<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
  <headerData>
    <submissionType>NPORT-P</submissionType>
    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000732697</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000019980</seriesId>
        <classId>C000056038</classId>
        <classId>C000074785</classId>
      </seriesClassInfo>


    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>ULTRA SERIES FUND</regName>
      <regFileNumber>811-04815</regFileNumber>
      <regCik>0000732697</regCik>
      <regLei>254900JPNAJ16VJV5X45</regLei>
      <regStreet1>550 SCIENCE DRIVE</regStreet1>
      <regCity>MADISON</regCity>
      <regStateConditional regCountry="US" regState="US-WI"/>
      <regZipOrPostalCode>53711</regZipOrPostalCode>
      <regPhone>608-274-0300</regPhone>
      <seriesName>Diversified Income Fund</seriesName>
      <seriesId>S000019980</seriesId>
      <seriesLei>2549008KTOA5OFYKMX41</seriesLei>
      <repPdEnd>2026-12-31</repPdEnd>
      <repPdDate>2026-06-30</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>134810668.15</totAssets>
      <totLiabs>2699792.55</totLiabs>
      <netAssets>132110875.60</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>0.00000000</cshNotRptdInCorD>
      <borrowers>
        <borrower aggrVal="7943775.75000000" lei="549300KUN9K9K32C6D97" name="BNP Paribas Prime Brokerage International, Limited"/>
        <borrower aggrVal="131115.24000000" lei="W22LROWP2IHZNBB6K528" name="Goldman Sachs International"/>
        <borrower aggrVal="163783.62000000" lei="ZBUT11V806EZRVTWT807" name="J.P. Morgan Securities LLC"/>
        <borrower aggrVal="2297954.23000000" lei="549300LCO2FLSSVFFR64" name="RBC Capital Markets, LLC"/>
      </borrowers>
      <aggregateCondition isNonCashCollateral="Y">
        <aggregateInfos>
          <aggregateInfo amt="7751536.94000000" collatrl="8102654.62000000">
            <invstCat>UST</invstCat>
          </aggregateInfo>
        </aggregateInfos>
      </aggregateCondition>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000056038" rtn1="2.02000000" rtn2="-0.36000000" rtn3="-0.80000000"/>
          <monthlyTotReturn classId="C000074785" rtn1="2.00000000" rtn2="-0.38000000" rtn3="-0.82000000"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="187298.31000000" netUnrealizedAppr="2189470.05000000"/>
        <othMon2 netRealizedGain="3723.28000000" netUnrealizedAppr="-920185.42000000"/>
        <othMon3 netRealizedGain="0.00000000" netUnrealizedAppr="-1791794.73000000"/>
      </returnInfo>
      <mon1Flow redemption="2074302.49000000" reinvestment="0.00000000" sales="122572.99000000"/>
      <mon2Flow redemption="2981451.42000000" reinvestment="0.00000000" sales="855171.39000000"/>
      <mon3Flow redemption="1039691.48000000" reinvestment="258328.00000000" sales="129534.51000000"/>


    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>Freddie Mac</name>
        <lei>S6XOOCT0IEG5ABCC6L87</lei>
        <title>Federal Home Loan Mortgage Corp.</title>
        <cusip>31292HDJ0</cusip>
        <identifiers>
          <isin value="US31292HDJ05"/>
        </identifiers>
        <balance>2117.20000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>2185.35000000</valUSD>
        <pctVal>0.001654178726</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2030-06-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>8.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>31388K3Y6</cusip>
        <identifiers>
          <isin value="US31388K3Y66"/>
        </identifiers>
        <balance>4753.10000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>5019.56000000</valUSD>
        <pctVal>0.003799505511</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-11-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Fannie Mae</name>
        <lei>B1V7KEBTPIMZEU4LTD58</lei>
        <title>Federal National Mortgage Association</title>
        <cusip>31390FC49</cusip>
        <identifiers>
          <isin value="US31390FC490"/>
        </identifiers>
        <balance>626.86000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>662.00000000</valUSD>
        <pctVal>0.000501094249</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGSE</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2032-05-01</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>7.00000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Government National Mortgage Association</name>
        <lei>549300M8ZYFG0OCMTT87</lei>
        <title>Government National Mortgage Association</title>
        <cusip>36202DMR9</cusip>
        <identifiers>
          <isin value="US36202DMR97"/>
        </identifiers>
        <balance>4477.93000000</balance>
        <units>PA</units>
        <curCd>USD</curCd>
        <valUSD>4642.21000000</valUSD>
        <pctVal>0.003513874220</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>ABS-MBS</assetCat>
        <issuerCat>USGA</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <debtSec>
          <maturityDt>2031-04-20</maturityDt>
          <couponKind>Fixed</couponKind>
          <annualizedRt>6.50000000</annualizedRt>
