Ultra Series Fund | September 30, 2023 | ||
Conservative Allocation Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 1,2) | ||||||||||||||||||||||
INVESTMENT COMPANIES - 98.8% | |||||||||||||||||||||||
Bond Funds - 69.8% | |||||||||||||||||||||||
iShares 20+ Year Treasury Bond ETF | 38,785 | $3,439,842 | |||||||||||||||||||||
iShares 7-10 Year Treasury Bond ETF | 105,290 | 9,643,511 | |||||||||||||||||||||
iShares Aaa - A Rated Corporate Bond ETF | 84,460 | 3,807,457 | |||||||||||||||||||||
iShares Treasury Floating Rate Bond ETF | 275,630 | 13,985,466 | |||||||||||||||||||||
Janus Henderson Mortgage-Backed Securities ETF | 196,077 | 8,509,742 | |||||||||||||||||||||
Madison Core Bond Fund, Class R6 (A) (B) | 3,766,816 | 32,017,940 | |||||||||||||||||||||
Schwab Intermediate-Term U.S. Treasury ETF (C) | 78,823 | 3,778,774 | |||||||||||||||||||||
75,182,732 | |||||||||||||||||||||||
Foreign Stock Funds - 4.8% | |||||||||||||||||||||||
Franklin FTSE Japan ETF | 59,582 | 1,575,944 | |||||||||||||||||||||
iShares MSCI China ETF | 23,027 | 996,839 | |||||||||||||||||||||
iShares MSCI International Quality Factor ETF (C) | 31,610 | 1,062,412 | |||||||||||||||||||||
Vanguard FTSE All-World ex-U.S. ETF | 30,865 | 1,600,967 | |||||||||||||||||||||
5,236,162 | |||||||||||||||||||||||
Stock Funds - 24.2% | |||||||||||||||||||||||
Distillate U.S. Fundamental Stability & Value ETF | 114,140 | 5,095,210 | |||||||||||||||||||||
Energy Select Sector SPDR Fund ETF | 15,872 | 1,434,670 | |||||||||||||||||||||
Invesco S&P 500 Quality ETF | 75,778 | 3,791,931 | |||||||||||||||||||||
iShares Core S&P Small-Cap ETF | 11,321 | 1,067,910 | |||||||||||||||||||||
Madison Dividend Income Fund, Class R6 (B) | 89,504 | 2,350,382 | |||||||||||||||||||||
Madison Investors Fund, Class R6 (B) | 324,573 | 8,477,841 | |||||||||||||||||||||
Vanguard Information Technology ETF (C) | 9,179 | 3,808,367 | |||||||||||||||||||||
26,026,311 | |||||||||||||||||||||||
Total Investment Companies ( Cost $111,387,365 ) | 106,445,205 | ||||||||||||||||||||||
SHORT-TERM INVESTMENTS - 4.1% | |||||||||||||||||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (D), 5.29% | 700,499 | 700,499 | |||||||||||||||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (D) (E), 5.36% | 3,644,667 | 3,644,667 | |||||||||||||||||||||
Total Short-Term Investments ( Cost $4,345,166 ) | 4,345,166 | ||||||||||||||||||||||
TOTAL INVESTMENTS - 102.9% ( Cost $115,732,531 ) | 110,790,371 | ||||||||||||||||||||||
NET OTHER ASSETS AND LIABILITIES - (2.9%) | (3,070,799) | ||||||||||||||||||||||
TOTAL NET ASSETS - 100.0% | $107,719,572 | ||||||||||||||||||||||
(A) | Greater than 25% of the portfolio. For more information refer the website https://madisonfunds.com/individual/corebondfund. | ||||||||||||||||||||||
(B) | Affiliated Company. | ||||||||||||||||||||||
(C) | All or a portion of these securities, with an aggregate fair value of $3,583,801, are on loan as part of a securities lending program. | ||||||||||||||||||||||
(D) | 7-day yield. | ||||||||||||||||||||||
(E) | Represents investments of cash collateral received in connection with securities lending. | ||||||||||||||||||||||
ETF | Exchange Traded Fund. | ||||||||||||||||||||||
FTSE | The Financial Times Stock Exchange. | ||||||||||||||||||||||
MSCI | Morgan Stanley Capital International. | ||||||||||||||||||||||
SPDR | Standard & Poor’s Depositary Receipt. |
See accompanying Notes to Portfolios of Investments. |
1
Ultra Series Fund | September 30, 2023 | ||
Moderate Allocation Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 1,2) | ||||||||||||||||||||||
INVESTMENT COMPANIES - 98.7% | |||||||||||||||||||||||
Bond Funds - 48.4% | |||||||||||||||||||||||
iShares 20+ Year Treasury Bond ETF | 20,143 | $1,786,483 | |||||||||||||||||||||
iShares 7-10 Year Treasury Bond ETF | 60,401 | 5,532,127 | |||||||||||||||||||||
iShares Aaa - A Rated Corporate Bond ETF | 49,386 | 2,226,321 | |||||||||||||||||||||
iShares Treasury Floating Rate Bond ETF | 259,717 | 13,178,040 | |||||||||||||||||||||
Janus Henderson Mortgage-Backed Securities ETF | 102,034 | 4,428,276 | |||||||||||||||||||||
Madison Core Bond Fund, Class R6 (A) | 2,601,849 | 22,115,718 | |||||||||||||||||||||
Schwab Intermediate-Term U.S. Treasury ETF | 82,604 | 3,960,036 | |||||||||||||||||||||
53,227,001 | |||||||||||||||||||||||
Foreign Stock Funds - 9.8% | |||||||||||||||||||||||
Franklin FTSE Japan ETF | 122,070 | 3,228,751 | |||||||||||||||||||||
iShares MSCI China ETF | 47,595 | 2,060,388 | |||||||||||||||||||||
iShares MSCI International Quality Factor ETF | 64,762 | 2,176,651 | |||||||||||||||||||||
Vanguard FTSE All-World ex-U.S. ETF | 63,423 | 3,289,751 | |||||||||||||||||||||
10,755,541 | |||||||||||||||||||||||
Stock Funds - 40.5% | |||||||||||||||||||||||
Distillate U.S. Fundamental Stability & Value ETF | 147,004 | 6,562,259 | |||||||||||||||||||||
Energy Select Sector SPDR Fund ETF | 29,670 | 2,681,871 | |||||||||||||||||||||
Invesco S&P 500 Quality ETF (B) | 132,659 | 6,638,256 | |||||||||||||||||||||
iShares Core S&P Small-Cap ETF | 23,137 | 2,182,513 | |||||||||||||||||||||
Madison Dividend Income Fund, Class R6 (A) | 132,642 | 3,483,185 | |||||||||||||||||||||
Madison Investors Fund, Class R6 (A) | 564,721 | 14,750,515 | |||||||||||||||||||||
Madison Mid Cap Fund, Class R6 (A) | 109,152 | 1,563,051 | |||||||||||||||||||||
Vanguard Information Technology ETF | 16,273 | 6,751,668 | |||||||||||||||||||||
44,613,318 | |||||||||||||||||||||||
Total Investment Companies ( Cost $105,898,488 ) | 108,595,860 | ||||||||||||||||||||||
SHORT-TERM INVESTMENTS - 0.9% | |||||||||||||||||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (C), 5.29% | 759,029 | 759,029 | |||||||||||||||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (C) (D), 5.36% | 309,000 | 309,000 | |||||||||||||||||||||
Total Short-Term Investments ( Cost $1,068,029 ) | 1,068,029 | ||||||||||||||||||||||
TOTAL INVESTMENTS - 99.6% ( Cost $106,966,517 ) | 109,663,889 | ||||||||||||||||||||||
NET OTHER ASSETS AND LIABILITIES - 0.4% | 389,320 | ||||||||||||||||||||||
TOTAL NET ASSETS - 100.0% | $110,053,209 | ||||||||||||||||||||||
(A) | Affiliated Company. | ||||||||||||||||||||||
(B) | All or a portion of these securities, with an aggregate fair value of $300,240, are on loan as part of a 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. | ||||||||||||||||||||||
MSCI | Morgan Stanley Capital International. | ||||||||||||||||||||||
SPDR | Standard & Poor’s Depositary Receipt. |
See accompanying Notes to Portfolios of Investments. |
2
Ultra Series Fund | September 30, 2023 | ||
Aggressive Allocation Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 1,2) | ||||||||||||||||||||||
INVESTMENT COMPANIES - 99.0% | |||||||||||||||||||||||
Bond Funds - 31.2% | |||||||||||||||||||||||
iShares 20+ Year Treasury Bond ETF | 4,053 | $359,460 | |||||||||||||||||||||
iShares 7-10 Year Treasury Bond ETF | 11,470 | 1,050,537 | |||||||||||||||||||||
iShares Aaa - A Rated Corporate Bond ETF | 10,886 | 490,741 | |||||||||||||||||||||
iShares Treasury Floating Rate Bond ETF | 97,634 | 4,953,949 | |||||||||||||||||||||
Janus Henderson Mortgage-Backed Securities ETF | 17,965 | 779,681 | |||||||||||||||||||||
Madison Core Bond Fund, Class R6 (A) | 384,614 | 3,269,222 | |||||||||||||||||||||
Schwab Intermediate-Term U.S. Treasury ETF (B) | 16,621 | 796,811 | |||||||||||||||||||||
11,700,401 | |||||||||||||||||||||||
Foreign Stock Funds - 14.1% | |||||||||||||||||||||||
Franklin FTSE Japan ETF | 55,642 | 1,471,731 | |||||||||||||||||||||
iShares MSCI China ETF | 25,469 | 1,102,553 | |||||||||||||||||||||
iShares MSCI International Quality Factor ETF (B) | 33,210 | 1,116,188 | |||||||||||||||||||||
Vanguard FTSE All-World ex-U.S. ETF | 30,737 | 1,594,328 | |||||||||||||||||||||
5,284,800 | |||||||||||||||||||||||
Stock Funds - 53.7% | |||||||||||||||||||||||
Distillate U.S. Fundamental Stability & Value ETF | 76,767 | 3,426,879 | |||||||||||||||||||||
Energy Select Sector SPDR Fund ETF | 14,026 | 1,267,810 | |||||||||||||||||||||
Invesco S&P 500 Quality ETF (B) | 58,338 | 2,919,234 | |||||||||||||||||||||
iShares Core S&P Small-Cap ETF | 13,655 | 1,288,076 | |||||||||||||||||||||
Madison Dividend Income Fund, Class R6 (A) | 46,258 | 1,214,734 | |||||||||||||||||||||
Madison Investors Fund, Class R6 (A) | 237,733 | 6,209,590 | |||||||||||||||||||||
Madison Mid Cap Fund, Class R6 (A) | 45,626 | 653,364 | |||||||||||||||||||||
Vanguard Information Technology ETF (B) | 7,665 | 3,180,209 | |||||||||||||||||||||
20,159,896 | |||||||||||||||||||||||
Total Investment Companies ( Cost $35,093,736 ) | 37,145,097 | ||||||||||||||||||||||
SHORT-TERM INVESTMENTS - 9.6% | |||||||||||||||||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (C), 5.29% | 343,759 | 343,759 | |||||||||||||||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (C) (D), 5.36% | 3,274,297 | 3,274,297 | |||||||||||||||||||||
Total Short-Term Investments ( Cost $3,618,056 ) | 3,618,056 | ||||||||||||||||||||||
TOTAL INVESTMENTS - 108.6% ( Cost $38,711,792 ) | 40,763,153 | ||||||||||||||||||||||
NET OTHER ASSETS AND LIABILITIES - (8.6%) | (3,239,718) | ||||||||||||||||||||||
TOTAL NET ASSETS - 100.0% | $37,523,435 | ||||||||||||||||||||||
(A) | Affiliated Company. | ||||||||||||||||||||||
(B) | All or a portion of these securities, with an aggregate fair value of $3,186,072, are on loan as part of a 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. | ||||||||||||||||||||||
MSCI | Morgan Stanley Capital International. | ||||||||||||||||||||||
SPDR | Standard & Poor’s Depositary Receipt. |
See accompanying Notes to Portfolios of Investments. |
3
Ultra Series Fund | September 30, 2023 | ||
Core Bond Fund Portfolio of Investments (unaudited) |
Par Value | Value (Note 1,2) | |||||||||||||||||||||||||
ASSET BACKED SECURITIES - 3.0% | ||||||||||||||||||||||||||
CCG Receivables Trust, Series 2020-1, Class A2 (A), 0.54%, 12/14/27 | $18,532 | $18,401 | ||||||||||||||||||||||||
Chesapeake Funding II LLC, Series 2023-1A, Class A1 (A), 5.65%, 5/15/35 | 312,895 | 310,802 | ||||||||||||||||||||||||
CNH Equipment Trust, Series 2023-A, Class A3, 4.81%, 8/15/28 | 250,000 | 246,583 | ||||||||||||||||||||||||
Dell Equipment Finance Trust, Series 2023-2, Class A2 (A), 5.84%, 1/22/29 | 100,000 | 99,886 | ||||||||||||||||||||||||
Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2 (A), 0.56%, 12/11/34 | 115,125 | 112,703 | ||||||||||||||||||||||||
Enterprise Fleet Financing LLC, Series 2022-4, Class A2 (A), 5.76%, 10/22/29 | 244,554 | 243,812 | ||||||||||||||||||||||||
John Deere Owner Trust, Series 2023-B, Class A3, 5.18%, 3/15/28 | 250,000 | 247,832 | ||||||||||||||||||||||||
JPMorgan Chase Bank NA, Series 2020-2, Class B (A), 0.84%, 2/25/28 | 14,538 | 14,398 | ||||||||||||||||||||||||
JPMorgan Chase Bank NA, Series 2021-1, Class B (A), 0.875%, 9/25/28 | 41,765 | 40,748 | ||||||||||||||||||||||||
JPMorgan Chase Bank NA, Series 2021-2, Class B (A), 0.889%, 12/26/28 | 52,874 | 51,346 | ||||||||||||||||||||||||
JPMorgan Chase Bank NA, Series 2021-3, Class C (A), 0.86%, 2/26/29 | 135,242 | 129,281 | ||||||||||||||||||||||||
LAD Auto Receivables Trust, Series 2021-1A, Class A (A), 1.3%, 8/17/26 | 92,913 | 91,272 | ||||||||||||||||||||||||
LAD Auto Receivables Trust, Series 2022-1A, Class A (A), 5.21%, 6/15/27 | 140,455 | 139,389 | ||||||||||||||||||||||||
LAD Auto Receivables Trust, Series 2023-2A, Class A2 (A), 5.93%, 6/15/27 | 182,738 | 182,260 | ||||||||||||||||||||||||
Santander Revolving Auto Loan Trust, Series 2019-A, Class C (A), 3%, 1/26/32 | 300,000 | 285,453 | ||||||||||||||||||||||||
Total Asset Backed Securities ( Cost $2,264,869 ) | 2,214,166 | |||||||||||||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 3.9% | ||||||||||||||||||||||||||
Bunker Hill Loan Depositary Trust, Series 2019-2, Class A1 (A) (B), 2.879%, 7/25/49 | 86,703 | 79,980 | ||||||||||||||||||||||||
CIM Trust, Series 2021-J2, Class A4 (A) (C) (D), 2.5%, 4/25/51 | 288,971 | 245,574 | ||||||||||||||||||||||||
