-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, VMOUHTjHs/H262D1kA9+nhR5srYOELEyfVbX8FmSvW6KuQh1Uyg4w0TsWN+SMSOP yy4Kx+Ec/kcktIa4smTYAg== 0000310407-11-000057.txt : 20110301 0000310407-11-000057.hdr.sgml : 20110301 20110228184107 ACCESSION NUMBER: 0000310407-11-000057 CONFORMED SUBMISSION TYPE: N-CSR PUBLIC DOCUMENT COUNT: 19 CONFORMED PERIOD OF REPORT: 20101231 FILED AS OF DATE: 20110301 DATE AS OF CHANGE: 20110228 EFFECTIVENESS DATE: 20110301 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ULTRA SERIES FUND CENTRAL INDEX KEY: 0000732697 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSR SEC ACT: 1940 Act SEC FILE NUMBER: 811-04815 FILM NUMBER: 11648279 BUSINESS ADDRESS: STREET 1: 550 SCIENCE DRIVE CITY: MADISON STATE: WI ZIP: 53711 BUSINESS PHONE: 6082740300 MAIL ADDRESS: STREET 1: 550 SCIENCE DRIVE CITY: MADISON STATE: WI ZIP: 53711 0000732697 S000019110 Target Retirement 2020 Fund C000052853 Target Retirement 2020 Fund Class I 0000732697 S000019111 Target Retirement 2030 Fund C000052854 Target Retirement 2030 Fund Class I 0000732697 S000019112 Target Retirement 2040 Fund C000052855 Target Retirement 2040 Fund Class I 0000732697 S000019976 Money Market Fund C000056034 Money Market Fund Class I C000074781 Money Market Fund Class II 0000732697 S000019977 International Stock Fund C000056035 International Stock Fund Class I C000074782 International Stock Fund Class II 0000732697 S000019978 Bond Fund C000056036 Bond Fund Class I C000074783 Bond Fund Class II 0000732697 S000019979 High Income Fund C000056037 High Income Fund Class I C000074784 High Income Fund Class II 0000732697 S000019980 Diversified Income Fund C000056038 Diversified Income Fund Class I C000074785 Diversified Income Fund Class II 0000732697 S000019981 Large Cap Value Fund C000056039 Large Cap Value Fund Class I C000074786 Large Cap Value Fund Class II 0000732697 S000019982 Large Cap Growth Fund C000056040 Large Cap Growth Fund Class I C000074787 Large Cap Growth Fund Class II 0000732697 S000019983 Mid Cap Fund C000056041 Mid Cap Fund Class I C000074788 Mid Cap Fund Class II 0000732697 S000019999 Conservative Allocation Fund C000056077 Conservative Allocation Fund Class I C000074791 Conservative Allocation Fund Class II 0000732697 S000020000 Aggressive Allocation Fund C000056078 Aggressive Allocation Fund Class I C000074792 Aggressive Allocation Fund Class II 0000732697 S000020001 Moderate Allocation Fund C000056079 Moderate Allocation Fund Class I C000074793 Moderate Allocation Fund Class II 0000732697 S000020003 Small Cap Fund C000056081 Small Cap Fund Class I C000074795 Small Cap Fund Class II 0000732697 S000026909 Equity Income Fund C000081011 Equity Income Fund Class I C000081012 Equity Income Fund Class II 0000732697 S000030254 Target Retirement 2050 Fund C000093111 Target Retirement 2050 Fund Class I N-CSR 1 usfncsr1210.htm ANNUAL REPORT usfncsr1210.htm
 
 
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, DC  20549
 
 
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
 
Investment Company Act file number 811-4815
 
 
Ultra Series Fund
(Exact name of registrant as specified in charter)
550 Science Drive, Madison, WI  53711
(Address of principal executive offices)(Zip code)
 
 
Pamela M. Krill
Madison/MEMBERS/Mosaic Legal and Compliance Department
550 Science Drive
Madison, WI  53711
(Name and address of agent for service)
 
 
Registrant's telephone number, including area code:  608-274-0300
Date of fiscal year end:  December 31
Date of reporting period:  December 31, 2010
 
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).  The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspoection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public.  A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number.  Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC  20549-0609.  The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. s 3507.
 
 
 
 
ANNUAL REPORT
 
 
December 31, 2010
 
Ultra Series Fund
 
 
 
 
 
 

Ultra Series Fund | December 31, 2010

Table of Contents
 
Page
Management’s Discussion of Fund Performance
  
Economic Overview
2
Outlook
2
Conservative Allocation Fund
4
Moderate Allocation Fund
6
Aggressive Allocation Fund
8
Money Market Fund
10
Bond Fund
12
High Income Fund
14
Diversified Income Fund
16
Equity Income Fund
18
Large Cap Value Fund
20
Large Cap Growth Fund
22
Mid Cap Fund
24
Small Cap Fund
26
International Stock Fund
28
Target Retirement 2020 Fund
30
Target Retirement 2030 Fund
32
Target Retirement 2040 Fund
34
Notes to Management’s Discussion of Fund Performance
36
Portfolios of Investments
  
Conservative Allocation Fund
38
Moderate Allocation Fund
39
Aggressive Allocation Fund
40
Money Market Fund
41
Bond Fund
42
High Income Fund
45
Diversified Income Fund
48
Equity Income Fund
51
Large Cap Value Fund
53
Large Cap Growth Fund
54
Mid Cap Fund
55
Small Cap Fund
56
International Stock Fund
58
Target Retirement 2020 Fund
60
Target Retirement 2030 Fund
61
Target Retirement 2040 Fund
62
Financial Statements
  
Statements of Assets and Liabilities
63
Statements of Operations
66
Statements of Changes in Net Assets
69
Financial Highlights
75
Notes to Financial Statements
91
Report of Independent Registered Public Accounting Firm
109
Other Information
110
Trustees and Officers
115

 
Nondeposit investment products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by any financial institution. For more complete information about Ultra Series Fund, including charges and expenses, request a prospectus from your financial advisor or from CUNA Mutual Insurance Society, 2000 Heritage Way, Waverly, IA 50677. Consider the investment objectives, risks, and charges and expenses of any fund carefully before investing. The prospectus contains this and other information about the investment company. For more current Ultra Series Fund performance information, please call 1-800-670-3600. Current performance may be lower or higher than the performance data quoted within. Past performance does not guarantee future results. Nothing in this report represents a recommendation of a security by the investment adviser. Portfolio holdings may have changed since the date of this report.
 
 
1
 


 
Ultra Series Fund | December 31, 2010

Management’s Discussion of Fund Performance
 
ECONOMIC OVERVIEW
 
With returns of all the major U.S. stock indices up strongly, 2010 will be remembered as a good year for stock investors. The S&P 500 finished with a total return of 15.1% and mid-cap and small-cap indices outpaced the broader indices, with returns well above 20%. But these returns were mostly a late-year phenomenon and it is easy to forget how rocky returns were for much of the period. After a rally in March and April, investors began to get nervous. The spreading sovereign debt crisis in Europe helped generate widespread fears of a double-dip recession. Throughout much of the summer the S&P 500, widely regarded as the best proxy for the U.S. stock market in general, was showing negative returns for the year.
 
Within the bond markets, we began this one-year period with a welcome calm. The yield curve was relatively stable, market volatility had moderated, and long-term yields marched higher. In this environment investors turned their attention to debating economic fundamentals while weighing the sustainability of the recent economic upturn. This atmosphere of calm belied persistent and fundamental economic challenges. The housing market continued to struggle, unemployment was persistently high, and European governments came under pressure. Despite these clouds, higher-risk U.S. bonds continued to lead the market.
 
Fear reemerged in the financial markets during the second quarter of 2010. After nearly a year of consistent gains from risk sectors (stocks, corporate bonds), turmoil in the European Union among sovereign bond issuers and the banks that finance them caused investors to seek the relative safety of the highest quality investments. In the U.S., that meant a sharp rally in Treasury yields, widening risk premiums on corporate bonds and declines in the broad equity indices. Just as the opening mood of the year had dissipated, this atmosphere of fear proved to be short lived as well.
 
In the year’s final quarter, just as economic indicators began to allay fears of a double-dip recession, the Federal Reserve Board sparked additional confidence with another round of quantitative easing, which became known as QEII. Bernanke essentially linked the Fed’s considerable monetary easing to an anticipated (or at least hoped for) rise in stock prices, which would in turn boost consumer confidence and ultimately spending. It seemed to work in the latter part of 2010, with the S&P 500 advancing 10.8% during the fourth quarter of 2010.
 
While the economy was not actually strong by historic norms, and the recovery remained sub-par, the probability of recession and deflation became increasingly unlikely. In addition, Europe was straddled with sovereign debt concerns, Japan remained mired in a weak growth/high deficit environment, and China was putting on the economic brakes to contain emerging inflation which provided further support for U.S. financial assets. From the lows in long-term yields in early October, interest rates rose nearly a full percentage point, driving down the value of existing bonds and muting bond returns for the one-year period.
 
OUTLOOK
 
Looking forward, we are encouraged by recent economic data. It would appear that moderate economic growth is in the cards for at least the first half of 2011. Generally, this would be considered a good backdrop for investors. Nonetheless, significant and cautionary macroeconomic issues
 
 
2
 


 
Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010

Outlook (concluded)
 
persist. Housing market data continues to disappoint. European sovereign debt issues remain while domestically, state and local governments struggle to meet their financial obligations. As with past economic recoveries, the economic data will likely be volatile and capital markets will respond similarly. Ironically, one of our current concerns is the level of investor complacency that has returned to financial markets. Current stock sentiment is strongly bullish, while volatility has declined to near three-year lows; from our perspective, this is cause for some short-term caution. Despite the jump in bond yields during the fourth quarter, long-term interest rates remain well below our estimate of fair value and we enter 2011 with a conservative bias.
 
 
3
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010
 

 
CONSERVATIVE ALLOCATION FUND
 
 
INVESTMENT STRATEGY HIGHLIGHTS
 
The Ultra Series Conservative Allocation Fund invests primarily in shares of registered investment companies (the "underlying funds"). The fund will be diversified among a number of asset classes and its allocation among underlying funds will be based on an asset allocation model developed by Madison Asset Management, LLC ("Madison"), the fund’s investment adviser.
 
The team may use multiple analytical approaches to determine the appropriate asset allocation:
 
 
•Asset allocation optimization analysis – considers the degree to which returns in different asset classes do or do not move together, and the fund’s aim to achieve a favorable overall risk profile for any targeted portfolio return.
 
•Scenario analysis – historical and expected return data is analyzed to model how individual asset classes and combinations of asset classes would affect the fund under different economic and market conditions.
 
•Fundamental analysis – draws upon Madison’s investment teams to judge each asset class against current and forecasted market condi-tions. Economic, industry and security analysis is used to develop return and risk expectations that may influence asset class selection.
 
In addition, Madison employs a risk management sleeve within the fund for the purpose of risk reduction when and if conditions exist that require reduction of equity exposure.
 

 
PERFORMANCE HISTORY
 

Cumulative Performance of $10,000 Investment Since Inception1,2
 
 
Average Annual Total Return through December 31, 20101
 
 
1 Year
 
3 Years
Since
6/30/06
Inception
Since
5/1/09
Inception
Class I Shares
8.37%
1.28%
3.33%
—
Class II Shares
8.10
—
—
13.86%
Conservative Allocation Fund Custom Index
10.15
3.60
5.72
14.52
Bank of America Merrill Lynch U.S. Corporate, Government & Mortgage Index
6.43
5.96
6.79
6.85

 
See accompanying Notes to Management’s Discussion of Fund Performance.
 
4
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010
 

Conservative Allocation Fund (concluded)
 

 
INVESTING ENVIRONMENT
 

2010 proved to be a very positive year for asset allocation funds. Returns for the year across asset classes were far from uniform. U.S. stocks, as measured by the Russell 3000¨ Index, finished the year up 16.9%, the international equity MSCI EAFE Index returned 8.2%, and the Barclays U.S. Aggregate Bond Index gained 6.5%. However, within each of these asset classes the underlying returns where largely skewed in favor of the riskier stocks and bonds. Here in the U.S., high beta stocks outgained lower beta and high quality stocks by a very wide margin. The same was true for capitalization size where small caps, generally regarded as lower in quality, outpaced large caps by over 11%. In bond land, "junk" bonds returned nearly 9% more than the investment grade Barclays U.S. Aggregate Bond Index. In short, it was a risk takers market in asset allocation for 2010.
 
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 12/31/10
Bond Funds
59%
Foreign Bond Funds
8%
Stock Funds
26%
Foreign Stock Funds
5%
Money Market Funds and Other Net Assets
2%

 

 
PERFORMANCE DISCUSSION
 

For the twelve-month period ended December 31, 2010, the Ultra Series Conservative Allocation Fund returned 8.37% (Class I shares), underperforming our Conservative Allocation Custom Index return of 10.15%. The fund’s relative underperformance was attributed to our risk aware posturing and preference for higher quality large cap equities. Despite our preference for higher quality investments, the fund was boosted by moderate positions in some higher risk bond funds with Templeton Global Bond Fund up 13.0% for the year, MEMBERS High Yield Bond Fund Class Y up 11.7%, and PIMCO Investment Grade Corporate Bond Fund up 11.7%. Detractors from performance relative to the index included Madison Mosaic Institutional Bond Fund which returned 4.4% for the year, MEM BERS Bond Fund Class Y which returned 4.9%, and MEMBERS International Stock Fund Class Y which returned 6.5%.
 
Overall, despite the fund’s relative underperformance, we were pleased with the fund’s absolute return given the moderate level of risk taken. In short, we believe the fund is well-positioned for the economic environment that we are encountering – an economy showing emerging signs of gaining some sustainable traction combined with atypically elevated downside risk potential.
 

 
FUND CHANGES
 

Notable additions to the fund’s holdings this year were:  PIMCO Investment Grade Corporate Bond Fund and Madison Mosaic Disciplined Equity Fund. Sold from the portfolio during 2010 were: Dodge & Cox Income Fund and Fairholme Fund.
 
 
5
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010
 

MODERATE ALLOCATION FUND
 
 
INVESTMENT STRATEGY HIGHLIGHTS
 
The Ultra Series Moderate Allocation Fund invests primarily in shares of registered investment companies (the "underlying funds"). The fund will be diversified among a number of asset classes and its allocation among underlying funds will be based on an asset allocation model developed by Madison Asset Management, LLC ("Madison"), the fund’s investment adviser.
 
The team may use multiple analytical approaches to determine the appropriate asset allocation:
 
 
•Asset allocation optimization analysis – considers the degree to which returns in different asset classes do or do not move together, and the fund’s aim to achieve a favorable overall risk profile for any targeted portfolio return.
 
•Scenario analysis – historical and expected return data is analyzed to model how individual asset classes and combinations of asset classes would affect the fund under different economic and market conditions.
 
•Fundamental analysis – draws upon Madison’s investment teams to judge each asset class against current and forecasted market conditions. Economic, industry and security analysis is used to develop return and risk expectations that may influence asset class selection.
 
In addition, Madison employs a risk management sleeve within the fund for the purpose of risk reduction when and if conditions exist that require reduction of equity exposure.
 

 
PERFORMANCE HISTORY
 

Cumulative Performance of $10,000 Investment Since Inception1,2
 
 
Average Annual Total Return through December 31, 20101
 
 
1 Year
 
3 Years
Since
6/30/06
Inception
Since
5/1/09
Inception
Class I Shares
10.22%
-2.48%
1.63%
—
Class II Shares
9.94
—
—
17.34%
Moderate Allocation Fund Custom Index
11.97
1.38
4.73
20.16
S&P 500 Index
15.06
-2.86
1.89
27.07

 
See accompanying Notes to Management’s Discussion of Fund Performance.
 
6
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010

Moderate Allocation Fund (concluded)
 

 
INVESTING ENVIRONMENT
 

2010 proved to be a very positive year for asset allocation funds. Returns for the year across asset classes were far from uniform. U.S. stocks, as measured by the Russell 3000¨ Index, finished the year up 16.9%, the international equity MSCI EAFE Index returned 8.2%, and the Barclays U.S. Aggregate Bond Index gained 6.5%. However, within each of these asset classes the underlying returns where largely skewed in favor of the riskier stocks and bonds. Here in the U.S., high beta stocks outgained lower beta and high quality stocks by a very wide margin. The same was true for capitalization size where small caps, generally regarded as lower in quality, outpaced large caps by over 11%. In bond land, "junk" bonds returned nearly 9% more than the investment grade Barclays U.S. Aggregate Bond Index. In short, it was a risk takers market in asset allocation for 2010.
 
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 12/31/10
Bond Funds
34%
Foreign Bond Funds
5%
Stock Funds
49%
Foreign Stock Funds
10%
Money Market Funds and Other Net Assets
2%

 

 
PERFORMANCE DISCUSSION
 

For the twelve-month period ended December 31, 2010, the Ultra Series Moderate Allocation Fund returned 10.22% (Class I shares), underperforming our Moderate Allocation Custom Index return of 11.97%. The fund’s relative underperformance was attributed to our risk aware posturing and preference for higher quality large cap equities. Despite our preference for higher quality investments, the fund was boosted by modest positions in small and mid caps with MEMBERS Small Cap Fund Class Y up 25.6% for the year and MEMBERS Mid Cap Fund Class Y up 19.6%. Detractors from relative performance included Madison Mosaic Institutional Bond Fund which returned 4.4% for the year, MEMBERS Bond Fund Class Y which returned 4.9%, MEMBERS International Stock Fund Class Y whic h returned 6.5%, and MEMBERS Large Cap Value Fund Class Y which returned 8.3%.
 
Overall, despite the fund’s relative underperformance, we were pleased with the fund’s absolute return given the moderate level of risk taken. In short, we believe the fund is well-positioned for the economic environment that we are encountering – an economy showing emerging signs of gaining some sustainable traction combined with atypically elevated downside risk potential.
 

 
FUND CHANGES
 

Notable additions to the fund’s holdings this year were: PIMCO Investment Grade Corporate Bond Fund, T. Rowe Price New Era Fund, Matthews Asian Growth & Income Fund, and Yacktman Fund. Sold from the portfolio during 2010 were: Dodge & Cox Income Fund and Fairholme Fund.
 
 
7
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010
 

AGGRESSIVE ALLOCATION FUND
 
INVESTMENT STRATEGY HIGHLIGHTS
 
The Ultra Series Aggressive Allocation Fund invests primarily in shares of registered investment companies (the "underlying funds"). The fund will be diversified among a number of asset classes and its allocation among underlying funds will be based on an asset allocation model developed by Madison Asset Management, LLC ("Madison"), the fund’s investment adviser.
 
The team may use multiple analytical approaches to determine the appropriate asset allocation:
 
 
•Asset allocation optimization analysis – considers the degree to which returns in different asset classes do or do not move together, and the fund’s aim to achieve a favorable overall risk profile for any targeted portfolio return.
 
•Scenario analysis – historical and expected return data is analyzed to model how individual asset classes and combinations of asset classes would affect the fund under different economic and market conditions.
 
•Fundamental analysis – draws upon Madison’s investment teams to judge each asset class against current and forecasted market conditions. Economic, industry and security analysis is used to develop return and risk expectations that may influence asset class selection.
 
In addition, Madison employs a risk management sleeve within the fund for the purpose of risk reduction when and if conditions exist that require reduction of equity exposure.
 

 
PERFORMANCE HISTORY
 

Cumulative Performance of $10,000 Investment Since Inception1,2
 
 
Average Annual Total Return through December 31, 20101
 
 
1 Year
 
3 Years
Since
6/30/06
Inception
Since
5/1/09
Inception
Class I Shares
11.15%
-5.74%
0.32%
—
Class II Shares
10.87
—
—
21.62%
Aggressive Allocation Fund Custom Index
13.09
-1.28
3.53
25.89
S&P 500 Index
15.06
-2.86
1.89
27.07

 
See accompanying Notes to Management’s Discussion of Fund Performance.
 
8
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010

Aggressive Allocation Fund (concluded)
 

 
INVESTING ENVIRONMENT
 

2010 proved to be a very positive year for asset allocation funds. Returns for the year across asset classes were far from uniform. U.S. stocks, as measured by the Russell 3000¨ Index, finished the year up 16.9%, the international equity MSCI EAFE Index returned 8.2%, and the Barclays U.S. Aggregate Bond Index gained 6.5%. However, within each of these asset classes the underlying returns where largely skewed in favor of the riskier stocks and bonds. Here in the U.S., high beta stocks outgained lower beta and high quality stocks by a very wide margin. The same was true for capitalization size where small caps, generally regarded as lower in quality, outpaced large caps by over 11%. In bond land, "junk" bonds returned nearly 9% more than the investment grade Barclays U.S. Aggregate Bond Index. In short, it was a risk takers market in asset allocation for 2010.
 
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 12/31/10
Bond Funds
7%
Foreign Bond Funds
3%
Stock Funds
74%
Foreign Stock Funds
14%
Money Market Funds and Other Net Assets
2%

 

 
PERFORMANCE DISCUSSION
 

For the twelve-month period ended December 31, 2010, the Ultra Series Aggressive Allocation Fund returned 11.15% (Class I shares), underperforming our Aggressive Allocation Custom Index return of 13.09%. The fund’s relative underperformance was attributed to our risk aware posturing and preference for higher quality large cap equities. Despite our preference for relatively higher quality investments, the fund was boosted by modest positions in small and mid caps with MEMBERS Small Cap Fund Class Y up 25.6% for the year and MEMBERS Mid Cap Fund Class Y up 19.6%. Also contributing positively to the fund’s return was our dedicated energy and natural resources position, T. Rowe Price New Era Fund which returned 21.0%. Detractors from relative performan ce included Hussman Strategic Growth Fund which returned -3.6% for the year, MEMBERS Bond Fund Class Y which returned 4.9%, MEMBERS International Stock Fund Class Y which returned 6.5%, and MEMBERS Large Cap Value Fund Class Y which returned 8.3%.
 
Overall, despite the fund’s relative underperformance, we were pleased with the fund’s absolute return given the moderate level of risk taken for an aggressive fund. In short, we believe the fund is well-positioned for the economic environment that we are encountering – an economy showing emerging signs of gaining some sustainable traction combined with atypically elevated downside risk potential.
 

 
FUND CHANGES
 

Notable additions to the fund’s holdings this year were: PIMCO Investment Grade Corporate Bond Fund, T. Rowe Price New Era Fund, Matthews Asian Growth & Income Fund, and Yacktman Fund. Fairholme Fund was sold from the portfolio during 2010.
 
 
9
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010
 

MONEY MARKET FUND
 

 
INVESTMENT STRATEGY HIGHLIGHTS
 
The Ultra Series Money Market Fund invests exclusively in U.S. dollar-denominated money market securities maturing in thirteen months or less from the date of purchase. These securities will be obligations of the U.S. Government and its agencies and instrumentalities, but may also include securities issued by U.S. and foreign financial institutions, corporations, municipalities, foreign governments, and multi-national organizations, such as the World Bank. The fund may invest in mortgage-backed and asset-backed securities, including those representing pools of mortgage, commercial, or consumer loans originated by credit unions or other financial institutions.
 
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 12/31/10
Fannie Mae
27%
Federal Home Loan Bank
26%
Freddie Mac
24%
U.S. Treasury Bills
8%
Commercial Paper
13%
Cash and Other Net Assets
2%

 
 
10
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010








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11
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010
 

BOND FUND
 

 
INVESTMENT STRATEGY HIGHLIGHTS
 
Under normal circumstances, the Ultra Series Bond Fund invests at least 80% of its assets in bonds. To keep current income relatively stable and to limit share price volatility, the fund emphasizes investment grade securities and maintains an intermediate (typically 3-6 year) average portfolio duration (a measure of a security’s price sensitivity to changes in interest rates). The fund also strives to minimize risk in the portfolio by making strategic decisions relating to credit risk and yield curve outlook. The fund may invest in corporate debt securities, U.S. Government debt securities, foreign government debt securities, non-rated debt securities, and asset-backed, mortgage-backed and commercial mortgage-backed securities.
 

 
PERFORMANCE HISTORY
 

Cumulative Performance of $10,000 Investment Since Inception1
 
 
Average Annual Total Return through December 31, 20101
 
1 Year
3 Years
5 Years
10 Years
Since
5/1/09
Inception
Class I Shares
5.92%
5.08%
4.86%
4.99%
—
Class II Shares
5.66
—
—
—
6.74%
Bank of America Merrill Lynch U.S. Corporate, Government & Mortgage Index
6.43
5.96
5.87
5.89
6.85


See accompanying Notes to Management’s Discussion of Fund Performance.
 
12
 

 
INVESTING ENVIRONMENT
 

During the twelve-month period ended December 31, 2010, at times it seemed as if the bond market was playing a game of "gotcha." During much of the middle of the period, the market built in an increased probability of a very soft economy and possible double dip recession. Interest rates rallied and spread products such as mortgage pass-throughs and corporate bonds showed some signs of spread widening. During the fourth quarter of 2010 that largely reversed as data appeared to gradually erase those concerns. We seemed to be more in a range trade that might broadly be defined by yields on the ten year Treasury of 2½ to 4%.
 
 
13
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010
 

Bond Fund (concluded)
 
In the final quarter of the period, we believed three events affected market perceptions the most. The first being the November elections. We believed the market interpreted the results causing the government to adopt a more business and economy friendly posture. The ultimate manifestation of that was the agreement in December to extend the "Bush" tax cuts, thereby removing concerns that tax policy would act as a deterrent to growth in the near term. Second, at almost the same time the Fed officially announced it would implement what has become known as QEII, a program to purchase an additional $600 billion of Treasury securities. This clearly signaled a ‘risk on’ trade for risk assets in the mind of the market. It may well have also caused the mar kets to expect increasing inflation expectations which are to some degree evident in the pricing of TIPS (Treasury inflation protected securities). Broadly speaking, both of these events therefore drove interest rates higher. There was an offsetting force: the turmoil in Europe. The bailouts of banking systems in both Ireland and previously Greece raised doubts with regard to the longer term sustainability of the economic and monetary union and European Union. This to a degree capped the risk trade and reminded investors of the safe(r) haven status of the dollar and U.S. Treasuries.
 
With all the twists and turns, 2010 still turned in a decent year for the portfolio and the market. During the course of the year ten-year Treasury yields declined from 3.84% to 3.29% while two-year Treasuries experienced a similar yield decline from 1.13% to 0.59%. Additionally, spread sectors such as corporate and mortgage securities benefitted from both their incremental yield and yield spread compression to meaningfully outperform Treasuries. As was the case in 2009, the further down the quality spectrum, the better the performance. High yield earned 9.8% in excess of what Treasuries of comparable duration earned. With BBB rated securities, the excess return was 4% while AA rated corporate securities earned ‘only’ 1.5% more than Treasuries. As noted above, the Fed yelled ‘risk on’ and the markets bought it. We do not believe this can be maintained indefinitely and anticipate some correction during 2011.
 
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 12/31/10
Asset Backed
2%
Corporate Notes and Bonds
26%
Mortgage Backed
24%
U.S. Government and Agency Obligations
44%
Cash and Other Net Assets
4%

 

 
PERFORMANCE DISCUSSION
 

For the twelve-month period ended December 31, 2010 the Ultra Series Bond Fund returned 5.92% (Class I shares) while the Bank of America Merrill Lynch U.S. Corporate, Government & Mortgage Index returned 6.43%. For the year, performance was negatively impacted the most by factors including the fund’s shorter duration, i.e., less interest rate risk, and to a lesser extent having an underweight position versus the index in mortgage securities and financials. These factors were somewhat offset from having an overweight position versus the index in both corporate bonds in general and BBB rated bonds in particular.
 
 
14
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010
 

HIGH INCOME FUND
 

 
INVESTMENT STRATEGY HIGHLIGHTS
 
The Ultra Series High Income Fund invests primarily in lower-rated, higher-yielding income bearing securities, such as "junk" bonds. Because the performance of these securities has historically been strongly influenced by economic conditions, the fund may emphasize security selection in business sectors that favor the economic outlook. Under normal market conditions, the fund invests at least 80% of its assets in bonds rated lower than investment grade (BBB/Baa) and their unrated equivalents or other high-yielding securities.
 

 
PERFORMANCE HISTORY
 

Cumulative Performance of $10,000 Investment Since Inception1
 
 
Average Annual Total Return through December 31, 20101
 
1 Year
3 Years
5 Years
10 Years
Since
10/31/00
Inception
Since
5/1/09
Inception
Class I Shares
11.73%
8.55%
7.37%
7.24%
7.12%
—
Class II Shares
11.45
—
—
—
—
17.50%
Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index
15.07
10.36
8.83
8.75
8.37
29.93

 
See accompanying Notes to Management’s Discussion of Fund Performance.


 
INVESTING ENVIRONMENT
 

The high yield market generated solid returns for the twelve-month period ended December 31, 2010, as the Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index gained 15.07%. The combination of lower default rates, significant refinancing activity and investor focus on yield enhancing strategies were key ingredients to the high yield market’s rally. Over the past twelve months, the U.S. economy has slowly begun to heal as GDP growth turned positive. Moreover, during the last month of the reporting period it became clear that investor sentiment has rotated from a period of "post recession anxiety" to a focus on "post recession recovery."
 
 
15
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010
 

High Income Fund (concluded)
 
The technical underpinnings of the high yield market remained solid for most of the past twelve months as record new issuance was readily absorbed by investors’ near insatiable demand for income producing assets. During the reporting period, high yield new issue supply set an all-time record as 653 new issues, totaling $302 billion, flooded the market. The vast majority of the new issuance was used to refinance existing debt. The significant access to capital for high yield issuers was a key contributor to lower default expectations. In fact, default rates declined further during the reporting period with Moody’s calculating a latest twelve month trailing default rate of 3.1% as of December 31, 2010.
 
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 12/31/10
Consumer Discretionary 
30%
Consumer Staples
6%
Energy
8%
Financials
2%
Health Care
8%
Industrials
17%
Information Technology
6%
Materials
6%
Telecommunication Services
7%
Utilities
5%
Cash and Other Net Assets
5%
 Consumer Discretionary includes securities in the following industries:  Auto Components; Consumer Finance; Hotels, Restaurants & Leisure; Household Durables; Leisure Equipment & Products; Media;Multiline Retail; Specialty Retail; and Textiles, Apparel & Luxury Goods.

 

 
PERFORMANCE DISCUSSION
 

The Ultra Series High Income Fund gained 11.73% (Class I shares) for the twelve-month period ended December 31, 2010. For the same time period, the Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index returned 15.07%. Detracting from the fund’s relative performance versus the index was the portfolio’s significant underweight position in the Financial sector (2.1% vs. 11.4%), and significant underweight position in Discount Bonds (0.5% vs. 5.6%), as these two sectors were among the best performing sectors within the Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index. Also detracting from the performance was the fund’s average cash weighting of approximately 2.6% during the period. Key contributors to the fund’s strong absolute performance during the reporting period were the fund’s bond holdings in the automotive, gaming, industrial and broadcast areas. Each of these industry holdings gained over 14.5% during the period. The fund’s convertible holdings also generated strong returns during the period, in excess of 19%.
 

 
FUND CHANGES
 

Over the last twelve months, the fund was an active participant in the new issue market by adding 46 new issues to the portfolio. The fund also increased its weighting in convertible bonds during the reporting period and its exposure to the Health Care, Media and Energy sectors. During the reporting period, the average price of the fund’s securities increased from $100.25 to $103.66, while the average credit rating remained at B/B2. At period end, the portfolio had no securities with a price less than $89. The top five industry weightings as of December 31, 2010 were Support Services, Health Care, Telecom, Diversified Media and Energy.
 
 
16
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010
 

DIVERSIFIED INCOME FUND
 

 
INVESTMENT STRATEGY HIGHLIGHTS
 
The Ultra Series Diversified Income Fund seeks income by investing in a broadly diversified array of securities including bonds, common stocks, real estate securities, foreign market bonds and stocks and money market instruments. Bonds, stock and cash components will vary, reflecting the portfolio managers’ judgments of the relative availability of attractively yielding and priced stocks and bonds. Generally, however, bonds will constitute up to 80% of the fund’s assets, stocks will constitute up to 60% of the fund’s assets, real estate securities will constitute up to 25% of the fund’s assets, foreign stocks and bonds will constitute up to 25% of the fund’s assets and money market instruments may constitute up to 25% of the fund& #8217;s assets. The fund intends to limit the investment in lower credit quality bonds to less than 50% of the fund’s assets. The balance between the two strategies of the fund (fixed income and equity investing) is determined after reviewing the risks associated with each type of investment, with the goal of meaningful risk reduction as market conditions demand. The fund typically sells a stock when the fundamental expectations for producing competitive yields at an acceptable level of price risk no longer apply, the price exceeds the intrinsic value or other stocks appear more attractive.
 

 
PERFORMANCE HISTORY
 

Cumulative Performance of $10,000 Investment Since Inception1
 
 
Average Annual Total Return through December 31, 20101
 
1 Year
3 Years
5 Years
10 Years
Since
5/1/09
Inception
Class I Shares
12.04%
2.48%
3.95%
3.23%
—
Class II Shares
11.77
—
—
—
15.86%
Bank of America Merrill Lynch U.S. Corporate, Government & Mortgage Index
6.43
5.96
5.87
5.89
6.85
Russell 1000¨ Index
16.10
-2.37
2.59
1.83
28.07

 
See accompanying Notes to Management’s Discussion of Fund Performance.
 
17
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010

Diversified Income Fund (concluded)
 

 
INVESTING ENVIRONMENT
 

2010 was a year that can be divided into thirds. During the first third of the year, the Russell 1000¨ Index rose at its high by about 10%. Riskier assets were greatly sought after as the "risk-on" trade was in favor. During the second third, or middle of the year, the Russell 1000¨ Index corrected by over 15% at its low as the economy faltered, and the "risk-off" trade was back in favor. In the final third of the year, when the Fed’s QE2 program was put into action, the Russell 1000¨ Index rallied by 25% through year-end, as the "risk-on" trade was once again back in favor.
 
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 12/31/10
Asset Backed
1%
Common Stocks
52%
Corporate Notes and Bonds
19%
Mortgage Backed
11%
U.S. Government and Agency Obligations
13%
Cash and Other Net Assets
4%

 

 
PERFORMANCE DISCUSSION
 

For the twelve-month period ended December 31, 2010, the Ultra Series Diversified Income Fund returned 12.04% (Class I shares), while the Bank of America Merrill Lynch U.S. Corporate, Government & Mortgage Index (the fund’s bond portion index) returned 6.43% and the Russell 1000¨ Index (the fund’s stock portion index) returned 16.10% . The fund’s representative market index is represented by these two separate indexes as a better reflection of the types of stocks and bonds typically held by the fund as described in the prospectus. For the period, we are pleased that the stock portion of the fund outperformed its index due to strong stock selection in most sectors and that, combined with strong bond performance, the fund’s overa ll performance reflects its blend of investments.
 
Within the stock portion of the fund (approximately 52% on December 31, 2010), Health Care sector holdings detracted from performance, while performance was boosted by our significant weighting and strong performance in the Consumer Staples, Financials, Energy, and Information Technology sectors. The fund’s higher quality stock holdings lagged during the risk-taking rallies while low quality stocks led the market, but held up much better during the correction period. Specifically, performance was led by Boeing Co., ConocoPhillips, Philip Morris International Inc., Microsoft Corp., and Honeywell International Inc.. Detracting from performance were Health Care stocks Pfizer Inc., Johnson & Johnson, and Merck & Co. Inc., which saw their earnings fal l short of expectations. In addition, Utility firm FirstEnergy Corp. saw its profits slip due to lower natural gas prices, and Lockheed Martin Corp. fell short of profit potential as it had large pension expenses.
 
The performance of the bond portion of the fund was significantly bolstered by its income orientation. More specifically, its overweighted allocation relative to the market to BBB rated securities and corporate bonds in general added both income and relative price appreciation in excess of the bond market.
 

 
FUND CHANGES
 

During 2010 the stock portion of the fund increased its weight in Energy and Information Technology, while decreasing its weight in the rallying Industrial sector. A midyear bond market rally gave us the opportunity to reduce the weights in the Utilities and Telecom sectors.
 
