Form NPORT-P ULTRA SERIES FUND For: Mar 31

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May 18, 2022 10:56 AM EDT

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    NPORT-P
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      ULTRA SERIES FUND
      811-04815
      0000732697
      254900JPNAJ16VJV5X45
      550 SCIENCE DRIVE
      MADISON
      
      53711
      608-274-0300
      Core Bond Fund
      S000019978
      254900ZJ8847WPVD2X76
      2022-12-31
      2022-03-31
      N
    
    
      100707777.22
      3196236.29
      97511540.93
      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
      443508.89000000
      
        
          USD
          
          
        
      
      
      
      
        
        
        
        
        
      
      N
      
        
          
          
        
        
          
            
            
            
            
              
              
              
            
          
        
        
        
        
      
      
      
      
      
      
    
    
      
        JPMORGAN CHASE & CO
        8I5DZWZKVSZI1NUHU748
        JPMorgan Chase & Co.
        48128BAH4
        
          
        
        400000.00000000
        PA
        USD
        378000.00000000
        0.387646422561
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-04-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        HUNTINGTON NATIONAL BANK
        2WHM8VNJH63UN14OL754
        Huntington National Bank
        44644AAE7
        
          
        
        250000.00000000
        PA
        USD
        252962.75000000
        0.259418267404
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-10-06
          Fixed
          3.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Bond
        912810SE9
        
          
        
        500000.00000000
        PA
        USD
        585898.44000000
        0.600850355160
        Long
        DBT
        UST
        US
        N
        
        2
        
          2048-11-15
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        31335AYT9
        
          
        
        448173.53000000
        PA
        USD
        446161.17000000
        0.457547040837
        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
        
          
        
        12000.00000000
        PA
        USD
        10524.80000000
        0.010793389069
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2036-11-15
          Fixed
          3.18700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Bunker Hill Loan Depositary Trust
        N/A
        Bunker Hill Loan Depositary Trust
        12061RAA9
        
          
        
        128181.47000000
        PA
        USD
        127277.29000000
        0.130525360163
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2049-07-25
          Variable
          2.87900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Bond
        912810SN9
        
          
        
        1500000.00000000
        PA
        USD
        1121015.63000000
        1.149623541283
        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
        
          
        
        138243.44000000
        PA
        USD
        141514.54000000
        0.145125939607
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2048-07-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PUBLIC STORAGE
        549300LMZF40TKJ6DM64
        Public Storage
        74460DAH2
        
          
        
        125000.00000000
        PA
        USD
        115622.30000000
        0.118572939056
        Long
        DBT
        
        US
        N
        
        2
        
          2028-11-09
          Fixed
          1.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Ball Corp
        0BGI85ALH27ZJP15DY16
        Ball Corp.
        058498AV8
        
          
        
        250000.00000000
        PA
        USD
        260461.50000000
        0.267108382777
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-03-15
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        AERCAP IRELAND CAP/GLOBA
        N/A
        AerCap Ireland Capital DAC/AerCap Global Aviation Trust
        00774MAS4
        
          
        
        300000.00000000
        PA
        USD
        274610.17000000
        0.281618121692
        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
        
          
        
        2250000.00000000
        PA
        USD
        2279619.14000000
        2.337794191598
        Long
        DBT
        UST
        US
        N
        
        2
        
          2029-02-15
          Fixed
          2.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Vodafone Group PLC
        213800TB53ELEUKM7Q61
        Vodafone Group PLC
        92857WBL3
        
          
        
        250000.00000000
        PA
        USD
        272603.59000000
        0.279560334499
        Long
        DBT
        CORP
        GB
        N
        
        2
        
          2038-05-30
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        3140E9NZ5
        
          
        
        156936.07000000
        PA
        USD
        159600.95000000
        0.163673908214
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2045-11-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31410LRR5
        
          
        
        467655.65000000
        PA
        USD
        472640.92000000
        0.484702544429
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2030-09-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        3132M8PL4
        
          
        
        242015.83000000
        PA
        USD
        247208.43000000
        0.253517099250
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2044-08-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Carlisle Cos Inc
        XR64VGX1ZPX6G7ZN7Z11
        Carlisle Cos., Inc.
        142339AG5
        
          
        
        200000.00000000
        PA
        USD
        201840.30000000
        0.206991191068
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-12-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WALGREENS BOOTS ALLIANCE
        549300RPTUOIXG4LIH86
        Walgreens Boots Alliance, Inc.
        931427AQ1
        
          
        
        176000.00000000
        PA
        USD
        177104.59000000
        0.181624234742
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-06-01
          Fixed
          3.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MARS INC
        54930073HKEO6GZBSS03
        Mars, Inc.
        571676AN5
        
          
        
        350000.00000000
        PA
        USD
        292958.78000000
        0.300434981547
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2040-07-16
          Fixed
          2.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GLP CAPITAL LP / FIN II
        N/A
        GLP Capital LP/GLP Financing II, Inc.
        361841AR0
        
          
        
        200000.00000000
        PA
        USD
        181460.00000000
        0.186090793222
        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
        
          
        
        420979.80000000
        PA
        USD
        404868.00000000
        0.415200084152
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2048-04-01
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ORACLE CORP
        1Z4GXXU7ZHVWFCD8TV52
        Oracle Corp.
        68389XCA1
        
          
        
        400000.00000000
        PA
        USD
        349502.12000000
        0.358421287025
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2051-03-25
          Fixed
          3.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MAGALLANES INC
        549300DXR29GD4N0A520
        Magallanes, Inc.
        55903VAQ6
        
          
        
        175000.00000000
        PA
        USD
        179085.35000000
        0.183655543017
        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
        
          
        
        7718.70000000
        PA
        USD
        7707.66000000
        0.007904356680
        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
        
          
        
        340855.43000000
        PA
        USD
        330985.69000000
        0.339432324464
        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
        
          
        
        550000.00000000
        PA
        USD
        615464.67000000
        0.631171104599
        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.
        3132XVH97
        
          
        
        165016.12000000
        PA
        USD
        167438.94000000
        0.171711920869
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2047-12-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OLD REPUBLIC INTL CORP
        549300IV6O2YY2A1KH37
        Old Republic International Corp.
        680223AL8
        
          
        
        250000.00000000
        PA
        USD
        231866.13000000
        0.237783269332
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2051-06-11
          Fixed
          3.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        STERIS PLC
        549300BRDKZ1HFI2J358
        STERIS Irish FinCo UnLtd Co.
        85917PAB3
        
          
        
        350000.00000000
        PA
        USD
        325416.19000000
        0.333720692849
        Long
        DBT
        CORP
        IE
        
        N
        
        2
        
          2051-03-15
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        STATE STREET CORP
        549300ZFEEJ2IP5VME73
        State Street Corp.
        857477BF9
        
          
        
        125000.00000000
        PA
        USD
        119570.38000000
        0.122621772622
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2034-11-01
          Fixed
          3.03100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        KKR GROUP FINAN CO VIII
        N/A
        KKR Group Finance Co. VIII LLC
        48252MAA3
        
          
        
        250000.00000000
        PA
        USD
        217951.81000000
        0.223513860945
        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
        
          
        
        200000.00000000
        PA
        USD
        192660.00000000
        0.197576613150
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-01-15
          Fixed
          2.87500000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        CHARLES SCHWAB CORP
        549300VSGCJ7E698NM85
        Charles Schwab Corp.
        808513BJ3
        
          
        
        550000.00000000
        PA
        USD
        493966.00000000
        0.506571832717
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-12-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        3140F9UD5
        
          
        
        111408.33000000
        PA
        USD
        115181.44000000
        0.118120828469
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2046-12-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Synchrony Credit Card Master Note Trust
        549300G1V1M796QIYC04
        Synchrony Credit Card Master Note Trust
        87165LCE9
        
          
        
        500000.00000000
        PA
        USD
        502756.45000000
        0.515586611805
        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
        0.054035214188
        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
        
          
        
        200000.00000000
        PA
        USD
        179261.56000000
        0.183836249832
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-06-11
          Fixed
          1.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY
        IGJSJL3JD5P30I6NJZ34
        Morgan Stanley
        61772BAB9
        
          
        
        250000.00000000
        PA
        USD
        232566.90000000
        0.238501922728
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-05-04
          Fixed
          1.59300000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Duke Energy Corp
        I1BZKREC126H0VB1BL91
        Duke Energy Corp.
        26441CAT2
        
          
        
        400000.00000000
        PA
        USD
        376778.16000000
        0.386393401649
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2046-09-01
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        31297GFX4
        
          
        
        226118.34000000
        PA
        USD
        242467.36000000
        0.248655038867
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2034-11-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TD SYNNEX CORP
        5493004HI6PFLF46NS53
        TD SYNNEX Corp.
        87162WAE0
        
          
        
        500000.00000000
        PA
        USD
        458554.42000000
        0.470256562071
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-08-09
          Fixed
          1.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MCDONALD'S CORP
        UE2136O97NLB5BYP9H04
        McDonald's Corp.
        58013MFM1
        
          
        
        250000.00000000
        PA
        USD
        227481.14000000
        0.233286375982
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-03-01
          Fixed
          2.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        3140FKDN7
        
          
        
        257757.25000000
        PA
        USD
        256425.94000000
        0.262969836754
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2047-01-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROYAL BANK OF CANADA
        ES7IP3U3RHIGC71XBU11
        Royal Bank of Canada
        78015K7H1
        
          
        
        375000.00000000
        PA
        USD
        354330.21000000
        0.363372588127
        Long
        DBT
        CORP
        CA
        N
        
        2
        
          2025-06-10
          Fixed
          1.15000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EMPOWER FINANCE 2020 LP
        N/A
        Empower Finance 2020 LP
        29248HAC7
        
          
        
        125000.00000000
        PA
        USD
        105776.35000000
        0.108475723992
        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
        
          
        
        365000.00000000
        PA
        USD
        371963.79000000
        0.381456170677
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-01-12
          Fixed
          3.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WESTERN UNION CO/THE
        28ID94QU1140NC23S047
        Western Union Co.
        959802AY5
        
          
        
        125000.00000000
        PA
        USD
        123687.50000000
        0.126843960028
        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
        
          
        
        250000.00000000
        PA
        USD
        256820.96000000
        0.263374937520
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2037-09-20
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ALIBABA GROUP HOLDING
        5493001NTNQJDH60PM02
        Alibaba Group Holding Ltd.
        01609WAX0
        
          
        
        250000.00000000
        PA
        USD
        217292.08000000
        0.222837294875
        Long
        DBT
        CORP
        KY
        
        N
        
        2
        
          2031-02-09
          Fixed
          2.12500000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        LAD Auto Receivables Trust
        N/A
        LAD Auto Receivables Trust
        501683AA4
        
          
        
        383085.98000000
        PA
        USD
        375406.22000000
        0.384986450239
        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
        
          
        
        346317.68000000
        PA
        USD
        321530.34000000
        0.329735677370
        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
        
          
        
        300000.00000000
        PA
        USD
        320165.26000000
        0.328335761025
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-04-15
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CIGNA CORP
        549300VIWYMSIGT1U456
        Cigna Corp.
        125523AK6
        
          
        
        200000.00000000
        PA
        USD
        223994.63000000
        0.229710891514
        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
        
          
        
        149280.07000000
        PA
        USD
        147797.81000000
        0.151569556372
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2027-12-14
          Fixed
          0.54000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31417C4N2
        
          
        
        471972.17000000
        PA
        USD
        481748.70000000
        0.494042751663
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2042-09-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FREMF Mortgage Trust
        549300OFE1DNC7KO4K57
        FREMF Mortgage Trust
        30292NAG8
        
          
        
        450000.00000000
        PA
        USD
        445495.19000000
        0.456864065269
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2048-01-25
          Variable
          3.67000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31418DHH8
        
          
        
        61351.06000000
        PA
        USD
        60669.62000000
        0.062217886643
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2039-11-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Mars Inc
        54930073HKEO6GZBSS03
        Mars, Inc.
        571676AD7
        
          
        
        350000.00000000
        PA
        USD
        354162.64000000
        0.363200741801
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2039-04-01
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Bond
        912810EZ7
        
          
        
        2000000.00000000
        PA
        USD
        2380000.00000000
        2.440736734648
        Long
        DBT
        UST
        US
        N
        
        2
        
          2027-02-15
          Fixed
          6.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PICASSO FINANCE SUB INC
        N/A
        Picasso Finance Sub, Inc.
        71953LAA9
        
          
        
        135000.00000000
        PA
        USD
        137193.75000000
        0.140694884617
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-06-15
          Fixed
          6.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LYB INT FINANCE III
        N/A
        LYB International Finance III LLC
        50249AAJ2
        
          
        
        400000.00000000
        PA
        USD
        361712.74000000
        0.370943517608
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2051-04-01
          Fixed
          3.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        State Street Global Advisors
        5493008BJIBKQ5KTIF74
        State Street Navigator Securities Lending Government Money Market Portfolio
        857492706
        
          
        
        2725190.00000000
        NS
        USD
        2725190.00000000
        2.794735857939
        Long
        STIV
        RF
        US
        N
        
        1
        
          
          N
          N
        
      
      
        ENLINK MIDSTREAM PARTNER
        88CPW63VL7KHJWS0NY83
        EnLink Midstream Partners LP
        29336UAG2
        
          
        
        550000.00000000
        PA
        USD
        464750.00000000
        0.476610251020
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2047-06-01
          Fixed
          5.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PIONEER NATURAL RESOURCE
        FY8JBF7CCL2VE4F1B628
        Pioneer Natural Resources Co.
        723787AR8
        
          
        
        200000.00000000
        PA
        USD
        180261.76000000
        0.184861974573
        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
        
          
        
        257707.40000000
        PA
        USD
        269140.35000000
        0.276008713874
        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
        
          
        
        2750000.00000000
        PA
        USD
        2638925.80000000
        2.706270226920
        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
        
          
        
        250000.00000000
        PA
        USD
        247984.45000000
        0.254312922998
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-06-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        McDonald's Corp
        UE2136O97NLB5BYP9H04
        McDonald's Corp.
        58013MFA7
        
          
        
        400000.00000000
        PA
        USD
        445151.38000000
        0.456511481363
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2045-12-09
          Fixed
          4.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Bond
        912810SU3
        
          
        
        1000000.00000000
        PA
        USD
        874218.75000000
        0.896528494640
        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
        
          
        
        247214.47000000
        PA
        USD
        242785.82000000
        0.248981625851
        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
        
          
        
        234627.32000000
        PA
        USD
        230678.20000000
        0.236565023790
        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
        
          
        
        329881.81000000
        PA
        USD
        336732.67000000
        0.345325965304
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2043-03-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31415SGU0
        
          
        
        286507.06000000
        PA
        USD
        321843.96000000
        0.330057300838
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2038-08-01
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Wheels SPV LLC
        N/A
        Wheels SPV 2 LLC
        96328DBN3
        
          
        
        200000.00000000
        PA
        USD
        200421.42000000
        0.205536101766
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2028-05-22
          Fixed
          2.35000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage Association
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        36202DMR9
        
          
        
        15848.01000000
        PA
        USD
        17270.62000000
        0.017711359942
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2031-04-20
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        METLIFE INC
        C4BXATY60WC6XEOZDX54
        MetLife, Inc.
        59156RCA4
        
          
        
        350000.00000000
        PA
        USD
        345170.00000000
        0.353978612898
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-09-15
          Fixed
          3.85000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        JP Morgan Mortgage Trust
        N/A
        JP Morgan Mortgage Trust
        46651GAC3
        
          
        
        79966.74000000
        PA
        USD
        79557.81000000
        0.081588096384
        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
        
          
        
        250000.00000000
        PA
        USD
        220603.05000000
        0.226232759626
        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
        
          
        
        250000.00000000
        PA
        USD
        282487.98000000
        0.289696970538
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2045-07-20
          Fixed
          5.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VMWARE INC
        549300BUDHS3LRWBE814
        VMware, Inc.
        928563AL9
        
          
        
        250000.00000000
        PA
        USD
        220141.42000000
        0.225759348996
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-08-15
          Fixed
          2.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31418BNK8
        
          
        
        270426.86000000
        PA
        USD
        286684.76000000
        0.294000850838
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2045-02-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PSMC Trust
        N/A
        PSMC Trust
        693652AB5
        
          
        
        82317.54000000
        PA
        USD
        81732.32000000
        0.083818099089
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2050-05-25
          Variable
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PSMC Trust
        N/A
        PSMC Trust
        693650AL7
        
          
        
        194693.34000000
        PA
        USD
        186187.97000000
        0.190939419297
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2051-03-25
          Variable
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BAXTER INTERNATIONAL INC
        J5OIVXX3P24RJRW5CK77
        Baxter International, Inc.
        071813CM9
        
          
        
        300000.00000000
        PA
        USD
        278472.81000000
        0.285579334860
        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
        
          
        
        130921.83000000
        PA
        USD
        135082.34000000
        0.138529592201
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2047-03-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        31298HA65
        
          
        
        33333.25000000
        PA
        USD
        33642.84000000
        0.034501393044
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2031-03-01
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Bond
        912810QS0
        
          
        
        750000.00000000
        PA
        USD
        882832.04000000
        0.905361592669
        Long
        DBT
        UST
        US
        N
        
        2
        
          2041-08-15
          Fixed
          3.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured Pass Through Certs.
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
        3137F2LJ3
        
          
        
        650000.00000000
        PA
        USD
        661134.05000000
        0.678005950572
        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
        
          
        
        421473.36000000
        PA
        USD
        404630.86000000
        0.414956892426
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2051-10-25
          Variable
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VALERO ENERGY CORP
        549300XTO5VR8SKV1V74
        Valero Energy Corp.
        91913YBE9
        
          
        
        100000.00000000
        PA
        USD
        93928.56000000
        0.096325582699
        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
        
          
        
        500000.00000000
        PA
        USD
        425126.28000000
        0.435975348092
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2050-10-15
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CARRIER GLOBAL CORP
        549300JE3W6CWY2NAN77
        Carrier Global Corp.
        14448CAS3
        
          
        
        150000.00000000
        PA
        USD
        137181.85000000
        0.140682680933
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2050-04-05
          Fixed
          3.57700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EXPEDIA GROUP INC
        N/A
        Expedia Group, Inc.
        30212PAR6
        
          
        
        350000.00000000
        PA
        USD
        333580.59000000
        0.342093445369
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-02-15
          Fixed
          3.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Hillsboro School District No 1J
        N/A
        Hillsboro School District No. 1J
        939307HP2
        
          
        
        800000.00000000
        PA
        USD
        835591.44000000
        0.856915429733
        Long
        DBT
        MUN
        US
        N
        
        2
        
          2034-06-30
          Fixed
          4.35500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WELLS FARGO & COMPANY
        PBLD0EJDB5FWOLXP3B76
        Wells Fargo & Co.
        95000U2S1
        
          
        
        250000.00000000
        PA
        USD
        236771.09000000
        0.242813402128
        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
        
          
        
        500000.00000000
        PA
        USD
        513016.19000000
        0.526108176639
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-03-15
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TransDigm Inc
        88Q84GB3X55CF5OC7582
        TransDigm, Inc.
        893647BE6
        
          
        
        200000.00000000
        PA
        USD
        205625.00000000
        0.210872475236
        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
        
          
        
        211084.60000000
        PA
        USD
        210534.05000000
        0.215906802407
        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
        
          
        
        250000.00000000
        PA
        USD
        230072.49000000
        0.235943856292
        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
        
          
        
        677032.55000000
        PA
        USD
        677609.60000000
        0.694901950617
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2042-09-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CCO HLDGS LLC/CAP CORP
        N/A
        CCO Holdings LLC/CCO Holdings Capital Corp.
        1248EPCD3
        