Federal Home Loan Mortgage Corp. REMICS, Series 4066, Class DI, IO, 3%, 6/15/27 | 410,678 | 14,228 | ||||||||||||||||||||||||
Federal Home Loan Mortgage Corp. STACR REMIC Trust, Series 2021-DNA3, Class M1, (SOFR30A + 0.750%) (A) (D), 6.065%, 10/25/33 | 109,664 | 109,155 | ||||||||||||||||||||||||
Federal National Mortgage Association REMICS, Series 2015-12, Class NI, IO, 3.5%, 3/25/30 | 505,519 | 35,293 | ||||||||||||||||||||||||
Federal National Mortgage Association REMICS, Series 2011-31, Class DB, 3.5%, 4/25/31 | 113,803 | 107,611 | ||||||||||||||||||||||||
Federal National Mortgage Association REMICS, Series 2011-36, Class QB, 4%, 5/25/31 | 176,273 | 168,797 | ||||||||||||||||||||||||
Federal National Mortgage Association REMICS, Series 2005-79, Class LT, 5.5%, 9/25/35 | 163,390 | 161,501 | ||||||||||||||||||||||||
Federal National Mortgage Association REMICS, Series 2020-44, Class TI, IO, 5.5%, 12/25/35 | 1,377,636 | 210,292 | ||||||||||||||||||||||||
Federal National Mortgage Association REMICS, Series 2016-21, Class BA, 3%, 3/25/42 | 19,578 | 19,358 | ||||||||||||||||||||||||
GCAT Trust, Series 2021-NQM1, Class A1 (A) (C) (D), 0.874%, 1/25/66 | 159,241 | 131,934 | ||||||||||||||||||||||||
Government National Mortgage Association REMICS, Series 2015-53, Class IL, IO, 3%, 9/20/44 | 47,540 | 371 | ||||||||||||||||||||||||
JP Morgan Mortgage Trust, Series 2019-5, Class A3 (A) (C) (D), 4%, 11/25/49 | 15,114 | 13,630 | ||||||||||||||||||||||||
JP Morgan Mortgage Trust, Series 2019-7, Class A3 (A) (C) (D), 3.473%, 2/25/50 | 59,487 | 50,986 | ||||||||||||||||||||||||
JP Morgan Mortgage Trust, Series 2021-1, Class A3 (A) (C) (D), 2.5%, 6/25/51 | 312,101 | 235,734 | ||||||||||||||||||||||||
JP Morgan Mortgage Trust, Series 2021-6, Class A4 (A) (C) (D), 2.5%, 10/25/51 | 470,450 | 398,763 | ||||||||||||||||||||||||
JP Morgan Wealth Management, Series 2020-ATR1, Class A3 (A) (C) (D), 3%, 2/25/50 | 137,469 | 109,865 | ||||||||||||||||||||||||
PSMC Trust, Series 2019-2, Class A1 (A) (C) (D), 3.5%, 10/25/49 | 2,583 | 2,533 | ||||||||||||||||||||||||
PSMC Trust, Series 2020-2, Class A2 (A) (C) (D), 3%, 5/25/50 | 64,023 | 54,492 | ||||||||||||||||||||||||
PSMC Trust, Series 2021-1, Class A11 (A) (C) (D), 2.5%, 3/25/51 | 170,647 | 144,261 | ||||||||||||||||||||||||
RCKT Mortgage Trust, Series 2021-6, Class A5 (A) (C) (D), 2.5%, 12/25/51 | 273,320 | 229,791 | ||||||||||||||||||||||||
Sequoia Mortgage Trust, Series 2013-7, Class A2 (C) (D), 3%, 6/25/43 | 226,068 | 190,686 | ||||||||||||||||||||||||
Towd Point HE Trust, Series 2021-HE1, Class A1 (A) (C) (D), 0.918%, 2/25/63 | 121,685 | 113,678 | ||||||||||||||||||||||||
Wells Fargo Mortgage-Backed Securities Trust, Series 2019-2, Class A1 (A) (C) (D), 4%, 4/25/49 | 7,860 | 7,227 | ||||||||||||||||||||||||
Total Collateralized Mortgage Obligations ( Cost $3,532,357 ) | 2,835,740 | |||||||||||||||||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.2% | ||||||||||||||||||||||||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series KJ17, Class A2, 2.982%, 11/25/25 | 154,454 | 148,905 | ||||||||||||||||||||||||
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K059, Class X1, IO (C) (D), 0.421%, 9/25/26 | 11,265,505 | 80,449 |
See accompanying Notes to Portfolios of Investments. |
4
Ultra Series Fund | September 30, 2023 | ||
Core Bond Fund Portfolio of Investments (unaudited) |
Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates, Series K066, Class A2, 3.117%, 6/25/27 | 650,000 | 605,024 | ||||||||||||||||||||||||
Federal National Mortgage Association-Aces, Series 2017-M15, Class ATS2 (C) (D), 3.205%, 11/25/27 | 213,041 | 196,837 | ||||||||||||||||||||||||
FREMF Mortgage Trust, Series 2015-K44, Class B (A) (C) (D), 3.846%, 1/25/48 | 450,000 | 434,276 | ||||||||||||||||||||||||
FREMF Mortgage Trust, Series 2020-K106, Class B (A) (C) (D), 3.708%, 3/25/53 | 150,000 | 129,146 | ||||||||||||||||||||||||
GSAMP Trust, Series 2006-S5, Class M5 (D), 7.488% 9/25/36 | 4,940,000 | — | ||||||||||||||||||||||||
Total Commercial Mortgage-Backed Securities ( Cost $1,708,617 ) | 1,594,637 | |||||||||||||||||||||||||
CORPORATE NOTES AND BONDS - 29.7% | ||||||||||||||||||||||||||
Communication Services - 1.7% | ||||||||||||||||||||||||||
AT&T, Inc., 2.25%, 2/1/32 | 50,000 | 37,709 | ||||||||||||||||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. (A), 4.75%, 3/1/30 | 200,000 | 167,894 | ||||||||||||||||||||||||
Charter Communications Operating LLC/Charter Communications Operating Capital, 4.908%, 7/23/25 | 200,000 | 195,510 | ||||||||||||||||||||||||
Discovery Communications LLC, 5%, 9/20/37 | 125,000 | 101,889 | ||||||||||||||||||||||||
Expedia Group, Inc., 3.25%, 2/15/30 | 350,000 | 296,100 | ||||||||||||||||||||||||
SBA Communications Corp., 3.875%, 2/15/27 | 250,000 | 229,083 | ||||||||||||||||||||||||
T-Mobile USA, Inc., 2.625%, 4/15/26 | 225,000 | 207,871 | ||||||||||||||||||||||||
1,236,056 | ||||||||||||||||||||||||||
Consumer Discretionary - 2.2% | ||||||||||||||||||||||||||
7-Eleven, Inc. (A), 1.8%, 2/10/31 | 300,000 | 227,762 | ||||||||||||||||||||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd. (A), 5.5%, 4/20/26 | 183,333 | 179,058 | ||||||||||||||||||||||||
Clarios Global LP/Clarios U.S. Finance Co. (A), 6.25%, 5/15/26 | 150,000 | 147,037 | ||||||||||||||||||||||||
General Motors Financial Co., Inc., 5.85%, 4/6/30 | 250,000 | 239,470 | ||||||||||||||||||||||||
Hilton Domestic Operating Co., Inc. (A), 5.375%, 5/1/25 | 200,000 | 196,509 | ||||||||||||||||||||||||
Lowe's Cos., Inc., 3%, 10/15/50 | 300,000 | 176,853 | ||||||||||||||||||||||||
McDonald's Corp., 4.875%, 12/9/45 | 150,000 | 129,769 | ||||||||||||||||||||||||
Tractor Supply Co., 1.75%, 11/1/30 | 200,000 | 151,951 | ||||||||||||||||||||||||
Tractor Supply Co., 5.25%, 5/15/33 | 150,000 | 141,689 | ||||||||||||||||||||||||
1,590,098 | ||||||||||||||||||||||||||
Consumer Staples - 1.4% | ||||||||||||||||||||||||||
Keurig Dr Pepper, Inc., 3.8%, 5/1/50 | 300,000 | 212,926 | ||||||||||||||||||||||||
Lamb Weston Holdings, Inc. (A), 4.875%, 5/15/28 | 150,000 | 138,352 | ||||||||||||||||||||||||
Mars, Inc. (A), 3.875%, 4/1/39 | 350,000 | 277,751 | ||||||||||||||||||||||||
Mars, Inc. (A), 2.375%, 7/16/40 | 350,000 | 221,179 | ||||||||||||||||||||||||
Performance Food Group, Inc. (A), 5.5%, 10/15/27 | 150,000 | 142,119 | ||||||||||||||||||||||||
992,327 | ||||||||||||||||||||||||||
Energy - 3.1% | ||||||||||||||||||||||||||
Eastern Gas Transmission & Storage, Inc., 3%, 11/15/29 | 150,000 | 127,590 | ||||||||||||||||||||||||
Energy Transfer LP, 5.25%, 4/15/29 | 300,000 | 287,777 | ||||||||||||||||||||||||
EnLink Midstream Partners LP, 5.45%, 6/1/47 | 550,000 | 431,165 | ||||||||||||||||||||||||
Enterprise Products Operating LLC, 5.35%, 1/31/33 | 125,000 | 122,269 | ||||||||||||||||||||||||
Kinder Morgan, Inc., 5.55%, 6/1/45 | 300,000 | 258,481 | ||||||||||||||||||||||||
Marathon Petroleum Corp., 4.7%, 5/1/25 | 275,000 | 269,346 | ||||||||||||||||||||||||
MPLX LP, 4.8%, 2/15/29 | 50,000 | 47,439 | ||||||||||||||||||||||||
MPLX LP, 2.65%, 8/15/30 | 200,000 | 161,545 | ||||||||||||||||||||||||
ONEOK, Inc., 5.85%, 1/15/26 | 100,000 | 100,098 | ||||||||||||||||||||||||
Sunoco LP/Sunoco Finance Corp., 6%, 4/15/27 | 150,000 | 145,372 | ||||||||||||||||||||||||
Valero Energy Corp., 4%, 6/1/52 | 100,000 | 68,731 | ||||||||||||||||||||||||
Valero Energy Partners LP, 4.5%, 3/15/28 | 250,000 | 237,635 | ||||||||||||||||||||||||
2,257,448 |
See accompanying Notes to Portfolios of Investments. |
5
Ultra Series Fund | September 30, 2023 | ||
Core Bond Fund Portfolio of Investments (unaudited) |
Financials - 12.1% | ||||||||||||||||||||||||||
Aflac, Inc., 4.75%, 1/15/49 | 400,000 | 333,392 | ||||||||||||||||||||||||
Air Lease Corp., 1.875%, 8/15/26 | 250,000 | 222,141 | ||||||||||||||||||||||||
Alexandria Real Estate Equities, Inc., 4.75%, 4/15/35 | 400,000 | 351,808 | ||||||||||||||||||||||||
American Express Co. (E), 5.85%, 11/5/27 | 175,000 | 176,274 | ||||||||||||||||||||||||
Bank of America Corp., (5 year CMT + 2.000%) (D), 3.846%, 3/8/37 | 150,000 | 122,042 | ||||||||||||||||||||||||
Belrose Funding Trust (A), 2.33%, 8/15/30 | 200,000 | 149,078 | ||||||||||||||||||||||||
Berkshire Hathaway Finance Corp., 3.85%, 3/15/52 | 225,000 | 167,659 | ||||||||||||||||||||||||
BlackRock, Inc., 2.1%, 2/25/32 | 350,000 | 270,538 | ||||||||||||||||||||||||
Capital One Financial Corp., (SOFRRATE + 2.057%) (D), 4.927%, 5/10/28 | 200,000 | 189,840 | ||||||||||||||||||||||||
Capital One Financial Corp., (SOFRRATE + 2.640%) (D), 6.312%, 6/8/29 | 200,000 | 195,519 | ||||||||||||||||||||||||
Citibank NA (E), 5.803%, 9/29/28 | 250,000 | 250,114 | ||||||||||||||||||||||||
Citigroup, Inc., (SOFRRATE + 2.086%) (D), 4.91%, 5/24/33 | 250,000 | 227,556 | ||||||||||||||||||||||||
Discover Bank, 3.45%, 7/27/26 | 75,000 | 68,218 | ||||||||||||||||||||||||
Empower Finance 2020 LP (A), 3.075%, 9/17/51 | 125,000 | 74,533 | ||||||||||||||||||||||||
Fifth Third Bancorp, 2.55%, 5/5/27 | 175,000 | 153,804 | ||||||||||||||||||||||||
Fifth Third Bancorp, (SOFRRATE + 1.660%) (D) (E), 4.337%, 4/25/33 | 200,000 | 169,198 | ||||||||||||||||||||||||
GLP Capital LP/GLP Financing II, Inc., 3.25%, 1/15/32 | 200,000 | 155,113 | ||||||||||||||||||||||||
Goldman Sachs BDC, Inc. (E), 2.875%, 1/15/26 | 200,000 | 184,563 | ||||||||||||||||||||||||
Huntington Bancshares, Inc., (5 year CMT + 1.170%) (D), 2.487%, 8/15/36 | 500,000 | 352,205 | ||||||||||||||||||||||||
Huntington National Bank, (SOFRRATE + 1.205%) (D), 4.008%, 5/16/25 | 250,000 | 243,701 | ||||||||||||||||||||||||
Intercontinental Exchange, Inc., 4.6%, 3/15/33 | 250,000 | 229,306 | ||||||||||||||||||||||||
Jefferies Financial Group, Inc., 2.625%, 10/15/31 | 250,000 | 190,025 | ||||||||||||||||||||||||
KeyBank NA, 5%, 1/26/33 | 250,000 | 210,734 | ||||||||||||||||||||||||
KeyCorp, 4.1%, 4/30/28 | 300,000 | 265,790 | ||||||||||||||||||||||||
KKR Group Finance Co. VIII LLC (A), 3.5%, 8/25/50 | 250,000 | 155,777 | ||||||||||||||||||||||||
Liberty Mutual Group, Inc. (A), 4.569%, 2/1/29 | 400,000 | 377,393 | ||||||||||||||||||||||||
Liberty Mutual Group, Inc. (A), 3.95%, 5/15/60 | 150,000 | 93,995 | ||||||||||||||||||||||||
Morgan Stanley, (SOFRRATE + 1.020%) (D), 1.928%, 4/28/32 | 250,000 | 185,767 | ||||||||||||||||||||||||
Morgan Stanley, (5 year CMT + 2.430%) (D), 5.948%, 1/19/38 | 200,000 | 186,983 | ||||||||||||||||||||||||
Nasdaq, Inc. (E), 1.65%, 1/15/31 | 200,000 | 151,182 | ||||||||||||||||||||||||
Old Republic International Corp., 3.85%, 6/11/51 | 250,000 | 164,934 | ||||||||||||||||||||||||
Omega Healthcare Investors, Inc., 3.375%, 2/1/31 | 225,000 | 175,942 | ||||||||||||||||||||||||
PNC Bank NA, 2.7%, 10/22/29 | 125,000 | 101,738 | ||||||||||||||||||||||||
Realty Income Corp., 4.85%, 3/15/30 | 200,000 | 188,497 | ||||||||||||||||||||||||
Regions Financial Corp., 1.8%, 8/12/28 | 295,000 | 239,427 | ||||||||||||||||||||||||
State Street Corp., (SOFRRATE + 1.490%) (D), 3.031%, 11/1/34 | 125,000 | 105,903 | ||||||||||||||||||||||||
Synchrony Financial, 7.25%, 2/2/33 | 125,000 | 110,360 | ||||||||||||||||||||||||
Teachers Insurance & Annuity Association of America (A), 3.3%, 5/15/50 | 300,000 | 189,448 | ||||||||||||||||||||||||
Truist Bank, 2.25%, 3/11/30 | 325,000 | 248,747 | ||||||||||||||||||||||||
Truist Financial Corp., (SOFRRATE + 1.852%) (D), 5.122%, 1/26/34 | 200,000 | 178,846 | ||||||||||||||||||||||||
Truist Financial Corp., (SOFRRATE + 2.361%) (D), 5.867%, 6/8/34 | 300,000 | 283,342 | ||||||||||||||||||||||||
U.S. Bancorp, (SOFRRATE + 1.600%) (D), 4.839%, 2/1/34 | 225,000 | 198,329 | ||||||||||||||||||||||||
Wells Fargo & Co., (SOFRRATE + 2.100%) (D), 2.393%, 6/2/28 | 250,000 | 219,421 | ||||||||||||||||||||||||
Western Union Co., 2.85%, 1/10/25 | 125,000 | 119,556 | ||||||||||||||||||||||||
Weyerhaeuser Co., 3.375%, 3/9/33 | 250,000 | 204,667 | ||||||||||||||||||||||||
8,833,405 | ||||||||||||||||||||||||||
Health Care - 2.0% | ||||||||||||||||||||||||||