          <isDefault>N</isDefault>
          <areIntrstPmntsInArrs>N</areIntrstPmntsInArrs>
          <isPaidKind>N</isPaidKind>
        </debtSec>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Global X MLP ETF</name>
        <lei>5493002HV8507QNNGD19</lei>
        <title>Global X MLP ETF</title>
        <cusip>37954Y343</cusip>
        <identifiers>
          <isin value="US37954Y3430"/>
        </identifiers>
        <balance>77646.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>4121449.68000000</valUSD>
        <pctVal>3.119689928086</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>iShares 5-10 Year Investment Grade Corporate Bond ETF</name>
        <lei>549300ZJOCMXQZ0RKQ84</lei>
        <title>iShares 5-10 Year Investment Grade Corporate Bond ETF</title>
        <cusip>464288638</cusip>
        <identifiers>
          <isin value="US4642886380"/>
        </identifiers>
        <balance>44102.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2344903.34000000</valUSD>
        <pctVal>1.774951024546</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="2297954.23000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Madison Short-Term Strategic Income ETF</name>
        <lei>5493000IALOEBWLDVK15</lei>
        <title>Madison Short-Term Strategic Income ETF</title>
        <cusip>557441201</cusip>
        <identifiers>
          <isin value="US5574412012"/>
        </identifiers>
        <balance>1187500.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>24048062.50000000</valUSD>
        <pctVal>18.20293930441</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>Madison Aggregate Bond ETF</name>
        <lei>5493000IAHAFHNP0JZ30</lei>
        <title>Madison Aggregate Bond ETF</title>
        <cusip>557441300</cusip>
        <identifiers>
          <isin value="US5574413002"/>
        </identifiers>
        <balance>1115000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>22545523.00000000</valUSD>
        <pctVal>17.06560712553</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="163783.62000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Madison Covered Call ETF</name>
        <lei>5493000IABPYPS2KRC89</lei>
        <title>Madison Covered Call ETF</title>
        <cusip>557441409</cusip>
        <identifiers>
          <isin value="US5574414091"/>
        </identifiers>
        <balance>1000000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>17562900.00000000</valUSD>
        <pctVal>13.29406070487</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>Madison Dividend Value ETF</name>
        <lei>5493000IABVCBRPOIQ09</lei>
        <title>Madison Dividend Value ETF</title>
        <cusip>557441508</cusip>
        <identifiers>
          <isin value="US5574415080"/>
        </identifiers>
        <balance>1180000.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>28651108.00000000</valUSD>
        <pctVal>21.68716834997</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="131115.24000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>State Street SPDR Portfolio High Yield Bond ETF</name>
        <lei>549300B3SM8J1H4W2052</lei>
        <title>State Street SPDR Portfolio High Yield Bond ETF</title>
        <cusip>78468R606</cusip>
        <identifiers>
          <isin value="US78468R6062"/>
        </identifiers>
        <balance>633801.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>14856295.44000000</valUSD>
        <pctVal>11.24532357576</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>Schwab US Dividend Equity ETF</name>
        <lei>549300MUIMRQQDWJ5226</lei>
        <title>Schwab U.S. Dividend Equity ETF</title>
        <cusip>808524797</cusip>
        <identifiers>
          <isin value="US8085247976"/>
        </identifiers>
        <balance>276851.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8778945.21000000</valUSD>
        <pctVal>6.645134376809</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>VanEck J. P. Morgan EM Local Currency Bond ETF</name>
        <lei>549300CNWPR88MZBEA63</lei>
        <title>VanEck J. P. Morgan EM Local Currency Bond ETF</title>
        <cusip>92189H300</cusip>
        <identifiers>
          <isin value="US92189H3003"/>
        </identifiers>
        <balance>316761.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>8096411.16000000</valUSD>
        <pctVal>6.128497084913</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>
          <loanByFundCondition isLoanByFund="Y" loanVal="7943775.75000000"/>
        </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>1133774.83000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1133774.83000000</valUSD>
        <pctVal>0.858199466812</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>2658510.50000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2658510.50000000</valUSD>
        <pctVal>2.012332813574</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>
        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <cashCollateralCondition cashCollateralVal="2658510.50000000" 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>