          
        
        200000.00000000
        PA
        USD
        191929.00000000
        0.196826958295
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-03-01
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31418AF52
        
          
        
        146687.68000000
        PA
        USD
        153618.77000000
        0.157539065155
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2042-06-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CHARTER COMM OPT LLC/CAP
        N/A
        Charter Communications Operating LLC/Charter Communications Operating Capital
        161175AY0
        
          
        
        400000.00000000
        PA
        USD
        415263.05000000
        0.425860412049
        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
        0.102626129220
        Long
        ABS-O
        CORP
        US
        
        N
        
        2
        
          2031-01-15
          Fixed
          3.62000000
          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
        0.120724858695
        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
        
          
        
        275000.00000000
        PA
        USD
        223800.04000000
        0.229511335648
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2051-12-15
          Fixed
          3.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VERIZON COMMUNICATIONS
        2S72QS2UO2OESLG6Y829
        Verizon Communications, Inc.
        92343VCQ5
        
          
        
        300000.00000000
        PA
        USD
        319234.00000000
        0.327380735608
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2034-11-01
          Fixed
          4.40000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Note
        91282CAE1
        
          
        
        2250000.00000000
        PA
        USD
        1956005.87000000
        2.005922428611
        Long
        DBT
        UST
        US
        N
        
        2
        
          2030-08-15
          Fixed
          0.62500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AFFILIATED MANAGERS GROU
        2JE75BUE3T1BLCYYGK54
        Affiliated Managers Group, Inc.
        008252AM0
        
          
        
        250000.00000000
        PA
        USD
        256255.57000000
        0.262795118973
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2024-02-15
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ALLY FINANCIAL INC
        549300JBN1OSM8YNAI90
        Ally Financial, Inc.
        02005NBM1
        
          
        
        250000.00000000
        PA
        USD
        234063.75000000
        0.240036971796
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-05-15
          Fixed
          4.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GENERAL MILLS INC
        2TGYMUGI08PO8X8L6150
        General Mills, Inc.
        370334CL6
        
          
        
        200000.00000000
        PA
        USD
        192151.52000000
        0.197055156925
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-04-15
          Fixed
          2.87500000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        MARVELL TECHNOLOGY INC
        N/A
        Marvell Technology, Inc.
        573874AL8
        
          
        
        400000.00000000
        PA
        USD
        406599.46000000
        0.416975730382
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-06-22
          Fixed
          4.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association REMICS
        31397SD27
        
          
        
        235271.52000000
        PA
        USD
        241384.30000000
        0.247544339570
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2031-05-25
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CARNIVAL CORP
        F1OF2ZSX47CR0BCWA982
        Carnival Corp.
        143658BN1
        
          
        
        150000.00000000
        PA
        USD
        142900.50000000
        0.146547268802
        Long
        DBT
        CORP
        PA
        
        N
        
        2
        
          2027-03-01
          Fixed
          5.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Bond
        912810RM2
        
          
        
        750000.00000000
        PA
        USD
        798632.81000000
        0.819013628933
        Long
        DBT
        UST
        US
        N
        
        2
        
          2045-05-15
          Fixed
          3.00000000
          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
        0.185525167866
        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
        
          
        
        323411.95000000
        PA
        USD
        310363.38000000
        0.318283740611
        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
        
          
        
        521301.42000000
        PA
        USD
        545845.11000000
        0.559774878741
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2041-01-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31385JF86
        
          
        
        116536.68000000
        PA
        USD
        127076.39000000
        0.130319333268
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2032-06-01
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FIFTH THIRD BANCORP
        THRNG6BD57P9QWTQLG42
        Fifth Third Bancorp
        316773DA5
        
          
        
        175000.00000000
        PA
        USD
        169339.89000000
        0.173661382421
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-05-05
          Fixed
          2.55000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        TRUIST BANK
        JJKC32MCHWDI71265Z06
        Truist Bank
        89788KAA4
        
          
        
        325000.00000000
        PA
        USD
        297940.88000000
        0.305544222928
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-03-11
          Fixed
          2.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31408F5W5
        
          
        
        66349.03000000
        PA
        USD
        71621.56000000
        0.073449316170
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-12-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Liberty Mutual Group Inc
        QUR0DG15Z6FFGYCHH861
        Liberty Mutual Group, Inc.
        53079EBE3
        
          
        
        166000.00000000
        PA
        USD
        168639.53000000
        0.172943149489
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-06-15
          Fixed
          4.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ROYALTY PHARMA PLC
        549300FGFN7VOK8BZR03
        Royalty Pharma PLC
        78081BAM5
        
          
        
        250000.00000000
        PA
        USD
        207341.31000000
        0.212632584843
        Long
        DBT
        CORP
        GB
        
        N
        
        2
        
          2050-09-02
          Fixed
          3.55000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        VERIZON COMMUNICATIONS
        2S72QS2UO2OESLG6Y829
        Verizon Communications, Inc.
        92343VES9
        
          
        
        300000.00000000
        PA
        USD
        312135.00000000
        0.320100571709
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-02-08
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GARTNER INC
        PP55B5R38BFB8O8HH686
        Gartner, Inc.
        366651AC1
        
          
        
        150000.00000000
        PA
        USD
        149968.50000000
        0.153795641592
        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
        
          
        
        2500000.00000000
        PA
        USD
        2294921.88000000
        2.353487451959
        Long
        DBT
        UST
        US
        N
        
        2
        
          2031-11-15
          Fixed
          1.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Citrix Systems Inc
        HCTKJGUQOPZ5NBK7NP58
        Citrix Systems, Inc.
        177376AE0
        
          
        
        105000.00000000
        PA
        USD
        107467.27000000
        0.110209795656
        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
        
          
        
        500000.00000000
        PA
        USD
        502127.30000000
        0.514941406125
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2047-11-25
          Variable
          3.59100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JP Morgan Mortgage Trust
        N/A
        JP Morgan Mortgage Trust
        46591FAC8
        
          
        
        30013.46000000
        PA
        USD
        30043.87000000
        0.030810578638
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2049-11-25
          Variable
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Note
        9128284N7
        
          
        
        3000000.00000000
        PA
        USD
        3073359.36000000
        3.151790373414
        Long
        DBT
        UST
        US
        N
        
        2
        
          2028-05-15
          Fixed
          2.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ONEOK INC
        2T3D6M0JSY48PSZI1Q41
        ONEOK, Inc.
        682680BD4
        
          
        
        100000.00000000
        PA
        USD
        107594.72000000
        0.110340498133
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-01-15
          Fixed
          5.85000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BLACKROCK INC
        549300LRIF3NWCU26A80
        BlackRock, Inc.
        09247XAS0
        
          
        
        350000.00000000
        PA
        USD
        317249.35000000
        0.325345438062
        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
        
          
        
        69183.92000000
        PA
        USD
        71664.09000000
        0.073492931520
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2025-05-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        GCAT
        N/A
        GCAT Trust
        36167TAA7
        
          
        
        254296.80000000
        PA
        USD
        244078.54000000
        0.250307335595
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2066-01-25
          Variable
          0.87400000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MAGALLANES INC
        549300DXR29GD4N0A520
        Magallanes, Inc.
        55903VAS2
        
          
        
        75000.00000000
        PA
        USD
        77339.12000000
        0.079312786222
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2062-03-15
          Fixed
          5.39100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31413KFC0
        
          
        
        238562.98000000
        PA
        USD
        266413.80000000
        0.273212583309
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2037-10-01
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HEALTH CARE SERVICE CORP
        549300TMJ1FKCKECR148
        Health Care Service Corp. A Mutual Legal Reserve Co.
        42218SAF5
        
          
        
        250000.00000000
        PA
        USD
        227182.40000000
        0.232980012246
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-06-01
          Fixed
          2.20000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        REGIONS FINANCIAL CORP
        CW05CS5KW59QTC0DG824
        Regions Financial Corp.
        7591EPAT7
        
          
        
        495000.00000000
        PA
        USD
        442778.42000000
        0.454077964287
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-08-12
          Fixed
          1.80000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31389PM23
        
          
        
        17598.13000000
        PA
        USD
        18896.89000000
        0.019379131762
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2032-03-01
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Dupont De Nemours Inc
        5493004JF0SDFLM8GD76
        DuPont de Nemours, Inc.
        26078JAD2
        
          
        
        300000.00000000
        PA
        USD
        322083.54000000
        0.330302994833
        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
        0.188182853280
        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
        
          
        
        62000.00000000
        PA
        USD
        90569.59000000
        0.092880893006
        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
        
          
        
        250000.00000000
        PA
        USD
        226313.18000000
        0.232088610067
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-06-15
          Fixed
          1.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FISERV INC
        GI7UBEJLXYLGR2C7GV83
        Fiserv, Inc.
        337738AU2
        
          
        
        200000.00000000
        PA
        USD
        196893.20000000
        0.201917842874
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-07-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Sequoia Mortgage Trust
        549300DFASAA48I36408
        Sequoia Mortgage Trust
        81745CAB9
        
          
        
        284568.95000000
        PA
        USD
        276028.69000000
        0.283072841806
        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
        
          
        
        200000.00000000
        PA
        USD
        194695.55000000
        0.199664109646
        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
        
          
        
        200000.00000000
        PA
        USD
        203798.26000000
        0.208999117495
        Long
        DBT
        CORP
        IE
        N
        
        2
        
          2027-10-15
          Fixed
          4.62500000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        SBA COMMUNICATIONS CORP
        5299001HX8ZN8Y8QIT49
        SBA Communications Corp.
        78410GAD6
        
          
        
        250000.00000000
        PA
        USD
        243495.00000000
        0.249708903866
        Long
        DBT
        
        US
        N
        
        2
        
          2027-02-15
          Fixed
          3.87500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        3138EPKA1
        
          
        
        470395.61000000
        PA
        USD
        515057.66000000
        0.528201744211
        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
        
          
        
        150000.00000000
        PA
        USD
        143667.74000000
        0.147334088488
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2037-03-08
          Fixed
          3.84600000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MPLX LP
        5493000CZJ19CK4P3G36
        MPLX LP
        55336VAS9
        
          
        
        250000.00000000
        PA
        USD
        266556.28000000
        0.273358699347
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-02-15
          Fixed
          4.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AVOLON HOLDINGS FNDG LTD
        635400ZRKEX9L1BKCH30
        Avolon Holdings Funding Ltd.
        05401AAM3
        
          
        
        300000.00000000
        PA
        USD
        274239.86000000
        0.281238361515
        Long
        DBT
        CORP
        KY
        
        N
        
        2
        
          2026-02-21
          Fixed
          2.12500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Liberty Mutual Group Inc
        QUR0DG15Z6FFGYCHH861
        Liberty Mutual Group, Inc.
        53079EBG8
        
          
        
        400000.00000000
        PA
        USD
        424031.27000000
        0.434852393835
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-02-01
          Fixed
          4.56900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        3132QSGY8
        
          
        
        389089.04000000
        PA
        USD
        396443.05000000
        0.406560132492
        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
        
          
        
        500000.00000000
        PA
        USD
        435101.17000000
        0.446204793658
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2036-08-15
          Fixed
          2.48700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PNC BANK NA
        AD6GFRVSDT01YPT1CS68
        PNC Bank NA
        69349LAS7
        
          
        
        125000.00000000
        PA
        USD
        120109.14000000
        0.123174281581
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-10-22
          Fixed
          2.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MPLX LP
        5493000CZJ19CK4P3G36
        MPLX LP
        55336VBQ2
        
          
        
        200000.00000000
        PA
        USD
        183230.37000000
        0.187906342421
        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
        
          
        
        5167.17000000
        PA
        USD
        5306.64000000
        0.005442063523
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2032-05-01
          Fixed
          7.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association REMICS
        3136AMC23
        
          
        
        746403.08000000
        PA
        USD
        66214.61000000
        0.067904382772
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2030-03-25
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TEXTRON INC
        3PPKBHUG1HD6BO7RNR87
        Textron, Inc.
        883203CC3
        
          
        
        250000.00000000
        PA
        USD
        226372.48000000
        0.232149423382
        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
        
          
        
        125000.00000000
        PA
        USD
        115438.75000000
        0.118384704927
        Long
        DBT
        
        US
        N
        
        2
        
          2031-02-15
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        ARCONIC CORP
        549300B4YFWH3U74B152
        Arconic Corp.
        03966VAB3
        
          
        
        150000.00000000
        PA
        USD
        153000.00000000
        0.156904504370
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-05-15
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        3133KYU64
        
          
        
        439205.75000000
        PA
        USD
        412364.04000000
        0.422887420368
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2041-03-01
          Fixed
          2.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        3128M6NJ3
        
          
        
        98161.49000000
        PA
        USD
        107553.44000000
        0.110298164683
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2037-01-01
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        3140X9EC5
        
          
        
        359916.60000000
        PA
        USD
        368079.67000000
        0.377472929347
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2050-11-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31418CCV4
        
          
        
        32463.45000000
        PA
        USD
        34113.39000000
        0.034983951309
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2046-10-01
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Note
        91282CBH3
        
          
        
        1750000.00000000
        PA
        USD
        1614580.08000000
        1.655783576591
        Long
        DBT
        UST
        US
        N
        
        2
        
          2026-01-31
          Fixed
          0.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        OMEGA HLTHCARE INVESTORS
        549300OJ7ENK42CZ8E73
        Omega Healthcare Investors, Inc.
        681936BM1
        
          
        
        225000.00000000
        PA
        USD
        206147.92000000
        0.211408739964
        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
        
          
        
        377293.63000000
        PA
        USD
        373764.20000000
        0.383302526485
        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
        
          
        
        72545.18000000
        PA
        USD
        75763.70000000
        0.077697162076
        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
        
          
        
        526218.75000000
        PA
        USD
        506044.93000000
        0.518959012619
        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
        
          
        
        275000.00000000
        PA
        USD
        286083.98000000
        0.293384739151
        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
        
          
        
        121973.80000000
        PA
        USD
        124344.30000000
        0.127517521325
        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
        
          
        
        500000.00000000
        PA
        USD
        443501.53000000
        0.454819527791
        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
        
          
        
        105614.74000000
        PA
        USD
        105731.42000000
        0.108429647395
        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
        
          
        
        225000.00000000
        PA
        USD
        227171.00000000
        0.232968321322
        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
        
          
        
        709857.27000000
        NS
        USD
        709857.27000000
        0.727972569431
        Long
        STIV
        RF
        US
        N
        
        1
        
          N
          N
          N
        
      
      
        CLARIOS GLOBAL LP/US FIN
        N/A
        Clarios Global LP/Clarios U.S. Finance Co.
        69867DAA6
        
          
        
        150000.00000000
        PA
        USD
        154312.50000000
        0.158250498893
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-05-15
          Fixed
          6.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        3132GKF92
        
          
        
        255774.90000000
        PA
        USD
        267368.46000000
        0.274191605885
        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
        
          
        
        250000.00000000
        PA
        USD
        261472.52000000
        0.268145203640
        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
        
          
        
        391689.57000000
        PA
        USD
        384255.50000000
        0.394061560647
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2034-12-11
          Fixed
          0.56000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31385XQ91
        
          
        
        154400.04000000
        PA
        USD
        167578.75000000
        0.171855298769
        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
        
          
        
        250000.00000000
        PA
        USD
        225369.69000000
        0.231121042545
        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
        
          
        
        450000.00000000
        PA
        USD
        414298.72000000
        0.424871472698
        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
        0.210610547265
        Long
        DBT
        
        US
        N
        
        2
        
          2028-03-15
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31418BXB7
        
          
        
        294084.15000000
        PA
        USD
        297994.42000000
        0.305599129249
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-12-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        M&T BANK CORPORATION
        549300WYXDDBYRASEG81
        M&T Bank Corp.
        55261FAJ3
        
          
        
        250000.00000000
        PA
        USD
        252916.40000000
        0.259370734569
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2023-07-26
          Fixed
          3.55000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        OTIS WORLDWIDE CORP
        549300ZLBKR8VSU25153
        Otis Worldwide Corp.
        68902VAK3
        
          
        
        300000.00000000
        PA
        USD
        280413.52000000
        0.287569571073
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-02-15
          Fixed
          2.56500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Verizon Owner Trust
        549300XY7L2MRX0BQH89
        Verizon Owner Trust
        92348TAC8
        
          
        
        250000.00000000
        PA
        USD
        249373.30000000
        0.255737215945
        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.
        3128MJWP1
        
          
        
        283957.96000000
        PA
        USD
        283064.53000000
        0.290288233885
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2045-07-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SPIRIT AEROSYSTEMS INC
        ZD2NBKV6GCC3UMGBM518
        Spirit AeroSystems, Inc.
        85205TAM2
        
          
        
        175000.00000000
        PA
        USD
        175437.50000000
        0.179914601212
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-01-15
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        3128PQ4F5
        
          
        
        34629.90000000
        PA
        USD
        35773.76000000
        0.036686693348
        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
        
          
        
        848260.80000000
        PA
        USD
        848461.40000000
        0.870113826433
        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
        0.227754035965
        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
        
          
        
        209005.75000000
        PA
        USD
        207030.35000000
        0.212313689257
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-06-01
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        3132A9S65
        
          
        
        124347.94000000
        PA
        USD
        123108.36000000
        0.126250040585
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2032-02-01
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31410QK75
        
          
        
        228025.70000000
        PA
        USD
        245935.72000000
        0.252211910153
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2036-10-01
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        J.P. Morgan Wealth Management
        N/A
        JPMorgan Wealth Management
        46652HAC0
        
          
        
        161626.36000000
        PA
        USD
        158007.66000000
        0.162039958032
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2050-02-25
          Variable
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Enterprise Fleet Financing LLC
        N/A
        Enterprise Fleet Financing LLC
        29374WAB2
        
          
        
        154663.14000000
        PA
        USD
        154756.60000000
        0.158705932163
        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
        
          
        
        300000.00000000
        PA
        USD
        299284.93000000
        0.306922572595
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-09-12
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        AMERICAN AIRLINES/AADVAN
        N/A
        American Airlines, Inc./AAdvantage Loyalty IP Ltd.
        00253XAA9
        
          
        
        200000.00000000
        PA
        USD
        201520.00000000
        0.206662717128
        Long
        DBT
        CORP
        XX
        
        N
        
        2
        
          2026-04-20
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY
        IGJSJL3JD5P30I6NJZ34
        Morgan Stanley
        6174468Q5
        
          
        
        175000.00000000
        PA
        USD
        169238.45000000
        0.173557353710
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-04-28
          Fixed
          2.18800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association REMICS
        3136ARZG6
        
          
        
        86357.56000000
        PA
        USD
        86838.02000000
        0.089054094696
        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
        0.185106294371
        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
        
          
        
        300000.00000000
        PA
        USD
        284830.44000000
        0.292099209266
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2050-05-01
          Fixed
          3.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        JPMORGAN CHASE & CO
        8I5DZWZKVSZI1NUHU748
        JPMorgan Chase & Co.
        46647PBW5
        
          
        
        400000.00000000
        PA
        USD
        366971.38000000
        0.376336356189
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-02-04
          Fixed
          1.04000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp.
        31292HDJ0
        
          
        
        6564.40000000
        PA
        USD
        7290.69000000
        0.007476745757
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2030-06-01
          Fixed
          8.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        3138ETSG2
        
          
        
        140757.41000000
        PA
        USD
        146231.54000000
        0.149963315732
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2036-06-01
          Fixed
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31411AVB8
        
          
        
        230577.02000000
        PA
        USD
        257412.47000000
        0.263981542640
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2036-11-01
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Santander Revolving Auto Loan Trust
        N/A
        Santander Revolving Auto Loan Trust
        80286JAC9
        
          
        