Amgen, Inc., 5.65%, 3/2/53 | 200,000 | 186,754 | ||||||||||||||||||||||||
Block, Inc., 2.75%, 6/1/26 | 300,000 | 269,838 | ||||||||||||||||||||||||
Centene Corp., 2.45%, 7/15/28 | 300,000 | 253,444 | ||||||||||||||||||||||||
Cigna Group, 4.375%, 10/15/28 | 50,000 | 47,324 | ||||||||||||||||||||||||
Cigna Group, 4.9%, 12/15/48 | 200,000 | 168,869 |
See accompanying Notes to Portfolios of Investments. |
6
Ultra Series Fund | September 30, 2023 | ||
Core Bond Fund Portfolio of Investments (unaudited) |
CVS Health Corp., 5.125%, 7/20/45 | 250,000 | 211,519 | ||||||||||||||||||||||||
Gartner, Inc. (A), 4.5%, 7/1/28 | 150,000 | 136,855 | ||||||||||||||||||||||||
Health Care Service Corp. (A), 2.2%, 6/1/30 | 250,000 | 200,490 | ||||||||||||||||||||||||
1,475,093 | ||||||||||||||||||||||||||
Industrials - 3.5% | ||||||||||||||||||||||||||
Ball Corp., 4.875%, 3/15/26 | 250,000 | 240,926 | ||||||||||||||||||||||||
Boeing Co., 5.805%, 5/1/50 | 350,000 | 319,012 | ||||||||||||||||||||||||
Carrier Global Corp., 3.577%, 4/5/50 | 150,000 | 101,120 | ||||||||||||||||||||||||
Otis Worldwide Corp., 2.565%, 2/15/30 | 300,000 | 248,770 | ||||||||||||||||||||||||
Quanta Services, Inc., 2.9%, 10/1/30 | 250,000 | 203,854 | ||||||||||||||||||||||||
TD SYNNEX Corp., 1.75%, 8/9/26 | 250,000 | 219,727 | ||||||||||||||||||||||||
TD SYNNEX Corp., 2.65%, 8/9/31 | 200,000 | 148,745 | ||||||||||||||||||||||||
Textron, Inc., 2.45%, 3/15/31 | 250,000 | 198,761 | ||||||||||||||||||||||||
TransDigm, Inc. (A), 6.25%, 3/15/26 | 200,000 | 197,097 | ||||||||||||||||||||||||
United Rentals North America, Inc., 5.5%, 5/15/27 | 300,000 | 291,656 | ||||||||||||||||||||||||
Vulcan Materials Co., 3.5%, 6/1/30 | 200,000 | 174,343 | ||||||||||||||||||||||||
WRKCo, Inc., 3.9%, 6/1/28 | 250,000 | 228,879 | ||||||||||||||||||||||||
2,572,890 | ||||||||||||||||||||||||||
Information Technology - 1.8% | ||||||||||||||||||||||||||
Broadcom, Inc. (A), 3.187%, 11/15/36 | 12,000 | 8,619 | ||||||||||||||||||||||||
Dell International LLC/EMC Corp., 8.35%, 7/15/46 | 62,000 | 72,426 | ||||||||||||||||||||||||
Dell International LLC/EMC Corp. (A), 3.45%, 12/15/51 | 275,000 | 171,147 | ||||||||||||||||||||||||
Fiserv, Inc., 3.5%, 7/1/29 | 200,000 | 178,458 | ||||||||||||||||||||||||
HP, Inc., 2.65%, 6/17/31 | 400,000 | 312,768 | ||||||||||||||||||||||||
Iron Mountain, Inc. (A), 4.5%, 2/15/31 | 125,000 | 103,122 | ||||||||||||||||||||||||
Oracle Corp., 3.95%, 3/25/51 | 400,000 | 273,889 | ||||||||||||||||||||||||
VMware, Inc., 2.2%, 8/15/31 | 250,000 | 188,732 | ||||||||||||||||||||||||
1,309,161 | ||||||||||||||||||||||||||
Materials - 0.6% | ||||||||||||||||||||||||||
Celanese U.S. Holdings LLC, 6.165%, 7/15/27 | 150,000 | 147,928 | ||||||||||||||||||||||||
LYB International Finance III LLC, 3.625%, 4/1/51 | 400,000 | 254,492 | ||||||||||||||||||||||||
402,420 | ||||||||||||||||||||||||||
Utilities - 1.3% | ||||||||||||||||||||||||||
AES Corp., 1.375%, 1/15/26 | 225,000 | 200,379 | ||||||||||||||||||||||||
Berkshire Hathaway Energy Co., 1.65%, 5/15/31 | 200,000 | 149,806 | ||||||||||||||||||||||||
Duke Energy Corp., 3.75%, 9/1/46 | 400,000 | 276,190 | ||||||||||||||||||||||||
Interstate Power & Light Co., 3.5%, 9/30/49 | 225,000 | 146,463 | ||||||||||||||||||||||||
PacifiCorp, 5.5%, 5/15/54 | 250,000 | 212,081 | ||||||||||||||||||||||||
984,919 | ||||||||||||||||||||||||||
Total Corporate Notes and Bonds ( Cost $25,868,316 ) | 21,653,817 | |||||||||||||||||||||||||
FOREIGN CORPORATE BONDS - 4.3% | ||||||||||||||||||||||||||
Communication Service - 0.3% | ||||||||||||||||||||||||||
Alibaba Group Holding Ltd. (E), 2.125%, 2/9/31 | 250,000 | 195,102 | ||||||||||||||||||||||||
Energy - 0.1% | ||||||||||||||||||||||||||
Enbridge, Inc. (E), 5.7%, 3/8/33 | 125,000 | 119,783 | ||||||||||||||||||||||||
Financials - 2.7% |
See accompanying Notes to Portfolios of Investments. |
7
Ultra Series Fund | September 30, 2023 | ||
Core Bond Fund Portfolio of Investments (unaudited) |
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 1.75%, 1/30/26 | 300,000 | 270,775 | ||||||||||||||||||||||||
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.625%, 10/15/27 | 200,000 | 187,579 | ||||||||||||||||||||||||
Avolon Holdings Funding Ltd. (A), 2.125%, 2/21/26 | 300,000 | 268,772 | ||||||||||||||||||||||||
Bank of Montreal, 5.203%, 2/1/28 | 200,000 | 195,157 | ||||||||||||||||||||||||
Mitsubishi UFJ Financial Group, Inc., (1 year CMT + 1.530%) (D), 5.475%, 2/22/31 | 250,000 | 242,277 | ||||||||||||||||||||||||
Royal Bank of Canada, 4.9%, 1/12/28 | 200,000 | 194,289 | ||||||||||||||||||||||||
Toronto-Dominion Bank, 5.156%, 1/10/28 | 200,000 | 195,226 | ||||||||||||||||||||||||
Toronto-Dominion Bank, 4.456%, 6/8/32 | 250,000 | 224,263 | ||||||||||||||||||||||||
UBS Group AG, (1 year CMT + 2.050%) (A) (D), 4.703%, 8/5/27 | 200,000 | 191,796 | ||||||||||||||||||||||||
1,970,134 | ||||||||||||||||||||||||||
Health Care - 1.2% | ||||||||||||||||||||||||||
Pfizer Investment Enterprises Pte. Ltd., 5.34%, 5/19/63 | 450,000 | 414,026 | ||||||||||||||||||||||||
Royalty Pharma PLC, 2.2%, 9/2/30 | 50,000 | 38,828 | ||||||||||||||||||||||||
Royalty Pharma PLC, 3.55%, 9/2/50 | 250,000 | 152,704 | ||||||||||||||||||||||||
STERIS Irish FinCo UnLtd Co., 3.75%, 3/15/51 | 350,000 | 243,245 | ||||||||||||||||||||||||
848,803 | ||||||||||||||||||||||||||
Total Foreign Corporate Bonds ( Cost $3,546,837 ) | 3,133,822 | |||||||||||||||||||||||||
LONG TERM MUNICIPAL BONDS - 2.4% | ||||||||||||||||||||||||||
General - 2.4% | ||||||||||||||||||||||||||
Hillsboro School District No 1J, General Obligation, 4.35%, 6/30/34 | 800,000 | 738,887 | ||||||||||||||||||||||||
Metropolitan Transportation Authority Revenue, 6.548%, 11/15/31 | 1,000,000 | 1,012,799 | ||||||||||||||||||||||||
Total Long Term Municipal Bonds ( Cost $1,999,758 ) | 1,751,686 | |||||||||||||||||||||||||
MORTGAGE BACKED SECURITIES - 29.9% | ||||||||||||||||||||||||||
Fannie Mae - 18.0% | ||||||||||||||||||||||||||
3%, 9/1/30 Pool # 890696 | 312,557 | 291,638 | ||||||||||||||||||||||||
3%, 12/1/30 Pool # AL8924 | 127,166 | 118,676 | ||||||||||||||||||||||||
7%, 11/1/31 Pool # 607515 | 11,603 | 11,622 | ||||||||||||||||||||||||
3.5%, 12/1/31 Pool # MA0919 | 36,138 | 33,530 | ||||||||||||||||||||||||
6.5%, 3/1/32 Pool # 889072 | 13,167 | 13,236 | ||||||||||||||||||||||||
7%, 5/1/32 Pool # 644591 | 4,435 | 4,384 | ||||||||||||||||||||||||
6.5%, 6/1/32 Pool # 545691 | 75,611 | 76,998 | ||||||||||||||||||||||||
3.5%, 8/1/32 Pool # MA3098 | 39,652 | 37,277 | ||||||||||||||||||||||||
5.5%, 11/1/33 Pool # 555880 | 116,141 | 114,481 | ||||||||||||||||||||||||
4%, 2/1/35 Pool # MA2177 | 401,562 | 370,917 | ||||||||||||||||||||||||
3.5%, 12/1/35 Pool # MA2473 | 229,392 | 210,653 | ||||||||||||||||||||||||
4%, 6/1/36 Pool # AL8618 | 109,022 | 100,235 | ||||||||||||||||||||||||
2.5%, 9/1/36 Pool # FS4049 | 462,068 | 410,058 | ||||||||||||||||||||||||
5.5%, 10/1/36 Pool # 901723 | 50,741 | 49,179 | ||||||||||||||||||||||||
6.5%, 10/1/36 Pool # 894118 | 149,901 | 150,829 | ||||||||||||||||||||||||
6%, 11/1/36 Pool # 902510 | 209,734 | 213,117 | ||||||||||||||||||||||||
6%, 10/1/37 Pool # 947563 | 170,898 | 173,855 | ||||||||||||||||||||||||
4.5%, 5/1/38 Pool # MA5013 | 231,311 | 222,197 | ||||||||||||||||||||||||
6.5%, 8/1/38 Pool # 987711 | 269,539 | 279,537 | ||||||||||||||||||||||||
3%, 11/1/39 Pool # MA3831 | 49,616 | 43,112 | ||||||||||||||||||||||||
4%, 1/1/41 Pool # AB2080 | 414,699 | 380,158 | ||||||||||||||||||||||||
2.5%, 5/1/41 Pool # MA4334 | 398,875 | 326,321 | ||||||||||||||||||||||||
4.5%, 7/1/41 Pool # AB3274 | 172,716 | 163,247 | ||||||||||||||||||||||||
5.5%, 7/1/41 Pool # AL6588 | 377,543 | 377,368 |
See accompanying Notes to Portfolios of Investments. |
8
Ultra Series Fund | September 30, 2023 | ||
Core Bond Fund Portfolio of Investments (unaudited) |
4%, 9/1/41 Pool # AJ1406 | 189,997 | 174,243 | ||||||||||||||||||||||||
2.5%, 3/1/42 Pool # CB3076 | 454,632 | 371,425 | ||||||||||||||||||||||||
3.5%, 6/1/42 Pool # AO4136 | 432,676 | 384,276 | ||||||||||||||||||||||||
4%, 6/1/42 Pool # MA1087 | 113,794 | 104,310 | ||||||||||||||||||||||||
3.5%, 8/1/42 Pool # AP2133 | 199,369 | 176,437 | ||||||||||||||||||||||||
3.5%, 9/1/42 Pool # AB6228 | 352,812 | 313,292 | ||||||||||||||||||||||||
4%, 10/1/42 Pool # AP7363 | 282,634 | 259,077 | ||||||||||||||||||||||||
3.5%, 3/1/43 Pool # AT0310 | 254,278 | 225,880 | ||||||||||||||||||||||||
4%, 1/1/45 Pool # AS4257 | 60,357 | 55,175 | ||||||||||||||||||||||||
4.5%, 2/1/45 Pool # MA2193 | 141,796 | 133,143 | ||||||||||||||||||||||||
3.5%, 11/1/45 Pool # BA4907 | 135,384 | 118,996 | ||||||||||||||||||||||||
3.5%, 12/1/45 Pool # AS6309 | 100,775 | 88,541 | ||||||||||||||||||||||||
4.5%, 10/1/46 Pool # MA2783 | 22,094 | 20,745 | ||||||||||||||||||||||||
4%, 12/1/46 Pool # BD2379 | 71,060 | 64,588 | ||||||||||||||||||||||||
3%, 1/1/47 Pool # BE0108 | 224,408 | 189,963 | ||||||||||||||||||||||||
2.5%, 12/1/47 Pool # FM3165 | 453,309 | 367,055 | ||||||||||||||||||||||||
4%, 7/1/48 Pool # MA3415 | 106,219 | 96,413 | ||||||||||||||||||||||||
3%, 1/1/49 Pool # FS4296 | 331,661 | 283,915 | ||||||||||||||||||||||||
4%, 11/1/50 Pool # FM5530 | 290,832 | 262,543 | ||||||||||||||||||||||||
2%, 12/1/51 Pool # FM9925 | 712,235 | 550,723 | ||||||||||||||||||||||||
2%, 1/1/52 Pool # CB2601 | 357,400 | 276,586 | ||||||||||||||||||||||||
2.5%, 3/1/52 Pool # BV4133 | 274,149 | 218,014 | ||||||||||||||||||||||||
2.5%, 4/1/52 Pool # FS4138 | 239,897 | 191,750 | ||||||||||||||||||||||||
4%, 5/1/52 Pool # CB3627 | 717,900 | 640,487 | ||||||||||||||||||||||||
4%, 5/1/52 Pool # CB3678 | 235,956 | 210,415 | ||||||||||||||||||||||||
4%, 5/1/52 Pool # FS1704 | 179,634 | 161,390 | ||||||||||||||||||||||||
3.5%, 6/1/52 Pool # CB3845 | 698,397 | 603,608 | ||||||||||||||||||||||||
4.5%, 8/1/52 Pool # CB4383 | 707,718 | 652,080 | ||||||||||||||||||||||||
4.5%, 8/1/52 Pool # FS2605 | 476,552 | 438,121 | ||||||||||||||||||||||||
5%, 10/1/52 Pool # MA4785 | 463,455 | 437,827 | ||||||||||||||||||||||||
5.5%, 10/1/52 Pool # MA4786 | 312,712 | 302,593 | ||||||||||||||||||||||||
5%, 11/1/52 Pool # MA4806 | 235,565 | 222,540 | ||||||||||||||||||||||||
5.5%, 9/1/53 Pool # FS5575 | 349,551 | 339,626 | ||||||||||||||||||||||||
13,108,402 | ||||||||||||||||||||||||||
Freddie Mac - 11.8% | ||||||||||||||||||||||||||
4.5%, 2/1/25 Pool # J11722 | 11,408 | 11,065 | ||||||||||||||||||||||||
4.5%, 5/1/25 Pool # J12247 | 23,069 | 22,355 | ||||||||||||||||||||||||
8%, 6/1/30 Pool # C01005 | 5,105 | 5,273 | ||||||||||||||||||||||||
7%, 3/1/31 Pool # C48129 | 24,687 | 24,477 | ||||||||||||||||||||||||
2.5%, 2/1/32 Pool # ZS8641 | 92,359 | 83,445 | ||||||||||||||||||||||||
5.5%, 11/1/34 Pool # A28282 | 158,355 | 154,108 | ||||||||||||||||||||||||
2.5%, 6/1/35 Pool # RC1421 | 162,638 | 143,904 | ||||||||||||||||||||||||
5.5%, 1/1/37 Pool # G04593 | 79,437 | 79,460 | ||||||||||||||||||||||||
2%, 3/1/41 Pool # RB5105 | 383,148 | 309,621 | ||||||||||||||||||||||||
4%, 10/1/41 Pool # Q04092 | 199,490 | 183,124 | ||||||||||||||||||||||||
3%, 9/1/42 Pool # C04233 | 551,819 | 472,978 | ||||||||||||||||||||||||
3%, 4/1/43 Pool # V80025 | 734,084 | 629,180 | ||||||||||||||||||||||||
3%, 4/1/43 Pool # V80026 | 718,502 | 615,822 | ||||||||||||||||||||||||
3.5%, 8/1/44 Pool # Q27927 | 199,123 | 175,778 | ||||||||||||||||||||||||
3%, 7/1/45 Pool # G08653 | 237,350 | 201,276 | ||||||||||||||||||||||||
3.5%, 8/1/45 Pool # Q35614 | 321,219 | 283,026 | ||||||||||||||||||||||||
3%, 10/1/46 Pool # G60722 | 366,202 | 310,437 | ||||||||||||||||||||||||
4%, 3/1/47 Pool # Q46801 | 95,472 | 86,888 |
See accompanying Notes to Portfolios of Investments. |
9
Ultra Series Fund | September 30, 2023 | ||
Core Bond Fund Portfolio of Investments (unaudited) |
3.5%, 12/1/47 Pool # Q52955 | 134,328 | 117,911 | ||||||||||||||||||||||||
2.5%, 4/1/48 Pool # QA2240 | 356,490 | 288,750 | ||||||||||||||||||||||||
3%, 7/1/49 Pool # QA1033 | 189,128 | 158,089 | ||||||||||||||||||||||||
