Form NPORT-P ULTRA SERIES FUND For: Mar 31

May 18, 2022 10:56 AM EDT

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    NPORT-P
    false
    
      
      
        
          0000732697
          XXXXXXXX
        
      
      
      
      
        S000019980
        C000056038
        C000074785
      
      
      
    
  
  
    
      ULTRA SERIES FUND
      811-04815
      0000732697
      254900JPNAJ16VJV5X45
      550 SCIENCE DRIVE
      MADISON
      
      53711
      608-274-0300
      Diversified Income Fund
      S000019980
      2549008KTOA5OFYKMX41
      2022-12-31
      2022-03-31
      N
    
    
      223418177.55
      1542669.88
      221875507.67
      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
      
        
          USD
          
          
        
      
      
      
      
        
        
        
      
      N
      
        
          
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        JPMORGAN CHASE & CO
        8I5DZWZKVSZI1NUHU748
        JPMorgan Chase & Co.
        48128BAH4
        
          
        
        350000.00000000
        PA
        USD
        330750.00000000
        0.149070081449
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-04-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        Honeywell International Inc
        ISRPG12PN4EIEOEMW547
        Honeywell International, Inc.
        438516106
        
          
        
        19500.00000000
        NS
        USD
        3794310.00000000
        1.710107636415
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        3128M8FH2
        
          
        
        91907.09000000
        PA
        USD
        93880.16000000
        0.042312087974
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2040-11-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Comcast Corp
        51M0QTTNCGUN7KFCFZ59
        Comcast Corp.
        20030NCT6
        
          
        
        275000.00000000
        PA
        USD
        289245.00000000
        0.130363645378
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-10-15
          Fixed
          4.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        31335AYT9
        
          
        
        247925.78000000
        PA
        USD
        246812.56000000
        0.111239209136
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2046-10-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BROADCOM INC
        549300WV6GIDOZJTV909
        Broadcom, Inc.
        11135FBQ3
        
          
        
        5000.00000000
        PA
        USD
        4385.33000000
        0.001976482238
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2036-11-15
          Fixed
          3.18700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Bond
        912810SN9
        
          
        
        750000.00000000
        PA
        USD
        560507.81000000
        0.252622660286
        Long
        DBT
        UST
        US
        N
        
        2
        
          2050-05-15
          Fixed
          1.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31418CYM0
        
          
        
        103682.58000000
        PA
        USD
        106135.91000000
        0.047835793645
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2048-07-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cisco Systems Inc
        549300LKFJ962MZ46593
        Cisco Systems, Inc.
        17275R102
        
          
        
        92400.00000000
        NS
        USD
        5152224.00000000
        2.322123813531
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        AERCAP IRELAND CAP/GLOBA
        N/A
        AerCap Ireland Capital DAC/AerCap Global Aviation Trust
        00774MAS4
        
          
        
        200000.00000000
        PA
        USD
        183073.45000000
        0.082511788670
        Long
        DBT
        CORP
        IE
        N
        
        2
        
          2026-01-30
          Fixed
          1.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Note
        9128286B1
        
          
        
        1000000.00000000
        PA
        USD
        1013164.06000000
        0.456636277991
        Long
        DBT
        UST
        US
        N
        
        2
        
          2029-02-15
          Fixed
          2.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BlackRock Inc
        549300LRIF3NWCU26A80
        BlackRock, Inc.
        09247X101
        
          
        
        4675.00000000
        NS
        USD
        3572494.75000000
        1.610134794739
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        3140E9NZ5
        
          
        
        156936.07000000
        PA
        USD
        159600.95000000
        0.071932657946
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2045-11-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EBAY INC
        OML71K8X303XQONU6T67
        eBay, Inc.
        278642AV5
        
          
        
        50000.00000000
        PA
        USD
        48377.40000000
        0.021803848702
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-03-11
          Fixed
          1.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31410LRR5
        
          
        
        221521.10000000
        PA
        USD
        223882.54000000
        0.100904575881
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2030-09-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        University of Massachusetts Building Authority
        6ILE2573NPR1XO2TR556
        University of Massachusetts Building Authority
        914440KK7
        
          
        
        70000.00000000
        PA
        USD
        70225.38000000
        0.031650803073
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2039-05-01
          Fixed
          6.57300000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WALGREENS BOOTS ALLIANCE
        549300RPTUOIXG4LIH86
        Walgreens Boots Alliance, Inc.
        931427AQ1
        
          
        
        123000.00000000
        PA
        USD
        123771.96000000
        0.055784417712
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-06-01
          Fixed
          3.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARS INC
        54930073HKEO6GZBSS03
        Mars, Inc.
        571676AN5
        
          
        
        250000.00000000
        PA
        USD
        209256.27000000
        0.094312469274
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2040-07-16
          Fixed
          2.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dominion Energy Inc
        ILUL7B6Z54MRYCF6H308
        Dominion Energy, Inc.
        25746U109
        
          
        
        66600.00000000
        NS
        USD
        5659002.00000000
        2.550530276832
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31371LDH9
        
          
        
        65349.49000000
        PA
        USD
        71588.83000000
        0.032265314343
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2033-10-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Union Pacific Corp
        549300LMMRSZZCZ8CL11
        Union Pacific Corp.
        907818108
        
          
        
        11250.00000000
        NS
        USD
        3073612.50000000
        1.385286971183
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Johnson & Johnson
        549300G0CFPGEF6X2043
        Johnson & Johnson
        478160104
        
          
        
        30200.00000000
        NS
        USD
        5352346.00000000
        2.412319438142
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        GLP CAPITAL LP / FIN II
        N/A
        GLP Capital LP/GLP Financing II, Inc.
        361841AR0
        
          
        
        100000.00000000
        PA
        USD
        90730.00000000
        0.040892300800
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2032-01-15
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        31334YPZ4
        
          
        
        315734.85000000
        PA
        USD
        303651.00000000
        0.136856475592
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2048-04-01
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        McDonald's Corp
        UE2136O97NLB5BYP9H04
        McDonald's Corp.
        580135101
        
          
        
        20150.00000000
        NS
        USD
        4982692.00000000
        2.245715199629
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ORACLE CORP
        1Z4GXXU7ZHVWFCD8TV52
        Oracle Corp.
        68389XCA1
        
          
        
        200000.00000000
        PA
        USD
        174751.06000000
        0.078760860914
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2051-03-25
          Fixed
          3.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MAGALLANES INC
        549300DXR29GD4N0A520
        Magallanes, Inc.
        55903VAQ6
        
          
        
        75000.00000000
        PA
        USD
        76750.87000000
        0.034591862259
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2052-03-15
          Fixed
          5.14100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PSMC 2019-2 Trust
        N/A
        PSMC Trust
        69374XAA8
        
          
        
        4631.22000000
        PA
        USD
        4624.60000000
        0.002084321991
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2049-10-25
          Variable
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Chase Auto Credit Linked Notes
        N/A
        JPMorgan Chase Bank NA - CACLN
        46591HCE8
        
          
        
        215875.11000000
        PA
        USD
        209624.27000000
        0.094478328050
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2029-02-26
          Fixed
          0.86000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KINDER MORGAN INC
        549300WR7IX8XE0TBO16
        Kinder Morgan, Inc.
        49456BAH4
        
          
        
        250000.00000000
        PA
        USD
        279756.67000000
        0.126087224740
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2045-06-01
          Fixed
          5.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        31287MSW1
        
          
        
        51557.68000000
        PA
        USD
        55405.54000000
        0.024971453848
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2032-01-01
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Northern Trust Corp
        549300GLF98S992BC502
        Northern Trust Corp.
        665859104
        
          
        
        39600.00000000
        NS
        USD
        4611420.00000000
        2.078381723348
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SALESFORCE.COM INC
        RCGZFPDMRW58VJ54VR07
        salesforce.com, Inc.
        79466LAL8
        
          
        
        150000.00000000
        PA
        USD
        133104.96000000
        0.059990830622
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2051-07-15
          Fixed
          2.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KKR GROUP FINAN CO VIII
        N/A
        KKR Group Finance Co. VIII LLC
        48252MAA3
        
          
        
        125000.00000000
        PA
        USD
        108975.90000000
        0.049115786210
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2050-08-25
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GOLDMAN SACHS BDC INC
        6D01AGSGBNZIJSN77043
        Goldman Sachs BDC, Inc.
        38147UAD9
        
          
        
        100000.00000000
        PA
        USD
        96330.00000000
        0.043416238687
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-01-15
          Fixed
          2.87500000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        AT&T Inc
        549300Z40J86GGSTL398
        AT&T, Inc.
        00206RCQ3
        
