Form NPORT-P ULTRA SERIES FUND For: Mar 31

May 18, 2022 10:55 AM EDT

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    NPORT-P
    false
    
      
      
        
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          XXXXXXXX
        
      
      
      
      
        S000019977
        C000074782
        C000056035
      
      
      
    
  
  
    
      ULTRA SERIES FUND
      811-04815
      0000732697
      254900JPNAJ16VJV5X45
      550 SCIENCE DRIVE
      MADISON
      
      53711
      608-274-0300
      International Stock Fund
      S000019977
      254900FRELAT3I5IFK83
      2022-12-31
      2022-03-31
      N
    
    
      25158683.70
      558559.54
      24600124.16
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      0.00000000
      
        
        
      
      N
      
        
          
          
        
        
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        Ping An Insurance Group Co of China Ltd
        529900M9MC28JLN35U89
        Ping An Insurance Group Co. of China Ltd.
        000000000
        
          
        
        69390.00000000
        NS
        
        489586.59000000
        1.990179345501
        Long
        EC
        CORP
        CN
        N
        
        2
        
          N
          N
          N
        
      
      
        LVMH Moet Hennessy Louis Vuitton SE
        IOG4E947OATN0KJYSD45
        LVMH Moet Hennessy Louis Vuitton SE
        000000000
        
          
        
        422.00000000
        NS
        
        300493.33000000
        1.221511436469
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        XP Inc
        5493008KDA8NBZRJST80
        XP, Inc.
        000000000
        
          
        
        10061.00000000
        NS
        USD
        302836.10000000
        1.231034843687
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Grupo Mexico SAB de CV
        529900JWLZAYET2ZGW20
        Grupo Mexico SAB de CV
        000000000
        
          
        
        100307.00000000
        NS
        
        598866.58000000
        2.434404705053
        Long
        EC
        CORP
        MX
        N
        
        2
        
          N
          N
          N
        
      
      
        Manulife Financial Corp
        5493007GBX87QOZACS27
        Manulife Financial Corp.
        56501R106
        
          
        
        25051.00000000
        NS
        USD
        534838.85000000
        2.174130693493
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Macquarie Group Ltd
        ACMHD8HWFMFUIQQ8Y590
        Macquarie Group Ltd.
        000000000
        
          
        
        1862.00000000
        NS
        
        280098.12000000
        1.138604497189
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Partners Group Holding AG
        549300I3IVVWZWDHI788
        Partners Group Holding AG
        000000000
        
          
        
        197.00000000
        NS
        
        244746.32000000
        0.994898718429
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Pagseguro Digital Ltd
        N/A
        Pagseguro Digital Ltd.
        000000000
        
          
        
        14564.00000000
        NS
        USD
        292008.20000000
        1.187019212182
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Treasury Wine Estates Ltd
        529900LVOPJGAX6ILK66
        Treasury Wine Estates Ltd.
        000000000
        
          
        
        55341.00000000
        NS
        
        474037.26000000
        1.926971005986
        Long
        EC
        CORP
        AU
        N
        
        2
        
          N
          N
          N
        
      
      
        Sony Group Corp
        529900R5WX9N2OI2N910
        Sony Group Corp.
        000000000
        
          
        
        5297.00000000
        NS
        
        546708.56000000
        2.222381303623
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Airbus SE
        MINO79WLOO247M1IL051
        Airbus SE
        000000000
        
          
        
        3939.00000000
        NS
        
        476120.85000000
        1.935440841287
        Long
        EC
        CORP
        NL
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Shell PLC
        21380068P1DRHMJ8KU70
        Shell PLC
        000000000
        
          
        
        26411.00000000
        NS
        
        724816.97000000
        2.946395576240
        Long
        EC
        CORP
        GB
        
        N
        
        2
        
          N
          N
          N
        
      
      
        State Street Global Advisors
        5493008BJIBKQ5KTIF74
        State Street Navigator Securities Lending Government Money Market Portfolio
        857492706
        
          
        
        526606.70000000
        NS
        USD
        526606.70000000
        2.140666838000
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        DBS Group Holdings Ltd
        5493007FKT78NKPM5V55
        DBS Group Holdings Ltd.
        000000000
        
          
        
        15800.00000000
        NS
        
        415387.37000000
        1.688558022302
        Long
        EC
        CORP
        SG
        N
        
        2
        
          N
          N
          N
        
      
      
        Wal-Mart de Mexico SAB de CV
        N/A
        Wal-Mart de Mexico SAB de CV
        93114W107
        
          
        
        7992.00000000
        NS
        USD
        327911.76000000
        1.332967906451
        Long
        EC
        CORP
        MX
        N
        
        1
        
          N
          N
          N
        
      
      
        KION Group AG
        5299005KY91C4C6U9H17
        KION Group AG
        000000000
        
          
        
        6113.00000000
        NS
        
        406522.43000000
        1.652521862718
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Toray Industries Inc
        35380099TCYR5FHT0A11
        Toray Industries, Inc.
        000000000
        
          
        
        82353.00000000
        NS
        
        429229.22000000
        1.744825421238
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          
        
      
      
        Genmab A/S
        529900MTJPDPE4MHJ122
        Genmab AS
        000000000
        
          
        
        966.00000000
        NS
        
        349944.38000000
        1.422530950347
        Long
        EC
        CORP
        DK
        N
        
        2
        
          N
          N
          N
        
      
      
        Roche Holding AG
        549300U41AUUVOAAOB37
        Roche Holding AG
        000000000
        
          
        
        1050.00000000
        NS
        
        415249.08000000
        1.687995870667
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        ASML Holding NV
        724500Y6DUVHQD6OXN27
        ASML Holding NV
        000000000
        
          
        
        667.00000000
        NS
        USD
        445509.31000000
        1.811004314866
        Long
        EC
        CORP
        NL
        Y
        
        1
        
          N
          N
          N
        
      
      
        Alibaba Group Holding Ltd
        5493001NTNQJDH60PM02
        Alibaba Group Holding Ltd.
        01609W102
        
          
        
        3517.00000000
        NS
        USD
        382649.60000000
        1.555478328122
        Long
        EC
        CORP
        KY
        
        N
        
        1
        
          N
          N
          N
        
      
      
        NXP Semiconductors NV
        724500M9BY5293JDF951
        NXP Semiconductors NV
        000000000
        
          
        
        2552.00000000
        NS
        USD
        472324.16000000
        1.920007219996
        Long
        EC
        CORP
        NL
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Kerry Group PLC
        635400TLVVBNXLFHWC59
        Kerry Group PLC
        000000000
        
          
        
        3295.00000000
        NS
        
        368162.17000000
        1.496586633487
        Long
        EC
        CORP
        IE
        N
        
        2
        
          N
          N
          N
        
      
      
        Infosys Ltd
        335800TYLGG93MM7PR89
        Infosys Ltd.
        456788108
        
          
        
        18329.00000000
        NS
        USD
        456208.81000000
        1.854497997785
        Long
        EC
        CORP
        IN
        N
        
        1
        
          N
          N
          N
        
      
      
        adidas AG
        549300JSX0Z4CW0V5023
        adidas AG
        000000000
        
          
        
        1127.00000000
        NS
        
        263172.85000000
        1.069802933872
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Worldline SA/France
        549300CJMQNCA0U4TS33
        Worldline SA
        000000000
        
          
        
        6234.00000000
        NS
        
        270263.81000000
        1.098627829039
        Long
        EC
        CORP
        FR
        Y
        
        2
        
          N
          N
          N
        
      
      
        CyberArk Software Ltd
        529900YEXNDM894PWS93
        CyberArk Software Ltd.
        000000000
        
          
        
        2129.00000000
        NS
        USD
        359268.75000000
        1.460434702131
        Long
        EC
        CORP
        IL
        
        N
        
        1
        
          N
          N
          N
        
      
      
        Symrise AG
        529900D82I6R9601CF26
        Symrise AG
        000000000
        
          
        
        2085.00000000
        NS
        
        250310.16000000
        1.017515840050
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Air Liquide SA
        969500MMPQVHK671GT54
        Air Liquide SA
        000000000
        
          
        
        2210.00000000
        NS
        
        386615.62000000
        1.571600279272
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Nestle SA
        KY37LUS27QQX7BB93L28
        Nestle SA
        000000000
        
          
        
        2340.00000000
        NS
        
        303780.70000000
        1.234874661705
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Keyence Corp
        529900M7PQBS7A89DZ11
        Keyence Corp.
        000000000
        
          
        
        500.00000000
        NS
        
        232463.97000000
        0.944970718391
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        LG Household & Health Care Ltd
        N/A
        LG Household & Health Care Ltd.
        000000000
        
          
        
        373.00000000
        NS
        
        262011.22000000
        1.065080884534
        Long
        EC
        CORP
        KR
        N
        
        2
        
          N
          N
          N
        
      
      
        Murata Manufacturing Co Ltd
        529900QZG6DL8ZRI7140
        Murata Manufacturing Co. Ltd.
        000000000
        
          
        
        5493.00000000
        NS
        
        363118.49000000
        1.476083972740
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        London Stock Exchange Group PLC
        213800QAUUUP6I445N30
        London Stock Exchange Group PLC
        000000000
        
          
        
        3556.00000000
        NS
        
        371515.58000000
        1.510218312654
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Larsen & Toubro Ltd
        3358003FR3JIC5FRXA90
        Larsen & Toubro Ltd.
        000000000
        
          
        
        27283.00000000
        NS
        USD
        631462.06000000
        2.566905987518
        Long
        EC
        CORP
        IN
        Y
        
        1
        
          N
          N
          N
        
      
      
        AstraZeneca PLC
        PY6ZZQWO2IZFZC3IOL08
        AstraZeneca PLC
        000000000
        
          
        
        7540.00000000
        NS
        
        999888.22000000
        4.064565745671
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Sika AG
        549300R3N69ECGYPU434
        Sika AG
        000000000
        
          
        
        807.00000000
        NS
        
        265871.60000000
        1.080773406958
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
      
        Toyota Motor Corp
        5493006W3QUS5LMH6R84
        Toyota Motor Corp.
        000000000
        
          
        
        25000.00000000
        NS
        
        447837.67000000
        1.820469145144
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Cameco Corp
        N4BHALMXL3GMZKCUON55
        Cameco Corp.
        13321L108
        
          
        
        18280.00000000
        NS
        USD
        531948.00000000
        2.162379330039
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Deutsche Telekom AG
        549300V9QSIG4WX4GJ96
        Deutsche Telekom AG
        000000000
        
          
        
        17719.00000000
        NS
        
        330940.08000000
        1.345278088222
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        Canadian Pacific Railway Ltd
        N/A
        Canadian Pacific Railway Ltd.
        13645T100
        
          
        
        4222.00000000
        NS
        USD
        348483.88000000
        1.416593988442
        Long
        EC
        CORP
        CA
        N
        
        1
        
          N
          N
          N
        
      
      
        Nidec Corp
        353800IF171MZTNL6Y31
        Nidec Corp.
        000000000
        
          
        
        3400.00000000
        NS
        
        269367.59000000
        1.094984676695
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Ferrari NV
        549300RIVY5EX8RCON76
        Ferrari NV
        000000000
        
          
        
        1422.00000000
        NS
        USD
        310123.98000000
        1.260660222618
        Long
        EC
        CORP
        NL
        
        N
        
        1
        
          N
          N
          N
        
      
      
        State Street Global Advisors
        549300BZ5TGIFZUZDZ37
        State Street Institutional US Government Money Market Fund
        857492706
        
          
        
        756331.14000000
        NS
        USD
        756331.14000000
        3.074501311785
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Itau Unibanco Holding SA
        5493002W2IVG62O3ZJ94
        Itau Unibanco Holding SA
        465562106
        
          
        
        72208.00000000
        NS
        USD
        412307.68000000
        1.676039020446
        Long
        EC
        CORP
        BR
        N
        
        1
        
          N
          N
          N
        
      
      
        Hermes International
        969500Y4IJGHJE2MTJ13
        Hermes International
        000000000
        
          
        
        188.00000000
        NS
        
        266655.80000000
        1.083961195747
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        Shiseido Co Ltd
        5299008QCD0YDT5OF506
        Shiseido Co. Ltd.
        000000000
        
          
        
        6500.00000000
        NS
        
        329426.44000000
        1.339125111147
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Norsk Hydro ASA
        549300N1SDN71ZZ8BO45
        Norsk Hydro ASA
        000000000
        
          
        
        30185.00000000
        NS
        
        294128.50000000
        1.195638274372
        Long
        EC
        CORP
        NO
        N
        
        2
        
          N
          N
          N
        
      
      
        SAP SE
        529900D6BF99LW9R2E68
        SAP SE
        803054204
        
          
        
        2552.00000000
        NS
        USD
        283169.92000000
        1.151091426036
        Long
        EC
        CORP
        DE
        N
        
        1
        
          N
          N
          N
        
      
      
        Diageo PLC
        213800ZVIELEA55JMJ32
        Diageo PLC
        000000000
        
          
        
        7685.00000000
        NS
        
        388424.42000000
        1.578953087690
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        Siemens AG
        W38RGI023J3WT1HWRP32
        Siemens AG
        000000000
        
          
        
        2789.00000000
        NS
        
        386449.97000000
        1.570926908687
        Long
        EC
        CORP
        DE
        N
        
        2
        
          N
          N
          N
        
      
      
        EssilorLuxottica SA
        549300M3VH1A3ER1TB49
        EssilorLuxottica SA
        000000000
        
