. The Program Administrator uses State Street Bank and Trust Company, a third-party vendor, to provide portfolio investment classification services, and the Report noted that each Fund primarily held investments that were classified as highly liquid during the review period. The Report noted that each fund's portfolio is expected to primarily hold highly liquid investments and each Fund will be considered a "primarily highly liquid fund" (as defined in the Program) and can therefore continue to rely on the exclusion in Rule 22e-4 from the requirements to determine and review a HLIM for each Fund and to adopt policies and procedures for responding to a HLIM shortfall. None of the Funds held a significant portion of illiquid investments and the Trust was not required to file Form N-LIQUID during the review period. The Report noted that no material changes had been made to the Program since the Board's initial approval of the Program.

**AVAILABILITY OF QUARTERLY PORTFOLIO SCHEDULES** 

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT-EX. Form N-PORT-EX is available to shareholders at no cost by calling 1-800-877-6089 or on the SEC's website at www.sec.gov. Form N-PORT-EX may also be reviewed and copied at the SEC's Public Reference Room in Washington, DC. More information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

**PROXY VOTING POLICIES, PROCEDURES AND RECORDS**

A description of the policies and procedures used by the Trust to vote proxies related to portfolio securities is available to shareholders, upon request, at no cost by calling 1-800-877-6089,or on the SEC's website at www.sec. gov and is also located in the funds' Statement of Additional Information. The proxy voting records for the Trust for the most recent twelve-month period ended June 30 are available to shareholders, upon request, at no cost by calling, 1-800-SEC-0330, or on the SEC's website at www.sec.gov.

**FORWARD-LOOKING STATEMENT DISCLOSURE**

One of our most important responsibilities as investment company managers is to communicate with shareholders in an open and direct manner. Some of our comments in the "Management's Discussion of Fund Performance" are based on current management expectations and are considered "forward-looking statements." Actual future results, however, may prove to be different from our expectations. You can identify forward-looking statements by words such as "estimate," "may", "will," "expect," "believe," "plan" and other similar terms. We cannot promise future returns. Our opinions are a reflection of our best judgment at the time this report is compiled, and we disclaim

**Ultra Series Fund** \| **Other Information** (unaudited) - continued \| December 31, 2022

any obligation to update or after forward-looking statements as a result of new information, future events, or otherwise.

**TAX INFORMATION**

Foreign Tax Credits: The Funds expect to make an election under Internal Revenue Code Section 853 to pass through foreign taxes paid by the Funds to their shareholders. For the year ended 2022, the following Funds intend to pass through foreign tax credits and have derived gross income from foreign countries amounting to:

---

| | | |
|:---|:---|:---|
| Fund | Foreign Tax Credit Pass-Through | Foreign Source Income |
| International Stock | $35814 |  |

---

Complete information regarding the funds' foreign tax credit pass through to shareholders for the year ended December 31, 2022, will be reported in conjunction with Form 1099-DIV.

Corporate Dividends Received Deduction: For the taxable year ended 2022, the following percentage of income dividends paid by the Fund qualify for the dividends received deduction available to corporations:

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| | |
|:---|:---|
| Fund | Percentage |
| Conservative Allocation | 41.44% |
| Moderate Allocation | 70.44% |
| Aggressive Allocation | 6.75% |
| Diversified Income | 83.08% |
| Large Cap Value | 94.03% |
| Large Cap Growth | 95.52% |
| Madison Target Retirement 2020 | 4.48% |
| Madison Target Retirement 2030 | 5.72% |
| Madison Target Retirement 2040 | 6.68% |
| Madison Target Retirement 2050 | 7.34% |

---

**Qualified Dividend Income:** For the taxable year ended 2022, the Funds hereby designate the maximum amount of dividends allowable pursuant to the Internal Revenue Code, as qualified dividend income ("QDI") eligible for reduced tax rates (the rates range from 5% to 15% depending upon individual's tax bracket). Complete information regarding each Fund's income distributions paid during the calendar year 2022, including the portion, if any, which qualify as QDI, will be reported in conjunction with Form 1099-DIV.