2.5%, 1/1/52 Pool # SD7552 | 1,083,688 | 867,536 | ||||||||||||||||||||||||
3.5%, 4/1/52 Pool # SD0960 | 685,886 | 598,363 | ||||||||||||||||||||||||
3.5%, 5/1/52 Pool # RA7380 | 233,815 | 202,081 | ||||||||||||||||||||||||
3.5%, 5/1/52 Pool # QE2363 | 184,081 | 158,615 | ||||||||||||||||||||||||
3%, 8/1/52 Pool # SD7556 | 647,116 | 541,071 | ||||||||||||||||||||||||
5%, 11/1/52 Pool # SD8267 | 188,142 | 177,739 | ||||||||||||||||||||||||
5.5%, 11/1/52 Pool # SD1859 | 233,958 | 227,254 | ||||||||||||||||||||||||
4.5%, 12/1/52 Pool # SD1921 | 339,459 | 313,148 | ||||||||||||||||||||||||
5%, 2/1/53 Pool # SD2334 | 291,050 | 275,014 | ||||||||||||||||||||||||
5.5%, 2/1/53 Pool # SD2172 | 288,260 | 279,812 | ||||||||||||||||||||||||
5%, 5/1/53 Pool # SD2875 | 392,718 | 372,589 | ||||||||||||||||||||||||
6%, 9/1/53 Pool # SD8363 | 248,225 | 245,186 | ||||||||||||||||||||||||
8,615,375 | ||||||||||||||||||||||||||
Ginnie Mae - 0.1% | ||||||||||||||||||||||||||
6.5%, 2/20/29 Pool # 2714 | 14,164 | 14,277 | ||||||||||||||||||||||||
6.5%, 4/20/31 Pool # 3068 | 11,301 | 11,598 | ||||||||||||||||||||||||
25,875 | ||||||||||||||||||||||||||
Total Mortgage Backed Securities ( Cost $24,189,184 ) | 21,749,652 | |||||||||||||||||||||||||
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 23.1% | ||||||||||||||||||||||||||
U.S. Treasury Bonds - 10.3% | ||||||||||||||||||||||||||
6.625%, 2/15/27 | 2,000,000 | 2,115,234 | ||||||||||||||||||||||||
4.500%, 5/15/38 | 2,000,000 | 1,954,688 | ||||||||||||||||||||||||
3.750%, 8/15/41 | 1,000,000 | 864,961 | ||||||||||||||||||||||||
3.000%, 5/15/45 | 750,000 | 556,582 | ||||||||||||||||||||||||
2.500%, 5/15/46 | 500,000 | 334,531 | ||||||||||||||||||||||||
3.375%, 11/15/48 | 500,000 | 391,602 | ||||||||||||||||||||||||
1.250%, 5/15/50 | 1,500,000 | 706,289 | ||||||||||||||||||||||||
1.875%, 2/15/51 | 1,000,000 | 559,414 | ||||||||||||||||||||||||
7,483,301 | ||||||||||||||||||||||||||
U.S. Treasury Notes - 12.8% | ||||||||||||||||||||||||||
2.250%, 11/15/25 | 500,000 | 472,461 | ||||||||||||||||||||||||
2.375%, 5/15/27 | 2,000,000 | 1,844,531 | ||||||||||||||||||||||||
4.000%, 2/29/28 | 400,000 | 389,735 | ||||||||||||||||||||||||
2.875%, 5/15/28 | 3,350,000 | 3,105,031 | ||||||||||||||||||||||||
2.625%, 2/15/29 | 2,450,000 | 2,216,676 | ||||||||||||||||||||||||
3.875%, 11/30/29 | 250,000 | 239,658 | ||||||||||||||||||||||||
1.375%, 11/15/31 | 1,400,000 | 1,097,250 | ||||||||||||||||||||||||
9,365,342 | ||||||||||||||||||||||||||
Total U.S. Government and Agency Obligations ( Cost $19,287,957 ) | 16,848,643 | |||||||||||||||||||||||||
Shares | ||||||||||||||||||||||||||
SHORT-TERM INVESTMENTS - 1.3% | ||||||||||||||||||||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (F), 5.29% | 43,232 | 43,232 | ||||||||||||||||||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (F) (G), 5.36% | 870,255 | 870,255 | ||||||||||||||||||||||||
Total Short-Term Investments ( Cost $913,487 ) | 913,487 |
See accompanying Notes to Portfolios of Investments. |
10
Ultra Series Fund | September 30, 2023 | ||
Core Bond Fund Portfolio of Investments (unaudited) |
TOTAL INVESTMENTS - 99.8% ( Cost $83,311,382 ) | 72,695,650 | |||||||||||||||||||||||||
NET OTHER ASSETS AND LIABILITIES - 0.2% | 134,237 | |||||||||||||||||||||||||
TOTAL NET ASSETS - 100.0% | $72,829,887 | |||||||||||||||||||||||||
(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 September 30, 2023. | |||||||||||||||||||||||||
(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 September 30, 2023. | |||||||||||||||||||||||||
(E) | All or a portion of these securities, with an aggregate fair value of $853,157, are on loan as part of a securities lending program. | |||||||||||||||||||||||||
(F) | 7-day yield. | |||||||||||||||||||||||||
(G) | Represents investments of cash collateral received in connection with securities lending. | |||||||||||||||||||||||||
BDC | Business Development Company. | |||||||||||||||||||||||||
CMT | Constant Maturity Treasury. | |||||||||||||||||||||||||
DAC | Designated Activity Company. | |||||||||||||||||||||||||
FREMF | Freddie Mac Multifamily | |||||||||||||||||||||||||
IO | Interest Only. | |||||||||||||||||||||||||
PLC | Public Limited Company. | |||||||||||||||||||||||||
LLC | Limited Liability Company. | |||||||||||||||||||||||||
LP | Limited Partnership. | |||||||||||||||||||||||||
REMIC | Real Estate Mortgage Investment Conduit. | |||||||||||||||||||||||||
SOFR | Secured Overnight Financing Rate. | |||||||||||||||||||||||||
SOFR30A | 30-day SOFR Average. | |||||||||||||||||||||||||
STACR | Structured Agency Credit Risk |
See accompanying Notes to Portfolios of Investments. |
11
Ultra Series Fund | September 30, 2023 | ||
High Income Fund Portfolio of Investments (unaudited) |
Par Value | Value (Note 1,2) | ||||||||||||||||||||||
CORPORATE NOTES AND BONDS - 87.9% | |||||||||||||||||||||||
Communication Services - 19.7% | |||||||||||||||||||||||
Advantage Sales & Marketing, Inc. (A), 6.5%, 11/15/28 | $150,000 | $129,167 | |||||||||||||||||||||
Cars.com, Inc. (A), 6.375%, 11/1/28 | 150,000 | 136,313 | |||||||||||||||||||||
CCO Holdings LLC/CCO Holdings Capital Corp. (A), 4.75%, 3/1/30 | 145,000 | 121,723 | |||||||||||||||||||||
Frontier Communications Holdings LLC (A), 5%, 5/1/28 | 225,000 | 192,147 | |||||||||||||||||||||
Hughes Satellite Systems Corp., 5.25%, 8/1/26 | 225,000 | 202,317 | |||||||||||||||||||||
Lamar Media Corp., 4.875%, 1/15/29 | 200,000 | 181,000 | |||||||||||||||||||||
Level 3 Financing, Inc. (A), 4.25%, 7/1/28 | 180,000 | 112,107 | |||||||||||||||||||||
Millennium Escrow Corp. (A), 6.625%, 8/1/26 | 225,000 | 179,345 | |||||||||||||||||||||
Netflix, Inc. (B), 6.375%, 5/15/29 | 175,000 | 180,607 | |||||||||||||||||||||
Nexstar Media, Inc. (A), 4.75%, 11/1/28 | 125,000 | 103,458 | |||||||||||||||||||||
Outfront Media Capital LLC/Outfront Media Capital Corp. (A), 4.25%, 1/15/29 | 125,000 | 99,190 | |||||||||||||||||||||
SBA Communications Corp., 3.875%, 2/15/27 | 250,000 | 229,083 | |||||||||||||||||||||
Sprint LLC, 7.125%, 6/15/24 | 275,000 | 276,754 | |||||||||||||||||||||
Viasat, Inc. (A), 6.5%, 7/15/28 | 150,000 | 103,875 | |||||||||||||||||||||
2,247,086 | |||||||||||||||||||||||
Consumer Discretionary - 14.4% | |||||||||||||||||||||||
American Airlines, Inc./AAdvantage Loyalty IP Ltd. (A), 5.5%, 4/20/26 | 275,000 | 268,588 | |||||||||||||||||||||
Boyne USA, Inc. (A) (B), 4.75%, 5/15/29 | 100,000 | 87,468 | |||||||||||||||||||||
Genting New York LLC/GENNY Capital, Inc. (A), 3.3%, 2/15/26 | 200,000 | 178,940 | |||||||||||||||||||||
Murphy Oil USA, Inc., 5.625%, 5/1/27 | 400,000 | 385,805 | |||||||||||||||||||||
QVC, Inc., 4.375%, 9/1/28 | 160,000 | 84,125 | |||||||||||||||||||||
RHP Hotel Properties LP/RHP Finance Corp. (A), 4.5%, 2/15/29 | 150,000 | 128,272 | |||||||||||||||||||||
United Airlines, Inc. (A), 4.375%, 4/15/26 | 125,000 | 115,588 | |||||||||||||||||||||
Vail Resorts, Inc. (A), 6.25%, 5/15/25 | 225,000 | 223,787 | |||||||||||||||||||||
Williams Scotsman International, Inc. (A), 6.125%, 6/15/25 | 175,000 | 173,250 | |||||||||||||||||||||
1,645,823 | |||||||||||||||||||||||
Consumer Staples - 6.9% | |||||||||||||||||||||||
B&G Foods, Inc. (B), 5.25%, 9/15/27 | 220,000 | 183,911 | |||||||||||||||||||||
Edgewell Personal Care Co. (A), 5.5%, 6/1/28 | 125,000 | 115,313 | |||||||||||||||||||||
Lamb Weston Holdings, Inc. (A), 4.875%, 5/15/28 | 150,000 | 138,352 | |||||||||||||||||||||
Lamb Weston Holdings, Inc. (A), 4.125%, 1/31/30 | 175,000 | 149,638 | |||||||||||||||||||||
Performance Food Group, Inc. (A), 5.5%, 10/15/27 | 215,000 | 203,703 | |||||||||||||||||||||
790,917 | |||||||||||||||||||||||
Energy - 5.1% | |||||||||||||||||||||||
Berry Petroleum Co. LLC (A), 7%, 2/15/26 | 125,000 | 119,726 | |||||||||||||||||||||
Buckeye Partners LP (A), 4.125%, 3/1/25 | 150,000 | 142,488 | |||||||||||||||||||||
Sunoco LP/Sunoco Finance Corp., 6%, 4/15/27 | 225,000 | 218,058 | |||||||||||||||||||||
Sunoco LP/Sunoco Finance Corp., 4.5%, 4/30/30 | 125,000 | 108,247 | |||||||||||||||||||||
588,519 | |||||||||||||||||||||||
Financials - 13.7% | |||||||||||||||||||||||
Credit Acceptance Corp. (A), 5.125%, 12/31/24 | 125,000 | 121,747 | |||||||||||||||||||||
Enact Holdings, Inc. (A), 6.5%, 8/15/25 | 250,000 | 246,229 | |||||||||||||||||||||
Jefferies Finance LLC/JFIN Co.-Issuer Corp. (A), 5%, 8/15/28 | 200,000 | 168,413 | |||||||||||||||||||||
LPL Holdings, Inc. (A), 4%, 3/15/29 | 225,000 | 196,180 | |||||||||||||||||||||
MGIC Investment Corp., 5.25%, 8/15/28 | 200,000 | 186,246 |
See accompanying Notes to Portfolios of Investments. |
12
Ultra Series Fund | September 30, 2023 | ||
High Income Fund Portfolio of Investments (unaudited) |
MPT Operating Partnership LP/MPT Finance Corp. (B), 3.5%, 3/15/31 | 150,000 | 93,701 | |||||||||||||||||||||
Nationstar Mortgage Holdings, Inc. (A), 5%, 2/1/26 | 130,000 | 121,411 | |||||||||||||||||||||
NFP Corp. (A), 6.875%, 8/15/28 | 125,000 | 107,340 | |||||||||||||||||||||
OneMain Finance Corp., 3.875%, 9/15/28 | 200,000 | 160,528 | |||||||||||||||||||||
Rocket Mortgage LLC/Rocket Mortgage Co.-Issuer, Inc. (A), 3.875%, 3/1/31 | 200,000 | 159,474 | |||||||||||||||||||||
1,561,269 | |||||||||||||||||||||||
Health Care - 3.2% | |||||||||||||||||||||||
AdaptHealth LLC (A), 4.625%, 8/1/29 | 50,000 | 38,376 | |||||||||||||||||||||
HCA, Inc., 5.875%, 2/15/26 | 250,000 | 248,674 | |||||||||||||||||||||
Medline Borrower LP (A), 3.875%, 4/1/29 | 100,000 | 84,548 | |||||||||||||||||||||
371,598 | |||||||||||||||||||||||
Industrials - 18.1% | |||||||||||||||||||||||
Brink's Co. (A), 5.5%, 7/15/25 | 125,000 | 122,523 | |||||||||||||||||||||
Clean Harbors, Inc. (A), 6.375%, 2/1/31 | 125,000 | 121,551 | |||||||||||||||||||||
Energizer Holdings, Inc. (A), 4.75%, 6/15/28 | 200,000 | 172,745 | |||||||||||||||||||||
EnerSys (A), 4.375%, 12/15/27 | 125,000 | 113,594 | |||||||||||||||||||||
Graphic Packaging International LLC (A), 3.5%, 3/15/28 | 125,000 | 110,350 | |||||||||||||||||||||
Madison IAQ LLC (A), 4.125%, 6/30/28 | 200,000 | 172,600 | |||||||||||||||||||||
Roller Bearing Co. of America, Inc. (A), 4.375%, 10/15/29 | 175,000 | 150,528 | |||||||||||||||||||||
Sealed Air Corp. (A) (B), 5%, 4/15/29 | 200,000 | 179,456 | |||||||||||||||||||||
Spirit AeroSystems, Inc. (A) (B), 7.5%, 4/15/25 | 250,000 | 245,263 | |||||||||||||||||||||
TransDigm, Inc. (A), 6.25%, 3/15/26 | 275,000 | 271,009 | |||||||||||||||||||||
United Rentals North America, Inc., 5.5%, 5/15/27 | 205,000 | 199,298 | |||||||||||||||||||||
Waste Pro USA, Inc. (A), 5.5%, 2/15/26 | 225,000 | 210,186 | |||||||||||||||||||||
2,069,103 | |||||||||||||||||||||||
Information Technology - 5.8% | |||||||||||||||||||||||
Gartner, Inc. (A), 4.5%, 7/1/28 | 50,000 | 45,618 | |||||||||||||||||||||
Iron Mountain, Inc. (A), 4.875%, 9/15/27 | 250,000 | 230,590 | |||||||||||||||||||||
Iron Mountain, Inc. (A), 5.25%, 7/15/30 | 150,000 | 131,079 | |||||||||||||||||||||
Pitney Bowes, Inc. (A) (B), 6.875%, 3/15/27 | 210,000 | 165,375 | |||||||||||||||||||||
Playtika Holding Corp. (A), 4.25%, 3/15/29 | 110,000 | 91,850 | |||||||||||||||||||||
664,512 | |||||||||||||||||||||||
Utilities - 1.0% | |||||||||||||||||||||||
Calpine Corp. (A), 3.75%, 3/1/31 | 135,000 | 108,757 | |||||||||||||||||||||
Total Corporate Notes and Bonds ( Cost $11,235,913 ) | 10,047,584 | ||||||||||||||||||||||
FOREIGN CORPORATE BONDS - 6.1% | |||||||||||||||||||||||
Communication Service - 0.8% | |||||||||||||||||||||||
Telesat Canada/Telesat LLC (A), 6.5%, 10/15/27 | 175,000 | 89,250 | |||||||||||||||||||||
Consumer Discretionary - 5.0% | |||||||||||||||||||||||
Carnival Corp. (A), 5.75%, 3/1/27 | 200,000 | 181,010 | |||||||||||||||||||||
Hawaiian Brand Intellectual Property Ltd./HawaiianMiles Loyalty Ltd. (A), 5.75%, 1/20/26 | 175,000 | 157,476 | |||||||||||||||||||||
International Game Technology PLC (A), 4.125%, 4/15/26 | 250,000 | 235,152 | |||||||||||||||||||||
573,638 | |||||||||||||||||||||||
Health Care - 0.3% | |||||||||||||||||||||||