          
        
        1670.00000000
        NS
        
        304850.22000000
        1.239222282039
        Long
        EC
        CORP
        FR
        N
        
        2
        
          N
          N
          N
        
      
      
        CyberAgent Inc
        3538006T5KZABPGS8Q08
        CyberAgent, Inc.
        000000000
        
          
        
        20429.00000000
        NS
        
        253293.42000000
        1.029642852013
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Telefonaktiebolaget LM Ericsson
        549300W9JLPW15XIFM52
        Telefonaktiebolaget LM Ericsson
        000000000
        
          
        
        42807.00000000
        NS
        
        391683.23000000
        1.592200215952
        Long
        EC
        CORP
        SE
        N
        
        2
        
          N
          N
          
        
      
      
        Seven & i Holdings Co Ltd
        52990037G8JRM3TWGY86
        Seven & i Holdings Co. Ltd.
        000000000
        
          
        
        8000.00000000
        NS
        
        380641.77000000
        1.547316458747
        Long
        EC
        CORP
        JP
        N
        
        2
        
          N
          N
          N
        
      
      
        Taiwan Semiconductor Manufacturing Co Ltd
        549300KB6NK5SBD14S87
        Taiwan Semiconductor Manufacturing Co. Ltd.
        874039100
        
          
        
        3465.00000000
        NS
        USD
        361260.90000000
        1.468532831990
        Long
        EC
        CORP
        TW
        N
        
        1
        
          N
          N
          N
        
      
      
        Grifols SA
        959800HSSNXWRKBK4N60
        Grifols SA
        000000000
        
          
        
        16377.00000000
        NS
        
        296251.82000000
        1.204269612922
        Long
        EC
        CORP
        ES
        N
        
        2
        
          N
          N
          N
        
      
      
        Prudential PLC
        5493001Z3ZE83NGK8Y12
        Prudential PLC
        000000000
        
          
        
        32865.00000000
        NS
        
        485474.28000000
        1.973462722555
        Long
        EC
        CORP
        GB
        N
        
        2
        
          N
          N
          N
        
      
      
        AIA Group Ltd
        ZP5ILWVSYE4LJGMMVD57
        AIA Group Ltd.
        000000000
        
          
        
        32520.00000000
        NS
        
        340465.97000000
        1.384001022863
        Long
        EC
        CORP
        HK
        N
        
        2
        
          N
          N
          N
        
      
      
        Tencent Holdings Ltd
        254900N4SLUMW4XUYY11
        Tencent Holdings Ltd.
        000000000
        
          
        
        11232.00000000
        NS
        
        529873.95000000
        2.153948275031
        Long
        EC
        CORP
        KY
        
        N
        
        2
        
          N
          N
          N
        
      
      
        Ryanair Holdings PLC
        635400BR2ROC1FVEBQ56
        Ryanair Holdings PLC
        783513203
        
          
        
        2739.00000000
        NS
        USD
        238621.68000000
        0.970001933518
        Long
        EC
        CORP
        IE
        N
        
        1
        
          N
          N
          N
        
      
      
        HDFC Bank Ltd
        335800ZQ6I4E2JXENC50
        HDFC Bank Ltd.
        40415F101
        
          
        
        8186.00000000
        NS
        USD
        502047.38000000
        2.040832707732
        Long
        EC
        CORP
        IN
        N
        
        1
        
          N
          N
          N
        
      
      
        Credit Suisse Group AG
        549300506SI9CRFV9Z86
        Credit Suisse Group AG
        000000000
        
          
        
        43825.00000000
        NS
        
        345784.16000000
        1.405619572287
        Long
        EC
        CORP
        CH
        N
        
        2
        
          N
          N
          N
        
      
    
    
      2022-04-22
      ULTRA SERIES FUND
      Greg Hoppe
      Greg Hoppe
      Chief Financial Officer
    
  
  XXXX



Ultra Series Fund | March 31, 2022
Conservative Allocation Fund Portfolio of Investments (unaudited)

SharesValue (Note 1,3)
INVESTMENT COMPANIES - 95.4%
Alternative Funds - 1.2%
Invesco Optimum Yield Diversified Commodity Strategy94,741$1,671,231
Bond Funds - 62.0%
Baird Aggregate Bond Fund Institutional Shares266,5602,825,540
iShares 20+ Year Treasury Bond ETF92,80212,257,288
Janus Henderson Mortgage-Backed Securities ETF170,5708,514,002
Madison Core Bond Fund Class R6 (A)3,754,00036,188,565
Schwab Intermediate-Term U.S. Treasury ETF282,70915,054,254
Vanguard Short-Term Corporate Bond ETF (B)164,01312,807,775
87,647,424
Foreign Stock Funds - 6.0%
iShares MSCI International Quality Factor ETF47,9041,766,221
iShares MSCI United Kingdom ETF21,327717,440
Vanguard FTSE All-World ex-U.S. ETF104,2476,003,585
8,487,246
Stock Funds - 26.2%
Invesco S&P 500 Quality ETF99,1984,950,972
iShares Core S&P Small-Cap ETF32,8673,545,692
iShares Core S&P U.S. Growth ETF20,1442,128,415
Madison Dividend Income Fund Class R6 (A)139,1774,494,040
Madison Investors Fund Class R6 (A)352,1999,361,460
Schwab U.S. Dividend Equity ETF45,0193,551,549
VanEck Gold Miners ETF74,3422,851,016
Vanguard Information Technology ETF14,8236,173,483
37,056,627
Total Investment Companies
( Cost $131,686,428 )
134,862,528
SHORT-TERM INVESTMENTS - 12.4%
State Street Institutional U.S. Government Money Market Fund, 0.25%, Premier Class (C)8,953,8028,953,802
State Street Navigator Securities Lending Government Money Market Portfolio, 0.25% (C) (D)8,604,0688,604,068
Total Short-Term Investments
( Cost $17,557,870 )
17,557,870
TOTAL INVESTMENTS - 107.8% ( Cost $149,244,298 )
152,420,398
NET OTHER ASSETS AND LIABILITIES - (7.8%)
(11,035,634)
TOTAL NET ASSETS - 100.0%
$141,384,764
(A)Affiliated Company.
(B)All or a portion of these securities, with an aggregate fair value of $8,424,974, are on loan as part of a securities lending program. See footnote (D) and Note 4 for details on the securities lending program.
(C)7-day yield.
(D)Represents investments of cash collateral received in connection with securities lending.
ETFExchange Traded Fund.
FTSEThe Financial Times Stock Exchange.

See accompanying Notes to Portfolios of Investments.
        1

Ultra Series Fund | March 31, 2022
Moderate Allocation Fund Portfolio of Investments (unaudited)

SharesValue (Note 1,3)
INVESTMENT COMPANIES - 93.8%
Alternative Funds - 1.8%
Invesco Optimum Yield Diversified Commodity Strategy149,771$2,641,960
Bond Funds - 35.3%
iShares 20+ Year Treasury Bond ETF63,7398,418,647
Janus Henderson Mortgage-Backed Securities ETF90,4394,514,263
Madison Core Bond Fund Class R6 (A)2,592,99724,996,490
Schwab Intermediate-Term U.S. Treasury ETF141,6017,540,253
Vanguard Short-Term Corporate Bond ETF (B)96,0427,499,920
52,969,573
Foreign Stock Funds - 10.8%
iShares MSCI International Quality Factor ETF91,4123,370,360
iShares MSCI United Kingdom ETF (B)44,6781,502,968
Vanguard FTSE All World ex-U.S. ETF195,34911,250,149
16,123,477
Stock Funds - 45.9%
Invesco S&P 500 Quality ETF150,3177,502,322
iShares Core S&P Small-Cap ETF70,4257,597,449
iShares Core S&P U.S. Growth ETF (B)31,0223,277,785
Madison Dividend Income Fund Class R6 (A)338,30510,923,867
Madison Investors Fund Class R6 (A)637,89616,955,285
Madison Mid Cap Fund Class R6 (A)107,1131,494,230
Schwab U.S. Dividend Equity ETF (B)42,9723,390,061
VanEck Gold Miners ETF145,7985,591,353
Vanguard Information Technology ETF29,07112,107,490
68,839,842
Total Investment Companies
( Cost $127,090,938 )
140,574,852
SHORT-TERM INVESTMENTS - 12.1%
State Street Institutional U.S. Government Money Market Fund, 0.25%, Premier Class (C)8,141,7498,141,749
State Street Navigator Securities Lending Government Money Market Portfolio, 0.25% (C) (D)9,894,2639,894,263
Total Short-Term Investments
( Cost $18,036,012 )
18,036,012
TOTAL INVESTMENTS - 105.9% ( Cost $145,126,950 )
158,610,864
NET OTHER ASSETS AND LIABILITIES - (5.9%)
(8,769,386)
TOTAL NET ASSETS - 100.0%
$149,841,478
(A)Affiliated Company.
(B)All or a portion of these securities, with an aggregate fair value of $9,929,769, are on loan as part of a securities lending program. See footnote (D) and Note 4 for details on the securities lending program.
(C)7-day yield.
(D)Represents investments of cash collateral received in connection with securities lending.
ETFExchange Traded Fund.
FTSEThe Financial Times Stock Exchange.

See accompanying Notes to Portfolios of Investments.
        2

Ultra Series Fund | March 31, 2022
Aggressive Allocation Fund Portfolio of Investments (unaudited)

SharesValue (Note 1,3)
INVESTMENT COMPANIES - 95.4%
Alternative Funds - 2.5%
Invesco Optimum Yield Diversified Commodity Strategy69,381$1,223,881
Bond Funds - 17.3%
iShares 20+ Year Treasury Bond ETF11,4031,506,108
Janus Henderson Mortgage-Backed Securities ETF14,973747,378
Madison Core Bond Fund Class R6 (A)372,9303,595,049
Schwab Intermediate-Term U.S. Treasury ETF (B)23,4431,248,340
Vanguard Short-Term Corporate Bond ETF (B)19,0801,489,957
8,586,832
Foreign Stock Funds - 14.6%
iShares MSCI International Quality Factor ETF45,8041,688,793
iShares MSCI United Kingdom ETF21,684729,450
Vanguard FTSE All World ex-U.S. ETF84,1854,848,214
7,266,457
Stock Funds - 61.0%
Invesco S&P 500 Quality ETF79,3153,958,612
iShares Core S&P Small-Cap ETF30,8303,325,940
iShares Core S&P U.S. Growth ETF (B)20,0272,116,053
Madison Dividend Income Fund Class R6 (A)145,2904,691,417
Madison Investors Fund Class R6 (A)234,7686,240,123
Madison Mid Cap Fund Class R6 (A)44,774624,596
Schwab U.S. Dividend Equity ETF (B)20,3081,602,098
VanEck Gold Miners ETF74,0222,838,744
Vanguard Information Technology ETF (B)11,5844,824,504
30,222,087
Total Investment Companies
( Cost $41,626,025 )
47,299,257
SHORT-TERM INVESTMENTS - 19.1%
State Street Institutional U.S. Government Money Market Fund, 0.25%, Premier Class (C)1,739,1921,739,192
State Street Navigator Securities Lending Government Money Market Portfolio, 0.25% (C) (D)7,716,4287,716,428
Total Short-Term Investments
( Cost $9,455,620 )
9,455,620
TOTAL INVESTMENTS - 114.5% ( Cost $51,081,645 )
56,754,877
NET OTHER ASSETS AND LIABILITIES - (14.5%)
(7,177,604)
TOTAL NET ASSETS - 100.0%
$49,577,273
(A)Affiliated Company.
(B)All or a portion of these securities, with an aggregate fair value of $11,427,171, are on loan as part of a securities lending program. See footnote (D) and Note 4 for details on the securities lending program.
(C)7-day yield.
(D)Represents investments of cash collateral received in connection with securities lending.
ETFExchange Traded Fund.
FTSEThe Financial Times Stock Exchange.