 
18
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010

EQUITY INCOME FUND
 

 
INVESTMENT STRATEGY HIGHLIGHTS
 
The Ultra Series Equity Income Fund invests primarily in common stocks of large-and mid-capitalization companies that are, in the view of the fund’s investment adviser, selling at a reasonable price in relation to their long-term earnings growth rates. The portfolio managers will allocate the fund’s assets among stocks in sectors of the economy based upon their expected earnings growth rates, adjusted to reflect their views on economic and market conditions and sector risk factors.
 
The fund will seek to generate current earnings from option premiums by writing (selling) covered call options on a substantial portion of its portfolio securities. The fund seeks to produce a high level of current income and current gains generated from option writing premiums and, to a lesser extent, from dividends. The extent of option writing activity will depend upon market conditions and the portfolio manager’s ongoing assessment of the attractiveness of writing call options on the fund’s stock holdings. In addition to providing income, covered call writing helps to reduce the volatility (and risk profile) of the fund by providing downside protection.
 

 
PERFORMANCE HISTORY
 

Cumulative Performance of $10,000 Investment Since Inception1,2
 
 
Average Annual Total Return through October 31, 20102
 
Since
4/30/10
Inception
Class I Shares
6.24%
Class II Shares
6.07
S&P 500 Index
7.49
CBOE BuyWrite Monthly Index
4.96

 
See accompanying Notes to Management’s Discussion of Fund Performance.
 
19
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010

Equity Income Fund (concluded)
 

 
INVESTING ENVIRONMENT
 

The Ultra Series Equity Income Fund began its existence on April 30, 2010 and the subsequent correction in equity prices, which lasted through the end of June, provided an opportunity to become fully invested at attractive levels. Following the correction, equities recovered quite strongly through year end. The upward surge, particularly during the fourth quarter, hindered the ability of the fund to keep pace as many underlying stock positions moved above the strike prices on their call options (the prices at which the holder of a stock option may purchase the stock) . In addition, as stocks moved higher, a number of stock positions were called away on option expirations. This led to an increase in the fund’s cash position which was reinvested in a cauti ously opportunistic fashion but proved to be a head wind in a fast rising market. These factors primarily attributed to the fund underperforming the S&P 500 from the inception day through year end.
 
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 12/31/10
 
Fund
S&P 500
Consumer Discretionary
13%
10%
Consumer Staples
–
11%
Energy
11%
12%
Financials
19%
16%
Health Care
18%
11%
Industrials
2%
11%
Information Technology
22%
19%
Materials
–
4%
Telecommunication Services
–
3%
Utilities
–
3%
Exchange-Traded Fund
4%
–
Cash and Other Net Assets
11%
–

 

 
PERFORMANCE DISCUSSION
 

For the period ended December 31, 2010, the fund outperformed the CBOE Buy-Write Index (BXM) which is the passive benchmark for a covered call strategy on the S&P 500. From inception through period end, the fund rose 6.24% versus a 4.96% return for the CBOE Buy-Write Index and a 7.49% return for the S&P 500 Index.
 
In 2010, the fund benefitted from the strong moves in many underlying holdings as call options were written (sold) meaningfully out-of-the-money (option’s strike price is higher than the market price of the underlying stock) in the early portion of the period. Although not fully capturing the entirety of stock’s gains, significantly more upside was captured relative to a strategy focusing only on achieving the highest premium income. Many fund positions achieved returns greater that the S&P 500 Index despite having call option strike prices which limited their upside potential. Such holdings included, Varian Semiconductor, Google, Mylan Labs, Goldman Sachs and Morgan Stanley. These positions also benefitted from option premium income in additio n to the gains in stock price. Some weakness was observed in holdings which had disappointing earnings releases such as Best Buy, EOG Resources and Cisco Systems. Similarly, the downside of weaker holdings was buffeted by the presence of call options written.
 

 
FUND CHANGES
 

The primary change to the fund during the period was to increase the percentage of the fund covered by call options as the stock market moved higher. As of year-end, 89.2% of the fund’s holding were covered by call options as opposed to 68.9% at the end of June. In addition, call options most recently have been written closer-to-the-money (when the price of the underlying stock surpasses the strike price) in observance of the strong rally which we have witnessed over the past five months. At year-end, the fund was conservatively positioned in advance of what we believe will be a more volatile period ahead.
 
 
20
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010

LARGE CAP VALUE FUND
 

 
INVESTMENT STRATEGY HIGHLIGHTS
 
The Ultra Series Large Cap Value Fund will, under normal market conditions, invest primarily in large cap stocks. The fund follows a "value" approach, meaning the portfolio managers seek to invest in stocks at prices below their perceived intrinsic value as estimated based on fundamental analysis of the issuing company and its prospects. By investing in value stocks, the fund attempts to limit the downside risk over time but may also produce smaller gains than other stock funds if their intrinsic values are not realized by the market or if growth-oriented investments are favored by investors. The fund will diversify its holdings among various industries and among companies within those industries. The fund typically sells a stock when the fundamental expectati ons for buying it no longer apply, the price exceeds its intrinsic value or other stocks appear more attractively priced relative to their intrinsic values.
 

 
PERFORMANCE HISTORY
 

Cumulative Performance of $10,000 Investment Since Inception1
 
 
Average Annual Total Return through December 31, 20101
 
1 Year
3 Years
5 Years
10 Years
Since
5/1/09
Inception
Class I Shares
8.29%
-6.80%
-0.37%
0.27%
—
Class II Shares
8.02
—
—
—
20.31%
Russell 1000¨ Value Index
15.51
-4.42
1.28
3.26
27.47

 
See accompanying Notes to Management’s Discussion of Fund Performance.
 
21
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010

Large Cap Value Fund (concluded)
 

 
INVESTING ENVIRONMENT
 

2010 was a year that can be viewed in thirds. During the first third of 2010 the Russell 1000¨ Value Index rose by over 10%. Riskier assets such as stocks of highly levered firms rallied sharply, and the "risk-on" trade was rewarded. During the second third, or middle of the year, the Value Index experienced a 15% correction, and the "risk-off" trade outperformed riskier assets. In the final third of the year, when the Fed’s QE2 program was put into action, the Value Index rallied by over 20% from its midyear low, and the "risk-on" trade was once again rewarded.
 
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 12/31/10
 
Fund
Russell 1000¨ Value Index
Consumer Discretionary
6%
8%
Consumer Staples
10%
10%
Energy
16%
13%
Financials
20%
28%
Health Care
15%
12%
Industrials
9%
9%
Information Technology
13%
5%
Materials
3%
3%
Telecommunication Services
3%
5%
Utilities
3%
7%
Cash and Other Net Assets
2%
–

 

 
PERFORMANCE DISCUSSION
 

For the twelve-month period ended December 31, 2010, the Ultra Series Large Cap Value Fund return of 8.29% lagged the Russell 1000¨ Value Index return 15.51%. Much of the fund’s lag versus the benchmark built up during the early portion of the year, and the fund was unable to completely close the gap during the subsequent midyear correction when the market shifted to higher quality stocks. The fund’s underperformance gap further increased during the last third of the year when riskier assets once again found favor.
 
Energy stocks were the biggest detriment to performance during the period. While the fund’s larger oil related issues performed well, its holdings in natural gas related firms, as well as energy equipment and services stocks underperformed. The largest individual detractors from fund performance included the Energy firms Southwestern Energy Co. and Noble Corp. An abundance of industry-wide production kept natural gas prices low, which crimped Southwestern Energy Co.’s profits, while the disruption in drilling activity in the Gulf of Mexico hurt Noble Corp.’s profits. The Utility firm Exelon Corp. also detracted from performance, as lower natural gas prices brought profits down in their wholesale business. In addition, fund performance versus the index was weak in the Industrial, Financial, and Information Technology sectors.
 
Offsetting some of the losses include strong performance from several fund holdings. Stocks which aided performance included Berkshire Hathaway Inc. Class B, and the mid-sized firms AutoZone, Inc., KeyCorp, and Darden Restaurants Inc.
 

 
FUND CHANGES
 

During the period the fund reduced its sector weight in the Energy and Consumer Discretionary sectors. Conversely, the fund increased its sector weight in Information Technology and Consumer Staples. Although Treasury interest rates fell and dividend yields generally fell as stock prices rose, the fund found many attractive above average dividend yield stocks to purchase, and the dividend yield on the fund’s stocks rose from 2.3% to 2.6% during 2010.
 
 
22
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010

LARGE CAP GROWTH FUND
 

 
INVESTMENT STRATEGY HIGHLIGHTS
 
The Ultra Series Large Cap Growth Fund invests primarily in common stocks of larger companies and will, under normal market conditions, maintain at least 80% of its assets in large cap stocks. The fund follows a "growth" approach, meaning the portfolio managers seek stocks that have low market prices relative to their perceived growth capabilities as estimated based on fundamental analysis of the issuing companies and their prospects. The fund typically seeks higher earnings growth capabilities in the stocks it purchases, and may include some companies undergoing more significant changes in their operations or experiencing significant changes in their markets. The fund will diversify its holdings among various industries and among companies within those indust ries. The fund has an active trading strategy which will lead to more portfolio turnover than a more passively-managed fund. The fund typically sells a stock when the fundamental expectations for buying it no longer apply, the price exceeds its perceived value or other stocks appear more attractively priced relative to their prospects.
 

 
PERFORMANCE HISTORY
 

Cumulative Performance of $10,000 Investment Since Inception1
 
 
Average Annual Total Return through December 31, 20101
 
1 Year
3 Years
5 Years
10 Years
Since
5/1/09
Inception
Class I Shares
12.13%
-0.96%
3.32%
0.56%
—
Class II Shares
11.85
—
—
—
22.91%
Russell 1000¨ Growth Index
16.71
-0.47
3.75
0.02
28.67

 
See accompanying Notes to Management’s Discussion of Fund Performance.
 
23
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010

 
Large Cap Growth Fund (concluded)
 

 
INVESTING ENVIRONMENT
 

"Risk on, Risk off, Risk on again" best describes the 2010 stock market environment. Large, macroeconomic issues were key drivers of stock prices last year: sovereign debt crisis, foreclosures, saber rattling, regulatory reform, QE2, and elections dominated headlines. While the market ended up for the year, insight into how these large factors influenced individual companies was often limited. Generally, lower quality, more cyclical stocks led the advance.  
 
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 12/31/10
 
Fund
Russell 1000¨ Growth Index
Consumer Discretionary
6%
15%
Consumer Staples
10%
9%
Energy
16%
11%
Financials
20%
5%
Health Care
15%
10%
Industrials
9%
13%
Information Technology
13%
31%
Materials
3%
5%
Telecommunication Services
3%
1%
Utilities
3%
–
Cash and Other Net Assets
2%
–

 

 
PERFORMANCE DISCUSSION
 

We had positive returns in excess of 10%, but a disappointment relative to benchmark returns exceeding 15%. For the twelve-month period ended December 31, 2010 the Ultra Series Large Cap Growth Fund returned 12.13% (Class I shares), trailing the Russell 1000 Growth Index return of 16.71%. Not owning any gold or copper stocks within the fund was a detriment as was our modest commitment to the consumer. Commodities by definition are highly cyclical and difficult to analyze correctly. Generally we avoid areas of the market where we have little meaningful insight. The strength in consumer stocks surprised many market participants given the high unemployment rate and reduced home equity. As a growth manager, generally we seek investments with strong fundamental dri vers of earnings.
 
Individually, performance was impeded by the fund’s significant investment in Visa. The stock was down in an up market in reaction to surprisingly negative federal regulatory reform. We believe Visa will be able to successfully manage through the imposed changes and therefore remain committed to the stock.
 
Stock selection in financial services helped performance. We sought to avoid credit problems by investing in Axis Holdings, an insurance company. The stock rose more than 25% last year. We also correctly anticipated a shift in the flow of funds out of bonds and into stocks. Our investment in TRowe Price rose more than 25% for the year.
 

 
FUND CHANGES
 

We believe consumer spending will continue to be limited due to credit constraints.  Consequently we are retaining only modest portfolio exposure in the Consumer sectors. Alternatively, many corporations have large cash balances which we think will begin to be deployed in 2011. Consequently, we tend to favor stocks related more to business spending over those related to consumer spending. We also are favoring the Energy and Industrial sectors given our perception of the durability of the global economic recovery as well as the absence of onerous regulation in many of these industries. Lastly, we are interested in many areas of innovation in technology. Profitable growth opportunities appear likely in some internet related businesses as social network ing and mobile computing continue to develop.
 
 
24
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010

MID CAP FUND
 

 
INVESTMENT STRATEGY HIGHLIGHTS
 
The Ultra Series Mid Cap Fund generally invests in common stocks of midsize companies and will, under normal market conditions, maintain at least 80% of its assets in mid cap securities. However, the fund will not automatically sell a stock because its market capitalization has changed and such positions may be increased through additional purchases. The fund seeks attractive long-term returns through bottom-up security selection based on fundamental analysis in a diversified portfolio of high-quality growth companies with attractive valuations. These will typically be industry leading companies in niches with strong growth prospects. The fund’s portfolio managers believe in selecting stocks for the fund that show steady, sustainable growth and reasonabl e valuations. As a result, stocks of issuers that are believed to have a blend of both value and growth potential will be selected for investment. Stocks are generally sold when target prices are reached, company fundamentals deteriorate or more attractive stocks are identified.
 

 
PERFORMANCE HISTORY
 

Cumulative Performance of $10,000 Investment Since Inception1
 
 
Average Annual Total Return through December 31, 20101
 
1 Year
3 Years
5 Years
10 Years
Since
5/1/09
Inception
Class I Shares
20.12%
-2.06%
2.56%
-0.35%
—
Class II Shares
19.82
—
—
—
28.03%
Russell Midcap¨ Growth Index
26.38
0.97
4.88
3.12
36.17
Russell Midcap¨ Index
25.48
1.05
4.66
6.54
36.33

 
See accompanying Notes to Management’s Discussion of Fund Performance.


 
INVESTING ENVIRONMENT
 

During the twelve-month period ended December 31, 2010, mid cap stocks performed well despite a multi-month correction that occurred over the summer. The period began with a continuation of the 2009 rally where investors embraced prospects of an economic recovery. That rally paused as a correction began in April. Investors worried about the sovereign debt crisis in Europe, the scope of financial reform and the tragic oil spill in the Gulf
 
 
25
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010

Mid Cap Fund (concluded)
 
of Mexico. These issues were put on the back burner in September as the Federal Reserve announced its intentions to provide another round of quantitative easing. With the Fed once again likely to print money, investors embraced riskier cyclical assets including securities with volatile earnings histories, and stock markets rallied strongly to finish the year.
 
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 12/31/10
 
Fund
Russell Midcap¨ Index
Consumer Discretionary
14%
15%
Consumer Staples
4%
6%
Energy
9%
9%
Financials
22%
19%
Health Care
13%
9%
Industrials
14%
13%
Information Technology
12%
14%
Materials
6%
6%
Telecommunication Services
2%
3%
Utilities
0%
6%
Cash and Other Net Assets
4%
–

 

 
PERFORMANCE DISCUSSION
 

For the twelve-month period ended December 31, 2010, the Ultra Series Mid Cap Fund increased 20.12% (Class I shares), underperforming the Russell Midcap¨ Index return of 25.48%. Even though we produced strong absolute returns, the period was challenging for the fund as cyclical stocks performed better than stocks with more consistent earnings profiles.
 
Our holdings in the Energy and Industrial sectors accounted for almost all of the fund’s relative underperformance. Low natural gas prices hurt exploration & production companies Southwestern Energy Co. and EOG Resources Inc. The Deepwater Horizon oil spill and the subsequent drilling moratorium negatively impacted Noble Corp., which has assets in the Gulf of Mexico. Used construction equipment auctioneer Ritchie Bros Auctioneers, Inc., engineering and construction firm Jacobs Engineering Group, Inc. and used car auctioneer Copart, Inc. were notable underperformers in the Industrial sector. Our assessments of these companies remains positive, and we added to many of the aforementioned underperformers.
 
Partially offsetting the underperformance, our Financial and Consumer stocks performed well relative to the index. Commercial real estate operating company Brookfield Properties Corp. and global infrastructure asset manager Brookfield Asset Management, Inc., Class A contributed nicely to performance. Consumer Staples stock picking was another area of strength as retail pharmacy Walgreen, spice manufacturer McCormick & Co., Inc. and Brown-Forman Corp., a multi-national spirits company, were additive to returns.
 

 
FUND CHANGES
 

Our exposure to Financial stocks increased during the period, particularly in insurance and asset management. We added to insurance broker Brown & Brown, Inc., and specialty insurer Markel Corp. Other additions included Brookfield Asset Management, Inc., Class A and SEI Investments Co. We maintain an overweight position in Financials as we believe valuations are attractive.
 
The combination of rising valuations and heightened investor expectations caused us to reduce our exposure to more cyclical sectors such as Industrials and Consumer Discretionary stocks during the period.
 
 
26
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010

SMALL CAP FUND
 

 
INVESTMENT STRATEGY HIGHLIGHTS
 
The Ultra Series Small Cap Fund invests primarily in a diversified mix of common stocks of small cap U.S. companies that are believed to be undervalued by various measures and offer sound prospects for capital appreciation. The portfolio managers employ a value-oriented investment approach in selecting stocks, using proprietary fundamental research to identify securities of companies they believe have attractive valuations. The portfolio managers focus on companies with a record of above average rates of profitability that sell at a discount relative to the overall small cap market. Through fundamental research, the portfolio managers seek to identify those companies that possess one or more of the following characteristics: sustainable competitive advantages within a market niche; strong profitability and free cash flows; strong market share positions and trends; quality of and share ownership by management; and financial structures that are more conservative than the relevant industry average.
 

 
PERFORMANCE HISTORY
 

Cumulative Performance of $10,000 Investment Since Inception1
 
 
Average Annual Total Return through December 31, 20101
 
 
1 Year
 
3 Years
Since
5/1/07
Inception
Since
5/1/09
Inception
Class I Shares
26.80%
7.49%
3.20%
—
Class II Shares
26.48
—
—
35.63%
Russell 2000¨ Value Index
24.50
2.19
-1.70
33.08
Russell 2000¨ Index
26.85
2.22
0.36
34.59

 
See accompanying Notes to Management’s Discussion of Fund Performance.


 
INVESTING ENVIRONMENT
 

U.S. equities were volatile during the twelve-month period ended December 31, 2010, moving higher early in the period on strong corporate earnings and generally favorable economic data before succumbing in the second quarter to escalating global growth concerns and sovereign debt challenges in Europe. Equity markets rebounded in the third quarter and continued their ascent through the end of the year as investors shrugged off sovereign debt fears in Europe and embraced strong earnings growth, generally improving
 
 
27
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010

Small Cap Fund (concluded)
 
economic data, the extension of US tax cuts, and continued high levels of global liquidity. Returns were strong across capitalizations and styles. Growth stocks (+29.1%) outperformed value (+24.5%), while small cap stocks (+26.9%) led their larger peers (+15.1%), as measured by the Russell 2000 Growth, Russell 2000 Value, Russell 2000, and S&P 500 indices, respectively. Sector performance was strong, with all sectors of the benchmark posting double-digit gains for the period. Information Technology, Materials, and Consumer Discretionary led the market higher while Health Care and Telecommunication Services posted more modest gains.
 
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 12/31/10
 
Fund
Russell 2000¨ Index
Consumer Discretionary
17%
14%
Consumer Staples
3%
3%
Energy
4%
6%
Financials
23%
20%
Health Care
8%
12%
Industrials
23%
16%
Information Technology
8%
19%
Materials
5%
6%
Telecommunication Services
0%
1%
Utilities
5%
3%
Cash and Other Net Assets
4%
–

 

 
PERFORMANCE DISCUSSION
 

For the twelve-month period ended December 31, 2010, the Ultra Series Small Cap Fund returned 26.80% (Class I shares), in-line with the Russell 2000¨ Index, which returned 26.85%.
 
The Fund benefited from strong security selection among our Consumer Staples and Industrials holdings. Positive results in the Consumer Staples sector were driven by investments in Herbalife, a direct marketer of health and nutrition products, and Midwest convenience store operator Casey’s General Stores. In Industrials, Belden, a producer of electronic cables and connectivity products for the specialty electronics and data-networking markets, was a leading contributor to relative performance. Radio ratings firm Arbitron (Consumer Discretionary) was also among the Fund’s top performers.
 
Among the largest sources of relative weakness were the fund’s Materials and Information Technology holdings. In both sectors relative performance suffered due to not holding several benchmark names that outperformed, and due to a position that gained but trailed its sector peers. In Materials the holding was cleaning products company Zep; in Information Technology it was ATM provider Diebold. Health Care was another source of underperformance. Investments in ICU Medical, a manufacturer of safety medical systems to prevent bloodstream infections and accidental needlesticks, and health care facilities firm Amsurg had a negative impact. Other sources of relative weakness included Penn Virginia (Energy), MB Financial (Financials), and Lance (Consumer Staple s).
 
Relative performance also was negatively impacted by relative sector exposures, a residual of our bottom-up stock selection process. A below-benchmark weight in the Information Technology sector and an above-benchmark weight in the Financials sectors detracted from relative results.
 

 
FUND CHANGES
 

The fund’s investment approach emphasizes individual stock selection; sector weights are a residual of our bottom-up investment process. We do, however, carefully consider diversification across economic sectors to limit risk. Based on bottom-up stock decisions, exposure to Financials increased and exposure to Information Technology fell. In Financials, we established new positions in Northwest Bancshares and Amerisafe and added to our position in Reinsurance Group of America. Exposure to Information Technology declined as we eliminated Xyratex and trimmed our investments in Maximus and Electronics for Imaging.
 
 
28
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010

INTERNATIONAL STOCK FUND
 

 
INVESTMENT STRATEGY HIGHLIGHTS
 
The Ultra Series International Stock Fund will invest, under normal market conditions, primarily in foreign equity securities. Typically, a majority of the fund’s assets are invested in relatively large capitalization stocks of companies located or operating in developed countries. The fund may also invest up to 30% of its assets in securities of companies whose principal business activities are located in emerging market countries. The portfolio managers typically maintain this segment of the fund’s portfolio in such stocks which it believes have a low market price relative to their perceived value based on fundamental analysis of the issuing company and its prospects. The fund may also invest in foreign debt and other income bearing securities at times when it believes that income bearing securities have greater capital appreciation potential than equity securities.
 

 
PERFORMANCE HISTORY
 

Cumulative Performance of $10,000 Investment Since Inception1
 
 
Average Annual Total Return through December 31, 20101
 
1 Year
3 Years
5 Years
10 Years
Since
5/1/09
Inception
Class I Shares
7.09%
-5.62%
3.07%
5.06%
—
Class II Shares
6.83
—
—
—
23.00%
MSCI EAFE Index
8.21
-6.55
2.94
3.94
26.07

 
See accompanying Notes to Management’s Discussion of Fund Performance.


 
INVESTING ENVIRONMENT
 

International equity markets followed the strong rebound of 2009 with another strong rise in 2010.  The economic environment was broadly stable in most developed markets, while growth in emerging markets remained strong.  Low equity valuations were sufficient to drive shares up during the year, especially in the fourth quarter, as macroeconomic concerns eased and we saw continued unconventional policy measures from the U.S. Federal Reserve.  
 
In Europe, governments began to address their weak fiscal position. In the United Kingdom and in a number of Eurozone countries, notably Greece, Ireland, and Spain, the proposals have been aggressive. The year saw increasing
 
 
29
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010

International Stock Fund (concluded)
 
pressure on the Eurozone, as the lack of a common fiscal policy exposed deep divisions on how to respond to a debt crisis within one of its members.  So far, the response has been one of crisis management, as Greece and then Ireland received financial assistance, but a permanent solution is still required.
 
In this environment, the strongest performers of 2010 were many emerging market stocks, and the more cyclical stocks in developed markets. In emerging markets, the focus was on low-valued consumer stocks. In developed markets, industrials, materials, and automobile stocks rose strongly, especially in the later part of the year. Less cyclical sectors, such as health care and utilities, made little progress. Despite low valuations, banks were generally weak during 2010, especially if they had exposure to the Eurozone.  
 
GEOGRAPHICAL ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 12/31/10
Europe (excluding United Kingdom)
35%
Japan
18%
Latin America
4%
Pacific Basin
6%
United Kingdom
28%
Other Countries
6%
Cash and Other Net Assets
3%

 

 
PERFORMANCE DISCUSSION
 

For the twelve-month period ended December 31, 2010, the Ultra Series International Stock Fund returned 7.09%, slightly underperforming the MSCI EAFE Index which returned 8.21%.
 
The largest drag on the fund’s performance over the year was low exposure to and stock selection in the Industrials sector, which performed well on improved global demand and capital expenditure growth. Within the sector, positions in Atlantia and TNT hurt performance.  Additionally, the fund’s low exposure to the Materials sector detracted from returns, as the sector performed well on renewed demand and commodity price strength. Stock selection partially offset the negative allocation effect as positions in Xstrata and Potash Corp. of Saskatchewan, which were purchased at the beginning of the year, performed well. Potash’s performance was due partly to receiving a take-out bid from BHP.
 
Although Financials generally performed poorly, partly due to concerns over sovereign debt, stock selection in this sector helped performance.  Stock selection in the banks and real estate industries were among the drivers of positive performance.  Positions in U.K. banks Barclays and Lloyds, emerging markets bank Banco do Brasil, and Japanese real estate company Daito Trust Construction contributed to positive returns.  Stock selection in the Energy sector also contributed to positive relative returns. Selling BP, soon after the oil spill in the Gulf of Mexico, proved to be a wise decision.  Positions in oil services companies Aker Solutions and Technip were also beneficial, as they benefited from increased confidence i n expected capital spending.
 

 
FUND CHANGES
 

Throughout the year, the biggest changes in our active sector weights were increases in Consumer Discretionary and Information Technology and decreases in Industrials and Telecom Services.  The biggest changes in our active regional weights were increases in the U.K. and in Japan and decreases in Continental Europe and Asia ex-Japan.  Both sets of changes were the result of our bottom-up stock selection process as positions were bought and sold, based on our fundamental analysis of individual securities.  Examples include purchases of automobile parts company Valeo and Japanese retailer Don Quijote and sales of Swiss bank Credit Suisse and Turkish telecom services company Turkcell.
 
 
30
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010

TARGET RETIREMENT 2020 FUND
 

 
INVESTMENT STRATEGY HIGHLIGHTS
 
The Ultra Series Target Retirement 2020 Fund invests primarily in shares of registered investment companies (the "underlying funds") according to an asset allocation strategy developed by Madison Asset Management, LLC ("Madison"), the fund’s investment adviser, for investors planning to retire in or within a few years of 2020. Over time, the fund’s asset allocation will become more conservative until it reaches approximately 15-30% in stock funds and 70-85% in bond funds. The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period.
 
On a periodic basis, Madison will evaluate and sometimes revise the fund’s asset allocations, including revising the asset class weightings and adding and/or removing underlying funds. Madison will also monitor the underlying funds on an ongoing basis and may increase or decrease the fund’s investment in one or several underlying funds. The underlying fund selections are made based on several considerations, including the fund’s style or asset class exposures, portfolio characteristics, risk profile, and investment process.
 

 
PERFORMANCE HISTORY
 

Cumulative Performance of $10,000 Investment Since Inception1
 
 
Average Annual Total Return through December 31, 20101
 
1 Year
3 Years
Since
10/1/07
Inception
Ultra Series Target Retirement 2020, Class I
9.01%
-3.13%
-3.47%
Dow Jones Global Target 2020 Index
12.26
1.80
1.59

 
See accompanying Notes to Management’s Discussion of Fund Performance.
 
31
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010

Target Retirement 2020 Fund (concluded)
 

 
INVESTING ENVIRONMENT
 

2010 proved to be a very positive year for asset allocation funds. However, returns for the year across asset classes were far from uniform. U.S. stocks, as measured by the Russell 3000¨ Index, finished the year up 16.9%, the international equity MSCI EAFE Index returned 8.2%, and the Barclays U.S. Aggregate Bond Index gained 6.5%. However, within each of these asset classes the underlying returns where largely skewed in favor of the riskier stocks and bonds. Here in the U.S., high beta stocks outgained lower beta and high quality stocks by a very wide margin. The same was true for capitalization size where small caps, generally regarded as lower in quality, outpaced large caps by over 11%. In bond land, "junk" bonds returned nearly 9% more than the inves tment grade Barclays U.S. Aggregate Bond Index. In short, it was a risk takers market in asset allocation for 2010.
 
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 12/31/10
Bond Funds
35%
Foreign Bond Funds
7%
Stock Funds
47%
Foreign Stock Funds
8%
Money Market Funds and Other Net Assets
3%

 

 
PERFORMANCE DISCUSSION
 

For twelve-month period ended December 31, 2010, the Ultra Series Target Retirement 2020 Fund returned 9.01% (Class I shares), underperforming the Dow Jones Global Target 2020 Index return of 12.26%. The fund’s relative underperformance was attributed to our risk aware posturing, conservative glide path, and preference for higher quality large cap equities. Despite our preference for higher quality investments, the fund was boosted by modest positions in small caps with MEMBERS Small Cap Fund Class Y up 25.6% for the year, in addition to our energy and natural resources position in T. Rowe Price New Era which returned 21.0%. Detractors from performance relative to the index included Hussman Strategic Growth which returned -3.6% for the year, MEMBERS Bond Fund Class Y which returned 4.9%, MEMBERS International Stock Fund Class Y which returned 6.5%, and MEMBERS Large Cap Value Fund Class Y which returned 8.3%.
 
Overall, despite the fund’s relative underperformance, we were pleased with the fund’s absolute return given the moderate level of risk taken. In short, we believe the fund is well-positioned for the economic environment that we are encountering – an economy showing emerging signs of gaining some sustainable traction combined with atypically elevated downside risk potential.
 

 
FUND CHANGES
 

Notable additions to the fund’s holdings this year were: PIMCO Investment Grade Corporate Bond Fund, Madison Mosaic Disciplined Equity Fund, T. Rowe Price New Era Fund, Matthews Asian Growth & Income Fund, and Yacktman Fund. Sold from the portfolio during 2010 were: Dodge & Cox Income Fund and Fairholme Fund.
 
 
32
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010

TARGET RETIREMENT 2030 FUND
 

 
INVESTMENT STRATEGY HIGHLIGHTS
 
The Ultra Series Target Retirement 2030 Fund invests primarily in shares of registered investment companies (the "underlying funds") according to an asset allocation strategy developed by Madison Asset Management, LLC ("Madison"), the fund’s investment adviser, for investors planning to retire in or within a few years of 2030. Over time, the fund’s asset allocation will become more conservative until it reaches approximately 15-30% in stock funds and 70-85% in bond funds. The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period.
 
On a periodic basis, Madison will evaluate and sometimes revise the fund’s asset allocations, including revising the asset class weightings and adding and/or removing underlying funds. Madison will also monitor the underlying funds on an ongoing basis and may increase or decrease the fund’s investment in one or several underlying funds. The underlying fund selections are made based on several considerations, including the fund’s style or asset class exposures, portfolio characteristics, risk profile, and investment process.
 

 
PERFORMANCE HISTORY
 

Cumulative Performance of $10,000 Investment Since Inception1
 
 
Average Annual Total Return through December 31, 20101
 
1 Year
3 Years
Since
10/1/07
Inception
Ultra Series Target Retirement 2030, Class I
9.56%
-4.01%
-4.46%
Dow Jones Global Target 2030 Index
15.60
0.58
0.05

 
See accompanying Notes to Management’s Discussion of Fund Performance.
 
33
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010

Target Retirement 2030 Fund (concluded)
 

 
INVESTING ENVIRONMENT
 

2010 proved to be a very positive year for asset allocation funds. However, returns for the year across asset classes were far from uniform. U.S. stocks, as measured by the Russell 3000¨ Index, finished the year up 16.9%, the international equity MSCI EAFE Index returned 8.2%, and the Barclays U.S. Aggregate Bond Index gained 6.5%. However, within each of these asset classes the underlying returns where largely skewed in favor of the riskier stocks and bonds. Here in the U.S., high beta stocks outgained lower beta and high quality stocks by a very wide margin. The same was true for capitalization size where small caps, generally regarded as lower in quality, outpaced large caps by over 11%. In bond land, "junk" bonds returned nearly 9% more than the inves tment grade Barclays U.S. Aggregate Bond Index. In short, it was a risk takers market in asset allocation for 2010.
 
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 12/31/10
Bond Funds
26%
Foreign Bond Funds
6%
Stock Funds
54%
Money Market Funds and Other Net Assets
3%
Foreign Stock Funds
11%

 

 
PERFORMANCE DISCUSSION
 

For twelve-month period ended December 31, 2010, the Ultra Series Target Retirement 2030 Fund returned 9.56% (Class I shares), underperforming the Dow Jones Global Target 2030 Index return of 15.60%. The fund’s relative underperformance was attributed to our risk aware posturing, conservative glide path, and preference for higher quality large cap equities. Despite our preference for higher quality investments, the fund was boosted by modest positions in small caps with MEMBERS Small Cap Fund Class Y up 25.6% for the year, in addition to our energy and natural resources position in T. Rowe Price New Era which returned 21.0%. Detractors included Hussman Strategic Growth Fund which returned -3.6% for the year, MEMBERS Bond Fund Class Y which returned 4.9%, MEMBERS International Stock Fund Class Y which returned 6.5%, and MEMBERS Large Cap Value Fund Class Y which returned 8.3%.
 
Overall, despite the fund’s relative underperformance, we were pleased with the fund’s absolute return given the moderate level of risk taken. In short, we believe the fund is well-positioned for the economic environment that we are encountering – an economy showing emerging signs of gaining some sustainable traction combined with atypically elevated downside risk potential.
 

 
FUND CHANGES
 

Notable additions to the fund’s holdings this year were:  PIMCO Investment Grade Corporate Bond Fund, Madison Mosaic Disciplined Equity Fund, T. Rowe Price New Era Fund, Matthews Asian Growth & Income Fund, and Yacktman Fund. Sold from the portfolio during 2010 were: Dodge & Cox Income Fund, Fairholme Fund, and Principal Emerging Markets Fund.
 
 
34
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010

TARGET RETIREMENT 2040 FUND
 

 
INVESTMENT STRATEGY HIGHLIGHTS
 
The Ultra Series Target Retirement 2040 Fund invests primarily in shares of registered investment companies (the "underlying funds") according to an asset allocation strategy developed by Madison Asset Management, LLC ("Madison"), the fund’s investment adviser, for investors planning to retire in or within a few years of 2040. Over time, the fund’s asset allocation will become more conservative until it reaches approximately 15-30% in stock funds and 70-85% in bond funds. The asset allocation strategy is designed to reduce the volatility of investment returns in the later years while still providing the potential for higher total returns over the target period.
 
On a periodic basis, Madison will evaluate and sometimes revise the fund’s asset allocations, including revising the asset class weightings and adding and/or removing underlying funds. Madison will also monitor the underlying funds on an ongoing basis and may increase or decrease the fund’s investment in one or several underlying funds. The underlying fund selections are made based on several considerations, including the fund’s style or asset class exposures, portfolio characteristics, risk profile, and investment process.
 

 
PERFORMANCE HISTORY
 

Cumulative Performance of $10,000 Investment Since Inception1
 
 
Average Annual Total Return through December 31, 20101
 
1 Year
3 Years
Since
10/1/07
Inception
Ultra Series Target Retirement 2040, Class I
9.97%
-5.47%
-5.90%
Dow Jones Global Target 2040 Index
17.64
0.04
-0.66

 
See accompanying Notes to Management’s Discussion of Fund Performance.
 
35
 

Ultra Series Fund | Management’s Discussion of Fund Performance  | December 31, 2010

Target Retirement 2040 Fund (concluded)
 

 
INVESTING ENVIRONMENT
 

2010 proved to be a very positive year for asset allocation funds. However, returns for the year across asset classes were far from uniform. U.S. stocks, as measured by the Russell 3000¨ Index, finished the year up 16.9%, the international equity MSCI EAFE Index returned 8.2%, and the Barclays U.S. Aggregate Bond Index gained 6.5%. However, within each of these asset classes the underlying returns where largely skewed in favor of the riskier stocks and bonds. Here in the U.S., high beta stocks outgained lower beta and high quality stocks by a very wide margin. The same was true for capitalization size where small caps, generally regarded as lower in quality, outpaced large caps by over 11%. In bond land, "junk" bonds returned nearly 9% more than the inves tment grade Barclays U.S. Aggregate Bond Index. In short, it was a risk takers market in asset allocation for 2010.
 