        300000.00000000
        PA
        USD
        295093.44000000
        0.302624117294
        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
        
          
        
        200000.00000000
        PA
        USD
        174188.36000000
        0.178633583613
        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
        
          
        
        250000.00000000
        PA
        USD
        231334.97000000
        0.237238554322
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-10-01
          Fixed
          2.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage Association
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        36202DAP6
        
          
        
        21986.19000000
        PA
        USD
        23679.65000000
        0.024283946058
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2029-02-20
          Fixed
          6.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LOWE'S COS INC
        WAFCR4OKGSC504WU3E95
        Lowe's Cos., Inc.
        548661EJ2
        
          
        
        250000.00000000
        PA
        USD
        258739.58000000
        0.265342520005
        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
        
          
        
        856718.19000000
        PA
        USD
        853194.02000000
        0.874967221174
        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
        
          
        
        300000.00000000
        PA
        USD
        278146.63000000
        0.285244830865
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-03-02
          Fixed
          1.26700000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        PRUDENTIAL FINANCIAL INC
        5PRBRS5FEH7NREC8OR45
        Prudential Financial, Inc.
        744320BH4
        
          
        
        250000.00000000
        PA
        USD
        229100.00000000
        0.234946548700
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2050-10-01
          Fixed
          3.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31388K3Y6
        
          
        
        14031.65000000
        PA
        USD
        15000.92000000
        0.015383738024
        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
        
          
        
        300000.00000000
        PA
        USD
        283566.00000000
        0.290802501217
        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
        
          
        
        500000.00000000
        PA
        USD
        509462.09000000
        0.522463377299
        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
        
          
        
        157249.99000000
        PA
        USD
        158976.19000000
        0.163033204566
        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
        
          
        
        2011916.52000000
        PA
        USD
        344170.31000000
        0.352953411173
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-12-25
          Fixed
          5.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LAM RESEARCH CORP
        549300I4GMO6D34U1T02
        Lam Research Corp.
        512807AV0
        
          
        
        350000.00000000
        PA
        USD
        317224.80000000
        0.325320261555
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-06-15
          Fixed
          1.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Citigroup Inc
        6SHGI4ZSSLCXXQSBB395
        Citigroup, Inc.
        172967LW9
        
          
        
        300000.00000000
        PA
        USD
        306288.38000000
        0.314104748093
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-04-23
          Fixed
          4.07500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        LIBERTY MUTUAL GROUP INC
        QUR0DG15Z6FFGYCHH861
        Liberty Mutual Group, Inc.
        53079EBK9
        
          
        
        150000.00000000
        PA
        USD
        136394.69000000
        0.139875432896
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2060-05-15
          Fixed
          3.95000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CENTENE CORP
        549300Z7JJ4TQSQGT333
        Centene Corp.
        15135BAY7
        
          
        
        300000.00000000
        PA
        USD
        274110.00000000
        0.281105187535
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-07-15
          Fixed
          2.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        FHLMC Multifamily Structured Pass Through Certs.
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
        3137BSRG0
        
          
        
        11600876.75000000
        PA
        USD
        136051.60000000
        0.139523587364
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2026-09-25
          Variable
          0.30800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31418DY89
        
          
        
        454685.14000000
        PA
        USD
        440111.79000000
        0.451343282859
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2041-05-01
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Government National Mortgage Association
        549300M8ZYFG0OCMTT87
        Government National Mortgage Association
        38379LH33
        
          
        
        103143.76000000
        PA
        USD
        1961.42000000
        0.002011474725
        Long
        ABS-MBS
        USGA
        US
        N
        
        2
        
          2044-09-20
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        T-MOBILE USA INC
        549300V2JRLO5DIFGE82
        T-Mobile USA, Inc.
        87264ABU8
        
          
        
        225000.00000000
        PA
        USD
        215590.50000000
        0.221092291172
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-04-15
          Fixed
          2.62500000
          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
        0.158722073842
        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
        
          
        
        400000.00000000
        PA
        USD
        372261.57000000
        0.381761549914
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-10-21
          Fixed
          1.94800000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WRKCo Inc
        549300JEB576INN13W07
        WRKCo, Inc.
        92940PAE4
        
          
        
        450000.00000000
        PA
        USD
        451804.58000000
        0.463334468608
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2028-06-01
          Fixed
          3.90000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Note
        912828M56
        
          
        
        3000000.00000000
        PA
        USD
        2972929.68000000
        3.048797764496
        Long
        DBT
        UST
        US
        N
        
        2
        
          2025-11-15
          Fixed
          2.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        EASTERN GAS TRAN
        H2VQBNB3NSKRM5QWBI71
        Eastern Gas Transmission & Storage, Inc.
        276480AG5
        
          
        
        150000.00000000
        PA
        USD
        144444.42000000
        0.148130589079
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2029-11-15
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31410YYU2
        
          
        
        74181.12000000
        PA
        USD
        78984.97000000
        0.081000637716
        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
        
          
        
        525676.30000000
        PA
        USD
        535701.57000000
        0.549372479288
        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
        
          
        
        226358.00000000
        PA
        USD
        246448.74000000
        0.252738022237
        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
        
          
        
        192346.22000000
        PA
        USD
        193951.59000000
        0.198901164057
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2030-12-01
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31418CNQ3
        
          
        
        56146.44000000
        PA
        USD
        57692.38000000
        0.059164668561
        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
        
          
        
        250000.00000000
        PA
        USD
        231875.00000000
        0.237792365691
        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
        
          
        
        300000.00000000
        PA
        USD
        258423.16000000
        0.265018025082
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-02-10
          Fixed
          1.80000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Wells Fargo Mortgage Backed Securities Trust
        N/A
        Wells Fargo Mortgage-Backed Securities Trust
        95002JAA4
        
          
        
        12911.57000000
        PA
        USD
        12909.62000000
        0.013239068808
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2049-04-25
          Variable
          4.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Metropolitan Transportation Authority
        5493000TKYODLXADQD60
        Metropolitan Transportation Authority
        59259YCA5
        
          
        
        1000000.00000000
        PA
        USD
        1170091.50000000
        1.199951809642
        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
        
          
        
        225000.00000000
        PA
        USD
        204343.29000000
        0.209558056462
        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
        
          
        
        218811.51000000
        PA
        USD
        233064.92000000
        0.239012652017
        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
        
          
        
        221083.75000000
        PA
        USD
        235096.57000000
        0.241096148986
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-09-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Woodward Capital Management
        N/A
        RCKT Mortgage Trust
        74939KAE6
        
          
        
        314662.10000000
        PA
        USD
        300514.58000000
        0.308183602816
        Long
        ABS-MBS
        CORP
        US
        N
        
        2
        
          2051-12-25
          Variable
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31418AAV0
        
          
        
        50052.33000000
        PA
        USD
        50723.03000000
        0.052017463283
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2031-12-01
          Fixed
          3.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        HP INC
        WHKXQACZ14C5XRO8LW03
        HP, Inc.
        40434LAJ4
        
          
        
        400000.00000000
        PA
        USD
        357932.65000000
        0.367066961086
        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
        
          
        
        150000.00000000
        PA
        USD
        149437.50000000
        0.153251090665
        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
        
          
        
        2000000.00000000
        PA
        USD
        1993750.00000000
        2.044629775086
        Long
        DBT
        UST
        US
        N
        
        2
        
          2027-05-15
          Fixed
          2.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BOEING CO
        RVHJWBXLJ1RFUBSY1F30
        Boeing Co.
        097023CW3
        
          
        
        350000.00000000
        PA
        USD
        403966.69000000
        0.414275773049
        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
        0.503385932904
        Long
        DBT
        UST
        US
        N
        
        2
        
          2046-05-15
          Fixed
          2.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        United States Treasury
        254900HROIFWPRGM1V77
        U.S. Treasury Bond
        912810PX0
        
          
        
        2000000.00000000
        PA
        USD
        2565546.88000000
        2.631018703562
        Long
        DBT
        UST
        US
        N
        
        2
        
          2038-05-15
          Fixed
          4.50000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Aflac Inc
        549300N0B7DOGLXWPP39
        Aflac, Inc.
        001055AY8
        
          
        
        400000.00000000
        PA
        USD
        456574.94000000
        0.468226566461
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2049-01-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        3138M5LP2
        
          
        
        243414.69000000
        PA
        USD
        248057.18000000
        0.254387509041
        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
        
          
        
        350000.00000000
        PA
        USD
        367948.00000000
        0.377337899176
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2025-05-04
          Fixed
          5.25000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac - STACR
        N/A
        Federal Home Loan Mortgage Corp. STACR REMIC Trust
        35564KGX1
        
          
        
        22243.01000000
        PA
        USD
        22202.83000000
        0.022769438148
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2034-01-25
          Floating
          0.74900000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Freddie Mac
        S6XOOCT0IEG5ABCC6L87
        Federal Home Loan Mortgage Corp. REMICS
        3137ARDX1
        
          
        
        782857.28000000
        PA
        USD
        38450.82000000
        0.039432070945
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2027-06-15
          Fixed
          3.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        CAPITAL ONE FINANCIAL CO
        ZUE8T73ROZOF6FLBAR73
        Capital One Financial Corp.
        14040HCN3
        
          
        
        250000.00000000
        PA
        USD
        241574.43000000
        0.247739321618
        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
        
          
        
        200000.00000000
        PA
        USD
        171773.81000000
        0.176157415175
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2031-08-09
          Fixed
          2.65000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        NASDAQ INC
        549300L8X1Q78ERXFD06
        NASDAQ, Inc.
        63111XAD3
        
          
        
        200000.00000000
        PA
        USD
        168639.35000000
        0.172942964895
        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
        
          
        
        356805.05000000
        PA
        USD
        373090.00000000
        0.382611121147
        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
        
          
        
        400000.00000000
        PA
        USD
        351872.21000000
        0.360851860860
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-06-22
          Fixed
          2.70000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fannie Mae
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association
        31407FW71
        
          
        
        179191.61000000
        PA
        USD
        192144.05000000
        0.197047496293
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-08-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        TEACHERS INSUR & ANNUITY
        O06XD7BJ4EPXNABVFN69
        Teachers Insurance & Annuity Association of America
        878091BG1
        
          
        
        300000.00000000
        PA
        USD
        265449.20000000
        0.272223367068
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2050-05-15
          Fixed
          3.30000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        MORGAN STANLEY
        IGJSJL3JD5P30I6NJZ34
        Morgan Stanley
        6174468X0
        
          
        
        250000.00000000
        PA
        USD
        216116.71000000
        0.221631929860
        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
        
          
        
        273537.16000000
        PA
        USD
        296675.92000000
        0.304246981609
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2035-09-01
          Fixed
          5.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Fanniemae-Aces
        B1V7KEBTPIMZEU4LTD58
        Federal National Mortgage Association-Aces
        3136AY6U2
        
          
        
        236447.80000000
        PA
        USD
        237670.64000000
        0.243735908317
        Long
        ABS-MBS
        USGSE
        US
        N
        
        2
        
          2027-11-25
          Variable
          3.16100000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BERKSHIRE HATHAWAY FIN
        549300RLHFT5RU20WM87
        Berkshire Hathaway Finance Corp.
        084664DB4
        
          
        
        225000.00000000
        PA
        USD
        229946.14000000
        0.235814281885
        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
        0.179345478834
        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
        
          
        
        531816.25000000
        PA
        USD
        554068.03000000
        0.568207644670
        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
        
          
        
        200000.00000000
        PA
        USD
        171818.27000000
        0.176203009778
        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
        0.127736736402
        Long
        ABS-O
        CORP
        US
        N
        
        2
        
          2024-08-15
          Fixed
          0.46000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        WEYERHAEUSER CO
        08IRJODWFYBI7QWRGS31
        Weyerhaeuser Co.
        962166CA0
        
          
        
        250000.00000000
        PA
        USD
        243522.36000000
        0.249736962084
        Long
        DBT
        
        US
        N
        
        2
        
          2033-03-09
          Fixed
          3.37500000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        Discover Bank
        X05BVSK68TQ7YTOSNR22
        Discover Bank
        25466AAJ0
        
          
        
        75000.00000000
        PA
        USD
        74661.52000000
        0.076566854843
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2026-07-27
          Fixed
          3.45000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        BELROSE FUNDING TRUST
        N/A
        Belrose Funding Trust
        080807AA8
        
          
        
        200000.00000000
        PA
        USD
        175195.06000000
        0.179665974231
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2030-08-15
          Fixed
          2.33000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        QVC INC
        549300WBLU5NKPX5X472
        QVC, Inc.
        747262AY9
        
          
        
        225000.00000000
        PA
        USD
        215437.50000000
        0.220935386668
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-02-15
          Fixed
          4.75000000
          N
          N
          N
        
        
          N
          N
          
        
      
      
        SUNOCO LP/FINANCE CORP
        N/A
        Sunoco LP/Sunoco Finance Corp.
        86765LAQ0
        
          
        
        150000.00000000
        PA
        USD
        152812.50000000
        0.156712219438
        Long
        DBT
        CORP
        US
        N
        
        2
        
          2027-04-15
          Fixed
          6.00000000
          N
          N
          N
        
        
          N
          N
          N
        
      
      
        SYSCO CORPORATION
        5RGWIFLMGH3YS7KWI652
        Sysco Corp.
        871829BL0
        
          
        
        199000.00000000
        PA
        USD
        230654.29000000
        0.236540503616
        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
        
          
        
        200000.00000000
        PA
        USD
        204610.00000000
        0.209831572805
        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)


			Shares	Value (Note 1,3)
INVESTMENT COMPANIES - 95.4%
Alternative Funds - 1.2%
Invesco Optimum Yield Diversified Commodity Strategy			94,741	$1,671,231
Bond Funds - 62.0%
Baird Aggregate Bond Fund Institutional Shares			266,560	2,825,540
iShares 20+ Year Treasury Bond ETF			92,802	12,257,288
Janus Henderson Mortgage-Backed Securities ETF			170,570	8,514,002
Madison Core Bond Fund Class R6 (A)			3,754,000	36,188,565
Schwab Intermediate-Term U.S. Treasury ETF			282,709	15,054,254
Vanguard Short-Term Corporate Bond ETF (B)			164,013	12,807,775
				87,647,424
Foreign Stock Funds - 6.0%
iShares MSCI International Quality Factor ETF			47,904	1,766,221
iShares MSCI United Kingdom ETF			21,327	717,440
Vanguard FTSE All-World ex-U.S. ETF			104,247	6,003,585
				8,487,246
Stock Funds - 26.2%
Invesco S&P 500 Quality ETF			99,198	4,950,972
iShares Core S&P Small-Cap ETF			32,867	3,545,692
iShares Core S&P U.S. Growth ETF			20,144	2,128,415
Madison Dividend Income Fund Class R6 (A)			139,177	4,494,040
Madison Investors Fund Class R6 (A)			352,199	9,361,460
Schwab U.S. Dividend Equity ETF			45,019	3,551,549
VanEck Gold Miners ETF			74,342	2,851,016
Vanguard Information Technology ETF			14,823	6,173,483
				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)			8,953,802	8,953,802
State Street Navigator Securities Lending Government Money Market Portfolio, 0.25% (C) (D)			8,604,068	8,604,068
	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.
ETF		Exchange Traded Fund.
FTSE		The Financial Times Stock Exchange.


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Moderate Allocation Fund Portfolio of Investments (unaudited)


			Shares	Value (Note 1,3)
INVESTMENT COMPANIES - 93.8%
Alternative Funds - 1.8%
Invesco Optimum Yield Diversified Commodity Strategy			149,771	$2,641,960
Bond Funds - 35.3%
iShares 20+ Year Treasury Bond ETF			63,739	8,418,647
Janus Henderson Mortgage-Backed Securities ETF			90,439	4,514,263
Madison Core Bond Fund Class R6 (A)			2,592,997	24,996,490
Schwab Intermediate-Term U.S. Treasury ETF			141,601	7,540,253
Vanguard Short-Term Corporate Bond ETF (B)			96,042	7,499,920
				52,969,573
Foreign Stock Funds - 10.8%
iShares MSCI International Quality Factor ETF			91,412	3,370,360
iShares MSCI United Kingdom ETF (B)			44,678	1,502,968
Vanguard FTSE All World ex-U.S. ETF			195,349	11,250,149
				16,123,477
Stock Funds - 45.9%
Invesco S&P 500 Quality ETF			150,317	7,502,322
iShares Core S&P Small-Cap ETF			70,425	7,597,449
iShares Core S&P U.S. Growth ETF (B)			31,022	3,277,785
Madison Dividend Income Fund Class R6 (A)			338,305	10,923,867
Madison Investors Fund Class R6 (A)			637,896	16,955,285
Madison Mid Cap Fund Class R6 (A)			107,113	1,494,230
Schwab U.S. Dividend Equity ETF (B)			42,972	3,390,061
VanEck Gold Miners ETF			145,798	5,591,353
Vanguard Information Technology ETF			29,071	12,107,490
				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)			8,141,749	8,141,749
State Street Navigator Securities Lending Government Money Market Portfolio, 0.25% (C) (D)			9,894,263	9,894,263
	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.
ETF		Exchange Traded Fund.
FTSE		The Financial Times Stock Exchange.


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Aggressive Allocation Fund Portfolio of Investments (unaudited)


			Shares	Value (Note 1,3)
INVESTMENT COMPANIES - 95.4%
Alternative Funds - 2.5%
Invesco Optimum Yield Diversified Commodity Strategy			69,381	$1,223,881
Bond Funds - 17.3%
iShares 20+ Year Treasury Bond ETF			11,403	1,506,108
Janus Henderson Mortgage-Backed Securities ETF			14,973	747,378
Madison Core Bond Fund Class R6 (A)			372,930	3,595,049
Schwab Intermediate-Term U.S. Treasury ETF (B)			23,443	1,248,340
Vanguard Short-Term Corporate Bond ETF (B)			19,080	1,489,957
				8,586,832
Foreign Stock Funds - 14.6%
iShares MSCI International Quality Factor ETF			45,804	1,688,793
iShares MSCI United Kingdom ETF			21,684	729,450
Vanguard FTSE All World ex-U.S. ETF			84,185	4,848,214
				7,266,457
Stock Funds - 61.0%
Invesco S&P 500 Quality ETF			79,315	3,958,612
iShares Core S&P Small-Cap ETF			30,830	3,325,940
iShares Core S&P U.S. Growth ETF (B)			20,027	2,116,053
Madison Dividend Income Fund Class R6 (A)			145,290	4,691,417
Madison Investors Fund Class R6 (A)			234,768	6,240,123
Madison Mid Cap Fund Class R6 (A)			44,774	624,596
Schwab U.S. Dividend Equity ETF (B)			20,308	1,602,098
VanEck Gold Miners ETF			74,022	2,838,744
Vanguard Information Technology ETF (B)			11,584	4,824,504
				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)			1,739,192	1,739,192
State Street Navigator Securities Lending Government Money Market Portfolio, 0.25% (C) (D)			7,716,428	7,716,428
	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.
ETF		Exchange Traded Fund.
FTSE		The Financial Times Stock Exchange.