See accompanying Notes to Portfolios of Investments.
        3

Ultra Series Fund | March 31, 2022
Core Bond Fund Portfolio of Investments (unaudited)

Par ValueValue (Note 1,3)
ASSET BACKED SECURITIES - 3.7%
CCG Receivables Trust, Series 2020-1, Class A2 (A), 0.54%, 12/14/27$149,280$147,798
Chesapeake Funding II LLC, Series 2018-3A, Class B (A), 3.62%, 1/15/31100,000100,072
CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 1/15/26225,000227,171
Dell Equipment Finance Trust, Series 2019-2, Class A3 (A), 1.91%, 10/22/24105,615105,731
Donlen Fleet Lease Funding LLC, Series 2021-2, Class A2 (A), 0.56%, 12/11/34391,690384,256
Enterprise Fleet Financing LLC, Series 2019-3, Class A2 (A), 2.06%, 5/20/25154,663154,757
JPMorgan Chase Bank NA, Series 2020-2, Class B (A), 0.84%, 2/25/28119,257117,721
JPMorgan Chase Bank NA, Series 2021-1, Class B (A), 0.875%, 9/25/28157,544154,772
JPMorgan Chase Bank NA, Series 2021-2, Class B (A), 0.889%, 12/26/28184,348180,908
JPMorgan Chase Bank NA, Series 2021-3, Class C (A), 0.86%, 2/26/29340,855330,986
LAD Auto Receivables Trust, Series 2021-1A, Class A (A), 1.3%, 8/17/26383,086375,406
Santander Consumer Auto Receivables Trust, Series 2020-BA, Class A3 (A), 0.46%, 8/15/24124,963124,558
Santander Revolving Auto Loan Trust, Series 2019-A, Class C (A), 3%, 1/26/32300,000295,093
Synchrony Credit Card Master Note Trust, Series 2018-2, Class C, 3.87%, 5/15/26500,000502,757
Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 7/22/24250,000249,373
Wheels SPV LLC, Series 2019-1A, Class A3 (A), 2.35%, 5/22/28200,000200,421
Total Asset Backed Securities
( Cost $3,729,594 )
3,651,780
COLLATERALIZED MORTGAGE OBLIGATIONS - 4.5%
Bunker Hill Loan Depositary Trust, Series 2019-2, Class A1 (A) (B)128,181127,277
CIM Trust, Series 2021-J2, Class A4 (A) (C) (D)323,412310,363
Fannie Mae REMICS, Series 2015-12, Class NI, IO746,40366,215
Fannie Mae REMICS, Series 2011-31, Class DB157,250158,976
Fannie Mae REMICS, Series 2011-36, Class QB235,272241,384
Fannie Mae REMICS, Series 2005-79, Class LT226,358246,449
Fannie Mae REMICS, Series 2020-44, Class TI, IO2,011,917344,170
Fannie Mae REMICS, Series 2016-21, Class BA86,35886,838
Freddie Mac REMICS, Series 4066, Class DI, IO782,85738,451
Freddie Mac STACR REMIC Trust, Series 2021-DNA3, Class M1, (SOFR30A + 0.750%) (A) (D)377,294373,764
Freddie Mac STACR REMIC Trust, Series 2021-DNA5, Class M1, (SOFR30A + 0.650%) (A) (D)22,24322,203
GCAT Trust, Series 2021-NQM1, Class A1 (A) (C) (D)254,297244,078
Government National Mortgage Association, Series 2015-53, Class IL, IO103,1441,961
JPMorgan Mortgage Trust, Series 2019-5, Class A3 (A) (C) (D)30,01330,044
JPMorgan Mortgage Trust, Series 2019-7, Class A3 (A) (C) (D)79,96779,558
JPMorgan Mortgage Trust, Series 2021-1, Class A3 (A) (C) (D)346,318321,530
JPMorgan Mortgage Trust, Series 2021-6, Class A4 (A) (C) (D)421,473404,631
JPMorgan Wealth Management, Series 2020-ATR1, Class A3 (A) (C) (D)161,626158,008
PSMC Trust, Series 2019-2, Class A1 (A) (C) (D)7,7197,708
PSMC Trust, Series 2020-2, Class A2 (A) (C) (D)82,31881,732
PSMC Trust, Series 2021-1, Class A11 (A) (C) (D)194,693186,188
RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (C) (D)314,662300,515
Sequoia Mortgage Trust, Series 2013-7, Class A2 (C) (D)284,569276,029
Towd Point HE Trust, Series 2021-HE1, Class A1 (A) (C) (D)247,214242,786
Wells Fargo Mortgage-Backed Securities Trust, Series 2019-2, Class A1 (A) (C) (D)12,91212,910
Total Collateralized Mortgage Obligations
( Cost $4,776,138 )
4,363,768
See accompanying Notes to Portfolios of Investments.
        4

Ultra Series Fund | March 31, 2022
Core Bond Fund Portfolio of Investments (unaudited)

COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.3%
Fannie Mae-Aces, Series 2017-M15, Class ATS2 (C) (D), 3.161%, 11/25/27236,448237,671
FHLMC Multifamily Structured Pass Through Certificates, Series KJ17, Class A2, 2.982%, 11/25/25211,085210,534
FHLMC Multifamily Structured Pass Through Certificates, Series K059, Class X1, IO (C) (D), 0.308%, 9/25/2611,600,877136,052
FHLMC Multifamily Structured Pass Through Certificates, Series K066, Class A2, 3.117%, 6/25/27650,000661,134
FREMF Mortgage Trust, Series 2015-K721, Class B (A) (C) (D), 3.591%, 11/25/47500,000502,127
FREMF Mortgage Trust, Series 2015-K44, Class B, (A) (D), 3.67%, 1/25/48450,000445,495
GSAMP Trust, Series 2006-S5, Class M5 (D), 7.488% 9/25/364,940,000
Total Commercial Mortgage-Backed Securities
( Cost $2,203,300 )
2,193,013
CORPORATE NOTES AND BONDS - 36.1%
Communication Services - 2.8%
AT&T, Inc., 2.25%, 2/1/32500,000443,502
CCO Holdings LLC / CCO Holdings Capital Corp. (A), 4.75%, 3/1/30200,000191,929
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.908%, 7/23/25400,000415,263
Discovery Communications LLC, 5%, 9/20/37250,000256,821
Expedia Group, Inc., 3.25%, 2/15/30350,000333,581
Magallanes, Inc. (A), 5.141%, 3/15/52175,000179,085
Magallanes, Inc. (A), 5.391%, 3/15/6275,00077,339
T-Mobile USA, Inc., 2.625%, 4/15/26225,000215,590
Verizon Communications, Inc., 3.875%, 2/8/29300,000312,135
Verizon Communications, Inc., 4.4%, 11/1/34300,000319,234
2,744,479
Consumer Discretionary - 3.3%
7-Eleven, Inc. (A), 1.8%, 2/10/31300,000258,423
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (A), 5.5%, 4/20/26200,000201,520
Clarios Global LP / Clarios U.S. Finance Co. (A), 6.25%, 5/15/26
150,000154,313
Hilton Domestic Operating Co., Inc. (A), 5.375%, 5/1/25200,000204,610
Lowe's Cos., Inc., 3%, 10/15/50500,000425,126
Lowe's Cos., Inc., 4.25%, 4/1/52250,000258,740
McDonald's Corp., 2.125%, 3/1/30250,000227,481
McDonald's Corp., 4.875%, 12/9/45400,000445,151
Picasso Finance Sub, Inc. (A), 6.125%, 6/15/25135,000137,194
QVC, Inc., 4.75%, 2/15/27225,000215,437
Southwest Airlines Co., 5.25%, 5/4/25350,000367,948
Tractor Supply Co., 1.75%, 11/1/30200,000171,818
Walgreens Boots Alliance, Inc., 3.45%, 6/1/26176,000177,105
3,244,866
Consumer Staples - 1.7%
General Mills, Inc. (E), 2.875%, 4/15/30200,000192,152
Hormel Foods Corp., 1.8%, 6/11/30200,000179,262
Keurig Dr Pepper, Inc., 3.8%, 5/1/50300,000284,830
Mars, Inc. (A), 3.875%, 4/1/39350,000354,163
Mars, Inc. (A), 2.375%, 7/16/40350,000292,959
Performance Food Group, Inc. (A), 5.5%, 10/15/27150,000149,437
Sysco Corp., 5.95%, 4/1/30199,000230,654
1,683,457
See accompanying Notes to Portfolios of Investments.
        5

Ultra Series Fund | March 31, 2022
Core Bond Fund Portfolio of Investments (unaudited)

Energy - 4.4%
Eastern Gas Transmission & Storage, Inc. (A), 3%, 11/15/29150,000144,444
Energy Transfer LP, 5.25%, 4/15/29300,000320,165
EnLink Midstream Partners LP (E), 5.45%, 6/1/47550,000464,750
Enterprise Products Operating LLC, 3.75%, 2/15/25500,000509,462
Kinder Morgan, Inc., 5.55%, 6/1/45550,000615,465
Marathon Petroleum Corp., 4.7%, 5/1/25275,000286,084
MPLX LP, 4.8%, 2/15/29250,000266,556
MPLX LP, 2.65%, 8/15/30200,000183,230
ONEOK, Inc., 5.85%, 1/15/26100,000107,595
Phillips 66, 2.15%, 12/15/30250,000222,086
Pioneer Natural Resources Co., 2.15%, 1/15/31200,000180,262
Sabine Pass Liquefaction LLC, 4.5%, 5/15/30250,000261,473
Sunoco LP / Sunoco Finance Corp., 6%, 4/15/27150,000152,813
Valero Energy Corp., 4%, 6/1/52100,00093,929
Valero Energy Partners LP, 4.5%, 3/15/28500,000513,016
4,321,330
Financials - 12.8%
Affiliated Managers Group, Inc., 4.25%, 2/15/24250,000256,256
Aflac, Inc., 4.75%, 1/15/49400,000456,575
Air Lease Corp., 1.875%, 8/15/26250,000230,072
Ally Financial, Inc., (5 year CMT + 3.868%) (D), 4.7%, 5/15/26250,000234,064
Bank of America Corp., (5 year CMT + 2.000%) (D), 3.846%, 3/8/37150,000143,668
Bank of New York Mellon Corp., Series I, (5 year CMT + 2.630%) (D), 3.75%, 12/20/26200,000183,500
Belrose Funding Trust (A), 2.33%, 8/15/30200,000175,195
Berkshire Hathaway Finance Corp., 3.85%, 3/15/52225,000229,946
BlackRock, Inc., 2.1%, 2/25/32350,000317,249
Capital One Financial Corp. (5 year CMT + 3.157%) (D), 3.95%, 9/1/26250,000231,875
Capital One Financial Corp., (SOFR + 1.790%) (D), 3.273%, 3/1/30250,000241,574
Cboe Global Markets, Inc., 3.65%, 1/12/27365,000371,964
Charles Schwab Corp. (10 year CMT + 3.079%) (D), 4%, 12/1/30550,000493,966
Citigroup, Inc. (3M USD LIBOR + 1.192%) (D), 4.075%, 4/23/29300,000306,288
Discover Bank, 3.45%, 7/27/2675,00074,662
Empower Finance LP (A), 3.075%, 9/17/51125,000105,776
Fifth Third Bancorp, 2.55%, 5/5/27175,000169,340
GLP Capital LP / GLP Financing, Inc., 3.25%, 1/15/32200,000181,460
Goldman Sachs BDC, Inc., 2.875%, 1/15/26200,000192,660
Goldman Sachs Group, Inc. (SOFR + 0.913%) (D), 1.948%, 10/21/27400,000372,262
Huntington Bancshares, Inc. (5 year CMT + 1.170%) (A) (D), 2.487%, 8/15/36500,000435,101
Huntington National Bank, 3.55%, 10/6/23250,000252,963
Iron Mountain, Inc. (A), 4.5%, 2/15/31125,000115,439
Jefferies Group LLC / Jefferies Group Capital Finance, Inc., 2.625%, 10/15/31250,000225,370
JPMorgan Chase & Co., Series II, (SOFR + 2.745%) (D), 4%, 4/1/25400,000378,000
JPMorgan Chase & Co. (SOFR + 0.695%) (D), 1.04%, 2/4/27400,000366,971
KKR Group Finance Co. VIII LLC (A), 3.5%, 8/25/50250,000217,952
Liberty Mutual Group, Inc. (A), 4.25%, 6/15/23166,000168,640
Liberty Mutual Group, Inc. (A), 4.569%, 2/1/29400,000424,031
Liberty Mutual Group, Inc. (A), 3.95%, 5/15/60150,000136,395
M&T Bank Corp., 3.55%, 7/26/23250,000252,916
MetLife, Inc., (5 year CMT + 3.576%) (D), 3.85%, 9/15/25350,000345,170
Morgan Stanley (SOFR + 1.990%) (D), 2.188%, 4/28/26175,000169,238
Morgan Stanley (SOFR + 0.879%) (D), 1.593%, 5/4/27250,000232,567
See accompanying Notes to Portfolios of Investments.
        6

Ultra Series Fund | March 31, 2022
Core Bond Fund Portfolio of Investments (unaudited)

Morgan Stanley, (SOFR + 1.020%) (D), 1.928%, 4/28/32250,000216,117
NASDAQ, Inc., 1.65%, 1/15/31200,000168,639
Old Republic International Corp., 3.85%, 6/11/51250,000231,866
Omega Healthcare Investors, Inc., 3.375%, 2/1/31225,000206,148
PNC Bank NA, 2.7%, 10/22/29125,000120,109
Prudential Financial, Inc. (5 year CMT + 3.035%) (D), 3.7%, 10/1/50250,000229,100
Public Storage, 1.95%, 11/9/28125,000115,622
Regions Financial Corp., 1.8%, 8/12/28495,000442,778
SBA Communications Corp., 3.875%, 2/15/27250,000243,495
State Street Corp. (SOFR + 1.490%) (D), 3.031%, 11/1/34125,000119,570
STORE Capital Corp., 4.5%, 3/15/28200,000205,370
Teachers Insurance & Annuity Association of America (A), 3.3%, 5/15/50300,000265,449
Truist Bank, 2.25%, 3/11/30325,000297,941
Truist Financial Corp., (SOFR + 0.609%) (D), 1.267%, 3/2/27300,000278,147
Wells Fargo & Co., (SOFR + 2.100%) (D), 2.393%, 6/2/28250,000236,771
Western Union Co., 2.85%, 1/10/25125,000123,688
Weyerhaeuser Co., 3.375%, 3/9/33250,000243,522
12,433,437
Health Care - 2.1%
Baxter International, Inc. (A), 2.272%, 12/1/28300,000278,473
Centene Corp., 2.45%, 7/15/28300,000274,110
Cigna Corp., 4.375%, 10/15/2850,00052,690
Cigna Corp., 4.9%, 12/15/48200,000223,995
CVS Health Corp., 5.125%, 7/20/45250,000282,488
Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.2%, 6/1/30250,000227,182
Viatris, Inc., 2.7%, 6/22/30400,000351,872
Zoetis, Inc., 3%, 9/12/27300,000299,285
1,990,095
Industrials - 4.0%
Ball Corp., 4.875%, 3/15/26250,000260,461
Block, Inc. (A), 2.75%, 6/1/26300,000283,566
Boeing Co., 3.625%, 2/1/31200,000194,696
Boeing Co., 5.805%, 5/1/50350,000403,967
Carlisle Cos., Inc., 3.5%, 12/1/24200,000201,840
Carrier Global Corp., 3.577%, 4/5/50150,000137,182
Otis Worldwide Corp., 2.565%, 2/15/30300,000280,414
Quanta Services, Inc., 2.9%, 10/1/30250,000231,335
Spirit AeroSystems, Inc. (A), 5.5%, 1/15/25175,000175,438
TD SYNNEX Corp. (A), 1.75%, 8/9/26500,000458,554
TD SYNNEX Corp. (A), 2.65%, 8/9/31200,000171,774
Textron, Inc., 2.45%, 3/15/31250,000226,372
TransDigm, Inc. (A), 6.25%, 3/15/26200,000205,625
Vulcan Materials Co., 3.5%, 6/1/30250,000247,984
WRKCo, Inc., 3.9%, 6/1/28450,000451,805
3,931,013
Information Technology - 2.7%
Broadcom, Inc. (A), 3.187%, 11/15/3612,00010,525
Citrix Systems, Inc., 4.5%, 12/1/27105,000107,467
Dell International LLC / EMC Corp., 8.35%, 7/15/4662,00090,570
Dell International LLC / EMC Corp. (A), 3.45%, 12/15/51275,000223,800
Fiserv, Inc., 3.5%, 7/1/29200,000196,893
See accompanying Notes to Portfolios of Investments.
        7