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 12/31/10
Bond Funds
17%
Foreign Bond Funds
5%
Stock Funds
63%
Foreign Stock Funds
13%
Money Market Funds and Other Net Assets
2%

 

 
PERFORMANCE DISCUSSION
 

For the twelve-month period ended December 31, 2010, the Ultra Series Target Retirement 2040 Fund returned 9.97% (Class I shares), underperforming the Dow Jones Global Target 2040 Index return of 17.6%. The fund’s relative underperformance was attributed to our risk aware posturing, conservative glide path, and preference for higher quality large cap equities. Despite our preference for higher quality investments, the fund was boosted by modest positions in small caps with MEMBERS Small Cap Fund Class Y up 25.6% for the year, in addition to our energy and natural resources position in T. Rowe Price New Era Fund which returned 21.0%. Detractors from performance relative to the index included Hussman Strategic Growth which returned -3.6% for the year, MEMB ERS Bond Fund Class Y which returned 4.9%, MEMBERS International Stock Fund Class Y which returned 6.5%, and MEMBERS Large Cap Value Fund Class Y which returned 8.3%.
 
Overall, despite the fund’s relative underperformance, we were pleased with the fund’s absolute return given the moderate level of risk taken. In short, we believe the fund is well-positioned for the economic environment that we are encountering – an economy showing emerging signs of gaining some sustainable traction combined with atypically elevated downside risk potential.
 

 
FUND CHANGES
 

Notable additions to the fund’s holdings this year were: PIMCO Investment Grade Corporate Bond Fund, Madison Mosaic Disciplined Equity Fund, T. Rowe Price New Era Fund, Matthews Asian Growth & Income Fund, and Yacktman Fund. Sold from the portfolio during 2010 were: Dodge & Cox Income Fund, Fairholme Fund, and Principal Emerging Markets Fund.
 
 
36
 

Ultra Series Fund | December 31, 2010

Notes to Management’s Discussion of Fund Performance

 
1Fund returns are calculated after fund level expenses have been subtracted, but do not include any separate account fees, charges or expenses imposed by the variable annuity and variable life insurance contracts that invest in the fund, as described in the Prospectus. If these fees, charges, or expenses were included, fund returns would have been lower. Fund returns also assume that dividends and capital gains are reinvested in additional shares of the fund. Investment return and principal value will fluctuate, so an investor’s shares, when redeemed, may be worth more or less than when purchased. Further information relating to the fund’s performance is contained in the Prospectus and elsewhere in this report. The fund’s past performance is not indicative of future performance. Current performance may be lower or highe r than the performance data cited. For Ultra Series Fund performance data current to the most recent month-end, please call 1-800-670-3600. Indices are unmanaged and investors cannot invest in them directly. Index returns do not reflect fees or expenses.
 
2MEMBERS Capital Advisors, Inc., the then acting fund adviser, reduced its management fee for the Conservative, Moderate, and Aggressive Allocation Funds (the "Target Allocation Funds") from June 30, 2006-April 30, 2008. Madison Asset Management, LLC reduced its management fee for the Target Retirement 2020, 2030 and 2040 Funds from 0.40% to 0.20% (the "Target Retirement Date Funds") since October 1, 2009. This waiver is contractual until April 30, 2011. If the management fees had not been reduced, returns would have been lower.

 
BENCHMARK DESCRIPTIONS
 
Allocation Fund Indexes
 
The Conservative Allocation Fund Custom Index consists of 65% Merrill Lynch U.S. Corporate, Government and Mortgage Index, 30% Russell 3000¨ Index and 5% MSCI EAFE Index. See market indexes descriptions below.
 
The Moderate Allocation Fund Custom Index consists of 40% Merrill Lynch U.S. Corporate, Government and Mortgage Index, 45% Russell 3000¨ Index and 15% MSCI EAFE Index. See market indexes descriptions below.
 
The Aggressive Allocation Fund Custom Index consists of 15% Merrill Lynch U.S. Corporate, Government and Mortgage Index, 55% Russell 3000¨ Index and 30% MSCI EAFE Index. See market indexes descriptions below.
 
Market Indexes
 
The Bank of America Merrill Lynch U.S. Corporate, Government & Mortgage Index is a broad-based measure of the total rate of return performance of the U.S. investment-grade bond markets. The index is a capitalization-weighted aggregation of outstanding U.S. treasury, agency and supranational mortgage pass-through, and investment-grade corporate bonds meeting specified selection criteria.
 
The Bank of America Merrill Lynch U.S. High Yield Master II Constrained Index tracks the performance of below investment grade U.S. dollar denominated corporate bonds publicly issued in the U.S. domestic market, but limits any individual issuer to a maximum weighting of 2%.
 
The CBOE BuyWrite Monthly Index (BXM) is a benchmark index designed to track the performance of a hypothetical buy-write strategy (ie. holding a long position in and selling covered call options on that position) on the S&P 500 Index.
 
The Dow Jones Global Target 2020 Index is a benchmark for multi-asset class portfolios with risk profiles that become more conservative as the year 2020 approaches. The index is a composite of other indexes that represent stocks, bonds and cash.
 
 
37
 

Ultra Series Fund | Notes to Management’s Discussion of Fund Performance  | December 31, 2010

 
Benchmark Descriptions (concluded)
 
The Dow Jones Global Target 2030 Index is a benchmark for multi-asset class portfolios with risk profiles that become more conservative as the year 2030 approaches. The index is a composite of other indexes that represent stocks, bonds and cash.
 
The Dow Jones Global Target 2040 Index is a benchmark for multi-asset class portfolios with risk profiles that become more conservative as the year 2040 approaches. The index is a composite of other indexes that represent stocks, bonds and cash.
 
The MSCI EAFE (Europe, Australasia & Far East) Index is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the U.S. and Canada.
 
The Russell 1000¨ Index is a large-cap market index which measures the performance of the 1,000 largest companies in the Russell 3000¨ Index (see definition below).
 
The Russell 1000¨ Growth Index is a large-cap market index which measures the performance of those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.
 
The Russell 1000¨ Value Index is a large-cap market index which measures the performance of those Russell 1000 companies with lower price-to-book ratios and lower forecasted growth values.
 
The Russell 2000¨ Index is a small-cap market index which measures the performance of the smallest 2,000 companies in the Russell 3000¨ Index (see definition below.)
 
The Russell 2000¨ Value Index is a small-cap market index which measures the performance of those Russell 2000 companies with lower price-to-book ratios and lower forecasted growth values.
 
The Russell 3000¨ Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents 98% of the investable U.S. equity market.
 
The Russell Midcap¨ Growth Index is a mid-cap market index which measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values.
 
The S&P 500 Index is a large-cap market index which measures the performance of a representative sample of 500 leading companies in leading industries in the U.S.
 
 
38
 

Ultra Series Fund | December 31, 2010

Conservative Allocation Fund Portfolio of Investments
 
Shares
Value (Note 2)
INVESTMENT COMPANIES - 99.3%
    
Bond Funds - 59.6%
    
Franklin Floating Rate Daily Access Fund Advisor Class
568,306
$  5,211,366
Madison Mosaic Institutional Bond Fund (A)
1,699,579
18,593,391
MEMBERS Bond Fund Class Y (A)
4,029,639
41,182,910
MEMBERS High Income Fund Class Y (A)
3,521,269
24,578,459
PIMCO Investment Grade Corporate Bond Fund Institutional Class
2,353,462
24,664,280
PIMCO Total Return Fund Institutional Class
2,168,936
23,532,951
   
137,763,357
Foreign Bond Funds - 7.8%
    
Templeton Global Bond Fund Advisor Class
1,340,594
18,178,450
Foreign Stock Funds - 4.9%
    
MEMBERS International Stock Fund Class Y (A)
1,065,676
11,274,851
Money Market Funds - 1.1%
    
State Street Institutional U.S. Government Money Market Fund
2,533,985
2,533,985
 
Shares
Value (Note 2)
Stock Funds - 25.9%
    
Calamos Growth and Income Fund Class I
266,773
$  8,189,933
Madison Mosaic Disciplined Equity Fund (A)
1,133,295
14,370,182
MEMBERS Equity Income Fund Class Y (A)
585,893
5,958,534
MEMBERS Large Cap Growth Fund Class Y (A)
1,002,072
16,023,137
MEMBERS Large Cap Value Fund Class Y (A)
1,274,218
15,239,653
   
59,781,439
TOTAL INVESTMENTS - 99.3% ( Cost $220,460,642** )
229,532,082
NET OTHER ASSETS AND LIABILITIES - 0.7%
1,549,953
TOTAL NET ASSETS - 100.0%
$231,082,035

 

**
Aggregate cost for Federal tax purposes was $223,258,002.
(A)
Affiliated Company (see Note 11).

 
See accompanying Notes to Financial Statements.
 
39
 

Ultra Series Fund | December 31, 2010

Moderate Allocation Fund Portfolio of Investments
 
Shares
Value (Note 2)
INVESTMENT COMPANIES - 99.0%
    
Bond Funds - 34.3%
    
Franklin Floating Rate Daily Access Fund Advisor Class
622,951
$  5,712,459
Madison Mosaic Institutional Bond Fund (A)
1,491,757
16,319,818
MEMBERS Bond Fund Class Y (A)
3,647,154
37,273,918
MEMBERS High Income Fund Class Y (A)
4,319,368
30,149,187
PIMCO Investment Grade Corporate Bond Fund Institutional Class
2,076,478
21,761,490
PIMCO Total Return Fund Institutional Class
1,905,925
20,679,283
   
131,896,155
Foreign Bond Funds - 5.2%
    
Templeton Global Bond Fund Advisor Class
1,474,024
19,987,769
Foreign Stock Funds - 10.0%
    
Matthews Asian Growth and Income Fund Institutional Shares
659,315
11,894,036
MEMBERS International Stock Fund Class Y (A)
2,500,243
26,452,571
   
38,346,607
Money Market Funds - 0.9%
    
State Street Institutional U.S. Government Money Market Fund
3,500,266
3,500,266
 
Shares
Value (Note 2)
Stock Funds - 48.6%
    
Calamos Growth and Income Fund Class I
390,383
$ 11,984,773
Madison Mosaic Disciplined Equity Fund (A)
2,713,986
34,413,338
MEMBERS Equity Income Fund Class Y (A)
1,157,056
11,767,256
MEMBERS Large Cap Growth Fund Class Y (A)
2,354,535
37,649,016
MEMBERS Large Cap Value Fund Class Y (A)
2,855,497
34,151,748
MEMBERS Mid Cap Fund Class Y (A)
1,925,389
12,438,010
MEMBERS Small Cap Fund Class Y (A)
1,301,695
14,344,676
T Rowe Price New Era Fund
126,762
6,611,923
Yacktman Fund/The
1,414,601
23,397,505
   
186,758,245
TOTAL INVESTMENTS - 99.0% ( Cost $356,006,918** )
380,489,042
NET OTHER ASSETS AND LIABILITIES - 1.0%
3,770,984
TOTAL NET ASSETS - 100.0%
$384,260,026

**
Aggregate cost for Federal tax purposes was $362,253,196.
(A)
Affiliated Company (see Note 11).


 
See accompanying Notes to Financial Statements.
 
40
 

Ultra Series Fund | December 31, 2010

Aggressive Allocation Fund Portfolio of Investments
 
Shares
Value (Note 2)
INVESTMENT COMPANIES - 98.9%
    
Bond Funds - 6.7%
    
MEMBERS Bond Fund Class Y (A)
59,161
$   604,620
MEMBERS High Income Fund Class Y (A)
943,557
6,586,028
PIMCO Investment Grade Corporate Bond Fund Institutional Class
135,703
1,422,170
   
8,612,818
Foreign Bond Funds - 2.7%
    
Templeton Global Bond Fund Advisor Class
252,879
3,429,042
Foreign Stock Funds - 14.5%
    
Matthews Asian Growth and Income Fund Institutional Shares
338,254
6,102,106
MEMBERS International Stock Fund Class Y (A)
1,178,483
12,468,350
   
18,570,456
Money Market Funds - 1.2%
    
State Street Institutional U.S. Government Money Market Fund
1,472,326
1,472,326
 
Shares
Value (Note 2)
Stock Funds - 73.8%
    
Calamos Growth and Income Fund Class I
175,498
$  5,387,777
Hussman Strategic Growth Fund
463,452
5,695,829
Madison Mosaic Disciplined Equity Fund (A)
1,350,320
17,122,058
MEMBERS Equity Income Fund Class Y (A)
379,732
3,861,874
MEMBERS Large Cap Growth Fund Class Y (A)
909,744
14,546,805
MEMBERS Large Cap Value Fund Class Y (A)
1,143,737
13,679,090
MEMBERS Mid Cap Fund Class Y (A)
1,298,512
8,388,388
MEMBERS Small Cap Fund Class Y (A)
606,010
6,678,232
T Rowe Price New Era Fund
151,589
7,906,890
Yacktman Fund/The
659,077
10,901,129
   
94,168,072
TOTAL INVESTMENTS - 98.9% ( Cost $112,716,685** )
126,252,714
NET OTHER ASSETS AND LIABILITIES - 1.1%
1,441,290
TOTAL NET ASSETS - 100.0%
$127,694,004

**
Aggregate cost for Federal tax purposes was $115,807,560.
(A)
Affiliated Company (see Note 11).

 
See accompanying Notes to Financial Statements.
 
41
 

Ultra Series Fund | December 31, 2010

Money Market Fund Portfolio of Investments
 
Par Value
Value (Note 2)
U.S. GOVERNMENT AND AGENCY
OBLIGATIONS - 85.1%
  
Fannie Mae (A) - 26.7%
    
0.16%, 1/5/11
$1,500,000
$  1,499,973
0.175%, 1/12/11
2,250,000
2,249,880
0.155%, 1/18/11
1,000,000
999,927
0.135%, 1/26/11
1,000,000
999,906
0.155%, 2/1/11
3,000,000
2,999,600
0.14%, 2/4/11
1,500,000
1,499,802
0.16%, 2/9/11
1,500,000
1,499,740
0.12%, 2/28/11
3,000,000
2,999,420
0.1%, 3/8/11
2,000,000
1,999,633
0.16%, 3/9/11
2,000,000
1,999,404
   
18,747,285
Federal Home Loan Bank (A) - 25.6%
    
0.1%, 1/3/11
190,000
189,999
0.14%, 1/6/11
1,000,000
999,981
0.08%, 1/11/11
2,000,000
1,999,956
0.16%, 1/19/11
2,000,000
1,999,840
0.14%, 1/26/11
500,000
499,951
0.12%, 1/27/11
1,000,000
999,913
0.165%, 2/2/11
1,000,000
999,853
0.155%, 2/16/11
3,000,000
2,999,406
0.12%, 2/22/11
1,250,000
1,249,783
0.17%, 2/24/11
3,500,000
3,499,108
0.16%, 3/23/11
1,000,000
999,640
0.1%, 3/25/11
1,500,000
1,499,654
   
17,937,084
Freddie Mac (A) - 24.3%
    
0.15%, 1/13/11
1,500,000
1,499,925
0.135%, 1/18/11
2,500,000
2,499,841
0.14%, 1/25/11
3,500,000
3,499,667
0.13%, 1/31/11
2,000,000
1,999,783
0.14%, 2/7/11
1,500,000
1,499,784
0.18%, 2/22/11
1,000,000
999,740
0.155%, 3/7/11
2,300,000
2,299,356
0.16%, 3/14/11
1,500,000
1,499,520
0.16%, 3/21/11
1,250,000
1,249,561
   
17,047,177
 
Par Value
Value (Note 2)
U.S. Treasury Bills (A) - 8.5%
    
0.114%, 1/20/11
3,000,000
$  2,999,819
0.13%, 2/17/11
3,000,000
2,999,491
   
5,999,310
Total U.S. Government and Agency
Obligations ( Cost $59,730,856 )
59,730,856
SHORT-TERM INVESTMENTS - 12.8%
    
Financial - 4.3%
    
National Rural Utilities Cooperative Finance Corp. (A), 0.213%, 1/18/11
3,000,000
2,999,703
Industrials - 8.5%
    
General Electric Capital Services Inc. (A), 0.203%, 2/14/11
3,000,000
2,999,262
United Parcel Service Inc. (A), 0.152%, 1/11/11
3,000,000
2,999,875
   
5,999,137
Total Short-Term Investments
( Cost $8,998,840 )
8,998,840
 
Shares
  
INVESTMENT COMPANY - 2.2%
    
State Street Institutional U.S. Government Money Market Fund
1,529,834
1,529,834
Total Investment Company
( Cost $1,529,834 )
1,529,834
TOTAL INVESTMENTS - 100.1% ( Cost $70,259,530** )
70,259,530
NET OTHER ASSETS AND LIABILITIES - (0.1%)
(48,476)
TOTAL NET ASSETS - 100.0%
$ 70,211,054

 

**
Aggregate cost for Federal tax purposes was $70,259,530
(A)
Rate noted represents annualized yield at time of purchase.


 
See accompanying Notes to Financial Statements.
 
42
 

Ultra Series Fund | December 31, 2010

Bond Fund Portfolio of Investments
 
Par Value
Value (Note 2)
ASSET BACKED SECURITIES - 1.8%
    
ABSC Long Beach Home Equity Loan Trust, Series 2000-LB1, Class AF5 (A), 8.55%, 9/21/30
$  652,045
$   664,224
Chase Issuance Trust, Series 2007-A17, Class A, 5.12%, 10/15/14
3,820,000
4,102,615
New Century Home Equity Loan Trust, Series 2003-5, Class AI5 (B), 5.5%, 11/25/33
3,500,000
3,554,653
Total Asset Backed Securities
( Cost $7,989,798 )
  
8,321,492
CORPORATE NOTES AND BONDS - 25.8%
    
Consumer Discretionary - 1.9%
    
American Association of Retired Persons (C) (D), 7.5%, 5/1/31
2,500,000
3,159,540
DR Horton Inc., 5.25%, 2/15/15
1,140,000
1,128,600
ERAC USA Finance LLC (C) (D), 6.7%, 6/1/34
4,400,000
4,559,575
   
8,847,715
Consumer Staples - 1.0%
    
PepsiCo Inc./NC, 4.65%, 2/15/13
1,165,000
1,254,480
WM Wrigley Jr. Co. (C) (D), 3.05%, 6/28/13
3,170,000
3,237,898
   
4,492,378
Energy - 2.0%
    
Hess Corp., 7.875%, 10/1/29
2,460,000
3,087,349
Transocean Inc., 6%, 3/15/18
1,400,000
1,470,409
Transocean Inc., 7.5%, 4/15/31
2,310,000
2,475,280
Valero Energy Corp., 7.5%, 4/15/32
2,275,000
2,402,143
   
9,435,181
Financials - 4.1%
    
American General Finance Corp., 5.85%, 6/1/13
2,885,000
2,618,137
Goldman Sachs Group Inc./The, 5.7%, 9/1/12
2,750,000
2,935,237
HCP Inc., 6.7%, 1/30/18
2,725,000
2,923,590
Lehman Brothers Holdings Inc. * (E), 5.75%, 1/3/17
3,135,000
314
Simon Property Group L.P., 5.875%, 3/1/17
1,060,000
1,163,574
Swiss Re Solutions Holding Corp., 7%, 2/15/26
1,250,000
1,295,080
UBS AG/Stamford CT, 5.75%, 4/25/18
750,000
815,048
US Bank NA/Cincinnati OH, 6.3%, 2/4/14
2,000,000
2,231,264
Wells Fargo & Co., 5.25%, 10/23/12
2,735,000
2,932,133
Western Union Co./The, 5.93%, 10/1/16
2,065,000
2,311,842
   
19,226,219
Food & Drug Retailers - 0.2%
    
New Albertsons Inc., 7.5%, 2/15/11
1,055,000
1,056,319
Health Care - 4.2%
    
Eli Lilly & Co., 6.57%, 1/1/16
2,600,000
3,055,726
Genentech Inc., 5.25%, 7/15/35
1,740,000
1,764,050
Medco Health Solutions Inc., 7.25%, 8/15/13
3,450,000
3,918,710
 
Par Value
Value (Note 2)
Merck & Co. Inc., 5.75%, 11/15/36
$3,960,000
$  4,357,469
Quest Diagnostics Inc./DE, 5.45%, 11/1/15
3,500,000
3,766,308
Wyeth, 6.5%, 2/1/34
2,370,000
2,770,485
   
19,632,748
Industrials - 3.8%
    
Boeing Co./The, 8.625%, 11/15/31
760,000
1,031,441
Boeing Co./The, 6.875%, 10/15/43
1,380,000
1,633,200
Burlington Northern Santa Fe LLC, 8.125%, 4/15/20
2,925,000
3,698,583
EI du Pont de Nemours & Co., 5%, 1/15/13
195,000
209,443
General Electric Co., 5%, 2/1/13
3,200,000
3,420,713
Lockheed Martin Corp., 7.65%, 5/1/16
1,450,000
1,764,804
Norfolk Southern Corp., 5.59%, 5/17/25
1,268,000
1,310,043
Norfolk Southern Corp., 7.05%, 5/1/37
1,400,000
1,673,034
Southwest Airlines Co. 1994-A Pass Through Trust, Series A3, 8.7%, 7/1/11
3,148
3,243
Waste Management Inc., 7.125%, 12/15/17
2,465,000
2,890,930
   
17,635,434
Information Technology - 1.2%
    
Cisco Systems Inc., 5.5%, 2/22/16
2,400,000
2,738,673
Xerox Corp., 6.875%, 8/15/11
2,640,000
2,730,605
   
5,469,278
Materials - 1.2%
    
Westvaco Corp., 8.2%, 1/15/30
2,250,000
2,372,708
Weyerhaeuser Co., 7.375%, 3/15/32
3,000,000
3,032,658
   
5,405,366
Telecommunication Services - 1.6%
    
Comcast Cable Communications Holdings Inc., 9.455%, 11/15/22
3,080,000
4,261,430
Rogers Communications Inc. (F), 6.25%, 6/15/13
3,000,000
3,334,989
   
7,596,419
Utilities - 4.6%
    
Indianapolis Power & Light Co. (C) (D), 6.05%, 10/1/36
3,445,000
3,572,668
Interstate Power & Light Co., 6.25%, 7/15/39
2,925,000
3,216,017
Sierra Pacific Power Co., Series M, 6%, 5/15/16
3,250,000
3,681,038
Southern Power Co., Series B, 6.25%, 7/15/12
3,500,000
3,762,994
Southwestern Electric Power Co., Series E, 5.55%, 1/15/17
2,165,000
2,301,072
Virginia Electric and Power Co., Series C, 5.1%, 11/30/12
1,165,000
1,252,085
Wisconsin Electric Power Co., 6.5%, 6/1/28
3,000,000
3,442,527
   
21,228,401
Total Corporate Notes and Bonds
( Cost $116,461,022 )
  
120,025,458

 
See accompanying Notes to Financial Statements.
 
43
 

Ultra Series Fund | December 31, 2010

Bond Fund Portfolio of Investments
 
Par Value
Value (Note 2)
MORTGAGE BACKED SECURITIES - 23.8%
    
Fannie Mae - 20.1%
    
4%, 4/1/15 Pool # 255719
1,184,567
$  1,226,129
5.5%, 4/1/16 Pool # 745444
1,658,303
1,790,627
6%, 5/1/16 Pool # 582558
108,422
118,028
5.5%, 9/1/17 Pool # 657335
300,640
324,175
5.5%, 2/1/18 Pool # 673194
642,437
692,727
5%, 5/1/20 Pool # 813965
2,163,068
2,320,229
4.5%, 9/1/20 Pool # 835465
1,970,688
2,079,075
6%, 5/1/21 Pool # 253847
252,998
275,965
7%, 12/1/29 Pool # 762813
128,766
145,576
7%, 11/1/31 Pool # 607515
118,168
134,622
6.5%, 3/1/32 Pool # 631377
235,164
264,422
7%, 4/1/32 Pool # 641518
5,091
5,803
7%, 5/1/32 Pool # 644591
267,008
304,187
6.5%, 6/1/32 Pool # 545691
1,958,759
2,202,459
5.5%, 4/1/33 Pool # 690206
2,889,111
3,114,168
5%, 10/1/33 Pool # 254903
3,800,539
4,019,644
5.5%, 11/1/33 Pool # 555880
3,400,379
3,665,262
5%, 5/1/34 Pool # 782214
84,488
89,253
5%, 6/1/34 Pool # 778891
973,486
1,028,392
5.5%, 6/1/34 Pool # 780384
3,752,665
4,039,127
7%, 7/1/34 Pool # 792636
82,740
94,789
5.5%, 8/1/34 Pool # 793647
415,896
449,854
5.5%, 3/1/35 Pool # 810075
1,863,028
2,003,497
5.5%, 3/1/35 Pool # 815976
2,208,618
2,377,013
5.5%, 7/1/35 Pool # 825283
2,475,185
2,663,518
5%, 8/1/35 Pool # 829670
2,981,461
3,147,755
5.5%, 8/1/35 Pool # 826872
986,947
1,061,580
5%, 9/1/35 Pool # 820347
2,635,571
2,812,223
5%, 9/1/35 Pool # 835699
2,453,014
2,617,431
5%, 10/1/35 Pool # 797669
4,074,867
4,332,709
5.5%, 10/1/35 Pool # 836912
488,875
525,735
5%, 11/1/35 Pool # 844809
2,645,429
2,792,981
5%, 12/1/35 Pool # 850561
2,590,414
2,734,897
5.5%, 2/1/36 Pool # 851330
1,010,999
1,088,284
5.5%, 10/1/36 Pool # 896340
986,718
1,060,190
5.5%, 10/1/36 Pool # 901723
4,797,714
5,144,460
6.5%, 10/1/36 Pool # 894118
2,387,019
2,662,368
6%, 11/1/36 Pool # 902510
3,364,246
3,719,730
5.5%, 2/1/37 Pool # 905140
3,091,005
3,343,380
5.5%, 5/1/37 Pool # 899323
2,350,408
2,525,421
5.5%, 5/1/37 Pool # 928292
1,829,229
1,978,583
6%, 10/1/37 Pool # 947563
3,176,491
3,512,136
5.5%, 7/1/38 Pool # 986973
4,128,317
4,448,615
5%, 8/1/38 Pool # 988934
4,086,210
4,309,015
6.5%, 8/1/38 Pool # 987711
3,673,702
4,085,213
   
93,331,247
 
Par Value
Value (Note 2)
Freddie Mac - 3.6%
    
5%, 5/1/18 Pool # E96322
1,764,388
$  1,881,554
8%, 6/1/30 Pool # C01005
77,114
90,164
7%, 3/1/31 Pool # C48129
259,461
295,666
5%, 7/1/33 Pool # A11325
2,660,613
2,808,717
6%, 10/1/34 Pool # A28439
478,390
523,505
6%, 10/1/34 Pool # A28598
351,466
384,610
5.5%, 11/1/34 Pool # A28282
4,329,315
4,675,835
5%, 4/1/35 Pool # A32314
440,846
467,590
5%, 4/1/35 Pool # A32315
1,032,085
1,098,568
5%, 4/1/35 Pool # A32316
1,210,946
1,288,949
5%, 4/1/35 Pool # A32509
283,782
302,062
5%, 1/1/37 Pool # A56371
3,002,222
3,154,330
   
16,971,550
Ginnie Mae - 0.1%
    
8%, 10/20/15 Pool # 2995
52,983
57,665
6.5%, 2/20/29 Pool # 2714
181,684
205,554
6.5%, 4/20/31 Pool # 3068
143,291
162,104
   
425,323
Total Mortgage Backed Securities
( Cost $102,183,351 )
  
110,728,120
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 44.7%
    
Fannie Mae - 1.5%
    
5.25%, 8/1/12
2,400,000
2,563,918
4.625%, 10/15/14
3,905,000
4,343,246
   
6,907,164
Federal Farm Credit Bank - 1.0%
    
5.875%, 10/3/16
4,000,000
4,696,016
Freddie Mac - 1.9%
    
4.875%, 11/15/13
2,500,000
2,771,123
4.5%, 1/15/14
5,500,000
6,046,034
   
8,817,157
U.S. Treasury Bonds - 2.9%
    
6.625%, 2/15/27
7,350,000
9,667,543
4.5%, 5/15/38
4,000,000
4,121,248
   
13,788,791
U.S. Treasury Notes - 37.4%
    
0.875%, 1/31/11
3,000,000
3,001,524
4.75%, 3/31/11
1,485,000
1,501,184
1%, 7/31/11
5,000,000
5,022,265
4.625%, 12/31/11
23,100,000
24,078,146
1.375%, 2/15/12
11,400,000
11,528,250
4.625%, 2/29/12
6,425,000
6,739,472
1.375%, 5/15/12
2,625,000
2,659,863
4.875%, 6/30/12
6,000,000
6,396,330
3.625%, 5/15/13
4,000,000
4,276,248

 
See accompanying Notes to Financial Statements.
 
44
 

Ultra Series Fund | December 31, 2010

Bond Fund Portfolio of Investments
 
Par Value
Value (Note 2)
U.S. GOVERNMENT AND AGENCY OBLIGATIONS (continued)
    
U.S. Treasury Notes (continued)
    
3.125%, 8/31/13
2,710,000
$  2,874,928
4%, 2/15/14
9,500,000
10,349,062
1.875%, 2/28/14
10,000,000
10,240,620
4.25%, 8/15/14
11,200,000
12,355,000
2.375%, 9/30/14
3,600,000
3,728,812
2.625%, 12/31/14
20,000,000
20,854,680
2.5%, 3/31/15
1,750,000
1,811,390
4.25%, 8/15/15
8,900,000
9,854,667
4.25%, 11/15/17
9,100,000
10,032,040
2.75%, 2/15/19
19,750,000
19,495,403
3.375%, 11/15/19
1,000,000
1,020,859
2.625%, 11/15/20
6,500,000
6,131,326
   
173,952,069
Total U.S. Government and Agency Obligations ( Cost $198,882,485 )
  
208,161,197
 
Shares
  
INVESTMENT COMPANY - 3.1%
    
State Street Institutional U.S. Government Money Market Fund
14,230,708
14,230,708
Total Investment Company
( Cost $14,230,708 )
  
14,230,708
TOTAL INVESTMENTS - 99.2% ( Cost $439,747,364** )
461,466,975
NET OTHER ASSETS AND LIABILITIES - 0.8%
3,781,851
TOTAL NET ASSETS - 100.0%
$465,248,826


*
Non-income producing.
**
Aggregate cost for Federal tax purposes was $439,784,418
(A)
Stated interest rate is contingent upon sufficient collateral market value.  If collateral market value falls below a stated level, the issuer will either initiate a clean-up call or increase the stated interest rate.
(B)
Floating rate or variable rate note. Rate shown is as of December 31, 2010.
(C)
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."
(D)
Illiquid security (See Note 2).
(E)
In default. Issuer is bankrupt.
(F)
Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 0.72% of total net assets.

 
See accompanying Notes to Financial Statements.
 
45
 

Ultra Series Fund | December 31, 2010

High Income Fund Portfolio of Investments
 
Par Value
Value (Note 2)
CORPORATE NOTES AND BONDS - 95.3%
    
Consumer Discretionary - 30.2%
    
Auto Components - 1.7%
    
American Axle & Manufacturing Holdings Inc. (A), 9.25%, 1/15/17
$  500,000
$   558,750
American Axle & Manufacturing Inc., 7.875%, 3/1/17
200,000
204,750
Goodyear Tire & Rubber Co./The, 10.5%, 5/15/16
500,000
570,000
Tenneco Inc., 8.125%, 11/15/15
350,000
371,000
   
1,704,500
Consumer Finance - 0.5%
    
Ally Financial Inc. (A), 7.5%, 9/15/20
500,000
524,375
Hotels, Restaurants & Leisure - 5.1%
    
Ameristar Casinos Inc., 9.25%, 6/1/14
500,000
535,000
Boyd Gaming Corp., 6.75%, 4/15/14
200,000
196,500
Isle of Capri Casinos Inc., 7%, 3/1/14
500,000
490,000
MCE Finance Ltd. (A) (B), 10.25%, 5/15/18
500,000
573,125
MGM Resorts International, 8.375%, 2/1/11
500,000
502,500
MGM Resorts International, 6.75%, 9/1/12
500,000
497,500
MGM Resorts International, 6.75%, 4/1/13
150,000
149,100
Penn National Gaming Inc., 6.75%, 3/1/15
300,000
304,500
Penn National Gaming Inc., 8.75%, 8/15/19
250,000
275,625
Pinnacle Entertainment Inc., 8.625%, 8/1/17
500,000
545,000
Pinnacle Entertainment Inc., 8.75%, 5/15/20
300,000
310,500
Scientific Games International Inc. (A), 7.875%, 6/15/16
750,000
748,125
   
5,127,475
Household Durables - 1.1%
    
Jarden Corp., 7.5%, 5/1/17
500,000
526,875
Spectrum Brands Holdings Inc. (A), 9.5%, 6/15/18
500,000
549,375
   
1,076,250
Leisure Equipment & Products - 0.3%
    
Easton-Bell Sports Inc., 9.75%, 12/1/16
250,000
274,375
Media - 14.3%
    
Allbritton Communications Co., 8%, 5/15/18
950,000
959,500
Belo Corp., 8%, 11/15/16
500,000
538,750
Cablevision Systems Corp., 7.75%, 4/15/18
250,000
261,875
Cablevision Systems Corp., 8%, 4/15/20
250,000
267,500
CCO Holdings LLC / CCO Holdings Capital Corp. (A), 8.125%, 4/30/20
1,000,000
1,052,500
Cenveo Corp., 8.875%, 2/1/18
500,000
483,750
Gray Television Inc., 10.5%, 6/29/15
500,000
503,750
Hughes Network Systems LLC/HNS Finance Corp., 9.5%, 4/15/14
1,000,000
1,031,250
Intelsat Jackson Holdings S.A. (B), 11.25%, 6/15/16
500,000
538,750
 
Par Value
Value (Note 2)
Intelsat Luxembourg S.A. (B), 11.25%, 2/4/17
$1,250,000
$  1,362,500
Interpublic Group of Cos. Inc./The (C), 4.25%, 3/15/23
125,000
139,219
Lamar Media Corp., 6.625%, 8/15/15
250,000
256,250
Lamar Media Corp., Series C, 6.625%, 8/15/15
500,000
507,500
Liberty Media LLC (C) (D), 3.125%, 3/30/23
250,000
280,312
LIN Television Corp., 6.5%, 5/15/13
950,000
952,375
Mediacom Broadband LLC / Mediacom Broadband Corp., 8.5%, 10/15/15
500,000
502,500
Nielsen Finance LLC / Nielsen Finance Co. (A), 7.75%, 10/15/18
500,000
517,500
Quebecor Media Inc. (B), 7.75%, 3/15/16
500,000
516,250
Sirius XM Radio Inc. (C), 3.25%, 10/15/11
250,000
249,063
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH (A) (B), 8.125%, 12/1/17
1,000,000
1,045,000
Viasat Inc., 8.875%, 9/15/16
500,000
532,500
Virgin Media Finance PLC (B), 9.125%, 8/15/16
850,000
905,250
XM Satellite Radio Inc. (A) (C), 7%, 12/1/14
250,000
306,875
XM Satellite Radio Inc. (A), 7.625%, 11/1/18
500,000
516,250
   
14,226,969
Multiline Retail - 1.1%
    
Neiman Marcus Group Inc./The, PIK, 9%, 10/15/15
250,000
261,875
Sears Holding Corp. (A), 6.625%, 10/15/18
850,000
792,625
   
1,054,500
Specialty Retail - 4.0%
    
KAR Auction Services Inc., 8.75%, 5/1/14
500,000
520,000
Ltd. Brands Inc., 6.9%, 7/15/17
250,000
265,625
Michaels Stores Inc., 11.375%, 11/1/16
1,500,000
1,635,000
Penske Automotive Group Inc., 7.75%, 12/15/16
750,000
765,000
Yankee Acquisition Corp./MA, Series B, 8.5%, 2/15/15
750,000
780,000
   
3,965,625
Textiles, Apparel & Luxury Goods - 2.2%
    
Hanesbrands Inc. (A), 6.375%, 12/15/20
250,000
237,500
Iconix Brand Group Inc. (C), 1.875%, 6/30/12
900,000
904,500
Levi Strauss & Co., 7.625%, 5/15/20
500,000
516,250
Phillips-Van Heusen Corp., 7.375%, 5/15/20
500,000
531,250
   
2,189,500
Consumer Staples - 6.2%
    
ACCO Brands Corp., 10.625%, 3/15/15
250,000
281,250
ACCO Brands Corp., 7.625%, 8/15/15
500,000
500,000
Central Garden and Pet Co., 8.25%, 3/1/18
500,000
506,250
Dole Food Co. Inc. (A), 8%, 10/1/16
200,000
211,000
Ingles Markets Inc., 8.875%, 5/15/17
750,000
802,500
NBTY Inc. (A), 9%, 10/1/18
1,000,000
1,067,500

 
See accompanying Notes to Financial Statements.
 