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Core Bond Fund Portfolio of Investments (unaudited)


		Par Value	Value (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%, 1/15/31		100,000	100,072
CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 1/15/26		225,000	227,171
Dell Equipment Finance Trust, Series 2019-2, Class A3 (A), 1.91%, 10/22/24		105,615	105,731
Donlen Fleet Lease Funding LLC, Series 2021-2, Class A2 (A), 0.56%, 12/11/34		391,690	384,256
Enterprise Fleet Financing LLC, Series 2019-3, Class A2 (A), 2.06%, 5/20/25		154,663	154,757
JPMorgan Chase Bank NA, Series 2020-2, Class B (A), 0.84%, 2/25/28		119,257	117,721
JPMorgan Chase Bank NA, Series 2021-1, Class B (A), 0.875%, 9/25/28		157,544	154,772
JPMorgan Chase Bank NA, Series 2021-2, Class B (A), 0.889%, 12/26/28		184,348	180,908
JPMorgan Chase Bank NA, Series 2021-3, Class C (A), 0.86%, 2/26/29		340,855	330,986
LAD Auto Receivables Trust, Series 2021-1A, Class A (A), 1.3%, 8/17/26		383,086	375,406
Santander Consumer Auto Receivables Trust, Series 2020-BA, Class A3 (A), 0.46%, 8/15/24		124,963	124,558
Santander Revolving Auto Loan Trust, Series 2019-A, Class C (A), 3%, 1/26/32		300,000	295,093
Synchrony Credit Card Master Note Trust, Series 2018-2, Class C, 3.87%, 5/15/26		500,000	502,757
Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 7/22/24		250,000	249,373
Wheels SPV LLC, Series 2019-1A, Class A3 (A), 2.35%, 5/22/28		200,000	200,421
	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)		128,181	127,277
CIM Trust, Series 2021-J2, Class A4 (A) (C) (D)		323,412	310,363
Fannie Mae REMICS, Series 2015-12, Class NI, IO		746,403	66,215
Fannie Mae REMICS, Series 2011-31, Class DB		157,250	158,976
Fannie Mae REMICS, Series 2011-36, Class QB		235,272	241,384
Fannie Mae REMICS, Series 2005-79, Class LT		226,358	246,449
Fannie Mae REMICS, Series 2020-44, Class TI, IO		2,011,917	344,170
Fannie Mae REMICS, Series 2016-21, Class BA		86,358	86,838
Freddie Mac REMICS, Series 4066, Class DI, IO		782,857	38,451
Freddie Mac STACR REMIC Trust, Series 2021-DNA3, Class M1, (SOFR30A + 0.750%) (A) (D)		377,294	373,764
Freddie Mac STACR REMIC Trust, Series 2021-DNA5, Class M1, (SOFR30A + 0.650%) (A) (D)		22,243	22,203
GCAT Trust, Series 2021-NQM1, Class A1 (A) (C) (D)		254,297	244,078
Government National Mortgage Association, Series 2015-53, Class IL, IO		103,144	1,961
JPMorgan Mortgage Trust, Series 2019-5, Class A3 (A) (C) (D)		30,013	30,044
JPMorgan Mortgage Trust, Series 2019-7, Class A3 (A) (C) (D)		79,967	79,558
JPMorgan Mortgage Trust, Series 2021-1, Class A3 (A) (C) (D)		346,318	321,530
JPMorgan Mortgage Trust, Series 2021-6, Class A4 (A) (C) (D)		421,473	404,631
JPMorgan Wealth Management, Series 2020-ATR1, Class A3 (A) (C) (D)		161,626	158,008
PSMC Trust, Series 2019-2, Class A1 (A) (C) (D)		7,719	7,708
PSMC Trust, Series 2020-2, Class A2 (A) (C) (D)		82,318	81,732
PSMC Trust, Series 2021-1, Class A11 (A) (C) (D)		194,693	186,188
RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (C) (D)		314,662	300,515
Sequoia Mortgage Trust, Series 2013-7, Class A2 (C) (D)		284,569	276,029
Towd Point HE Trust, Series 2021-HE1, Class A1 (A) (C) (D)		247,214	242,786
Wells Fargo Mortgage-Backed Securities Trust, Series 2019-2, Class A1 (A) (C) (D)		12,912	12,910
	Total Collateralized Mortgage Obligations ( Cost $4,776,138 )		4,363,768


See accompanying Notes to Portfolios of Investments.


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%, 11/25/27		236,448	237,671
FHLMC Multifamily Structured Pass Through Certificates, Series KJ17, Class A2, 2.982%, 11/25/25		211,085	210,534
FHLMC Multifamily Structured Pass Through Certificates, Series K059, Class X1, IO (C) (D), 0.308%, 9/25/26		11,600,877	136,052
FHLMC Multifamily Structured Pass Through Certificates, Series K066, Class A2, 3.117%, 6/25/27		650,000	661,134
FREMF Mortgage Trust, Series 2015-K721, Class B (A) (C) (D), 3.591%, 11/25/47		500,000	502,127
FREMF Mortgage Trust, Series 2015-K44, Class B, (A) (D), 3.67%, 1/25/48		450,000	445,495
GSAMP Trust, Series 2006-S5, Class M5 (D), 7.488% 9/25/36		4,940,000	–
	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%, 2/1/32		500,000	443,502
CCO Holdings LLC / CCO Holdings Capital Corp. (A), 4.75%, 3/1/30		200,000	191,929
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.908%, 7/23/25		400,000	415,263
Discovery Communications LLC, 5%, 9/20/37		250,000	256,821
Expedia Group, Inc., 3.25%, 2/15/30		350,000	333,581
Magallanes, Inc. (A), 5.141%, 3/15/52		175,000	179,085
Magallanes, Inc. (A), 5.391%, 3/15/62		75,000	77,339
T-Mobile USA, Inc., 2.625%, 4/15/26		225,000	215,590
Verizon Communications, Inc., 3.875%, 2/8/29		300,000	312,135
Verizon Communications, Inc., 4.4%, 11/1/34		300,000	319,234
			2,744,479
Consumer Discretionary - 3.3%
7-Eleven, Inc. (A), 1.8%, 2/10/31		300,000	258,423
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (A), 5.5%, 4/20/26		200,000	201,520
Clarios Global LP / Clarios U.S. Finance Co. (A), 6.25%, 5/15/26		150,000	154,313
Hilton Domestic Operating Co., Inc. (A), 5.375%, 5/1/25		200,000	204,610
Lowe's Cos., Inc., 3%, 10/15/50		500,000	425,126
Lowe's Cos., Inc., 4.25%, 4/1/52		250,000	258,740
McDonald's Corp., 2.125%, 3/1/30		250,000	227,481
McDonald's Corp., 4.875%, 12/9/45		400,000	445,151
Picasso Finance Sub, Inc. (A), 6.125%, 6/15/25		135,000	137,194
QVC, Inc., 4.75%, 2/15/27		225,000	215,437
Southwest Airlines Co., 5.25%, 5/4/25		350,000	367,948
Tractor Supply Co., 1.75%, 11/1/30		200,000	171,818
Walgreens Boots Alliance, Inc., 3.45%, 6/1/26		176,000	177,105
			3,244,866
Consumer Staples - 1.7%
General Mills, Inc. (E), 2.875%, 4/15/30		200,000	192,152
Hormel Foods Corp., 1.8%, 6/11/30		200,000	179,262
Keurig Dr Pepper, Inc., 3.8%, 5/1/50		300,000	284,830
Mars, Inc. (A), 3.875%, 4/1/39		350,000	354,163
Mars, Inc. (A), 2.375%, 7/16/40		350,000	292,959
Performance Food Group, Inc. (A), 5.5%, 10/15/27		150,000	149,437
Sysco Corp., 5.95%, 4/1/30		199,000	230,654
			1,683,457


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Core Bond Fund Portfolio of Investments (unaudited)


Energy - 4.4%
Eastern Gas Transmission & Storage, Inc. (A), 3%, 11/15/29	150,000	144,444
Energy Transfer LP, 5.25%, 4/15/29	300,000	320,165
EnLink Midstream Partners LP (E), 5.45%, 6/1/47	550,000	464,750
Enterprise Products Operating LLC, 3.75%, 2/15/25	500,000	509,462
Kinder Morgan, Inc., 5.55%, 6/1/45	550,000	615,465
Marathon Petroleum Corp., 4.7%, 5/1/25	275,000	286,084
MPLX LP, 4.8%, 2/15/29	250,000	266,556
MPLX LP, 2.65%, 8/15/30	200,000	183,230
ONEOK, Inc., 5.85%, 1/15/26	100,000	107,595
Phillips 66, 2.15%, 12/15/30	250,000	222,086
Pioneer Natural Resources Co., 2.15%, 1/15/31	200,000	180,262
Sabine Pass Liquefaction LLC, 4.5%, 5/15/30	250,000	261,473
Sunoco LP / Sunoco Finance Corp., 6%, 4/15/27	150,000	152,813
Valero Energy Corp., 4%, 6/1/52	100,000	93,929
Valero Energy Partners LP, 4.5%, 3/15/28	500,000	513,016
		4,321,330
Financials - 12.8%
Affiliated Managers Group, Inc., 4.25%, 2/15/24	250,000	256,256
Aflac, Inc., 4.75%, 1/15/49	400,000	456,575
Air Lease Corp., 1.875%, 8/15/26	250,000	230,072
Ally Financial, Inc., (5 year CMT + 3.868%) (D), 4.7%, 5/15/26	250,000	234,064
Bank of America Corp., (5 year CMT + 2.000%) (D), 3.846%, 3/8/37	150,000	143,668
Bank of New York Mellon Corp., Series I, (5 year CMT + 2.630%) (D), 3.75%, 12/20/26	200,000	183,500
Belrose Funding Trust (A), 2.33%, 8/15/30	200,000	175,195
Berkshire Hathaway Finance Corp., 3.85%, 3/15/52	225,000	229,946
BlackRock, Inc., 2.1%, 2/25/32	350,000	317,249
Capital One Financial Corp. (5 year CMT + 3.157%) (D), 3.95%, 9/1/26	250,000	231,875
Capital One Financial Corp., (SOFR + 1.790%) (D), 3.273%, 3/1/30	250,000	241,574
Cboe Global Markets, Inc., 3.65%, 1/12/27	365,000	371,964
Charles Schwab Corp. (10 year CMT + 3.079%) (D), 4%, 12/1/30	550,000	493,966
Citigroup, Inc. (3M USD LIBOR + 1.192%) (D), 4.075%, 4/23/29	300,000	306,288
Discover Bank, 3.45%, 7/27/26	75,000	74,662
Empower Finance LP (A), 3.075%, 9/17/51	125,000	105,776
Fifth Third Bancorp, 2.55%, 5/5/27	175,000	169,340
GLP Capital LP / GLP Financing, Inc., 3.25%, 1/15/32	200,000	181,460
Goldman Sachs BDC, Inc., 2.875%, 1/15/26	200,000	192,660
Goldman Sachs Group, Inc. (SOFR + 0.913%) (D), 1.948%, 10/21/27	400,000	372,262
Huntington Bancshares, Inc. (5 year CMT + 1.170%) (A) (D), 2.487%, 8/15/36	500,000	435,101
Huntington National Bank, 3.55%, 10/6/23	250,000	252,963
Iron Mountain, Inc. (A), 4.5%, 2/15/31	125,000	115,439
Jefferies Group LLC / Jefferies Group Capital Finance, Inc., 2.625%, 10/15/31	250,000	225,370
JPMorgan Chase & Co., Series II, (SOFR + 2.745%) (D), 4%, 4/1/25	400,000	378,000
JPMorgan Chase & Co. (SOFR + 0.695%) (D), 1.04%, 2/4/27	400,000	366,971
KKR Group Finance Co. VIII LLC (A), 3.5%, 8/25/50	250,000	217,952
Liberty Mutual Group, Inc. (A), 4.25%, 6/15/23	166,000	168,640
Liberty Mutual Group, Inc. (A), 4.569%, 2/1/29	400,000	424,031
Liberty Mutual Group, Inc. (A), 3.95%, 5/15/60	150,000	136,395
M&T Bank Corp., 3.55%, 7/26/23	250,000	252,916
MetLife, Inc., (5 year CMT + 3.576%) (D), 3.85%, 9/15/25	350,000	345,170
Morgan Stanley (SOFR + 1.990%) (D), 2.188%, 4/28/26	175,000	169,238
Morgan Stanley (SOFR + 0.879%) (D), 1.593%, 5/4/27	250,000	232,567


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Core Bond Fund Portfolio of Investments (unaudited)


Morgan Stanley, (SOFR + 1.020%) (D), 1.928%, 4/28/32	250,000	216,117
NASDAQ, Inc., 1.65%, 1/15/31	200,000	168,639
Old Republic International Corp., 3.85%, 6/11/51	250,000	231,866
Omega Healthcare Investors, Inc., 3.375%, 2/1/31	225,000	206,148
PNC Bank NA, 2.7%, 10/22/29	125,000	120,109
Prudential Financial, Inc. (5 year CMT + 3.035%) (D), 3.7%, 10/1/50	250,000	229,100
Public Storage, 1.95%, 11/9/28	125,000	115,622
Regions Financial Corp., 1.8%, 8/12/28	495,000	442,778
SBA Communications Corp., 3.875%, 2/15/27	250,000	243,495
State Street Corp. (SOFR + 1.490%) (D), 3.031%, 11/1/34	125,000	119,570
STORE Capital Corp., 4.5%, 3/15/28	200,000	205,370
Teachers Insurance & Annuity Association of America (A), 3.3%, 5/15/50	300,000	265,449
Truist Bank, 2.25%, 3/11/30	325,000	297,941
Truist Financial Corp., (SOFR + 0.609%) (D), 1.267%, 3/2/27	300,000	278,147
Wells Fargo & Co., (SOFR + 2.100%) (D), 2.393%, 6/2/28	250,000	236,771
Western Union Co., 2.85%, 1/10/25	125,000	123,688
Weyerhaeuser Co., 3.375%, 3/9/33	250,000	243,522
		12,433,437
Health Care - 2.1%
Baxter International, Inc. (A), 2.272%, 12/1/28	300,000	278,473
Centene Corp., 2.45%, 7/15/28	300,000	274,110
Cigna Corp., 4.375%, 10/15/28	50,000	52,690
Cigna Corp., 4.9%, 12/15/48	200,000	223,995
CVS Health Corp., 5.125%, 7/20/45	250,000	282,488
Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.2%, 6/1/30	250,000	227,182
Viatris, Inc., 2.7%, 6/22/30	400,000	351,872
Zoetis, Inc., 3%, 9/12/27	300,000	299,285
		1,990,095
Industrials - 4.0%
Ball Corp., 4.875%, 3/15/26	250,000	260,461
Block, Inc. (A), 2.75%, 6/1/26	300,000	283,566
Boeing Co., 3.625%, 2/1/31	200,000	194,696
Boeing Co., 5.805%, 5/1/50	350,000	403,967
Carlisle Cos., Inc., 3.5%, 12/1/24	200,000	201,840
Carrier Global Corp., 3.577%, 4/5/50	150,000	137,182
Otis Worldwide Corp., 2.565%, 2/15/30	300,000	280,414
Quanta Services, Inc., 2.9%, 10/1/30	250,000	231,335
Spirit AeroSystems, Inc. (A), 5.5%, 1/15/25	175,000	175,438
TD SYNNEX Corp. (A), 1.75%, 8/9/26	500,000	458,554
TD SYNNEX Corp. (A), 2.65%, 8/9/31	200,000	171,774
Textron, Inc., 2.45%, 3/15/31	250,000	226,372
TransDigm, Inc. (A), 6.25%, 3/15/26	200,000	205,625
Vulcan Materials Co., 3.5%, 6/1/30	250,000	247,984
WRKCo, Inc., 3.9%, 6/1/28	450,000	451,805
		3,931,013
Information Technology - 2.7%
Broadcom, Inc. (A), 3.187%, 11/15/36	12,000	10,525
Citrix Systems, Inc., 4.5%, 12/1/27	105,000	107,467
Dell International LLC / EMC Corp., 8.35%, 7/15/46	62,000	90,570
Dell International LLC / EMC Corp. (A), 3.45%, 12/15/51	275,000	223,800
Fiserv, Inc., 3.5%, 7/1/29	200,000	196,893


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Core Bond Fund Portfolio of Investments (unaudited)


Gartner, Inc. (A), 4.5%, 7/1/28		150,000	149,969
HP, Inc., 2.65%, 6/17/31		400,000	357,933
Intuit, Inc., 1.65%, 7/15/30		250,000	220,603
Lam Research Corp., 1.9%, 6/15/30		350,000	317,225
Marvell Technology, Inc., 4.2%, 6/22/23		400,000	406,599
Oracle Corp., 3.95%, 3/25/51		400,000	349,502
VMware, Inc., 2.2%, 8/15/31		250,000	220,141
			2,651,227
Materials - 0.9%
Arconic Corp. (A), 6%, 5/15/25		150,000	153,000
DuPont de Nemours, Inc., 4.725%, 11/15/28		300,000	322,083
LYB International Finance III LLC, 3.625%, 4/1/51		400,000	361,713
			836,796
Utilities - 1.4%
AES Corp., 1.375%, 1/15/26		450,000	414,299
Berkshire Hathaway Energy Co., 1.65%, 5/15/31		200,000	174,189
Duke Energy Corp., 3.75%, 9/1/46		400,000	376,778
Interstate Power & Light Co., 3.5%, 9/30/49		225,000	204,343
Wisconsin Electric Power Co., 1.7%, 6/15/28		250,000	226,313
			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%, 2/9/31		250,000	217,292
Vodafone Group PLC, 5%, 5/30/38		250,000	272,604
			489,896
Consumer Discretionary - 0.2%
Carnival Corp. (A), 5.75%, 3/1/27		150,000	142,901
Financials - 1.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.75%, 1/30/26		300,000	274,610
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 4.625%, 10/15/27		200,000	203,798
Avolon Holdings Funding Ltd. (A), 2.125%, 2/21/26		300,000	274,240
Royal Bank of Canada, 1.15%, 6/10/25		375,000	354,330
UBS Group AG (5 year CMT + 3.313%) (A) (D), 4.375%, 2/10/31		200,000	180,500
			1,287,478
Health Care - 0.7%
Royalty Pharma PLC, 2.2%, 9/2/30		200,000	174,883
Royalty Pharma PLC, 3.55%, 9/2/50		250,000	207,341
STERIS Irish FinCo UnLtd Co., 3.75%, 3/15/51		350,000	325,416
			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%, 11/15/31		1,000,000	1,170,092
Washington County Hillsboro School District #1J, General Obligation, 4.355%, 6/30/34		800,000	835,591
			2,005,683
	Total Long Term Municipal Bonds ( Cost $2,037,228 )		2,005,683


See accompanying Notes to Portfolios of Investments.