Ultra Series Fund | March 31, 2022
Core Bond Fund Portfolio of Investments (unaudited)

Gartner, Inc. (A), 4.5%, 7/1/28150,000149,969
HP, Inc., 2.65%, 6/17/31400,000357,933
Intuit, Inc., 1.65%, 7/15/30250,000220,603
Lam Research Corp., 1.9%, 6/15/30350,000317,225
Marvell Technology, Inc., 4.2%, 6/22/23400,000406,599
Oracle Corp., 3.95%, 3/25/51400,000349,502
VMware, Inc., 2.2%, 8/15/31250,000220,141
2,651,227
Materials - 0.9%
Arconic Corp. (A), 6%, 5/15/25150,000153,000
DuPont de Nemours, Inc., 4.725%, 11/15/28300,000322,083
LYB International Finance III LLC, 3.625%, 4/1/51400,000361,713
836,796
Utilities - 1.4%
AES Corp., 1.375%, 1/15/26450,000414,299
Berkshire Hathaway Energy Co., 1.65%, 5/15/31200,000174,189
Duke Energy Corp., 3.75%, 9/1/46400,000376,778
Interstate Power & Light Co., 3.5%, 9/30/49225,000204,343
Wisconsin Electric Power Co., 1.7%, 6/15/28250,000226,313
1,395,922
Total Corporate Notes and Bonds
( Cost $36,631,438 )
35,232,622
FOREIGN CORPORATE BONDS - 2.7%
Communication Services - 0.5%
Alibaba Group Holding Ltd., 2.125%, 2/9/31250,000217,292
Vodafone Group PLC, 5%, 5/30/38250,000272,604
489,896
Consumer Discretionary - 0.2%
Carnival Corp. (A), 5.75%, 3/1/27150,000142,901
Financials - 1.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.75%, 1/30/26300,000274,610
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 4.625%, 10/15/27200,000203,798
Avolon Holdings Funding Ltd. (A), 2.125%, 2/21/26300,000274,240
Royal Bank of Canada, 1.15%, 6/10/25375,000354,330
UBS Group AG (5 year CMT + 3.313%) (A) (D), 4.375%, 2/10/31200,000180,500
1,287,478
Health Care - 0.7%
Royalty Pharma PLC, 2.2%, 9/2/30200,000174,883
Royalty Pharma PLC, 3.55%, 9/2/50250,000207,341
STERIS Irish FinCo UnLtd Co., 3.75%, 3/15/51350,000325,416
707,640
Total Foreign Corporate Bonds
( Cost $2,797,920 )
2,627,915
LONG TERM MUNICIPAL BONDS - 2.1%
General - 2.1%
Metropolitan Transportation Authority Revenue, 6.548%, 11/15/311,000,0001,170,092
Washington County Hillsboro School District #1J, General Obligation, 4.355%, 6/30/34800,000835,591
2,005,683
Total Long Term Municipal Bonds
( Cost $2,037,228 )
2,005,683
See accompanying Notes to Portfolios of Investments.
        8

Ultra Series Fund | March 31, 2022
Core Bond Fund Portfolio of Investments (unaudited)

MORTGAGE BACKED SECURITIES - 17.0%
Fannie Mae - 10.6%
3%, 9/1/30 Pool # 890696467,656472,641
3%, 12/1/30 Pool # AL8924192,346193,952
7%, 11/1/31 Pool # 60751514,03215,001
3.5%, 12/1/31 Pool # MA091950,05250,723
6.5%, 3/1/32 Pool # 63137717,59818,897
7%, 5/1/32 Pool # 6445915,1675,307
6.5%, 6/1/32 Pool # 545691116,537127,076
3.5%, 8/1/32 Pool # MA309856,14657,692
5.5%, 11/1/33 Pool # 555880154,400167,579
4%, 2/1/35 Pool # MA2177531,816554,068
5%, 8/1/35 Pool # 829670179,192192,144
5%, 9/1/35 Pool # 835699221,084235,097
5%, 9/1/35 Pool # 820347273,537296,676
3.5%, 12/1/35 Pool # MA2473294,084297,994
5%, 12/1/35 Pool # 85056166,34971,621
4%, 6/1/36 Pool # AL8618140,757146,231
5.5%, 10/1/36 Pool # 90172374,18178,985
6.5%, 10/1/36 Pool # 894118228,026245,936
6%, 11/1/36 Pool # 902510230,577257,412
6%, 10/1/37 Pool # 947563238,563266,414
6.5%, 8/1/38 Pool # 987711286,507321,844
3%, 11/1/39 Pool # MA383161,35160,670
4%, 1/1/41 Pool # AB2080521,301545,845
2.5%, 5/1/41 Pool # MA4334454,685440,112
4.5%, 7/1/41 Pool # AB3274218,812233,065
5.5%, 7/1/41 Pool # AL6588470,396515,058
4%, 9/1/41 Pool # AJ1406257,707269,140
3.5%, 6/1/42 Pool # AO4136525,676535,702
4%, 6/1/42 Pool # MA1087146,688153,619
3.5%, 8/1/42 Pool # AP2133243,415248,057
3.5%, 9/1/42 Pool # AB6228471,972481,749
4%, 10/1/42 Pool # AP7363356,805373,090
3.5%, 3/1/43 Pool # AT0310329,882336,733
4%, 1/1/45 Pool # AS425772,54575,764
4.5%, 2/1/45 Pool # MA2193270,427286,685
3.5%, 11/1/45 Pool # BA4907156,936159,601
3.5%, 12/1/45 Pool # AS6309121,974124,344
4.5%, 10/1/46 Pool # MA278332,46334,113
4%, 12/1/46 Pool # BD2379111,408115,181
3%, 1/1/47 Pool # BE0108257,757256,426
2.5%, 12/1/47 Pool # FM3165526,219506,045
4%, 7/1/48 Pool # MA3415138,243141,514
4%, 11/1/50 Pool # FM5530359,917368,080
10,333,883
Freddie Mac - 6.4%
4.5%, 2/1/25 Pool # J1172234,63035,774
4.5%, 5/1/25 Pool # J1224769,18471,664
8%, 6/1/30 Pool # C010056,5647,291
7%, 3/1/31 Pool # C4812933,33333,643
See accompanying Notes to Portfolios of Investments.
        9

Ultra Series Fund | March 31, 2022
Core Bond Fund Portfolio of Investments (unaudited)

2.5%, 2/1/32 Pool # ZS8641124,348123,108
5.5%, 11/1/34 Pool # A28282226,118242,467
2.5%, 6/1/35 Pool # RC1421209,006207,030
5.5%, 1/1/37 Pool # G0459398,161107,554
2%, 3/1/41 Pool # RB5105439,206412,364
4%, 10/1/41 Pool # Q04092255,775267,369
3%, 9/1/42 Pool # C04233677,033677,610
3%, 4/1/43 Pool # V80026848,261848,461
3%, 4/1/43 Pool # V80025856,718853,194
3.5%, 8/1/44 Pool # Q27927242,016247,208
3%, 7/1/45 Pool # G08653283,958283,065
3.5%, 8/1/45 Pool # Q35614389,089396,443
3%, 10/1/46 Pool # G60722448,174446,161
4%, 3/1/47 Pool # Q46801130,922135,082
3.5%, 12/1/47 Pool # Q52955165,016167,439
2.5%, 4/1/48 Pool # QA2240420,980404,868
3%, 7/1/49 Pool # QA1033234,627230,678
6,198,473
Ginnie Mae - 0.0%
6.5%, 2/20/29 Pool # 271421,98623,680
6.5%, 4/20/31 Pool # 306815,84817,270
40,950
Total Mortgage Backed Securities
( Cost $16,682,634 )
16,573,306
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 29.2%
U.S. Treasury Bonds - 9.9%
6.625%, 2/15/272,000,0002,380,000
4.500%, 5/15/382,000,0002,565,547
3.750%, 8/15/41750,000882,832
3.000%, 5/15/45750,000798,633
2.500%, 5/15/46500,000490,859
3.375%, 11/15/48500,000585,898
1.250%, 5/15/501,500,0001,121,016
1.875%, 2/15/511,000,000874,219
9,699,004
U.S. Treasury Notes - 19.3%
2.250%, 11/15/253,000,0002,972,930
0.375%, 1/31/261,750,0001,614,580
1.500%, 8/15/262,750,0002,638,926
2.375%, 5/15/272,000,0001,993,750
2.875%, 5/15/283,000,0003,073,359
2.625%, 2/15/292,250,0002,279,619
0.625%, 8/15/302,250,0001,956,006
1.375%, 11/15/312,500,0002,294,922
18,824,092
Total U.S. Government and Agency Obligations
( Cost $28,601,616 )
28,523,096
See accompanying Notes to Portfolios of Investments.
        10

Ultra Series Fund | March 31, 2022
Core Bond Fund Portfolio of Investments (unaudited)

Shares
SHORT-TERM INVESTMENTS - 3.5%
State Street Institutional U.S. Government Money Market Fund, 0.25%, Premier Class (F)709,857709,857
State Street Navigator Securities Lending Government Money Market Portfolio, 0.25% (F) (G)2,725,1902,725,190
Total Short-Term Investments
( Cost $3,435,047 )
3,435,047
TOTAL INVESTMENTS - 101.1% ( Cost $100,894,915 )
98,606,230
NET OTHER ASSETS AND LIABILITIES - (1.1%)
(1,055,044)
TOTAL NET ASSETS - 100.0%
$97,551,186
(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 March 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 period end.
(D)Floating rate or variable rate note. Rate shown is as of March 31, 2022.
(E)All or a portion of these securities, with an aggregate fair value of $2,674,747, are on loan as part of a securities lending program. See footnote (G) and Note 4 for details on the securities lending program.
(F)7-day yield.
(G)Represents investments of cash collateral received in connection with securities lending.
CMTConstant Maturity Treasury.
DACDesignated Activity Company.
FHLMCFederal Home Loan Mortgage Corp or Freddie Mac
FREMFFreddie Mac Multifamily.
IOInterest Only.
PLCPublic Limited Company.
REMICReal Estate Mortgage Investment Conduit.
LIBORLondon Interbank Offered Rate.
LLCLimited Liability Company.
PLCPublic Limited Company.
REMICReal Estate Mortgage Investment Conduit.
SOFRSecured Overnight Financing Rate
STACRStructured Agency Credit Risk.
USDUnited States Dollar

See accompanying Notes to Portfolios of Investments.
        11

Ultra Series Fund | March 31, 2022
High Income Fund Portfolio of Investments (unaudited)

