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        <title>Madison Core Bond Fund</title>
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        <identifiers>
          <isin value="US5574922531"/>
        </identifiers>
        <balance>347482.00500000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>3606863.21000000</valUSD>
        <pctVal>6.805834861882</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 US Dividend Equity ETF</title>
        <cusip>808524797</cusip>
        <identifiers>
          <isin value="US8085247976"/>
        </identifiers>
        <balance>14342.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1064750.08000000</valUSD>
        <pctVal>2.009090112861</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="780663.45000000"/>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Madison Mid Cap Fund</name>
        <lei>N/A</lei>
        <title>Madison Mid Cap Fund</title>
        <cusip>557492485</cusip>
        <identifiers>
          <isin value="US5574924859"/>
        </identifiers>
        <balance>54830.07900000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>768717.71000000</valUSD>
        <pctVal>1.450502967553</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>JPMorgan BetaBuilders Japan ETF</name>
        <lei>54930031HWFFLQV7A679</lei>
        <title>JPMorgan BetaBuilders Japan ETF</title>
        <cusip>46641Q217</cusip>
        <identifiers>
          <isin value="US46641Q2176"/>
        </identifiers>
        <balance>14920.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>876400.80000000</valUSD>
        <pctVal>1.653691523727</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>Janus Henderson Mortgage-Backed Securities ETF</name>
        <lei>549300V6TVE4ZJCDWY16</lei>
        <title>Janus Henderson Mortgage-Backed Securities ETF</title>
        <cusip>47103U852</cusip>
        <identifiers>
          <isin value="US47103U8523"/>
        </identifiers>
        <balance>23534.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1250949.77000000</valUSD>
        <pctVal>2.360432614002</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2021-10-25</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>
  <documents>XXXX</documents>
</edgarSubmission>
