# EDGAR Filing Document

**Accession Number:** 0000732697
**File Stem:** 0001752724-23-026670
**Filing Date:** 2023-2
**Character Count:** 9343
**Document Hash:** 05802d8025e3d060dc8cf62d34ba9db2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001752724-23-026670.hdr.sgml**: 20230216

**ACCESSION NUMBER**: 0001752724-23-026670

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230216

**DATE AS OF CHANGE**: 20230216

**PERIOD START**: 20221231

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-04815
- **FILM NUMBER:** 23638484

**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 2040 Fund (Series ID: S000019112)

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

- **b. EDGAR series identifier (if any):** S000019112

- **c. LEI of Series:** 254900IM7322849N6R48

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

- **a. Date of fiscal year-end:** 2022-12-31

- **b. Date as of which information is reported:** 2022-12-31

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $37098264.11

**Total Liabilities:** $1125100.51

**Net Assets:** $35973163.60

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000052855 | 1.75%                | 4.46%                | -2.08%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-595051.54              | $1138439.89                                |
| Month 2  | $-164817.06              | $1672598.09                                |
| Month 3  | $236773.01               | $-1670095.74                               |

### 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 Biotechnology ETF                                       | iShares Biotechnology ETF                                        | CUSIP: 464287556<br>LEI: 549300S7IVD88MPK0066 | Long             | EC               | RF                | US        |      8003 | NS      | $1050713.87   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF | Invesco Optimum Yield Diversified Commodity Strategy No. K-1 ETF | CUSIP: 46090F100<br>LEI: 549300FMDZNC0BEIYQ10 | Long             | EC               | RF                | US        |    256384 | NS      | $3789355.52   | 10.53%            |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Health Care ETF                                        | Vanguard Health Care ETF                                         | CUSIP: 92204A504<br>LEI: N/A                  | Long             | EC               | RF                | US        |      7465 | NS      | $1851693.25   | 5.15%             |  |  |  | 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        |   5130748 | NS      | $5130747.98   | 14.26%            |  |  |  | No            |                  1 | On Loan: No      |
| SPDR S&P North American Natural Resources ETF                   | SPDR S&P North American Natural Resources ETF                    | CUSIP: 78463X152<br>LEI: 549300B4G9E956VT3O74 | Long             | EC               | RF                | US        |     27266 | NS      | $1478362.52   | 4.11%             |  |  |  | No            |                  1 | On Loan: No      |
| VanEck Gold Miners ETF/USA                                      | VanEck Gold Miners ETF                                           | CUSIP: 92189F106<br>LEI: 54930031TORTKAM9TJ98 | Long             | EC               | RF                | US        |     51398 | NS      | $1473066.68   | 4.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Information Technology ETF                             | Vanguard Information Technology ETF                              | CUSIP: 92204A702<br>LEI: J2NTZGJBERBYMUMBIE74 | Long             | EC               | RF                | US        |      4397 | NS      | $1404445.77   | 3.90%             |  |  |  | No            |                  1 | On Loan: No      |
| First Trust Natural Gas ETF                                     | First Trust Natural Gas ETF                                      | CUSIP: 33733E807<br>LEI: 549300SVX60NSSWYLS19 | Long             | EC               | RF                | US        |     43124 | NS      | $1056969.24   | 2.94%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab US TIPS ETF                                              | Schwab U.S. TIPS ETF                                             | CUSIP: 808524870<br>LEI: 5493001H0ESLTZTZWE77 | Long             | EC               | RF                | US        |      4913 | NS      | $254444.27    | 0.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Global X MSCI Norway ETF                                        | Global X MSCI Norway ETF                                         | CUSIP: 37950E101<br>LEI: 549300NJJFAZR2WS6R95 | Long             | EC               | RF                | US        |     32727 | NS      | $839447.55    | 2.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Schwab Intermediate-Term U.S. Treasury ETF                      | Schwab Intermediate-Term U.S. Treasury ETF                       | CUSIP: 808524854<br>LEI: N/A                  | Long             | EC               | RF                | US        |      3372 | NS      | $166003.56    | 0.46%             |  |  |  | No            |                  1 | On Loan: No      |
| iShares Treasury Floating Rate Bond ETF                         | iShares Treasury Floating Rate Bond ETF                          | CUSIP: 46434V860<br>LEI: 549300IH7Y9SW6BCOA50 | Long             | EC               | RF                | US        |    180262 | NS      | $9087007.42   | 25.26%            |  |  |  | No            |                  1 | On Loan: No      |
| Global X Uranium ETF                                            | Global X Uranium ETF                                             | CUSIP: 37954Y871<br>LEI: 549300FJZ5SE0HHSHI40 | Long             | EC               | RF                | US        |      5388 | NS      | $108191.04    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Vanguard Extended Duration Treasury ETF                         | Vanguard Extended Duration Treasury ETF                          | CUSIP: 921910709<br>LEI: LPJF5F1SN6L2WBUKDV11 | Long             | EC               | RF                | US        |     94030 | NS      | $7788504.90   | 21.65%            |  |  |  | No            |                  1 | On Loan: No      |
| iShares MSCI Switzerland ETF                                    | iShares MSCI Switzerland ETF                                     | CUSIP: 464286749<br>LEI: 549300WB2EJ9RDFN4R78 | Long             | EC               | RF                | US        |     37403 | NS      | $1568307.79   | 4.36%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-19

**Name of Applicant:** ULTRA SERIES FUND

**Signature:** Greg Hoppe

**Name of Signer:** Greg Hoppe

**Title:** Chief Financial Officer