Par ValueValue (Note 1,3)
CORPORATE NOTES AND BONDS - 84.6%
Communication Services - 14.0%
Advantage Sales & Marketing, Inc. (A), 6.5%, 11/15/28$150,000$141,965
Cars.com, Inc. (A), 6.375%, 11/1/28150,000148,930
CCO Holdings LLC / CCO Holdings Capital Corp. (A), 4.75%, 3/1/30145,000139,149
Diamond Sports Group LLC / Diamond Sports Finance Co., 5.375%, 8/15/26125,00048,438
Frontier Communications Holdings LLC (A), 5%, 5/1/28225,000216,000
Hughes Satellite Systems Corp., 5.25%, 8/1/26225,000228,937
Lamar Media Corp., 4.875%, 1/15/29180,000178,650
Level 3 Financing, Inc. (A), 4.25%, 7/1/28180,000165,241
Millennium Escrow Corp. (A), 6.625%, 8/1/26225,000213,624
Netflix, Inc., 6.375%, 5/15/29100,000113,078
Outfront Media Capital LLC / Outfront Media Capital Corp. (A), 4.25%, 1/15/29125,000116,281
Sprint Corp., 7.125%, 6/15/24275,000294,951
Viasat, Inc. (A) (B), 6.5%, 7/15/28150,000144,000
2,149,244
Consumer Discretionary - 12.9%
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (A), 5.5%, 4/20/26300,000302,280
Delta Air Lines, Inc., 7.375%, 1/15/26125,000135,748
Genting New York LLC / GENNY Capital, Inc. (A) (B), 3.3%, 2/15/26200,000189,388
Murphy Oil USA, Inc., 5.625%, 5/1/27400,000406,500
Picasso Finance Sub, Inc. (A), 6.125%, 6/15/25175,000177,844
QVC, Inc., 4.375%, 9/1/28160,000145,980
Scientific Games International, Inc. (A), 5%, 10/15/25275,000281,875
United Airlines, Inc. (A), 4.375%, 4/15/26125,000123,047
Vail Resorts, Inc. (A), 6.25%, 5/15/25200,000206,576
1,969,238
Consumer Staples - 6.2%
B&G Foods, Inc. (B), 5.25%, 9/15/27220,000209,550
Edgewell Personal Care Co. (A), 5.5%, 6/1/28125,000124,786
Lamb Weston Holdings, Inc. (A), 4.875%, 5/15/28125,000125,000
Lamb Weston Holdings, Inc. (A), 4.125%, 1/31/30100,00093,383
Performance Food Group, Inc. (A), 5.5%, 10/15/27215,000214,194
U.S. Foods, Inc. (A), 6.25%, 4/15/25175,000179,812
946,725
Energy - 3.4%
Berry Petroleum Co. LLC (A), 7%, 2/15/26125,000123,438
Buckeye Partners LP (A), 4.125%, 3/1/25150,000147,750
Sunoco LP / Sunoco Finance Corp., 6%, 4/15/27150,000152,812
Sunoco LP / Sunoco Finance Corp. (A), 4.5%, 4/30/30
110,000101,512
525,512
Financials - 23.4%
Alliance Data Systems Corp. (A), 4.75%, 12/15/24500,000491,570
Credit Acceptance Corp. (A), 5.125%, 12/31/24200,000200,718
Diversified Healthcare Trust, 9.75%, 6/15/25150,000157,875
Enact Holdings, Inc. (A), 6.5%, 8/15/25250,000257,912
Home Point Capital, Inc. (A) (B), 5%, 2/1/26130,000106,510
See accompanying Notes to Portfolios of Investments.
        12

Ultra Series Fund | March 31, 2022
High Income Fund Portfolio of Investments (unaudited)

Iron Mountain, Inc. (A) (B), 4.875%, 9/15/27250,000247,263
Iron Mountain, Inc. (A), 5.25%, 7/15/30135,000132,300
Jefferies Finance LLC / JFIN Co-Issuer Corp. (A), 5%, 8/15/28200,000191,496
LPL Holdings, Inc. (A), 4%, 3/15/29100,00094,898
MGIC Investment Corp., 5.25%, 8/15/28200,000197,582
MPT Operating Partnership LP / MPT Finance Corp., 5%, 10/15/27400,000406,750
MPT Operating Partnership LP / MPT Finance Corp., 3.5%, 3/15/31150,000139,307
NFP Corp. (A), 6.875%, 8/15/28125,000119,063
OneMain Finance Corp., 3.875%, 9/15/28195,000176,473
RHP Hotel Properties LP / RHP Finance Corp. (A), 4.5%, 2/15/29115,000108,100
RLJ Lodging Trust LP (A), 3.75%, 7/1/26150,000142,500
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (A), 3.875%, 3/1/31200,000180,000
SBA Communications Corp., 3.875%, 2/15/27235,000228,885
3,579,202
Health Care - 3.6%
AdaptHealth LLC (A), 4.625%, 8/1/2950,00045,250
HCA, Inc., 5.875%, 2/15/26250,000264,375
Legacy LifePoint Health LLC (A), 6.75%, 4/15/25150,000154,500
Mozart Debt Merger Sub, Inc. (A), 3.875%, 4/1/2990,00083,138
547,263
Industrials - 16.6%
ADT Security Corp., 4.125%, 6/15/23225,000227,450
Brink's Co. (A), 5.5%, 7/15/25125,000125,979
Energizer Holdings, Inc. (A), 4.75%, 6/15/28190,000172,738
EnerSys (A), 4.375%, 12/15/27125,000119,688
Madison IAQ LLC (A) (B), 4.125%, 6/30/28200,000184,500
Roller Bearing Co. of America, Inc. (A), 4.375%, 10/15/2990,00083,925
RR Donnelley & Sons Co. (A), 6.125%, 11/1/26300,000307,500
Sealed Air Corp. (A), 5.125%, 12/1/24300,000311,419
Spirit AeroSystems, Inc. (A), 5.5%, 1/15/25250,000250,625
Spirit AeroSystems, Inc. (A), 7.5%, 4/15/25250,000259,014
TransDigm, Inc. (A), 6.25%, 3/15/26275,000282,734
Waste Pro USA, Inc. (A), 5.5%, 2/15/26225,000210,375
2,535,947
Information Technology - 2.0%
Pitney Bowes, Inc. (A) (B), 6.875%, 3/15/27210,000197,400
Playtika Holding Corp. (A), 4.25%, 3/15/29110,000101,475
298,875
Materials - 1.1%
Arconic Corp. (A), 6.125%, 2/15/28175,000175,589
Utilities - 1.4%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.875%, 8/20/26100,00099,914
Calpine Corp. (A), 3.75%, 3/1/31135,000120,850
220,764
Total Corporate Notes and Bonds
( Cost $13,377,282 )
12,948,359
FOREIGN CORPORATE BONDS - 8.6%
Communication Service - 0.6%
Telesat Canada / Telesat LLC (A), 6.5%, 10/15/27175,00087,195
See accompanying Notes to Portfolios of Investments.
        13

Ultra Series Fund | March 31, 2022
High Income Fund Portfolio of Investments (unaudited)

Consumer Discretionary - 5.4%
Carnival Corp. (A), 5.75%, 3/1/27200,000190,534
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. (A), 5.75%, 1/20/26175,000175,100
International Game Technology PLC (A), 4.125%, 4/15/26250,000246,721
Royal Caribbean Cruises Ltd. (A), 9.125%, 6/15/23200,000208,250
820,605
Health Care - 2.6%
Mallinckrodt International Finance SA / Mallinckrodt CB LLC (A) (C), 10%, 4/15/25425,000401,625
Total Foreign Corporate Bonds
( Cost $1,463,518 )
1,309,425
Shares
EXCHANGE TRADED FUNDS - 3.2%
Bond Funds - 3.2%
iShares iBoxx High Yield Corporate Bond ETF (B)5,900485,511
Total Exchange Traded Funds
( Cost $508,729 )
485,511
SHORT-TERM INVESTMENTS - 13.5%
State Street Institutional U.S. Government Money Market Fund, 0.25%, Premier Class (D)371,526371,526
State Street Navigator Securities Lending Government Money Market Portfolio, 0.25% (D) (E)1,697,1991,697,199
Total Short-Term Investments
( Cost $2,068,725 )
2,068,725
TOTAL INVESTMENTS - 109.9% ( Cost $17,418,254 )
16,812,020
NET OTHER ASSETS AND LIABILITIES - (9.9%)
(1,512,594)
TOTAL NET ASSETS - 100.0%
$15,299,426
(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 $1,662,746, are on loan as part of a securities lending program. See footnote (E) and Note 4 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.
ETFExchange Traded Fund.
LLCLimited Limited Company.
PLCPublic Limited Company.

See accompanying Notes to Portfolios of Investments.
        14

Ultra Series Fund | March 31, 2022
Diversified Income Fund Portfolio of Investments (unaudited)

SharesValue (Note 1,3)
COMMON STOCKS - 68.7%
Communication Services - 3.9%
Comcast Corp., Class A98,300$4,602,406
Verizon Communications, Inc.77,9003,968,226
8,570,632
Consumer Discretionary - 5.3%
Home Depot, Inc.15,9734,781,198
McDonald's Corp.20,1504,982,692
Starbucks Corp.23,3002,119,601
11,883,491
Consumer Staples - 7.2%
Archer-Daniels-Midland Co.45,9504,147,447
Coca-Cola Co.39,7002,461,400
Colgate-Palmolive Co.26,0001,971,580
PepsiCo, Inc.24,9504,176,131
Procter & Gamble Co.20,7503,170,600
15,927,158
Energy - 4.1%
Baker Hughes Co.138,1005,028,221
EOG Resources, Inc.33,6004,006,128
9,034,349
Financials - 13.5%
Aflac, Inc.68,3004,397,837
BlackRock, Inc.4,6753,572,495
CME Group, Inc.21,3005,066,418
JPMorgan Chase & Co.26,5003,612,480
Northern Trust Corp.39,6004,611,420
Travelers Cos., Inc.35,8006,541,734
U.S. Bancorp39,1002,078,165
29,880,549
Health Care - 13.2%
AmerisourceBergen Corp.25,2003,898,692
Bristol-Myers Squibb Co.84,3006,156,429
CVS Health Corp.59,4506,016,934
Johnson & Johnson30,2005,352,346
Medtronic PLC36,0003,994,200
Pfizer, Inc.74,1003,836,157
29,254,758
Industrials - 7.6%
Emerson Electric Co.26,3002,578,715
Fastenal Co.55,9003,320,460
Honeywell International, Inc.19,5003,794,310
PACCAR, Inc.46,2004,068,834
Union Pacific Corp.11,2503,073,613
16,835,932
See accompanying Notes to Portfolios of Investments.
        15

Ultra Series Fund | March 31, 2022
Diversified Income Fund Portfolio of Investments (unaudited)

Information Technology - 8.5%
Analog Devices, Inc.10,0001,651,800
Automatic Data Processing, Inc.8,4501,922,713
Cisco Systems, Inc.92,4005,152,224
Oracle Corp.26,9002,225,437
Paychex, Inc.26,3003,589,161
Texas Instruments, Inc.23,0504,229,214
18,770,549
Materials - 1.7%
Nucor Corp.25,4003,775,710
Real Estate - 1.2%
American Tower Corp., REIT11,0002,763,420
Utilities - 2.5%
Dominion Energy, Inc.66,6005,659,002
Total Common Stocks
( Cost $95,330,795 )
152,355,550
ASSET BACKED SECURITIES - 0.9%
CCG Receivables Trust, Series 2020-1, Class A2 (A), 0.54%, 12/14/2749,76049,266
Chesapeake Funding II LLC, Series 2018-3A, Class B (A), 3.62%, 1/15/31100,000100,072
CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 1/15/26130,000131,255
Dell Equipment Finance Trust, Series 2019-2, Class A3 (A), 1.91%, 10/22/2490,52790,627
Donlen Fleet Lease Funding LLC, Series 2021-2, Class A2 (A), 0.56%, 12/11/34174,084170,780
Enterprise Fleet Financing LLC, Series 2019-3, Class A2 (A), 2.06%, 5/20/25154,663154,757
JPMorgan Chase Bank NA, Series 2020-2, Class B (A), 0.84%, 2/25/28119,257117,721
JPMorgan Chase Bank NA, Series 2021-1, Class B (A), 0.875%, 9/25/28157,544154,772
JPMorgan Chase Bank NA, Series 2021-2, Class B (A), 0.889%, 12/26/28184,348180,909
JPMorgan Chase Bank NA, Series 2021-3, Class C (A), 0.86%, 2/26/29215,875209,624
LAD Auto Receivables Trust, Series 2021-1A, Class A (A), 1.3%, 8/17/26191,543187,703
Santander Consumer Auto Receivables Trust, Series 2020-BA, Class A3 (A), 0.46%, 8/15/24124,963124,558
Santander Revolving Auto Loan Trust, Series 2019-A, Class C (A), 3%, 1/26/32200,000196,729
Synchrony Credit Card Master Note Trust, Series 2018-2, Class C, 3.87%, 5/15/26100,000100,551
Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 7/22/24150,000149,624
Wheels SPV LLC, Series 2019-1A, Class A2 (A), 2.3%, 5/22/284,1194,121
Total Asset Backed Securities
( Cost $2,158,236 )
2,123,069
COLLATERALIZED MORTGAGE OBLIGATIONS - 1.6%
CIM Trust, Series 2021-J2, Class A4 (A) (B) (C), 2.5%, 4/25/51152,194146,053
Fannie Mae REMICS, Series 2011-31, Class DB, 3.5%, 4/25/31146,767148,378
Fannie Mae REMICS, Series 2011-36, Class QB, 4%, 5/25/31226,331232,212
Fannie Mae REMICS, Series 2005-79, Class LT, 5.5%, 9/25/35206,552224,885
Fannie Mae REMICS, Series 2020-44, Class TI, IO, 5.5%, 12/25/351,023,607175,104
Fannie Mae REMICS, Series 2016-21, Class BA, 3%, 3/25/4251,81552,103
Flagstar Mortgage Trust, Series 2021-9INV, Class A1 (A) (B) (C), 2.5%, 9/25/41185,430178,931
Freddie Mac REMICS, Series 4037, Class B, 3%, 4/15/27301,228301,672
Freddie Mac STACR REMIC Trust, Series 2021-DNA3, Class M1, (SOFR30A + 0.750%) (A) (C), 0.849%, 10/25/33207,511205,570
See accompanying Notes to Portfolios of Investments.
        16

Ultra Series Fund | March 31, 2022
Diversified Income Fund Portfolio of Investments (unaudited)