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 # 890696	467,656	472,641
3%, 12/1/30 Pool # AL8924	192,346	193,952
7%, 11/1/31 Pool # 607515	14,032	15,001
3.5%, 12/1/31 Pool # MA0919	50,052	50,723
6.5%, 3/1/32 Pool # 631377	17,598	18,897
7%, 5/1/32 Pool # 644591	5,167	5,307
6.5%, 6/1/32 Pool # 545691	116,537	127,076
3.5%, 8/1/32 Pool # MA3098	56,146	57,692
5.5%, 11/1/33 Pool # 555880	154,400	167,579
4%, 2/1/35 Pool # MA2177	531,816	554,068
5%, 8/1/35 Pool # 829670	179,192	192,144
5%, 9/1/35 Pool # 835699	221,084	235,097
5%, 9/1/35 Pool # 820347	273,537	296,676
3.5%, 12/1/35 Pool # MA2473	294,084	297,994
5%, 12/1/35 Pool # 850561	66,349	71,621
4%, 6/1/36 Pool # AL8618	140,757	146,231
5.5%, 10/1/36 Pool # 901723	74,181	78,985
6.5%, 10/1/36 Pool # 894118	228,026	245,936
6%, 11/1/36 Pool # 902510	230,577	257,412
6%, 10/1/37 Pool # 947563	238,563	266,414
6.5%, 8/1/38 Pool # 987711	286,507	321,844
3%, 11/1/39 Pool # MA3831	61,351	60,670
4%, 1/1/41 Pool # AB2080	521,301	545,845
2.5%, 5/1/41 Pool # MA4334	454,685	440,112
4.5%, 7/1/41 Pool # AB3274	218,812	233,065
5.5%, 7/1/41 Pool # AL6588	470,396	515,058
4%, 9/1/41 Pool # AJ1406	257,707	269,140
3.5%, 6/1/42 Pool # AO4136	525,676	535,702
4%, 6/1/42 Pool # MA1087	146,688	153,619
3.5%, 8/1/42 Pool # AP2133	243,415	248,057
3.5%, 9/1/42 Pool # AB6228	471,972	481,749
4%, 10/1/42 Pool # AP7363	356,805	373,090
3.5%, 3/1/43 Pool # AT0310	329,882	336,733
4%, 1/1/45 Pool # AS4257	72,545	75,764
4.5%, 2/1/45 Pool # MA2193	270,427	286,685
3.5%, 11/1/45 Pool # BA4907	156,936	159,601
3.5%, 12/1/45 Pool # AS6309	121,974	124,344
4.5%, 10/1/46 Pool # MA2783	32,463	34,113
4%, 12/1/46 Pool # BD2379	111,408	115,181
3%, 1/1/47 Pool # BE0108	257,757	256,426
2.5%, 12/1/47 Pool # FM3165	526,219	506,045
4%, 7/1/48 Pool # MA3415	138,243	141,514
4%, 11/1/50 Pool # FM5530	359,917	368,080
		10,333,883

Freddie Mac - 6.4%
4.5%, 2/1/25 Pool # J11722	34,630	35,774
4.5%, 5/1/25 Pool # J12247	69,184	71,664
8%, 6/1/30 Pool # C01005	6,564	7,291
7%, 3/1/31 Pool # C48129	33,333	33,643


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Core Bond Fund Portfolio of Investments (unaudited)


2.5%, 2/1/32 Pool # ZS8641		124,348	123,108
5.5%, 11/1/34 Pool # A28282		226,118	242,467
2.5%, 6/1/35 Pool # RC1421		209,006	207,030
5.5%, 1/1/37 Pool # G04593		98,161	107,554
2%, 3/1/41 Pool # RB5105		439,206	412,364
4%, 10/1/41 Pool # Q04092		255,775	267,369
3%, 9/1/42 Pool # C04233		677,033	677,610
3%, 4/1/43 Pool # V80026		848,261	848,461
3%, 4/1/43 Pool # V80025		856,718	853,194
3.5%, 8/1/44 Pool # Q27927		242,016	247,208
3%, 7/1/45 Pool # G08653		283,958	283,065
3.5%, 8/1/45 Pool # Q35614		389,089	396,443
3%, 10/1/46 Pool # G60722		448,174	446,161
4%, 3/1/47 Pool # Q46801		130,922	135,082
3.5%, 12/1/47 Pool # Q52955		165,016	167,439
2.5%, 4/1/48 Pool # QA2240		420,980	404,868
3%, 7/1/49 Pool # QA1033		234,627	230,678
			6,198,473

Ginnie Mae - 0.0%
6.5%, 2/20/29 Pool # 2714		21,986	23,680
6.5%, 4/20/31 Pool # 3068		15,848	17,270
			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%, 2/15/27		2,000,000	2,380,000
4.500%, 5/15/38		2,000,000	2,565,547
3.750%, 8/15/41		750,000	882,832
3.000%, 5/15/45		750,000	798,633
2.500%, 5/15/46		500,000	490,859
3.375%, 11/15/48		500,000	585,898
1.250%, 5/15/50		1,500,000	1,121,016
1.875%, 2/15/51		1,000,000	874,219
			9,699,004
U.S. Treasury Notes - 19.3%
2.250%, 11/15/25		3,000,000	2,972,930
0.375%, 1/31/26		1,750,000	1,614,580
1.500%, 8/15/26		2,750,000	2,638,926
2.375%, 5/15/27		2,000,000	1,993,750
2.875%, 5/15/28		3,000,000	3,073,359
2.625%, 2/15/29		2,250,000	2,279,619
0.625%, 8/15/30		2,250,000	1,956,006
1.375%, 11/15/31		2,500,000	2,294,922
			18,824,092
	Total U.S. Government and Agency Obligations ( Cost $28,601,616 )		28,523,096


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Core Bond Fund Portfolio of Investments (unaudited)

SHORT-TERM INVESTMENTS - 3.5%

State Street Institutional U.S. Government Money Market Fund, 0.25%, Premier Class (F)

709,857

State Street Navigator Securities Lending Government Money Market Portfolio, 0.25% (F) (G)

2,725,190

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.

CMT

Constant Maturity Treasury.

DAC

Designated Activity Company.

FHLMC

Federal Home Loan Mortgage Corp or Freddie Mac

FREMF

Freddie Mac Multifamily.

Interest Only.

PLC

Public Limited Company.

REMIC

Real Estate Mortgage Investment Conduit.

LIBOR

London Interbank Offered Rate.

LLC

Limited Liability Company.

PLC

Public Limited Company.

REMIC

Real Estate Mortgage Investment Conduit.

SOFR

Secured Overnight Financing Rate

STACR

Structured Agency Credit Risk.

USD

United States Dollar


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

High Income Fund Portfolio of Investments (unaudited)


	Par Value	Value (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%, 11/1/28	150,000	148,930
CCO Holdings LLC / CCO Holdings Capital Corp. (A), 4.75%, 3/1/30	145,000	139,149
Diamond Sports Group LLC / Diamond Sports Finance Co., 5.375%, 8/15/26	125,000	48,438
Frontier Communications Holdings LLC (A), 5%, 5/1/28	225,000	216,000
Hughes Satellite Systems Corp., 5.25%, 8/1/26	225,000	228,937
Lamar Media Corp., 4.875%, 1/15/29	180,000	178,650
Level 3 Financing, Inc. (A), 4.25%, 7/1/28	180,000	165,241
Millennium Escrow Corp. (A), 6.625%, 8/1/26	225,000	213,624
Netflix, Inc., 6.375%, 5/15/29	100,000	113,078
Outfront Media Capital LLC / Outfront Media Capital Corp. (A), 4.25%, 1/15/29	125,000	116,281
Sprint Corp., 7.125%, 6/15/24	275,000	294,951
Viasat, Inc. (A) (B), 6.5%, 7/15/28	150,000	144,000
		2,149,244
Consumer Discretionary - 12.9%
American Airlines, Inc. / AAdvantage Loyalty IP Ltd. (A), 5.5%, 4/20/26	300,000	302,280
Delta Air Lines, Inc., 7.375%, 1/15/26	125,000	135,748
Genting New York LLC / GENNY Capital, Inc. (A) (B), 3.3%, 2/15/26	200,000	189,388
Murphy Oil USA, Inc., 5.625%, 5/1/27	400,000	406,500
Picasso Finance Sub, Inc. (A), 6.125%, 6/15/25	175,000	177,844
QVC, Inc., 4.375%, 9/1/28	160,000	145,980
Scientific Games International, Inc. (A), 5%, 10/15/25	275,000	281,875
United Airlines, Inc. (A), 4.375%, 4/15/26	125,000	123,047
Vail Resorts, Inc. (A), 6.25%, 5/15/25	200,000	206,576
		1,969,238
Consumer Staples - 6.2%
B&G Foods, Inc. (B), 5.25%, 9/15/27	220,000	209,550
Edgewell Personal Care Co. (A), 5.5%, 6/1/28	125,000	124,786
Lamb Weston Holdings, Inc. (A), 4.875%, 5/15/28	125,000	125,000
Lamb Weston Holdings, Inc. (A), 4.125%, 1/31/30	100,000	93,383
Performance Food Group, Inc. (A), 5.5%, 10/15/27	215,000	214,194
U.S. Foods, Inc. (A), 6.25%, 4/15/25	175,000	179,812
		946,725
Energy - 3.4%
Berry Petroleum Co. LLC (A), 7%, 2/15/26	125,000	123,438
Buckeye Partners LP (A), 4.125%, 3/1/25	150,000	147,750
Sunoco LP / Sunoco Finance Corp., 6%, 4/15/27	150,000	152,812
Sunoco LP / Sunoco Finance Corp. (A), 4.5%, 4/30/30	110,000	101,512
		525,512
Financials - 23.4%
Alliance Data Systems Corp. (A), 4.75%, 12/15/24	500,000	491,570
Credit Acceptance Corp. (A), 5.125%, 12/31/24	200,000	200,718
Diversified Healthcare Trust, 9.75%, 6/15/25	150,000	157,875
Enact Holdings, Inc. (A), 6.5%, 8/15/25	250,000	257,912
Home Point Capital, Inc. (A) (B), 5%, 2/1/26	130,000	106,510


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

High Income Fund Portfolio of Investments (unaudited)


Iron Mountain, Inc. (A) (B), 4.875%, 9/15/27		250,000	247,263
Iron Mountain, Inc. (A), 5.25%, 7/15/30		135,000	132,300
Jefferies Finance LLC / JFIN Co-Issuer Corp. (A), 5%, 8/15/28		200,000	191,496
LPL Holdings, Inc. (A), 4%, 3/15/29		100,000	94,898
MGIC Investment Corp., 5.25%, 8/15/28		200,000	197,582
MPT Operating Partnership LP / MPT Finance Corp., 5%, 10/15/27		400,000	406,750
MPT Operating Partnership LP / MPT Finance Corp., 3.5%, 3/15/31		150,000	139,307
NFP Corp. (A), 6.875%, 8/15/28		125,000	119,063
OneMain Finance Corp., 3.875%, 9/15/28		195,000	176,473
RHP Hotel Properties LP / RHP Finance Corp. (A), 4.5%, 2/15/29		115,000	108,100
RLJ Lodging Trust LP (A), 3.75%, 7/1/26		150,000	142,500
Rocket Mortgage LLC / Rocket Mortgage Co-Issuer, Inc. (A), 3.875%, 3/1/31		200,000	180,000
SBA Communications Corp., 3.875%, 2/15/27		235,000	228,885
			3,579,202
Health Care - 3.6%
AdaptHealth LLC (A), 4.625%, 8/1/29		50,000	45,250
HCA, Inc., 5.875%, 2/15/26		250,000	264,375
Legacy LifePoint Health LLC (A), 6.75%, 4/15/25		150,000	154,500
Mozart Debt Merger Sub, Inc. (A), 3.875%, 4/1/29		90,000	83,138
			547,263
Industrials - 16.6%
ADT Security Corp., 4.125%, 6/15/23		225,000	227,450
Brink's Co. (A), 5.5%, 7/15/25		125,000	125,979
Energizer Holdings, Inc. (A), 4.75%, 6/15/28		190,000	172,738
EnerSys (A), 4.375%, 12/15/27		125,000	119,688
Madison IAQ LLC (A) (B), 4.125%, 6/30/28		200,000	184,500
Roller Bearing Co. of America, Inc. (A), 4.375%, 10/15/29		90,000	83,925
RR Donnelley & Sons Co. (A), 6.125%, 11/1/26		300,000	307,500
Sealed Air Corp. (A), 5.125%, 12/1/24		300,000	311,419
Spirit AeroSystems, Inc. (A), 5.5%, 1/15/25		250,000	250,625
Spirit AeroSystems, Inc. (A), 7.5%, 4/15/25		250,000	259,014
TransDigm, Inc. (A), 6.25%, 3/15/26		275,000	282,734
Waste Pro USA, Inc. (A), 5.5%, 2/15/26		225,000	210,375
			2,535,947
Information Technology - 2.0%
Pitney Bowes, Inc. (A) (B), 6.875%, 3/15/27		210,000	197,400
Playtika Holding Corp. (A), 4.25%, 3/15/29		110,000	101,475
			298,875
Materials - 1.1%
Arconic Corp. (A), 6.125%, 2/15/28		175,000	175,589

Utilities - 1.4%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.875%, 8/20/26		100,000	99,914
Calpine Corp. (A), 3.75%, 3/1/31		135,000	120,850
			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%, 10/15/27		175,000	87,195


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

High Income Fund Portfolio of Investments (unaudited)

Consumer Discretionary - 5.4%

Carnival Corp. (A), 5.75%, 3/1/27

200,000

190,534

Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd. (A), 5.75%, 1/20/26

175,000

175,100

International Game Technology PLC (A), 4.125%, 4/15/26

250,000

246,721

Royal Caribbean Cruises Ltd. (A), 9.125%, 6/15/23

200,000

208,250

820,605

Health Care - 2.6%

Mallinckrodt International Finance SA / Mallinckrodt CB LLC (A) (C), 10%, 4/15/25

425,000

401,625

Total Foreign Corporate Bonds
( Cost $1,463,518 )

1,309,425

EXCHANGE TRADED FUNDS - 3.2%

Bond Funds - 3.2%

iShares iBoxx High Yield Corporate Bond ETF (B)

5,900

485,511

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)

371,526

State Street Navigator Securities Lending Government Money Market Portfolio, 0.25% (D) (E)

1,697,199

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)

(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.

ETF

Exchange Traded Fund.

LLC

Limited Limited Company.

PLC

Public Limited Company.


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Diversified Income Fund Portfolio of Investments (unaudited)


	Shares	Value (Note 1,3)
COMMON STOCKS - 68.7%
Communication Services - 3.9%
Comcast Corp., Class A	98,300	$4,602,406
Verizon Communications, Inc.	77,900	3,968,226
		8,570,632
Consumer Discretionary - 5.3%
Home Depot, Inc.	15,973	4,781,198
McDonald's Corp.	20,150	4,982,692
Starbucks Corp.	23,300	2,119,601
		11,883,491
Consumer Staples - 7.2%
Archer-Daniels-Midland Co.	45,950	4,147,447
Coca-Cola Co.	39,700	2,461,400
Colgate-Palmolive Co.	26,000	1,971,580
PepsiCo, Inc.	24,950	4,176,131
Procter & Gamble Co.	20,750	3,170,600
		15,927,158
Energy - 4.1%
Baker Hughes Co.	138,100	5,028,221
EOG Resources, Inc.	33,600	4,006,128
		9,034,349
Financials - 13.5%
Aflac, Inc.	68,300	4,397,837
BlackRock, Inc.	4,675	3,572,495
CME Group, Inc.	21,300	5,066,418
JPMorgan Chase & Co.	26,500	3,612,480
Northern Trust Corp.	39,600	4,611,420
Travelers Cos., Inc.	35,800	6,541,734
U.S. Bancorp	39,100	2,078,165
		29,880,549
Health Care - 13.2%
AmerisourceBergen Corp.	25,200	3,898,692
Bristol-Myers Squibb Co.	84,300	6,156,429
CVS Health Corp.	59,450	6,016,934
Johnson & Johnson	30,200	5,352,346
Medtronic PLC	36,000	3,994,200
Pfizer, Inc.	74,100	3,836,157
		29,254,758
Industrials - 7.6%
Emerson Electric Co.	26,300	2,578,715
Fastenal Co.	55,900	3,320,460
Honeywell International, Inc.	19,500	3,794,310
PACCAR, Inc.	46,200	4,068,834
Union Pacific Corp.	11,250	3,073,613
		16,835,932


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Diversified Income Fund Portfolio of Investments (unaudited)


Information Technology - 8.5%
Analog Devices, Inc.		10,000	1,651,800
Automatic Data Processing, Inc.		8,450	1,922,713
Cisco Systems, Inc.		92,400	5,152,224
Oracle Corp.		26,900	2,225,437
Paychex, Inc.		26,300	3,589,161
Texas Instruments, Inc.		23,050	4,229,214
			18,770,549
Materials - 1.7%
Nucor Corp.		25,400	3,775,710

Real Estate - 1.2%
American Tower Corp., REIT		11,000	2,763,420

Utilities - 2.5%
Dominion Energy, Inc.		66,600	5,659,002
	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%, 12/14/27		49,760	49,266
Chesapeake Funding II LLC, Series 2018-3A, Class B (A), 3.62%, 1/15/31		100,000	100,072
CNH Equipment Trust, Series 2019-A, Class A4, 3.22%, 1/15/26		130,000	131,255
Dell Equipment Finance Trust, Series 2019-2, Class A3 (A), 1.91%, 10/22/24		90,527	90,627
Donlen Fleet Lease Funding LLC, Series 2021-2, Class A2 (A), 0.56%, 12/11/34		174,084	170,780
Enterprise Fleet Financing LLC, Series 2019-3, Class A2 (A), 2.06%, 5/20/25		154,663	154,757
JPMorgan Chase Bank NA, Series 2020-2, Class B (A), 0.84%, 2/25/28		119,257	117,721
JPMorgan Chase Bank NA, Series 2021-1, Class B (A), 0.875%, 9/25/28		157,544	154,772
JPMorgan Chase Bank NA, Series 2021-2, Class B (A), 0.889%, 12/26/28		184,348	180,909
JPMorgan Chase Bank NA, Series 2021-3, Class C (A), 0.86%, 2/26/29		215,875	209,624
LAD Auto Receivables Trust, Series 2021-1A, Class A (A), 1.3%, 8/17/26		191,543	187,703
Santander Consumer Auto Receivables Trust, Series 2020-BA, Class A3 (A), 0.46%, 8/15/24		124,963	124,558
Santander Revolving Auto Loan Trust, Series 2019-A, Class C (A), 3%, 1/26/32		200,000	196,729
Synchrony Credit Card Master Note Trust, Series 2018-2, Class C, 3.87%, 5/15/26		100,000	100,551
Verizon Owner Trust, Series 2020-A, Class B, 1.98%, 7/22/24		150,000	149,624
Wheels SPV LLC, Series 2019-1A, Class A2 (A), 2.3%, 5/22/28		4,119	4,121
	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%, 4/25/51		152,194	146,053
Fannie Mae REMICS, Series 2011-31, Class DB, 3.5%, 4/25/31		146,767	148,378
Fannie Mae REMICS, Series 2011-36, Class QB, 4%, 5/25/31		226,331	232,212
Fannie Mae REMICS, Series 2005-79, Class LT, 5.5%, 9/25/35		206,552	224,885
Fannie Mae REMICS, Series 2020-44, Class TI, IO, 5.5%, 12/25/35		1,023,607	175,104
Fannie Mae REMICS, Series 2016-21, Class BA, 3%, 3/25/42		51,815	52,103
Flagstar Mortgage Trust, Series 2021-9INV, Class A1 (A) (B) (C), 2.5%, 9/25/41		185,430	178,931
Freddie Mac REMICS, Series 4037, Class B, 3%, 4/15/27		301,228	301,672
Freddie Mac STACR REMIC Trust, Series 2021-DNA3, Class M1, (SOFR30A + 0.750%) (A) (C), 0.849%, 10/25/33		207,511	205,570


See accompanying Notes to Portfolios of Investments.