46
 

Ultra Series Fund | December 31, 2010

High Income Fund Portfolio of Investments
 
Par Value
Value (Note 2)
CORPORATE NOTES AND BONDS (continued)
  
Consumer Staples (continued)
    
Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp. (A), 9.25%, 4/1/15
$  500,000
$   520,625
Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp. (A), 8.25%, 9/1/17
500,000
511,250
Sealy Mattress Co., 8.25%, 6/15/14
250,000
255,625
Stater Brothers Holdings, 7.75%, 4/15/15
500,000
513,750
SUPERVALU Inc., 8%, 5/1/16
500,000
478,750
Tops Markets LLC (A), 10.125%, 10/15/15
500,000
513,750
   
6,162,250
Energy - 8.4%
    
Complete Production Services Inc., 8%, 12/15/16
750,000
776,250
Continental Resources Inc./OK, 8.25%, 10/1/19
250,000
277,500
EXCO Resources Inc., 7.5%, 9/15/18
750,000
735,000
Exterran Holdings Inc. (A), 7.25%, 12/1/18
500,000
497,500
Ferrellgas Partners L.P. / Ferrellgas Partners Finance Corp., 8.625%, 6/15/20
750,000
806,250
Helix Energy Solutions Group Inc. (A), 9.5%, 1/15/16
150,000
154,125
Helix Energy Solutions Group Inc. (C), 3.25%, 12/15/25
1,000,000
965,000
Key Energy Services Inc., 8.375%, 12/1/14
750,000
791,250
MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp., Series B, 8.75%, 4/15/18
1,000,000
1,082,500
Penn Virginia Corp., 4.5%, 11/15/12
1,000,000
990,000
Petroplus Finance Ltd. (A) (B), 7%, 5/1/17
250,000
221,250
Plains Exploration & Production Co., 10%, 3/1/16
500,000
558,750
Regency Energy Partners LP/Regency Energy Finance Corp., 6.875%, 12/1/18
500,000
506,250
   
8,361,625
Financials - 2.2%
    
CIT Group Inc., 7%, 5/1/16
600,000
602,250
Nuveen Investments Inc., 10.5%, 11/15/15
1,000,000
1,022,500
Trans Union LLC/TransUnion Financing Corp. (A), 11.375%, 6/15/18
500,000
570,000
   
2,194,750
Health Care - 8.1%
    
AMGH Merger Sub Inc. (A), 9.25%, 11/1/18
500,000
525,000
Biomet Inc., 10%, 10/15/17
250,000
273,125
Biomet Inc., 11.625%, 10/15/17
750,000
828,750
Capella Healthcare Inc. (A), 9.25%, 7/1/17
250,000
265,000
DaVita Inc., 6.375%, 11/1/18
500,000
497,500
Endo Pharmaceuticals Holdings Inc. (A), 7%, 12/15/20
500,000
510,000
 
Par Value
Value (Note 2)
HCA Inc., 5.75%, 3/15/14
250,000
$   246,250
Hologic Inc. (C) (D), 2%, 12/15/37
500,000
468,125
IASIS Healthcare LLC / IASIS Capital Corp., 8.75%, 6/15/14
500,000
513,125
LifePoint Hospitals Inc., 3.5%, 5/15/14
1,000,000
1,008,750
Omega Healthcare Investors Inc. (A), 6.75%, 10/15/22
500,000
495,625
Stewart Enterprises Inc. (D) (E), 6.25%, 2/15/13
500,000
500,625
Tenet Healthcare Corp. (A), 8%, 8/1/20
1,000,000
1,015,000
Valeant Pharmaceuticals International (A), 7%, 10/1/20
1,000,000
987,500
   
8,134,375
Industrials - 17.4%
    
Affinion Group Inc., 11.5%, 10/15/15
750,000
780,000
ARAMARK Corp., 8.5%, 2/1/15
1,750,000
1,828,750
Avis Budget Car Rental LLC / Avis Budget Finance Inc. (D), 7.625%, 5/15/14
267,000
273,675
Avis Budget Car Rental LLC / Avis Budget Finance Inc. (A), 8.25%, 1/15/19
500,000
505,000
Baldor Electric Co., 8.625%, 2/15/17
750,000
840,000
Bristow Group Inc., 7.5%, 9/15/17
750,000
791,250
Casella Waste Systems Inc., 9.75%, 2/1/13
1,000,000
1,000,000
FTI Consulting Inc., 7.75%, 10/1/16
750,000
772,500
Gulfmark Offshore Inc. (D), 7.75%, 7/15/14
255,000
258,825
Hertz Corp./The, 8.875%, 1/1/14
500,000
511,250
Hertz Corp./The, 10.5%, 1/1/16
200,000
211,000
Iron Mountain Inc., 7.75%, 1/15/15
268,000
268,670
Mac-Gray Corp., 7.625%, 8/15/15
500,000
491,250
Moog Inc., 7.25%, 6/15/18
500,000
522,500
Pinafore LLC/Pinafore Inc. (A), 9%, 10/1/18
1,000,000
1,080,000
RBS Global Inc./Rexnord LLC, 8.5%, 5/1/18
500,000
531,250
RSC Equipment Rental Inc./RSC Holdings III LLC, 9.5%, 12/1/14
900,000
945,000
ServiceMaster Co./The, PIK (A), 10.75%, 7/15/15
1,000,000
1,070,000
Terex Corp., 8%, 11/15/17
550,000
555,500
Texas Industries Inc. (A), 9.25%, 8/15/20
400,000
425,000
Trinity Industries Inc. (C), 3.875%, 6/1/36
1,000,000
948,750
United Rentals North America Inc., 10.875%, 6/15/16
250,000
285,625
United Rentals North America Inc., 8.375%, 9/15/20
500,000
508,750
USG Corp. (D), 9.75%, 1/15/18
500,000
485,000
WCA Waste Corp. (E), 9.25%, 6/15/14
1,000,000
1,035,000
West Corp./Old, 11%, 10/15/16
450,000
488,250
   
17,412,795

 
See accompanying Notes to Financial Statements.
 
47
 

Ultra Series Fund | December 31, 2010

High Income Fund Portfolio of Investments
 
Par Value
Value (Note 2)
CORPORATE NOTES AND BONDS (continued)
  
Information Technology - 6.0%
    
ADC Telecommunications Inc. (D), 0.831%, 6/15/13
$  500,000
$    498,750
Advanced Micro Devices Inc. (C), 6%, 5/1/15
477,000
480,578
Advanced Micro Devices Inc., 8.125%, 12/15/17
250,000
265,000
Advanced Micro Devices Inc. (A), 7.75%, 8/1/20
500,000
518,750
Alcatel-Lucent USA Inc., Series B (C) (D), 2.875%, 6/15/25
1,100,000
1,038,125
Buccaneer Merger Sub Inc. (A), 9.125%, 1/15/19
250,000
258,125
SanDisk Corp., 1%, 5/15/13
500,000
481,250
Sanmina-SCI Corp., 8.125%, 3/1/16
900,000
909,000
SunGard Data Systems Inc., 10.625%, 5/15/15
750,000
826,875
Syniverse Technologies Inc., Series B (E), 7.75%, 8/15/13
750,000
765,000
   
6,041,453
Materials - 5.6%
    
Cascades Inc. (B), 7.875%, 1/15/20
250,000
261,250
Ferro Corp., 7.875%, 8/15/18
500,000
527,500
FMG Resources August 2006 Pty Ltd. (A), 7%, 11/1/15
1,000,000
1,025,000
Graham Packaging Co. LP/GPC Capital Corp. I (A), 8.25%, 1/1/17
500,000
520,000
Graphic Packaging International Inc., 9.5%, 6/15/17
350,000
381,938
Hexion US Finance Corp. / Hexion Nova Scotia Finance ULC, 8.875%, 2/1/18
250,000
267,188
Huntsman International LLC, 5.5%, 6/30/16
500,000
483,750
Reynolds Group Issuer Inc. / Reynolds Group Issuer LLC (A), 7.75%, 10/15/16
1,000,000
1,057,500
Reynolds Group Issuer Inc. / Reynolds Group Issuer LLC (A), 8.5%, 5/15/18
250,000
251,250
Reynolds Group Issuer Inc. / Reynolds Group Issuer LLC (A), 9%, 4/15/19
750,000
777,187
   
5,552,563
Telecommunication Services - 6.7%
    
Level 3 Communications Inc. (C), 3.5%, 6/15/12
850,000
807,500
PAETEC Holding Corp., 8.875%, 6/30/17
900,000
960,750
Qwest Communications International Inc. (D), 7.5%, 2/15/14
500,000
506,250
Qwest Communications International Inc., Series B, 7.5%, 2/15/14
500,000
506,250
Sprint Nextel Corp., 8.375%, 8/15/17
1,000,000
1,072,500
 
Par Value
Value (Note 2)
tw telecom holdings, Inc., 8%, 3/1/18
$  500,000
$   531,250
Wind Acquisition Finance S.A. (A) (B), 11.75%, 7/15/17
1,000,000
1,127,500
Windstream Corp., 8.625%, 8/1/16
600,000
631,500
Windstream Corp., 7.875%, 11/1/17
250,000
262,812
Windstream Corp., 7%, 3/15/19
250,000
246,250
   
6,652,562
Utilities - 4.5%
    
AES Corp./The, 8%, 6/1/20
500,000
530,000
Calpine Corp. (A), 7.25%, 10/15/17
910,000
910,000
Mirant Americas Generation LLC, 8.3%, 5/1/11
750,000
761,250
Mirant Americas Generation LLC, 8.5%, 10/1/21
500,000
500,000
Mirant North America LLC, 7.375%, 12/31/13
250,000
254,710
NRG Energy Inc., 7.375%, 2/1/16
750,000
768,750
NRG Energy Inc. (A), 8.25%, 9/1/20
250,000
256,250
RRI Energy Inc., 7.625%, 6/15/14
500,000
511,250
   
4,492,210
Total Corporate Notes and Bonds
( Cost $89,402,564 )
  
95,148,152
 
Shares
  
INVESTMENT COMPANY - 3.5%
    
State Street Institutional U.S. Government Money Market Fund
3,495,898
3,495,898
Total Investment Company
( Cost $3,495,898 )
  
3,495,898
TOTAL INVESTMENTS - 98.8% ( Cost $92,898,462** )
98,644,050
NET OTHER ASSETS AND LIABILITIES - 1.2%
1,194,051
TOTAL NET ASSETS - 100.0%
$ 99,838,101

 
**
Aggregate cost for Federal tax purposes was $93,039,812
(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 investors."
(B)
Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 6.56% of total net assets.
(C)
Convertible.
(D)
Floating rate or variable rate note. Rate shown is as of December 31, 2010.
(E)
Illiquid security (See Note 2).
PIK
Payment in Kind.
PLC
Public Limited Company.
ULC
Unlimited Limited Company.

 
See accompanying Notes to Financial Statements.
 
48
 

Ultra Series Fund | December 31, 2010

Diversified Income Fund Portfolio of Investments
 
Shares
Value (Note 2)
COMMON STOCKS - 52.1%
    
Consumer Discretionary - 3.2%
    
McDonald’s Corp.
42,000
$  3,223,920
Omnicom Group Inc.
83,000
3,801,400
Time Warner Inc.
68,000
2,187,560
VF Corp.
46,500
4,007,370
   
13,220,250
Consumer Staples - 8.3%
    
Altria Group Inc.
85,000
2,092,700
Avon Products Inc.
112,000
3,254,720
Coca-Cola Co./The
81,900
5,386,563
Diageo PLC, ADR
29,000
2,155,570
Kraft Foods Inc., Class A
169,018
5,325,757
PepsiCo Inc./NC
81,000
5,291,730
Philip Morris International Inc.
87,200
5,103,816
Procter & Gamble Co./The
49,000
3,152,170
Sysco Corp.
74,000
2,175,600
   
33,938,626
Energy - 7.4%
    
Chevron Corp.
124,500
11,360,625
ConocoPhillips
123,000
8,376,300
Ensco PLC, ADR
53,000
2,829,140
Marathon Oil Corp.
129,000
4,776,870
Spectra Energy Corp.
114,500
2,861,355
   
30,204,290
Financials - 6.2%
    
Axis Capital Holdings Ltd.
88,000
3,157,440
Bank of New York Mellon Corp./The
109,100
3,294,820
NYSE Euronext
77,000
2,308,460
Travelers Cos. Inc./The
78,000
4,345,380
US Bancorp
165,000
4,450,050
Wells Fargo & Co.
149,000
4,617,510
Willis Group Holdings PLC
88,000
3,047,440
   
25,221,100
Health Care - 9.2%
    
Baxter International Inc.
55,500
2,809,410
Johnson & Johnson
135,000
8,349,750
Medtronic Inc.
107,000
3,968,630
Merck & Co. Inc.
222,000
8,000,880
Novartis AG, ADR
80,000
4,716,000
Pfizer Inc.
540,019
9,455,733
   
37,300,403
Industrials - 5.3%
    
3M Co.
50,500
4,358,150
Honeywell International Inc.
43,000
2,285,880
Illinois Tool Works Inc.
87,000
4,645,800
Lockheed Martin Corp.
53,500
3,740,185
 
Shares
Value (Note 2)
United Technologies Corp.
26,800
$  2,109,696
Waste Management Inc.
117,400
4,328,538
   
21,468,249
Information Technology - 6.8%
    
Automatic Data Processing Inc.
58,600
2,712,008
Broadridge Financial Solutions Inc.
146,000
3,201,780
Intel Corp.
346,000
7,276,380
International Business Machines Corp.
22,200
3,258,072
Linear Technology Corp.
66,000
2,282,940
Microsoft Corp.
201,000
5,611,920
Paychex Inc.
105,000
3,245,550
   
27,588,650
Materials - 1.6%
    
Air Products & Chemicals Inc.
40,000
3,638,000
Nucor Corp.
65,000
2,848,300
   
6,486,300
Telecommunication Services - 2.4%
    
AT&T Inc.
255,015
7,492,341
Vodafone Group PLC, ADR
82,000
2,167,260
   
9,659,601
Utilities - 1.7%
    
Duke Energy Corp.
122,000
2,172,820
Exelon Corp.
60,000
2,498,400
FirstEnergy Corp.
67,000
2,480,340
   
7,151,560
Total Common Stocks
( Cost $182,320,005 )
  
212,239,029
 
Par Value
  
ASSET BACKED SECURITIES - 1.2%
    
ABSC Long Beach Home Equity Loan Trust, Series 2000-LB1, Class AF5 (A), 8.55%, 9/21/30
$  599,648
610,849
CarMax Auto Owner Trust, Series 2007-2, Class B, 5.37%, 3/15/13
1,975,000
2,012,096
Chase Issuance Trust, Series 2007-A17, Class A, 5.12%, 10/15/14
2,045,000
2,196,296
Total Asset Backed Securities
( Cost $4,636,595 )
  
4,819,241
CORPORATE NOTES AND BONDS - 18.7%
    
Consumer Discretionary - 1.6%
    
American Association of Retired Persons (B) (C), 7.5%, 5/1/31
2,000,000
2,527,632
DR Horton Inc., 5.25%, 2/15/15
515,000
509,850
ERAC USA Finance LLC (B) (C), 6.7%, 6/1/34
1,850,000
1,917,094
Royal Caribbean Cruises Ltd. (D), 7.25%, 6/15/16
1,600,000
1,724,000
   
6,678,576

 
See accompanying Notes to Financial Statements.
 
49
 

Ultra Series Fund | December 31, 2010

Diversified Income Fund Portfolio of Investments
 
Par Value
Value (Note 2)
CORPORATE NOTES AND BONDS (continued)
  
Consumer Staples - 1.0%
    
Kraft Foods Inc., 6.5%, 11/1/31
$2,025,000
$  2,252,503
PepsiCo Inc./NC, 4.65%, 2/15/13
620,000
667,620
WM Wrigley Jr. Co. (B) (C), 3.05%, 6/28/13
1,310,000
1,338,059
   
4,258,182
Energy - 1.3%
    
ConocoPhillips, 6.65%, 7/15/18
1,500,000
1,801,311
Hess Corp., 7.875%, 10/1/29
1,150,000
1,443,273
Transocean Inc., 6%, 3/15/18
750,000
787,719
Transocean Inc., 7.5%, 4/15/31
1,030,000
1,103,696
   
5,135,999
Financials - 4.3%
    
American General Finance Corp., 5.85%, 6/1/13
1,115,000
1,011,862
HCP Inc., 6.7%, 1/30/18
1,450,000
1,555,672
Lehman Brothers Holdings Inc. * (E), 5.75%, 1/3/17
1,735,000
174
National Rural Utilities Cooperative Finance Corp., Series C, 7.25%, 3/1/12
2,400,000
2,572,790
Nationwide Health Properties Inc., Series D, 8.25%, 7/1/12
2,400,000
2,580,329
Nissan Motor Acceptance Corp. (B) (C), 5.625%, 3/14/11
3,240,000
3,270,074
Simon Property Group L.P., 5.875%, 3/1/17
530,000
581,787
Swiss Re Solutions Holding Corp., 7%, 2/15/26
1,000,000
1,036,064
US Bank NA/Cincinnati OH, 6.3%, 2/4/14
2,000,000
2,231,264
Wells Fargo & Co., 5.25%, 10/23/12
1,450,000
1,554,513
Western Union Co./The, 5.93%, 10/1/16
935,000
1,046,766
   
17,441,295
Food & Drug Retailers - 0.1%
    
New Albertsons Inc., 7.5%, 2/15/11
430,000
430,538
Health Care - 3.1%
    
Amgen Inc., 5.85%, 6/1/17
3,950,000
4,508,917
Eli Lilly & Co., 6.57%, 1/1/16
1,200,000
1,410,335
Genentech Inc., 5.25%, 7/15/35
740,000
750,228
Medco Health Solutions Inc., 7.25%, 8/15/13
1,550,000
1,760,580
Merck & Co. Inc., 5.75%, 11/15/36
1,320,000
1,452,490
Quest Diagnostics Inc./DE, 5.45%, 11/1/15
1,500,000
1,614,132
Wyeth, 6.5%, 2/1/34
1,100,000
1,285,879
   
12,782,561
Industrials - 1.9%
    
Boeing Co./The, 8.625%, 11/15/31
350,000
475,006
Boeing Co./The, 6.875%, 10/15/43
620,000
733,756
Burlington Northern Santa Fe LLC, 8.125%, 4/15/20
1,365,000
1,726,005
EI du Pont de Nemours & Co., 5%, 1/15/13
103,000
110,629
 
Par Value
Value (Note 2)
Lockheed Martin Corp., 7.65%, 5/1/16
$  780,000
$   949,343
Norfolk Southern Corp., 5.59%, 5/17/25
957,000
988,731
Norfolk Southern Corp., 7.05%, 5/1/37
1,050,000
1,254,775
Waste Management Inc., 7.125%, 12/15/17
1,150,000
1,348,710
   
7,586,955
Information Technology - 0.3%
    
Cisco Systems Inc., 5.5%, 2/22/16
960,000
1,095,469
Materials - 0.3%
    
Westvaco Corp., 8.2%, 1/15/30
1,025,000
1,080,900
Telecommunication Services - 1.0%
    
Comcast Cable Communications Holdings Inc., 9.455%, 11/15/22
1,780,000
2,462,774
Rogers Communications Inc. (D), 6.25%, 6/15/13
1,315,000
1,461,837
   
3,924,611
Utilities - 3.8%
    
Indianapolis Power & Light Co. (B) (C), 6.05%, 10/1/36
1,555,000
1,612,627
Interstate Power & Light Co., 6.25%, 7/15/39
1,365,000
1,500,808
MidAmerican Energy Co., 5.65%, 7/15/12
4,000,000
4,273,828
Nevada Power Co., Series R, 6.75%, 7/1/37
1,600,000
1,816,019
Sierra Pacific Power Co., Series M, 6%, 5/15/16
474,000
536,865
Southern Power Co., Series B, 6.25%, 7/15/12
1,500,000
1,612,711
Southwestern Electric Power Co., Series E, 5.55%, 1/15/17
835,000
887,481
Virginia Electric and Power Co., Series C, 5.1%, 11/30/12
620,000
666,346
Westar Energy Inc., 6%, 7/1/14
2,400,000
2,672,088
   
15,578,773
Total Corporate Notes and Bonds
( Cost $72,814,171 )
  
75,993,859
MORTGAGE BACKED SECURITIES - 11.4%
    
Fannie Mae - 9.7%
    
4%, 4/1/15 Pool # 255719
556,135
575,647
5.5%, 4/1/16 Pool # 745444
640,864
692,001
6%, 5/1/16 Pool # 582558
198,774
216,385
5%, 12/1/17 Pool # 672243
1,188,616
1,271,262
4.5%, 9/1/20 Pool # 835465
1,211,488
1,278,120
6%, 5/1/21 Pool # 253847
215,237
234,776
7%, 12/1/29 Pool # 762813
60,302
68,174
7%, 11/1/31 Pool # 607515
118,168
134,622
7%, 4/1/32 Pool # 641518
2,727
3,108
7%, 5/1/32 Pool # 644591
146,792
167,231
5.5%, 10/1/33 Pool # 254904
1,017,836
1,097,123
5.5%, 11/1/33 Pool # 555880
3,400,379
3,665,262
5%, 5/1/34 Pool # 780890
3,385,991
3,576,965
7%, 7/1/34 Pool # 792636
39,603
45,370

 
See accompanying Notes to Financial Statements.
 
50
 

Ultra Series Fund | December 31, 2010

Diversified Income Fund Portfolio of Investments
 
Par Value
Value (Note 2)
MORTGAGE BACKED SECURITIES (continued)
  
Fannie Mae (continued)
    
5.5%, 8/1/34 Pool # 793647
$  401,798
$   434,604
5.5%, 3/1/35 Pool # 815976
2,142,850
2,306,230
5.5%, 7/1/35 Pool # 825283
1,029,037
1,107,335
5.5%, 8/1/35 Pool # 826872
433,088
465,838
5%, 9/1/35 Pool # 820347
1,077,171
1,149,369
5%, 9/1/35 Pool # 835699
1,026,802
1,095,625
5%, 10/1/35 Pool # 797669
1,276,464
1,357,234
5.5%, 10/1/35 Pool # 836912
1,068,302
1,148,850
5%, 12/1/35 Pool # 850561
1,083,639
1,144,081
5.5%, 12/1/35 Pool # 844583
2,479,328
2,667,201
5.5%, 2/1/36 Pool # 851330
454,079
488,791
5.5%, 9/1/36 Pool # 831820
1,985,932
2,161,733
6%, 9/1/36 Pool # 831741
912,243
1,002,019
5.5%, 10/1/36 Pool # 896340
443,955
477,012
5.5%, 10/1/36 Pool # 901723
1,799,143
1,929,173
5.5%, 12/1/36 Pool # 902853
1,880,090
2,025,958
5.5%, 12/1/36 Pool # 903059
1,754,028
1,901,626
5.5%, 12/1/36 Pool # 907512
1,589,499
1,707,855
5.5%, 12/1/36 Pool # 907635
1,900,084
2,057,360
   
39,653,940
Freddie Mac - 1.6%
    
8%, 6/1/30 Pool # C01005
61,691
72,131
6.5%, 1/1/32 Pool # C62333
227,439
255,736
5%, 7/1/33 Pool # A11325
2,660,613
2,808,717
6%, 10/1/34 Pool # A28439
221,862
242,785
6%, 10/1/34 Pool # A28598
162,999
178,370
5%, 4/1/35 Pool # A32314
238,394
252,856
5%, 4/1/35 Pool # A32315
460,872
490,559
5%, 4/1/35 Pool # A32316
416,261
443,074
5%, 4/1/35 Pool # A32509
188,472
200,613
5%, 1/1/37 Pool # A56371
1,501,111
1,577,165
   
6,522,006
Ginnie Mae – 0.0%
    
6.5%, 4/20/31 Pool # 3068
118,004
133,497
Total Mortgage Backed Securities
( Cost $42,918,598 )
  
46,309,443
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 13.2%
    
U.S. Treasury Bond - 1.0%
    
6.625%, 2/15/27
3,270,000
4,301,070
U.S. Treasury Notes - 12.2%
    
4.75%, 3/31/11
500,000
505,449
4.875%, 4/30/11
3,900,000
3,958,956
1%, 7/31/11
3,000,000
3,013,359
4.625%, 12/31/11
3,150,000
3,283,384
 
Par Value
Value (Note 2)
1.375%, 2/15/12
$1,125,000
$  1,137,656
4.625%, 2/29/12
3,400,000
3,566,413
1.375%, 5/15/12
1,312,000
1,329,425
4%, 11/15/12
2,500,000
2,661,522
3.625%, 5/15/13
1,980,000
2,116,743
3.125%, 8/31/13
1,175,000
1,246,509
4%, 2/15/14
4,810,000
5,239,894
4.25%, 8/15/14
4,965,000
5,477,016
2.375%, 9/30/14
1,400,000
1,450,093
2.5%, 3/31/15
795,000
822,889
4.5%, 2/15/16
3,550,000
3,975,169
4.25%, 11/15/17
5,100,000
5,622,352
2.75%, 2/15/19
1,300,000
1,283,242
3.375%, 11/15/19
1,000,000
1,020,859
2.625%, 11/15/20
1,900,000
1,792,234
   
49,503,164
Total U.S. Government and Agency Obligations ( Cost $51,330,589 )
  
53,804,234
 
Shares
  
INVESTMENT COMPANY - 2.8%
    
State Street Institutional U.S. Government Money Market Fund
11,588,883
11,588,883
Total Investment Company
( Cost $11,588,883 )
  
11,588,883
TOTAL INVESTMENTS - 99.4% ( Cost $365,608,841** )
404,754,689
NET OTHER ASSETS AND LIABILITIES - 0.6%
2,262,894
TOTAL NET ASSETS - 100.0%
$407,017,583

 
*
Non-income producing.
**
Aggregate cost for Federal tax purposes was $366,458,530.
(A)
Stated interest rate is contingent upon sufficient collateral market value. If collateral market value falls below a stated level, the issuer will either initiate a clean-up call or increase the stated interest rate.
(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."
(C)
Illiquid security (See Note 2).
(D)
Notes and bonds, issued by foreign entities, denominated in U.S. dollars.  The aggregate of these securities is 0.8% of total net assets.
(E)
In default. Issuer is bankrupt.
ADR
American Depositary Receipt.
PLC
Public Limited Company.

 
See accompanying Notes to Financial Statements
 
51
 

Ultra Series Fund | December 31, 2010

Equity Income Fund Portfolio of Investments
 
Shares
Value (Note 2)
COMMON STOCK - 84.1%
    
Consumer Discretionary - 12.7%
    
American Eagle Outfitters Inc.
2,700
$   39,501
Bed Bath & Beyond Inc.*
1,000
49,150
Best Buy Co. Inc.
1,500
51,435
Coach Inc.
800
44,248
Kohl’s Corp.*
1,000
54,340
TJX Cos. Inc.
1,000
44,390
   
283,064
Energy - 10.8%
    
EOG Resources Inc.
600
54,846
Noble Corp.*
1,600
57,232
Petrohawk Energy Corp.*
2,300
41,975
Southwestern Energy Co.*
1,200
44,916
Weatherford International Ltd.*
1,800
41,040
   
240,009
Financials - 18.5%
    
American Express Co.
1,400
60,088
Bank of New York Mellon Corp./The
1,500
45,300
Capital One Financial Corp.
1,400
59,584
Goldman Sachs Group Inc./The
300
50,448
IntercontinentalExchange Inc.*
500
59,575
Morgan Stanley
1,600
43,536
State Street Corp.
1,000
46,340
Wells Fargo & Co.
1,500
46,485
   
411,356
Health Care - 18.1%
    
Celgene Corp.*
1,000
59,140
Community Health Systems Inc.*
1,200
44,844
Gilead Sciences Inc.*
1,500
54,360
Merck & Co.. Inc.c.
1,500
54,060
Mylan Inc./PA*
1,900
40,147
St Jude Medical Inc.*
1,000
42,750
Teva Pharmaceutical Industries Ltd.
1,000
52,130
UnitedHealth Group Inc.
1,500
54,165
   
401,596
Industrials - 2.1%
    
Jacobs Engineering Group Inc.*
1,000
45,850
 
Shares
Value (Note 2)
Information Technology - 21.9%
    
Adobe Systems Inc.*
1,800
$   55,404
Cisco Systems Inc.*
3,500
70,805
eBay Inc.*
2,200
61,226
Google Inc., Class A*
100
59,397
Hewlett-Packard Co.
1,200
50,520
Intel Corp.
1,900
39,957
Varian Semiconductor Equipment Associates Inc.*
800
29,576
Visa Inc., Class A
1,000
70,380
Yahoo! Inc.*
3,000
49,890
   
487,155
Total Common Stock (Cost $1,764,607)
1,869,030
INVESTMENT COMPANIES - 4.3%
    
iPATH S&P 500 VIX Short-Term Futures ETN*
1,500
56,385
Powershares QQQ Nasdaq 100
700
38,129
Total Investment Companies (Cost $92,149)
94,514
Repurchase Agreement - 21.0%
    
With U.S. Bank National Association issued 12/31/10 at 0.01%, due 1/3/11, collateralized by $475,509 in Freddie Mac Pool #E99143 due 9/1/18. Proceeds at maturity are $466,030 (Cost $466,030)
466,030
     
TOTAL INVESTMENTS - 109.4% (Cost $2,322,785**)
2,429,574
NET OTHER ASSETS AND LIABILITIES - (4.0%)
(88,385)
Total Call Options Written - (5.4%)
(119,851)
TOTAL ASSETS - 100.0%
$2,221,338

 
*
Non-income producing
**
Aggregate cost for Federal tax purposes was $2,323,102.
ETN    
Exchange Traded Note

 
See accompanying Notes to Financial Statements.
 
52
 

Ultra Series Fund | December 31, 2010

Equity Income Fund Portfolio of Investments
Call Options Written
 Contracts
Expiration
 Strike Price
 Market Value
Adobe Systems Inc.
10
April 2011
32.00
$  1,735
Adobe Systems Inc.
8
April 2011
34.00
836
American Eagle Outfitters Inc.
27
May 2011
15.50
2,565
American Express Co.
14
April 2011
44.00
2,954
Bank of New York Mellon Corp./The
15
March 2011
29.00
3,217
Bed Bath & Beyond Inc.
10
January 2011
45.00
4,300
Best Buy Co. Inc.
15
June 2011
36.00
3,300
Capital One Financial Corp.
14
March 2011
43.00
3,374
Celgene Corp.
7
January 2011
62.50
329
Coach Inc.
8
January 2011
40.00
12,280
Community Health Systems Inc.
12
January 2011
33.00
5,580
eBay Inc.
22
April 2011
29.00
2,937
EOG Resources Inc.
4
January 2011
100.00
74
Gilead Sciences Inc.
10
May 2011
40.00
1,195
Goldman Sachs Group Inc./The
2
April 2011
170.00
1,720
Goldman Sachs Group Inc./The
1
January 2011
160.00
968
Google Inc.
1
January 2011
530.00
6,625
Hewlett-Packard Co.
7
February 2011
44.00
486
Intel Corp.
19
April 2011
20.00
3,078
IntercontinentalExchange Inc.
5
January 2011
110.00
4,900
iPATH S&P 500 VIX Short-Term Futures ETN
15
February 2011
40.00
3,675
Jacobs Engineering Group Inc.
10
January 2011
41.00
4,950
Kohl’s Corp.
6
February 2011
55.00
930
Kohl’s Corp.
4
January 2011
55.00
330
Merck & Co.. Inc.
15
April 2011
37.00
1,605
Morgan Stanley
16
April 2011
27.00
2,992
Mylan Inc./PA
19
April 2011
21.00
2,574
Noble Corp.
12
March 2011
40.00
666
Petrohawk Energy Corp.
23
March 2011
19.00
2,599
Powershares QQQ Nasdaq 100
7
January 2011
50.00
3,210
Southwestern Energy Co.
12
March 2011
39.00
1,860
St Jude Medical Inc.
10
April 2011
40.00
4,000
State Street Corp.
10
January 2011
40.00
6,550
TJX Cos. Inc.
10
April 2011
46.00
1,400
UnitedHealth Group Inc.
10
March 2011
37.00
1,435
UnitedHealth Group Inc.
5
January 2011
35.00
808
Varian Semiconductor Equipment Associates Inc.
8
January 2011
35.00
1,980
Visa Inc.
4
June 2011
75.00
1,560
Visa Inc.
6
January 2011
75.00
189
Weatherford International Ltd.
18
January 2011
17.50
9,585
Wells Fargo & Co.
15
January 2011
30.00
2,370
Yahoo! Inc.
30
February 2011
17.00
2,130
TOTAL CALL OPTIONS WRITTEN  (Premiums received $84,813)
     
$119,851

 
See accompanying Notes to Financial Statements.
 
53
 

Ultra Series Fund | December 31, 2010

Large Cap Value Fund Portfolio of Investments
 
Shares
Value (Note 2)
COMMON STOCKS - 98.3%
    
Consumer Discretionary - 6.0%
    
Lowe’s Cos. Inc.
265,000
$  6,646,200
Omnicom Group Inc.
200,000
9,160,000
Time Warner Inc.
165,000
5,308,050
TJX Cos. Inc.
120,000
5,326,800
Viacom Inc.
135,000
5,347,350
   
31,788,400
Consumer Staples - 10.2%
    
Avon Products Inc.
180,000
5,230,800
Diageo PLC, ADR
57,000
4,236,810
Kraft Foods Inc., Class A
388,000
12,225,880
PepsiCo Inc./NC
195,000
12,739,350
Philip Morris International Inc.
100,000
5,853,000
Procter & Gamble Co./The
140,000
9,006,200
Sysco Corp.
170,000
4,998,000
   
54,290,040
Energy - 15.6%
    
Chevron Corp.
195,046
17,797,948
ConocoPhillips
170,000
11,577,000
Marathon Oil Corp.
307,000
11,368,210
Noble Corp.
330,000
11,804,100
Occidental Petroleum Corp.
180,000
17,658,000
Southwestern Energy Co. *
328,000
12,277,040
   
82,482,298
Financials - 19.7%
    
American Express Co.
193,000
8,283,560
Arch Capital Group Ltd. *
100,000
8,805,000
Bank of New York Mellon Corp./The
530,000
16,006,000
JPMorgan Chase & Co.
343,088
14,553,793
NYSE Euronext
185,000
5,546,300
Travelers Cos. Inc./The
173,500
9,665,685
US Bancorp
645,000
17,395,650
Wells Fargo & Co.
560,000
17,354,400
Willis Group Holdings PLC
205,000
7,099,150
   
104,709,538
Health Care - 14.8%
    
Baxter International Inc.
120,000
6,074,400
Johnson & Johnson
320,000
19,792,000
Medtronic Inc.
265,000
9,828,850
Merck & Co. Inc.
448,500
16,163,940
Novartis AG, ADR
94,000
5,541,300
Pfizer Inc.
1,210,000
21,187,100
   
78,587,590
 
Shares
Value (Note 2)
Industrials - 9.5%
    
3M Co.
97,500
$  8,414,250
General Electric Co.
318,000
5,816,220
Illinois Tool Works Inc.
195,000
10,413,000
Lockheed Martin Corp.
141,000
9,857,310
United Technologies Corp.
68,000
5,352,960
Waste Management Inc.
284,000
10,471,080
   
50,324,820
Information Technology - 13.1%
    
Broadridge Financial Solutions Inc.
270,000
5,921,100
Cisco Systems Inc. *
535,000
10,823,050
Intel Corp.
850,000
17,875,500
International Business Machines Corp.
89,600
13,149,696
Microsoft Corp.
497,000
13,876,240
Western Union Co./The
420,000
7,799,400
   
69,444,986
Materials - 2.9%
    
Air Products & Chemicals Inc.
93,000
8,458,350
Nucor Corp.
160,000
7,011,200
   
15,469,550
Telecommunication Services - 3.4%
    
AT&T Inc.
439,987
12,926,818
Vodafone Group PLC, ADR
187,000
4,942,410
   
17,869,228
Utilities - 3.1%
    
Exelon Corp.
265,000
11,034,600
NextEra Energy Inc.
100,000
5,199,000
   
16,233,600
Total Common Stocks
( Cost $458,238,853 )
  
521,200,050
INVESTMENT COMPANY - 1.5%
    
State Street Institutional U.S. Government Money Market Fund
8,194,094
8,194,094
Total Investment Company
( Cost $8,194,094 )
  
8,194,094
TOTAL INVESTMENTS - 99.8% ( Cost $466,432,947** )
529,394,144
NET OTHER ASSETS AND LIABILITIES - 0.2%
853,773
TOTAL NET ASSETS - 100.0%
$530,247,917

 
*
Non-income producing.
**
Aggregate cost for Federal tax purposes was $466,869,448.
ADR
American Depositary Receipt.
PLC
Public Limited Company.