Freddie Mac STACR REMIC Trust, Series 2021-DNA5, Class M1, (SOFR30A + 0.650%) (A) (C), 0.749%, 1/25/3413,34613,322
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class A2 (A) (B) (C), 2.5%, 5/25/51182,110168,962
JPMorgan Mortgage Trust, Series 2019-7, Class A3 (A) (B) (C), 3.5%, 2/25/5050,88850,628
JPMorgan Mortgage Trust, Series 2021-1, Class A3 (A) (B) (C), 2.5%, 6/25/51311,686289,377
JPMorgan Mortgage Trust, Series 2021-3, Class A3 (A) (B) (C), 2.5%, 7/25/51114,477106,056
JPMorgan Mortgage Trust, Series 2021-6, Class A4 (A) (B) (C), 2.5%, 10/25/51210,737202,315
JPMorgan Wealth Management, Series 2020-ATR1, Class A3 (A) (B) (C), 3%, 2/25/5048,48847,402
PSMC Trust, Series 2019-2, Class A1 (A) (B) (C), 3.5%, 10/25/494,6314,625
PSMC Trust, Series 2021-1, Class A11 (A) (B) (C), 2.5%, 3/25/51116,816111,713
RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (B) (C), 2.5%, 12/25/51314,662300,515
RCKT Mortgage Trust, Series 2022-1, Class A5 (A) (B) (C), 2.5%, 1/25/52296,172280,930
Sequoia Mortgage Trust, Series 2013-7, Class A2 (B) (C), 3%, 6/25/43159,636154,845
Towd Point HE Trust, Series 2021-HE1, Class A1 (A) (B) (C), 0.918%, 2/25/63123,607121,393
Total Collateralized Mortgage Obligations
( Cost $3,643,408 )
3,516,991
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.5%
FHLMC Multifamily Structured Pass Through Certificates, Series KJ17, Class A2, 2.982%, 11/25/25140,723140,356
FHLMC Multifamily Structured Pass Through Certificates, Series K066, Class A2, 3.117%, 6/25/27300,000305,138
FREMF Mortgage Trust, Series 2015-K721, Class B (A) (B) (C), 3.591%, 11/25/47400,000401,702
FREMF Mortgage Trust, Series 2015-K44, Class B, (A) (B) (C), 3.67%, 1/25/48300,000296,997
GSAMP Trust, Series 2006-S5, Class M5 (C), 7.488% 9/25/362,190,000
Total Commercial Mortgage-Backed Securities
( Cost $1,156,801 )
1,144,193
CORPORATE NOTES AND BONDS - 10.2%
Communication Services - 1.4%
Amazon.com, Inc., 1.65%, 5/12/28400,000373,154
AT&T, Inc., 2.25%, 2/1/32200,000177,401
AT&T, Inc., 4.75%, 5/15/46500,000542,786
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.908%, 7/23/25300,000311,447
Comcast Corp., 4.15%, 10/15/28275,000289,245
Discovery Communications LLC, 5%, 9/20/37300,000308,185
eBay, Inc., 1.9%, 3/11/2550,00048,377
eBay, Inc., 2.6%, 5/10/31250,000229,710
Expedia Group, Inc., 3.25%, 2/15/30250,000238,272
Magallanes, Inc. (A), 5.141%, 3/15/5275,00076,751
Magallanes, Inc. (A), 5.391%, 3/15/6250,00051,560
T-Mobile USA, Inc. (D), 2.625%, 4/15/26100,00095,818
Verizon Communications, Inc., 4.329%, 9/21/28309,000326,558
3,069,264
Consumer Discretionary - 0.6%
7-Eleven, Inc. (A), 1.8%, 2/10/31125,000107,676
Hilton Domestic Operating Co., Inc. (A), 5.375%, 5/1/25100,000102,305
Lowe's Cos., Inc., 3%, 10/15/50300,000255,076
Lowe's Cos., Inc., 4.25%, 4/1/52125,000129,370
McDonald's Corp., 2.125%, 3/1/30100,00090,992
Picasso Finance Sub, Inc. (A), 6.125%, 6/15/2590,00091,463
Southwest Airlines Co., 5.25%, 5/4/2575,00078,846
Southwest Airlines Co., 5.125%, 6/15/27300,000321,177
Tractor Supply Co., 1.75%, 11/1/30125,000107,386
Walgreens Boots Alliance, Inc., 3.45%, 6/1/26123,000123,772
1,408,063
See accompanying Notes to Portfolios of Investments.
        17

Ultra Series Fund | March 31, 2022
Diversified Income Fund Portfolio of Investments (unaudited)

Consumer Staples - 0.4%
Conagra Brands, Inc., 0.5%, 8/11/23250,000242,125
Hormel Foods Corp., 1.8%, 6/11/3075,00067,223
Keurig Dr Pepper, Inc., 3.8%, 5/1/50100,00094,943
Mars, Inc. (A), 3.875%, 4/1/39150,000151,784
Mars, Inc. (A), 2.375%, 7/16/40250,000209,256
Performance Food Group, Inc. (A), 5.5%, 10/15/2750,00049,813
Sysco Corp., 5.95%, 4/1/3083,00096,203
911,347
Energy - 1.7%
Energy Transfer LP, 5.25%, 4/15/29100,000106,722
Enterprise Products Operating LLC, 3.75%, 2/15/25250,000254,731
Exxon Mobil Corp., 4.114%, 3/1/46375,000404,548
Kinder Morgan, Inc., 5.55%, 6/1/45250,000279,757
Marathon Petroleum Corp., 4.7%, 5/1/25125,000130,038
MPLX LP, 4.8%, 2/15/29150,000159,934
MPLX LP, 2.65%, 8/15/30100,00091,615
Phillips 66, 2.15%, 12/15/30250,000222,087
Phillips 66, 4.65%, 11/15/34500,000533,691
Pioneer Natural Resources Co., 2.15%, 1/15/31125,000112,664
Sabine Pass Liquefaction LLC, 4.5%, 5/15/30100,000104,589
Schlumberger Holdings Corp. (A), 4%, 12/21/2526,00026,456
Schlumberger Holdings Corp. (A), 3.9%, 5/17/28390,000394,674
Valero Energy Corp., 6.625%, 6/15/37500,000616,059
Valero Energy Corp., 4%, 6/1/5275,00070,446
Valero Energy Partners LP, 4.5%, 3/15/28350,000359,111
3,867,122
Financials - 2.9%
Air Lease Corp., 1.875%, 8/15/26150,000138,043
Bank of America Corp .(SOFR + 0.910%) (C), 1.658%, 3/11/27200,000186,664
Bank of America Corp. (SOFR + 1.060%) (C), 2.087%, 6/14/29100,00091,515
Bank of America Corp., (5 year CMT + 2.000%) (C), 3.846%, 3/8/37100,00095,778
Bank of New York Mellon Corp., Series I, (5 year CMT + 2.630%) (C), 3.75%, 12/20/26200,000183,500
Belrose Funding Trust (A), 2.33%, 8/15/30100,00087,597
Berkshire Hathaway Finance Corp., 3.85%, 3/15/52125,000127,748
BlackRock, Inc., 2.1%, 2/25/32100,00090,643
Brixmor Operating Partnership LP, 3.65%, 6/15/24100,000100,799
Capital One Financial Corp. (5 year CMT + 3.157%) (C) (D), 3.95%, 9/1/26100,00092,750
Capital One Financial Corp., (SOFR + 1.790%) (C), 3.273%, 3/1/30100,00096,630
Cboe Global Markets, Inc., 3.65%, 1/12/27300,000305,724
Charles Schwab Corp. (10 year CMT + 3.079%) (C), 4%, 12/1/30175,000157,171
Empower Finance LP (A), 3.075%, 9/17/5175,00063,466
Fifth Third Bancorp (D), 2.55%, 5/5/27125,000120,957
GLP Capital LP / GLP Financing, Inc., 3.25%, 1/15/32100,00090,730
Goldman Sachs BDC, Inc. (D), 2.875%, 1/15/26100,00096,330
Goldman Sachs Group, Inc. (SOFR + 0.913%) (C), 1.948%, 10/21/27250,000232,663
Healthpeak Properties, Inc., 3.25%, 7/15/26100,00099,975
Huntington Bancshares, Inc. (5 year CMT + 1.170%) (A) (C), 2.487%, 8/15/36300,000261,061
Iron Mountain, Inc. (A), 4.5%, 2/15/31100,00092,351
Jefferies Group LLC / Jefferies Group Capital Finance, Inc., 2.625%, 10/15/31175,000157,759
JPMorgan Chase & Co., Series II, (SOFR + 2.745%) (C) (D), 4%, 4/1/25350,000330,750
See accompanying Notes to Portfolios of Investments.
        18

Ultra Series Fund | March 31, 2022
Diversified Income Fund Portfolio of Investments (unaudited)

JPMorgan Chase & Co. (SOFR + 0.695%) (C), 1.04%, 2/4/27250,000229,357
KKR Group Finance Co. VIII LLC (A), 3.5%, 8/25/50125,000108,976
Liberty Mutual Group, Inc. (A), 3.95%, 5/15/6050,00045,465
Morgan Stanley, 3.875%, 1/27/26200,000204,040
Morgan Stanley, (SOFR + 0.879%) (C), 1.593%, 5/4/27150,000139,540
Morgan Stanley, (SOFR + 1.020%) (C), 1.928%, 4/28/32500,000432,233
NASDAQ, Inc., 1.65%, 1/15/31400,000337,279
Omega Healthcare Investors, Inc., 3.375%, 2/1/31200,000183,243
Prudential Financial, Inc. (5 year CMT + 3.035%) (C), 3.7%, 10/1/50125,000114,550
STORE Capital Corp., 4.5%, 3/15/28200,000205,370
Synchrony Financial, 3.7%, 8/4/26250,000248,975
Teachers Insurance & Annuity Association of America (A), 3.3%, 5/15/50100,00088,483
Truist Bank, 2.25%, 3/11/3050,00045,837
Truist Financial Corp., (SOFR + 0.609%) (C), 1.267%, 3/2/27200,000185,431
Wells Fargo & Co., (SOFR + 2.100%) (C), 2.393%, 6/2/28175,000165,740
Welltower, Inc., 2.05%, 1/15/29150,000136,741
Western Union Co., 2.85%, 1/10/25200,000197,900
Weyerhaeuser Co., 3.375%, 3/9/33100,00097,409
6,467,173
Health Care - 1.0%
Anthem, Inc., 2.375%, 1/15/25200,000197,356
Baxter International, Inc. (A), 2.272%, 12/1/28300,000278,473
Cigna Corp., 4.375%, 10/15/2850,00052,690
Cigna Corp., 4.9%, 12/15/48100,000111,997
CVS Health Corp., 5.125%, 7/20/45400,000451,981
Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.2%, 6/1/3075,00068,155
PerkinElmer, Inc., 0.55%, 9/15/23325,000315,754
UnitedHealth Group, Inc., 3.7%, 8/15/49150,000152,130
Viatris, Inc., 2.7%, 6/22/30200,000175,936
Zoetis, Inc., 3%, 9/12/27225,000224,464
Zoetis, Inc., 3%, 5/15/50175,000154,975
2,183,911
Industrials - 0.9%
Ashtead Capital, Inc. (A), 2.45%, 8/12/31275,000241,654
Block, Inc. (A), 2.75%, 6/1/26200,000189,044
Boeing Co., 2.196%, 2/4/26150,000141,973
Boeing Co., 3.625%, 2/1/31125,000121,685
Boeing Co., 5.805%, 5/1/5075,00086,564
Martin Marietta Materials, Inc., 3.2%, 7/15/51300,000256,190
Quanta Services, Inc., 2.9%, 10/1/30150,000138,801
TD SYNNEX Corp. (A), 2.65%, 8/9/3150,00042,943
Textron, Inc. (D), 2.45%, 3/15/31150,000135,823
TransDigm, Inc. (A), 6.25%, 3/15/26100,000102,813
Vulcan Materials Co., 3.5%, 6/1/30175,000173,589
WRKCo, Inc., 3.9%, 6/1/28175,000175,702
WRKCo, Inc., 3%, 6/15/33100,00093,411
1,900,192
Information Technology - 0.7%
Broadcom, Inc. (A), 3.187%, 11/15/365,0004,385
Citrix Systems, Inc., 4.5%, 12/1/2785,00086,997
Dell International LLC / EMC Corp., 8.35%, 7/15/4644,00064,275
See accompanying Notes to Portfolios of Investments.
        19

Ultra Series Fund | March 31, 2022
Diversified Income Fund Portfolio of Investments (unaudited)