          
        
        500000.00000000
        PA
        USD
        542786.20000000
        0.244635474054
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2046-05-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Paychex Inc
        529900K900DW6SUBM174
        Paychex, Inc.
        704326107
        
          
        
        26300.00000000
        NS
        USD
        3589161.00000000
        1.617646326848
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Phillips 66
        5493005JBO5YSIGK1814
        Phillips 66
        718546AK0
        
          
        
        500000.00000000
        PA
        USD
        533690.71000000
        0.240536107659
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2034-11-15
          Fixed
          4.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        3138AVP82
        
          
        
        234438.64000000
        PA
        USD
        247135.50000000
        0.111384759226
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2041-10-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CHARLES SCHWAB CORP
        549300VSGCJ7E698NM85
        Charles Schwab Corp.
        808513BJ3
        
          
        
        175000.00000000
        PA
        USD
        157171.00000000
        0.070837471720
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-12-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Synchrony Credit Card Master Note Trust
        549300G1V1M796QIYC04
        Synchrony Credit Card Master Note Trust
        87165LCE9
        
          
        
        100000.00000000
        PA
        USD
        100551.29000000
        0.045318787574
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-05-15
          Fixed
          3.87000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CIGNA CORP
        549300VIWYMSIGT1U456
        Cigna Corp.
        125523AH3
        
          
        
        50000.00000000
        PA
        USD
        52690.57000000
        0.023747808198
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-10-15
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HORMEL FOODS CORP
        MSD54751OJP1FS2ND863
        Hormel Foods Corp.
        440452AF7
        
          
        
        75000.00000000
        PA
        USD
        67223.09000000
        0.030297661380
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-06-11
          Fixed
          1.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY
        IGJSJL3JD5P30I6NJZ34
        Morgan Stanley
        61772BAB9
        
          
        
        150000.00000000
        PA
        USD
        139540.14000000
        0.062891186803
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-05-04
          Fixed
          1.59300000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31418BPP5
        
          
        
        147021.09000000
        PA
        USD
        149893.44000000
        0.067557452183
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2045-04-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MCDONALD'S CORP
        UE2136O97NLB5BYP9H04
        McDonald's Corp.
        58013MFM1
        
          
        
        100000.00000000
        PA
        USD
        90992.46000000
        0.041010592361
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-03-01
          Fixed
          2.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Bond
        912810RK6
        
          
        
        750000.00000000
        PA
        USD
        732421.88000000
        0.330104880746
        Long
        DBT
        UST
        US
        N
        
        2
        
          2045-02-15
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EMPOWER FINANCE 2020 LP
        N/A
        Empower Finance 2020 LP
        29248HAC7
        
          
        
        75000.00000000
        PA
        USD
        63465.81000000
        0.028604243283
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2051-09-17
          Fixed
          3.07500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Cboe Global Markets Inc
        529900RLNSGA90UPEH54
        Cboe Global Markets, Inc.
        12503MAA6
        
          
        
        300000.00000000
        PA
        USD
        305723.66000000
        0.137790630074
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-01-12
          Fixed
          3.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INTL FLAVOR & FRAGRANCES
        BZLRL03D3GPGMOGFO832
        International Flavors & Fragrances, Inc.
        459506AP6
        
          
        
        250000.00000000
        PA
        USD
        227629.44000000
        0.102593315679
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-10-15
          Fixed
          1.83200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WESTERN UNION CO/THE
        28ID94QU1140NC23S047
        Western Union Co.
        959802AY5
        
          
        
        200000.00000000
        PA
        USD
        197900.00000000
        0.089194162112
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-01-10
          Fixed
          2.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DISCOVERY COMMUNICATIONS
        L2Z2MO2EQURH3BREWI15
        Discovery Communications LLC
        25470DAS8
        
          
        
        300000.00000000
        PA
        USD
        308185.15000000
        0.138900031479
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2037-09-20
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LAD Auto Receivables Trust
        N/A
        LAD Auto Receivables Trust
        501683AA4
        
          
        
        191542.99000000
        PA
        USD
        187703.11000000
        0.084598391219
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-08-17
          Fixed
          1.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JP Morgan Mortgage Trust
        N/A
        JP Morgan Mortgage Trust
        46592EAC0
        
          
        
        311685.92000000
        PA
        USD
        289377.31000000
        0.130423277917
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2051-06-25
          Variable
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ENERGY TRANSFER LP
        MTLVN9N7JE8MIBIJ1H73
        Energy Transfer LP
        29278NAG8
        
          
        
        100000.00000000
        PA
        USD
        106721.75000000
        0.048099833605
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-04-15
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CIGNA CORP
        549300VIWYMSIGT1U456
        Cigna Corp.
        125523AK6
        
          
        
        100000.00000000
        PA
        USD
        111997.32000000
        0.050477549854
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2048-12-15
          Fixed
          4.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CCG Receivables Trust
        N/A
        CCG Receivables Trust
        12509DAB8
        
          
        
        49760.03000000
        PA
        USD
        49265.94000000
        0.022204316518
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-12-14
          Fixed
          0.54000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FREMF Mortgage Trust
        549300OFE1DNC7KO4K57
        FREMF Mortgage Trust
        30292NAG8
        
          
        
        300000.00000000
        PA
        USD
        296996.79000000
        0.133857401891
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2048-01-25
          Variable
          3.67000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Bond
        912810RT7
        
          
        
        500000.00000000
        PA
        USD
        468613.28000000
        0.211205502094
        Long
        DBT
        UST
        US
        N
        
        2
        
          2046-08-15
          Fixed
          2.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mars Inc
        54930073HKEO6GZBSS03
        Mars, Inc.
        571676AD7
        
          
        
        150000.00000000
        PA
        USD
        151783.99000000
        0.068409529106
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2039-04-01
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EOG Resources Inc
        XWTZDRYZPBUHIQBKDB46
        EOG Resources, Inc.
        26875P101
        
          
        
        33600.00000000
        NS
        USD
        4006128.00000000
        1.805574685583
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Bond
        912810EZ7
        
          
        
        1500000.00000000
        PA
        USD
        1785000.00000000
        0.804505201473
        Long
        DBT
        UST
        US
        N
        
        2
        
          2027-02-15
          Fixed
          6.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31417FNC8
        
          
        
        347174.88000000
        PA
        USD
        347088.71000000
        0.156433990233
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2043-02-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PICASSO FINANCE SUB INC
        N/A
        Picasso Finance Sub, Inc.
        71953LAA9
        
          
        
        90000.00000000
        PA
        USD
        91462.50000000
        0.041222440890
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-06-15
          Fixed
          6.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        State Street Global Advisors
        5493008BJIBKQ5KTIF74
        State Street Navigator Securities Lending Government Money Market Portfolio
        857492706
        
          
        
        1085267.50000000
        NS
        USD
        1085267.50000000
        0.489133528705
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        Woodward Capital Management
        N/A
        RCKT Mortgage Trust
        74938FAE8
        
          
        
        296171.61000000
        PA
        USD
        280930.32000000
        0.126616192544
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2052-01-25
          Variable
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31407JDZ2
        
          
        
        149826.91000000
        PA
        USD
        162310.16000000
        0.073153707547
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2036-09-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PIONEER NATURAL RESOURCE
        FY8JBF7CCL2VE4F1B628
        Pioneer Natural Resources Co.
        723787AR8
        
          
        
        125000.00000000
        PA
        USD
        112663.60000000
        0.050777844379
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-01-15
          Fixed
          2.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        3138ASR46
        
          
        
        114536.62000000
        PA
        USD
        119617.93000000
        0.053912183122
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2041-09-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Note
        9128282A7
        
          
        
        2500000.00000000
        PA
        USD
        2399023.45000000
        1.081247531641
        Long
        DBT
        UST
        US
        N
        
        2
        
          2026-08-15
          Fixed
          1.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VULCAN MATERIALS CO
        549300Q8LSNHAVWBNI21
        Vulcan Materials Co.
        929160AZ2
        
          
        
        175000.00000000
        PA
        USD
        173589.11000000
        0.078237166338
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-06-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UNITEDHEALTH GROUP INC
        549300GHBMY8T5GXDE41
        UnitedHealth Group, Inc.
        91324PDU3
        
          
        
        150000.00000000
        PA
        USD
        152129.84000000
        0.068565404806
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2049-08-15
          Fixed
          3.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Comcast Corp
        51M0QTTNCGUN7KFCFZ59
        Comcast Corp.
        20030N101
        
          
        
        98300.00000000
        NS
        USD
        4602406.00000000
        2.074319084756
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Bond
        912810SU3
        