 
See accompanying Notes to Financial Statements.
 
54
 

Ultra Series Fund | December 31, 2010

Large Cap Growth Fund Portfolio of Investments
 
Shares
Value (Note 2)
COMMON STOCKS - 95.7%
    
Consumer Discretionary - 8.7%
    
Amazon.com Inc. *
53,160
$  9,568,800
Lamar Advertising Co., Class A *
114,515
4,562,278
McDonald’s Corp.
48,660
3,735,142
Omnicom Group Inc.
167,367
7,665,409
Starbucks Corp.
138,610
4,453,539
Vitamin Shoppe Inc. *
65,080
2,189,291
Yum! Brands Inc.
44,369
2,176,299
   
34,350,758
Consumer Staples - 8.1%
    
Coca-Cola Co./The
220,335
14,491,433
Diageo PLC, ADR
51,520
3,829,481
PepsiCo Inc./NC
213,030
13,917,250
   
32,238,164
Energy - 18.2%
    
Apache Corp.
33,300
3,970,359
Exxon Mobil Corp.
282,010
20,620,571
Occidental Petroleum Corp.
172,390
16,911,459
Petrohawk Energy Corp. *
453,100
8,269,075
Schlumberger Ltd.
93,150
7,778,025
Southwestern Energy Co. *
129,590
4,850,554
Weatherford International Ltd. *
415,540
9,474,312
   
71,874,355
Financials - 7.0%
    
Axis Capital Holdings Ltd.
169,257
6,072,941
Green Dot Corp., Class A *
35,330
2,004,624
IntercontinentalExchange Inc. *
35,150
4,188,123
T Rowe Price Group Inc.
236,116
15,238,927
   
27,504,615
Health Care - 8.9%
    
Allergan Inc./United States
97,695
6,708,715
Celgene Corp. *
288,455
17,059,229
HMS Holdings Corp. *
59,836
3,875,578
Johnson & Johnson
62,815
3,885,108
UnitedHealth Group Inc.
105,720
3,817,549
   
35,346,179
Industrials - 8.9%
    
3M Co.
44,625
3,851,138
Boeing Co./The
57,180
3,731,567
Deere & Co.
68,310
5,673,145
Emerson Electric Co.
168,915
9,656,871
Illinois Tool Works Inc.
151,775
8,104,785
Roper Industries Inc.
54,540
4,168,492
   
35,185,998
 
Shares
Value (Note 2)
Information Technology - 33.7%
    
Communications Equipment - 6.1%
    
Cisco Systems Inc. *
763,400
$ 15,443,582
QUALCOMM Inc.
179,390
8,878,011
   
24,321,593
Computers & Peripherals - 5.5%
    
Apple Inc. *
67,790
21,866,342
Electronic Equipment, Instruments & Components - 1.1%
    
FLIR Systems Inc. *
142,585
4,241,904
Internet Software & Services - 7.5%
    
eBay Inc. *
159,770
4,446,399
Google Inc., Class A *
42,755
25,395,187
   
29,841,586
IT Services - 6.2%
    
International Business Machines Corp.
77,534
11,378,890
Visa Inc., Class A
184,810
13,006,928
   
24,385,818
Semiconductors & Semiconductor Equipment - 3.3%
    
Intel Corp.
406,385
8,546,276
Varian Semiconductor Equipment Associates Inc. *
118,213
4,370,335
   
12,916,611
Software - 4.0%
    
BMC Software Inc. *
96,095
4,529,918
Microsoft Corp.
318,230
8,884,982
Salesforce.com Inc. *
17,510
2,311,320
   
15,726,220
Materials - 2.2%
    
Ecolab Inc.
172,005
8,672,492
Total Common Stocks
( Cost $294,555,017 )
  
378,472,635
INVESTMENT COMPANY - 4.1%
    
State Street Institutional U.S. Government Money Market Fund
16,066,626
16,066,626
Total Investment Company
( Cost $16,066,626 )
  
16,066,626
TOTAL INVESTMENTS - 99.8% ( Cost $310,621,643** )
394,539,261
NET OTHER ASSETS AND LIABILITIES - 0.2%
907,182
TOTAL NET ASSETS - 100.0%
$395,446,443

 
*
Non-income producing.
**
Aggregate cost for Federal tax purposes was $313,016,067.
ADR
American Depositary Receipt.
PLC
Public Limited Company.

 
See accompanying Notes to Financial Statements.
 
55
 

Ultra Series Fund | December 31, 2010

Mid Cap Fund Portfolio of Investments
 
Shares
Value (Note 2)
COMMON STOCKS - 95.6%
    
Consumer Discretionary - 14.3%
    
Bed Bath & Beyond Inc. *
170,288
$  8,369,655
CarMax Inc. *
209,128
6,667,001
Lamar Advertising Co., Class A *
205,425
8,184,132
Lumber Liquidators Holdings Inc. *
221,393
5,514,899
Omnicom Group Inc.
191,910
8,789,478
Sears Holdings Corp. *
81,928
6,042,190
TJX Cos. Inc.
171,420
7,609,334
Yum! Brands Inc.
117,377
5,757,342
   
56,934,031
Consumer Staples - 3.5%
    
Brown-Forman Corp., Class B
95,671
6,660,615
McCormick & Co. Inc./MD
154,193
7,174,600
   
13,835,215
Energy - 8.9%
    
Contango Oil & Gas Co. *
109,202
6,326,072
Ensco PLC, ADR
171,640
9,162,143
EOG Resources Inc.
72,646
6,640,571
Noble Corp.
193,560
6,923,641
Southwestern Energy Co. *
170,287
6,373,843
   
35,426,270
Financials - 22.1%
    
Arch Capital Group Ltd. *
94,360
8,308,398
Brookfield Asset Management Inc., Class A
354,955
11,816,452
Brookfield Properties Corp.
434,225
7,611,964
Brown & Brown Inc.
347,331
8,315,104
IntercontinentalExchange Inc. *
67,294
8,018,080
Leucadia National Corp.
312,194
9,109,821
Markel Corp. *
21,083
7,972,115
RLI Corp.
115,587
6,076,409
SEI Investments Co.
305,434
7,266,275
T Rowe Price Group Inc.
110,010
7,100,045
WR Berkley Corp.
230,835
6,320,262
   
87,914,925
Health Care - 13.0%
    
Covance Inc. *
143,814
7,393,478
CR Bard Inc.
81,430
7,472,831
DENTSPLY International Inc.
295,142
10,085,002
IDEXX Laboratories Inc. *
111,650
7,728,413
Laboratory Corp. of America Holdings *
114,852
10,097,788
Techne Corp.
136,500
8,963,955
   
51,741,467
 
Shares
Value (Note 2)
Industrials - 13.6%
    
Copart Inc. *
295,411
$ 11,033,601
IDEX Corp.
237,860
9,305,083
Jacobs Engineering Group Inc. *
148,760
6,820,646
Knight Transportation Inc.
291,920
5,546,480
Ritchie Bros Auctioneers Inc.
313,478
7,225,668
Wabtec Corp./DE
120,989
6,399,108
Waste Management Inc.
209,483
7,723,638
   
54,054,224
Information Technology - 12.0%
    
Adobe Systems Inc. *
172,990
5,324,632
Amphenol Corp., Class A
115,610
6,101,896
Blackboard Inc. *
105,415
4,353,640
Broadridge Financial Solutions Inc.
366,584
8,039,187
Factset Research Systems Inc.
74,708
7,004,622
FLIR Systems Inc. *
310,705
9,243,474
Western Union Co./The
416,260
7,729,948
   
47,797,399
Materials - 5.8%
    
Ecolab Inc.
139,425
7,029,809
iShares COMEX Gold Trust, ETF *
651,145
9,050,915
Valspar Corp.
200,021
6,896,724
   
22,977,448
Telecommunication Service - 2.2%
    
Crown Castle International Corp. *
202,722
8,885,305
Total Common Stocks
( Cost $320,089,441 )
  
379,566,284
INVESTMENT COMPANY - 4.4%
    
State Street Institutional U.S. Government Money Market Fund
17,571,772
17,571,772
Total Investment Company
( Cost $17,571,772 )
  
17,571,772
TOTAL INVESTMENTS - 100.0% ( Cost $337,661,213** )
397,138,056
NET OTHER ASSETS AND LIABILITIES – 0.0%
31,540
TOTAL NET ASSETS - 100.0%
$397,169,596

 
*
Non-income producing.
**
Aggregate cost for Federal tax purposes was $337,780,348.
ADR
American Depositary Receipt.
ETF
Exchange Traded Fund.
PLC
Public Limited Company.

 
See accompanying Notes to Financial Statements.
 
56
 

Ultra Series Fund | December 31, 2010

Small Cap Fund Portfolio of Investments
 
Shares
Value (Note 2)
COMMON STOCKS - 95.7%
    
Consumer Discretionary - 16.8%
    
Arbitron Inc.
7,740
$   321,365
Bally Technologies Inc. *
2,770
116,866
Cato Corp./The, Class A
10,540
288,901
CEC Entertainment Inc. *
3,820
148,331
Choice Hotels International Inc.
3,820
146,191
Dress Barn Inc./The *
6,060
160,105
Helen of Troy Ltd. *
8,110
241,191
Hibbett Sports Inc. *
2,100
77,490
Matthews International Corp., Class A
4,440
155,311
Sonic Corp. *
14,440
146,133
Stage Stores Inc.
17,610
305,358
Tempur-Pedic International Inc. *
2,360
94,542
   
2,201,784
Consumer Staples - 3.3%
    
Casey’s General Stores Inc.
2,580
109,676
Herbalife Ltd.
2,610
178,445
Snyders-Lance Inc.
6,370
149,313
   
437,434
Energy - 4.4%
    
Bristow Group Inc. *
2,700
127,845
Penn Virginia Corp.
7,670
129,009
SEACOR Holdings Inc. *
1,800
181,962
SM Energy Co.
2,320
136,718
   
575,534
Financials - 23.2%
    
Alleghany Corp. *
305
93,443
American Campus Communities Inc., REIT
3,820
121,323
AMERISAFE Inc. *
5,670
99,225
Ares Capital Corp.
14,863
244,942
Assured Guaranty Ltd.
7,400
130,980
Delphi Financial Group Inc., Class A
9,270
267,347
DiamondRock Hospitality Co., REIT *
9,529
114,348
Education Realty Trust Inc., REIT
15,410
119,736
First Busey Corp.
20,007
94,033
First Midwest Bancorp Inc./IL
15,530
178,906
Hancock Holding Co.
1,900
66,234
International Bancshares Corp.
8,150
163,244
Mack-Cali Realty Corp., REIT
2,200
72,732
MB Financial Inc.
7,130
123,492
NewAlliance Bancshares Inc.
8,170
122,387
Northwest Bancshares Inc.
17,380
204,389
Platinum Underwriters Holdings Ltd.
4,860
218,554
Reinsurance Group of America Inc.
4,140
222,359
Validus Holdings Ltd.
2,550
78,055
Webster Financial Corp.
11,580
228,126
 
Shares
Value (Note 2)
Westamerica Bancorporation
1,270
$    70,447
   
3,034,302
Health Care - 7.8%
    
Amsurg Corp. *
7,690
161,105
Charles River Laboratories International Inc. *
5,800
206,132
Corvel Corp. *
3,130
151,336
Haemonetics Corp. *
900
56,862
ICON PLC, ADR *
11,830
259,077
ICU Medical Inc. *
5,070
185,055
   
1,019,567
Industrials - 22.8%
    
ACCO Brands Corp. *
20,840
177,557
Acuity Brands Inc.
2,110
121,684
Albany International Corp., Class A
9,850
233,346
Belden Inc.
11,930
439,263
Carlisle Cos. Inc.
10,350
411,309
ESCO Technologies Inc.
4,190
158,550
G&K Services Inc., Class A
800
24,728
GATX Corp.
5,670
200,038
Genesee & Wyoming Inc., Class A *
5,100
270,045
Kirby Corp. *
4,630
203,951
Mueller Industries Inc.
6,600
215,820
Standard Parking Corp. *
5,890
111,262
Sterling Construction Co. Inc. *
3,590
46,814
Unifirst Corp./MA
1,270
69,913
United Stationers Inc. *
4,630
295,440
   
2,979,720
Information Technology - 7.7%
    
Coherent Inc. *
1,870
84,412
Diebold Inc.
5,670
181,723
Electronics for Imaging Inc. *
6,165
88,221
MAXIMUS Inc.
3,240
212,479
MTS Systems Corp.
3,130
117,250
NAM TAI Electronics Inc. *
5,510
35,264
Websense Inc. *
6,800
137,700
Zebra Technologies Corp., Class A *
4,100
155,759
   
1,012,808
Materials - 4.7%
    
Aptargroup Inc.
3,820
181,718
Deltic Timber Corp.
2,780
156,625
Kraton Performance Polymers Inc. *
800
24,760
Zep Inc.
12,840
255,259
   
618,362
Utilities - 5.0%
    
Atmos Energy Corp.
4,050
126,360
New Jersey Resources Corp.
2,370
102,171
Unisource Energy Corp.
5,440
194,970

 
See accompanying Notes to Financial Statements.
 
57
 

Ultra Series Fund | December 31, 2010

Small Cap Fund Portfolio of Investments
 
Shares
Value (Note 2)
COMMON STOCKS (continued)
    
Utilities (continued)
    
Westar Energy Inc.
5,390
$   135,612
WGL Holdings Inc.
2,660
95,148
   
654,261
Total Common Stocks
( Cost $9,994,656 )
  
12,533,772
INVESTMENT COMPANY - 3.9%
    
State Street Institutional U.S. Government Money Market Fund
508,051
508,051
Total Investment Company
( Cost $508,051 )
  
508,051
TOTAL INVESTMENTS - 99.6% ( Cost $10,502,707** )
13,041,823
NET OTHER ASSETS AND LIABILITIES - 0.4%
55,234
TOTAL NET ASSETS - 100.0%
$ 13,097,057

 
*
Non-income producing.
**
Aggregate cost for Federal tax purposes was $10,579,600.
ADR
American Depository Receipt.
PLC
Public Limited Company.
REIT
Real Estate Investment Trust.

 
See accompanying Notes to Financial Statements.
 
58
 

Ultra Series Fund | December 31, 2010

International Stock Fund Portfolio of Investments
 
Shares
Value (Note 2)
COMMON STOCKS - 98.3%
    
Australia - 2.2%
    
QBE Insurance Group Ltd.
48,800
$   905,915
Telstra Corp. Ltd.
491,000
1,401,124
   
2,307,039
Belgium - 2.2%
    
Anheuser-Busch InBev N.V.
39,900
2,282,026
Brazil - 2.8%
    
Banco do Brasil S.A.
87,870
1,663,178
Cielo S.A.
161,000
1,304,488
   
2,967,666
Canada - 1.8%
    
Potash Corp. of Saskatchewan Inc.
6,200
963,080
Rogers Communications Inc.
25,300
880,398
   
1,843,478
China - 1.5%
    
Industrial & Commercial Bank of China
1,275,700
946,993
Weichai Power Co. Ltd.
108,000
667,636
   
1,614,629
Denmark - 1.3%
    
Novo Nordisk A/S, B Shares
11,800
1,330,608
Finland - 0.9%
    
Sampo OYJ
36,000
964,541
France - 10.4%
    
BNP Paribas
27,145
1,726,998
Danone
26,100
1,639,937
Sanofi-Aventis S.A.
40,312
2,577,628
Technip S.A.
16,800
1,551,284
Total S.A.
29,587
1,567,646
Valeo S.A. *
33,300
1,889,641
   
10,953,134
Germany - 4.5%
    
Bayerische Motoren Werke AG
16,600
1,305,445
SAP AG
20,600
1,048,808
Siemens AG
19,319
2,393,141
   
4,747,394
Hong Kong - 1.2%
    
AIA Group Ltd. *
85,000
238,942
Kerry Properties Ltd.
196,500
1,018,803
   
1,257,745
Israel - 0.9%
    
Teva Pharmaceutical Industries Ltd., ADR
18,800
980,044
Italy - 1.1%
    
Atlantia SpA
56,060
1,143,921
 
Shares
Value (Note 2)
Japan - 19.8%
    
Asics Corp.
42,990
$   552,797
Benesse Holdings Inc.
19,100
879,837
Canon Inc.
45,400
2,354,157
Daito Trust Construction Co. Ltd.
32,910
2,253,721
Don Quijote Co. Ltd.
24,500
746,256
eAccess Ltd.
1,215
734,776
Honda Motor Co. Ltd.
48,400
1,916,566
Hoya Corp.
59,800
1,452,464
JS Group Corp.
43,400
955,238
Keyence Corp.
3,555
1,029,851
Mitsubishi Corp.
40,500
1,096,428
Mitsubishi Estate Co. Ltd.
71,000
1,316,985
Nidec Corp.
11,600
1,173,002
Sumitomo Mitsui Financial Group Inc.
44,400
1,581,535
Yahoo! Japan Corp.
4,164
1,615,544
Yamada Denki Co. Ltd.
17,510
1,194,795
   
20,853,952
Mexico - 0.9%
    
Grupo Televisa S.A., ADR *
35,500
920,515
Netherlands - 2.6%
    
ING Groep N.V. *
154,570
1,503,698
TNT N.V.
47,745
1,260,082
   
2,763,780
Norway - 0.9%
    
Aker Solutions ASA
58,280
991,301
Russia - 1.0%
    
Sberbank of Russia
293,700
1,000,636
Singapore - 0.9%
    
Singapore Telecommunications Ltd.
403,300
958,947
South Korea - 2.3%
    
Hyundai Mobis *
4,800
1,203,278
Samsung Electronics Co. Ltd., GDR (A)
2,890
1,219,291
   
2,422,569
Spain - 1.1%
    
Amadeus IT Holding S.A. *
57,700
1,208,999
Sweden - 0.9%
    
Assa Abloy AB
35,200
991,785
Switzerland - 7.1%
    
Julius Baer Group Ltd.
23,500
1,100,856
Nestle S.A.
31,350
1,835,735
Novartis AG
49,497
2,908,941
UBS AG *
100,610
1,651,726
   
7,497,258

 
See accompanying Notes to Financial Statements.
 
59
 

Ultra Series Fund | December 31, 2010

International Stock Fund Portfolio of Investments
 
Shares
Value (Note 2)
COMMON STOCKS (continued)
    
Turkey - 0.9%
    
Turkiye Garanti Bankasi AS, ADR
175,800
$   905,370
United Kingdom - 29.1%
    
AMEC PLC
34,800
623,952
BAE Systems PLC
140,173
721,194
BG Group PLC
55,600
1,123,449
BHP Billiton PLC
52,700
2,096,017
British American Tobacco PLC
39,231
1,506,800
GlaxoSmithKline PLC
103,000
1,991,282
HSBC Holdings PLC
227,400
2,308,404
Informa PLC
225,853
1,434,918
International Power PLC
195,300
1,332,457
Lloyds Banking Group PLC *
1,466,838
1,502,524
Prudential PLC
232,000
2,416,230
Royal Dutch Shell PLC
69,400
2,313,889
Standard Chartered PLC
63,550
1,709,638
Tullow Oil PLC
53,600
1,053,789
Unilever PLC
72,600
2,221,932
Vodafone Group PLC
422,599
1,092,413
WM Morrison Supermarkets PLC
312,800
1,305,048
WPP PLC
112,600
1,386,003
Xstrata PLC
105,300
2,471,627
   
30,611,566
Total Common Stocks
( Cost $86,048,400 )
  
103,518,903
INVESTMENT COMPANY - 1.5%
    
United States - 1.5%
    
State Street Institutional U.S. Government Money Market Fund
1,607,953
1,607,953
Total Investment Company
( Cost $1,607,953 )
  
1,607,953
TOTAL INVESTMENTS - 99.8% ( Cost $87,656,353** )
105,126,856
NET OTHER ASSETS AND LIABILITIES - 0.2%
177,385
TOTAL NET ASSETS - 100.0%
$105,304,241

 
*
Non-income producing.
**
Aggregate cost for Federal tax purposes was $89,317,517.
(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 investors."
ADR
American Depositary Receipt.
GDR
Global Depositary Receipt.
PLC
Public Limited Company.

 
OTHER INFORMATION:
Sector Concentration
% of Net Assets
Consumer Discretionary
13%
Consumer Staples
10%
Energy
9%
Financials
26%
Health Care
9%
Industrials
10%
Information Technology
11%
Materials
5%
Money Market Funds
2%
Telecommunication Services
4%
Utilities
1%
Net Other Assets and Liabilities
0%
 
100%

 
See accompanying Notes to Financial Statements.
 
60
 

Ultra Series Fund | December 31, 2010

Target Retirement 2020 Fund Portfolio of Investments
 
Shares
Value (Note 2)
INVESTMENT COMPANIES - 99.0%
    
Bond Funds - 35.2%
    
Franklin Floating Rate Daily Access Fund Advisor Class
134,071
$  1,229,434
MEMBERS Bond Fund Class Y (A)
100,475
1,026,853
MEMBERS High Income Fund Class Y (A)
311,509
2,174,331
PIMCO Investment Grade Corporate Bond Fund Institutional Class
254,223
2,664,260
PIMCO Total Return Fund Institutional Class
243,810
2,645,334
   
9,740,212
Foreign Bond Funds - 6.7%
    
Templeton Global Bond Fund Advisor Class
135,849
1,842,117
Foreign Stock Funds - 7.8%
    
Matthews Asian Growth and Income Fund Institutional Shares
48,451
874,048
MEMBERS International Stock Fund Class Y (A)
121,433
1,284,766
   
2,158,814
Money Market Funds - 1.7%
    
State Street Institutional U.S. Government Money Market Fund
460,532
460,532
 
Shares
Value (Note 2)
Stock Funds - 47.6%
    
Calamos Growth and Income Fund Class I
27,667
$   849,368
Hussman Strategic Growth Fund
105,972
1,302,398
iShares S&P 100 Index Fund ETF
11,396
645,811
Madison Mosaic Disciplined Equity Fund (A)
192,131
2,436,223
MEMBERS Equity Income Fund Class Y (A)
68,516
696,809
MEMBERS Large Cap Growth Fund Class Y (A)
123,349
1,972,348
MEMBERS Large Cap Value Fund Class Y (A)
159,911
1,912,540
MEMBERS Small Cap Fund Class Y (A)
98,390
1,084,255
T Rowe Price New Era Fund
15,875
828,052
Yacktman Fund/The
87,654
1,449,798
   
13,177,602
TOTAL INVESTMENTS - 99.0% ( Cost $25,490,648** )
27,379,277
NET OTHER ASSETS AND LIABILITIES - 1.0%
268,508
TOTAL NET ASSETS - 100.0%
$ 27,647,785

 
**
Aggregate cost for Federal tax purposes was $25,850,195.
(A)
Affiliated Company (see Note 11).
ETF
Exchange Traded  Fund.

 
See accompanying Notes to Financial Statements.
 
61
 

Ultra Series Fund | December 31, 2010

Target Retirement 2030 Fund Portfolio of Investments
 
Shares
Value (Note 2)
INVESTMENT COMPANIES - 99.0%
    
Bond Funds - 26.1%
    
Franklin Floating Rate Daily Access Fund Advisor Class
99,609
$   913,411
MEMBERS Bond Fund Class Y (A)
92,351
943,829
MEMBERS High Income Fund Class Y (A)
324,161
2,262,643
PIMCO Investment Grade Corporate Bond Fund Institutional Class
201,940
2,116,333
PIMCO Total Return Fund Institutional Class
176,726
1,917,472
   
8,153,688
Foreign Bond Funds - 5.8%
    
Templeton Global Bond Fund Advisor Class
133,212
1,806,362
Foreign Stock Funds - 11.0%
    
Matthews Asian Growth and Income Fund Institutional Shares
72,316
1,304,585
MEMBERS International Stock Fund Class Y (A)
159,464
1,687,131
Vanguard Emerging Markets ETF
9,444
454,729
   
3,446,445
Money Market Funds - 1.6%
    
State Street Institutional U.S. Government Money Market Fund
508,816
 508,816
 
Shares
Value (Note 2)
Stock Funds - 54.5%
    
Calamos Growth and Income Fund Class I
31,442
$   965,271
Hussman Strategic Growth Fund
119,813
1,472,503
iShares S&P 100 Index Fund ETF
26,127
1,480,617
Madison Mosaic Disciplined Equity Fund (A)
243,730
3,090,492
MEMBERS Equity Income Fund Class Y (A)
69,522
707,042
MEMBERS Large Cap Growth Fund Class Y (A)
150,735
2,410,247
MEMBERS Large Cap Value Fund Class Y (A)
187,731
2,245,263
MEMBERS Small Cap Fund Class Y (A)
127,640
1,406,590
T Rowe Price New Era Fund
25,883
1,350,049
Yacktman Fund/The
115,874
1,916,557
   
17,044,631
TOTAL INVESTMENTS - 99.0% ( Cost $28,664,348** )
30,959,942
NET OTHER ASSETS AND LIABILITIES - 1.0%
318,901
TOTAL NET ASSETS - 100.0%
$ 31,278,843

 
**
Aggregate cost for Federal tax purposes was $28,899,749.
(A)
Affiliated Company (see Note 11).
ETF
Exchange Traded  Fund.

 
See accompanying Notes to Financial Statements.
 
62
 

Ultra Series Fund | December 31, 2010

Target Retirement 2040 Fund Portfolio of Investments
 
Shares
Value (Note 2)
INVESTMENT COMPANIES - 98.8%
    
Bond Funds - 16.5%
    
Franklin Floating Rate Daily Access Fund Advisor Class
51,966
$   476,532
MEMBERS Bond Fund Class Y (A)
26,774
273,632
MEMBERS High Income Fund Class Y (A)
243,274
1,698,050
PIMCO Investment Grade Corporate Bond Fund Institutional Class
101,617
1,064,948
PIMCO Total Return Fund Institutional Class
74,301
806,168
   
4,319,330
Foreign Bond Funds - 4.8%
    
Templeton Global Bond Fund Advisor Class
91,661
1,242,918
Foreign Stock Funds - 12.6%
    
Matthews Asian Growth and Income Fund Institutional Shares
62,537
1,128,163
MEMBERS International Stock Fund Class Y (A)
153,236
1,621,232
Vanguard Emerging Markets ETF
11,542
555,747
   
3,305,142
Money Market Funds - 1.5%
    
State Street Institutional U.S. Government Money Market Fund
394,286
394,286
 
Shares
Value (Note 2)
Stock Funds - 63.4%
    
Calamos Growth and Income Fund Class I
41,800
$  1,283,273
Hussman Strategic Growth Fund
99,683
1,225,098
iShares S&P 100 Index Fund ETF
37,221
2,109,314
Madison Mosaic Disciplined Equity Fund (A)
224,178
2,842,576
MEMBERS Equity Income Fund Class Y (A)
66,526
676,574
MEMBERS Large Cap Growth Fund Class Y (A)
115,944
1,853,944
MEMBERS Large Cap Value Fund Class Y (A)
146,305
1,749,804
MEMBERS Small Cap Fund Class Y (A)
120,340
1,326,145
T Rowe Price New Era Fund
27,287
1,423,272
Yacktman Fund/The
125,310
2,072,625
   
16,562,625
TOTAL INVESTMENTS - 98.8% ( Cost $23,612,377** )
25,824,301
NET OTHER ASSETS AND LIABILITIES - 1.2%
322,452
TOTAL NET ASSETS - 100.0%
$ 26,146,753

 
**
Aggregate cost for Federal tax purposes was $23,787,535.
(A)
Affiliated Company (see Note 11).
ETF
Exchange Traded  Fund.

 
See accompanying Notes to Financial Statements.
 
63
 

Ultra Series Fund | December 31, 2010

Statements of Assets and Liabilities as of December 31, 2010

 
Conservative Allocation
Fund
Moderate Allocation
Fund
Aggressive Allocation
Fund
Money
Market
Fund
Assets:
        
Investments in securities, at cost
        
Unaffiliated issuers
$ 83,357,892
$123,240,026
$ 39,805,042
$ 70,259,530
Affiliated issuers1
137,102,750
232,766,892
72,911,643
–
Net unrealized appreciation (depreciation)
        
Unaffiliated issuers
(1,046,927)
2,289,478
2,512,226
–
Affiliated issuers1
10,118,367
22,192,646
11,023,803
–
Total investments at value
229,532,082
380,489,042
126,252,714
70,259,530
Receivables:
        
Fund shares sold
165,197
505,254
217,974
–
Dividends and interest
1,465,922
3,391,942
1,262,175
197
Due from Adviser
–
–
–
20,326
Total assets
231,163,201
384,386,238
127,732,863
70,280,053
Liabilities:
        
Payables:
        
Fund shares repurchased
9,323
5,854
–
29,426
Auditor fees
4,100
9,800
4,100
5,400
Management fees
58,219
96,093
32,107
27,787
Distribution fees – Class II
7,342
6,167
298
103
Compliance expense
2,182
8,298
2,354
6,283
Total liabilities
81,166
126,212
38,859
68,999
Net assets applicable to outstanding capital stock
$231,082,035
$384,260,026
$127,694,004
$ 70,211,054
Net assets consist of:
        
Paid-in capital
$230,702,772
$415,201,387
$136,368,477
$ 70,211,054
Accumulated undistributed net investment gain
200,401
242,947
45,988
–
Accumulated net realized loss on investments sold and foreign currency related transactions
(8,892,578)
(55,666,432)
(22,256,490)
–
Net unrealized appreciation of investments (including appreciation (depreciation) of foreign currency related transactions)
9,071,440
24,482,124
13,536,029
–
Net Assets
$231,082,035
$384,260,026
$127,694,004
$ 70,211,054
Class I Shares:
        
Net Assets
$195,656,651
$352,544,833
$126,269,621
$ 69,633,641
Shares of beneficial interest outstanding
19,551,697
37,162,935
13,908,898
69,633,641
Net Asset Value and redemption price per share
$10.01
$9.49
$9.08
$1.00
Class II Shares:
        
Net Assets
$ 35,425,384
$ 31,715,193
$  1,424,383
$    577,413
Shares of beneficial interest outstanding
3,542,345
3,345,851
157,069
577,413
Net Asset Value and redemption price per share
$10.00
$9.48
$9.07
$1.00


1
See Note 11 for information on affiliated issuers.

 
See accompanying Notes to Financial Statements.
 
64
 

Ultra Series Fund | December 31, 2010

Statements of Assets and Liabilities as of December 31, 2010

 
Bond
Fund
High
Income
Fund
Diversified
Income
Fund
Equity
Income
Fund
Assets:
        
Investments in securities, at cost
        
Unaffiliated issuers
$439,747,364
$ 92,898,462
$365,608,841
$  2,322,785
Affiliated issuers1
–
–
–
–
Net unrealized appreciation (depreciation)
        
Unaffiliated issuers
21,719,611
5,745,588
39,145,848
106,789
Affiliated issuers1
–
–
–
–
Total investments at value
461,466,975
98,644,050
404,754,689
2,429,574
Cash
–
–
–
940
Foreign currency (cost of $10,661) (Note 2)
–
–
–
–
Receivables:
        
Investments sold
–
–
–
15,309
Fund shares sold
157,965
39,118
81,265
–
Dividends and interest
3,892,764
1,721,068
2,479,482
734
Due from Adviser
–
–
–
–
Other assets
–
–
–
–
Total assets
465,517,704
100,404,236
407,315,436
2,446,557
Liabilities:
        
Payables:
        
Investments purchased
–
484,562
–
105,369
Fund shares repurchased
1,326
9,067
11,938
–
Audit fees
17,700
3,600
17,300
–
Management fees
217,928
63,077
239,545
–
Distribution fees – Class II
7,144
846
4,456
–
Compliance expense
24,780
4,983
24,614
–
Options written, at value (premiums received of $84,813)
–
–
–
119,851
Total liabilities
268,878
566,135
297,853
225,220
Net assets applicable to outstanding capital stock
$465,248,826
$ 99,838,101
$407,017,583
$  2,221,337
Net assets consist of:
        
Paid-in capital
$457,273,227
$107,077,149
$416,516,667
$  2,140,446
Accumulated undistributed net investment income (loss)
342,572
93,670
282,108
–
Accumulated net realized gain (loss) on investments sold, options and foreign currency related transactions
(14,086,584)
(13,078,306)
(48,927,040)
9,140
Net unrealized appreciation of investments (including appreciation (depreciation) of options and foreign currency related transactions)
21,719,611
5,745,588
39,145,848
71,751
Net Assets
$465,248,826
$ 99,838,101
$407,017,583
$  2,221,337
Class I Shares:
        
Net Assets
$429,499,343
$ 95,552,272
$384,708,585
$    478,056
Shares of beneficial interest outstanding
41,737,582
10,147,364
23,151,837
46,105
Net Asset Value and redemption price per share
$10.29
$9.42
$16.62
$10.37
Class II Shares:
        
Net Assets
$ 35,749,483
$  4,285,829
$ 22,308,998
$  1,743,281
Shares of beneficial interest outstanding
3,475,945
454,957
1,343,358
168,394
Net Asset Value and redemption price per share
$10.28
$9.42
$16.61
$10.35


1
See Note 11 for information on affiliated issuers.

 
See accompanying Notes to Financial Statements.
 
