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          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>VictoryShares Free Cash Flow ETF</name>
        <lei>5493000FVGQ9SU6HI752</lei>
        <title>VictoryShares Free Cash Flow ETF</title>
        <cusip>92647X830</cusip>
        <identifiers>
          <isin value="US92647X8305"/>
        </identifiers>
        <balance>82468.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3772911.00000000</valUSD>
        <pctVal>3.988020070835</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street Global Advisors</name>
        <lei>549300BZ5TGIFZUZDZ37</lei>
        <title>State Street Institutional US Government Money Market Fund</title>
        <cusip>857492706</cusip>
        <identifiers>
          <isin value="US8574927062"/>
        </identifiers>
        <balance>4571955.58000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4571955.58000000</valUSD>
        <pctVal>4.832621446942</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street Global Advisors</name>
        <lei>5493008BJIBKQ5KTIF74</lei>
        <title>State Street Navigator Securities Lending Government Money Market Portfolio</title>
        <cusip>857509301</cusip>
        <identifiers>
          <isin value="US8575093013"/>
        </identifiers>
        <balance>1356244.50000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1356244.50000000</valUSD>
        <pctVal>1.433569540060</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="1356244.50000000" isCashCollateral="Y"/>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2026-07-15</ncom:dateSigned>
      <ncom:nameOfApplicant>ULTRA SERIES FUND</ncom:nameOfApplicant>
      <ncom:signature>Greg Hoppe</ncom:signature>
      <ncom:signerName>Greg Hoppe</ncom:signerName>
      <ncom:title>Chief Financial Officer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