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%, 1/25/34		13,346	13,322
GS Mortgage-Backed Securities Corp. Trust, Series 2020-PJ6, Class A2 (A) (B) (C), 2.5%, 5/25/51		182,110	168,962
JPMorgan Mortgage Trust, Series 2019-7, Class A3 (A) (B) (C), 3.5%, 2/25/50		50,888	50,628
JPMorgan Mortgage Trust, Series 2021-1, Class A3 (A) (B) (C), 2.5%, 6/25/51		311,686	289,377
JPMorgan Mortgage Trust, Series 2021-3, Class A3 (A) (B) (C), 2.5%, 7/25/51		114,477	106,056
JPMorgan Mortgage Trust, Series 2021-6, Class A4 (A) (B) (C), 2.5%, 10/25/51		210,737	202,315
JPMorgan Wealth Management, Series 2020-ATR1, Class A3 (A) (B) (C), 3%, 2/25/50		48,488	47,402
PSMC Trust, Series 2019-2, Class A1 (A) (B) (C), 3.5%, 10/25/49		4,631	4,625
PSMC Trust, Series 2021-1, Class A11 (A) (B) (C), 2.5%, 3/25/51		116,816	111,713
RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (B) (C), 2.5%, 12/25/51		314,662	300,515
RCKT Mortgage Trust, Series 2022-1, Class A5 (A) (B) (C), 2.5%, 1/25/52		296,172	280,930
Sequoia Mortgage Trust, Series 2013-7, Class A2 (B) (C), 3%, 6/25/43		159,636	154,845
Towd Point HE Trust, Series 2021-HE1, Class A1 (A) (B) (C), 0.918%, 2/25/63		123,607	121,393
	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%, 11/25/25		140,723	140,356
FHLMC Multifamily Structured Pass Through Certificates, Series K066, Class A2, 3.117%, 6/25/27		300,000	305,138
FREMF Mortgage Trust, Series 2015-K721, Class B (A) (B) (C), 3.591%, 11/25/47		400,000	401,702
FREMF Mortgage Trust, Series 2015-K44, Class B, (A) (B) (C), 3.67%, 1/25/48		300,000	296,997
GSAMP Trust, Series 2006-S5, Class M5 (C), 7.488% 9/25/36		2,190,000	–
	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%, 5/12/28		400,000	373,154
AT&T, Inc., 2.25%, 2/1/32		200,000	177,401
AT&T, Inc., 4.75%, 5/15/46		500,000	542,786
Charter Communications Operating LLC / Charter Communications Operating Capital, 4.908%, 7/23/25		300,000	311,447
Comcast Corp., 4.15%, 10/15/28		275,000	289,245
Discovery Communications LLC, 5%, 9/20/37		300,000	308,185
eBay, Inc., 1.9%, 3/11/25		50,000	48,377
eBay, Inc., 2.6%, 5/10/31		250,000	229,710
Expedia Group, Inc., 3.25%, 2/15/30		250,000	238,272
Magallanes, Inc. (A), 5.141%, 3/15/52		75,000	76,751
Magallanes, Inc. (A), 5.391%, 3/15/62		50,000	51,560
T-Mobile USA, Inc. (D), 2.625%, 4/15/26		100,000	95,818
Verizon Communications, Inc., 4.329%, 9/21/28		309,000	326,558
			3,069,264
Consumer Discretionary - 0.6%
7-Eleven, Inc. (A), 1.8%, 2/10/31		125,000	107,676
Hilton Domestic Operating Co., Inc. (A), 5.375%, 5/1/25		100,000	102,305
Lowe's Cos., Inc., 3%, 10/15/50		300,000	255,076
Lowe's Cos., Inc., 4.25%, 4/1/52		125,000	129,370
McDonald's Corp., 2.125%, 3/1/30		100,000	90,992
Picasso Finance Sub, Inc. (A), 6.125%, 6/15/25		90,000	91,463
Southwest Airlines Co., 5.25%, 5/4/25		75,000	78,846
Southwest Airlines Co., 5.125%, 6/15/27		300,000	321,177
Tractor Supply Co., 1.75%, 11/1/30		125,000	107,386
Walgreens Boots Alliance, Inc., 3.45%, 6/1/26		123,000	123,772
			1,408,063


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Diversified Income Fund Portfolio of Investments (unaudited)


Consumer Staples - 0.4%
Conagra Brands, Inc., 0.5%, 8/11/23	250,000	242,125
Hormel Foods Corp., 1.8%, 6/11/30	75,000	67,223
Keurig Dr Pepper, Inc., 3.8%, 5/1/50	100,000	94,943
Mars, Inc. (A), 3.875%, 4/1/39	150,000	151,784
Mars, Inc. (A), 2.375%, 7/16/40	250,000	209,256
Performance Food Group, Inc. (A), 5.5%, 10/15/27	50,000	49,813
Sysco Corp., 5.95%, 4/1/30	83,000	96,203
		911,347
Energy - 1.7%
Energy Transfer LP, 5.25%, 4/15/29	100,000	106,722
Enterprise Products Operating LLC, 3.75%, 2/15/25	250,000	254,731
Exxon Mobil Corp., 4.114%, 3/1/46	375,000	404,548
Kinder Morgan, Inc., 5.55%, 6/1/45	250,000	279,757
Marathon Petroleum Corp., 4.7%, 5/1/25	125,000	130,038
MPLX LP, 4.8%, 2/15/29	150,000	159,934
MPLX LP, 2.65%, 8/15/30	100,000	91,615
Phillips 66, 2.15%, 12/15/30	250,000	222,087
Phillips 66, 4.65%, 11/15/34	500,000	533,691
Pioneer Natural Resources Co., 2.15%, 1/15/31	125,000	112,664
Sabine Pass Liquefaction LLC, 4.5%, 5/15/30	100,000	104,589
Schlumberger Holdings Corp. (A), 4%, 12/21/25	26,000	26,456
Schlumberger Holdings Corp. (A), 3.9%, 5/17/28	390,000	394,674
Valero Energy Corp., 6.625%, 6/15/37	500,000	616,059
Valero Energy Corp., 4%, 6/1/52	75,000	70,446
Valero Energy Partners LP, 4.5%, 3/15/28	350,000	359,111
		3,867,122
Financials - 2.9%
Air Lease Corp., 1.875%, 8/15/26	150,000	138,043
Bank of America Corp .(SOFR + 0.910%) (C), 1.658%, 3/11/27	200,000	186,664
Bank of America Corp. (SOFR + 1.060%) (C), 2.087%, 6/14/29	100,000	91,515
Bank of America Corp., (5 year CMT + 2.000%) (C), 3.846%, 3/8/37	100,000	95,778
Bank of New York Mellon Corp., Series I, (5 year CMT + 2.630%) (C), 3.75%, 12/20/26	200,000	183,500
Belrose Funding Trust (A), 2.33%, 8/15/30	100,000	87,597
Berkshire Hathaway Finance Corp., 3.85%, 3/15/52	125,000	127,748
BlackRock, Inc., 2.1%, 2/25/32	100,000	90,643
Brixmor Operating Partnership LP, 3.65%, 6/15/24	100,000	100,799
Capital One Financial Corp. (5 year CMT + 3.157%) (C) (D), 3.95%, 9/1/26	100,000	92,750
Capital One Financial Corp., (SOFR + 1.790%) (C), 3.273%, 3/1/30	100,000	96,630
Cboe Global Markets, Inc., 3.65%, 1/12/27	300,000	305,724
Charles Schwab Corp. (10 year CMT + 3.079%) (C), 4%, 12/1/30	175,000	157,171
Empower Finance LP (A), 3.075%, 9/17/51	75,000	63,466
Fifth Third Bancorp (D), 2.55%, 5/5/27	125,000	120,957
GLP Capital LP / GLP Financing, Inc., 3.25%, 1/15/32	100,000	90,730
Goldman Sachs BDC, Inc. (D), 2.875%, 1/15/26	100,000	96,330
Goldman Sachs Group, Inc. (SOFR + 0.913%) (C), 1.948%, 10/21/27	250,000	232,663
Healthpeak Properties, Inc., 3.25%, 7/15/26	100,000	99,975
Huntington Bancshares, Inc. (5 year CMT + 1.170%) (A) (C), 2.487%, 8/15/36	300,000	261,061
Iron Mountain, Inc. (A), 4.5%, 2/15/31	100,000	92,351
Jefferies Group LLC / Jefferies Group Capital Finance, Inc., 2.625%, 10/15/31	175,000	157,759
JPMorgan Chase & Co., Series II, (SOFR + 2.745%) (C) (D), 4%, 4/1/25	350,000	330,750


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Diversified Income Fund Portfolio of Investments (unaudited)


JPMorgan Chase & Co. (SOFR + 0.695%) (C), 1.04%, 2/4/27	250,000	229,357
KKR Group Finance Co. VIII LLC (A), 3.5%, 8/25/50	125,000	108,976
Liberty Mutual Group, Inc. (A), 3.95%, 5/15/60	50,000	45,465
Morgan Stanley, 3.875%, 1/27/26	200,000	204,040
Morgan Stanley, (SOFR + 0.879%) (C), 1.593%, 5/4/27	150,000	139,540
Morgan Stanley, (SOFR + 1.020%) (C), 1.928%, 4/28/32	500,000	432,233
NASDAQ, Inc., 1.65%, 1/15/31	400,000	337,279
Omega Healthcare Investors, Inc., 3.375%, 2/1/31	200,000	183,243
Prudential Financial, Inc. (5 year CMT + 3.035%) (C), 3.7%, 10/1/50	125,000	114,550
STORE Capital Corp., 4.5%, 3/15/28	200,000	205,370
Synchrony Financial, 3.7%, 8/4/26	250,000	248,975
Teachers Insurance & Annuity Association of America (A), 3.3%, 5/15/50	100,000	88,483
Truist Bank, 2.25%, 3/11/30	50,000	45,837
Truist Financial Corp., (SOFR + 0.609%) (C), 1.267%, 3/2/27	200,000	185,431
Wells Fargo & Co., (SOFR + 2.100%) (C), 2.393%, 6/2/28	175,000	165,740
Welltower, Inc., 2.05%, 1/15/29	150,000	136,741
Western Union Co., 2.85%, 1/10/25	200,000	197,900
Weyerhaeuser Co., 3.375%, 3/9/33	100,000	97,409
		6,467,173
Health Care - 1.0%
Anthem, Inc., 2.375%, 1/15/25	200,000	197,356
Baxter International, Inc. (A), 2.272%, 12/1/28	300,000	278,473
Cigna Corp., 4.375%, 10/15/28	50,000	52,690
Cigna Corp., 4.9%, 12/15/48	100,000	111,997
CVS Health Corp., 5.125%, 7/20/45	400,000	451,981
Health Care Service Corp. A Mutual Legal Reserve Co. (A), 2.2%, 6/1/30	75,000	68,155
PerkinElmer, Inc., 0.55%, 9/15/23	325,000	315,754
UnitedHealth Group, Inc., 3.7%, 8/15/49	150,000	152,130
Viatris, Inc., 2.7%, 6/22/30	200,000	175,936
Zoetis, Inc., 3%, 9/12/27	225,000	224,464
Zoetis, Inc., 3%, 5/15/50	175,000	154,975
		2,183,911
Industrials - 0.9%
Ashtead Capital, Inc. (A), 2.45%, 8/12/31	275,000	241,654
Block, Inc. (A), 2.75%, 6/1/26	200,000	189,044
Boeing Co., 2.196%, 2/4/26	150,000	141,973
Boeing Co., 3.625%, 2/1/31	125,000	121,685
Boeing Co., 5.805%, 5/1/50	75,000	86,564
Martin Marietta Materials, Inc., 3.2%, 7/15/51	300,000	256,190
Quanta Services, Inc., 2.9%, 10/1/30	150,000	138,801
TD SYNNEX Corp. (A), 2.65%, 8/9/31	50,000	42,943
Textron, Inc. (D), 2.45%, 3/15/31	150,000	135,823
TransDigm, Inc. (A), 6.25%, 3/15/26	100,000	102,813
Vulcan Materials Co., 3.5%, 6/1/30	175,000	173,589
WRKCo, Inc., 3.9%, 6/1/28	175,000	175,702
WRKCo, Inc., 3%, 6/15/33	100,000	93,411
		1,900,192
Information Technology - 0.7%
Broadcom, Inc. (A), 3.187%, 11/15/36	5,000	4,385
Citrix Systems, Inc., 4.5%, 12/1/27	85,000	86,997
Dell International LLC / EMC Corp., 8.35%, 7/15/46	44,000	64,275


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Diversified Income Fund Portfolio of Investments (unaudited)


Dell International LLC / EMC Corp. (A), 3.45%, 12/15/51		200,000	162,764
Gartner, Inc. (A), 4.5%, 7/1/28		100,000	99,979
HP, Inc., 2.65%, 6/17/31		300,000	268,450
Intel Corp., 3.734%, 12/8/47		435,000	434,231
Intuit, Inc., 1.65%, 7/15/30		100,000	88,241
Oracle Corp., 3.95%, 3/25/51		200,000	174,751
salesforce.com, Inc., 2.9%, 7/15/51		150,000	133,105
			1,517,178
Materials - 0.3%
DuPont de Nemours, Inc., 4.725%, 11/15/28		295,000	316,716
EI du Pont de Nemours and Co., 1.7%, 7/15/25		50,000	47,964
International Flavors & Fragrances, Inc. (A), 1.832%, 10/15/27		250,000	227,629
			592,309
Utilities - 0.3%
AES Corp., 1.375%, 1/15/26		250,000	230,166
Berkshire Hathaway Energy Co., 1.65%, 5/15/31		125,000	108,868
Florida Power & Light Co., 2.875%, 12/4/51		150,000	134,387
Interstate Power & Light Co., 3.5%, 9/30/49		150,000	136,229
Wisconsin Electric Power Co., 1.7%, 6/15/28		100,000	90,525
			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%, 11/23/23		200,000	204,256
Financials - 0.3%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 1.75%, 1/30/26		200,000	183,073
AerCap Ireland Capital DAC / AerCap Global Aviation Trust (D), 4.625%, 10/15/27		150,000	152,849
Avolon Holdings Funding Ltd. (A), 2.125%, 2/21/26		200,000	182,827
UBS Group AG (5 year CMT + 3.313%) (A) (C), 4.375%, 2/10/31		200,000	180,500
			699,249
Health Care - 0.2%
Royalty Pharma PLC, 2.2%, 9/2/30		200,000	174,882
Royalty Pharma PLC, 3.55%, 9/2/50		200,000	165,873
			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%, 11/15/31		1,000,000	1,170,092
University of Massachusetts Building Authority Revenue, 6.573%, 5/1/39		70,000	70,225
	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 # 890696		221,521	223,883
3%, 12/1/30 Pool # AL8924		153,877	155,161
7%, 11/1/31 Pool # 607515		14,032	15,001
3.5%, 12/1/31 Pool # MA0919		62,565	63,404


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Diversified Income Fund Portfolio of Investments (unaudited)


7%, 5/1/32 Pool # 644591	2,841	2,917
3.5%, 8/1/32 Pool # MA3098	56,146	57,692
5.5%, 10/1/33 Pool # 254904	65,349	71,589
5.5%, 11/1/33 Pool # 555880	154,400	167,579
5%, 5/1/34 Pool # 780890	200,565	216,992
4%, 2/1/35 Pool # MA2177	255,681	266,379
5%, 9/1/35 Pool # 835699	92,543	98,409
5%, 9/1/35 Pool # 820347	111,796	121,253
5%, 12/1/35 Pool # 850561	27,756	29,961
5.5%, 9/1/36 Pool # 831820	149,827	162,310
5.5%, 10/1/36 Pool # 901723	27,818	29,619
5.5%, 12/1/36 Pool # 903059	135,333	145,620
4%, 1/1/41 Pool # AB2080	231,690	242,598
2.5%, 5/1/41 Pool # MA4334	227,343	220,056
4.5%, 7/1/41 Pool # AB3274	68,973	73,466
5.5%, 7/1/41 Pool # AL6588	271,382	297,149
4%, 9/1/41 Pool # AJ1406	114,537	119,618
4%, 10/1/41 Pool # AJ4046	234,439	247,136
1.099%, 12/25/41 Pool # AL6778, (SOFR30A + 1.000%) (A) (C),	266,122	263,428
3.5%, 6/1/42 Pool # AO4134	201,451	205,302
3.5%, 6/1/42 Pool # AO4136	197,129	200,888
3.5%, 8/1/42 Pool # AP2133	202,846	206,714
4%, 10/1/42 Pool # AP7363	187,792	196,363
3%, 2/1/43 Pool # AL3072	379,317	379,379
3%, 2/1/43 Pool # AB8486	347,175	347,089
3.5%, 3/1/43 Pool # AT0310	209,925	214,284
4%, 1/1/45 Pool # AS4257	52,394	54,718
4.5%, 2/1/45 Pool # MA2193	152,714	161,895
3.5%, 4/1/45 Pool # MA2229	147,021	149,893
3.5%, 11/1/45 Pool # BA4907	156,936	159,601
3.5%, 12/1/45 Pool # AS6309	45,740	46,629
2.5%, 12/1/47 Pool # FM3165	131,555	126,511
4%, 7/1/48 Pool # MA3415	103,683	106,136
4%, 11/1/50 Pool # FM5530	239,944	245,387
		6,092,009
Freddie Mac - 1.6%
4.5%, 2/1/25 Pool # J11722	20,778	21,464
4.5%, 5/1/25 Pool # J12247	19,458	20,155
8%, 6/1/30 Pool # C01005	5,252	5,833
6.5%, 1/1/32 Pool # C62333	51,558	55,405
2.5%, 6/1/35 Pool # RC1421	182,880	181,152
3.5%, 11/1/40 Pool # G06168	91,907	93,880
2%, 3/1/41 Pool # RB5105	439,206	412,364
2.5%, 6/1/41 Pool # SC0151	235,242	228,502
4.5%, 9/1/41 Pool # Q03516	178,313	189,706
4%, 10/1/41 Pool # Q04092	255,775	267,368
3%, 9/1/42 Pool # C04233	216,650	216,835
3%, 4/1/43 Pool # V80026	339,304	339,385
3%, 4/1/43 Pool # V80025	342,687	341,278
3%, 7/1/45 Pool # G08653	170,375	169,839
3.5%, 8/1/45 Pool # Q35614	259,393	264,295
3%, 10/1/46 Pool # G60722	247,926	246,813
4%, 3/1/47 Pool # Q46801	104,737	108,066


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Diversified Income Fund Portfolio of Investments (unaudited)


2.5%, 4/1/48 Pool # QA2240			315,735	303,651
3%, 7/1/49 Pool # QA1033			152,508	149,941
				3,615,932
Ginnie Mae - 0.0%
Ginnie Mae 6.5% 4/30/2031, Pool # 3068			13,051	14,223
	Total Mortgage Backed Securities ( Cost $9,824,264 )			9,722,164

U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 8.9%
U.S. Treasury Bonds - 3.0%
6.625%, 2/15/27			1,500,000	1,785,000
2.250%, 5/15/41			1,250,000	1,181,885
3.000%, 5/15/42			750,000	795,498
2.500%, 2/15/45			750,000	732,422
2.500%, 5/15/46			500,000	490,860
2.250%, 8/15/46			500,000	468,613
3.000%, 5/15/47			200,000	216,078
1.250%, 5/15/50			750,000	560,508
1.875%, 2/15/51			500,000	437,109
				6,667,973
U.S. Treasury Notes - 5.9%
2.250%, 12/31/24			1,000,000	994,180
2.250%, 11/15/25			2,500,000	2,477,441
1.500%, 8/15/26			2,500,000	2,399,023
2.375%, 5/15/27			1,000,000	996,875
0.375%, 9/30/27			1,500,000	1,340,801
2.875%, 5/15/28			1,500,000	1,536,680
2.625%, 2/15/29			1,000,000	1,013,164
0.625%, 8/15/30			1,500,000	1,304,004
1.375%, 11/15/31			1,025,000	940,918
				13,003,086
	Total U.S. Government and Agency Obligations ( Cost $20,407,324 )			19,671,059
			Shares
SHORT-TERM INVESTMENTS - 3.9%
State Street Institutional U.S. Government Money Market Fund, 0.25%, Premier Class (E)			7,668,781	7,668,781
State Street Navigator Securities Lending Government Money Market Portfolio, 0.25% (E) (F)			1,085,268	1,085,268
	Total Short-Term Investments ( Cost $8,754,049 )			8,754,049
TOTAL INVESTMENTS - 100.2% ( Cost $167,170,528 )				222,388,386
NET OTHER ASSETS AND LIABILITIES - (0.2%)				(541,971)
TOTAL NET ASSETS - 100.0%				$221,846,415

(A)		Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers."
(B)		Coupon rate may change based on changes of the underlying collateral or prepayments of principal. The coupon rate shown represents the rate at period end.
(C)		Floating rate or variable rate note. Rate shown is as of March 31, 2022.
(D)		All or a portion of these securities, with an aggregate fair value of $1,064,538, are on loan as part of a securities lending program. See footnote (F) and Note 4 for details on the securities lending program.
(E)		7-day yield.


