# EDGAR Filing Document

**Accession Number:** 0000732697
**File Stem:** 0001752724-25-191560
**Filing Date:** 2025-8
**Character Count:** 10849
**Document Hash:** ef35a85d158dd89048896ad87dbab311
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-25-191560.hdr.sgml**: 20250818

**ACCESSION NUMBER**: 0001752724-25-191560

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250818

**DATE AS OF CHANGE**: 20250818

**PERIOD START**: 20251231

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04815
- **FILM NUMBER:** 251227584

**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 2050 Fund (Series ID: S000030254)

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

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** MADISON

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53711

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

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

- **a. Name of Series:** Madison Target Retirement 2050 Fund

- **b. EDGAR series identifier (if any):** S000030254

- **c. LEI of Series:** 254900FGUJY6KIU31W28

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $36479637.21

**Total Liabilities:** $8892.45

**Net Assets:** $36470744.76

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000093111 | -0.30%               | 3.10%                | 3.02%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-42955.22               | $-93895.24                                 |
| Month 2  | $-19079.90               | $1039639.42                                |
| Month 3  | $42757.47                | $862442.38                                 |

### Schedule of Portfolio Investments

| Name                                                             | Title                                                            | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| iShares MSCI Eurozone ETF                                        | iShares MSCI Eurozone ETF                                        | CUSIP: 464286608<br>LEI: 549300Q88WD2SU6SPH06 | Long             | EC               | RF                | US        |     26033 | NS      | $1547661.85   | 4.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Exchange-Traded Fund Trust - Invesco S&P 500 Quality Etf | Invesco Exchange-Traded Fund Trust - Invesco S&P 500 Quality ETF | CUSIP: 46137V241<br>LEI: 549300CMNB8U49G4GY75 | Long             | EC               | RF                | US        |     91488 | NS      | $6519434.88   | 17.88%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Intl Quality Factor ETF                             | iShares MSCI International Quality Factor ETF                    | CUSIP: 46434V456<br>LEI: 549300NCBUPWCYENVS18 | Long             | EC               | RF                | US        |     65288 | NS      | $2821747.36   | 7.74%             |  |  |  | No            |                  1 | On Loan: No      |
| Distillate US Fundamental Stability & Value ETF                  | Distillate U.S. Fundamental Stability & Value ETF                | CUSIP: 26922A321<br>LEI: 5493002W0E8K4UD8QD78 | Long             | EC               | RF                | US        |    100329 | NS      | $5553210.15   | 15.23%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio Long Term Treasury ETF                            | SPDR Portfolio Long Term Treasury ETF                            | CUSIP: 78464A664<br>LEI: 549300GYQKAMF6JUVI06 | Long             | EC               | RF                | US        |     12340 | NS      | $327997.20    | 0.90%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Aaa - A Rated Corporate Bond ETF                         | iShares Aaa - A Rated Corporate Bond ETF                         | CUSIP: 46429B291<br>LEI: 5493009W1LC1TK28CL24 | Long             | EC               | RF                | US        |     24399 | NS      | $1167248.16   | 3.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Energy Select Sector SPDR Fund                                   | Energy Select Sector SPDR Fund ETF                               | CUSIP: 81369Y506<br>LEI: 54930064FLK0RD4TRU75 | Long             | EC               | RF                | US        |      2923 | NS      | $247899.63    | 0.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Information Technology ETF                              | Vanguard Information Technology ETF                              | CUSIP: 92204A702<br>LEI: J2NTZGJBERBYMUMBIE74 | Long             | EC               | RF                | US        |      3936 | NS      | $2610670.08   | 7.16%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio Short Term Treasury ETF                           | SPDR Portfolio Short Term Treasury ETF                           | CUSIP: 78468R101<br>LEI: 549300CVHDNMTIUMZ693 | Long             | EC               | RF                | US        |     18552 | NS      | $543388.08    | 1.49%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR Portfolio S&P 400 Mid Cap ETF                               | SPDR Portfolio S&P 400 Mid Cap ETF                               | CUSIP: 78464A847<br>LEI: 549300TKUU0ZLRVSLJ96 | Long             | EC               | RF                | US        |     19638 | NS      | $1067914.44   | 2.93%             |  |  |  | No            |                  1 | On Loan: No      |
| State Street Global Advisors                                     | State Street Institutional US Government Money Market Fund       | CUSIP: 857492706<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |   1310984 | NS      | $1310984.31   | 3.59%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares 7-10 Year Treasury Bond ETF                              | iShares 7-10 Year Treasury Bond ETF                              | CUSIP: 464287440<br>LEI: 549300XS1PPZG92M8L16 | Long             | EC               | RF                | US        |     23186 | NS      | $2220523.22   | 6.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Distillate Small/Mid Cash Flow ETF                               | Distillate Small/Mid Cash Flow ETF                               | CUSIP: 26922B667<br>LEI: 549300RXDI4OKGXIK130 | Long             | EC               | RF                | US        |     15682 | NS      | $509978.64    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Emerging Markets Asia ETF                           | iShares MSCI Emerging Markets Asia ETF                           | CUSIP: 464286426<br>LEI: 549300QNROXHZ53JWF91 | Long             | EC               | RF                | US        |     21603 | NS      | $1783327.65   | 4.89%             |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P Bank ETF                                                | SPDR S&P Bank ETF                                                | CUSIP: 78464A797<br>LEI: 549300WRV3OCU6OV1X49 | Long             | EC               | RF                | US        |     26654 | NS      | $1486227.04   | 4.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Intermediate-Term U.S. Treasury ETF                       | Schwab Intermediate-Term U.S. Treasury ETF                       | CUSIP: 808524854<br>LEI: 549300LPS1K6133V2Q55 | Long             | EC               | RF                | US        |     99764 | NS      | $2497092.92   | 6.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson AAA CLO ETF                                      | Janus Henderson AAA CLO ETF                                      | CUSIP: 47103U845<br>LEI: 549300N7UZ9PO4OVKA94 | Long             | EC               | RF                | US        |     12094 | NS      | $613770.50    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| JPMorgan BetaBuilders Japan ETF                                  | JPMorgan BetaBuilders Japan ETF                                  | CUSIP: 46641Q217<br>LEI: 54930031HWFFLQV7A679 | Long             | EC               | RF                | US        |     11715 | NS      | $723752.70    | 1.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Janus Henderson Mortgage-Backed Securities ETF                   | Janus Henderson Mortgage-Backed Securities ETF                   | CUSIP: 47103U852<br>LEI: 549300V6TVE4ZJCDWY16 | Long             | EC               | RF                | US        |     64968 | NS      | $2926808.40   | 8.03%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** ULTRA SERIES FUND

**Signature:** Greg Hoppe

**Name of Signer:** Greg Hoppe

**Title:** Chief Financial Officer