**Ultra Series Fund** \| December 31, 2022

**Trustees and Officers**

The address of each Trustee and Officer is 550 Science Drive, Madison, Wisconsin 53711.The Statement of Additional Information, which includes additional information about the Trustees and officers, is available at no cost on the SEC's website at www.sec.gov or by calling CMFG Life Insurance Company at 1-800-798-5500.

***Interested Trustees and Officers***

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Age** | **Position(s) Held and Length of Time Served<sup>1</sup>** | **Principal Occupation(s) During Past Five Years** | **Portfolios Overseen in Fund Complex by Director/ Trustee<sup>2</sup>** | **Other Directorships Held by Trustee** |
| Paul A. Lefurgey<sup>3</sup> 58 | Trustee, 2022-Present Vice President, 2009 - Present | MIH, Madison and MIA, Co-Head of Investments, 2022 – Present; CEO, 2017 – 2021; Co-Head of Fixed Income, 2019 – 2021; Director of Fixed Income Investments, 2016 - 2019; Executive Director and Head of Fixed Income Investments, 2013 – 2016; Chairman - Executive Committee, 2015 - 2017<br>Madison Funds (15), Vice President, 2009 – Present; Madison Covered Call & Equity Strategy Fund, Vice President, 2012 – Present; Madison Strategic Sector Premium Fund, Vice President, 2010 - 2018 | 30 | Madison Funds (15), 2020 – Present Madison Covered Call & Equity Strategy Fund, 2021 – Present |
| Patrick F. Ryan 43 | President, 2020 - Present | Madison Investment Holdings, Inc. ("MIH"), Madison Asset Management, LLC ("Madison") and Madison Investment Advisors, LLC ("MIA"), Head of Multi-Asset Solutions and Portfolio Manager, 2018 – Present; Co-Head of Multi-Asset Solutions and Portfolio Manager, 2016 – 2017<br>Madison Funds (15 mutual funds) and Madison Covered Call & Equity Strategy Fund, President, 2020 - Present | N/A | N/A |
| Greg D. Hoppe 53 | Vice President, 2020 – Present; Chief Financial Officer, 2019 – Present; Treasurer, 2009 - 2019 | MIH and MIA, Vice President, 1999 - Present; Madison, Vice President, 2009 - Present<br>Madison Funds (15), Vice President, 2020 - Present; Chief Financial Officer, 2019 - Present; Treasurer, 2009 - 2019; Madison Covered Call & Equity Strategy Fund, Vice President, 2020 - Present; Chief Financial Officer, 2019 - Present; Treasurer, 2012 - 2019; Madison Strategic Sector Premium Fund, Treasurer, 2009 - 2018 | N/A | N/A |
| Holly S. Baggot 62 | Secretary, 1999 – Present; Assistant Treasurer, 1999 – 2007 and 2009 – Present | MIH and MIA, Vice President, 2010 - Present; Madison, Vice President, 2009 - Present; MFD Distributor, LLC ("MFD") (an affiliated brokerage firm of Madison), Vice President, 2012 - Present<br>Madison Covered Call & Equity Strategy Fund, Secretary and Assistant Treasurer, 2012 – Present; Madison Funds (15), Secretary, 1999 - Present and Assistant Treasurer, 1999 - 2007 and 2009 – Present; Madison Funds and Madison Covered Call & Equity Strategy Fund, Anti-Money Laundering Officer, 2019 – 2020; Madison Strategic Sector Premium Fund, Secretary and Assistant Treasurer, 2010 - 2018 | N/A | N/A |

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**Ultra Series Fund** \| **Trustees and Officers** - continued \| December 31, 2022