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Diversified Income Fund Portfolio of Investments (unaudited)

(F)

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

CMT

Constant Maturity Treasury.

DAC

Designated Activity Company.

FHLMC

Federal Home Loan Mortgage Corp or Freddie Mac.

FREMF

Freddie Mac Multifamily.

Interest Only.

LIBOR

London Interbank Offered Rate.

LLC

Limited Liability Company.

PLC

Public Limited Company.

REIT

Real Estate Investment Trust.

REMIC

Real Estate Mortgage Investment Conduit.

SOFR

Secured Overnight Financing Rate.

STACR

Structured Agency Credit Risk.


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Large Cap Value Fund Portfolio of Investments (unaudited)


	Shares	Value (Note 1,3)
COMMON STOCKS - 98.9%
Communication Services - 5.7%
Comcast Corp., Class A	150,000	$7,023,000
Verizon Communications, Inc.	124,500	6,342,030
		13,365,030
Consumer Discretionary - 7.5%
Home Depot, Inc.	23,200	6,944,456
McDonald's Corp.	30,500	7,542,040
Starbucks Corp.	35,500	3,229,435
		17,715,931
Consumer Staples - 10.5%
Archer-Daniels-Midland Co.	70,500	6,363,330
Coca-Cola Co.	63,500	3,937,000
Colgate-Palmolive Co.	38,000	2,881,540
PepsiCo, Inc.	39,000	6,527,820
Procter & Gamble Co.	33,000	5,042,400
		24,752,090
Energy - 6.1%
Baker Hughes Co.	220,000	8,010,200
EOG Resources, Inc.	53,000	6,319,190
		14,329,390
Financials - 19.1%
Aflac, Inc.	100,000	6,439,000
BlackRock, Inc.	7,100	5,425,607
CME Group, Inc.	31,500	7,492,590
JPMorgan Chase & Co.	40,500	5,520,960
Northern Trust Corp.	60,000	6,987,000
Travelers Cos., Inc.	54,000	9,867,420
U.S. Bancorp	62,000	3,295,300
		45,027,877
Health Care - 18.9%
AmerisourceBergen Corp.	38,000	5,878,980
Bristol-Myers Squibb Co.	131,500	9,603,445
CVS Health Corp.	89,000	9,007,690
Johnson & Johnson	47,500	8,418,425
Medtronic PLC	55,000	6,102,250
Pfizer, Inc.	110,000	5,694,700
		44,705,490
Industrials - 10.9%
Emerson Electric Co.	41,500	4,069,075
Fastenal Co.	86,000	5,108,400
Honeywell International, Inc.	28,000	5,448,240
PACCAR, Inc.	70,500	6,208,935
Union Pacific Corp.	17,500	4,781,175
		25,615,825


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Large Cap Value Fund Portfolio of Investments (unaudited)


Information Technology - 12.1%
Analog Devices, Inc.			15,000	2,477,700
Automatic Data Processing, Inc.			13,000	2,958,020
Cisco Systems, Inc.			141,000	7,862,160
Oracle Corp.			42,000	3,474,660
Paychex, Inc.			40,000	5,458,800
Texas Instruments, Inc.			35,000	6,421,800
				28,653,140
Materials - 2.7%
Franco-Nevada Corp.			4,000	638,080
Nucor Corp.			39,000	5,797,350
				6,435,430
Real Estate - 1.8%
American Tower Corp., REIT			17,000	4,270,740

Utilities - 3.6%
Dominion Energy, Inc.			99,500	8,454,515
	Total Common Stocks ( Cost $172,029,124 )			233,325,458
SHORT-TERM INVESTMENTS - 1.1%
State Street Institutional U.S. Government Money Market Fund, 0.25%, Premier Class (A)			2,743,738	2,743,738
	Total Short-Term Investments ( Cost $2,743,738 )			2,743,738
TOTAL INVESTMENTS - 100.0% ( Cost $174,772,862 )				236,069,196
NET OTHER ASSETS AND LIABILITIES - (0.0%)				(87,167)
TOTAL NET ASSETS - 100.0%				$235,982,029

(A)		7-day yield.
PLC		Public Limited Company.
REIT		Real Estate Investment Trust.


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Large Cap Growth Fund Portfolio of Investments (unaudited)


		Shares	Value (Note 1,3)
COMMON STOCKS - 94.0%
Communication Services - 9.0%
Alphabet, Inc., Class C *		3,935	$10,990,415
Liberty Broadband Corp., Class C *		56,706	7,673,456
			18,663,871
Consumer Discretionary - 15.7%
Amazon.com, Inc. *		2,453	7,996,657
Dollar Tree, Inc. *		61,934	9,918,730
Lowe's Cos., Inc.		43,735	8,842,780
TJX Cos., Inc.		96,656	5,855,421
			32,613,588
Financials - 22.1%
Arch Capital Group Ltd. *		156,319	7,568,966
Berkshire Hathaway, Inc., Class B *		25,555	9,018,615
Brookfield Asset Management, Inc., Class A		147,396	8,338,192
Marsh & McLennan Cos., Inc.		45,954	7,831,481
Progressive Corp.		56,961	6,492,984
U.S. Bancorp		128,606	6,835,409
			46,085,647
Health Care - 14.3%
Alcon, Inc. (A)		82,183	6,519,577
Becton Dickinson and Co.		36,486	9,705,276
Danaher Corp.		19,062	5,591,457
Novartis AG, ADR		90,443	7,936,373
			29,752,683
Industrials - 12.5%
Copart, Inc. *		43,065	5,403,366
Jacobs Engineering Group, Inc.		58,736	8,094,408
PACCAR, Inc.		77,970	6,866,818
Parker-Hannifin Corp.		20,062	5,692,793
			26,057,385
Information Technology - 20.4%
Accenture PLC, Class A		17,734	5,980,437
Adobe, Inc. *		9,031	4,114,704
Analog Devices, Inc.		49,110	8,111,990
Black Knight, Inc. *		58,665	3,401,983
Fiserv, Inc. *		80,964	8,209,750
TE Connectivity Ltd.		43,926	5,753,427
Visa, Inc., Class A		31,630	7,014,585
			42,586,876
	Total Common Stocks ( Cost $115,629,493 )		195,760,050

SHORT-TERM INVESTMENTS - 9.2%
State Street Institutional U.S. Government Money Market Fund, 0.25%, Premier Class (B)		12,652,087	12,652,087
State Street Navigator Securities Lending Government Money Market Portfolio, 0.25% (B) (C)		6,553,718	6,553,718
	Total Short-Term Investments ( Cost $19,205,805 )		19,205,805
TOTAL INVESTMENTS - 103.2% ( Cost $134,835,298 )			214,965,855
NET OTHER ASSETS AND LIABILITIES - (3.2%)			(6,587,299)
TOTAL NET ASSETS - 100.0%			$208,378,556


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Large Cap Growth Fund Portfolio of Investments (unaudited)

Non-income producing.

(A)

All or a portion of these securities, with an aggregate fair value of $6,390,732, are on loan as part of a securities lending program. See footnote (C) and Note 4 for details on the securities lending program.

(B)

7-day yield.

(C)

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

ADR

American Depositary Receipt.

PLC

Public Limited Company.


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Mid Cap Fund Portfolio of Investments (unaudited)


	Shares	Value (Note 1,3)
COMMON STOCKS - 93.6%
Communication Service - 4.9%
Liberty Broadband Corp., Class C *	58,636	$7,934,624

Consumer Discretionary - 15.4%
CarMax, Inc. *	49,167	4,743,632
Dollar Tree, Inc. *	73,831	11,824,035
Ross Stores, Inc.	63,414	5,736,430
Thor Industries, Inc.	34,538	2,718,141
		25,022,238
Consumer Staples - 0.9%
Brown-Forman Corp., Class B	23,360	1,565,587

Financials - 31.4%
Capital Markets - 4.2%
Brookfield Asset Management, Inc., Class A	92,290	5,220,845
Moelis & Co., Class A	35,372	1,660,716
		6,881,561
Commercial Banks - 1.7%
Glacier Bancorp, Inc.	54,738	2,752,227

Diversified Financial Services - 2.7%
Cannae Holdings, Inc. *	180,221	4,310,886

Insurance - 22.8%
Arch Capital Group Ltd. *	224,884	10,888,883
Brown & Brown, Inc.	113,629	8,211,968
Markel Corp. *	4,127	6,088,315
Progressive Corp.	60,524	6,899,131
W R Berkley Corp.	75,158	5,004,738
		37,093,035
		51,037,709
Health Care - 4.0%
Laboratory Corp. of America Holdings *	24,808	6,540,877

Industrials - 16.1%
Armstrong World Industries, Inc.	30,594	2,753,766
Carlisle Cos., Inc.	24,381	5,995,775
Clarivate PLC *	232,311	3,893,532
Copart, Inc. *	43,360	5,440,379
Expeditors International of Washington, Inc.	28,498	2,939,854
PACCAR, Inc.	58,382	5,141,703
		26,165,009
Information Technology - 20.9%
Amphenol Corp., Class A	64,917	4,891,496
Arista Networks, Inc. *	43,478	6,042,572
Black Knight, Inc. *	59,650	3,459,104
CDW Corp.	31,228	5,586,377
Gartner, Inc. *	23,237	6,912,078


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Mid Cap Fund Portfolio of Investments (unaudited)


MKS Instruments, Inc.			23,512	3,526,800
Vontier Corp.			140,755	3,573,769
				33,992,196
	Total Common Stocks ( Cost $76,823,897 )			152,258,240
SHORT-TERM INVESTMENTS - 6.7%
State Street Institutional U.S. Government Money Market Fund, 0.25%, Premier Class (A)			10,854,149	10,854,149
	Total Short-Term Investments ( Cost $10,854,149 )			10,854,149
TOTAL INVESTMENTS - 100.3% ( Cost $87,678,046 )				163,112,389
NET OTHER ASSETS AND LIABILITIES - (0.3%)				(413,171)
TOTAL NET ASSETS - 100.0%				$162,699,218

*		Non-income producing.
(A)		7-day yield.
PLC		Public Limited Company.


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

International Stock Fund Portfolio of Investments (unaudited)


	Shares	Value (Note 1,3)
COMMON STOCKS - 96.4%
Australia - 3.1%
Macquarie Group Ltd. (A)	1,862	$280,098
Treasury Wine Estates Ltd. (A)	55,341	474,037
		754,135
Brazil - 4.1%
Itau Unibanco Holding SA, ADR	72,208	412,308
Pagseguro Digital Ltd., Class A *	14,564	292,008
XP, Inc., Class A *	10,061	302,836
		1,007,152
Canada - 5.7%
Cameco Corp.	18,280	531,948
Canadian Pacific Railway Ltd.	4,222	348,484
Manulife Financial Corp.	25,051	534,839
		1,415,271
China - 5.7%
Alibaba Group Holding Ltd., ADR *	3,517	382,650
Ping An Insurance Group Co. of China Ltd., Class H (A)	69,390	489,586
Tencent Holdings Ltd. (A)	11,232	529,874
		1,402,110
Denmark - 1.4%
Genmab AS * (A)	966	349,944

France - 8.1%
Air Liquide SA (A)	2,210	386,616
Airbus SE * (A)	3,939	476,121
EssilorLuxottica SA (A)	1,670	304,850
Hermes International (A)	188	266,656
LVMH Moet Hennessy Louis Vuitton SE (A)	422	300,493
Worldline SA * (A)	6,234	270,264
		2,005,000
Germany - 7.8%
adidas AG (A)	1,127	263,173
Deutsche Telekom AG (A)	17,719	330,940
KION Group AG (A)	6,113	406,522
SAP SE, ADR	2,552	283,170
Siemens AG (A)	2,789	386,450
Symrise AG (A)	2,085	250,310
		1,920,565
Hong Kong - 1.4%
AIA Group Ltd. (A)	32,520	340,466

India - 6.5%
HDFC Bank Ltd., ADR	8,186	502,047
Infosys Ltd., ADR	18,329	456,209
Larsen & Toubro Ltd., GDR (A)	27,283	631,462
		1,589,718
Ireland - 2.5%
Kerry Group PLC, Class A (A)	3,295	368,162
Ryanair Holdings PLC, ADR *	2,739	238,622
		606,784


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

International Stock Fund Portfolio of Investments (unaudited)


Israel - 1.4%
CyberArk Software Ltd. *	2,129	359,269

Italy - 1.2%
Ferrari NV	1,422	310,124

Japan - 13.2%
CyberAgent, Inc. (A)	20,429	253,293
Keyence Corp. (A)	500	232,464
Murata Manufacturing Co. Ltd. (A)	5,493	363,118
Nidec Corp. (A)	3,400	269,368
Seven & I Holdings Co. Ltd. (A)	8,000	380,642
Shiseido Co. Ltd. (A)	6,500	329,426
Sony Group Corp. (A)	5,297	546,709
Toray Industries, Inc. (A) (B)	82,353	429,229
Toyota Motor Corp. (A)	25,000	447,838
		3,252,087
Mexico - 3.8%
Grupo Mexico SAB de CV, Series B	100,307	598,866
Wal-Mart de Mexico SAB de CV, ADR	7,992	327,912
		926,778
Netherlands - 3.7%
ASML Holding NV	667	445,510
NXP Semiconductors NV	2,552	472,324
		917,834
Norway - 1.2%
Norsk Hydro ASA (A)	30,185	294,129

Singapore - 1.7%
DBS Group Holdings Ltd. (A)	15,800	415,387

South Korea - 1.1%
LG Household & Health Care Ltd. (A)	373	262,011

Spain - 1.2%
Grifols SA (A)	16,377	296,252

Sweden - 1.6%
Telefonaktiebolaget LM Ericsson, Class B (A) (B)	42,807	391,683

Switzerland - 6.4%
Credit Suisse Group AG (A)	43,825	345,784
Nestle SA (A)	2,340	303,781
Partners Group Holding AG (A)	197	244,746
Roche Holding AG (A)	1,050	415,249
Sika AG (A)	807	265,872
		1,575,432
Taiwan - 1.5%
Taiwan Semiconductor Manufacturing Co. Ltd., ADR	3,465	361,261


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

International Stock Fund Portfolio of Investments (unaudited)

United Kingdom - 12.1%

AstraZeneca PLC (A)

7,540

999,888

Diageo PLC (A)

7,685

388,425

London Stock Exchange Group PLC (A)

3,556

371,516

Prudential PLC (A)

32,865

485,474

Shell PLC (A)

26,411

724,817

2,970,120

Total Common Stocks
( Cost $25,567,854 )

23,723,512

Short-Term Investments - 5.2%

United States - 5.2%

State Street Institutional U.S. Government Money Market Fund, 0.25%, Premier Class (C)

756,331

State Street Navigator Securities Lending Government Money Market Portfolio, 0.25% (C) (D)

526,607

Total Short-Term Investments
( Cost $1,282,938 )

1,282,938

TOTAL INVESTMENTS - 101.6% ( Cost $26,850,792 )

25,006,450

NET OTHER ASSETS AND LIABILITIES - (1.6%)

(402,515)

TOTAL NET ASSETS - 100.0%

$24,603,935

Non-income producing.

(A)

Due to events that occurred between the close of the exchange on which this security is traded and that of the New York Stock Exchange, fair value was determined for this security using methods determined in good faith by or at the discretion of the Board of Trustees (see Note 3).

(B)

All or a portion of these securities, with an aggregate fair value of $493,553, are on loan as part of a securities lending program. See footnote (D) and Note 4 for details on the securities lending program.

(C)

7-day yield.

(D)

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

ADR

American Depositary Receipt.

GDR

Global Depositary Receipt.

PLC

Public Limited Company.


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

International Stock Fund Portfolio of Investments (unaudited)


OTHER INFORMATION: Sector Allocation	% of Net Asset
Collateral for Securities on Loan		2.1	%
Communication Services		4.4	%
Consumer Discretionary		11.4	%
Consumer Staples		11.5	%
Energy		5.0	%
Financials		19.3	%
Health Care		8.4	%
Industrials		11.3	%
Information Technology		16.0	%
Materials		9.1	%
Short-Term Investments		3.1	%
Net Other Assets and Liabilities		(1.6)	%


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Target Retirement 2020 Fund Portfolio of Investments (unaudited)


		Shares	Value (Note 1,3)
INVESTMENT COMPANIES - 95.1%
Alternative Funds - 2.0%
Invesco Optimum Yield Diversified Commodity Strategy		27,107	$478,167

Bond Funds - 74.4%
Schwab Intermediate-Term U.S. Treasury ETF (A)		296,459	15,786,442
Vanguard Extended Duration Treasury ETF		7,911	962,927
Vanguard Long-Term Corporate Bond ETF		10,188	954,310
			17,703,679
Foreign Stock Funds - 2.0%
iShares MSCI Emerging Markets Minimum Volatility Factor ETF		3,866	235,942
iShares MSCI Switzerland ETF		2,410	118,331
JPMorgan BetaBuilders Japan ETF		2,512	127,459
			481,732
Stock Funds - 16.7%
Distillate U.S. Fundamental Stability & Value ETF		10,488	466,716
First Trust Natural Gas ETF		19,405	473,288
iShares Gold Strategy ETF *		8,120	479,239
iShares MSCI Global Metals & Mining Producers ETF		2,354	120,572
iShares MSCI Minimum Volatility Factor ETF		3,050	236,588
iShares Nasdaq Biotechnology ETF		1,783	232,325
Pacer U.S. Cash Cows 100 ETF		9,364	466,140
VanEck Agribusiness ETF		2,040	213,262
Vanguard Consumer Staples ETF		607	118,917
Vanguard Health Care ETF		965	245,477
Vanguard Information Technology ETF		2,229	928,334
			3,980,858
TOTAL INVESTMENTS - 95.1% ( Cost $22,936,866 )			22,644,436
NET OTHER ASSETS AND LIABILITIES - 4.9%			1,163,248
TOTAL NET ASSETS - 100.0%			$23,807,684

*	Non-income producing.
(A)	Greater than 25% of the portfolio. For more information refer the website https://www.schwabassetmanagement.com/products/schr
ETF	Exchange Traded Fund.


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Target Retirement 2030 Fund Portfolio of Investments (unaudited)


		Shares	Value (Note 1,3)
INVESTMENT COMPANIES - 94.1%
Alternative Funds - 2.0%
Invesco Optimum Yield Diversified Commodity Strategy		76,684	$1,352,706

Bond Funds - 50.3%
Schwab Intermediate-Term U.S. Treasury ETF (A)		581,975	30,990,169
Vanguard Extended Duration Treasury ETF		22,684	2,761,096
Vanguard Long-Term Corporate Bond ETF		7,312	684,915
			34,436,180
Foreign Stock Funds - 6.3%
iShares MSCI Emerging Markets Minimum Volatility Factor ETF		22,423	1,368,475
iShares MSCI Switzerland ETF		33,913	1,665,128
JPMorgan BetaBuilders Japan ETF		26,105	1,324,568
			4,358,171
Stock Funds - 35.5%
Distillate U.S. Fundamental Stability & Value ETF		73,255	3,259,848
First Trust Natural Gas ETF		137,647	3,357,210
Global X Silver Miners ETF		18,529	673,900
iShares Edge MSCI Minimum Volatility USA ETF		17,342	1,345,219
iShares MSCI Global Metals & Mining Producers ETF		13,051	668,472
iShares Nasdaq Biotechnology ETF		10,234	1,333,490
Pacer U.S. Cash Cows 100 ETF		40,006	1,991,499
VanEck Agribusiness ETF		9,731	1,017,279
VanEck Gold Miners ETF		35,495	1,361,233
Vanguard Consumer Staples ETF		3,448	675,498
Vanguard Health Care ETF		5,267	1,339,819
Vanguard Information Technology ETF		17,450	7,267,576
			24,291,043
TOTAL INVESTMENTS - 94.1% ( Cost $62,684,243 )			64,438,100
NET OTHER ASSETS AND LIABILITIES - 5.9%			4,036,378
TOTAL NET ASSETS - 100.0%			$68,474,478

(A)	Greater than 25% of the portfolio. For more information refer the website https://www.schwabassetmanagement.com/products/schr
ETF	Exchange Traded Fund.