65
 

Ultra Series Fund | December 31, 2010

Statements of Assets and Liabilities as of December 31, 2010

Large Cap
Value
Fund
Large Cap
Growth
Fund
Mid Cap
Fund
Small Cap
Fund
International
Stock Fund
Target
Retirement
2020 Fund
Target
Retirement
2030 Fund
Target
Retirement
2040 Fund
               
               
$466,432,947
$310,621,643
$337,661,213
$10,502,707
$87,656,353
$14,722,553
$15,919,662
$13,290,711
–
–
–
–
–
10,768,095
12,744,686
10,321,666
               
62,961,197
83,917,618
59,476,843
2,539,116
17,470,503
68,599
287,043
491,634
–
–
–
–
–
1,820,030
2,008,551
1,720,290
529,394,144
394,539,261
397,138,056
13,041,823
105,126,856
27,379,277
30,959,942
25,824,301
–
–
–
–
–
–
–
–
–
–
–
–
10,786
–
–
–
               
–
760,985
–
60,383
1,568
–
–
–
169,376
219,638
110,978
230
71,696
66,429
79,877
108,015
1,020,733
365,851
266,285
8,932
164,123
206,781
244,282
218,803
–
–
–
–
–
4,527
5,163
4,294
–
196
–
–
197,019
–
–
–
530,584,253
395,885,931
397,515,319
13,111,368
105,572,048
27,657,014
31,289,264
26,155,413
               
               
–
–
–
–
150,357
–
–
–
–
124,386
28,411
1,405
502
–
–
–
25,500
18,100
12,467
440
8,275
105
75
60
265,281
266,341
298,076
12,094
105,999
9,053
10,327
8,588
1,119
4,165
2,446
291
2,674
–
–
–
44,436
26,496
4,323
81
–
71
19
12
–
–
–
–
–
–
–
–
336,336
439,488
345,723
14,311
267,807
9,229
10,421
8,660
$530,247,917
$395,446,443
$397,169,596
$13,097,057
$105,304,241
$27,647,785
$31,278,843
$26,146,753
               
$594,781,876
$369,734,149
$448,291,091
$12,538,717
$129,120,536
$26,826,758
$29,631,021
$24,354,817
99,876
43,934
105,029
884
(268,045)
21,164
28,384
26,328
 
(127,595,032)
(58,249,258)
(110,703,367)
(1,981,660)
(41,045,290)
(1,088,766)
(676,156)
(446,316)
 
62,961,197
83,917,618
59,476,843
2,539,116
17,497,040
1,888,629
2,295,594
2,211,924
$530,247,917
$395,446,443
$397,169,596
$13,097,057
$105,304,241
$27,647,785
$31,278,843
$26,146,753
               
$524,894,090
$374,644,652
$385,218,483
$11,710,137
$92,062,636
$27,647,785
$31,278,843
$26,146,753
22,279,104
16,906,164
27,237,412
1,089,020
9,215,867
3,429,363
3,958,122
3,439,943
$23.56
$22.16
$14.14
$10.75
$9.99
$8.06
$7.90
$7.60
               
$5,353,827
$20,801,791
$11,951,113
$1,386,920
$13,241,605
      
227,441
939,620
845,608
129,106
1,325,823
      
$23.54
$22.14
$14.13
$10.74
$9.99
      

 
See accompanying Notes to Financial Statements.
 
66
 

Ultra Series Fund | December 31, 2010

Statements of Operations for the Period Ended December 31, 2010

 
Conservative Allocation
Fund
Moderate Allocation
Fund
Aggressive Allocation
Fund
 
Money
Market Fund
Investment Income:
        
Interest
$      2,153
$      2,874
$        968
$    117,261
Dividends
        
Unaffiliated issuers
2,963,578
4,081,648
736,279
–
Affiliated issuers1
3,983,077
5,303,129
1,199,406
–
Less: Foreign taxes withheld
–
–
–
–
Total investment income
6,948,808
9,387,651
1,936,653
117,261
Expenses:
        
Management fees
631,649
1,084,295
365,838
367,232
Audit fees
6,600
16,300
6,600
9,000
Trustees’  fees
2,500
7,000
2,500
3,500
Distribution fees – Class II
62,282
51,762
2,008
742
Compliance expense
2,182
8,298
2,354
6,283
Total expenses before reimbursement/waiver
–
–
–
386,757
Less reimbursement/waiver2
–
–
–
(269,496)
Total expenses net of reimbursement/waiver
705,213
1,167,655
379,300
117,261
Net Investment Income (Loss)
6,243,595
8,219,996
1,557,353
–
Net Realized and Unrealized Gain (Loss) on Investments
        
Net realized gain (loss) on investments (including net realized gain (loss) on foreign currency related transactions)
        
Options
–
–
–
–
Unaffiliated issuers
4,368,863
5,033,611
892,429
–
Affiliated issuers1
(725,483)
(2,607,971)
(823,478)
–
Capital gain distributions received from underlying funds
        
Unaffiliated issuers
3,604,052
3,890,219
546,309
–
Affiliated issuers1
522,008
1,109,617
366,111
–
Net change in unrealized appreciation (depreciation) on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions)
        
Options
–
–
–
–
Unaffiliated issuers
(4,625,539)
(1,436,098)
1,947,396
–
Affiliated issuers1
7,841,167
21,403,604
8,770,686
–
Net Realized and Unrealized Gain on Investments and Options Transactions
10,985,068
27,392,982
11,699,453
–
Net Increase in Net Assets from Operations
$ 17,228,663
$ 35,612,978
$ 13,256,806
$         –


1
See Note 11 for information on affiliated issuers.
2
Waiver includes advisory agreement fees of $268,754 and distribution fees of $742.

 
See accompanying Notes to Financial Statements.
 
67
 

Ultra Series Fund | December 31, 2010

Statements of Operations for the Period Ended December 31, 2010

Bond Fund
 
High
Income Fund
Diversified Income Fund
Equity
Income Fund
Large Cap
Value Fund
Large Cap
Growth Fund
Mid Cap
Fund
Small Cap
Fund
               
$ 22,934,220
$  8,193,571
$  10,309,116
$        19
$      9,578
$      8,318
$     12,898
$       278
               
8
8
7,278,991
5,627
13,678,454
5,502,389
4,588,233
212,304
–
–
–
–
–
–
–
–
–
–
(16,594)
–
–
(1,604)
(76,462)
–
22,934,228
8,193,579
17,571,513
5,646
13,688,032
5,509,103
4,524,669
212,582
               
2,921,870
740,961
2,919,393
7,697
3,515,418
3,304,937
3,038,519
118,894
29,200
6,000
28,700
146
41,500
30,100
20,800
640
19,337
3,763
18,000
25
34,500
20,000
17,378
313
52,698
6,146
33,498
1,383
10,378
29,294
17,449
2,581
24,780
4,983
24,614
–
44,435
26,495
4,322
80
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
3,047,885
761,853
3,024,205
9,251
3,646,231
3,410,826
3,098,468
122,508
19,886,343
7,431,726
14,547,308
(3,605)
10,041,801
2,098,277
1,426,201
90,074
               
               
–
–
–
24,936
–
–
–
–
(776,528)
2,864,620
13,803,156
40,885
12,524,176
45,547,695
38,533,473
1,388,131
–
–
–
–
–
–
–
–
               
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
               
–
–
–
(35,038)
–
–
–
–
12,715,837
650,950
18,841,915
106,789
20,216,492
(1,480,283)
22,164,950
2,037,319
–
–
–
–
–
–
–
–
11,939,309
3,515,570
32,645,071
137,572
32,740,668
44,067,412
60,698,423
3,425,450
$ 31,825,652
$ 10,947,296
$ 47,192,379
$    133,967
$ 42,782,469
$ 46,165,689
$ 62,124,624
$  3,515,524

 
See accompanying Notes to Financial Statements.
 
68
 

Ultra Series Fund | December 31, 2010

Statements of Operations for the Period Ended December 31, 2010

 
International
Stock Fund
Target Retirement
2020 Fund
Target Retirement
2030 Fund
Target Retirement
2040 Fund
Investment Income:
        
Interest
$      1,937
$       304
$       318
$       255
Dividends
        
Unaffiliated issuers
2,754,100
378,454
361,196
272,799
Affiliated issuers1
–
259,401
270,245
205,005
Less: Foreign taxes withheld
(212,766)
–
–
–
Total investment income
2,543,271
638,159
631,759
478,059
Expenses:
        
Management fees
1,140,087
90,695
96,332
81,517
Audit fees
13,675
165
125
100
Trustees’  fees
4,397
100
100
100
Distribution fees – Class II2
20,264
–
–
–
Compliance expense
–
71
19
12
Total expenses before reimbursement/waiver
–
91,031
96,576
81,729
Less reimbursement/waiver
–
(45,347)
(48,166)
(40,759)
Total expenses net of reimbursement/waiver
1,178,423
45,684
48,410
40,970
Net Investment Income
1,364,848
592,475
583,349
437,089
Net Realized and Unrealized Gain (Loss) on Investments
        
Net realized gain (loss) on investments (including net realized gain (loss) on foreign currency related transactions)2
        
Unaffiliated issuers
(12,611,702)
8,643
157,744
218,461
Affiliated issuers1
–
(78,482)
(133,524)
(125,864)
Capital gain distributions received from underlying funds
        
Unaffiliated issuers
–
441,922
373,445
216,784
Affiliated issuers1
–
61,154
63,439
60,448
Net change in unrealized appreciation (depreciation)on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions)
9,722,689
1,041,991
1,448,454
1,407,256
Net Realized and Unrealized Gain (Loss) on Investments
(2,889,013)
1,475,227
1,909,558
1,777,085
Net Increase (Decrease) in Net Assets from Operations
$  (1,524,165)
$ 2,067,702
$ 2,492,907
$ 2,214,174


1
See Note 11 for information on affiliated issuers.
2
Includes foreign capital gains taxes paid of $27 for the Ultra International Stock Fund.

 
See accompanying Notes to Financial Statements.
 
69
 

Ultra Series Fund | December 31, 2010

Statements of Changes in Net Assets

 
Conservative Allocation Fund
Moderate Allocation Fund
Year Ended December 31,
2010
2009
2010
2009
Net Assets at beginning of period
$189,151,289
$116,678,068
$344,590,404
$243,761,079
Increase in net assets from operations:
       
Net investment income
6,243,595
4,826,812
8,219,996
6,572,283
Net realized gain (loss) on investment
7,769,440
(8,857,931)
7,425,476
(28,234,158)
Net change in unrealized appreciation (depreciation) on investments
3,215,628
28,277,479
19,967,506
77,568,892
Net increase (decrease) in net assets from operations
17,228,663
24,246,360
35,612,978
55,907,017
Distributions to shareholders from:
        
Net investment income
        
Class I
(7,654,294)
(4,767,331)
(10,317,104)
(6,702,184)
Class II
(1,328,070)
(223,887)
(878,996)
(158,375)
Total distributions
(8,982,364)
(4,991,218)
(11,196,100)
(6,860,559)
Capital Stock transactions:
        
Class I Shares
        
Shares sold
30,294,841
48,197,600
37,578,345
52,588,638
Issued in reinvestment of distributions
7,654,294
4,767,331
10,317,104
6,702,184
Shares redeemed
(26,027,299)
(12,259,692)
(50,784,583)
(19,097,422)
Net increase (decrease) in net assets from capital stock transactions
11,921,836
40,705,239
(2,889,134)
40,193,400
Class II Shares1
        
Shares sold
21,941,860
12,467,744
18,891,332
12,754,353
Issued in reinvestment of distributions
1,328,070
223,887
878,996
158,375
Shares redeemed
(1,507,319)
(178,791)
(1,628,450)
(1,323,261)
Net increase in net assets from capital share transactions
21,762,611
12,512,840
18,141,878
11,589,467
Total increase (decrease) in net assets
41,930,746
72,473,221
39,669,622
100,829,325
Net Assets at end of period
$231,082,035
$189,151,289
$384,260,026
$344,590,404
Undistributed net investment income (loss)
$    200,401
$     76,082
$    242,947
$    103,446
Capital Share transactions:
        
Class I Shares
        
Shares sold
3,053,915
5,448,382
4,111,214
6,666,402
Issued to shareholders in reinvestment of distributions
765,160
514,619
1,088,307
791,400
Shares redeemed
(2,615,695)
(1,376,271)
(5,528,211)
(2,406,261)
Net increase (decrease) in shares outstanding
1,203,380
4,586,730
(328,690)
5,051,541
Class II Shares1
        
Shares sold
2,225,231
1,332,005
2,059,232
1,519,377
Issued to shareholders in reinvestment of distributions
132,811
23,296
92,735
17,861
Shares redeemed
(150,625)
(20,373)
(177,705)
(165,649)
Net increase (decrease) in shares outstanding
2,207,417
1,334,928
1,974,262
1,371,589


1
 Class II shares commenced investment operations on May 1, 2009 and are not available for the Target Retirement Funds.

 
See accompanying Notes to Financial Statements.
 
70
 

Ultra Series Fund | December 31, 2010

Statements of Changes in Net Assets

 
Aggressive Allocation Fund
Money Market Fund
Year Ended December 31,
2010
2009
2010
2009
Net Assets at beginning of period
$115,006,315
$ 69,616,011
$ 92,647,633
$159,348,665
Increase (decrease) in net assets from operations:
       
Net investment income (loss)
1,557,353
1,300,679
–
5,409
Net realized gain (loss) on investments and options transactions
981,371
(9,641,347)
–
–
Net change in unrealized appreciation (depreciation) on investments
and options transactions
10,718,082
32,502,011
–
–
Net increase (decrease) in net assets from operations
13,256,806
24,161,343
–
5,409
Distributions to shareholders from:
        
Net investment income
        
Class I
(1,957,002)
(1,429,089)
–
(5,409)
Class II
(20,174)
(4,716)
–
–
Net realized gains
        
Class I
–
  
–
  
Class II
–
–
–
–
Total distributions
(1,977,176)
(1,433,805)
–
(5,409)
Capital Stock transactions:
        
Class I Shares
        
Shares sold
21,387,476
27,495,291
24,976,798
23,066,620
Issued to shareholders in reinvestment of distributions
1,957,002
1,429,089
–
5,409
Shares redeemed
(22,757,613)
(6,745,001)
(47,805,484)
(89,958,367)
Net increase (decrease) from capital share transactions
586,865
22,179,379
(22,828,686)
(66,886,338)
Class II Shares1
        
Shares sold
815,901
480,785
1,623,479
271,669
Issued to shareholders in reinvestment of distributions
20,174
4,716
–
–
Shares redeemed
(14,881)
(2,114)
(1,231,372)
(86,363)
Net increase from capital share transactions
821,194
483,387
392,107
185,306
Total net increase (decrease) from capital stock transactions
1,408,059
22,662,766
(22,436,579)
(66,701,032)
Total increase (decrease) in net assets
12,687,689
45,390,304
(22,436,579)
(66,701,032)
Net Assets at end of period
$127,694,004
$115,006,315
70,211,054
$ 92,647,633
Undistributed net investment income (loss) included in net assets
$     45,988
$         –
$         –
$         –
Capital Share transactions:
        
Class I Shares
        
Shares sold
2,513,771
3,946,294
24,976,798
23,066,620
Issued to shareholders in reinvestment of distributions
215,569
177,871
–
5,409
Shares redeemed
(2,620,741)
(915,141)
(47,805,484)
(89,958,367)
Net increase (decrease) in shares outstanding
108,599
3,209,024
(22,828,686)
(66,886,338)
Class II Shares1
        
Shares sold
94,595
61,702
1,623,479
271,669
Issued to shareholders in reinvestment of distributions
2,225
568
–
–
Shares redeemed
(1,754)
(267)
(1,231,372)
(86,363)
Net increase (decrease) in shares outstanding
95,066
62,003
392,107
185,306

1
Class II shares commenced investment operations on May 1, 2009 and are not available for the Target Retirement Funds.
2
The Equity Income Fund commenced investment operations on April 30, 2010.

 
See accompanying Notes to Financial Statements.
 
71
 

Ultra Series Fund | December 31, 2010

Statements of Changes in Net Assets

Bond Fund
High Income Fund
Diversified Fund
Equity Income Fund
2010
2009
2010
2009
2010
2009
Inception to 12/31/102
$551,508,094
$572,562,403
$108,870,121
$ 90,728,399
$424,642,342
$438,046,968
$        –
             
19,886,343
23,291,118
7,431,726
7,977,724
14,547,308
16,805,881
(3,605)
(776,528)
(9,641,583)
2,864,620
(1,908,133)
13,803,156
(45,549,349)
65,821
12,715,837
20,181,209
650,950
23,196,057
18,841,915
69,022,085
71,751
31,825,652
33,830,744
10,947,296
29,265,648
47,192,379
40,278,617
133,967
             
             
(17,920,685)
(23,057,764)
(7,114,840)
(8,050,694)
(13,512,500)
(16,548,568)
–
(1,415,679)
(239,898)
(303,771)
(54,824)
(740,470)
(141,616)
–
             
–
  
–
  
–
  
(11,456)
–
–
–
–
–
–
(41,620)
(19,336,364)
(23,297,662)
(7,418,611)
(8,105,518)
(14,252,970)
(16,690,184)
(53,076)
             
             
24,922,679
58,018,601
9,178,883
6,765,253
6,186,073
10,140,953
450,000
17,920,685
23,057,764
7,114,840
8,050,694
13,512,500
16,548,568
11,456
(168,220,819)
(122,502,720)
(32,008,596)
(18,956,948)
(85,409,980)
(69,765,608)
–
(125,377,455)
(41,426,355)
(15,714,873)
(4,141,001)
(65,711,407)
(43,076,087)
461,456
             
25,338,964
9,630,532
2,870,986
1,081,174
16,060,982
6,085,900
1,639,463
1,415,679
239,898
303,771
54,824
740,470
141,616
41,620
(125,744)
(31,466)
(20,589)
(13,405)
(1,654,213)
(144,488)
(2,093)
26,628,899
9,838,964
3,154,168
1,122,593
15,147,239
6,083,028
1,678,990
(98,748,556)
(31,587,391)
(12,560,705)
(3,018,408)
(50,564,168)
(36,993,059)
2,140,446
(86,259,268)
(21,054,309)
(9,032,020)
18,141,722
(17,624,759)
(13,404,626)
2,221,337
465,248,826
$551,508,094
99,838,101
$108,870,121
407,017,583
$424,642,342
2,221,337
$    342,572
$    249,769
$     93,670
$     66,140
$    282,108
$    209,484
$         –
             
             
2,367,180
5,718,500
944,926
792,157
382,789
701,712
45,000
1,746,484
2,296,864
756,070
923,541
815,184
1,126,943
1,105
(15,817,029)
(12,156,519)
(3,382,330)
(2,248,840)
(5,266,514)
(4,901,466)
–
(11,703,365)
(4,141,155)
(1,681,334)
(533,142)
(4,068,541)
(3,072,811)
46,105
             
2,391,169
938,118
298,803
121,539
995,293
407,839
164,579
138,090
23,607
32,256
6,021
44,665
9,162
4,021
(11,932)
(3,107)
(2,136)
(1,526)
(103,911)
(9,689)
(206)
2,517,327
958,618
328,923
126,034
936,047
407,312
168,394

 
See accompanying Notes to Financial Statements.
 
72
 

Ultra Series Fund | December 31, 2010

Statements of Changes in Net Assets

 
Large Cap Value Fund
Large Cap Growth Fund
Year Ended December 31,
2010
2009
2010
2009
Net Assets at beginning of period
$633,315,527
$609,443,601
$439,485,846
$352,473,289
Increase (decrease) in net assets from operations:
       
Net investment income (loss)
10,041,801
12,901,396
2,098,277
2,811,433
Net realized gain (loss) on investments
12,524,176
(41,096,851)
45,547,695
(15,751,601)
Net change in unrealized appreciation (depreciation)
20,216,492
120,844,081
(1,480,283)
141,045,650
Net increase (decrease) in net assets from operations
42,782,469
92,648,626
46,165,689
128,105,482
Distributions to shareholders from:
        
Net investment income
        
Class I
(9,874,790)
(12,916,238)
(2,008,954)
(2,778,954)
Class II
(92,316)
(22,315)
(80,740)
(15,228)
Total distributions
(9,967,106)
(12,938,553)
(2,089,694)
(2,794,182)
Capital Stock transactions:
        
Class I Shares
        
Shares sold1
10,390,330
23,903,274
12,483,565
22,586,452
Issued to shareholders in reinvestment of distributions
9,874,790
12,916,238
2,008,954
2,778,954
Shares redeemed
(158,639,460)
(95,019,745)
(115,438,988)
(69,134,133)
Net increase (decrease) from capital share transactions
(138,374,340)
(58,200,233)
(100,946,469)
(43,768,727)
Class II Shares2
        
Shares sold1
2,505,643
2,364,778
12,822,773
5,465,138
Issued to shareholders in reinvestment of distributions
92,316
22,315
80,740
15,228
Shares redeemed
(106,592)
(25,007)
(72,442)
(10,382)
Net increase from capital share transactions
2,491,367
2,362,086
12,831,071
5,469,984
Total net increase (decrease) from capital stock transactions
(135,882,973)
(55,838,147)
(88,115,398)
(38,298,743)
Total increase (decrease) in net assets
(103,067,610)
23,871,926
(44,039,403)
87,012,557
Net Assets at end of period
$530,247,917
$633,315,527
$395,446,443
$439,485,846
Undistributed net investment income
$     99,876
$    133,000
$     43,934
$     35,351
Capital Share transactions:
        
Class I Shares
        
Shares sold1
452,699
1,259,034
617,902
1,369,916
Issued to shareholders in reinvestment of distributions
420,253
660,509
90,753
152,387
Shares redeemed3
(7,041,043)
(4,862,113)
(5,618,929)
(4,016,938)
Net increase (decrease) from capital share transactions
(6,168,091)
(2,942,570)
(4,910,274)
(2,494,635)
Class II Shares2
        
Shares sold1
113,216
115,293
637,399
301,926
Issued to shareholders in reinvestment of distributions
3,928
998
3,643
759
Shares redeemed3
(4,782)
(1,212)
(3,505)
(602)
Net increase from capital share transactions
112,362
115,079
637,537
302,083


1
A portion of the shares sold for the Mid Cap, Small Cap and International Stock Funds are merger related. See Note 12.
2
Class II shares commenced investment operations on May 1, 2009 and are not available for the Target Retirement Funds.
3
Included in these amounts are 55,587,696 shares of Class I and 975,111 shares of Class II, redeemed as part of a reverse stock split resulting from the Mid Cap merger effective May 1, 2010. See Note 12.

 
See accompanying Notes to Financial Statements.
 
73
 

Ultra Series Fund | December 31, 2010

Statements of Changes in Net Assets

Mid Cap  Fund
 Small Cap Fund
International Stock  Fund
Target Retirement 2020 Fund
2010
2009
2010
2009
2010
2009
2010
2009
$231,140,313
$166,464,913
$  8,605,016
$  5,985,697
$ 81,959,251
$ 72,768,214
$ 19,299,907
$  8,718,521
               
$1,426,201
(104,120)
90,074
51,771
1,364,848
1,544,670
592,475
433,236
38,533,473
(37,900,000)
1,388,131
(617,038)
(12,611,702)
(8,729,999)
433,236
555,068
22,164,950
115,517,618
2,037,319
2,621,695
9,722,689
26,452,015
1,041,991
2,739,249
62,124,624
77,513,498
3,515,524
2,056,428
(1,524,165)
19,266,686
2,067,702
3,588,736
               
               
(1,297,752)
(5,837)
(77,264)
(40,097)
(1,747,310)
(1,466,292)
(890,022)
(323,699)
(23,971)
–
(7,146)
(809)
(164,100)
(63,227)
–
–
(1,321,723)
(5,837)
(84,410)
(40,906)
(1,911,410)
(1,529,519)
(890,022)
(323,699)
               
               
193,863,822
18,490,085
10,030,126
856,902
44,238,040
4,628,487
10,542,189
8,086,115
1,297,752
5,837
77,264
40,097
1,747,310
1,466,292
890,022
323,699
(98,896,293)
(32,919,803)
(9,565,271)
(839,841)
(27,530,444)
(18,402,556)
(4,262,013)
(1,093,465)
96,265,281
(14,423,881)
542,119
57,158
18,454,906
(12,307,777)
7,170,198
7,316,349
               
9,080,395
1,594,503
579,122
551,876
8,220,151
3,704,941
    
23,971
–
7,146
809
164,100
63,227
    
(143,265)
(2,883)
(67,460)
(6,046)
(58,592)
(6,521)
    
8,961,101
1,591,620
518,808
546,639
8,325,659
3,761,647
    
105,226,382
(12,832,261)
1,060,927
603,797
26,780,565
(8,546,130)
7,170,198
7,316,349
166,029,283
64,675,400
4,492,041
2,619,319
23,344,990
9,191,037
8,347,878
10,581,386
$397,169,596
$231,140,313
$ 13,097,057
$  8,605,016
$105,304,241
$ 81,959,251
$ 27,647,785
$ 19,299,907
$  105,029
$      –
$     884
$        891
$    (268,045)
$    65,549
$    21,164
$      –
               
               
40,430,546
5,174,854
1,150,799
135,378
3,857,990
594,689
1,339,863
1,201,511
91,523
1,753
7,118
5,318
178,541
156,897
110,405
43,937
(64,978,007)
(8,732,145)
(1,004,690)
(122,189)
(3,008,029)
(2,148,889)
(546,472)
(163,235)
(24,455,938)
(3,555,538)
153,227
18,507
1,028,502
(1,397,303)
903,796
1,082,213
               
1,438,260
394,534
63,338
72,869
899,702
410,041
    
1,692
–
658
93
16,689
6,626
    
(988,143)
(735)
(7,085)
(767)
(6,468)
(767)
    
451,809
393,799
56,911
72,195
909,923
415,900
    

 
See accompanying Notes to Financial Statements.
 
74
 

Ultra Series Fund | December 31, 2010

Statements of Changes in Net Assets

 
Target Retirement 2030 Fund
Target Retirement 2040 Fund
Year Ended December 31,
2010
2009
2010
2009
Net Assets at beginning of period
$ 19,330,304
$  8,010,286
$ 16,656,174
$  6,385,244
Increase (decrease) in net assets from operations:
       
Net investment income
583,349
244,296
437,089
135,424
Net realized gain (loss) on investment
461,104
488,323
369,829
773,217
Net change in unrealized appreciation (depreciation)
1,448,454
3,165,472
1,407,256
2,527,613
Net increase (decrease) in net assets from operations
2,492,907
3,898,091
2,214,174
3,436,254
Distributions to shareholders from net investment income
       
Class I
(823,904)
(270,609)
(574,774)
(157,883)
Capital Stock transactions:
        
Class I Shares
        
Shares sold
11,552,787
7,908,500
9,124,273
7,164,454
Issued to shareholders in reinvestment of distributions
823,904
270,609
574,774
157,883
Shares redeemed
(2,097,155)
(486,573)
(1,847,868)
(329,778)
Net increase from capital stock transactions
10,279,536
7,692,536
7,851,179
6,992,559
Total increase in net assets
11,948,539
11,320,018
9,490,579
10,270,930
Net Assets at end of period
$ 31,278,843
$ 19,330,304
$ 26,146,753
$ 16,656,174
Undistributed net investment income
$    28,384
$    7,679
$    26,328
$    9,451
Capital Share transactions:
        
Class I Shares
        
Shares sold
1,523,733
1,253,097
1,264,901
1,212,814
Issued to shareholders in reinvestment of distributions
104,333
38,477
75,725
23,589
Shares redeemed
(279,057)
(75,193)
(257,045)
(56,049)
Net increase (decrease) from capital share transactions
1,349,009
1,216,381
1,083,581
1,180,354

 
See accompanying Notes to Financial Statements.
 
75
 

Ultra Series Fund | December 31, 2010

Financial Highlights for a Share of Beneficial Interest Outstanding

CONSERVATIVE ALLOCATION FUND
 
Year Ended December 31,
Inception
to 12/31/061
 
2010
2009
2008
2007
CLASS I
          
Net Asset Value at beginning of period
$ 9.61
$ 8.48
$10.77
$10.60
$10.00
Income from Investment Operations:
          
Net investment income3
0.29
0.29
0.35
0.45
0.23
Net realized and unrealized gain (loss) on investments
0.52
1.12
(2.27)
(0.03)
0.51
Total from investment operations
0.81
1.41
(1.92)
0.42
0.74
Less Distributions:
          
Distributions from net investment income
(0.41)
(0.28)
(0.27)
(0.23)
(0.14)
Distributions from capital gains
–
–
(0.10)
(0.02)
–
Total distributions
(0.41)
(0.28)
(0.37)
(0.25)
(0.14)
Net increase (decrease) in net asset value
0.40
1.13
(2.29)
0.17
0.60
Net Asset Value at end of period
$10.01
$ 9.61
$ 8.48
$10.77
$10.60
Total Return4 (%)
8.37
16.76
(17.89)
3.92
7.345
Ratios/Supplemental Data:
          
Net Assets at end of period (in 000’s)
$195,657
$176,322
$116,678
$66,747
$9,113
Ratios of expenses to average net assets:
         
Before management fee reduction (%)
0.31
0.31
0.31
0.31
0.346
After management fee reduction (%)
0.31
0.31
0.28
0.21
0.246
Ratio of net investment income to average net assets (%)
2.90
3.23
3.53
4.12
4.256
Portfolio Turnover7 (%)
36
47
71
28
245

 

CLASS II
Year Ended December 31, 2010
Inception to
12/31/092
      
Net Asset Value at beginning of period
$ 9.61
$ 8.51
      
Income from Investment Operations:
          
Net investment income3
0.35
0.28
      
Net realized and unrealized gain (loss) on investments
0.43
0.99
      
Total from investment operations
0.78
1.27
      
Less Distributions:
          
Distributions from net investment income
(0.39)
(0.17)
      
Net increase in net asset value
0.39
1.10
      
Net Asset Value at end of period
$10.00
$ 9.61
      
Total Return4 (%)
8.10
14.915
      
Ratios/Supplemental Data:
          
Net Assets at end of period (in 000’s)
$35,425
$12,829
      
Ratios of expenses to average net assets (%)
0.55
0.566
      
Ratio of net investment income to average net assets (%)
3.47
4.386
      
Portfolio Turnover7 (%)
36
475
      

1
Commenced investment operations June 30, 2006.
2
Commenced investment operations May 1, 2009
3
Based on average shares outstanding during the year.
4
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
5
Annualized.
6
Not annualized.
7
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period

 
See accompanying Notes to Financial Statements.
 
76
 

Ultra Series Fund | December 31, 2010

Financial Highlights for a Share of Beneficial Interest Outstanding

MODERATE ALLOCATION FUND
 
Year Ended December 31,
Inception
to 12/31/061
 
2010
2009
2008
2007
CLASS I
          
Net Asset Value at beginning of period
$ 8.87
$ 7.51
$11.21
$10.86
$10.00
Income from Investment Operations:
          
Net investment income3
0.20
0.18
0.21
0.28
0.20
Net realized and unrealized gain (loss) on investments
0.71
1.37
(3.55)
0.32
0.79
Total from investment operations
0.91
1.55
(3.34)
0.60
0.99
Less Distributions:
          
Distributions from net investment income
(0.29)
(0.19)
(0.17)
(0.19)
(0.13)
Distributions from capital gains
–
–
(0.19)
(0.06)
(0.00)5
Total distributions
(0.29)
(0.19)
(0.36)
(0.25)
(0.13)
Net increase (decrease) in net asset value
0.62
1.36
(3.70)
0.35
0.86
Net Asset Value at end of period
$ 9.49
$ 8.87
$ 7.51
$11.21
$10.86
Total Return4 (%)
10.22
20.61
(30.23)
5.56
9.876
Ratios/Supplemental Data:
          
Net Assets at end of period (in 000’s)
$352,545
$332,428
$243,761
$218,281
$36,994
Ratios of expenses to average net assets:
         
Before management fee reduction (%)
0.31
0.31
0.31
0.31
0.347
After management fee reduction (%)
0.31
0.31
0.28
0.21
0.247
Ratio of net investment income to average net assets (%)
2.24
2.29
2.20
2.45
3.747
Portfolio Turnover8 (%)
34
52
69
29
236

 

CLASS II
Year Ended December 31, 2010
Inception to
12/31/092
      
Net Asset Value at beginning of period
$ 8.87
$ 7.56
      
Income from Investment Operations:
          
Net investment income3
0.25
0.19
      
Net realized and unrealized gain (loss) on investments
0.63
1.24
      
Total from investment operations
0.88
1.43
      
Less Distributions:
          
Distributions from net investment income
(0.27)
(0.12)
      
Net increase in net asset value
0.61
1.31
      
Net Asset Value at end of period
$ 9.48
$ 8.87
      
Total Return4 (%)
9.94
18.826
      
Ratios/Supplemental Data:
          
Net Assets at end of period (in 000’s)
$31,715
$12,162
      
Ratios of expenses to average net assets (%)
0.56
0.567
      
Ratio of net investment income to average net assets (%)
2.76
3.337
      
Portfolio Turnover8 (%)
34
526
      

1
Commenced investment operations June 30, 2006.
2
Commenced investment operations May 1, 2009.
3
Based on average shares outstanding during the year.
4
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
5
Not annualized.
6
Annualized.
7
Amounts represent less than $0.005 per share.
8
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period

 
See accompanying Notes to Financial Statements.
 
77
 

Ultra Series Fund | December 31, 2010

Financial Highlights for a Share of Beneficial Interest Outstanding

AGGRESSIVE ALLOCATION FUND
 
Year Ended December 31,
Inception
to 12/31/061
 
2010
2009
2008
2007
CLASS I
          
Net Asset Value at beginning of period
$ 8.30
$ 6.57
$11.61
$11.10
$10.00
Income from Investment Operations:
          
Net investment income3
0.11
0.10
0.09
0.09
0.15
Net realized and unrealized gain (loss) on investments
0.81
1.74
(4.74)
0.77
1.10
Total from investment operations
0.92
1.84
(4.65)
0.86
1.25
Less Distributions:
          
Distributions from net investment income
(0.14)
(0.11)
(0.06)
(0.14)
(0.15)
Distributions from capital gains
–
–
(0.33)
(0.21)
–
Total distributions
(0.14)
(0.11)
(0.39)
(0.35)
(0.15)
Net increase (decrease) in net asset value
0.78
1.73
(5.04)
0.51
1.10
Net Asset Value at end of period
$ 9.08
$ 8.30
$ 6.57
$11.61
$11.10
Total Return4 (%)
11.15
27.91
(41.09)
7.69
12.495
Ratios/Supplemental Data:
          
Net Assets at end of period (in 000’s)
$126,270
$114,492
$69,616
$68,120
$21,547
Ratios of expenses to average net assets:
         
Before management fee reduction (%)
0.31
0.31
0.31
0.31
0.336
After management fee reduction (%)
0.31
0.31
0.28
0.21
0.236
Ratio of net investment income to average net assets (%)
1.27
1.44
0.94
0.79
2.716
Portfolio Turnover7 (%)
33
58
67
46
215
CLASS II
Year Ended December 31, 2010
Inception to
12/31/092
      
Net Asset Value at beginning of period
$ 8.30
$ 6.69
      
Income from Investment Operations:
          
Net investment income3
0.17
0.15
      
Net realized and unrealized gain (loss) on investments
0.73
1.54
      
Total from investment operations
0.90
1.69
      
Less Distributions:
          
Distributions from net investment income
(0.13)
(0.08)
      
Net increase in net asset value
0.77
1.61
      
Net Asset Value at end of period
$ 9.07
$ 8.30
      
Total Return4 (%)
10.87
25.095
      
Ratios/Supplemental Data:
          
Net Assets at end of period (in 000’s)
$1,424
$514
      
Ratios of expenses to average net assets (%)
0.56
0.566
      
Ratio of net investment income to average net assets (%)
1.99
2.866
      
Portfolio Turnover7 (%)
33
585
      

 
1
Commenced investment operations June 30, 2006.
2
Commenced investment operations May 1, 2009.
3
Based on average shares outstanding during the year.
4
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
5
Not annualized.
6
Annualized.
7
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period

 
See accompanying Notes to Financial Statements.
 