Mallinckrodt International Finance SA/Mallinckrodt CB LLC (A) (C), 10%, 4/15/25 | 425,000 | 27,625 | |||||||||||||||||||||
Total Foreign Corporate Bonds ( Cost $1,239,262 ) | 690,513 |
See accompanying Notes to Portfolios of Investments. |
13
Ultra Series Fund | September 30, 2023 | ||
High Income Fund Portfolio of Investments (unaudited) |
Shares | |||||||||||||||||||||||
EXCHANGE TRADED FUNDS - 3.8% | |||||||||||||||||||||||
Bond Funds - 3.8% | |||||||||||||||||||||||
iShares iBoxx High Yield Corporate Bond ETF (B) | 5,900 | 434,948 | |||||||||||||||||||||
Total Exchange Traded Funds ( Cost $508,730 ) | 434,948 | ||||||||||||||||||||||
SHORT-TERM INVESTMENTS - 14.7% | |||||||||||||||||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (D), 5.29% | 135,947 | 135,947 | |||||||||||||||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (D) (E), 5.36% | 1,545,406 | 1,545,406 | |||||||||||||||||||||
Total Short-Term Investments ( Cost $1,681,353 ) | 1,681,353 | ||||||||||||||||||||||
TOTAL INVESTMENTS - 112.5% ( Cost $14,665,258 ) | 12,854,398 | ||||||||||||||||||||||
NET OTHER ASSETS AND LIABILITIES - (12.5%) | (1,425,441) | ||||||||||||||||||||||
TOTAL NET ASSETS - 100.0% | $11,428,957 | ||||||||||||||||||||||
(A) | Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." | ||||||||||||||||||||||
(B) | All or a portion of these securities, with an aggregate fair value of $1,514,192, are on loan as part of a 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 Liability Company. | ||||||||||||||||||||||
LP | Limited Partnership. | ||||||||||||||||||||||
PLC | Public Limited Company. |
See accompanying Notes to Portfolios of Investments. |
14
Ultra Series Fund | September 30, 2023 | ||
Diversified Income Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 1,2) | ||||||||||||||||||||||
COMMON STOCKS - 3.8% | |||||||||||||||||||||||
Communication Service - 0.2% | |||||||||||||||||||||||
Comcast Corp., Class A | 7,342 | $325,544 | |||||||||||||||||||||
Consumer Discretionary - 0.4% | |||||||||||||||||||||||
Home Depot, Inc. | 495 | 149,569 | |||||||||||||||||||||
Lowe's Cos., Inc. | 995 | 206,801 | |||||||||||||||||||||
McDonald's Corp. | 512 | 134,881 | |||||||||||||||||||||
Starbucks Corp. | 1,504 | 137,270 | |||||||||||||||||||||
628,521 | |||||||||||||||||||||||
Consumer Staples - 0.3% | |||||||||||||||||||||||
Archer-Daniels-Midland Co. | 2,928 | 220,830 | |||||||||||||||||||||
Coca-Cola Co. | 2,557 | 143,141 | |||||||||||||||||||||
PepsiCo, Inc. | 889 | 150,632 | |||||||||||||||||||||
514,603 | |||||||||||||||||||||||
Energy - 0.7% | |||||||||||||||||||||||
Baker Hughes Co. | 8,772 | 309,827 | |||||||||||||||||||||
Chevron Corp. | 1,905 | 321,221 | |||||||||||||||||||||
EOG Resources, Inc. | 2,708 | 343,266 | |||||||||||||||||||||
Kinder Morgan, Inc. | 13,257 | 219,801 | |||||||||||||||||||||
1,194,115 | |||||||||||||||||||||||
Equity Real Estate Investment Trusts (REITs) - 0.1% | |||||||||||||||||||||||
American Tower Corp., REIT | 1,416 | 232,861 | |||||||||||||||||||||
Financials - 0.4% | |||||||||||||||||||||||
Aflac, Inc. | 2,546 | 195,406 | |||||||||||||||||||||
CME Group, Inc. | 1,637 | 327,760 | |||||||||||||||||||||
Northern Trust Corp. | 1,644 | 114,225 | |||||||||||||||||||||
637,391 | |||||||||||||||||||||||
Health Care - 0.4% | |||||||||||||||||||||||
Bristol-Myers Squibb Co. | 3,607 | 209,350 | |||||||||||||||||||||
Johnson & Johnson | 1,983 | 308,852 | |||||||||||||||||||||
Medtronic PLC | 2,013 | 157,739 | |||||||||||||||||||||
675,941 | |||||||||||||||||||||||
Industrials - 0.7% | |||||||||||||||||||||||
Automatic Data Processing, Inc. | 551 | 132,560 | |||||||||||||||||||||
Caterpillar, Inc. | 574 | 156,702 | |||||||||||||||||||||
Emerson Electric Co. | 1,118 | 107,965 | |||||||||||||||||||||
Fastenal Co. | 3,082 | 168,400 | |||||||||||||||||||||
Honeywell International, Inc. | 1,259 | 232,588 | |||||||||||||||||||||
Paychex, Inc. | 881 | 101,606 | |||||||||||||||||||||
Union Pacific Corp. | 955 | 194,467 | |||||||||||||||||||||
United Parcel Service, Inc., Class B | 606 | 94,457 | |||||||||||||||||||||
1,188,745 | |||||||||||||||||||||||
Information Technology - 0.2% | |||||||||||||||||||||||
Analog Devices, Inc. | 657 | 115,034 |
See accompanying Notes to Portfolios of Investments. |
15
Ultra Series Fund | September 30, 2023 | ||
Diversified Income Fund Portfolio of Investments (unaudited) |
Texas Instruments, Inc. | 1,471 | 233,904 | |||||||||||||||||||||
348,938 | |||||||||||||||||||||||
Materials - 0.2% | |||||||||||||||||||||||
Air Products & Chemicals, Inc. | 977 | 276,882 | |||||||||||||||||||||
Utilities - 0.2% | |||||||||||||||||||||||
NextEra Energy, Inc. | 4,801 | 275,049 | |||||||||||||||||||||
Total Common Stocks ( Cost $4,982,204 ) | 6,298,590 | ||||||||||||||||||||||
INVESTMENT COMPANIES - 94.2% | |||||||||||||||||||||||
Bond Funds – 49.0% | |||||||||||||||||||||||
iShares Aaa - A Rated Corporate Bond ETF (A) | 284,016 | 12,803,441 | |||||||||||||||||||||
Janus Henderson Mortgage-Backed Securities ETF (A) | 363,109 | 15,758,931 | |||||||||||||||||||||
Madison Aggregate Bond ETF (B) | 1,250,000 | 24,636,375 | |||||||||||||||||||||
Madison Short-Term Strategic Income ETF (B) | 1,437,500 | 28,594,606 | |||||||||||||||||||||
81,793,353 | |||||||||||||||||||||||
Stock Funds – 45.2% | |||||||||||||||||||||||
Madison Covered Call ETF (B) (C) | 2,145,000 | 42,342,300 | |||||||||||||||||||||
Madison Dividend Value ETF (B) | 1,750,000 | 33,210,975 | |||||||||||||||||||||
75,553,275 | |||||||||||||||||||||||
Total Investment Companies ( Cost $160,951,159 ) | 157,346,628 | ||||||||||||||||||||||
Par Value | |||||||||||||||||||||||
ASSET BACKED SECURITIES - 0.1% | |||||||||||||||||||||||
CCG Receivables Trust, Series 2020-1, Class A2 (D), 0.54%, 12/14/27 | $6,177 | 6,134 | |||||||||||||||||||||
Donlen Fleet Lease Funding 2 LLC, Series 2021-2, Class A2 (D), 0.56%, 12/11/34 | 51,167 | 50,090 | |||||||||||||||||||||
JPMorgan Chase Bank NA, Series 2020-2, Class B (D), 0.84%, 2/25/28 | 14,538 | 14,398 | |||||||||||||||||||||
JPMorgan Chase Bank NA, Series 2021-1, Class B (D), 0.875%, 9/25/28 | 41,765 | 40,748 | |||||||||||||||||||||
LAD Auto Receivables Trust, Series 2021-1A, Class A (D), 1.3%, 8/17/26 | 46,456 | 45,636 | |||||||||||||||||||||
Total Asset Backed Securities ( Cost $160,114 ) | 157,006 | ||||||||||||||||||||||
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.0% | |||||||||||||||||||||||
Federal National Mortgage Association REMICS, Series 2016-21, Class BA | 11,747 | 11,615 | |||||||||||||||||||||
PSMC Trust, Series 2019-2, Class A1 (D) (E) (F) | 1,550 | 1,520 | |||||||||||||||||||||
Total Collateralized Mortgage Obligations ( Cost $13,616 ) | 13,135 | ||||||||||||||||||||||
COMMERCIAL MORTGAGE-BACKED SECURITIES - 0.0% | |||||||||||||||||||||||
GSAMP Trust, Series 2006-S5, Class M5 (C), 7.488% 9/25/36 | 2,190,000 | — | |||||||||||||||||||||
Total Commercial Mortgage-Backed Securities ( Cost $—) | — | ||||||||||||||||||||||
LONG TERM MUNICIPAL BONDS - 0.6% | |||||||||||||||||||||||
Metropolitan Transportation Authority Revenue, 6.548%, 11/15/31 | 1,000,000 | 1,012,799 | |||||||||||||||||||||
Total Long Term Municipal Bonds ( Cost $1,189,368 ) | 1,012,799 | ||||||||||||||||||||||
MORTGAGE BACKED SECURITIES - 0.0% | |||||||||||||||||||||||
Fannie Mae - 0.0% | |||||||||||||||||||||||
7%, 11/1/31 Pool # 607515 | 11,603 | 11,622 |
See accompanying Notes to Portfolios of Investments. |
16
Ultra Series Fund | September 30, 2023 | ||
Diversified Income Fund Portfolio of Investments (unaudited) |
7%, 5/1/32 Pool # 644591 | 2,438 | 2,410 | |||||||||||||||||||||
14,032 | |||||||||||||||||||||||
Freddie Mac - 0.0% | |||||||||||||||||||||||
4.5%, 2/1/25 Pool # J11722 | 6,845 | 6,639 | |||||||||||||||||||||
4.5%, 5/1/25 Pool # J12247 | 6,488 | 6,288 | |||||||||||||||||||||
8%, 6/1/30 Pool # C01005 | 4,084 | 4,218 | |||||||||||||||||||||
17,145 | |||||||||||||||||||||||
Ginnie Mae - 0.0% | |||||||||||||||||||||||
6.5%, 4/20/31 Pool # 3068 | 9,307 | 9,551 | |||||||||||||||||||||
Total Mortgage Backed Securities ( Cost $41,060 ) | 40,728 | ||||||||||||||||||||||
Shares | |||||||||||||||||||||||
SHORT-TERM INVESTMENTS - 6.4% | |||||||||||||||||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (G) (H), 5.36% | 10,765,075 | 10,765,075 | |||||||||||||||||||||
Total Short-Term Investments ( Cost $10,765,075 ) | 10,765,075 | ||||||||||||||||||||||
TOTAL INVESTMENTS - 105.1% ( Cost $178,102,596 ) | 175,633,961 | ||||||||||||||||||||||
NET OTHER ASSETS AND LIABILITIES - (5.1%) | (8,564,793) | ||||||||||||||||||||||
TOTAL NET ASSETS - 100.0% | $167,069,168 | ||||||||||||||||||||||
(A) | All or a portion of these securities, with an aggregate fair value of $10,496,584, are on loan as part of a securities lending program. | ||||||||||||||||||||||
(B) | Affiliated Company. | ||||||||||||||||||||||
(C) | Greater than 25% of the portfolio. For more information refer the website https://madisonfunds.com/etfs/madison-covered-call. | ||||||||||||||||||||||
(D) | 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." | ||||||||||||||||||||||
(E) | 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. | ||||||||||||||||||||||
(F) | Floating rate or variable rate note. Rate shown is as of September 30, 2023. | ||||||||||||||||||||||
(G) | Represents investments of cash collateral received in connection with securities lending. | ||||||||||||||||||||||
(H) | 7-day yield. | ||||||||||||||||||||||
ETF | Exchange Traded Fund. | ||||||||||||||||||||||
LLC | Limited Liability Company. | ||||||||||||||||||||||
PLC | Public Limited Company. | ||||||||||||||||||||||
REIT | Real Estate Investment Trust. | ||||||||||||||||||||||
REMIC | Real Estate Mortgage Investment Conduit. |
See accompanying Notes to Portfolios of Investments. |
17
Ultra Series Fund | September 30, 2023 | ||
Large Cap Value Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 1,2) | ||||||||||||||||||||||
COMMON STOCKS - 98.3% | |||||||||||||||||||||||
Communication Service - 3.6% | |||||||||||||||||||||||
Comcast Corp., Class A | 149,000 | $6,606,660 | |||||||||||||||||||||
Consumer Discretionary - 8.8% | |||||||||||||||||||||||
Home Depot, Inc. | 20,600 | 6,224,496 | |||||||||||||||||||||
Lowe's Cos., Inc. | 19,900 | 4,136,016 | |||||||||||||||||||||
McDonald's Corp. | 10,200 | 2,687,088 | |||||||||||||||||||||
Starbucks Corp. | 30,500 | 2,783,735 | |||||||||||||||||||||
15,831,335 | |||||||||||||||||||||||
Consumer Staples - 7.4% | |||||||||||||||||||||||
Archer-Daniels-Midland Co. | 59,000 | 4,449,780 | |||||||||||||||||||||
Coca-Cola Co. | 51,500 | 2,882,970 | |||||||||||||||||||||
PepsiCo, Inc. | 18,000 | 3,049,920 | |||||||||||||||||||||
Procter & Gamble Co. | 20,400 | 2,975,544 | |||||||||||||||||||||
13,358,214 | |||||||||||||||||||||||
Energy - 14.3% | |||||||||||||||||||||||
Baker Hughes Co. | 176,500 | 6,233,980 | |||||||||||||||||||||
Chevron Corp. | 38,500 | 6,491,870 | |||||||||||||||||||||
ConocoPhillips | 15,600 | 1,868,880 | |||||||||||||||||||||
EOG Resources, Inc. | 54,600 | 6,921,096 | |||||||||||||||||||||
Kinder Morgan, Inc. | 267,000 | 4,426,860 | |||||||||||||||||||||
25,942,686 | |||||||||||||||||||||||
Equity Real Estate Investment Trusts (REITs) - 2.6% | |||||||||||||||||||||||
American Tower Corp., REIT | 28,500 | 4,686,825 | |||||||||||||||||||||
Financials - 18.2% | |||||||||||||||||||||||
Aflac, Inc. | 51,500 | 3,952,625 | |||||||||||||||||||||
BlackRock, Inc. | 8,000 | 5,171,920 | |||||||||||||||||||||
CME Group, Inc. | 33,000 | 6,607,260 | |||||||||||||||||||||
JPMorgan Chase & Co. | 28,400 | 4,118,568 | |||||||||||||||||||||
Morgan Stanley | 79,500 | 6,492,765 | |||||||||||||||||||||
Northern Trust Corp. | 33,500 | 2,327,580 | |||||||||||||||||||||
U.S. Bancorp | 127,500 | 4,215,150 | |||||||||||||||||||||
32,885,868 | |||||||||||||||||||||||
Health Care - 12.5% | |||||||||||||||||||||||
Abbott Laboratories | 18,000 | 1,743,300 | |||||||||||||||||||||
Bristol-Myers Squibb Co. | 73,000 | 4,236,920 | |||||||||||||||||||||