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Target Retirement 2040 Fund Portfolio of Investments (unaudited)


		Shares	Value (Note 1,3)
INVESTMENT COMPANIES - 93.1%
Alternative Funds - 1.9%
Invesco Optimum Yield Diversified Commodity Strategy		45,480	$802,267

Bond Funds - 36.3%
Schwab Intermediate-Term U.S. Treasury ETF (A)		240,150	12,787,987
Vanguard Extended Duration Treasury ETF		13,694	1,666,834
Vanguard Long-Term Corporate Bond ETF		4,398	411,961
			14,866,782
Foreign Stock Funds - 8.7%
iShares MSCI Emerging Markets Minimum Volatility Factor ETF		16,824	1,026,769
iShares MSCI Switzerland ETF		28,031	1,376,322
JPMorgan BetaBuilders Japan ETF		22,982	1,166,107
			3,569,198
Stock Funds - 46.2%
Distillate U.S. Fundamental Stability & Value ETF		52,826	2,350,757
First Trust Natural Gas ETF		114,384	2,789,826
Global X Silver Miners ETF		10,966	398,833
iShares MSCI Global Metals & Mining Producers ETF		11,590	593,640
iShares MSCI Minimum Volatility Factor ETF		10,248	794,937
iShares Nasdaq Biotechnology ETF		9,083	1,183,515
Pacer U.S. Cash Cows 100 ETF		23,622	1,175,903
VanEck Agribusiness ETF		7,663	801,090
VanEck Gold Miners ETF		31,534	1,209,329
Vanguard Consumer Staples ETF		3,057	598,897
Vanguard Health Care ETF		4,677	1,189,735
Vanguard Information Technology ETF		14,018	5,838,217
			18,924,679
TOTAL INVESTMENTS - 93.1% ( Cost $35,953,553 )			38,162,926
NET OTHER ASSETS AND LIABILITIES - 6.9%			2,831,123
TOTAL NET ASSETS - 100.0%			$40,994,049

(A)	Greater than 25% of the portfolio. For more information refer the website https://www.schwabassetmanagement.com/products/schr
ETF	Exchange Traded Fund.


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Target Retirement 2050 Fund Portfolio of Investments (unaudited)


		Shares	Value (Note 1,3)
INVESTMENT COMPANIES - 78.1%
Alternative Funds - 1.6%
Invesco Optimum Yield Diversified Commodity Strategy		38,281	$675,277

Bond Funds - 23.0%
Schwab Intermediate-Term U.S. Treasury ETF		144,055	7,670,929
Vanguard Extended Duration Treasury ETF		11,575	1,408,909
Vanguard Long-Term Corporate Bond ETF		3,717	348,171
			9,428,009
Foreign Stock Funds - 8.9%
iShares MSCI Emerging Markets Minimum Volatility Factor ETF		16,994	1,037,144
iShares MSCI Switzerland ETF		27,177	1,334,390
JPMorgan BetaBuilders Japan ETF		25,297	1,283,570
			3,655,104
Stock Funds - 44.6%
Distillate U.S. Fundamental Stability & Value ETF		44,445	1,977,803
First Trust Natural Gas ETF		110,039	2,683,851
Global X Silver Miners ETF		9,228	335,622
iShares MSCI Global Metals & Mining Producers ETF		13,054	668,626
iShares MSCI Minimum Volatility Factor ETF		8,622	668,809
iShares Nasdaq Biotechnology ETF		10,190	1,327,757
Pacer U.S. Cash Cows 100 ETF		19,877	989,477
VanEck Agribusiness ETF		6,449	674,179
VanEck Gold Miners ETF		34,907	1,338,684
Vanguard Consumer Staples ETF		2,573	504,076
Vanguard Health Care ETF		4,719	1,200,419
Vanguard Information Technology ETF		14,153	5,894,441
			18,263,744
TOTAL INVESTMENTS - 78.1% ( Cost $29,734,576 )			32,022,134
NET OTHER ASSETS AND LIABILITIES - 21.9%			8,971,915
TOTAL NET ASSETS - 100.0%			$40,994,049

ETF	Exchange Traded Fund.


See accompanying Notes to Portfolios of Investments.


Ultra Series Fund \| March 31, 2022

Notes to Portfolio of Investments (unaudited)

1. Portfolio Valuation: The Ultra Series Fund (the "Trust") and each series of the Trust referred to individually as a "fund", and collectively, the ("funds") values securities and other investments as follows: Equity securities, including closed-end investment companies, American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and exchange-traded funds ("ETFs") listed on any U.S. or foreign stock exchange or quoted on the National Association of Securities Dealers Automated Quotation System ("NASDAQ") are valued at the last quoted sale price or official closing price on that exchange or NASDAQ on the valuation day (provided that, for securities traded on NASDAQ, the funds utilize the NASDAQ Official Closing Price ("NOCP"). If no sale occurs, equities traded on a U.S. exchange, foreign exchange or on NASDAQ are valued at the bid price. Debt securities (other than short-term obligations) purchased with a remaining maturity of 61 days or more are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services approved by the Trust. In determining the value of a particular investment, pricing services may use certain information with respect to transactions in such investments, quotations from dealers, pricing matrixes, market transactions in comparable investments, various relationships observed in the market between investments and calculated yield measures based on valuation technology commonly employed in the market for such investments.

Municipal debt securities are traded via a network among dealers and brokers that connect buyers and sellers. They are valued on the basis of last available bid prices or current market quotations provided by dealers or pricing services approved by the Trust. There may be little trading in the secondary market for the particular bonds and other debt securities, making them more difficult to value or sell. Asset-backed and mortgage-backed securities are valued by independent pricing services using models that consider estimated cash flows of each tranche of the security, establish a benchmark yield and develop an estimated tranche specific spread to the benchmark yield based on the unique attributes of the tranche.

Investments in shares of open-end mutual funds, including money market funds, are valued at their daily net asset value ("NAV") which is calculated as of the close of regular trading on the New York Stock Exchange (the "NYSE") usually 4:00 p.m. Eastern Standard Time on each day on which the NYSE is open for business. NAV per share is determined by dividing each fund's total net assets by the number of shares of such fund outstanding at the time of calculation. Because the assets of each Target Allocation Fund and each Target Date Fund consist primarily of shares of other registered investment companies (the "Underlying Funds"), the NAV of each fund is determined based on the NAVs of the Underlying Funds. Total net assets are determined by adding the total current value of portfolio securities, cash, receivables, and other assets and subtracting liabilities. Short-term instruments having maturities of 60 days or less are valued on an amortized cost basis, which approximates fair value.

Over-the-counter securities not listed or traded on NASDAQ are valued at the last sale price on the valuation day. If no sale occurs on the valuation day, an over-the-counter security is valued at the last bid price. Exchange-traded options are valued at the mean of the best bid and ask prices across all option exchanges. Over-the-counter options are valued based upon prices provided by market makers in such securities or dealers in such currencies. Financial futures contracts generally are valued at the settlement price established by the exchange(s) on which the contracts are primarily traded. Spot and forward foreign currency exchange contracts are valued based on quotations supplied by dealers in such contracts. Overnight repurchase agreements are valued at cost, and term repurchase agreements (i.e., those whose maturity exceeds seven days), swaps, caps, collars and floors, if any, are valued at the average of the closing bids obtained daily from at least one dealer.

Through the end of this reporting period, the value of all assets and liabilities expressed in foreign currencies was converted into U.S. dollar values using the then-current exchange rate at the close of regular trading on the NYSE.

All other securities for which either quotations are not readily available, no other sales have occurred, or in the Investment Adviser's opinion, do not reflect the current fair value, are appraised at their fair values as determined in good faith by the Pricing Committee ( the "Committee") and under the general supervision of the Board of Trustees. When fair value pricing of securities is employed, the prices of securities used by the funds to calculate NAV may differ from market quotations or NOCP. Because the Allocation Funds primarily invest in Underlying Funds, government securities and short-term paper, it is not anticipated that the Investment Adviser will need to “fair value” any of the investments of these funds. However, an Underlying Fund may need to “fair value” one or more of its investments, which may, in turn, require an Allocation Fund to do the same because of delays in obtaining the Underlying Fund’s NAV.

A fund's investments will be valued at fair value if, in the judgment of the Committee, an event impacting the value of an investment occurred between the closing time of a security's primary market or exchange (for example, a foreign exchange or market) and the time the fund's share price is calculated as of the close of regular trading on the NYSE. Significant events may include, but are not limited to, the following: (1) significant fluctuations in domestic markets, foreign markets or foreign currencies; (2) occurrences not directly tied to the securities markets such as natural disasters, armed conflicts or significant government actions; and (3) major announcements affecting a single issuer or an entire market or market sector. In responding to a significant event, the Committee would determine the fair value of affected securities considering factors including, but not limited to: fundamental analytical data relating to the investment; the nature and duration of any restrictions on the disposition of the investment; and the forces influencing the market(s) in which the investment is purchased or sold.

In addition to the fair value decisions made by the Committee noted above, the Committee also engages an independent fair valuation service to adjust the valuations of foreign equity securities based on specific market-movement parameters established by the Committee and approved by the Board of Trustees. Such adjustments to the valuation of foreign securities are applied automatically upon market close if the parameters established are exceeded. A foreign security is also automatically fair valued if the exchange it is traded on is on holiday.

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

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

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

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

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

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


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Ultra Series Fund \| March 31, 2022

Notes to Portfolio of Investments (unaudited)

The valuation techniques used by the funds to measure fair value for the period ended March 31, 2022 maximized the use of observable inputs and minimized the use of unobservable inputs. The funds estimated the price that would have prevailed in a liquid market for an international equity security given information available at the time of valuation. As of March 31, 2022, none of the funds held securities deemed as a Level 3, and there were no transfers between classification levels.

The following is a summary of the inputs used as of March 31, 2022, in valuing the funds' investments carried at fair value:


Description		Level 1		Level 2		Level 3		Value at 03/31/22

Conservative Allocation Fund
	Investment Companies	$	134,862,528	$	—	$	—	$	134,862,528
	Short-Term Investments		17,557,870		—		—		17,557,870
			152,420,398		—		—		152,420,398
Moderate Allocation Fund
	Investment Companies		140,574,852		—		—		140,574,852
	Short-Term Investments		18,036,012		—		—		18,036,012
			158,610,864		—		—		158,610,864
Aggressive Allocation Fund
	Investment Companies		47,299,257		—		—		47,299,257
	Short-Term Investments		9,455,620		—		—		9,455,620
			56,754,877		—		—		56,754,877


Core Bond Fund
	Asset Backed Securities	—	3,651,780	—	3,651,780
	Collateralized Mortgage Obligations	—	4,363,768	—	4,363,768
	Commercial Mortgage-Backed Securities	—	2,193,013	—	2,193,013
	Corporate Notes and Bonds	—	35,232,622	—	35,232,622
	Foreign Corporate Bonds	—	2,627,915	—	2,627,915
	Long Term Municipal Bonds	—	2,005,683	—	2,005,683
	Mortgage Backed Securities	—	16,573,306	—	16,573,306
	US Government and Agency Obligations	—	28,523,096	—	28,523,096
	Short-Term Investments	3,435,047	—	—	3,435,047
		3,435,047	95,171,183	—	98,606,230
High Income Fund
	Corporate Notes and Bonds	—	12,948,359	—	12,948,359
	Foreign Corporate Bonds	—	1,309,425	—	1,309,425
	Exchange Traded Funds	485,511	—	—	485,511
	Short-Term Investments	2,068,725	—	—	2,068,725
		2,554,236	14,257,784	—	16,812,020
Diversified Income Fund
	Common Stocks	152,355,550	—	—	152,355,550
	Asset Backed Securities	—	2,123,069	—	2,123,069
	Collateralized Mortgage Obligations	—	3,516,991	—	3,516,991
	Commercial Mortgage-Backed Securities	—	1,144,193	—	1,144,193
	Corporate Notes and Bonds	—	22,616,734	—	22,616,734
	Foreign Corporate Bonds	—	1,244,260		1,244,260
	Long Term Municipal Bonds	—	1,240,317	—	1,240,317
	Mortgage Backed Securities	—	9,722,164	—	9,722,164
	US Government and Agency Obligations	—	19,671,059	—	19,671,059
	Short-Term Investments	8,754,049	—	—	8,754,049
		161,109,599	61,278,787	—	222,388,386
Large Cap Value Fund
	Common Stocks	233,325,458	—	—	233,325,458
	Short-Term Investments	2,743,738	—	—	2,743,738
		236,069,196	—	—	236,069,196


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Ultra Series Fund \| March 31, 2022

Notes to Portfolio of Investments (unaudited)


Large Cap Growth Fund
	Common Stocks			195,760,050		—		—		195,760,050
	Short-Term Investments			19,205,805		—		—		19,205,805
				214,965,855		—		—		214,965,855
Mid Cap Fund
	Common Stocks			152,258,240		—		—		152,258,240
	Short-Term Investments			10,854,149		—		—		10,854,149
				163,112,389		—		—		163,112,389
International Stock Fund
	Common Stocks
		Australia	—		754,135		—		754,135
		Brazil	1,007,152		—		—		1,007,152
		Canada	1,415,271		—		—		1,415,271
		China	382,650		1,019,460		—		1,402,110
		Denmark	—		349,944		—		349,944
		France	—		2,005,000		—		2,005,000
		Germany	283,170		1,637,395		—		1,920,565
		Hong Kong	—		340,466		—		340,466
		India	1,589,718		—		—		1,589,718
		Ireland	238,622		368,162		—		606,784
		Israel	359,269		—		—		359,269
		Italy	310,124		—		—		310,124
		Japan	—		3,252,087		—		3,252,087
		Mexico	327,912		598,866		—		926,778
		Netherlands	917,834		—		—		917,834
		Norway	—		294,129		—		294,129
		Singapore	—		415,387		—		415,387
		South Korea	—		262,011		—		262,011
		Spain	—		296,252		—		296,252
		Sweden	—		391,683		—		391,683
		Switzerland	—		1,575,432		—		1,575,432
		Taiwan	361,261		—				361,261
		United Kingdom	—		2,970,120				2,970,120
	Short-Term Investments		1,282,938		—		—		1,282,938
			8,475,921		16,530,529		—		25,006,450

Madison Target Retirement 2020 Fund			22,644,436		—		—		22,644,436
Madison Target Retirement 2030 Fund			64,438,100		—		—		64,438,100
Madison Target Retirement 2040 Fund			38,162,926		—		—		38,162,926
Madison Target Retirement 2050 Fund			32,022,134		—		—		32,022,134

1See respective portfolio of investments for underlying holdings in each fund. For additional information on the Underlying Funds held in the Target Allocation and Target Date Funds, including shareholder prospectuses and financial reports, please visit each Underlying fund’s website or visit the Securities and Exchange Commission’s website at http://www.sec.gov.


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Ultra Series Fund \| March 31, 2022

Notes to Portfolio of Investments (unaudited)

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

As of March 31, 2022, the aggregate fair value of securities on loan for the Trust was $ 40,110,774. Cash collateral received for such loans is reinvested into the State Street Navigator Securities Lending Government Money Market Portfolio. Non-cash collateral is comprised of U.S. treasuries or government securities. See below for fair value on loan and collateral breakout for each fund and each respective fund’s portfolio of investments for individual securities identified on loan.


	Fair Value on Loan	Cash Collateral*	Non-Cash Collateral*
Conservative Allocation	$ 8,424,974	$ 8,604,068	$ —
Moderate Allocation	9,929,769	9,894,263	277,502
Aggressive Allocation	9,469,715	7,716,428	2,045,425
Core Bond	2,674,747	2,725,190	—
High Income	1,662,746	1,697,199	—
Diversified Income	1,064,538	1,085,268	—
Large Cap Growth	6,390,732	6,553,718	92,992
International Stock	493,553	526,607	—
* Collateral represents minimum 102% of the value of domestic securities and 105% of non-domestic securities on loan, based upon the prior days market value for securities loaned.

5. Federal Income Tax Information: At March 31, 2022, the aggregate gross unrealized appreciation (depreciation) and net unrealized appreciation (depreciation) for all securities, as computed on a federal income tax basis for each fund were as follows:


Fund	Appreciation	Depreciation	Net
Conservative Allocation	$ 8,083,053	$ (4,906,953)	$ 3,176,100
Moderate Allocation	16,019,204	(2,535,289)	13,483,915
Aggressive Allocation	6,483,402	(810,170)	5,673,232
Core Bond	1,868,708	(4,157,393)	(2,288,685)
High Income	97,759	(703,993)	(606,234)
Diversified Income	57,962,308	(2,744,450)	55,217,858
Large Cap Value	62,154,019	(857,685)	61,296,334
Large Cap Growth	82,387,046	(2,256,489)	80,130,557
Mid Cap	81,285,254	(5,850,911)	75,434,343
International Stock	2,100,452	(3,944,794)	(1,844,342)
Madison Target Retirement 2020	305,339	(597,769)	(292,430)
Madison Target Retirement 2030	3,141,758	(1,387,901)	1,753,857
Madison Target Retirement 2040	2,790,166	(580,793)	2,209,373
Madison Target Retirement 2050	2,619,739	(332,181)	2,287,558

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

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

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

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


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Ultra Series Fund \| March 31, 2022

Notes to Portfolio of Investments (unaudited)

The Target Allocation Funds and Target Date Funds are fund of funds, meaning that each invests primarily in Underlying Funds, including ETFs. Thus, each fund's investment performance and its ability to achieve its investment goal are directly related to the performance of the Underlying Funds in which it invests; and the Underlying Fund's performance, in turn, depends on the particular securities in which that Underlying Fund invests and the expenses of that fund. Accordingly, these funds are subject to the risks of the Underlying Funds in direct proportion to the allocation of their respective assets among the Underlying Funds.

Additionally, the Target Allocation Funds and Target Date Funds are subject to asset allocation risk and manager risk. Manager risk (i.e., fund selection risk) is the risk that the Underlying Fund(s) selected to fulfill a particular asset class underperforms their peers. Asset allocation risk is the risk that the allocation of the Fund's assets among the various asset classes and market segments will cause the Fund to underperform other funds with a similar investment objective.

The funds may be subject to interest rate risk which is the risk that the value of your investment will fluctuate with changes in interest rates. Typically, a rise in interest rates causes a decline in the fair value of income-bearing securities. When interest rates rise, bond prices fall; generally the longer a bond’s maturity, the more sensitive it is to risk. Federal Reserve policy changes may expose fixed-income and related markets to heightened volatility and may reduce liquidity for certain fund investments, which could cause the value of a fund’s investments and share price to decline. The Core Bond Fund may invest in derivatives tied to fixed-income markets and may be more substantially exposed to these risks than a fund that does not invest in derivatives.

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

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


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