Dell International LLC / EMC Corp. (A), 3.45%, 12/15/51200,000162,764
Gartner, Inc. (A), 4.5%, 7/1/28100,00099,979
HP, Inc., 2.65%, 6/17/31300,000268,450
Intel Corp., 3.734%, 12/8/47435,000434,231
Intuit, Inc., 1.65%, 7/15/30100,00088,241
Oracle Corp., 3.95%, 3/25/51200,000174,751
salesforce.com, Inc., 2.9%, 7/15/51150,000133,105
1,517,178
Materials - 0.3%
DuPont de Nemours, Inc., 4.725%, 11/15/28295,000316,716
EI du Pont de Nemours and Co., 1.7%, 7/15/2550,00047,964
International Flavors & Fragrances, Inc. (A), 1.832%, 10/15/27250,000227,629
592,309
Utilities - 0.3%
AES Corp., 1.375%, 1/15/26250,000230,166
Berkshire Hathaway Energy Co., 1.65%, 5/15/31125,000108,868
Florida Power & Light Co., 2.875%, 12/4/51150,000134,387
Interstate Power & Light Co., 3.5%, 9/30/49150,000136,229
Wisconsin Electric Power Co., 1.7%, 6/15/28100,00090,525
700,175
Total Corporate Notes and Bonds
( Cost $23,276,109 )
22,616,734
FOREIGN CORPORATE BONDS - 0.6%
Communication Service - 0.1%
Thomson Reuters Corp. (D), 4.3%, 11/23/23200,000204,256
Financials - 0.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.75%, 1/30/26200,000183,073
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (D), 4.625%, 10/15/27150,000152,849
Avolon Holdings Funding Ltd. (A), 2.125%, 2/21/26200,000182,827
UBS Group AG (5 year CMT + 3.313%) (A) (C), 4.375%, 2/10/31200,000180,500
699,249
Health Care - 0.2%
Royalty Pharma PLC, 2.2%, 9/2/30200,000174,882
Royalty Pharma PLC, 3.55%, 9/2/50200,000165,873
340,755
Total Foreign Corporate Bonds
( Cost $1,331,136 )
1,244,260
LONG TERM MUNICIPAL BONDS - 0.5%
Metropolitan Transportation Authority Revenue, 6.548%, 11/15/311,000,0001,170,092
University of Massachusetts Building Authority Revenue, 6.573%, 5/1/3970,00070,225
Total Long Term Municipal Bonds
( Cost $1,288,406 )
1,240,317
MORTGAGE BACKED SECURITIES - 4.4%
Fannie Mae - 2.8%
3%, 9/1/30 Pool # 890696221,521223,883
3%, 12/1/30 Pool # AL8924153,877155,161
7%, 11/1/31 Pool # 60751514,03215,001
3.5%, 12/1/31 Pool # MA091962,56563,404
See accompanying Notes to Portfolios of Investments.
        20

Ultra Series Fund | March 31, 2022
Diversified Income Fund Portfolio of Investments (unaudited)

7%, 5/1/32 Pool # 6445912,8412,917
3.5%, 8/1/32 Pool # MA309856,14657,692
5.5%, 10/1/33 Pool # 25490465,34971,589
5.5%, 11/1/33 Pool # 555880154,400167,579
5%, 5/1/34 Pool # 780890200,565216,992
4%, 2/1/35 Pool # MA2177255,681266,379
5%, 9/1/35 Pool # 83569992,54398,409
5%, 9/1/35 Pool # 820347111,796121,253
5%, 12/1/35 Pool # 85056127,75629,961
5.5%, 9/1/36 Pool # 831820149,827162,310
5.5%, 10/1/36 Pool # 90172327,81829,619
5.5%, 12/1/36 Pool # 903059135,333145,620
4%, 1/1/41 Pool # AB2080231,690242,598
2.5%, 5/1/41 Pool # MA4334227,343220,056
4.5%, 7/1/41 Pool # AB327468,97373,466
5.5%, 7/1/41 Pool # AL6588271,382297,149
4%, 9/1/41 Pool # AJ1406114,537119,618
4%, 10/1/41 Pool # AJ4046234,439247,136
1.099%, 12/25/41 Pool # AL6778, (SOFR30A + 1.000%) (A) (C),266,122263,428
3.5%, 6/1/42 Pool # AO4134201,451205,302
3.5%, 6/1/42 Pool # AO4136197,129200,888
3.5%, 8/1/42 Pool # AP2133202,846206,714
4%, 10/1/42 Pool # AP7363187,792196,363
3%, 2/1/43 Pool # AL3072379,317379,379
3%, 2/1/43 Pool # AB8486347,175347,089
3.5%, 3/1/43 Pool # AT0310209,925214,284
4%, 1/1/45 Pool # AS425752,39454,718
4.5%, 2/1/45 Pool # MA2193152,714161,895
3.5%, 4/1/45 Pool # MA2229147,021149,893
3.5%, 11/1/45 Pool # BA4907156,936159,601
3.5%, 12/1/45 Pool # AS630945,74046,629
2.5%, 12/1/47 Pool # FM3165131,555126,511
4%, 7/1/48 Pool # MA3415103,683106,136
4%, 11/1/50 Pool # FM5530239,944245,387
6,092,009
Freddie Mac - 1.6%
4.5%, 2/1/25 Pool # J1172220,77821,464
4.5%, 5/1/25 Pool # J1224719,45820,155
8%, 6/1/30 Pool # C010055,2525,833
6.5%, 1/1/32 Pool # C6233351,55855,405
2.5%, 6/1/35 Pool # RC1421182,880181,152
3.5%, 11/1/40 Pool # G0616891,90793,880
2%, 3/1/41 Pool # RB5105439,206412,364
2.5%, 6/1/41 Pool # SC0151235,242228,502
4.5%, 9/1/41 Pool # Q03516178,313189,706
4%, 10/1/41 Pool # Q04092255,775267,368
3%, 9/1/42 Pool # C04233216,650216,835
3%, 4/1/43 Pool # V80026339,304339,385
3%, 4/1/43 Pool # V80025342,687341,278
3%, 7/1/45 Pool # G08653170,375169,839
3.5%, 8/1/45 Pool # Q35614259,393264,295
3%, 10/1/46 Pool # G60722247,926246,813
4%, 3/1/47 Pool # Q46801104,737108,066
See accompanying Notes to Portfolios of Investments.
        21

Ultra Series Fund | March 31, 2022
Diversified Income Fund Portfolio of Investments (unaudited)

2.5%, 4/1/48 Pool # QA2240315,735303,651
3%, 7/1/49 Pool # QA1033152,508149,941
3,615,932
Ginnie Mae - 0.0%
Ginnie Mae 6.5% 4/30/2031, Pool # 306813,05114,223
Total Mortgage Backed Securities
( Cost $9,824,264 )
9,722,164
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 8.9%
U.S. Treasury Bonds - 3.0%
6.625%, 2/15/271,500,0001,785,000
2.250%, 5/15/411,250,0001,181,885
3.000%, 5/15/42750,000795,498
2.500%, 2/15/45750,000732,422
2.500%, 5/15/46500,000490,860
2.250%, 8/15/46500,000468,613
3.000%, 5/15/47200,000216,078
1.250%, 5/15/50750,000560,508
1.875%, 2/15/51500,000437,109
6,667,973
U.S. Treasury Notes - 5.9%
2.250%, 12/31/241,000,000994,180
2.250%, 11/15/252,500,0002,477,441
1.500%, 8/15/262,500,0002,399,023
2.375%, 5/15/271,000,000996,875
0.375%, 9/30/271,500,0001,340,801
2.875%, 5/15/281,500,0001,536,680
2.625%, 2/15/291,000,0001,013,164
0.625%, 8/15/301,500,0001,304,004
1.375%, 11/15/311,025,000940,918
13,003,086
Total U.S. Government and Agency Obligations
( Cost $20,407,324 )
19,671,059
Shares
SHORT-TERM INVESTMENTS - 3.9%
State Street Institutional U.S. Government Money Market Fund, 0.25%, Premier Class (E)7,668,7817,668,781
State Street Navigator Securities Lending Government Money Market Portfolio, 0.25% (E) (F)1,085,2681,085,268
Total Short-Term Investments
( Cost $8,754,049 )
8,754,049
TOTAL INVESTMENTS - 100.2% ( Cost $167,170,528 )
222,388,386
NET OTHER ASSETS AND LIABILITIES - (0.2%)
(541,971)
TOTAL NET ASSETS - 100.0%
$221,846,415
(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 period end.
(C)Floating rate or variable rate note. Rate shown is as of March 31, 2022.
(D)All or a portion of these securities, with an aggregate fair value of $1,064,538, are on loan as part of a securities lending program. See footnote (F) and Note 4 for details on the securities lending program.
(E)7-day yield.
See accompanying Notes to Portfolios of Investments.
        22

Ultra Series Fund | March 31, 2022
Diversified Income Fund Portfolio of Investments (unaudited)

(F)Represents investments of cash collateral received in connection with securities lending.
CMTConstant Maturity Treasury.
DACDesignated Activity Company.
FHLMCFederal Home Loan Mortgage Corp or Freddie Mac.
FREMFFreddie Mac Multifamily.
IOInterest Only.
LIBORLondon Interbank Offered Rate.
LLCLimited Liability Company.
PLCPublic Limited Company.
REITReal Estate Investment Trust.
REMICReal Estate Mortgage Investment Conduit.
SOFRSecured Overnight Financing Rate.
STACRStructured Agency Credit Risk.

See accompanying Notes to Portfolios of Investments.
        23

Ultra Series Fund | March 31, 2022
Large Cap Value Fund Portfolio of Investments (unaudited)

SharesValue (Note 1,3)
COMMON STOCKS - 98.9%
Communication Services - 5.7%
Comcast Corp., Class A150,000$7,023,000
Verizon Communications, Inc.124,5006,342,030
13,365,030
Consumer Discretionary - 7.5%
Home Depot, Inc.23,2006,944,456
McDonald's Corp.30,5007,542,040
Starbucks Corp.35,5003,229,435
17,715,931
Consumer Staples - 10.5%
Archer-Daniels-Midland Co.70,5006,363,330
Coca-Cola Co.63,5003,937,000
Colgate-Palmolive Co.38,0002,881,540
PepsiCo, Inc.39,0006,527,820
Procter & Gamble Co.33,0005,042,400
24,752,090
Energy - 6.1%
Baker Hughes Co.220,0008,010,200
EOG Resources, Inc.53,0006,319,190
14,329,390
Financials - 19.1%
Aflac, Inc.100,0006,439,000
BlackRock, Inc.7,1005,425,607
CME Group, Inc.31,5007,492,590
JPMorgan Chase & Co.40,5005,520,960
Northern Trust Corp.60,0006,987,000
Travelers Cos., Inc.54,0009,867,420
U.S. Bancorp62,0003,295,300
45,027,877
Health Care - 18.9%
AmerisourceBergen Corp.38,0005,878,980
Bristol-Myers Squibb Co.131,5009,603,445
CVS Health Corp.89,0009,007,690
Johnson & Johnson47,5008,418,425
Medtronic PLC55,0006,102,250
Pfizer, Inc.110,0005,694,700
44,705,490
Industrials - 10.9%
Emerson Electric Co.41,5004,069,075
Fastenal Co.86,0005,108,400
Honeywell International, Inc.28,0005,448,240
PACCAR, Inc.70,5006,208,935
Union Pacific Corp.17,5004,781,175
25,615,825
See accompanying Notes to Portfolios of Investments.
        24

Ultra Series Fund | March 31, 2022
Large Cap Value Fund Portfolio of Investments (unaudited)

Information Technology - 12.1%
Analog Devices, Inc.15,0002,477,700
Automatic Data Processing, Inc.13,0002,958,020
Cisco Systems, Inc.141,0007,862,160
Oracle Corp.42,0003,474,660
Paychex, Inc.40,0005,458,800
Texas Instruments, Inc.35,0006,421,800
28,653,140
Materials - 2.7%
Franco-Nevada Corp.4,000638,080
Nucor Corp.39,0005,797,350
6,435,430
Real Estate - 1.8%
American Tower Corp., REIT17,0004,270,740
Utilities - 3.6%
Dominion Energy, Inc.99,5008,454,515
Total Common Stocks
( Cost $172,029,124 )
233,325,458
SHORT-TERM INVESTMENTS - 1.1%
State Street Institutional U.S. Government Money Market Fund, 0.25%, Premier Class (A)2,743,7382,743,738
Total Short-Term Investments
( Cost $2,743,738 )
2,743,738
TOTAL INVESTMENTS - 100.0% ( Cost $174,772,862 )
236,069,196
NET OTHER ASSETS AND LIABILITIES - (0.0%)
(87,167)
TOTAL NET ASSETS - 100.0%
$235,982,029
(A)7-day yield.
PLCPublic Limited Company.
REITReal Estate Investment Trust.