          
        
        500000.00000000
        PA
        USD
        437109.38000000
        0.197006593738
        Long
        DBT
        UST
        US
        N
        
        2
        
          2051-02-15
          Fixed
          1.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Towd Point Asset Funding, LLC
        N/A
        Towd Point HE Trust HE1
        89180DAA4
        
          
        
        123607.23000000
        PA
        USD
        121392.91000000
        0.054712172278
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2063-02-25
          Variable
          0.91800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        31334XEE5
        
          
        
        152507.76000000
        PA
        USD
        149940.83000000
        0.067578811007
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2049-07-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        3138WMKY6
        
          
        
        209924.79000000
        PA
        USD
        214284.43000000
        0.096578677047
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2043-03-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage Association
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        36202DMR9
        
          
        
        13051.30000000
        PA
        USD
        14222.86000000
        0.006410288431
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2031-04-20
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JP Morgan Mortgage Trust
        N/A
        JP Morgan Mortgage Trust
        46651GAC3
        
          
        
        50887.92000000
        PA
        USD
        50627.69000000
        0.022818061593
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2050-02-25
          Variable
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INTUIT INC
        VI90HBPH7XSFMB9E4M29
        Intuit, Inc.
        46124HAD8
        
          
        
        100000.00000000
        PA
        USD
        88241.22000000
        0.039770599705
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-07-15
          Fixed
          1.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CVS Health Corp
        549300EJG376EN5NQE29
        CVS Health Corp.
        126650CN8
        
          
        
        400000.00000000
        PA
        USD
        451980.77000000
        0.203709176711
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2045-07-20
          Fixed
          5.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Wheels SPV LLC
        N/A
        Wheels SPV 2 LLC
        96328DBM5
        
          
        
        4118.63000000
        PA
        USD
        4121.29000000
        0.001857478566
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2028-05-22
          Fixed
          2.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Nucor Corp
        549300GGJCRSI2TIEJ46
        Nucor Corp.
        670346105
        
          
        
        25400.00000000
        NS
        USD
        3775710.00000000
        1.701724557005
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31418BNK8
        
          
        
        152713.65000000
        PA
        USD
        161894.70000000
        0.072966458398
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2045-02-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Medtronic PLC
        549300GX3ZBSQWUXY261
        Medtronic PLC
        000000000
        
          
        
        36000.00000000
        NS
        USD
        3994200.00000000
        1.800198697884
        Long
        EC
        CORP
        IE
        
        N
        
        1
        
          N
          N
          N
        
      
      
        PepsiCo Inc
        FJSUNZKFNQ5YPJ5OT455
        PepsiCo, Inc.
        713448108
        
          
        
        24950.00000000
        NS
        USD
        4176131.00000000
        1.882195580690
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31404WRK4
        
          
        
        200564.94000000
        PA
        USD
        216992.35000000
        0.097799145240
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2034-05-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PSMC Trust
        N/A
        PSMC Trust
        693650AL7
        
          
        
        116816.01000000
        PA
        USD
        111712.79000000
        0.050349311275
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2051-03-25
          Variable
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Texas Instruments Inc
        WDJNR2L6D8RWOEB8T652
        Texas Instruments, Inc.
        882508104
        
          
        
        23050.00000000
        NS
        USD
        4229214.00000000
        1.906120258343
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CME Group Inc
        LCZ7XYGSLJUHFXXNXD88
        CME Group, Inc.
        12572Q105
        
          
        
        21300.00000000
        NS
        USD
        5066418.00000000
        2.283450775258
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BAXTER INTERNATIONAL INC
        J5OIVXX3P24RJRW5CK77
        Baxter International, Inc.
        071813CM9
        
          
        
        300000.00000000
        PA
        USD
        278472.81000000
        0.125508584937
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-12-01
          Fixed
          2.27200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        3132WLRX6
        
          
        
        104737.46000000
        PA
        USD
        108065.87000000
        0.048705632782
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2047-03-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae - CAS
        N/A
        Federal National Mortgage Association Connecticut Avenue Securities
        20754LAA7
        
          
        
        266122.12000000
        PA
        USD
        263428.41000000
        0.118728025804
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2041-12-25
          Floating
          1.09900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured Pass Through Certs.
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
        3137F2LJ3
        
          
        
        300000.00000000
        PA
        USD
        305138.79000000
        0.137527027297
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2027-06-25
          Fixed
          3.11700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JP Morgan Mortgage Trust
        N/A
        JP Morgan Mortgage Trust
        46653PAF4
        
          
        
        210736.68000000
        PA
        USD
        202315.43000000
        0.091184210517
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2051-10-25
          Variable
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Archer-Daniels-Midland Co
        549300LO13MQ9HYSTR83
        Archer-Daniels-Midland Co.
        039483102
        
          
        
        45950.00000000
        NS
        USD
        4147447.00000000
        1.869267610271
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Baker Hughes Co
        N/A
        Baker Hughes Co.
        05722G100
        
          
        
        138100.00000000
        NS
        USD
        5028221.00000000
        2.266235265353
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        VALERO ENERGY CORP
        549300XTO5VR8SKV1V74
        Valero Energy Corp.
        91913YBE9
        
          
        
        75000.00000000
        PA
        USD
        70446.42000000
        0.031750426507
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2052-06-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LOWE'S COS INC
        WAFCR4OKGSC504WU3E95
        Lowe's Cos., Inc.
        548661DZ7
        
          
        
        300000.00000000
        PA
        USD
        255075.77000000
        0.114963464277
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2050-10-15
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CONAGRA BRANDS INC
        54930035UDEIH090K650
        Conagra Brands, Inc.
        205887CG5
        
          
        
        250000.00000000
        PA
        USD
        242125.06000000
        0.109126537914
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-08-11
          Fixed
          0.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EXPEDIA GROUP INC
        N/A
        Expedia Group, Inc.
        30212PAR6
        
          
        
        250000.00000000
        PA
        USD
        238271.85000000
        0.107389883859
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-02-15
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Procter & Gamble Co/The
        2572IBTT8CCZW6AU4141
        Procter & Gamble Co.
        742718109
        
          
        
        20750.00000000
        NS
        USD
        3170600.00000000
        1.428999547221
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ZOETIS INC
        549300HD9Q1LOC9KLJ48
        Zoetis, Inc.
        98978VAT0
        
          
        
        175000.00000000
        PA
        USD
        154974.80000000
        0.069847637365
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2050-05-15
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WELLS FARGO & COMPANY
        PBLD0EJDB5FWOLXP3B76
        Wells Fargo & Co.
        95000U2S1
        
          
        
        175000.00000000
        PA
        USD
        165739.76000000
        0.074699439221
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-06-02
          Fixed
          2.39300000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VALERO ENERGY PARTNERS
        549300WH1375KZXLJ231
        Valero Energy Partners LP
        91914JAB8
        
          
        
        350000.00000000
        PA
        USD
        359111.33000000
        0.161852623469
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-03-15
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TransDigm Inc
        88Q84GB3X55CF5OC7582
        TransDigm, Inc.
        893647BE6
        
          
        
        100000.00000000
        PA
        USD
        102812.50000000
        0.046337922143
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-03-15
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured Pass Through Certs.
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
        3137FBTG1
        
          
        
        140723.06000000
        PA
        USD
        140356.03000000
        0.063258911032
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2025-11-25
          Fixed
          2.98200000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AIR LEASE CORP
        5493004NW4M4P8TMMK63
        Air Lease Corp.
        00914AAM4
        
          
        
        150000.00000000
        PA
        USD
        138043.49000000
        0.062216641868
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-08-15
          Fixed
          1.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        31292LV28
        
          
        
        216650.42000000
        PA
        USD
        216835.08000000
        0.097728263149
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2042-09-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CHARTER COMM OPT LLC/CAP
        N/A
        Charter Communications Operating LLC/Charter Communications Operating Capital
        161175AY0
        
          
        
        300000.00000000
        PA
        USD
        311447.29000000
        0.140370288397
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-07-23
          Fixed
          4.90800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Chesapeake Funding II LLC
        5493000HT7H4OFOD6Z12
        Chesapeake Funding II LLC
        165183BV5
        
          
        
        100000.00000000
        PA
        USD
        100072.32000000
        0.045102914265
        Long
        ABS-O
        CORP
        US
        
        N
        
        2
        
          2031-01-15
          Fixed
          3.62000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Morgan Stanley
        IGJSJL3JD5P30I6NJZ34
        Morgan Stanley
        61746BDZ6
        
          
        