78
 

Ultra Series Fund | December 31, 2010

Financial Highlights for a Share of Beneficial Interest Outstanding

MONEY MARKET FUND
 
Year Ended December 31,
 
2010
2009
2008
2007
2006
CLASS I
          
Net Asset Value at beginning of period
$ 1.00
$1.00
$1.00
$1.00
$1.00
Income from Investment Operations:
          
Net investment income2
–
0.004
0.02
0.05
0.04
Net realized and unrealized gain (loss) on investments
–
–
0.004
0.004
0.004
Total from investment operations
0.00
0.00
0.02
0.05
0.04
Less Distributions:
          
Distributions from net investment income
–
(0.00)4
(0.02)
(0.05)
(0.04)
Net increase in net asset value
0.00
0.00
0.00
0.00
0.00
Net Asset Value at end of period
$ 1.00
$1.00
$1.00
$1.00
$1.00
Total Return3 (%)
0.00
0.00
1.75
4.71
4.54
Ratios/Supplemental Data:
          
Net Assets at end of period (in 000’s)
$ 69,634
$92,463
$159,349
$111,333
$100,462
Ratios of expenses to average net assets:
         
Before waiver of expenses by Adviser (%)
0.47
0.47
0.47
0.46
0.46
After waiver of expenses by Adviser (%)
0.147
0.287
0.47
0.46
0.46
Ratio of net investment income to average net assets (%)
0.00
0.00
1.67
4.58
4.42

CLASS II
Year Ended December 31, 2010
Inception
to
12/31/091
        
Net Asset Value at beginning of period
$1.00
$1.00
        
Income from Investment Operations:
            
Net investment income2
–
–
        
Net realized and unrealized gain (loss) on investments
–
–
        
Total from investment operations
0.00
0.00
        
Less Distributions:
            
Distributions from net investment income
–
–
        
Net increase in net asset value
0.00
0.00
        
Net Asset Value at end of period
$1.00
$1.00
        
Total Return3(%)
0.00
0.005
        
Ratios/Supplemental Data:
            
Net Assets at end of period (in 000’s)
$577
$185
        
Ratios of expenses to average net assets:
           
Before waiver of expenses by Adviser (%)
0.73
0.736
        
After waiver of expenses by Adviser (%)
0.167
0.206,7
        
Ratio of net investment income to average net assets  (%)
0.00
0.006
        

 
1
Commenced investment operations May 1, 2009
2
Based on average shares outstanding during the year.
3
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
4
Amounts represent less than $0.005 per share.
5
Not annualized.
6
Annualized.
7
Amount includes fees waived by the adviser (see Note 3).

 
See accompanying Notes to Financial Statements.
 
79
 

Ultra Series Fund | December 31, 2010

Financial Highlights for a Share of Beneficial Interest Outstanding

BOND FUND
 
Year Ended December 31,
 
2010
2009
2008
2007
2006
CLASS I
          
Net Asset Value at beginning of period
$10.14
$ 9.94
$10.19
$10.11
$10.17
Income from Investment Operations:
          
Net investment income2
0.40
0.43
0.50
0.49
0.47
Net realized and unrealized gain (loss) on investments
0.20
0.21
(0.21)
0.02
(0.06)
Total from investment operations
0.60
0.64
0.29
0.51
0.41
Less Distributions:
          
Distributions from net investment income
(0.45)
(0.44)
(0.54)
(0.43)
(0.47)
Net increase (decrease) in net asset value
0.15
0.20
(0.25)
0.08
(0.06)
Net Asset Value at end of period
$10.29
$10.14
$ 9.94
$10.19
$10.11
Total Return3 (%)
5.92
6.50
2.86
5.05
4.01
Ratios/Supplemental Data:
          
Net Assets at end of period (in 000’s)
$429,499
$541,789
$572,562
$646,233
$659,273
Ratios of expenses to average net assets
0.56
0.57
0.56
0.56
0.56
Ratio of net investment income to average net assets (%)
3.76
4.28
4.84
4.81
4.54
Portfolio Turnover6 (%)
2
25
12
29
27

CLASS II
Year Ended December 31, 2010
Inception
to
12/31/091
        
Net Asset Value at beginning of period
$10.14
$ 9.85
        
Income from Investment Operations:
            
Net investment income2
0.37
0.27
        
Net realized and unrealized gain (loss) on investments
0.20
0.28
        
Total from investment operations
0.57
0.55
        
Less Distributions:
            
Distributions from net investment income
(0.43)
(0.26)
        
Net increase in net asset value
0.14
0.29
        
Net Asset Value at end of period
$10.28
$10.14
        
Total Return3(%)
5.66
5.554
        
Ratios/Supplemental Data:
            
Net Assets at end of period (in 000’s)
$35,750
$9,719
        
Ratios of expenses to average net assets
0.81
0.825
        
Ratio of net investment income to average net assets  (%)
3.49
3.865
        
Portfolio Turnover6 (%)
2
254
        

1
Commenced investment operations May 1, 2009.
2
Based on average shares outstanding during the year.
3
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
4
Not annualized.
5
Annualized.
6
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period

 
See accompanying Notes to Financial Statements.
 
80
 

Ultra Series Fund | December 31, 2010

Financial Highlights for a Share of Beneficial Interest Outstanding

HIGH INCOME FUND
 
Year Ended December 31,
 
2010
2009
2008
2007
2006
CLASS I
          
Net Asset Value at beginning of period
$ 9.11
$ 7.34
$ 9.54
$10.16
$10.01
Income from Investment Operations:
          
Net investment income2
0.72
0.68
0.67
0.76
0.74
Net realized and unrealized gain (loss) on investments
0.35
1.80
(2.07)
(0.53)
0.16
Total from investment operations
1.07
2.48
(1.40)
0.23
0.90
Less Distributions:
          
Distributions from net investment income
(0.76)
(0.71)
(0.80)
(0.85)
(0.74)
Distributions from capital gains
–
–
–
(0.00)4
(0.01)
Total distributions
(0.76)
(0.71)
(0.80)
(0.85)
(0.75)
Net increase (decrease) in net asset value
0.31
1.77
(2.20)
(0.62)
0.15
Net Asset Value at end of period
$ 9.42
$ 9.11
$ 7.34
$ 9.54
$10.16
Total Return3 (%)
11.73
34.29
(14.74)
2.29
9.03
Ratios/Supplemental Data:
          
Net Assets at end of period (in 000’s)
$95,552
$107,722
$90,728
$135,045
$153,528
Ratios of expenses to average net assets
0.77
0.77
0.76
0.76
0.77
Ratio of net investment income to average net assets (%)
7.54
7.94
7.42
7.27
7.12
Portfolio Turnover7 (%)
53
73
45
73
64

CLASS II
Year Ended December 31, 2010
Inception
to
12/31/091
        
Net Asset Value at beginning of period
$ 9.11
$ 8.14
        
Income from Investment Operations:
            
Net investment income2
0.70
0.47
        
Net realized and unrealized gain (loss) on investments
0.34
0.96
        
Total from investment operations
1.04
1.43
        
Less Distributions:
            
Distributions from net investment income
(0.73)
(0.46)
        
Net increase in net asset value
0.31
0.97
        
Net Asset Value at end of period
$ 9.42
$ 9.11
        
Total Return3(%)
11.45
17.495
        
Ratios/Supplemental Data:
            
Net Assets at end of period (in 000’s)
$4,286
$1,148
        
Ratios of expenses to average net assets
1.01
1.016
        
Ratio of net investment income to average net assets (%)
7.20
7.656
        
Portfolio Turnover7 (%)
53
735
        

1
Commenced investment operations May 1, 2009.
2
Based on average shares outstanding during the year.
3
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
4
Amounts represent less than $0.005 per share.
5
Not annualized.
6
Annualized.
7
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period

 
See accompanying Notes to Financial Statements.
 
81
 

Ultra Series Fund | December 31, 2010

Financial Highlights for a Share of Beneficial Interest Outstanding

DIVERSIFIED INCOME FUND
 
Year Ended December 31,
 
2010
2009
2008
2007
2006
CLASS I
          
Net Asset Value at beginning of period
$15.37
$14.46
$17.62
$18.46
$19.40
Income from Investment Operations:
          
Net investment income2
0.56
0.60
0.72
0.79
0.49
Net realized and unrealized gain (loss) on investments
1.29
0.92
(3.05)
(0.32)
1.45
Total from investment operations
1.85
1.52
(2.33)
0.47
1.94
Less Distributions:
          
Distributions from net investment income
(0.60)
(0.61)
(0.81)
(0.80)
(0.55)
Distributions from capital gains
–
–
(0.02)
(0.51)
(2.33)
Total distributions
(0.60)
(0.61)
(0.83)
(1.31)
(2.88)
Net increase (decrease) in net asset value
1.25
0.91
(3.16)
(0.84)
(0.94)
Net Asset Value at end of period
$16.62
$15.37
$14.46
$17.62
$18.46
Total Return3 (%)
12.04
10.74
(13.25)
2.51
9.984
Ratios/Supplemental Data:
          
Net Assets at end of period (in 000’s)
$384,709
$418,381
$438,047
$637,606
$735,881
Ratios of expenses to average net assets
0.72
0.72
0.71
0.71
0.71
Ratio of net investment income to average net assets (%)
3.50
4.12
4.37
4.21
2.52
Portfolio Turnover7 (%)
23
26
14
41
62

CLASS II
Year Ended December 31, 2010
Inception
to
12/31/091
        
Net Asset Value at beginning of period
$15.37
$13.74
        
Income from Investment Operations:
            
Net investment income2
0.52
0.35
        
Net realized and unrealized gain (loss) on investments
1.29
1.64
        
Total from investment operations
1.81
1.99
        
Less Distributions:
            
Distributions from net investment income
(0.57)
(0.36)
        
Net increase in net asset value
1.24
1.63
        
Net Asset Value at end of period
$16.61
$15.37
        
Total Return3(%)
11.77
14.435
        
Ratios/Supplemental Data:
            
Net Assets at end of period (in 000’s)
$22,309
$6,261
        
Ratios of expenses to average net assets
0.97
0.976
        
Ratio of net investment income to average net assets  (%)
3.20
3.446
        
Portfolio Turnover7 (%)
23
265
        

1
Commenced investment operations May 1, 2009
2
Based on average shares outstanding during the year.
3
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
4
In 2006, 0.01% of the Fund’s total return consisted of a voluntary reimbursement by the Adviser for a realized investment loss. Excluding this reimbursement, the total return would have been 9.97%.
5
Not annualized.
6
Annualized.
7
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period

 
See accompanying Notes to Financial Statements.
 
82
 

Ultra Series Fund | December 31, 2010

Financial Highlights for a Share of Beneficial Interest Outstanding

EQUITY INCOME FUND
 
Inception to 12/31/101
 
CLASS I
  
Net Asset Value at beginning of period
$10.00
Income from Investment Operations:
  
Net investment income2
(0.02)
Net realized and unrealized gain (loss) on investments
0.64
Total from investment operations
0.62
Less Distributions:
  
Distributions from net investment income
–
Distributions from capital gains
(0.25)
Total distributions
(0.25)
Net increase (decrease) in net asset value
0.37
Net Asset Value at end of period
$10.37
Total Return (%)
6.24
Ratios/Supplemental Data:
  
Net Assets at end of period (in 000’s)
$478
Ratios of expenses to average net assets3
0.91
Ratio of net investment income to average net assets3 (%)
(0.34)
Portfolio Turnover4 (%)
49
   
CLASS II
Inception to 12/31/101
Net Asset Value at beginning of period
$10.00
Income from Investment Operations:
  
Net investment income2
(0.02)
Net realized and unrealized gain (loss) on investments
0.62
Total from investment operations
0.60
Less Distributions:
  
Distributions from net investment income
–
Distributions from capital gains
(0.25)
Total distributions
(0.25)
Net increase in net asset value
0.35
Net Asset Value at end of period
$10.35
Total Return3(%)
6.07
Ratios/Supplemental Data:
  
Net Assets at end of period (in 000’s)
$1,743
Ratios of expenses to average net assets3
1.17
Ratio of net investment income to average net assets3  (%)
(0.46)
Portfolio Turnover4 (%)
49

1
Commenced investment operations May 1, 2010.
2
Based on average shares outstanding during the period.
3
Annualized.
4
Portfolio Turnover is calculated at the fund level and represents the entire period

 
See accompanying Notes to Financial Statements.
 
83
 

Ultra Series Fund | December 31, 2010

Financial Highlights for a Share of Beneficial Interest Outstanding

LARGE CAP VALUE FUND
 
Year Ended December 31,
 
2010
2009
2008
2007
2006
CLASS I
          
Net Asset Value at beginning of period
$22.17
$19.42
$31.49
$35.14
$31.62
Income from Investment Operations:
          
Net investment income2
0.38
0.43
0.65
0.68
0.65
Net realized and unrealized gain (loss) on investments
1.46
2.76
(11.99)
(0.45)
5.87
Total from investment operations
1.84
3.19
(11.34)
0.23
6.52
Less Distributions:
          
Distributions from net investment income
(0.45)
(0.44)
(0.71)
(0.71)
(0.67)
Distributions from capital gains
–
–
(0.02)
(3.17)
(2.33)
Total distributions
(0.45)
(0.44)
(0.73)
(3.88)
(3.00)
Net increase (decrease) in net asset value
1.39
2.75
(12.07)
(3.65)
3.52
Net Asset Value at end of period
$ 23.56
$22.17
$19.42
$31.49
$35.14
Total Return3 (%)
8.29
16.79
(35.99)
0.60
20.55
Ratios/Supplemental Data:
          
Net Assets at end of period (in 000’s)
$524,894
$630,764
$609,444
$1,229,433
$1,390,778
Ratios of expenses to average net assets
0.62
0.62
0.61
0.61
0.61
Ratio of net investment income to average net assets (%)
1.72
2.23
2.42
1.87
1.91
Portfolio Turnover6 (%)
63
81
38
45
35

CLASS II
Year Ended December 31, 2010
Inception
to
12/31/091
        
Net Asset Value at beginning of period
$22.17
$17.74
        
Income from Investment Operations:
            
Net investment income2
0.34
0.18
        
Net realized and unrealized gain (loss) on investments
1.44
4.45
        
Total from investment operations
1.78
4.63
        
Less Distributions:
            
Distributions from net investment income
(0.41)
(0.20)
        
Net increase in net asset value
1.37
4.43
        
Net Asset Value at end of period
$23.54
$22.17
        
Total Return3(%)
8.02
26.094
        
Ratios/Supplemental Data:
            
Net Assets at end of period (in 000’s)
$5,354
$2,552
        
Ratios of expenses to average net assets
0.87
0.875
        
Ratio of net investment income to average net assets  (%)
1.51
1.285
        
Portfolio Turnover6 (%)
63
814
        

1
Commenced investment operations May 1, 2009.
2
Based on average shares outstanding during the year.
3
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
4
Not annualized.
5
Annualized.
6
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period

 
See accompanying Notes to Financial Statements.
 
84
 

Ultra Series Fund | December 31, 2010

Financial Highlights for a Share of Beneficial Interest Outstanding

LARGE CAP GROWTH FUND
 
Year Ended December 31,
 
2010
2009
2008
2007
2006
CLASS I
          
Net Asset Value at beginning of period
$19.87
$14.50
$23.36
$21.47
$19.97
Income from Investment Operations:
          
Net investment income2
0.10
0.12
0.12
0.08
0.07
Net realized and unrealized gain (loss) on investments
2.31
5.37
(8.80)
2.59
1.51
Total from investment operations
2.41
5.49
(8.68)
2.67
1.58
Less Distributions:
          
Distributions from net investment income
(0.12)
(0.12)
(0.14)
(0.09)
(0.08)
Distributions from capital gains
–
–
(0.04)
(0.69)
–
Total distributions
(0.12)
(0.12)
(0.18)
(0.78)
(0.08)
Net increase (decrease) in net asset value
2.29
5.37
(8.86)
1.89
1.50
Net Asset Value at end of period
$22.16
$19.87
$14.50
$23.36
$21.47
Total Return3 (%)
12.13
37.98
(37.20)
12.36
7.88
Ratios/Supplemental Data:
          
Net Assets at end of period (in 000’s)
$374,644
$433,483
$352,473
$665,240
$669,761
Ratios of expenses to average net assets
0.82
0.82
0.82
0.81
0.81
Ratio of net investment income to average net assets (%)
0.51
0.72
0.62
0.34
0.35
Portfolio Turnover6 (%)
78
89
123
76
87

 
CLASS II
Year Ended December 31, 2010
Inception
to
12/31/091
        
Net Asset Value at beginning of period
$19.87
$15.78
        
Income from Investment Operations:
            
Net investment income2
0.06
0.05
        
Net realized and unrealized gain (loss) on investments
2.30
4.09
        
Total from investment operations
2.36
4.14
        
Less Distributions:
            
Distributions from net investment income
(0.09)
(0.05)
        
Net increase in net asset value
2.27
4.09
        
Net Asset Value at end of period
$22.14
$19.87
        
Total Return3(%)
11.85
26.214
        
Ratios/Supplemental Data:
            
Net Assets at end of period (in 000’s)
$20,802
$6,003
        
Ratios of expenses to average net assets
1.07
1.075
        
Ratio of net investment income to average net assets  (%)
0.29
0.365
        
Portfolio Turnover6 (%)
78
894
        

1
Commenced investment operations May 1, 2009.
2
Based on average shares outstanding during the year.
3
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
4
Not annualized.
5
Annualized.
6
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period

 
See accompanying Notes to Financial Statements.
 
85
 

Ultra Series Fund | December 31, 2010

Financial Highlights for a Share of Beneficial Interest Outstanding

MID CAP FUND
 
Year Ended December 31,
 
20103
20093
20083
20073
20063
CLASS I
          
Net Asset Value at beginning of period
$11.82
$ 8.01
$15.31
$15.68
$17.94
Income from Investment Operations:
          
Net investment income2
0.04
–
0.005
(0.08)
(0.05)
Net realized and unrealized gain (loss) on investments
2.33
3.81
(7.13)
1.41
2.08
Total from investment operations
2.37
3.81
(7.13)
1.33
2.03
Less Distributions:
          
Distributions from net investment income
(0.05)
(0.00)5
(0.00)5
–
–
Distributions from capital gains
–
–
(0.16)
(1.70)
(4.29)
Total distributions
(0.05)
(0.00)
(0.16)
(1.70)
(4.29)
Net increase (decrease) in net asset value
2.32
3.81
(7.29)
(0.37)
(2.26)
Net Asset Value at end of period
$14.14
$11.82
$ 8.01
$15.31
$15.68
Total Return4(%)
20.12
47.28
(46.89)
8.44
11.38
Ratios/Supplemental Data:
          
Net Assets at end of period (in 000’s)
$385,219
$229,395
$166,465
$367,318
$374,044
Ratios of expenses to average net assets
0.90
0.87
0.87
0.86
0.86
Ratio of net investment income to average net assets (%)
0.42
(0.05)
0.09
(0.41)
(0.22)
Portfolio Turnover8 (%)
46
186
108
104
204

CLASS II
Year Ended December 31, 2010
Inception
to
12/31/091,3
        
Net Asset Value at beginning of period
$11.82
$ 9.36
        
Income from Investment Operations:
            
Net investment income2
0.04
(0.00)
        
Net realized and unrealized gain (loss) on investments
2.30
2.45
        
Total from investment operations
2.34
2.45
        
Less Distributions:
            
Distributions from net investment income
(0.03)
–
        
Net increase in net asset value
2.31
2.45
        
Net Asset Value at end of period
$14.13
$11.82
        
Total Return4(%)
19.82
26.136
        
Ratios/Supplemental Data:
            
Net Assets at end of period (in 000’s)
$11,951
$1,745
        
Ratios of expenses to average net assets
1.16
1.127
        
Ratio of net investment income to average net assets  (%)
0.38
(0.14)7
        
Portfolio Turnover8 (%)
46
1866
        

1
Commenced investment operations May 1, 2009
2
Based on average shares outstanding during the year.
3
The financial highlights prior to May 1, 2010 are those of the Mid Cap Growth Fund, the accounting survivor of the reorganization of the Mid Cap Value and Mid Cap Growth Funds. The net asset values and other per share information of the Mid Cap Growth Fund have been restated by the conversion ration of 2.6623 for Class I shares and 2.6678 for Class II shares to reflect those of the legal survivor of the reorganization the Mid Cap Value Fund, which was renamed the Mid Cap Fund after the reorganization.
4
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
5
Amounts represent less than $0.005 per share.
6
Not annualized.
7
Annualized.
8
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period

 
See accompanying Notes to Financial Statements.
 
86
 

Ultra Series Fund | December 31, 2010

Financial Highlights for a Share of Beneficial Interest Outstanding

SMALL CAP  FUND
 
Year Ended December 31,
Inception to
12/31/071
 
2010
2009
2008
CLASS I
        
Net Asset Value at beginning of period
$ 8.54
$ 6.53
$ 8.86
$10.00
Income from Investment Operations:
        
Net investment income3
0.08
0.05
0.08
0.09
Net realized and unrealized gain (loss) on investments
2.20
2.00
(2.34)
(1.05)
Total from investment operations
2.28
2.05
(2.26)
(0.96)
Less Distributions:
        
Distributions from net investment income
(0.07)
(0.04)
(0.07)
(0.08)
Distributions from capital gains
–
–
(0.00)5
(0.10)
Total distributions
(0.07)
(0.04)
(0.07)
(0.18)
Net increase (decrease) in net asset value
2.21
2.01
(2.33)
(1.14)
Net Asset Value at end of period
$10.75
$ 8.54
$ 6.53
$ 8.86
Total Return4 (%)
26.80
31.56
(25.54)
(9.62)6
Ratios/Supplemental Data:
        
Net Assets at end of period (in 000’s)
$11,710
$7,989
$5,986
$5,624
Ratios of expenses to average net assets
1.11
1.11
1.12
1.047
Ratio of net investment income to average net assets (%)
0.85
0.77
1.03
1.457
Portfolio Turnover8 (%)
33
21
28
136
         
CLASS II
Year Ended December 31, 2010
Inception to
12/31/092
    
Net Asset Value at beginning of period
$ 8.54
$ 6.50
    
Income from Investment Operations:
        
Net investment income3
0.06
0.02
    
Net realized and unrealized gain (loss) on investments
2.20
2.03
    
Total from investment operations
2.26
2.05
    
Less Distributions:
        
Distributions from net investment income
(0.06)
(0.01)
    
Net increase in net asset value
2.20
2.04
    
Net Asset Value at end of period
$10.74
$ 8.54
    
Total Return4(%)
26.48
31.575
    
Ratios/Supplemental Data:
        
Net Assets at end of period (in 000’s)
$1,387
$616
    
Ratios of expenses to average net assets
1.36
1.366
    
Ratio of net investment income to average net assets  (%)
0.67
0.446
    
Portfolio Turnover8 (%)
33
215
    

1
Commenced investment operations May 1, 2007.
2
Commenced investment operations May 1, 2009.
3
Based on average shares outstanding during the year.
4
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
5
Not annualized.
6
Annualized.
8
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period

 
See accompanying Notes to Financial Statements.
 
87
 

Ultra Series Fund | December 31, 2010

Financial Highlights for a Share of Beneficial Interest Outstanding

INTERNATIONAL STOCK FUND
 
Year Ended December 31,
 
2010
2009
2008
2007
2006
CLASS I
          
Net Asset Value at beginning of period
$ 9.53
$ 7.59
$13.40
$13.78
$12.38
Income from Investment Operations:
          
Net investment income2
0.14
0.17
0.26
0.23
0.19
Net realized and unrealized gain (loss) on investments
0.53
1.95
(5.27)
1.36
2.78
Total from investment operations
0.67
2.12
(5.01)
1.59
2.97
Less Distributions:
          
Distributions from net investment income
(0.21)
(0.18)
(0.26)
(0.32)
(0.20)
Distributions from capital gains
–
–
(0.54)
(1.65)
(1.37)
Total distributions
(0.21)
(0.18)
(0.80)
(1.97)
(1.57)
Net increase (decrease) in net asset value
0.46
1.94
(5.81)
(0.38)
1.40
Net Asset Value at end of period
$ 9.99
$ 9.53
$ 7.59
$13.40
$13.78
Total Return3 (%)
7.09
27.90
(38.62)
11.42
24.19
Ratios/Supplemental Data:
          
Net Assets at end of period (in 000’s)
$92,063
$77,997
$72,768
$164,151
$165,704
Ratios of expenses to average net assets
1.22
1.22
1.22
1.21
1.22
Ratio of net investment income to average net assets (%)
1.48
2.08
2.45
1.60
1.48
Portfolio Turnover6 (%)
79
87
43
62
62

CLASS II
Year Ended December 31, 2010
Inception
to
12/31/091
        
Net Asset Value at beginning of period
$ 9.53
$ 7.32
        
Income from Investment Operations:
            
Net investment income2
0.09
0.04
        
Net realized and unrealized gain (loss) on investments
0.56
2.33
        
Total from investment operations
0.65
2.37
        
Less Distributions:
            
Distributions from net investment income
(0.19)
(0.16)
        
Net increase in net asset value
0.46
2.21
        
Net Asset Value at end of period
$ 9.99
$ 9.53
        
Total Return3(%)
6.83
32.304
        
Ratios/Supplemental Data:
            
Net Assets at end of period (in 000’s)
$13,241
$3,962
        
Ratios of expenses to average net assets
1.47
1.485
        
Ratio of net investment income to average net assets  (%)
1.00
0.575
        
Portfolio Turnover6 (%)
79
874
        

1
Commenced investment operations May 1, 2009.
2
Based on average shares outstanding during the year.
3
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
4
Not annualized.
5
Annualized.
6
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period

 
See accompanying Notes to Financial Statements.
 
88
 

Ultra Series Fund | December 31, 2010

Financial Highlights for a Share of Beneficial Interest Outstanding

TARGET RETIREMENT 2020 FUND
 
Year Ended December 31,
Inception to
12/31/071
 
2010
2009
2008
CLASS I
        
Net Asset Value at beginning of period
$ 7.64
$ 6.04
$ 9.63
$10.00
Income from Investment Operations:
        
Net investment income2
0.20
0.15
0.22
0.13
Net realized and unrealized gain (loss) on investments
0.49
1.59
(3.60)
(0.32)
Total from investment operations
0.69
1.74
(3.38)
(0.19)
Less Distributions:
        
Distributions from net investment income
(0.27)
(0.14)
(0.16)
(0.18)
Distributions from capital gains
–
–
(0.05)
–
Total distributions
(0.27)
(0.14)
(0.21)
(0.18)
Net increase (decrease) in net asset value
0.42
1.60
(3.59)
(0.37)
Net Asset Value at end of period
$ 8.06
$ 7.64
$ 6.04
$ 9.63
Total Return3 (%)
9.01
28.93
(35.31)
(1.94)4
Ratios/Supplemental Data:
        
Net Assets at end of period (in 000’s)
$27,648
$19,300
$8,719
$2,524
Ratios of expenses to average net assets
       
Before reimbursement of expenses by Adviser
0.40
0.41
0.40
0.435
After reimbursement of expenses by Adviser
0.20
0.34
0.40
0.435
Ratio of net investment income to average net assets (%)
2.61
2.24
2.80
5.175
Portfolio Turnover6 (%)
51
78
74
34

1
Commenced investment operations May 1, 2007.
2
Based on average shares outstanding during the year.
3
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
4
Not annualized.
5
Annualized.
6
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period

 
See accompanying Notes to Financial Statements.
 
89
 

Ultra Series Fund | December 31, 2010

Financial Highlights for a Share of Beneficial Interest Outstanding

TARGET RETIREMENT 2030 FUND
 
Year Ended December 31,
Inception to
12/31/071
 
2010
2009
2008
CLASS I
        
Net Asset Value at beginning of period
$ 7.41
$ 5.75
$ 9.54
$10.00
Income from Investment Operations:
        
Net investment income2
0.18
0.12
0.18
0.09
Net realized and unrealized gain (loss) on investments
0.52
1.65
(3.82)
(0.34)
Total from investment operations
0.70
1.77
(3.64)
(0.25)
Less Distributions:
        
Distributions from net investment income
(0.21)
(0.11)
(0.11)
(0.21)
Distributions from capital gains
–
–
(0.04)
–
Total distributions
(0.21)
(0.11)
(0.15)
(0.21)
Net increase (decrease) in net asset value
0.49
1.66
(3.79)
(0.46)
Net Asset Value at end of period
$ 7.90
$ 7.41
$ 5.75
$ 9.54
Total Return3 (%)
9.56
30.94
(38.35)
(2.51)4
Ratios/Supplemental Data:
        
Net Assets at end of period (in 000’s)
$31,279
$19,330
$8,010
$1,521
Ratios of expenses to average net assets
       
Before reimbursement of expenses by Adviser
0.40
0.41
0.40
0.445
After reimbursement of expenses by Adviser
0.20
0.34
0.40
0.445
Ratio of net investment income to average net assets (%)
2.42
1.87
2.38
3.535
Portfolio Turnover6 (%)
43
78
52
154

1
Commenced investment operations May 1, 2007.
2
Based on average shares outstanding during the year.
3
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
4
Not annualized.
5
Annualized.
6
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period

 
See accompanying Notes to Financial Statements.
 
90
 

Ultra Series Fund | December 31, 2010

Financial Highlights for a Share of Beneficial Interest Outstanding

TARGET RETIREMENT 2040 FUND
 
Year Ended December 31,
Inception to
12/31/071
 
2010
2009
2008
CLASS I
        
Net Asset Value at beginning of period
$ 7.07
$ 5.43
$ 9.48
$10.00
Income from Investment Operations:
        
Net investment income2
0.15
0.08
0.14
0.07
Net realized and unrealized gain (loss) on investments
0.55
1.63
(4.06)
(0.36)
Total from investment operations
0.70
1.71
(3.92)
(0.29)
Less Distributions:
        
Distributions from net investment income
(0.17)
(0.07)
(0.08)
(0.23)
Distributions from capital gains
–
–
(0.05)
–
Total distributions
(0.17)
(0.07)
(0.13)
(0.23)
Net increase (decrease) in net asset value
0.53
1.64
(4.05)
(0.52)
Net Asset Value at end of period
$ 7.60
$ 7.07
$ 5.43
$ 9.48
Total Return3 (%)
9.97
31.64
(41.65)
(2.86)4
Ratios/Supplemental Data:
        
Net Assets at end of period (in 000’s)
$26,147
$16,656
$6,385
$1,193
Ratios of expenses to average net assets
       
Before reimbursement of expenses by Adviser
0.40
0.41
0.40
0.445
After reimbursement of expenses by Adviser
0.20
0.34
0.40
0.445
Ratio of net investment income to average net assets (%)
2.14
1.22
1.99
2.765
Portfolio Turnover6 (%)
40
86
62
14

1
Commenced investment operations May 1, 2007.
2
Based on average shares outstanding during the year.
3
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
4
Not annualized.
5
Annualized.
6
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period

 
See accompanying Notes to Financial Statements.
 
91
 

Ultra Series Fund | December 31, 2010

Notes to Financial Statements

1. ORGANIZATION
 
The Ultra Series Fund (the "Trust’’), a Massachusetts business trust, is registered under the Investment Company Act of 1940 (the "1940 Act’’), as amended, as a diversified, open-end management investment company. The Trust is a series fund with 17 investment portfolios (individually, a "Fund", and collectively, the "Funds’’), each with different investment objectives and policies. The funds currently available are the Money Market Fund, Bond Fund, High Income Fund, Diversified Income Fund, Equity Income Fund, Large Cap Value Fund, Large Cap Growth Fund, Mid Cap Fund, Small Cap Fund and International Stock Fund (collectively, the "Core Funds’’), the Conservative Allocation Fund, Moderate Allocation Fund and Aggressi ve Allocation Fund (collectively, the "Target Allocation Funds’’), and the Target Retirement 2020 Fund, Target Retirement 2030 Fund, Target Retirement 2040 Fund and Target Retirement 2050 Fund (collectively, the "Target Date Funds"). As of December 31, 2010, all funds are currently available except for the Target Retirement 2050 Fund, which commenced investment operations on January 3, 2011.
 
The Declaration of Trust permits the Board of Trustees to issue an unlimited number of full and fractional shares of the Trust without par value. All funds, except for the Target Date Funds, offer Class I and II shares. The Target Date Funds only offer a single class of shares, Class I shares. Each class of shares represents an interest in the assets of the respective fund and has identical voting, dividend, liquidation and other rights, except that each class of shares bears its own distribution fees, if any, and its proportional share of fund level expenses, and has exclusive voting rights on matters pertaining to Rule 12b-1 under the 1940 Act as it relates to that class and other class specific matters. Shares are offered to separate accounts (the "Accounts 217;’) of CUNA Mutual Insurance Society and to qualified pension and retirement plans of CUNA Mutual Insurance Society or its affiliates ("CUNA Mutual Group’’). The Trust may, in the future, offer other share classes to separate accounts of insurance companies and to qualified pension and retirement plans that are not affiliated with CUNA Mutual Group. The Trust does not offer shares directly to the general public.
 
The Trust has entered into a Management Agreement with Madison Asset Management, LLC. (the "Investment Adviser" or "Madison"). The Investment Adviser, in turn, has entered into subadvisory agreements with certain subadvisers ("Subadvisers") for the management of the investments of the High Income, Small Cap and International Stock Funds.
 
2. SIGNIFICANT ACCOUNTING POLICIES
 
The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reported period. Actual results could differ from those estimates. The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements.
 
Portfolio Valuation: Equity securities 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). If no sale occurs, (a) equities traded on a U.S. exchange or on NASDAQ are valued at the mean between the closing bid and closing asked prices and (b) equity securities traded on a foreign exchange are valued at the official bid price. Debt securities purcha sed with a remaining maturity of 61 days or more are valued by a pricing service selected by the Trust or on the basis of dealer-supplied quotations. Investments in shares of open-ended 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 (usually 4:00 p.m. Eastern Standard Time) on each day on which the New York Stock Exchange is open for business. NAV per share is determined by dividing each
 
 
92
 

Ultra Series Fund | December 31, 2010

Notes to Financial Statements

Fund’s total net assets by the number of shares of such fund outstanding at the time of calculation. The assets of each Target Allocation and each Target Date Fund consist primarily of shares of underlying funds, the NAV of each Fund is determined based on the NAV’s 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 and all securities in the Money Market Fund are valued on an amortized cost basis, which approximates market 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 mean between the last bid and asked prices. Over-the-counter options are valued based upon prices provided by market makers in such securities or dealers in such currencies. Exchange traded options are valued at the last sale or bid price on the exchange where such option contract is principally traded, except for the Equity Income Fund where they are valued at the mean of the best bid and best ask prices across all option exchanges. Futures contracts generally are valued at the settlement price established by the exchange(s) on which the contracts are primarily tra ded. The Trust’s Valuation Committee (the "Committee’’) shall estimate the fair value of futures positions affected by the daily limit by using its valuation procedures for determining fair value, when necessary. 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 are valued at the average of the closing bids obtained daily from at least one dealer.
 
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 New York Stock Exchange (usually 4:00 p.m. Eastern Standard Time).
 
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 market value, are appraised at their fair values as determined in good faith by 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 official closing prices. Because the Target Allocation and Target Date 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. Howev er, an underlying fund may need to "fair’’ value one or more of its investments, which may, in turn, require a Target Allocation or Target Date Fund to do the same because of delays in obtaining the underlying fund’s NAV.
 
A fund’s investments (or underlying fund) 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 New York Stock Exchange (usually 4:00 p.m. Eastern Standard Time). 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 announceme nts 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. The Committee may rely on 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 Trust.
 
 
93
 

Ultra Series Fund | December 31, 2010

Notes to Financial Statements

Security Transactions and Investment Income: Security transactions are accounted for on a trade date basis. Net realized gains or losses on sales are determined by the identified cost method. Interest income is recorded on an accrual basis. Dividend income is recorded on ex-dividend date. Amortization and accretion are recorded on the effective yield method.
 
Federal Income Taxes: It is each Fund’s policy to comply with the requirements of Subchapter M of the Internal Revenue Code of 1986 applicable to regulated investment companies and to distribute substantially all its taxable income to its shareholders. Accordingly, no provisions for federal income taxes are recorded in the accompanying financial statements.
 
The Funds have not recorded any liabilities for material unrecognized tax benefits as of December 31, 2010. It is the Funds’ policy to recognize accrued interest and penalties related to uncertain tax benefits in income taxes, as appropriate. Tax years that remain open to examination by major tax jurisdictions include tax years ended December 31, 2007 through December 31, 2010.
 
Expenses: Expenses that are directly related to one fund are charged directly to that fund. Other operating expenses are prorated to the Funds on the basis of relative net assets. Class-specific expenses are borne by that class.
 
Classes: Income and realized and unrealized gains/losses are allocated to the respective classes on the basis of relative net assets.
 
Repurchase Agreements: Each Fund may engage in repurchase agreements. In a repurchase agreement, a security is purchased for a relatively short period (usually not more than 7 days) subject to the obligation to sell it back to the issuer at a fixed time and price plus accrued interest. The Funds will enter into repurchase agreements only with member banks of the Federal Reserve System and with "primary dealers’’ in U.S. Government securities. As of December 31, 2010, only the Equity Income Fund had open repurchase agreements.
 