Johnson & Johnson | 40,000 | 6,230,000 | |||||||||||||||||||||
Medtronic PLC | 81,500 | 6,386,340 | |||||||||||||||||||||
Pfizer, Inc. | 119,500 | 3,963,815 | |||||||||||||||||||||
22,560,375 | |||||||||||||||||||||||
Industrials - 15.6% | |||||||||||||||||||||||
Automatic Data Processing, Inc. | 11,100 | 2,670,438 | |||||||||||||||||||||
Caterpillar, Inc. | 21,500 | 5,869,500 | |||||||||||||||||||||
Fastenal Co. | 113,100 | 6,179,784 |
See accompanying Notes to Portfolios of Investments. |
18
Ultra Series Fund | September 30, 2023 | ||
Large Cap Value Fund Portfolio of Investments (unaudited) |
Honeywell International, Inc. | 25,500 | 4,710,870 | |||||||||||||||||||||
Paychex, Inc. | 27,300 | 3,148,509 | |||||||||||||||||||||
Union Pacific Corp. | 19,400 | 3,950,422 | |||||||||||||||||||||
United Parcel Service, Inc., Class B | 11,400 | 1,776,918 | |||||||||||||||||||||
28,306,441 | |||||||||||||||||||||||
Information Technology - 7.6% | |||||||||||||||||||||||
Analog Devices, Inc. | 13,200 | 2,311,188 | |||||||||||||||||||||
Cisco Systems, Inc. | 125,000 | 6,720,000 | |||||||||||||||||||||
Texas Instruments, Inc. | 29,600 | 4,706,696 | |||||||||||||||||||||
13,737,884 | |||||||||||||||||||||||
Materials - 4.6% | |||||||||||||||||||||||
Air Products & Chemicals, Inc. | 19,500 | 5,526,300 | |||||||||||||||||||||
Newmont Corp. | 76,500 | 2,826,675 | |||||||||||||||||||||
8,352,975 | |||||||||||||||||||||||
Utilities - 3.1% | |||||||||||||||||||||||
NextEra Energy, Inc. | 96,500 | 5,528,485 | |||||||||||||||||||||
Total Common Stocks ( Cost $159,765,372 ) | 177,797,748 | ||||||||||||||||||||||
SHORT-TERM INVESTMENTS - 1.8% | |||||||||||||||||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 5.29% | 3,240,010 | 3,240,010 | |||||||||||||||||||||
Total Short-Term Investments ( Cost $3,240,010 ) | 3,240,010 | ||||||||||||||||||||||
TOTAL INVESTMENTS - 100.1% ( Cost $163,005,382 ) | 181,037,758 | ||||||||||||||||||||||
NET OTHER ASSETS AND LIABILITIES - (0.1%) | (236,929) | ||||||||||||||||||||||
TOTAL NET ASSETS - 100.0% | $180,800,829 | ||||||||||||||||||||||
(A) | 7-day yield. | ||||||||||||||||||||||
PLC | Public Limited Company. | ||||||||||||||||||||||
REIT | Real Estate Investment Trust. |
See accompanying Notes to Portfolios of Investments. |
19
Ultra Series Fund | September 30, 2023 | ||
Large Cap Growth Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 1,2) | ||||||||||||||||||||||
COMMON STOCKS - 93.3% | |||||||||||||||||||||||
Communication Services - 10.7% | |||||||||||||||||||||||
Alphabet, Inc., Class C * | 117,831 | $15,536,017 | |||||||||||||||||||||
Liberty Broadband Corp., Class C * | 47,353 | 4,324,276 | |||||||||||||||||||||
19,860,293 | |||||||||||||||||||||||
Consumer Discretionary - 12.7% | |||||||||||||||||||||||
Amazon.com, Inc. * | 58,151 | 7,392,155 | |||||||||||||||||||||
Lowe's Cos., Inc. | 36,532 | 7,592,811 | |||||||||||||||||||||
NIKE, Inc., Class B | 13,997 | 1,338,393 | |||||||||||||||||||||
TJX Cos., Inc. | 80,676 | 7,170,483 | |||||||||||||||||||||
23,493,842 | |||||||||||||||||||||||
Consumer Staples - 3.0% | |||||||||||||||||||||||
Dollar Tree, Inc. * | 51,729 | 5,506,552 | |||||||||||||||||||||
Financials - 30.3% | |||||||||||||||||||||||
Capital Markets - 4.7% | |||||||||||||||||||||||
Brookfield Asset Management Ltd., Class A (A) | 30,770 | 1,025,872 | |||||||||||||||||||||
Brookfield Corp., Class A | 123,084 | 3,848,836 | |||||||||||||||||||||
Charles Schwab Corp. | 68,743 | 3,773,991 | |||||||||||||||||||||
8,648,699 | |||||||||||||||||||||||
Commercial Banks - 2.5% | |||||||||||||||||||||||
U.S. Bancorp | 142,665 | 4,716,505 | |||||||||||||||||||||
Financial Services - 11.4% | |||||||||||||||||||||||
Berkshire Hathaway, Inc., Class B * | 21,342 | 7,476,102 | |||||||||||||||||||||
Fiserv, Inc. * | 67,607 | 7,636,887 | |||||||||||||||||||||
Visa, Inc., Class A | 26,405 | 6,073,414 | |||||||||||||||||||||
21,186,403 | |||||||||||||||||||||||
Insurance - 11.7% | |||||||||||||||||||||||
Arch Capital Group Ltd. * | 144,489 | 11,517,218 | |||||||||||||||||||||
Marsh & McLennan Cos., Inc. | 27,875 | 5,304,613 | |||||||||||||||||||||
Progressive Corp. | 34,904 | 4,862,127 | |||||||||||||||||||||
21,683,958 | |||||||||||||||||||||||
56,235,565 | |||||||||||||||||||||||
Health Care - 14.1% | |||||||||||||||||||||||
Agilent Technologies, Inc. | 31,835 | 3,559,790 | |||||||||||||||||||||
Alcon, Inc. | 95,506 | 7,359,692 | |||||||||||||||||||||
Becton Dickinson & Co. | 30,476 | 7,878,960 | |||||||||||||||||||||
Danaher Corp. | 15,904 | 3,945,783 | |||||||||||||||||||||
Elevance Health, Inc. | 7,750 | 3,374,505 | |||||||||||||||||||||
26,118,730 | |||||||||||||||||||||||
Industrials - 13.3% | |||||||||||||||||||||||
Copart, Inc. * | 143,726 | 6,193,153 | |||||||||||||||||||||
Ferguson PLC | 21,736 | 3,574,920 | |||||||||||||||||||||
PACCAR, Inc. | 97,873 | 8,321,163 |
See accompanying Notes to Portfolios of Investments. |
20
Ultra Series Fund | September 30, 2023 | ||
Large Cap Growth Fund Portfolio of Investments (unaudited) |
Parker-Hannifin Corp. | 16,743 | 6,521,733 | |||||||||||||||||||||
24,610,969 | |||||||||||||||||||||||
Information Technology - 9.2% | |||||||||||||||||||||||
Accenture PLC, Class A | 21,266 | 6,531,001 | |||||||||||||||||||||
Analog Devices, Inc. | 41,004 | 7,179,391 | |||||||||||||||||||||
Texas Instruments, Inc. | 20,997 | 3,338,733 | |||||||||||||||||||||
17,049,125 | |||||||||||||||||||||||
Total Common Stocks ( Cost $107,230,578 ) | 172,875,076 | ||||||||||||||||||||||
SHORT-TERM INVESTMENTS - 6.7% | |||||||||||||||||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (B), 5.29% | 12,365,610 | 12,365,610 | |||||||||||||||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (B) (C), 5.36% | 55,200 | 55,200 | |||||||||||||||||||||
Total Short-Term Investments ( Cost $12,420,810 ) | 12,420,810 | ||||||||||||||||||||||
TOTAL INVESTMENTS - 100.0% ( Cost $119,651,388 ) | 185,295,886 | ||||||||||||||||||||||
NET OTHER ASSETS AND LIABILITIES - 0.0% | (14,255) | ||||||||||||||||||||||
TOTAL NET ASSETS - 100.0% | $185,281,631 | ||||||||||||||||||||||
* | Non-income producing. | ||||||||||||||||||||||
(A) | All or a portion of these securities, with an aggregate fair value of $53,344, are on loan as part of a securities lending program. | ||||||||||||||||||||||
(B) | 7-day yield. | ||||||||||||||||||||||
(C) | Represents investments of cash collateral received in connection with securities lending. | ||||||||||||||||||||||
PLC | Public Limited Company. |
See accompanying Notes to Portfolios of Investments. |
21
Ultra Series Fund | September 30, 2023 | ||
Mid Cap Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 1,2) | ||||||||||||||||||||||
COMMON STOCKS - 96.1% | |||||||||||||||||||||||
Communication Services - 6.3% | |||||||||||||||||||||||
Liberty Broadband Corp., Class C * | 58,600 | $5,351,352 | |||||||||||||||||||||
Liberty Media Corp.-Liberty Formula One, Class C * | 22,166 | 1,380,942 | |||||||||||||||||||||
Take-Two Interactive Software, Inc. * | 14,426 | 2,025,266 | |||||||||||||||||||||
8,757,560 | |||||||||||||||||||||||
Consumer Discretionary - 14.2% | |||||||||||||||||||||||
CarMax, Inc. * | 74,044 | 5,237,132 | |||||||||||||||||||||
Floor & Decor Holdings, Inc., Class A * | 46,370 | 4,196,485 | |||||||||||||||||||||
Ross Stores, Inc. | 68,498 | 7,736,849 | |||||||||||||||||||||
Thor Industries, Inc. | 27,904 | 2,654,508 | |||||||||||||||||||||
19,824,974 | |||||||||||||||||||||||
Consumer Staples - 5.0% | |||||||||||||||||||||||
Brown-Forman Corp., Class B | 18,966 | 1,094,148 | |||||||||||||||||||||
Dollar Tree, Inc. * | 55,787 | 5,938,526 | |||||||||||||||||||||
7,032,674 | |||||||||||||||||||||||
Financials - 28.0% | |||||||||||||||||||||||
Capital Markets - 5.2% | |||||||||||||||||||||||
Brookfield Asset Management Ltd., Class A (A) | 18,606 | 620,324 | |||||||||||||||||||||
Brookfield Corp., Class A (A) | 74,430 | 2,327,426 | |||||||||||||||||||||
Moelis & Co., Class A | 95,289 | 4,300,393 | |||||||||||||||||||||
7,248,143 | |||||||||||||||||||||||
Commercial Banks - 1.6% | |||||||||||||||||||||||
Glacier Bancorp, Inc. | 77,005 | 2,194,642 | |||||||||||||||||||||
Insurance - 21.2% | |||||||||||||||||||||||
Arch Capital Group Ltd. * | 146,087 | 11,644,595 | |||||||||||||||||||||
Brown & Brown, Inc. | 91,547 | 6,393,642 | |||||||||||||||||||||
Markel Group, Inc. * | 2,661 | 3,918,296 | |||||||||||||||||||||
Progressive Corp. | 31,575 | 4,398,398 | |||||||||||||||||||||
W R Berkley Corp. | 52,059 | 3,305,226 | |||||||||||||||||||||
29,660,157 | |||||||||||||||||||||||
39,102,942 | |||||||||||||||||||||||
Health Care - 5.0% | |||||||||||||||||||||||
Laboratory Corp. of America Holdings | 19,992 | 4,019,392 | |||||||||||||||||||||
Waters Corp. * | 10,720 | 2,939,531 | |||||||||||||||||||||
6,958,923 | |||||||||||||||||||||||
Industrials - 16.7% | |||||||||||||||||||||||
Armstrong World Industries, Inc. | 24,736 | 1,780,992 | |||||||||||||||||||||
Carlisle Cos., Inc. | 26,421 | 6,849,908 | |||||||||||||||||||||
Copart, Inc. * | 139,857 | 6,026,438 | |||||||||||||||||||||
Expeditors International of Washington, Inc. | 23,031 | 2,640,044 | |||||||||||||||||||||
PACCAR, Inc. | 70,616 | 6,003,772 | |||||||||||||||||||||
23,301,154 |
See accompanying Notes to Portfolios of Investments. |
22
Ultra Series Fund | September 30, 2023 | ||
Mid Cap Fund Portfolio of Investments (unaudited) |
Information Technology - 20.9% | |||||||||||||||||||||||
Amphenol Corp., Class A | 52,358 | 4,397,548 | |||||||||||||||||||||
Arista Networks, Inc. * | 35,061 | 6,448,770 | |||||||||||||||||||||
CDW Corp. | 25,180 | 5,080,317 | |||||||||||||||||||||
Gartner, Inc. * | 23,678 | 8,135,997 | |||||||||||||||||||||
Microchip Technology, Inc. | 20,512 | 1,600,962 | |||||||||||||||||||||
MKS Instruments, Inc. | 41,046 | 3,552,121 | |||||||||||||||||||||
29,215,715 | |||||||||||||||||||||||
Total Common Stocks ( Cost $64,040,268 ) | 134,193,942 | ||||||||||||||||||||||
SHORT-TERM INVESTMENTS - 4.4% | |||||||||||||||||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (B), 5.29% | 5,779,113 | 5,779,113 | |||||||||||||||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (B) (C), 5.36% | 422,545 | 422,545 | |||||||||||||||||||||
Total Short-Term Investments ( Cost $6,201,658 ) | 6,201,658 | ||||||||||||||||||||||
TOTAL INVESTMENTS - 100.5% ( Cost $70,241,926 ) | 140,395,600 | ||||||||||||||||||||||
NET OTHER ASSETS AND LIABILITIES - (0.5%) | (767,028) | ||||||||||||||||||||||
TOTAL NET ASSETS - 100.0% | $139,628,572 | ||||||||||||||||||||||
* | Non-income producing. | ||||||||||||||||||||||
(A) | All or a portion of these securities, with an aggregate fair value of $762,356, are on loan as part of a securities lending program. | ||||||||||||||||||||||
(B) | 7-day yield. | ||||||||||||||||||||||
(C) | Represents investments of cash collateral received in connection with securities lending. |
See accompanying Notes to Portfolios of Investments. |
23
Ultra Series Fund | September 30, 2023 | ||
International Stock Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 1,2) | |||||||||||||||||||||||||||||||
COMMON STOCKS - 97.9% | ||||||||||||||||||||||||||||||||
Australia - 1.6% | ||||||||||||||||||||||||||||||||
Treasury Wine Estates Ltd. | 38,220 | $302,860 | ||||||||||||||||||||||||||||||
Brazil - 2.3% | ||||||||||||||||||||||||||||||||
Itau Unibanco Holding SA, ADR | 42,095 | 226,050 | ||||||||||||||||||||||||||||||
Pagseguro Digital Ltd., Class A * | 24,879 | 214,208 | ||||||||||||||||||||||||||||||
440,258 | ||||||||||||||||||||||||||||||||
Canada - 6.1% | ||||||||||||||||||||||||||||||||
Cameco Corp. | 12,861 | 509,810 | ||||||||||||||||||||||||||||||
Canadian Pacific Kansas City Ltd. (A) | 4,179 | 310,959 | ||||||||||||||||||||||||||||||
Manulife Financial Corp. | 18,603 | 340,063 | ||||||||||||||||||||||||||||||
1,160,832 | ||||||||||||||||||||||||||||||||
China - 7.4% | ||||||||||||||||||||||||||||||||