        200000.00000000
        PA
        USD
        204040.00000000
        0.091961479724
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-01-27
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        American Tower Corp
        5493006ORUSIL88JOE18
        American Tower Corp.
        03027X100
        
          
        
        11000.00000000
        NS
        USD
        2763420.00000000
        1.245482220646
        Long
        EC
        
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        SOUTHWEST AIRLINES CO
        UDTZ87G0STFETI6HGH41
        Southwest Airlines Co.
        844741BK3
        
          
        
        300000.00000000
        PA
        USD
        321177.00000000
        0.144755499772
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-06-15
          Fixed
          5.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Intel Corp
        KNX4USFCNGPY45LOCE31
        Intel Corp.
        458140BG4
        
          
        
        435000.00000000
        PA
        USD
        434230.76000000
        0.195709190509
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2047-12-08
          Fixed
          3.73400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMorgan Chase Bank, NA - CACLN
        N/A
        JPMorgan Chase Bank NA - CACLN
        46591HAU4
        
          
        
        119256.99000000
        PA
        USD
        117720.67000000
        0.053057081980
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2028-02-25
          Fixed
          0.84000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DELL INT LLC / EMC CORP
        N/A
        Dell International LLC/EMC Corp.
        24703DBG5
        
          
        
        200000.00000000
        PA
        USD
        162763.66000000
        0.073358101445
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2051-12-15
          Fixed
          3.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Note
        91282CAE1
        
          
        
        1500000.00000000
        PA
        USD
        1304003.91000000
        0.587718727359
        Long
        DBT
        UST
        US
        N
        
        2
        
          2030-08-15
          Fixed
          0.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Flagstar Mortgage Trust
        N/A
        Flagstar Mortgage Trust
        33851MAA0
        
          
        
        185429.56000000
        PA
        USD
        178931.46000000
        0.080644980547
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2041-09-25
          Variable
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association REMICS
        31397SD27
        
          
        
        226331.22000000
        PA
        USD
        232211.71000000
        0.104658559405
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2031-05-25
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMorgan Chase Bank, NA - CACLN
        N/A
        JPMorgan Chase Bank NA - CACLN
        48128U2M0
        
          
        
        184348.15000000
        PA
        USD
        180908.45000000
        0.081536016255
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2028-12-26
          Fixed
          0.88900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CIM Trust
        N/A
        CIM Trust
        12564EAD4
        
          
        
        152193.85000000
        PA
        USD
        146053.35000000
        0.065826711354
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2051-04-25
          Variable
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31416XJ27
        
          
        
        231689.52000000
        PA
        USD
        242597.83000000
        0.109339616863
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2041-01-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FIFTH THIRD BANCORP
        THRNG6BD57P9QWTQLG42
        Fifth Third Bancorp
        316773DA5
        
          
        
        125000.00000000
        PA
        USD
        120957.07000000
        0.054515737798
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-05-05
          Fixed
          2.55000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        BANK OF AMERICA CORP
        9DJT3UXIJIZJI4WXO774
        Bank of America Corp.
        06051GJQ3
        
          
        
        200000.00000000
        PA
        USD
        186663.78000000
        0.084129961869
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-03-11
          Fixed
          1.65800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TRUIST BANK
        JJKC32MCHWDI71265Z06
        Truist Bank
        89788KAA4
        
          
        
        50000.00000000
        PA
        USD
        45837.06000000
        0.020658909350
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-03-11
          Fixed
          2.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CVS Health Corp
        549300EJG376EN5NQE29
        CVS Health Corp.
        126650100
        
          
        
        59450.00000000
        NS
        USD
        6016934.50000000
        2.711851597855
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31408F5W5
        
          
        
        27755.57000000
        PA
        USD
        29961.21000000
        0.013503613046
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-12-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HEALTHPEAK PROPERTIES
        PZ9HF5U52KPF0MH0QN75
        Healthpeak Properties, Inc.
        40414LAQ2
        
          
        
        100000.00000000
        PA
        USD
        99975.28000000
        0.045059178027
        Long
        DBT
        
        US
        N
        
        2
        
          2026-07-15
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROYALTY PHARMA PLC
        549300FGFN7VOK8BZR03
        Royalty Pharma PLC
        78081BAM5
        
          
        
        200000.00000000
        PA
        USD
        165873.04000000
        0.074759508943
        Long
        DBT
        CORP
        GB
        
        N
        
        2
        
          2050-09-02
          Fixed
          3.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMAZON.COM INC
        ZXTILKJKG63JELOEG630
        Amazon.com, Inc.
        023135BY1
        
          
        
        400000.00000000
        PA
        USD
        373154.22000000
        0.168181798846
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-05-12
          Fixed
          1.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SCHLUMBERGER HLDGS CORP
        529900IKZG65COT1D505
        Schlumberger Holdings Corp.
        806851AG6
        
          
        
        26000.00000000
        PA
        USD
        26456.45000000
        0.011924006519
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-12-21
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GARTNER INC
        PP55B5R38BFB8O8HH686
        Gartner, Inc.
        366651AC1
        
          
        
        100000.00000000
        PA
        USD
        99979.00000000
        0.045060854643
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-07-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Note
        91282CDJ7
        
          
        
        1025000.00000000
        PA
        USD
        940917.97000000
        0.424074734467
        Long
        DBT
        UST
        US
        N
        
        2
        
          2031-11-15
          Fixed
          1.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Coca-Cola Co/The
        UWJKFUJFZ02DKWI3RY53
        Coca-Cola Co.
        191216100
        
          
        
        39700.00000000
        NS
        USD
        2461400.00000000
        1.109360841964
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        3138EKMW2
        
          
        
        379317.15000000
        PA
        USD
        379378.71000000
        0.170987196371
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2043-02-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EXXON MOBIL CORPORATION
        J3WHBG0MTS7O8ZVMDC91
        Exxon Mobil Corp.
        30231GAW2
        
          
        
        375000.00000000
        PA
        USD
        404548.44000000
        0.182331274077
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2046-03-01
          Fixed
          4.11400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WELLTOWER INC
        T6IZ0MBEG5ACZDTR7D06
        Welltower, Inc.
        95040QAN4
        
          
        
        150000.00000000
        PA
        USD
        136740.81000000
        0.061629519831
        Long
        DBT
        
        US
        N
        
        2
        
          2029-01-15
          Fixed
          2.05000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Citrix Systems Inc
        HCTKJGUQOPZ5NBK7NP58
        Citrix Systems, Inc.
        177376AE0
        
          
        
        85000.00000000
        PA
        USD
        86997.31000000
        0.039209965495
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-12-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FREMF Mortgage Trust
        N/A
        FREMF Mortgage Trust
        30288BAE5
        
          
        
        400000.00000000
        PA
        USD
        401701.84000000
        0.181048302364
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2047-11-25
          Variable
          3.59100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PACCAR Inc
        KDTEY8BWE486IKZ3CC07
        PACCAR, Inc.
        693718108
        
          
        
        46200.00000000
        NS
        USD
        4068834.00000000
        1.833836480073
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Note
        91282CAL5
        
          
        
        1500000.00000000
        PA
        USD
        1340800.79000000
        0.604303198708
        Long
        DBT
        UST
        US
        N
        
        2
        
          2027-09-30
          Fixed
          0.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Thomson Reuters Corp
        549300561UZND4C7B569
        Thomson Reuters Corp.
        884903BQ7
        
          
        
        200000.00000000
        PA
        USD
        204255.81000000
        0.092058745981
        Long
        DBT
        CORP
        CA
        N
        
        2
        
          2023-11-23
          Fixed
          4.30000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Note
        9128284N7
        
          
        
        1500000.00000000
        PA
        USD
        1536679.68000000
        0.692586440088
        Long
        DBT
        UST
        US
        N
        
        2
        
          2028-05-15
          Fixed
          2.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BLACKROCK INC
        549300LRIF3NWCU26A80
        BlackRock, Inc.
        09247XAS0
        
          
        
        100000.00000000
        PA
        USD
        90642.67000000
        0.040852940890
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2032-02-25
          Fixed
          2.10000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        3128PRP86
        
          
        
        19457.98000000
        PA
        USD
        20155.53000000
        0.009084161749
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2025-05-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MAGALLANES INC
        549300DXR29GD4N0A520
        Magallanes, Inc.
        55903VAS2
        
          
        
        50000.00000000
        PA
        USD
        51559.41000000
        0.023237990773
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2062-03-15
          Fixed
          5.39100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Bond
        912810SY5
        
          
        
        1250000.00000000
        PA
        USD
        1181884.76000000
        0.532679236393
        Long
        DBT
        UST
        US
        N
        