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Age** | **Position(s) Held and Length of Time Served<sup>1</sup>** | **Principal Occupation(s) During Past Five Years** | **Portfolios Overseen in Fund Complex by Director/ Trustee<sup>2</sup>** | **Other Directorships Held by Trustee** |
| Steve J. Fredricks 52 | Chief Compliance Officer and Assistant Secretary, 2018 - Present | MIH, MIA and Madison, Chief Legal Officer, 2020 - Present; Chief Compliance Officer, 2018 – Present<br>Madison Funds (15) and Madison Covered Call & Equity Strategy Fund, Chief Compliance Officer and Assistant Secretary, 2018 – Present; Madison Strategic Sector Premium Fund, Chief Compliance Officer during 2018<br>Jackson National Asset Management, LLC, Senior Vice President and Chief Compliance Officer, 2005 - 2018 | N/A | N/A |
| Terri A. Wilhelm 54 | Assistant Secretary, 2022 – Present | MIH, MIA and Madison, Senior Compliance Analyst, September 2022 – Present<br>Ultra Series Fund (14) and Madison Covered Call & Equity Strategy Fund, Assistant Secretary, November 2022 – Present<br>State of Wisconsin Investment Board, Senior Paralegal, 2017 – 2022 | N/A | N/A |

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<sup>1</sup> "Interested person" as defined in the 1940 Act. Considered an interested Trustee because of the position held with Madison.

<sup>2</sup> Board terms are indefinite for Interested Trustees and Officers.

<sup>3</sup> As of the date of this report, the fund complex consists of Madison Funds with 15 portfolios, the Ultra Series Fund with 14 portfolios, the Madison Covered Call & Equity Strategy Fund (a closed-end fund), for a grand total of 30 separate portfolios in the fund complex. Not every Trustee is a member of the Board of Trustees of every fund in the fund complex, as noted above. References to the "Fund Complex" in the preceding tables have the meaning disclosed in this paragraph.

**Ultra Series Fund** \| **Trustees and Officers** - continued \| December 31, 2022

***Independent Trustees***

 ****

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| | | | | |
|:---|:---|:---|:---|:---|
| **Name and Age** | **Position(s) Held, First Elected and Term of Office<sup>1</sup>** | **Principal Occupation(s) During Past Five Years** | **Portfolios Overseen in Fund Complex by Director/ Trustee<sup>2</sup>** | **Other Directorships Held by Director/ Trustee** |
| Steven P. Riege 68 | Trustee, 2005 - 2028 | Ovation Leadership (management consulting), Milwaukee, WI, Owner/President, 2001 – Present<br>Robert W. Baird & Company (financial services), Milwaukee, WI, Senior Vice President-Marketing and Vice President-Human Resources, 1986 – 2001 | 30 | Madison Funds (15), 2005 – Present; Madison Covered Call & Equity Strategy Fund, 2015 – Present |
| Richard E. Struthers 70 | Trustee, 2004 - 2028 | Clearwater Capital Management (investment advisory firm), Naples, FL, Chair and Chief Executive Officer, 1998 - Present Park Nicollet Health Services, Minneapolis, MN, Chairman, Finance and Investment Committee, 2006 – 2012 | 30 | Madison Funds (15), 2004 – Present; Madison Covered Call & Equity Strategy Fund, 2017 – Present |

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<sup>1</sup> A Trustee must retire at the end of the calendar year in which the first of the following two events occurs: (1) they attain the age of seventy-six (76), or (2) they have served on the Board for a total of fifteen (15) years, subject in the latter case to extension by unanimous vote of the remaining Trustees on an annual basis. The fifteen (15) year term limitation shall commence on the later of April 19, 2013 or the date of the Trustee's initial election or appointment as a trustee. Board terms end on December 31 of the year noted.

<sup>2</sup> As of the date of this report, the fund complex consists of Madison Funds with 15 portfolios, the Ultra Series Fund with 14 portfolios, the Madison Covered Call & Equity Strategy Fund (a closed-end fund), for a grand total of 30 separate portfolios in the fund complex. Not every Trustee is a member of the Board of Trustees of every fund in the fund complex, as noted above. References to the "Fund Complex" in the preceding tables have the meaning disclosed in this paragraph.

**Item 2. Code of Ethics.**

(a) The Trust has adopted a code of ethics that applies to the Trust's principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions, regardless of whether these individuals are employed by the Trust or a third party.

(c) During the period covered by the report, registrant did not make any substantive amendments to the Code.