Alibaba Group Holding Ltd., ADR * | 6,415 | 556,437 | ||||||||||||||||||||||||||||||
Ping An Insurance Group Co. of China Ltd., Class H | 77,390 | 438,353 | ||||||||||||||||||||||||||||||
Tencent Holdings Ltd. | 10,732 | 415,919 | ||||||||||||||||||||||||||||||
1,410,709 | ||||||||||||||||||||||||||||||||
Denmark - 2.0% | ||||||||||||||||||||||||||||||||
Genmab AS * | 1,083 | 383,252 | ||||||||||||||||||||||||||||||
France - 9.4% | ||||||||||||||||||||||||||||||||
Air Liquide SA | 1,308 | 220,420 | ||||||||||||||||||||||||||||||
Airbus SE | 3,459 | 462,753 | ||||||||||||||||||||||||||||||
EssilorLuxottica SA | 1,160 | 201,640 | ||||||||||||||||||||||||||||||
Hermes International SCA | 110 | 199,968 | ||||||||||||||||||||||||||||||
LVMH Moet Hennessy Louis Vuitton SE | 300 | 226,328 | ||||||||||||||||||||||||||||||
STMicroelectronics NV (A) | 5,528 | 238,589 | ||||||||||||||||||||||||||||||
Worldline SA * (B) | 8,472 | 236,897 | ||||||||||||||||||||||||||||||
1,786,595 | ||||||||||||||||||||||||||||||||
Germany - 11.7% | ||||||||||||||||||||||||||||||||
adidas AG | 2,244 | 395,087 | ||||||||||||||||||||||||||||||
Deutsche Telekom AG | 22,026 | 462,534 | ||||||||||||||||||||||||||||||
KION Group AG | 10,868 | 418,711 | ||||||||||||||||||||||||||||||
SAP SE, ADR | 3,052 | 394,685 | ||||||||||||||||||||||||||||||
Siemens AG | 2,374 | 340,345 | ||||||||||||||||||||||||||||||
Symrise AG | 2,265 | 216,346 | ||||||||||||||||||||||||||||||
2,227,708 | ||||||||||||||||||||||||||||||||
Hong Kong - 1.4% | ||||||||||||||||||||||||||||||||
AIA Group Ltd. | 32,520 | 263,056 | ||||||||||||||||||||||||||||||
India - 7.6% | ||||||||||||||||||||||||||||||||
HDFC Bank Ltd., ADR | 8,519 | 502,706 | ||||||||||||||||||||||||||||||
Infosys Ltd., ADR | 21,593 | 369,456 | ||||||||||||||||||||||||||||||
Larsen & Toubro Ltd., GDR | 15,517 | 561,299 | ||||||||||||||||||||||||||||||
1,433,461 |
See accompanying Notes to Portfolios of Investments. |
24
Ultra Series Fund | September 30, 2023 | ||
International Stock Fund Portfolio of Investments (unaudited) |
Ireland - 2.1% | ||||||||||||||||||||||||||||||||
Kerry Group PLC, Class A | 4,715 | 393,598 | ||||||||||||||||||||||||||||||
Israel - 1.5% | ||||||||||||||||||||||||||||||||
CyberArk Software Ltd. * | 1,795 | 293,967 | ||||||||||||||||||||||||||||||
Italy - 1.2% | ||||||||||||||||||||||||||||||||
Ferrari NV | 740 | 218,700 | ||||||||||||||||||||||||||||||
Japan - 15.2% | ||||||||||||||||||||||||||||||||
CyberAgent, Inc. | 35,229 | 189,905 | ||||||||||||||||||||||||||||||
Keyence Corp. | 600 | 223,003 | ||||||||||||||||||||||||||||||
Lasertec Corp. | 2,100 | 326,040 | ||||||||||||||||||||||||||||||
Murata Manufacturing Co. Ltd. | 14,079 | 257,305 | ||||||||||||||||||||||||||||||
Nidec Corp. | 4,600 | 213,097 | ||||||||||||||||||||||||||||||
Pan Pacific International Holdings Corp. | 20,200 | 424,199 | ||||||||||||||||||||||||||||||
Shin-Etsu Chemical Co. Ltd. | 9,700 | 281,537 | ||||||||||||||||||||||||||||||
Shiseido Co. Ltd. | 5,600 | 196,592 | ||||||||||||||||||||||||||||||
Sony Group Corp. | 4,597 | 376,042 | ||||||||||||||||||||||||||||||
Toray Industries, Inc. | 77,853 | 404,954 | ||||||||||||||||||||||||||||||
2,892,674 | ||||||||||||||||||||||||||||||||
Mexico - 5.0% | ||||||||||||||||||||||||||||||||
Fomento Economico Mexicano SAB de CV, ADR | 2,124 | 231,835 | ||||||||||||||||||||||||||||||
Grupo Mexico SAB de CV, Series B | 96,107 | 454,189 | ||||||||||||||||||||||||||||||
Wal-Mart de Mexico SAB de CV, ADR | 6,738 | 253,079 | ||||||||||||||||||||||||||||||
939,103 | ||||||||||||||||||||||||||||||||
Netherlands - 4.3% | ||||||||||||||||||||||||||||||||
ASML Holding NV | 640 | 376,742 | ||||||||||||||||||||||||||||||
NXP Semiconductors NV | 2,152 | 430,228 | ||||||||||||||||||||||||||||||
806,970 | ||||||||||||||||||||||||||||||||
Norway - 1.3% | ||||||||||||||||||||||||||||||||
Norsk Hydro ASA | 37,938 | 238,120 | ||||||||||||||||||||||||||||||
Switzerland - 6.5% | ||||||||||||||||||||||||||||||||
Lonza Group AG | 750 | 346,985 | ||||||||||||||||||||||||||||||
Nestle SA | 2,007 | 226,633 | ||||||||||||||||||||||||||||||
Partners Group Holding AG | 356 | 400,589 | ||||||||||||||||||||||||||||||
Sika AG | 1,057 | 267,905 | ||||||||||||||||||||||||||||||
1,242,112 | ||||||||||||||||||||||||||||||||
Taiwan - 1.3% | ||||||||||||||||||||||||||||||||
Taiwan Semiconductor Manufacturing Co. Ltd., ADR | 2,921 | 253,835 | ||||||||||||||||||||||||||||||
United Kingdom - 10.0% | ||||||||||||||||||||||||||||||||
AstraZeneca PLC | 3,193 | 429,704 | ||||||||||||||||||||||||||||||
Diageo PLC | 7,665 | 282,676 | ||||||||||||||||||||||||||||||
London Stock Exchange Group PLC | 3,491 | 350,451 | ||||||||||||||||||||||||||||||
Prudential PLC | 27,711 | 298,395 | ||||||||||||||||||||||||||||||
Shell PLC | 16,651 | 528,670 | ||||||||||||||||||||||||||||||
1,889,896 | ||||||||||||||||||||||||||||||||
Total Common Stocks ( Cost $21,025,666 ) | 18,577,706 |
See accompanying Notes to Portfolios of Investments. |
25
Ultra Series Fund | September 30, 2023 | ||
International Stock Fund Portfolio of Investments (unaudited) |
SHORT-TERM INVESTMENTS - 3.0% | ||||||||||||||||||||||||||||||||
United States - 3.0% | ||||||||||||||||||||||||||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (C), 5.29% | 262,263 | 262,263 | ||||||||||||||||||||||||||||||
State Street Navigator Securities Lending Government Money Market Portfolio (C) (D), 5.36% | 312,244 | 312,244 | ||||||||||||||||||||||||||||||
Total Short-Term Investments ( Cost $574,507 ) | 574,507 | |||||||||||||||||||||||||||||||
TOTAL INVESTMENTS - 100.9% ( Cost $21,600,173 ) | 19,152,213 | |||||||||||||||||||||||||||||||
NET OTHER ASSETS AND LIABILITIES - (0.9%) | (179,652) | |||||||||||||||||||||||||||||||
TOTAL NET ASSETS - 100.0% | $18,972,561 | |||||||||||||||||||||||||||||||
* | Non-income producing. | |||||||||||||||||||||||||||||||
(A) | All or a portion of these securities, with an aggregate fair value of $536,069, are on loan as part of a securities lending program. | |||||||||||||||||||||||||||||||
(B) | 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 investors." The securities have been determined to be liquid under guidelines established by the Board of Trustees. | |||||||||||||||||||||||||||||||
(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. | |||||||||||||||||||||||||||||||
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS AS OF 9/30/23 | ||||||||||||||||||||||||||||||||
Communication Services | 5.6 | % | ||||||||||||||||||||||||||||||
Consumer Discretionary | 12.6 | % | ||||||||||||||||||||||||||||||
Consumer Staples | 10.0 | % | ||||||||||||||||||||||||||||||
Energy | 5.5 | % | ||||||||||||||||||||||||||||||
Financials | 17.2 | % | ||||||||||||||||||||||||||||||
Health Care | 7.2 | % | ||||||||||||||||||||||||||||||
Industrials | 12.1 | % | ||||||||||||||||||||||||||||||
Information Technology | 16.7 | % | ||||||||||||||||||||||||||||||
Materials | 11.0 | % | ||||||||||||||||||||||||||||||
Short-Term Investments | 3.0 | % | ||||||||||||||||||||||||||||||
Net Other Assets and Liabilities | (0.9) | % |
See accompanying Notes to Portfolios of Investments. |
26
Ultra Series Fund | September 30, 2023 | ||
Target Retirement 2020 Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 1,2) | ||||||||||||||||||||||
INVESTMENT COMPANIES - 96.1% | |||||||||||||||||||||||
Alternative Funds - 3.1% | |||||||||||||||||||||||
Invesco Optimum Yield Diversified Commodity Strategy ETF | 31,680 | $473,616 | |||||||||||||||||||||
Bond Funds - 77.0% | |||||||||||||||||||||||
iShares 7-10 Year Treasury Bond ETF (A) | 54,353 | 4,978,191 | |||||||||||||||||||||
iShares MBS ETF | 9,792 | 869,530 | |||||||||||||||||||||
iShares Treasury Floating Rate Bond ETF | 53,203 | 2,699,520 | |||||||||||||||||||||
Janus Henderson Mortgage-Backed Securities ETF | 34,892 | 1,514,313 | |||||||||||||||||||||
Schwab Intermediate-Term U.S. Treasury ETF | 19,670 | 942,980 | |||||||||||||||||||||
Vanguard Extended Duration Treasury ETF | 12,511 | 876,145 | |||||||||||||||||||||
11,880,679 | |||||||||||||||||||||||
Foreign Stock Funds - 4.6% | |||||||||||||||||||||||
iShares MSCI Emerging Markets Asia ETF | 3,569 | 224,740 | |||||||||||||||||||||
iShares MSCI International Quality Factor ETF | 9,599 | 322,622 | |||||||||||||||||||||
JPMorgan BetaBuilders Japan ETF | 3,306 | 166,094 | |||||||||||||||||||||
713,456 | |||||||||||||||||||||||
Stock Funds - 11.4% | |||||||||||||||||||||||
Distillate U.S. Fundamental Stability & Value ETF | 7,970 | 355,781 | |||||||||||||||||||||
Invesco S&P 500 Quality ETF | 8,362 | 418,434 | |||||||||||||||||||||
iShares Global Energy ETF | 10,008 | 412,930 | |||||||||||||||||||||
Vanguard Health Care ETF | 729 | 171,388 | |||||||||||||||||||||
Vanguard Information Technology ETF | 950 | 394,155 | |||||||||||||||||||||
1,752,688 | |||||||||||||||||||||||
Total Investment Companies ( Cost $15,199,200 ) | 14,820,439 | ||||||||||||||||||||||
SHORT-TERM INVESTMENTS - 4.0% | |||||||||||||||||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (B), 5.29% | 620,203 | 620,203 | |||||||||||||||||||||
Total Short-Term Investments ( Cost $620,203 ) | 620,203 | ||||||||||||||||||||||
NET OTHER ASSETS AND LIABILITIES - (0.1%) | (13,146) | ||||||||||||||||||||||
TOTAL NET ASSETS - 100.0% | $15,427,496 | ||||||||||||||||||||||
(A) | Greater than 25% of the portfolio. For more information refer the website https://www.ishares.com/us/products/239456/ishares-710-year-treasury-bond-etf | ||||||||||||||||||||||
(B) | 7-day yield. | ||||||||||||||||||||||
ETF | Exchange Traded Fund. | ||||||||||||||||||||||
MBS | Mortgage-Backed Securities | ||||||||||||||||||||||
MSCI | Morgan Stanley Capital International. |
See accompanying Notes to Portfolios of Investments. |
27
Ultra Series Fund | September 30, 2023 | ||
Target Retirement 2030 Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 1,2) | ||||||||||||||||||||||
INVESTMENT COMPANIES - 97.1% | |||||||||||||||||||||||
Alternative Funds - 5.3% | |||||||||||||||||||||||
Invesco Optimum Yield Diversified Commodity Strategy ETF | 192,313 | $2,875,080 | |||||||||||||||||||||
Bond Funds - 58.2% | |||||||||||||||||||||||
iShares 7-10 Year Treasury Bond ETF | 141,392 | 12,950,093 | |||||||||||||||||||||
iShares MBS ETF | 29,311 | 2,602,817 | |||||||||||||||||||||
iShares Treasury Floating Rate Bond ETF | 156,347 | 7,933,047 | |||||||||||||||||||||
Janus Henderson Mortgage-Backed Securities ETF | 80,683 | 3,501,642 | |||||||||||||||||||||
Schwab Intermediate-Term U.S. Treasury ETF | 62,541 | 2,998,216 | |||||||||||||||||||||
Vanguard Extended Duration Treasury ETF | 25,313 | 1,772,669 | |||||||||||||||||||||
31,758,484 | |||||||||||||||||||||||
Foreign Stock Funds - 9.2% | |||||||||||||||||||||||
iShares MSCI Emerging Markets Asia ETF | 25,951 | 1,634,134 | |||||||||||||||||||||
iShares MSCI International Quality Factor ETF | 58,679 | 1,972,201 | |||||||||||||||||||||
JPMorgan BetaBuilders Japan ETF | 27,707 | 1,392,000 | |||||||||||||||||||||
4,998,335 | |||||||||||||||||||||||
Stock Funds - 24.4% | |||||||||||||||||||||||
Distillate U.S. Fundamental Stability & Value ETF | 66,292 | 2,959,275 | |||||||||||||||||||||
Invesco S&P 500 Quality ETF | 70,188 | 3,512,208 | |||||||||||||||||||||
iShares Global Energy ETF | 64,092 | 2,644,436 | |||||||||||||||||||||
Vanguard Health Care ETF | 4,461 | 1,048,781 | |||||||||||||||||||||
Vanguard Information Technology ETF | 7,615 | 3,159,463 | |||||||||||||||||||||
13,324,163 | |||||||||||||||||||||||
Total Investment Companies ( Cost $53,363,982 ) | 52,956,062 | ||||||||||||||||||||||
SHORT-TERM INVESTMENTS - 1.0% | |||||||||||||||||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 5.29% | 527,922 | 527,922 | |||||||||||||||||||||
Total Short-Term Investments ( Cost $527,922 ) | 527,922 | ||||||||||||||||||||||
TOTAL INVESTMENTS - 98.1% ( Cost $53,891,904 ) | 53,483,984 | ||||||||||||||||||||||
NET OTHER ASSETS AND LIABILITIES - 1.9% | 1,023,666 | ||||||||||||||||||||||