        2
        
          2041-05-15
          Fixed
          2.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HEALTH CARE SERVICE CORP
        549300TMJ1FKCKECR148
        Health Care Service Corp. A Mutual Legal Reserve Co.
        42218SAF5
        
          
        
        75000.00000000
        PA
        USD
        68154.72000000
        0.030717549997
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-06-01
          Fixed
          2.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        3132GJSD2
        
          
        
        178312.68000000
        PA
        USD
        189706.30000000
        0.085501235351
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2041-09-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dupont De Nemours Inc
        5493004JF0SDFLM8GD76
        DuPont de Nemours, Inc.
        26078JAD2
        
          
        
        295000.00000000
        PA
        USD
        316715.48000000
        0.142744678457
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-11-15
          Fixed
          4.72500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BANK OF NY MELLON CORP
        WFLLPEPC7FZXENRZV188
        Bank of New York Mellon Corp.
        064058AL4
        
          
        
        200000.00000000
        PA
        USD
        183500.00000000
        0.082704036117
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-12-20
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        DELL INT LLC / EMC CORP
        N/A
        Dell International LLC/EMC Corp.
        24703TAK2
        
          
        
        44000.00000000
        PA
        USD
        64275.19000000
        0.028969033434
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2046-07-15
          Fixed
          8.35000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WISCONSIN ELECTRIC POWER
        AENKIFMULUAWOUU8Q584
        Wisconsin Electric Power Co.
        976656CM8
        
          
        
        100000.00000000
        PA
        USD
        90525.27000000
        0.040800028335
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-06-15
          Fixed
          1.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sequoia Mortgage Trust
        549300DFASAA48I36408
        Sequoia Mortgage Trust
        81745CAB9
        
          
        
        159636.24000000
        PA
        USD
        154845.36000000
        0.069789298343
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2043-06-25
          Variable
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BOEING CO
        RVHJWBXLJ1RFUBSY1F30
        Boeing Co.
        097023DC6
        
          
        
        125000.00000000
        PA
        USD
        121684.72000000
        0.054843691977
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-02-01
          Fixed
          3.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AERCAP IRELAND CAP/GLOBA
        N/A
        AerCap Ireland Capital DAC/AerCap Global Aviation Trust
        00774MAR6
        
          
        
        150000.00000000
        PA
        USD
        152848.70000000
        0.068889397304
        Long
        DBT
        CORP
        IE
        N
        
        2
        
          2027-10-15
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        3138EPKA1
        
          
        
        271382.09000000
        PA
        USD
        297148.66000000
        0.133925850185
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2041-07-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BANK OF AMERICA CORP
        9DJT3UXIJIZJI4WXO774
        Bank of America Corp.
        06051GKL2
        
          
        
        100000.00000000
        PA
        USD
        95778.50000000
        0.043167675876
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2037-03-08
          Fixed
          3.84600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MPLX LP
        5493000CZJ19CK4P3G36
        MPLX LP
        55336VAS9
        
          
        
        150000.00000000
        PA
        USD
        159933.77000000
        0.072082660983
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-02-15
          Fixed
          4.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BOEING CO
        RVHJWBXLJ1RFUBSY1F30
        Boeing Co.
        097023DG7
        
          
        
        150000.00000000
        PA
        USD
        141973.22000000
        0.063987783731
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-02-04
          Fixed
          2.19600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AVOLON HOLDINGS FNDG LTD
        635400ZRKEX9L1BKCH30
        Avolon Holdings Funding Ltd.
        05401AAM3
        
          
        
        200000.00000000
        PA
        USD
        182826.58000000
        0.082400523572
        Long
        DBT
        CORP
        KY
        
        N
        
        2
        
          2026-02-21
          Fixed
          2.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        3132QSGY8
        
          
        
        259392.69000000
        PA
        USD
        264295.36000000
        0.119118762938
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2045-08-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HUNTINGTON BANCSHARES
        549300XTVCVV9I7B5T19
        Huntington Bancshares, Inc.
        446150AW4
        
          
        
        300000.00000000
        PA
        USD
        261060.70000000
        0.117660891344
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2036-08-15
          Fixed
          2.48700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MPLX LP
        5493000CZJ19CK4P3G36
        MPLX LP
        55336VBQ2
        
          
        
        100000.00000000
        PA
        USD
        91615.19000000
        0.041291258761
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-08-15
          Fixed
          2.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31390FC49
        
          
        
        2840.72000000
        PA
        USD
        2917.40000000
        0.001314881498
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2032-05-01
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        US Bancorp
        N1GZ7BBF3NP8GI976H15
        U.S. Bancorp
        902973304
        
          
        
        39100.00000000
        NS
        USD
        2078165.00000000
        0.936635603372
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Home Depot Inc/The
        QEKMOTMBBKA8I816DO57
        Home Depot, Inc.
        437076102
        
          
        
        15973.00000000
        NS
        USD
        4781198.09000000
        2.154901250800
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        TEXTRON INC
        3PPKBHUG1HD6BO7RNR87
        Textron, Inc.
        883203CC3
        
          
        
        150000.00000000
        PA
        USD
        135823.49000000
        0.061216080777
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-03-15
          Fixed
          2.45000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        IRON MOUNTAIN INC
        SQL3F6CKNNBM3SQGHX24
        Iron Mountain, Inc.
        46284VAN1
        
          
        
        100000.00000000
        PA
        USD
        92351.00000000
        0.041622890678
        Long
        DBT
        
        US
        N
        
        2
        
          2031-02-15
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        3133KYU64
        
          
        
        439205.75000000
        PA
        USD
        412364.04000000
        0.185853789961
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2041-03-01
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Bond
        912810QW1
        
          
        
        750000.00000000
        PA
        USD
        795498.05000000
        0.358533512037
        Long
        DBT
        UST
        US
        N
        
        2
        
          2042-05-15
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        3140X9EC5
        
          
        
        239944.40000000
        PA
        USD
        245386.45000000
        0.110596456804
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2050-11-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OMEGA HLTHCARE INVESTORS
        549300OJ7ENK42CZ8E73
        Omega Healthcare Investors, Inc.
        681936BM1
        
          
        
        200000.00000000
        PA
        USD
        183242.60000000
        0.082588025115
        Long
        DBT
        
        US
        N
        
        2
        
          2031-02-01
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac - STACR
        N/A
        Federal Home Loan Mortgage Corp. STACR REMIC Trust
        35564KED7
        
          
        
        207511.48000000
        PA
        USD
        205570.29000000
        0.092651186315
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2033-10-25
          Floating
          0.84900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        3138WDWT4
        
          
        
        52393.74000000
        PA
        USD
        54718.23000000
        0.024661681036
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2045-01-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        3140X6QT1
        
          
        
        131554.69000000
        PA
        USD
        126511.23000000
        0.057019015450
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2047-12-01
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARATHON PETROLEUM CORP
        3BNYRYQHD39K4LCKQF12
        Marathon Petroleum Corp.
        56585ABH4
        
          
        
        125000.00000000
        PA
        USD
        130038.17000000
        0.058608618574
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-05-01
          Fixed
          4.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        3138WGAK0
        
          
        
        45740.17000000
        PA
        USD
        46629.11000000
        0.021015888815
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2045-12-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AT&T INC
        549300Z40J86GGSTL398
        AT&T, Inc.
        00206RKH4
        
          
        
        200000.00000000
        PA
        USD
        177400.61000000
        0.079955021562
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2032-02-01
          Fixed
          2.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dell Equipment Finance Trust
        N/A
        Dell Equipment Finance Trust
        24703KAC9
        
          
        
        90526.92000000
        PA
        USD
        90626.93000000
        0.040845846822
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2024-10-22
          Fixed
          1.91000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CNH Equipment Trust
        N/A
        CNH Equipment Trust
        12596JAD5
        
          
        
        130000.00000000
        PA
        USD
        131254.36000000
        0.059156759291
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2026-01-15
          Fixed
          3.22000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        State Street Global Advisors
        549300BZ5TGIFZUZDZ37
        State Street Institutional US Government Money Market Fund
        857492706
        
          
        
        7668780.51000000
        NS
        USD
        7668780.51000000
        3.456343870728
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        3132GKF92
        
          
        
        255774.90000000
        PA
        USD
        267368.46000000
        0.120503818924
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2041-10-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SABINE PASS LIQUEFACTION
        549300KJYBG7C6WJYZ11
        Sabine Pass Liquefaction LLC
        785592AX4
        
          
        