(d) The Trust granted no waivers from the code during the period covered by this report.

(f) Any person may obtain a complete copy of the code without charge by calling the Adviser at 800-767-0300 and requesting a copy of "the Ultra Series Fund Sarbanes Oxley Code of Ethics."

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

In August 2022, Richard Struthers, an "independent" Trustee and a member of the Trust's audit committee, was appointed to serve as the Trust's audit committee financial expert among the three independent Trustees who so qualify to serve in that capacity.

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

**(a) Audit Fees**. Total audit fees paid (or to be paid) to the registrant's principal accountant for the fiscal years ended December 31, 2022 and 2021, respectively were $203,000 ($451,950 including the Madison Funds and the Madison Covered Call & Equity Strategy Fund, all affiliated investment companies "together, the "Affiliated Funds") and $196,000 ($416,000 including the Affiliated Funds).

**(b) Audit-Related Fees.** Not applicable.

**(c) Tax-Fees.** For the fiscal years ended December 31, 2022 and December 31, 2021, the aggregate fees paid (or to be paid) for professional services rendered by Deloitte & Touche for tax compliance, tax advice and tax planning are approximately $34,251 ($86,625 including the Affiliated Funds) and $32,928 ($79,706 including the Affiliated Funds), respectively.

In the scope of services comprising the fees disclosed under this Item 4(c) were the following services:

-Review and sign as signature preparer for U.S. Income Tax Return for Regulated Investment Companies, Form 1120-RIC.

**(d) All Other Fees.** None.

**(e) (1)** Before any accountant is engaged by the registrant to render audit or non-audit services, the engagement must be approved by the audit committee as contemplated by paragraph (c)(7)(i)(A) of Rule 2-01of Regulation S-X.

**(2)** The Audit Committee has pre-approved, as required by Rule 2-01(c)(7)(i)(C) of Regulation S-X, 100% of the services described in this Item 4(b) through (d), which such services are described above.

**(f)** Not applicable.

**(g)** Not applicable.

**(h)** Not applicable.

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

Not applicable.

**Item 6. Schedule of Investments**

(a) Schedule included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.**

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.**

Not applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.**

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

**Item 11. Controls and Procedures.**

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

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

**Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable.

**Item 13. Exhibits.**

(a) (1) Code of ethics - See Item 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) Certifications of principal executive and principal financial officers pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – *Filed herewith.*](g187246_ex99cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) There was no change in the registrant's independent public accountant for the period covered by this report.

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. *Filed herewith.*](g187246_ex99906cert.htm)

**SIGNATURES**

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

**Ultra Series Fund**

<u>/s/ Steven J. Fredricks</u>

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

Date: February 27, 2023

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

<u>/s/ Patrick F. Ryan</u>

Patrick F. Ryan, Principal Executive Officer

Date: February 27, 2023

<u>/s/ Greg Hoppe</u>

Greg Hoppe, Principal Financial Officer & Principal Accounting Officer

Date: February 27, 2023

## Ex-99.Cert

**Exhibit 99.Cert** 

Financial Statement Certifications

I, Greg Hoppe, certify that:

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

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

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

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

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

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

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

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: February 27, 2023

<u>/s/ Greg Hoppe</u> 

Greg Hoppe

Principal Financial Officer and Principal Accounting Officer

I, Patrick F. Ryan, certify that:

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

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

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

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

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

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

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

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

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

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

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

Date: February 27, 2023

<u>/s/ Patrick F. Ryan</u>

Patrick F. Ryan

Principal Executive Officer

## Ex-99.Cert

**Exhibit 99.906Cert**

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

**Ultra Series Fund** 

**Annual Report dated December 31, 2022**

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

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| | |
|:---|:---|
| <u>/s/ Patrick F. Ryan</u><br> Patrick F. Ryan<br> Principal Executive Officer | <u>/s/ Greg D. Hoppe</u> <br> Greg D. Hoppe<br> Principal Financial Officer and Principal Accounting Officer |

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Dated this 27<sup>th</sup> day of February 2023

 

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