TOTAL NET ASSETS - 100.0% | $54,507,650 | ||||||||||||||||||||||
(A) | 7-day yield. | ||||||||||||||||||||||
ETF | Exchange Traded Fund. | ||||||||||||||||||||||
MBS | Mortgage-Backed Securities | ||||||||||||||||||||||
MSCI | Morgan Stanley Capital International. |
See accompanying Notes to Portfolios of Investments. |
28
Ultra Series Fund | September 30, 2023 | ||
Target Retirement 2040 Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 1,2) | ||||||||||||||||||||||
INVESTMENT COMPANIES - 98.3% | |||||||||||||||||||||||
Alternative Funds - 5.7% | |||||||||||||||||||||||
Invesco Optimum Yield Diversified Commodity Strategy ETF | 138,642 | $2,072,698 | |||||||||||||||||||||
Bond Funds - 46.5% | |||||||||||||||||||||||
iShares 7-10 Year Treasury Bond ETF | 76,814 | 7,035,394 | |||||||||||||||||||||
iShares MBS ETF | 16,740 | 1,486,512 | |||||||||||||||||||||
iShares Treasury Floating Rate Bond ETF | 78,281 | 3,971,978 | |||||||||||||||||||||
Janus Henderson Mortgage-Backed Securities ETF | 41,464 | 1,799,538 | |||||||||||||||||||||
Schwab Intermediate-Term U.S. Treasury ETF | 37,984 | 1,820,953 | |||||||||||||||||||||
Vanguard Extended Duration Treasury ETF | 10,275 | 719,558 | |||||||||||||||||||||
16,833,933 | |||||||||||||||||||||||
Foreign Stock Funds - 11.7% | |||||||||||||||||||||||
iShares MSCI Emerging Markets Asia ETF | 23,171 | 1,459,078 | |||||||||||||||||||||
iShares MSCI International Quality Factor ETF | 41,970 | 1,410,611 | |||||||||||||||||||||
JPMorgan BetaBuilders Japan ETF | 26,828 | 1,347,839 | |||||||||||||||||||||
4,217,528 | |||||||||||||||||||||||
Stock Funds - 34.4% | |||||||||||||||||||||||
Distillate U.S. Fundamental Stability & Value ETF | 60,605 | 2,705,407 | |||||||||||||||||||||
Invesco S&P 500 Quality ETF | 65,266 | 3,265,911 | |||||||||||||||||||||
iShares Global Energy ETF | 47,040 | 1,940,871 | |||||||||||||||||||||
Vanguard Health Care ETF | 3,701 | 870,105 | |||||||||||||||||||||
Vanguard Information Technology ETF | 8,857 | 3,674,769 | |||||||||||||||||||||
12,457,063 | |||||||||||||||||||||||
Total Investment Companies ( Cost $35,571,233 ) | 35,581,222 | ||||||||||||||||||||||
SHORT-TERM INVESTMENTS - 1.1% | |||||||||||||||||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 5.29% | 382,739 | 382,739 | |||||||||||||||||||||
Total Short-Term Investments ( Cost $382,739 ) | 382,739 | ||||||||||||||||||||||
TOTAL INVESTMENTS - 99.4% ( Cost $35,953,972 ) | 35,963,961 | ||||||||||||||||||||||
NET OTHER ASSETS AND LIABILITIES - 0.6% | 224,752 | ||||||||||||||||||||||
TOTAL NET ASSETS - 100.0% | $36,188,713 | ||||||||||||||||||||||
(A) | 7-day yield. | ||||||||||||||||||||||
ETF | Exchange Traded Fund. | ||||||||||||||||||||||
MBS | Mortgage-Backed Securities | ||||||||||||||||||||||
MSCI | Morgan Stanley Capital International. |
See accompanying Notes to Portfolios of Investments. |
29
Ultra Series Fund | September 30, 2023 | ||
Target Retirement 2050 Fund Portfolio of Investments (unaudited) |
Shares | Value (Note 1,2) | ||||||||||||||||||||||
INVESTMENT COMPANIES - 98.2% | |||||||||||||||||||||||
Alternative Funds - 6.0% | |||||||||||||||||||||||
Invesco Optimum Yield Diversified Commodity Strategy ETF | 119,016 | $1,779,289 | |||||||||||||||||||||
Bond Funds - 37.9% | |||||||||||||||||||||||
iShares 7-10 Year Treasury Bond ETF | 48,655 | 4,456,311 | |||||||||||||||||||||
iShares MBS ETF | 8,977 | 797,158 | |||||||||||||||||||||
iShares Treasury Floating Rate Bond ETF | 63,128 | 3,203,115 | |||||||||||||||||||||
Janus Henderson Mortgage-Backed Securities ETF | 27,342 | 1,186,643 | |||||||||||||||||||||
Schwab Intermediate-Term U.S. Treasury ETF | 28,179 | 1,350,901 | |||||||||||||||||||||
Vanguard Extended Duration Treasury ETF | 4,230 | 296,227 | |||||||||||||||||||||
11,290,355 | |||||||||||||||||||||||
Foreign Stock Funds - 13.6% | |||||||||||||||||||||||
iShares MSCI Emerging Markets Asia ETF | 23,049 | 1,451,396 | |||||||||||||||||||||
iShares MSCI International Quality Factor ETF | 35,984 | 1,209,422 | |||||||||||||||||||||
JPMorgan BetaBuilders Japan ETF | 27,967 | 1,405,062 | |||||||||||||||||||||
4,065,880 | |||||||||||||||||||||||
Stock Funds - 40.7% | |||||||||||||||||||||||
Distillate U.S. Fundamental Stability & Value ETF | 63,098 | 2,816,695 | |||||||||||||||||||||
Invesco S&P 500 Quality ETF | 62,702 | 3,137,608 | |||||||||||||||||||||
iShares Global Energy ETF | 44,101 | 1,819,607 | |||||||||||||||||||||
Vanguard Health Care ETF | 3,712 | 872,691 | |||||||||||||||||||||
Vanguard Information Technology ETF | 8,364 | 3,470,224 | |||||||||||||||||||||
12,116,825 | |||||||||||||||||||||||
Total Investment Companies ( Cost $29,048,371 ) | 29,252,349 | ||||||||||||||||||||||
SHORT-TERM INVESTMENTS - 0.9% | |||||||||||||||||||||||
State Street Institutional U.S. Government Money Market Fund, Premier Class (A), 5.29% | 263,724 | 263,724 | |||||||||||||||||||||
Total Short-Term Investments ( Cost $263,724 ) | 263,724 | ||||||||||||||||||||||
TOTAL INVESTMENTS - 99.1% ( Cost $29,312,095 ) | 29,516,073 | ||||||||||||||||||||||
NET OTHER ASSETS AND LIABILITIES - 0.9% | 264,370 | ||||||||||||||||||||||
TOTAL NET ASSETS - 100.0% | $29,780,443 | ||||||||||||||||||||||
(A) | 7-day yield. | ||||||||||||||||||||||
ETF | Exchange Traded Fund. | ||||||||||||||||||||||
MBS | Mortgage-Backed Securities | ||||||||||||||||||||||
MSCI | Morgan Stanley Capital International. |
See accompanying Notes to Portfolios of Investments. |
30
Ultra Series Fund | September 30, 2023 | ||
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. 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 | September 30, 2023 | ||
Notes to Portfolio of Investments (Unaudited) - continued |
The valuation techniques used by the funds to measure fair value for the period ended September 30, 2023 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 September 30, 2023, 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 September 30, 2023, in valuing the funds' investments carried at fair value:
Fund1 | Level 1 | Level 2 | Level 3 | Value at 9/30/23 | ||||||||||||||||||||||
Conservative Allocation | ||||||||||||||||||||||||||
Investment Companies | $ | 106,445,205 | $ | — | $ | — | $ | 106,445,205 | ||||||||||||||||||
Short-Term Investments | 4,345,166 | — | — | 4,345,166 | ||||||||||||||||||||||
110,790,371 | — | — | 110,790,371 | |||||||||||||||||||||||
Moderate Allocation | ||||||||||||||||||||||||||
Investment Companies | 108,595,860 | — | — | 108,595,860 | ||||||||||||||||||||||
Short-Term Investments | 1,068,029 | — | — | 1,068,029 | ||||||||||||||||||||||
109,663,889 | — | — | 109,663,889 | |||||||||||||||||||||||
Aggressive Allocation | ||||||||||||||||||||||||||
Investment Companies | 37,145,097 | — | — | 37,145,097 | ||||||||||||||||||||||
Short-Term Investments | 3,618,056 | — | — | 3,618,056 | ||||||||||||||||||||||
40,763,153 | — | — | 40,763,153 | |||||||||||||||||||||||
Core Bond | ||||||||||||||||||||||||||
Asset Backed Securities | — | 2,214,166 | — | 2,214,166 | ||||||||||||||||||||||
Collateralized Mortgage Obligations | — | 2,835,740 | — | 2,835,740 | ||||||||||||||||||||||
Commercial Mortgage-Backed Securities | — | 1,594,637 | — | 1,594,637 | ||||||||||||||||||||||
Corporate Notes and Bonds | — | 21,653,817 | — | 21,653,817 | ||||||||||||||||||||||
Foreign Corporate Bonds | — | 3,133,822 | — | 3,133,822 | ||||||||||||||||||||||
Long-Term Municipal Bonds | — | 1,751,686 | — | 1,751,686 | ||||||||||||||||||||||
Mortgage Backed Securities | — | 21,749,652 | — | 21,749,652 | ||||||||||||||||||||||
U.S. Government and Agency Obligations | — | 16,848,643 | — | 16,848,643 | ||||||||||||||||||||||
Short-Term Investments | 913,487 | — | — | 913,487 | ||||||||||||||||||||||
913,487 | 71,782,163 | — | 72,695,650 | |||||||||||||||||||||||
High Income | ||||||||||||||||||||||||||
Corporate Notes and Bonds | — | 10,047,584 | — | 10,047,584 | ||||||||||||||||||||||
Foreign Corporate Bonds | — | 690,513 | — | 690,513 | ||||||||||||||||||||||
Exchange Traded Funds | 434,948 | — | — | 434,948 | ||||||||||||||||||||||
Short-Term Investments | 1,681,353 | — | — | 1,681,353 | ||||||||||||||||||||||
2,116,301 | 10,738,097 | — | 12,854,398 | |||||||||||||||||||||||
Diversified Income | ||||||||||||||||||||||||||
Common Stocks | 6,298,590 | — | — | 6,298,590 | ||||||||||||||||||||||
Investment Companies | 157,346,628 | — | — | 157,346,628 | ||||||||||||||||||||||
Asset Backed Securities | — | 157,006 | — | 157,006 | ||||||||||||||||||||||
Collateralized Mortgage Obligations | — | 13,135 | — | 13,135 | ||||||||||||||||||||||
Long-Term Municipal Bonds | — | 1,012,799 | — | 1,012,799 | ||||||||||||||||||||||
Mortgage Backed Securities | — | 40,728 | — | 40,728 | ||||||||||||||||||||||
Short-Term Investments | 10,765,075 | — | — | 10,765,075 | ||||||||||||||||||||||
174,410,293 | 1,223,668 | — | 175,633,961 | |||||||||||||||||||||||
Large Cap Value | ||||||||||||||||||||||||||
Common Stocks | 177,797,748 | — | — | 177,797,748 | ||||||||||||||||||||||
Short-Term Investments | 3,240,010 | — | — | 3,240,010 | ||||||||||||||||||||||
181,037,758 | — | — | 181,037,758 | |||||||||||||||||||||||
Large Cap Growth | ||||||||||||||||||||||||||
Common Stocks | 172,875,076 | — | — | 172,875,076 | ||||||||||||||||||||||
Short-Term Investments | 12,420,810 | — | — | 12,420,810 |
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Ultra Series Fund | September 30, 2023 | ||
Notes to Portfolio of Investments (Unaudited) - continued |
185,295,886 | — | — | 185,295,886 | |||||||||||||||||||||||
Mid Cap | ||||||||||||||||||||||||||
Common Stocks | 134,193,942 | — | — | 134,193,942 | ||||||||||||||||||||||
Short-Term Investments | 6,201,658 | — | — | 6,201,658 | ||||||||||||||||||||||
140,395,600 | — | — | 140,395,600 | |||||||||||||||||||||||
International Stock | ||||||||||||||||||||||||||
Common Stocks | ||||||||||||||||||||||||||
Australia | 302,860 | — | — | 302,860 | ||||||||||||||||||||||
Brazil | 440,258 | — | — | 440,258 | ||||||||||||||||||||||
Canada | 1,160,832 | — | — | 1,160,832 | ||||||||||||||||||||||
China | 1,410,709 | — | — | 1,410,709 | ||||||||||||||||||||||
Denmark | 383,252 | — | — | 383,252 | ||||||||||||||||||||||
France | 1,786,595 | — | — | 1,786,595 | ||||||||||||||||||||||
Germany | 2,227,708 | — | — | 2,227,708 | ||||||||||||||||||||||
Hong Kong | 263,056 | — | — | 263,056 | ||||||||||||||||||||||
India | 1,433,461 | — | — | 1,433,461 | ||||||||||||||||||||||
Ireland | 393,598 | — | — | 393,598 | ||||||||||||||||||||||
Israel | 293,967 | — | — | 293,967 | ||||||||||||||||||||||
Italy | 218,700 | — | — | 218,700 | ||||||||||||||||||||||
Japan | 2,892,674 | — | — | 2,892,674 | ||||||||||||||||||||||
Mexico | 939,103 | — | — | 939,103 | ||||||||||||||||||||||
Netherlands | 806,970 | — | — | 806,970 | ||||||||||||||||||||||
Norway | 238,120 | — | — | 238,120 | ||||||||||||||||||||||
Switzerland | 1,242,112 | — | — | 1,242,112 | ||||||||||||||||||||||
Taiwan | 253,835 | — | — | 253,835 | ||||||||||||||||||||||
United Kingdom | 1,889,896 | — | — | 1,889,896 | ||||||||||||||||||||||
Short-Term Investments | 574,507 | — | — | 574,507 | ||||||||||||||||||||||
19,152,213 | — | — | 19,152,213 | |||||||||||||||||||||||
Madison Target Retirement 2020 Fund | 15,440,642 | — | — | 15,440,642 | ||||||||||||||||||||||
Madison Target Retirement 2030 Fund | 53,483,984 | — | — | 53,483,984 | ||||||||||||||||||||||
Madison Target Retirement 2040 Fund | 35,963,961 | — | — | 35,963,961 | ||||||||||||||||||||||
Madison Target Retirement 2050 Fund | 29,516,073 | — | — | 29,516,073 | ||||||||||||||||||||||
1See respective portfolio of investments for underlying holdings in each fund. For additional information on the underlying funds held in the Target Allocation Funds and Target Date Funds, including shareholder prospectuses and financial reports, please visit each underlying funds website or visit the securities and exchange commission website http://www.sec.gov |
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