        100000.00000000
        PA
        USD
        104589.01000000
        0.047138600875
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-05-15
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Donlen Fleet Lease Funding
        549300ZWUQETU54FDP26
        Donlen Fleet Lease Funding 2 LLC
        257812AD9
        
          
        
        174084.25000000
        PA
        USD
        170780.22000000
        0.076971190643
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2034-12-11
          Fixed
          0.56000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Analog Devices Inc
        GYVOE5EZ4GDAVTU4CQ61
        Analog Devices, Inc.
        032654105
        
          
        
        10000.00000000
        NS
        USD
        1651800.00000000
        0.744471536018
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31385XQ91
        
          
        
        154400.04000000
        PA
        USD
        167578.75000000
        0.075528277888
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2033-11-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JEFFERIES GRP LLC / CAP
        N/A
        Jefferies Group LLC/Jefferies Group Capital Finance, Inc.
        47233JGT9
        
          
        
        175000.00000000
        PA
        USD
        157758.78000000
        0.071102386043
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-10-15
          Fixed
          2.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AES CORP/THE
        2NUNNB7D43COUIRE5295
        AES Corp.
        00130HCE3
        
          
        
        250000.00000000
        PA
        USD
        230165.96000000
        0.103736533345
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-01-15
          Fixed
          1.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        STORE Capital Corp
        5493004EA6C9IHDZ7N66
        STORE Capital Corp.
        862121AA8
        
          
        
        200000.00000000
        PA
        USD
        205369.59000000
        0.092560730184
        Long
        DBT
        
        US
        N
        
        2
        
          2028-03-15
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Aflac Inc
        549300N0B7DOGLXWPP39
        Aflac, Inc.
        001055102
        
          
        
        68300.00000000
        NS
        USD
        4397837.00000000
        1.982119183042
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Pfizer Inc
        765LHXWGK1KXCLTFYQ30
        Pfizer, Inc.
        717081103
        
          
        
        74100.00000000
        NS
        USD
        3836157.00000000
        1.728968212978
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        BANK OF AMERICA CORP
        9DJT3UXIJIZJI4WXO774
        Bank of America Corp.
        06051GJZ3
        
          
        
        100000.00000000
        PA
        USD
        91515.48000000
        0.041246319145
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-06-14
          Fixed
          2.08700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Bond
        912810RX8
        
          
        
        200000.00000000
        PA
        USD
        216078.12000000
        0.097387098859
        Long
        DBT
        UST
        US
        N
        
        2
        
          2047-05-15
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Verizon Owner Trust
        549300XY7L2MRX0BQH89
        Verizon Owner Trust
        92348TAC8
        
          
        
        150000.00000000
        PA
        USD
        149623.98000000
        0.067436005700
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2024-07-22
          Fixed
          1.98000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp. REMICS
        3137ANUB9
        
          
        
        301228.24000000
        PA
        USD
        301671.77000000
        0.135964430309
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2027-04-15
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Verizon Communications Inc
        2S72QS2UO2OESLG6Y829
        Verizon Communications, Inc.
        92343V104
        
          
        
        77900.00000000
        NS
        USD
        3968226.00000000
        1.788492133120
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Oracle Corp
        1Z4GXXU7ZHVWFCD8TV52
        Oracle Corp.
        68389X105
        
          
        
        26900.00000000
        NS
        USD
        2225437.00000000
        1.003011564174
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        ANTHEM INC
        8MYN82XMYQH89CTMTH67
        Anthem, Inc.
        036752AJ2
        
          
        
        200000.00000000
        PA
        USD
        197356.23000000
        0.088949083237
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-01-15
          Fixed
          2.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31411BJC8
        
          
        
        135333.28000000
        PA
        USD
        145620.09000000
        0.065631439688
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2036-12-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Synchrony Financial
        549300RS7EWPM9MA6C78
        Synchrony Financial
        87165BAL7
        
          
        
        250000.00000000
        PA
        USD
        248975.00000000
        0.112213827751
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-08-04
          Fixed
          3.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EBAY INC
        OML71K8X303XQONU6T67
        eBay, Inc.
        278642AY9
        
          
        
        250000.00000000
        PA
        USD
        229709.49000000
        0.103530800858
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-05-10
          Fixed
          2.60000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        3128MJWP1
        
          
        
        170374.78000000
        PA
        USD
        169838.72000000
        0.076546853586
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2045-07-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        3128PQ4F5
        
          
        
        20777.94000000
        PA
        USD
        21464.26000000
        0.009674010541
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2025-02-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        3132L5A37
        
          
        
        339304.32000000
        PA
        USD
        339384.56000000
        0.152961705221
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2043-04-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PHILLIPS 66
        5493005JBO5YSIGK1814
        Phillips 66
        718546AW4
        
          
        
        250000.00000000
        PA
        USD
        222086.47000000
        0.100095081395
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-12-15
          Fixed
          2.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        3133L7SJ7
        
          
        
        182880.03000000
        PA
        USD
        181151.56000000
        0.081645586708
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-06-01
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        J.P. Morgan Wealth Management
        N/A
        JPMorgan Wealth Management
        46652HAC0
        
          
        
        48487.91000000
        PA
        USD
        47402.30000000
        0.021364368017
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2050-02-25
          Variable
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AmerisourceBergen Corp
        AI8GXW8LG5WK7E9UD086
        AmerisourceBergen Corp.
        03073E105
        
          
        
        25200.00000000
        NS
        USD
        3898692.00000000
        1.757152937222
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Enterprise Fleet Financing LLC
        N/A
        Enterprise Fleet Financing LLC
        29374WAB2
        
          
        
        154663.14000000
        PA
        USD
        154756.60000000
        0.069749293928
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2025-05-20
          Fixed
          2.06000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Zoetis Inc
        549300HD9Q1LOC9KLJ48
        Zoetis, Inc.
        98978VAL7
        
          
        
        225000.00000000
        PA
        USD
        224463.70000000
        0.101166506550
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-09-12
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association REMICS
        3136ARZG6
        
          
        
        51814.54000000
        PA
        USD
        52102.82000000
        0.023482907395
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2042-03-25
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        UBS GROUP AG
        549300SZJ9VS8SGXAN81
        UBS Group AG
        902613AD0
        
          
        
        200000.00000000
        PA
        USD
        180500.00000000
        0.081351926535
        Long
        DBT
        CORP
        CH
        N
        
        2
        
          2031-02-10
          Fixed
          4.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KEURIG DR PEPPER INC
        DYTQ8KRTKO7Y2BVU5K74
        Keurig Dr Pepper, Inc.
        49271VAK6
        
          
        
        100000.00000000
        PA
        USD
        94943.48000000
        0.042791329695
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2050-05-01
          Fixed
          3.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ASHTEAD CAPITAL INC
        213800J1134IW58IC398
        Ashtead Capital, Inc.
        045054AP8
        
          
        
        275000.00000000
        PA
        USD
        241654.42000000
        0.108914418963
        Long
        DBT
        CORP
        US
        
        N
        
        2
        
          2031-08-12
          Fixed
          2.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VERIZON COMMUNICATIONS
        2S72QS2UO2OESLG6Y829
        Verizon Communications, Inc.
        92343VER1
        
          
        
        309000.00000000
        PA
        USD
        326558.03000000
        0.147180747180
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-09-21
          Fixed
          4.32900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMORGAN CHASE & CO
        8I5DZWZKVSZI1NUHU748
        JPMorgan Chase & Co.
        46647PBW5
        
          
        
        250000.00000000
        PA
        USD
        229357.12000000
        0.103371986574
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-02-04
          Fixed
          1.04000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Starbucks Corp
        OQSJ1DU9TAOC51A47K68
        Starbucks Corp.
        855244109
        
          
        
        23300.00000000
        NS
        USD
        2119601.00000000
        0.955310940923
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        31292HDJ0
        
          
        
        5251.52000000
        PA
        USD
        5832.55000000
        0.002628748914
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2030-06-01
          Fixed
          8.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Emerson Electric Co
        FGLT0EWZSUIRRITFOA30
        Emerson Electric Co.
        291011104
        
          
        
        26300.00000000
        NS
        USD
        2578715.00000000
        1.162235087180
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Santander Revolving Auto Loan Trust
        N/A
        Santander Revolving Auto Loan Trust
        80286JAC9
        
          
        
        200000.00000000
        PA
        USD
        196728.96000000
        0.088666370644
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2032-01-26
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BERKSHIRE HATHAWAY ENERG
        549300JD0S5IZJE9LY15
        Berkshire Hathaway Energy Co.
        084659BD2
        
          
        