See accompanying Notes to Portfolios of Investments.
        25

Ultra Series Fund | March 31, 2022
Large Cap Growth Fund Portfolio of Investments (unaudited)

SharesValue (Note 1,3)
COMMON STOCKS - 94.0%
Communication Services - 9.0%
Alphabet, Inc., Class C *3,935$10,990,415
Liberty Broadband Corp., Class C *56,7067,673,456
18,663,871
Consumer Discretionary - 15.7%
Amazon.com, Inc. *2,4537,996,657
Dollar Tree, Inc. *61,9349,918,730
Lowe's Cos., Inc.43,7358,842,780
TJX Cos., Inc.96,6565,855,421
32,613,588
Financials - 22.1%
Arch Capital Group Ltd. *156,3197,568,966
Berkshire Hathaway, Inc., Class B *25,5559,018,615
Brookfield Asset Management, Inc., Class A147,3968,338,192
Marsh & McLennan Cos., Inc.45,9547,831,481
Progressive Corp.56,9616,492,984
U.S. Bancorp128,6066,835,409
46,085,647
Health Care - 14.3%
Alcon, Inc. (A)82,1836,519,577
Becton Dickinson and Co.36,4869,705,276
Danaher Corp.19,0625,591,457
Novartis AG, ADR90,4437,936,373
29,752,683
Industrials - 12.5%
Copart, Inc. *43,0655,403,366
Jacobs Engineering Group, Inc.58,7368,094,408
PACCAR, Inc.77,9706,866,818
Parker-Hannifin Corp.20,0625,692,793
26,057,385
Information Technology - 20.4%
Accenture PLC, Class A17,7345,980,437
Adobe, Inc. *9,0314,114,704
Analog Devices, Inc.49,1108,111,990
Black Knight, Inc. *58,6653,401,983
Fiserv, Inc. *80,9648,209,750
TE Connectivity Ltd.43,9265,753,427
Visa, Inc., Class A31,6307,014,585
42,586,876
Total Common Stocks
( Cost $115,629,493 )
195,760,050
SHORT-TERM INVESTMENTS - 9.2%
State Street Institutional U.S. Government Money Market Fund, 0.25%, Premier Class (B)12,652,08712,652,087
State Street Navigator Securities Lending Government Money Market Portfolio, 0.25% (B) (C)6,553,7186,553,718
Total Short-Term Investments
( Cost $19,205,805 )
19,205,805
TOTAL INVESTMENTS - 103.2% ( Cost $134,835,298 )
214,965,855
NET OTHER ASSETS AND LIABILITIES - (3.2%)
(6,587,299)
TOTAL NET ASSETS - 100.0%
$208,378,556
See accompanying Notes to Portfolios of Investments.
        26

Ultra Series Fund | March 31, 2022
Large Cap Growth Fund Portfolio of Investments (unaudited)

*Non-income producing.
(A)All or a portion of these securities, with an aggregate fair value of $6,390,732, are on loan as part of a securities lending program. See footnote (C) and Note 4 for details on the securities lending program.
(B)7-day yield.
(C)Represents investments of cash collateral received in connection with securities lending.
ADRAmerican Depositary Receipt.
PLCPublic Limited Company.

See accompanying Notes to Portfolios of Investments.
        27

Ultra Series Fund | March 31, 2022
Mid Cap Fund Portfolio of Investments (unaudited)

SharesValue (Note 1,3)
COMMON STOCKS - 93.6%
Communication Service - 4.9%
Liberty Broadband Corp., Class C *58,636$7,934,624
Consumer Discretionary - 15.4%
CarMax, Inc. *49,1674,743,632
Dollar Tree, Inc. *73,83111,824,035
Ross Stores, Inc.63,4145,736,430
Thor Industries, Inc.34,5382,718,141
25,022,238
Consumer Staples - 0.9%
Brown-Forman Corp., Class B23,3601,565,587
Financials - 31.4%
Capital Markets - 4.2%
Brookfield Asset Management, Inc., Class A92,2905,220,845
Moelis & Co., Class A35,3721,660,716
6,881,561
Commercial Banks - 1.7%
Glacier Bancorp, Inc.54,7382,752,227
Diversified Financial Services - 2.7%
Cannae Holdings, Inc. *180,2214,310,886
Insurance - 22.8%
Arch Capital Group Ltd. *224,88410,888,883
Brown & Brown, Inc.113,6298,211,968
Markel Corp. *4,1276,088,315
Progressive Corp.60,5246,899,131
W R Berkley Corp.75,1585,004,738
37,093,035
51,037,709
Health Care - 4.0%
Laboratory Corp. of America Holdings *24,8086,540,877
Industrials - 16.1%
Armstrong World Industries, Inc.30,5942,753,766
Carlisle Cos., Inc.24,3815,995,775
Clarivate PLC *232,3113,893,532
Copart, Inc. *43,3605,440,379
Expeditors International of Washington, Inc.28,4982,939,854
PACCAR, Inc.58,3825,141,703
26,165,009
Information Technology - 20.9%
Amphenol Corp., Class A64,9174,891,496
Arista Networks, Inc. *43,4786,042,572
Black Knight, Inc. *59,6503,459,104
CDW Corp.31,2285,586,377
Gartner, Inc. *23,2376,912,078
See accompanying Notes to Portfolios of Investments.
        28

Ultra Series Fund | March 31, 2022
Mid Cap Fund Portfolio of Investments (unaudited)

MKS Instruments, Inc.23,5123,526,800
Vontier Corp.140,7553,573,769
33,992,196
Total Common Stocks
( Cost $76,823,897 )
152,258,240
SHORT-TERM INVESTMENTS - 6.7%
State Street Institutional U.S. Government Money Market Fund, 0.25%, Premier Class (A)10,854,14910,854,149
Total Short-Term Investments
( Cost $10,854,149 )
10,854,149
TOTAL INVESTMENTS - 100.3% ( Cost $87,678,046 )
163,112,389
NET OTHER ASSETS AND LIABILITIES - (0.3%)
(413,171)
TOTAL NET ASSETS - 100.0%
$162,699,218
*Non-income producing.
(A)7-day yield.
PLCPublic Limited Company.

See accompanying Notes to Portfolios of Investments.
        29

Ultra Series Fund | March 31, 2022
International Stock Fund Portfolio of Investments (unaudited)

SharesValue (Note 1,3)
COMMON STOCKS - 96.4%
Australia - 3.1%
Macquarie Group Ltd. (A)1,862$280,098
Treasury Wine Estates Ltd. (A)55,341474,037
754,135
Brazil - 4.1%
Itau Unibanco Holding SA, ADR72,208412,308
Pagseguro Digital Ltd., Class A *14,564292,008
XP, Inc., Class A *10,061302,836
1,007,152
Canada - 5.7%
Cameco Corp.18,280531,948
Canadian Pacific Railway Ltd.4,222348,484
Manulife Financial Corp.25,051534,839
1,415,271
China - 5.7%
Alibaba Group Holding Ltd., ADR *3,517382,650
Ping An Insurance Group Co. of China Ltd., Class H (A)69,390489,586
Tencent Holdings Ltd. (A)11,232529,874
1,402,110
Denmark - 1.4%
Genmab AS * (A)966349,944
France - 8.1%
Air Liquide SA (A)2,210386,616
Airbus SE * (A)3,939476,121
EssilorLuxottica SA (A)1,670304,850
Hermes International (A)188266,656
LVMH Moet Hennessy Louis Vuitton SE (A)422300,493
Worldline SA * (A)6,234270,264
2,005,000
Germany - 7.8%
adidas AG (A)1,127263,173
Deutsche Telekom AG (A)17,719330,940
KION Group AG (A)6,113406,522
SAP SE, ADR2,552283,170
Siemens AG (A)2,789386,450
Symrise AG (A)2,085250,310
1,920,565
Hong Kong - 1.4%
AIA Group Ltd. (A)32,520340,466
India - 6.5%
HDFC Bank Ltd., ADR8,186502,047
Infosys Ltd., ADR18,329456,209
Larsen & Toubro Ltd., GDR (A)27,283631,462
1,589,718
Ireland - 2.5%
Kerry Group PLC, Class A (A)3,295368,162
Ryanair Holdings PLC, ADR *2,739238,622
606,784
See accompanying Notes to Portfolios of Investments.
        30

Ultra Series Fund | March 31, 2022
International Stock Fund Portfolio of Investments (unaudited)

Israel - 1.4%
CyberArk Software Ltd. *2,129359,269
Italy - 1.2%
Ferrari NV1,422310,124
Japan - 13.2%
CyberAgent, Inc. (A)20,429253,293
Keyence Corp. (A)500232,464
Murata Manufacturing Co. Ltd. (A)5,493363,118
Nidec Corp. (A)3,400269,368
Seven & I Holdings Co. Ltd. (A)8,000380,642
Shiseido Co. Ltd. (A)6,500329,426
Sony Group Corp. (A)5,297546,709
Toray Industries, Inc. (A) (B)82,353429,229
Toyota Motor Corp. (A)25,000447,838
3,252,087
Mexico - 3.8%
Grupo Mexico SAB de CV, Series B100,307598,866
Wal-Mart de Mexico SAB de CV, ADR7,992327,912
926,778
Netherlands - 3.7%
ASML Holding NV667445,510
NXP Semiconductors NV2,552472,324
917,834
Norway - 1.2%
Norsk Hydro ASA (A)30,185294,129
Singapore - 1.7%
DBS Group Holdings Ltd. (A)15,800415,387
South Korea - 1.1%
LG Household & Health Care Ltd. (A)373262,011
Spain - 1.2%
Grifols SA (A)16,377296,252
Sweden - 1.6%
Telefonaktiebolaget LM Ericsson, Class B (A) (B)42,807391,683
Switzerland - 6.4%
Credit Suisse Group AG (A)43,825345,784
Nestle SA (A)2,340303,781
Partners Group Holding AG (A)197244,746
Roche Holding AG (A)1,050415,249
Sika AG (A)807265,872
1,575,432
Taiwan - 1.5%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR3,465361,261
See accompanying Notes to Portfolios of Investments.
        31

Ultra Series Fund | March 31, 2022
International Stock Fund Portfolio of Investments (unaudited)

United Kingdom - 12.1%
AstraZeneca PLC (A)7,540999,888
Diageo PLC (A)7,685388,425
London Stock Exchange Group PLC (A)3,556371,516
Prudential PLC (A)32,865485,474
Shell PLC (A)26,411724,817
2,970,120
Total Common Stocks
( Cost $25,567,854 )
23,723,512
Short-Term Investments - 5.2%
United States - 5.2%
State Street Institutional U.S. Government Money Market Fund, 0.25%, Premier Class (C)756,331756,331
State Street Navigator Securities Lending Government Money Market Portfolio, 0.25% (C) (D)526,607526,607
Total Short-Term Investments
( Cost $1,282,938 )
1,282,938
TOTAL INVESTMENTS - 101.6% ( Cost $26,850,792 )
25,006,450
NET OTHER ASSETS AND LIABILITIES - (1.6%)
(402,515)
TOTAL NET ASSETS - 100.0%
$24,603,935
*Non-income producing.
(A)Due to events that occurred between the close of the exchange on which this security is traded and that of the New York Stock Exchange, fair value was determined for this security using methods determined in good faith by or at the discretion of the Board of Trustees (see Note 3).
(B)All or a portion of these securities, with an aggregate fair value of $493,553, are on loan as part of a securities lending program. See footnote (D) and Note 4 for details on the securities lending program.
(C)7-day yield.
(D)Represents investments of cash collateral received in connection with securities lending.
ADRAmerican Depositary Receipt.
GDRGlobal Depositary Receipt.
PLCPublic Limited Company.



See accompanying Notes to Portfolios of Investments.
        32

Ultra Series Fund | March 31, 2022
International Stock Fund Portfolio of Investments (unaudited)


OTHER INFORMATION:
Sector Allocation

% of Net Asset
Collateral for Securities on Loan2.1%
Communication Services4.4%
Consumer Discretionary11.4%
Consumer Staples11.5%
Energy5.0%
Financials19.3%
Health Care8.4%
Industrials11.3%
Information Technology16.0%
Materials9.1%
Short-Term Investments3.1%
Net Other Assets and Liabilities(1.6)%
See accompanying Notes to Portfolios of Investments.
        33

Ultra Series Fund | March 31, 2022
Target Retirement 2020 Fund Portfolio of Investments (unaudited)

SharesValue (Note 1,3)
INVESTMENT COMPANIES - 95.1%
Alternative Funds - 2.0%
Invesco Optimum Yield Diversified Commodity Strategy27,107$478,167
Bond Funds - 74.4%
Schwab Intermediate-Term U.S. Treasury ETF (A)296,45915,786,442
Vanguard Extended Duration Treasury ETF7,911962,927
Vanguard Long-Term Corporate Bond ETF10,188954,310
17,703,679
Foreign Stock Funds - 2.0%
iShares MSCI Emerging Markets Minimum Volatility Factor ETF3,866235,942
iShares MSCI Switzerland ETF2,410118,331
JPMorgan BetaBuilders Japan ETF2,512127,459
481,732
Stock Funds - 16.7%
Distillate U.S. Fundamental Stability & Value ETF10,488466,716
First Trust Natural Gas ETF19,405473,288
iShares Gold Strategy ETF *8,120479,239
iShares MSCI Global Metals & Mining Producers ETF2,354120,572
iShares MSCI Minimum Volatility Factor ETF3,050236,588
iShares Nasdaq Biotechnology ETF1,783232,325
Pacer U.S. Cash Cows 100 ETF9,364466,140
VanEck Agribusiness ETF2,040213,262
Vanguard Consumer Staples ETF607118,917
Vanguard Health Care ETF965245,477
Vanguard Information Technology ETF2,229928,334
3,980,858
TOTAL INVESTMENTS - 95.1% ( Cost $22,936,866 )
22,644,436
NET OTHER ASSETS AND LIABILITIES - 4.9%
1,163,248
TOTAL NET ASSETS - 100.0%
$23,807,684
*Non-income producing.
(A)Greater than 25% of the portfolio. For more information refer the website https://www.schwabassetmanagement.com/products/schr
ETFExchange Traded Fund.

See accompanying Notes to Portfolios of Investments.
        34

Ultra Series Fund | March 31, 2022
Target Retirement 2030 Fund Portfolio of Investments (unaudited)

SharesValue (Note 1,3)
INVESTMENT COMPANIES - 94.1%
Alternative Funds - 2.0%
Invesco Optimum Yield Diversified Commodity Strategy76,684$1,352,706
Bond Funds - 50.3%
Schwab Intermediate-Term U.S. Treasury ETF (A)581,97530,990,169
Vanguard Extended Duration Treasury ETF22,6842,761,096
Vanguard Long-Term Corporate Bond ETF7,312684,915
34,436,180
Foreign Stock Funds