        125000.00000000
        PA
        USD
        108867.73000000
        0.049067033645
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-05-15
          Fixed
          1.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        QUANTA SERVICES INC
        SHVRXXEACT60MMH07S24
        Quanta Services, Inc.
        74762EAF9
        
          
        
        150000.00000000
        PA
        USD
        138800.98000000
        0.062558045030
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-10-01
          Fixed
          2.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LOWE'S COS INC
        WAFCR4OKGSC504WU3E95
        Lowe's Cos., Inc.
        548661EJ2
        
          
        
        125000.00000000
        PA
        USD
        129369.79000000
        0.058307377573
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2052-04-01
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        3132L5A29
        
          
        
        342687.28000000
        PA
        USD
        341277.61000000
        0.153814908902
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2043-04-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TRUIST FINANCIAL CORP
        549300DRQQI75D2JP341
        Truist Financial Corp.
        89788MAD4
        
          
        
        200000.00000000
        PA
        USD
        185431.09000000
        0.083574384548
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-03-02
          Fixed
          1.26700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Valero Energy Corp
        549300XTO5VR8SKV1V74
        Valero Energy Corp.
        91913YAL4
        
          
        
        500000.00000000
        PA
        USD
        616058.65000000
        0.277659601309
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2037-06-15
          Fixed
          6.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PRUDENTIAL FINANCIAL INC
        5PRBRS5FEH7NREC8OR45
        Prudential Financial, Inc.
        744320BH4
        
          
        
        125000.00000000
        PA
        USD
        114550.00000000
        0.051628050884
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2050-10-01
          Fixed
          3.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JP Morgan Mortgage Trust
        N/A
        JP Morgan Mortgage Trust
        46592KAC6
        
          
        
        114477.46000000
        PA
        USD
        106056.04000000
        0.047799795981
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2051-07-25
          Variable
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31388K3Y6
        
          
        
        14031.65000000
        PA
        USD
        15000.92000000
        0.006760962558
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2031-11-01
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BLOCK INC
        549300OHIIUWSTIZME52
        Block, Inc.
        852234AL7
        
          
        
        200000.00000000
        PA
        USD
        189044.00000000
        0.085202734625
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-06-01
          Fixed
          2.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ENTERPRISE PRODUCTS OPER
        5493004LGN656HWLDA30
        Enterprise Products Operating LLC
        29379VBE2
        
          
        
        250000.00000000
        PA
        USD
        254731.05000000
        0.114808097872
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-02-15
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association REMICS
        31397SHK3
        
          
        
        146766.66000000
        PA
        USD
        148377.78000000
        0.066874339379
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2031-04-25
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association REMICS
        3136BAN34
        
          
        
        1023606.65000000
        PA
        USD
        175104.19000000
        0.078920017733
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-12-25
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LIBERTY MUTUAL GROUP INC
        QUR0DG15Z6FFGYCHH861
        Liberty Mutual Group, Inc.
        53079EBK9
        
          
        
        50000.00000000
        PA
        USD
        45464.90000000
        0.020491175649
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2060-05-15
          Fixed
          3.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31418DY89
        
          
        
        227342.57000000
        PA
        USD
        220055.90000000
        0.099179897011
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2041-05-01
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PERKINELMER INC
        549300IKL1SDPFI7N655
        PerkinElmer, Inc.
        714046AK5
        
          
        
        325000.00000000
        PA
        USD
        315754.21000000
        0.142311430998
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-09-15
          Fixed
          0.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        T-MOBILE USA INC
        549300V2JRLO5DIFGE82
        T-Mobile USA, Inc.
        87264ABU8
        
          
        
        100000.00000000
        PA
        USD
        95818.00000000
        0.043185478652
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-04-15
          Fixed
          2.62500000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        MARTIN MARIETTA
        5299005MZ4WZECVATV08
        Martin Marietta Materials, Inc.
        573284AX4
        
          
        
        300000.00000000
        PA
        USD
        256189.91000000
        0.115465610733
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2051-07-15
          Fixed
          3.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMorgan Chase Bank, NA - CACLN
        N/A
        JPMorgan Chase Bank NA - CACLN
        46591HBR0
        
          
        
        157543.88000000
        PA
        USD
        154772.34000000
        0.069756387996
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2028-09-25
          Fixed
          0.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GOLDMAN SACHS GROUP INC
        784F5XWPLTWKTBV3E584
        Goldman Sachs Group, Inc.
        38141GYM0
        
          
        
        250000.00000000
        PA
        USD
        232663.48000000
        0.104862173587
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-10-21
          Fixed
          1.94800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        E.I. DU PONT DE NEMOURS
        GLU7INWNWH88J9XBXD45
        EI du Pont de Nemours & Co.
        263534CN7
        
          
        
        50000.00000000
        PA
        USD
        47964.22000000
        0.021617627156
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-07-15
          Fixed
          1.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WRKCo Inc
        549300JEB576INN13W07
        WRKCo, Inc.
        92940PAE4
        
          
        
        175000.00000000
        PA
        USD
        175701.78000000
        0.079189353455
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-06-01
          Fixed
          3.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SCHLUMBERGER HLDGS CORP
        529900IKZG65COT1D505
        Schlumberger Holdings Corp.
        806851AK7
        
          
        
        390000.00000000
        PA
        USD
        394674.31000000
        0.177880972147
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-05-17
          Fixed
          3.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Note
        912828M56
        
          
        
        2500000.00000000
        PA
        USD
        2477441.40000000
        1.116590752181
        Long
        DBT
        UST
        US
        N
        
        2
        
          2025-11-15
          Fixed
          2.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BRIXMOR OPERATING PART
        549300CJHBL7JBUA6503
        Brixmor Operating Partnership LP
        11120VAF0
        
          
        
        100000.00000000
        PA
        USD
        100799.57000000
        0.045430688163
        Long
        DBT
        
        US
        N
        
        2
        
          2024-06-15
          Fixed
          3.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31410YYU2
        
          
        
        27817.92000000
        PA
        USD
        29619.36000000
        0.013349540159
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2036-10-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        3138LUS22
        
          
        
        197128.63000000
        PA
        USD
        200888.11000000
        0.090540912834
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2042-06-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association REMICS
        31394FHV0
        
          
        
        206551.68000000
        PA
        USD
        224884.48000000
        0.101356153440
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-09-25
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        3138ET4J2
        
          
        
        153876.98000000
        PA
        USD
        155161.28000000
        0.069931684497
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2030-12-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        3132D9EY6
        
          
        
        235242.23000000
        PA
        USD
        228502.04000000
        0.102986599286
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2041-06-01
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31418CNQ3
        
          
        
        56146.44000000
        PA
        USD
        57692.38000000
        0.026002139941
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2032-08-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CAPITAL ONE FINANCIAL CO
        ZUE8T73ROZOF6FLBAR73
        Capital One Financial Corp.
        14040HCF0
        
          
        
        100000.00000000
        PA
        USD
        92750.00000000
        0.041802721253
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-09-01
          Fixed
          3.95000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        7-ELEVEN INC
        549300K23JPL0SS3LB18
        7-Eleven, Inc.
        817826AE0
        
          
        
        125000.00000000
        PA
        USD
        107676.32000000
        0.048530061353
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-02-10
          Fixed
          1.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Metropolitan Transportation Authority
        5493000TKYODLXADQD60
        Metropolitan Transportation Authority
        59259YCA5
        
          
        
        1000000.00000000
        PA
        USD
        1170091.50000000
        0.527363976442
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2031-11-15
          Fixed
          6.54800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        INTERSTATE POWER & LIGHT
        EF9UQIIO4KY2BWOK3P26
        Interstate Power & Light Co.
        461070AR5
        
          
        
        150000.00000000
        PA
        USD
        136228.86000000
        0.061398782330
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2049-09-30
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31416YT81
        
          
        
        68973.19000000
        PA
        USD
        73466.11000000
        0.033111410435
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2041-07-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31407NNQ2
        
          
        
        92543.01000000
        PA
        USD
        98408.61000000
        0.044353074854
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-09-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WRKCO INC
        549300JEB576INN13W07
        WRKCo, Inc.
        92940PAG9
        
          
        
        100000.00000000
        PA
        USD
        93410.59000000
        0.042100451276
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2033-06-15
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Woodward Capital Management
        N/A
        RCKT Mortgage Trust
        74939KAE6
        
          
        
        314662.10000000
        PA
        USD
        300514.58000000
        0.135442881080
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2051-12-25
          Variable
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GS Mortgage-Backed Securities Trust
        N/A
        GS Mortgage-Backed Securities Corp. Trust
        36260RAB5
        
          
        
        182110.47000000
        PA
        USD
        168962.28000000
        0.076151839278
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2051-05-25
          Variable
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31418AAV0
        
          
        
        62565.41000000
        PA
        USD
        63403.78000000
        0.028576286164
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2031-12-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Automatic Data Processing Inc
        HGBOLILQXWER4SAL2I23
        Automatic Data Processing, Inc.
        053015103
        
          
        
        8450.00000000
        NS
        USD
        1922713.00000000
        0.866572890442
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        HP INC
        WHKXQACZ14C5XRO8LW03
        HP, Inc.
        40434LAJ4
        
          
        
        300000.00000000
        PA
        USD
        268449.49000000
        0.120991042598
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-06-17
          Fixed
          2.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PERFORMANCE FOOD GROUP I
        549300OMUOGBYK0FFO76
        Performance Food Group, Inc.
        69346VAA7
        
          
        
        50000.00000000
        PA
        USD
        49812.50000000
        0.022450652856
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-10-15
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Note
        912828X88
        
          
        
        1000000.00000000
        PA
        USD
        996875.00000000
        0.449294746621
        Long
        DBT
        UST
        US
        N
        
        2
        
          2027-05-15
          Fixed
          2.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BOEING CO
        RVHJWBXLJ1RFUBSY1F30
        Boeing Co.
        097023CW3
        
          
        
        75000.00000000
        PA
        USD
        86564.29000000
        0.039014801998
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2050-05-01
          Fixed
          5.80500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Bond
        912810RS9
        
          
        
        500000.00000000
        PA
        USD
        490859.38000000
        0.221231890421
        Long
        DBT
        UST
        US
        N
        
        2
        
          2046-05-15
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        3138M5LP2
        
          
        
        202845.58000000
        PA
        USD
        206714.32000000
        0.093166804290
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2042-08-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SOUTHWEST AIRLINES CO
        UDTZ87G0STFETI6HGH41
        Southwest Airlines Co.
        844741BJ6
        
          
        
        75000.00000000
        PA
        USD
        78846.00000000
        0.035536144042
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-05-04
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Travelers Cos Inc/The
        549300Y650407RU8B149
        Travelers Cos., Inc.
        89417E109
        
          
        
        35800.00000000
        NS
        USD
        6541734.00000000
        2.948380408769
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Freddie Mac - STACR
        N/A
        Federal Home Loan Mortgage Corp. STACR REMIC Trust
        35564KGX1
        
          
        
        13345.94000000
        PA
        USD
        13321.83000000
        0.006004191332
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2034-01-25
          Floating
          0.74900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CAPITAL ONE FINANCIAL CO
        ZUE8T73ROZOF6FLBAR73
        Capital One Financial Corp.
        14040HCN3
        
          
        
        100000.00000000
        PA
        USD
        96629.77000000
        0.043551345984
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-03-01
          Fixed
          3.27300000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TD SYNNEX CORP
        5493004HI6PFLF46NS53
        TD SYNNEX Corp.
        87162WAJ9
        
          
        
        50000.00000000
        PA
        USD
        42943.45000000
        0.019354750080
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-08-09
          Fixed
          2.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NASDAQ INC
        549300L8X1Q78ERXFD06
        NASDAQ, Inc.
        63111XAD3
        
          
        
        400000.00000000
        PA
        USD
        337278.69000000
        0.152012582885
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-01-15
          Fixed
          1.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        3138MBFD3
        
          
        
        187792.13000000
        PA
        USD
        196363.16000000
        0.088501503416
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2042-10-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VIATRIS INC
        254900ZZTSW7NL773X71
        Viatris, Inc.
        92556VAD8
        
          
        
        200000.00000000
        PA
        USD
        175936.10000000
        0.079294962227
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-06-22
          Fixed
          2.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FLORIDA POWER LIGHT CO
        A89MY1K3YLIGJMYWVX50
        Florida Power & Light Co.
        341081GE1
        
          
        
        150000.00000000
        PA
        USD
        134386.85000000
        0.060568582540
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2051-12-04
          Fixed
          2.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Colgate-Palmolive Co
        YMEGZFW4SBUSS5BQXF88
        Colgate-Palmolive Co.
        194162103
        
          
        
        26000.00000000
        NS
        USD
        1971580.00000000
        0.888597403428
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CarMax Auto Owner Trust
        N/A
        Carmax Auto Owner Trust
        14313FAD1
        
          
        
        0.07000000
        PA
        USD
        0.07000000
        0.000000031549
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2023-06-15
          Fixed
          3.13000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TEACHERS INSUR & ANNUITY
        O06XD7BJ4EPXNABVFN69
        Teachers Insurance & Annuity Association of America
        878091BG1
        
          
        
        100000.00000000
        PA
        USD
        88483.07000000
        0.039879602273
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2050-05-15
          Fixed
          3.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY
        IGJSJL3JD5P30I6NJZ34
        Morgan Stanley
        6174468X0
        
          
        
        500000.00000000
        PA
        USD
        432233.42000000
        0.194808982991
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2032-04-28
          Fixed
          1.92800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31406UL48
        
          
        
        111795.97000000
        PA
        USD
        121252.89000000
        0.054649064817
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-09-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMorgan Chase & Co
        8I5DZWZKVSZI1NUHU748
        JPMorgan Chase & Co.
        46625H100
        
          
        
        26500.00000000
        NS
        USD
        3612480.00000000
        1.628156274631
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        3138LUSY2
        
          
        
        201450.71000000
        PA
        USD
        205302.32000000
        0.092530411380
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2042-06-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BERKSHIRE HATHAWAY FIN
        549300RLHFT5RU20WM87
        Berkshire Hathaway Finance Corp.
        084664DB4
        
          
        
        125000.00000000
        PA
        USD
        127747.85000000
        0.057576364034
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2052-03-15
          Fixed
          3.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROYALTY PHARMA PLC
        549300FGFN7VOK8BZR03
        Royalty Pharma PLC
        78081BAK9
        
          
        
        200000.00000000
        PA
        USD
        174882.54000000
        0.078820119370
        Long
        DBT
        CORP
        GB
        
        N
        
        2
        
          2030-09-02
          Fixed
          2.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31418BM37
        
          
        
        255680.89000000
        PA
        USD
        266378.86000000
        0.120057803043
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-02-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TRACTOR SUPPLY CO
        549300OJ9VZHZRO6I137
        Tractor Supply Co.
        892356AA4
        
          
        
        125000.00000000
        PA
        USD
        107386.42000000
        0.048399402497
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-11-01
          Fixed
          1.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Santander Consumer Auto Receivables Trust
        N/A
        Santander Consumer Auto Receivables Trust
        802830AG4
        
          
        
        124963.07000000
        PA
        USD
        124558.06000000
        0.056138715493
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2024-08-15
          Fixed
          0.46000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bristol-Myers Squibb Co
        HLYYNH7UQUORYSJQCN42
        Bristol-Myers Squibb Co.
        110122108
        
          
        
        84300.00000000
        NS
        USD
        6156429.00000000
        2.774722214565
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        WEYERHAEUSER CO
        08IRJODWFYBI7QWRGS31
        Weyerhaeuser Co.
        962166CA0
        
          
        
        100000.00000000
        PA
        USD
        97408.95000000
        0.043902524899
        Long
        DBT
        
        US
        N
        
        2
        
          2033-03-09
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BELROSE FUNDING TRUST
        N/A
        Belrose Funding Trust
        080807AA8
        
          
        
        100000.00000000
        PA
        USD
        87597.53000000
        0.039480486566
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-08-15
          Fixed
          2.33000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fastenal Co
        529900PP0C7H2HHPSJ32
        Fastenal Co.
        311900104
        
          
        
        55900.00000000
        NS
        USD
        3320460.00000000
        1.496541927889
        Long
        EC
        CORP
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Note
        9128283P3
        
          
        
        1000000.00000000
        PA
        USD
        994179.69000000
        0.448079961794
        Long
        DBT
        UST
        US
        N
        
        2
        
          2024-12-31
          Fixed
          2.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SYSCO CORPORATION
        5RGWIFLMGH3YS7KWI652
        Sysco Corp.
        871829BL0
        
          
        
        83000.00000000
        PA
        USD
        96202.54000000
        0.043358792058
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-04-01
          Fixed
          5.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HILTON DOMESTIC OPERATIN
        5493003EG7H0N1E4XV50
        Hilton Domestic Operating Co., Inc.
        432833AG6
        
          
        
        100000.00000000
        PA
        USD
        102305.00000000
        0.046109190272
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-05-01
          Fixed
          5.37500000
          N
          N
          N
        
        
          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 # RB5105439,206