The Trust has established a procedure providing that the securities serving as collateral for each repurchase agreement must be delivered to the Trust’s custodian either physically or in book-entry form and that the collateral must be marked to market daily to ensure that the repurchase agreement is fully collateralized at all times. In the event of bankruptcy or other default by a seller of a repurchase agreement, a fund could experience one of the following: delays in liquidating the underlying securities during the period in which the fund seeks to enforce its rights thereto, possible subnormal levels of income, declines in value of the underlying securities, or lack of access to income during this period and the expense of enforcing its rights.
 
Foreign Currency Transactions: The books and records are maintained in U.S. dollars. Foreign currency denominated transactions (i.e., market value of investment securities, assets and liabilities, purchases and sales of investment securities, and income and expenses) are translated into U.S. dollars at the current rate of exchange.
 
Each Fund, except the Money Market Fund, reports certain foreign currency-related transactions as components of realized gains or losses for financial reporting purposes, whereas such components are treated as ordinary income for federal income tax purposes. Only the International Stock Fund had net realized losses. The International Stock Fund’s net realized losses of $815,153 are included in the Statements of Operations under the heading "Net realized gain (loss) on investments" for the International Stock Fund. The Money Market Fund can only invest in U.S. dollar-denominated foreign money market securities.
 
The Funds do not isolate the portion of gains and losses on investments in securities that is due to changes in the foreign exchange rates from that which is due to changes in market prices of securities. Such amounts are categorized as gain or loss on investments for financial reporting purposes.
 
 
94
 

Ultra Series Fund | December 31, 2010

Notes to Financial Statements

Forward Foreign Currency Exchange Contracts: Each Fund, except the Money Market Fund, may purchase and sell forward foreign currency exchange contracts for defensive or hedging purposes. When entering into forward foreign currency exchange contracts, the Funds agree to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. These contracts are valued daily. The Funds’ net assets reflect unrealized gains or losses on the contracts as measured by the difference between the forward foreign currency exchange rates at the dates of entry into the contracts and the forward rates at the reporting date. The Funds realize a gain or a loss at the time the forward foreign currency exchange contracts are settled or closed out with an offsetting contract. Realized and unrealized gains and losses are included in the Statements of Operations. As of December 31, 2010, none of the Funds had open forward foreign currency exchange contracts. However, as the Funds enter into contracts on the trade date, at the current spot rate, to settle any securities transactions denominated in foreign currencies on behalf of the funds. As of December 31, 2010, the International Stock Fund had open foreign currency contracts to settle payables for investments purchased and receivables for investments sold.
 
If a Fund enters into a forward foreign currency exchange contract to buy foreign currency for any purpose, the fund will be required to place cash or other liquid assets in a segregated account with the Fund’s custodian in an amount equal to the value of the fund’s total assets committed to the consummation of the forward contract. If the value of the securities in the segregated account declines, additional cash or securities will be placed in the segregated account so that the value of the account will equal the amount of the Fund’s commitment with respect to the contract.
 
Futures Contracts: Each Fund, except the Money Market Fund, may purchase and sell futures contracts and purchase and write options on futures contracts. The Funds will engage in futures contracts or related options transactions to hedge certain market positions. Upon entering into a futures contract, the Fund is required to pledge to the broker an amount of cash, U.S. Government securities or other assets, equal to a certain percentage of the contract (initial margin deposit). Subsequent payments, known as "variation margin,’’ are made or received by the Fund each day, depending on the daily fluctuations in the fair value of the futures contract. When a Fund enters into a futures contr act, the Fund segregates cash or other liquid securities, of any type or maturity, equal in value to the Fund’s commitment. The Fund recognizes a gain or loss equal to the daily change in the value of the futures contracts. Should market conditions move unexpectedly, the Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. As of December 31, 2010, none of the Funds have open futures contracts.
 
Each Fund currently limits investments in illiquid securities to 15% of net assets at the time of purchase, except for Money Market which limits the investment in illiquid securities to 5% of net assets. At December 31, 2010, investments in securities of the Bond, High Income and Diversified Income Funds include issues that are illiquid. The aggregate values of illiquid securities held by Bond, High Income and Diversified Income were $14,529,681, $2,300,625 and $10,665,486, respectively, which represent 3.1%, 2.3% and 2.6% of net assets, respectively. Pursuant to guidelines adopted by the Board of Trustees, certain unregistered securities are determined to be liquid and are not included within the percent limitations specified above. Information concerning the il liquid securities held at December 31, 2010, which includes cost and acquisition date, is as follows:
 
Security
Acquisition Date
Acquisition Cost
Bond Fund
    
American Association of Retired Persons
5/16/02
$ 2,644,675
ERAC USA Finance LLC
12/16/04
4,815,932
Indianapolis Power & Light Co.
10/02/06
3,422,883
WM Wrigley Jr. Co.
6/21/10
3,167,464
   
$14,050,954

 
95
 

Ultra Series Fund | December 31, 2010

Notes to Financial Statements

Security
Acquisition Date
Acquisition Cost
High Income Fund
    
Stewart Enterprises, Inc.
10/24/07
$   483,125
Syniverse Technologies Inc., Series B
Various
755,802
WCA Waste Corp.
6/28/06
1,002,107
   
$ 2,241,034
Diversified Income Fund
    
American Association of Retired Persons
5/16/02
$ 2,115,740
ERAC USA Finance LLC
12/16/04
2,024,881
Indianapolis Power & Light Co.
10/2/06
1,545,017
Nissan Motor Acceptance Corp.
3/16/07
3,267,151
WM Wrigley Jr. Co.
6/21/10
1,308,952
   
$10,261,741

 
Delayed Delivery Securities: Each Fund may purchase securities on a when-issued or delayed delivery basis. "When-issued’’ refers to securities whose terms are available and for which a market exists, but that have not been issued. For when-issued or delayed delivery transactions, no payment is made until delivery date, which is typically longer than the normal course of settlement, and often a month or more after the purchase. When a Fund enters into an agreement to purchase securities on a when-issued or delayed delivery basis, the Fund segregates cash or other liquid securities, of any type or maturity, equal in value to the Fund’s commitment. Losses may arise due to changes in the market value of the underlying securities, if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic or other factors. As of December 31, 2010, none of the Funds had entered into such transactions.
 
Reclassification Adjustments: Paid-in capital, undistributed net investment income, and accumulated net realized gain (loss) have been adjusted in the Statements of Assets and Liabilities for permanent book-tax differences for all Funds.
 
Differences primarily relate to the tax treatment of net operating losses, paydown gains and losses, foreign currency gains and losses, and distributions from real estate investment trusts and passive foreign investment companies.
 
To the extent these book and tax differences are permanent in nature, such amounts are reclassified at the end of the fiscal year among paid-in capital in excess of par value, undistributed net investment income (loss) and undistributed net realized gain (loss) on investments and foreign currency translations. Accordingly, at December 31, 2010, reclassifications were recorded as follows:
 
Fund
Paid-in Capital
Undistributed Net
Investment Income (Loss)
Accumulated Net
Realized Gain (Loss)
Conservative Allocation
$      –
$2,863,088
$(2,863,088)
Moderate Allocation
–
3,115,605
(3,115,605)
Aggressive Allocation
–
465,811
(465,811)
Money Market
–
–
–
Bond
(1,857,702)
(457,176)
2,314,878
High Income
4
14,415
(14,419)
Diversified Income
(1,719)
(221,714)
223,433
Equity Income
–
3,605
(3,605)
Large Cap Value
–
(107,819)
107,819
Large Cap Growth
–
–
–
Mid Cap
43,896,700
551
(43,897,251)
Small Cap
2,338,038
(5,671)
(2,332,367)
International Stock
5,292,907
212,968
(5,505,875)

 
96
 

Ultra Series Fund | December 31, 2010

Notes to Financial Statements

Fund
Paid-in Capital
Undistributed Net
Investment Income (Loss)
Accumulated Net
Realized Gain (Loss)
Target Retirement 2020
$      –
$   318,711
$   (318,711)
Target Retirement 2030
–
261,260
(261,260)
Target Retirement 2040
–
154,562
(154,562)

 
Fair Value Measurements: Each Fund has adopted the Financial Accounting Standards Board ("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 examp le, 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 to 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 – 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)
 
The valuation techniques used by the Funds to measure fair value for the period ended December 31, 2010 maximized the use of observable inputs and minimized the use of unobservable inputs. The Funds utilized the following fair value techniques: multi-dimensional relational pricing model and option adjusted spread pricing; 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 evaluation. As of December 31, 2010 or throughout the year, none of the Funds held securities deemed as a Level 3.
 
The following is a summary of the inputs used as of December 31, 2010 in valuing the Funds’ investments carried at fair value (please see the Portfolio of Investments for each Fund for a listing of all securities within each caption):
 
 
97
 

Ultra Series Fund | December 31, 2010

Notes to Financial Statements

Fund
Quoted Prices in
Active Markets for Identical Investments (Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant Unobservable
Inputs
(Level 3)
Value at
12/31/10
Conservative Allocation1
$229,532,082
$         –
$         –
$229,532,082
Moderate Allocation1
380,489,042
–
–
380,489,042
Aggressive Allocation1
126,252,714
–
–
126,252,714
Money Market2
1,529,834
68,729,696
–
70,259,530
Bond
        
Asset Backed
–
8,321,492
–
8,321,492
Corporate Notes and Bonds
–
120,025,458
–
120,025,458
Mortgage Backed
–
110,728,120
–
110,728,120
U.S. Government and Agency Obligations
–
208,161,197
–
208,161,197
Investment Companies
14,230,708
–
–
14,230,708
 
14,230,708
447,236,267
–
461,466,975
High Income
        
Corporate Notes and Bonds
–
95,148,152
–
95,148,152
Investment Companies
3,495,898
–
–
3,495,898
 
3,495,898
95,148,152
–
98,644,050
Diversified Income
        
Common Stocks
212,239,029
–
–
212,239,029
Asset Backed
–
4,819,241
–
4,819,241
Corporate Notes and Bonds
–
75,993,859
–
75,993,859
Mortgage Backed
–
46,309,443
–
46,309,443
U.S. Government and Agency Obligations
–
53,804,234
–
53,804,234
Investment Companies
11,588,883
–
–
11,588,883
 
223,827,912
180,926,777
–
404,754,689
Equity Income
        
Assets:
        
Common Stocks
1,869,030
–
–
1,869,030
Investment Companies
94,514
–
–
94,514
Repurchase Agreement
–
466,030
–
466,030
 
1,963,544
466,030
–
2,429,574
Liabilities:
        
Options Written
119,851
–
–
119,851
Large Cap Value
        
Common Stocks
521,200,050
–
–
521,200,050
Investment Companies
8,194,094
–
–
8,194,094
 
529,394,144
–
–
529,394,144
Large Cap Growth
        
Common Stocks
378,472,635
–
–
378,472,635
Investment Companies
16,066,626
–
–
16,066,626
 
394,539,261
–
–
394,539,261
Mid Cap
        
Common Stocks
379,566,284
–
–
379,566,284
Investment Companies
17,571,772
–
–
17,571,772
 
397,138,056
–
–
397,138,056
Small Cap
        
Common Stocks
12,533,772
–
–
12,533,772
Investment Companies
508,051
–
–
508,051
 
13,041,823
–
–
13,041,823

 
1 At December 31, 2010, all investments are Level 1.
2 At December 31, 2010, all Level 2 securities held are short term investments.

 
98
 

Ultra Series Fund | December 31, 2010

Notes to Financial Statements

Fund
Quoted Prices in
Active Markets for Identical Investments (Level 1)
Significant Other
Observable
Inputs
(Level 2)
Significant Unobservable
Inputs
(Level 3)
Value at
12/31/10
International Stock
        
Common Stocks
        
Australia
$         –
$  2,307,039
$         –
$  2,307,039
Belgium
–
2,282,026
–
2,282,026
Brazil
–
2,967,666
–
2,967,666
Canada
–
1,843,478
–
1,843,478
China
–
1,614,629
–
1,614,629
Denmark
–
1,330,608
–
1,330,608
Finland
–
964,541
–
964,541
France
–
10,953,134
–
10,953,134
Germany
–
4,747,394
–
4,747,394
Hong Kong
–
1,257,745
–
1,257,745
Israel
–
980,044
–
980,044
Italy
–
1,143,921
–
1,143,921
Japan
–
20,853,952
–
20,853,952
Mexico
–
920,515
–
920,515
Netherlands
–
2,763,780
–
2,763,780
Norway
–
991,301
–
991,301
Russia
–
1,000,636
–
1,000,636
Singapore
–
958,947
–
958,947
South Korea
–
2,422,569
–
2,422,569
Spain
–
1,208,999
–
1,208,999
Sweden
–
991,785
–
991,785
Switzerland
–
7,497,258
–
7,497,258
Turkey
–
905,370
–
905,370
United Kingdom
–
30,611,566
–
30,611,566
Investment Companies
1,607,953
–
–
1,607,953
 
1,607,953
103,518,903
–
105,126,856
Target Retirement 20201
27,379,277
–
–
 27,379,277
Target Retirement 20301
30,959,942
–
–
30,959,942
Target Retirement 20401
25,824,301
-
–
25,824,301
1At December 31, 2010, all investments are level 1.

Derivatives: In March 2008, FASB issued guidance intended to enhance financial statement disclosures for derivative instruments and hedging activities and enable investors to understand: a) how and why a Fund uses derivative instruments, b) how derivative instruments and related hedge Fund items are accounted for, and c) how derivative instruments and related hedge items affect a Fund’s financial position, results of operations and cash flows. This guidance is effective for financial statements issued for fiscal years and interim periods beginning after November 15, 2008. The Funds adopted this guidance effective April 30, 2010 with the inception of the Equity Income Fund.
 
The following table presents the types of derivative in the Equity Income Fund by location as presented on the Statement of Assets and Liabilities as of December 31, 2010.
 
 
99
 

Ultra Series Fund | December 31, 2010

Notes to Financial Statements

Statement of Asset & Liability Presentation of Fair Values of Derivative Instruments
 
Asset Derivatives
Liability Derivatives
Derivatives not accounted
for as hedging instruments
Statement of Assets
and Liabilities Location
Fair Value
Statement of Assets
and Liabilities Location
Fair Value
Equity contracts
–
--
Options written
$119,851

 
The following table presents the effect of Derivative Instruments on the Statement of Operations for the period ended December 31, 2010:
 
Derivatives not accounted
for as hedging instruments
Realized Gain on Derivatives:
Change in Unrealized Depreciation on Derivatives
Equity contracts
$24,936
$(35,038)

 
Management has determined that there is no impact on the financial statements of the other Funds held in the Trust as they did not hold derivative financial instruments.
 
For the year ended December 31, 2010, none of the Funds had securities transferred between classification levels.
 
3. ADVISORY, ADMINISTRATION AND DISTRIBUTION AGREEMENTS
 
For its investment advisory services to the Funds, the Investment Adviser is entitled to receive a fee, which is calculated daily and paid monthly, at an annual rate based upon the following percentages of average daily net assets: 0.45% for the Money Market Fund, 0.55% for the Bond Fund, 0.75% for the High Income Fund, 0.70% for the Diversified Income Fund, 0.90% for the Equity Income Fund,0.60% for the Large Cap Value Fund, 0.80% for the Large Cap Growth Fund, 0.90% for the Mid Cap Fund, 1.10% for the Small Cap Fund, 1.20% for the International Stock Fund, 0.30% for each of the Target Allocation Funds. Since October 1, 2009, Madison reduced the management fee of the Target Date Funds from 0.40% to 0.20%. This waiver became permanent effective February 16, 2011. The Investment Adviser is solely responsible for the payment of all fees to the Subadvisers. The Subadvisers for the funds are Shenkman Capital Management, Inc. for the High Income Fund, Wellington Management Company, LLP for the Small Cap Fund and Lazard Asset Management LLC for the International Stock Fund. The Investment Adviser manages the Money Market Fund, Bond Fund, Diversified Income Fund, Equity Income Fund, Large Cap Growth Fund, Large Cap Value Fund, Mid Cap Fund, Target Allocation Funds and the Target Date Funds.
 
The Investment Adviser may from time to time voluntarily agree to waive a portion of its fees or expenses related to the Funds. In that regard, the Investment Adviser waived a portion of management fees on the Money Market Class I Shares and Class II Shares for the purpose of maintaining a one-day yield of zero. The amount of the daily waiver is equal to the amount required to maintain a minimum daily distribution rate of zero. For the period ended December 31, 2010, the waivers totaled $267,805 for Class I Shares and $949 for Class II Shares and are reflected as fees waived by the Investment Adviser in the accompanying Statement of Operations.
 
In addition to the management fee, the Trust is responsible for fees of the disinterested trustees, brokerage commissions and other expenses incurred in connection with the acquisition or disposition of investments, costs of borrowing money, expenses for independent audits, tax, compliance and extraordinary expenses as approved by a majority of the Independent Trustees.
 
Certain officers and trustees of the Trust are also officers of the Investment Adviser. The Trust does not compensate its officers or trustees. Unaffiliated trustees receive from the Trust an attendance fee for each Board or Committee meeting attended, with additional remuneration paid to the audit committee and nominating and governance committee chairs.
 
 
100
 

Ultra Series Fund | December 31, 2010

Notes to Financial Statements

Limited Services Agreement: Effective July 1, 2009, the investment adviser, Madison Asset Management, LLC ("Madison"), entered into a Limited Services Agreement with the Trust. Under the agreement, Madison agreed to cap certain operating expenses of each Fund (other than the Equity Income Fund) that, prior to that date, had been paid directly by the funds (not including securities transaction commissions and expenses, certain taxes, interest, share distribution expenses, and extraordinary and non-recurring expenses). The Limited Services Agreement is in force for a period of no less than two years from the date of the agreement. Specifically, Madison, in exchange for the Limited Service Fee, is re sponsible for paying the fees and expenses of the Funds’ Independent Trustees, independent registered public accountants, and all costs related to the funds’ compliance program. The agreement requires Madison to maintain expense levels for these items at a dollar amount that is no more than the amount of such expenses incurred by each fund’s Class I shares for the year-ended December 31, 2008, as follows:
 
Fund
Annual Fee
  
Fund
Annual Fee
Conservative Allocation
$11,284
  
Large Cap Value
$120,439
Moderate Allocation
31,600
  
Large Cap Growth
76,596
Aggressive Allocation
11,456
  
Mid Cap
40,739
Money Market
18,783
  
Small Cap
1,035
Bond
73,318
  
International Stock
24,119
High Income
14,749
  
Target Retirement 2020
337
Diversified Income
71,315
  
Target Retirement 2030
245
     
Target Retirement 2040
213

 
If actual expenses exceed these dollar amounts, Madison is required to pay the excess (not the Funds). The caps listed above for the Mid Cap and International Stock Funds may not reflect the actual expenses on the Statement of Operations due to merger-related activity. At no time did these funds’ expenses exceed their respected caps per the Limited Services Agreement.
 
Distribution Agreement. Mosaic Funds Distributor, LLC ("MFD") serves as distributor of the Funds. The Trust adopted distribution and service plan with respect to the Trust’s Class II shares pursuant to Rule 12b-1 under the 1940 Act. Under the plan, the Trust will pay a service fee with regard to Class II shares at an annual rate of 0.25% of each Fund’s daily net assets. MFD arranges to provide compensation to others that provide distribution and shareholder servicing services to the Funds and their shareholders. Fees incurred by the Funds under the plan are detailed in the Statement of Operations.
 
The distributor may from time to time voluntarily agree to waive a portion of its fees or expenses related to the Funds. In this regard, the distributor waived a portion of 12b-1 fees on the Money Market Class II shares for the purpose of maintaining a one-day yield of zero. For the period ended December 31, 2010, the waivers totaled $742 and are reflected as fees waived in the accompanying Statement of Operations.
 
The Trust has entered into participation agreements with CUNA Mutual Insurance Society setting forth the terms and conditions pursuant to which the Accounts and retirement plans purchase and redeem shares of the funds. Investments in the Trust by the Accounts are made through either variable annuity or variable life insurance contracts. Net purchase payments under the variable contracts are placed in one or more sub-accounts of the Accounts, and the assets of each sub-account are invested (without sales or redemption charges) in shares of the Fund corresponding to that sub-account. Shares are purchased and redeemed at a price equal to the shares’ net asset value. The assets of each Fund are held separate from the assets of the other Funds.
 
 
101
 

Ultra Series Fund | December 31, 2010

Notes to Financial Statements

4. DIVIDENDS FROM NET INCOME AND DISTRIBUTIONS OF CAPITAL GAINS
 
The Money Market Fund declares dividends from net investment income and net realized gains from investment transactions, if any, daily, and net realized gains from investment transactions, if any, annually, which are reinvested in additional full and fractional shares of the fund. The Bond Fund, High Income Fund, Diversified Income Fund, Equity Income Fund, Large Cap Value Fund, Large Cap Growth Fund, Small Cap, Mid Cap Fund, International Stock Fund, Target Allocation Funds, and Target Date Funds declare dividends from net investment income and net realized gains from investment transactions, if any, annually, which are reinvested in additional full and fractional shares of the respective Funds.
 
Income and capital gain distributions, if any, are determined in accordance with federal income tax regulations, which may differ from accounting principles generally accepted in the United States of America. Taxable distributions from income and realized capital gains of the Funds may differ from book amounts earned during the period due to differences in the timing of capital gains recognition, and due to the reclassification of certain gains or losses from capital to income.
 
5. SECURITIES TRANSACTIONS
 
For the period ended December 31, 2010, aggregate cost of purchases and proceeds from sales of securities, other than short-term investments, were as follows:
 
 
U.S. Government Securities
Other Investment Securities
Fund
Purchases
Sales
Purchases
Sales
Conservative Allocation
$         –
$         –
$106,478,692
$ 74,773,509
Moderate Allocation
–
–
132,594,592
120,224,453
Aggressive Allocation
–
–
40,155,987
39,848,617
Bond
7,892,956
75,930,606
3,167,464
34,599,267
High Income
–
–
50,430,293
64,365,473
Diversified Income
2,588,729
26,270,980
89,695,390
115,364,375
Equity Income
–
–
2,329,126
493,282
Large Cap Value
–
–
355,718,949
491,701,621
Large Cap Growth
–
–
309,414,971
405,118,566
Mid Cap
–
–
149,496,633
228,018,838
Small Cap
–
–
3,423,656
5,771,562
International Stock
–
–
73,095,083
87,199,857
Target Retirement 2020
–
–
18,347,989
11,434,073
Target Retirement 2030
–
–
20,032,260
10,178,771
Target Retirement 2040
–
–
15,483,333
8,000,960

 
6. COVERED CALL OPTIONS
 
The Equity Income Fund will pursue its primary objective by employing an option strategy of writing (selling) covered call options on common stocks. The number of call options the Fund can write (sell) is limited by the amount of equity securities the fund holds in its portfolio. The fund will not write (sell) "naked" or uncovered call options. The Fund seeks to produce a high level of current income and gains generated from option writing premiums and, to a lesser extent, from dividends.
 
 
102
 

Ultra Series Fund | December 31, 2010

Notes to Financial Statements

Transactions in option contracts during the period ended December 31, 2010 were as follows:
 
 
Number of Contracts
Premiums Received
Options outstanding, beginning of period
–
–
Options written during the period
719
$130,853
Options expired during the period
(110)
(21,138)
Options closed during the period
(20)
(4,928)
Options assigned during the period
(113)
(19,974)
Options outstanding, end of period
476
$ 84,813

 
7. FOREIGN SECURITIES
 
Each Fund may invest in foreign securities; provided, however, that the Money Market Fund is limited to U.S. dollar-denominated foreign money market securities. Foreign securities refer to securities that are: (1) issued by companies organized outside the U.S. or whose principal operations are outside the U.S., (2) issued by foreign governments or their agencies or instrumentalities, (3) principally traded outside the U.S., or (4) quoted or denominated in a foreign currency. Foreign securities include American Depositary Receipts ("ADRs’’), European Depositary Receipts ("EDRs’’), Global Depositary Receipts ("GDRs’’), Swedish Depositary Receipts ("SDRs’’) and foreign money market securities. Dollar-denominated securi ties that are part of the Merrill Lynch U.S. Domestic Master Index are not considered a foreign security.
 
Certain funds have reclaim receivable balances, in which the funds are due a reclaim on the taxes that have been paid to some foreign jurisdictions. The values of all reclaims are not significant for any of the funds and are reflected in Other Assets on the Statement of Assets and Liabilities. On a periodic basis, these receivables are reviewed to ensure the current receivable balance is reflective of the amount deemed to be collectible.
 
8. SECURITIES LENDING
 
Each fund, except the Target Allocation, Money Market, Small Cap, Equity Income and Target Retirement Funds, entered into a Securities Lending Agreement (the "Agreement") with State Street Bank and Trust Company ("State Street"). Under the terms of the Agreement, the Funds may lend portfolio securities to qualified borrowers in order to earn additional income. The Agreement requires that loans are collateralized at all times by cash or other liquid assets at least equal to 102% of the value of the securities, which is determined on a daily basis.
 
Amounts earned as interest on investments of cash collateral, net of rebates and fees, if any, are included in the Statement of Operations.
 
The primary risk associated with securities lending is if the borrower defaults on its obligation to return the securities loaned because of insolvency or other reasons, the funds could experience delays and costs in recovering securities loaned or in gaining access to the collateral.
 
The Funds did not transact in securities lending for the year ended December 31, 2010 and had no securities out on loan as of December 31, 2010.
 
 
103
 

Ultra Series Fund | December 31, 2010

Notes to Financial Statements

9. TAX INFORMATION
 
The tax character of distributions paid during the years ended December 31, 2010 and 2009 was as follows:
 
Fund
Ordinary Income
Long-Term Capital Gain
2010
2009
2010
2009
Conservative Allocation
$ 8,982,364
$ 4,991,218
$ –
$ –
Moderate Allocation
11,196,100
6,860,559
–
–
Aggressive Allocation
1,977,176
1,433,805
–
–
Money Market
–
5,409
–
–
Bond
19,336,364
23,297,662
–
–
High Income
7,418,611
8,105,518
–
–
Diversified Income
14,252,970
16,690,184
–
–
Equity Income
53,076
  
–
  
Large Cap Value
9,967,106
12,938,553
–
–
Large Cap Growth
2,089,694
2,794,182
–
–
Mid Cap
1,321,723
5,837
–
–
Small Cap
84,410
40,906
–
–
International Stock
1,911,410
1,529,519
–
–
Target Retirement 2020
890,022
323,699
–
–
Target Retirement 2030
823,904
270,609
–
–
Target Retirement 2040
574,774
157,883
–
–

 
As of December 31, 2010, the components of distributable earnings on a tax basis were as follows:
 
Fund
Ordinary Income
Long-Term Capital Gain
Conservative Allocation
$200,401
$–
Moderate Allocation
242,947
–
Aggressive Allocation
45,988
–
Bond
379,626
–
High Income
235,020
–
Diversified Income
282,108
–
Equity Income
9,457
–
Large Cap Value
99,876
–
Large Cap Growth
43,934
–
Mid Cap
105,029
–
Small Cap
884
–
International Stock
38,929
–
Target Retirement 2020
21,164
–
Target Retirement 2030
28,384
–
Target Retirement 2040
26,328
–

 
For federal income tax purposes, the Funds listed below have capital loss carryovers as of December 31, 2010, which are available to offset future capital gains, if any:
 
Fund
2011
2012
2013
2014
2015
2016
2017
2018
Conservative Allocation
$       –
$       –
$       –
$       –
$       –
$    41,976
$ 6,053,243
$       –
Moderate Allocation
–
–
–
–
–
17,885,475
20,811,527
9,937,108
Aggressive Allocation
–
–
–
–
–
6,446,542
6,205,447
6,513,626
Bond
104,606
1,560,242
1,445,891
816,322
228,563
–
9,584,651
346,309
High Income
–
–
–
–
–
8,436,671
4,641,635
–
Diversified Income
–
–
–
–
–
2,487,530
45,589,823
–

 
104
 

Ultra Series Fund | December 31, 2010

Notes to Financial Statements

Fund
2011
2012
2013
2014
2015
2016
2017
2018
Large Cap Value
$       –
$       –
$       –
$       –
$       –
$85,305,978
$41,852,552
$       –
Large Cap Growth
–
–
–
–
–
35,115,320
20,739,513
–
Mid Cap
–
–
–
–
7,828,526
30,807,814
71,947,894
–
Small Cap
–
–
–
–
–
1,269,222
635,547
–
International Stock
–
–
–
–
751,246
8,819,661
21,825,302
1,915,037
Target Retirement 2020
–
–
–
–
–
–
225,054
504,165
Target Retirement 2030
–
–
–
–
–
40,540
140,356
259,860
Target Retirement 2040
–
–
–
–
–
28,331
13,390
229,437

 
As a result of the mergers of the Mid Cap Growth and Mid Cap Value (surviving fund - Mid Cap), the Small Cap Growth and the Small Cap Value (surviving fund - Small Cap) and Global Securities and International Stock Funds (surviving fund - International Stock) each surviving fund acquired realized capital losses, which are limited by Internal Revenue Code section 382. Included in the net capital loss carryovers for the Mid Cap Fund, Small Cap Fund, and International Stock Fund are $38,636,340, $1,215,090 and $10,500,521, respectively, of capital loss carryovers subject to certain limitations upon availability to offset future gains, if any, as the successor of a merger. These acquired capital loss carryforwards are included in the total amounts above. Additionally , Small Cap Fund and International Stock Fund both forfeited $630,036 and $4,805,092, respectively, of capital loss carryforwards acquired from the Small Cap Value Fund and Global Securities Fund, respectively, due to the change of ownership rules in the tax law.
 
As of December 31, 2010, capital loss carryforwards utilized in the fiscal year to offset capital gains were as follows:
Fund
Amount Utilized
Conservative Allocation
$ 2,949,668
High Income
2,807,169
Diversified Income
13,978,906
Large Cap Value
11,906,830
Large Cap Growth
43,527,501
Mid Cap
37,762,319
Small Cap
1,360,827

 
The Bond Fund had a capital loss carryover expire unused in the current year in the amount of $1,857,702.
 
After October 31, 2010, the following funds had post-October capital losses in the following amounts:
Fund
Capital Loss
Moderate Allocation
$  786,044
International Stock
6,378,285

 
For federal income tax purposes, these amounts are deferred and deemed to have occurred in the next fiscal year.
 
At December 31, 2010, the aggregate gross unrealized appreciation (depreciation) and net unrealized appreciation (depreciation) for all securities, excluding option contracts, as computed on a federal income tax basis for each Fund were as follows:
 
Fund
Appreciation
Depreciation
Net
Conservative Allocation
$ 8,887,780
$2,613,700
$ 6,274,080
Moderate Allocation
20,335,921
2,100,075
18,235,846
Aggressive Allocation
10,800,142
354,988
10,445,154
Bond
26,280,589
4,598,032
21,682,557
High Income
5,816,387
212,148
5,604,239
Diversified Income
46,028,019
7,731,860
38,296,159
Equity Income
123,302
16,830
106,472

 
105
 

Ultra Series Fund | December 31, 2010

Notes to Financial Statements

Fund
Appreciation
Depreciation
Net
Large Cap Value
$71,950,975
$9,426,278
$62,524,697
Large Cap Growth
81,561,387
38,193
81,523,194
Mid Cap
60,955,291
1,597,582
59,357,709
Small Cap
2,672,701
210,478
2,462,223
International Stock
16,905,511
1,096,172
15,809,339
Target Retirement 2020
1,861,754
332,671
1,529,083
Target Retirement 2030
2,349,110
288,917
2,060,193
Target Retirement 2040
2,193,543
156,778
2,036,765

 
The differences between cost amounts for book purposes and tax purposes are primarily due to the tax deferral of losses.
 
10. CONCENTRATION OF RISK
 
Investing in certain financial instruments, including forward foreign currency contracts and futures contracts, involves certain risks, other than that reflected in the Statements of Assets and Liabilities. Risks associated with these instruments include potential for an illiquid secondary market for the instruments or inability of counterparties to perform under the terms of the contracts, changes in the value of foreign currency relative to the U.S. dollar and financial statement volatility resulting from an imperfect correlation between the movements in the prices of the instruments and the prices of the underlying securities and interest rates being hedged. The High Income Fund, Mid Cap Fund, and the International Stock Fund may enter into these contracts pri marily to protect these Funds from adverse currency movements.
 
Investing in foreign securities involves certain risks not necessarily found in U.S. markets. These include risks associated with adverse changes in economic, political, regulatory and other conditions, changes in currency exchange rates, exchange control regulations, expropriation of assets or nationalization, imposition of withholding taxes on dividend or interest payments or capital gains, and possible difficulty in obtaining and enforcing judgments against foreign entities. Further, issuers of foreign securities are subject to different, and often less comprehensive, accounting, reporting and disclosure requirements than domestic issuers.
 
The High Income Fund invests in securities offering high current income which generally will include bonds in the below investment grade categories of recognized ratings agencies (so-called "junk bonds’’). These securities generally involve more credit risk than securities in the higher rating categories. In addition, the trading market for high yield securities may be relatively less liquid than the market for higher-rated securities. The Fund generally invests at least 80% of its assets in high yield securities.
 
The Equity Income Fund invests in option on securities. As the writer of a covered call option, the Fund forgoes, during the option’s life, the opportunity to profit from increases in the market value of the security covering the call option above the sum of the premium and the strike price of the call but has retained the risk of loss should the price of the underlying security decline. The writer of an option has no control over the time when it may be required to fulfill its obligation as writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security at the exercise price.
 
The Target Allocation Funds and Target Date Funds are fund of funds, meaning that they invest primarily in the shares of other registered investment companies (the "underlying funds’’), including ETFs. Thus, each fund’s investment performance and its ability to achieve its investment goal are directly related to the performance of the underlying funds in which it invests; and the underlying fund’s performance, in turn, depends on the particular securities in which that underlying fund invests and the expenses of that fund. Accordingly, these Funds are subject to the risks of the underlying funds in direct proportion to the allocation of their respective assets among the underlying funds.
 
 
106
 

Ultra Series Fund | December 31, 2010

Notes to Financial Statements

Additionally, the Target Allocation Funds and Target Date Funds are subject to asset allocation risk and manager risk. Manager risk (i.e., fund selection risk) is the risk that the fund(s) selected to fulfill a particular asset class under performs their peer. Asset allocation risk is the risk that the allocation of the Fund’s assets among the various asset classes and market segments will cause the Fund to under perform other funds with a similar investment objective.
 
11. CAPITAL SHARES AND AFFILIATED OWNERSHIP
 
All capital shares outstanding at December 31, 2010, are owned by separate investment accounts and/or pension plans of CUNA Mutual Insurance Society, except for the Equity Income Fund, which also had investments by the Adviser of $478,056 in Class I, and $53,035 in Class II, respectively.
 
The Target Allocation Funds and Target Date Funds invest in underlying funds, of which certain underlying funds (the "affiliated underlying funds’’), may be deemed to be under common control because of the same or affiliated investment adviser and membership in a common family of investment companies. A summary of the transactions with each affiliated underlying fund during the period ended December 31, 2010 follows:
 
Fund/Underlying Fund
Balance of
Shares
Held at
12/31/09
Gross
Additions
Gross
Sales
Balance of
Shares
Held at
12/31/10
Value at
12/31/10
Realized
Gain (Loss)
Distributions
Received2
Conservative Allocation Fund
              
Madison Mosaic Institutional Bond Fund
555,505
1,144,074
-
1,699,579
$ 18,593,391
$       –
$  343,915
Madison Mosaic Disciplined Equity Fund
-
1,133,295
-
1,133,295
14,370,182
-
109,331
MEMBERS Bond Fund Class Y
4,403,462
297,205
671,028
4,029,639
41,182,910
288,438
1,213,576
MEMBERS High Income Fund Class Y
3,489,567
174,355
142,653
3,521,269
24,578,459
(18,163)
1,898,874
MEMBERS International Stock Fund Class Y
1,079,844
71,361
85,529
1,065,676
11,274,851
(252,221)
188,228
MEMBERS Equity Income Fund
17,286
568,607
-
585,893
5,958,534
-
476,215
MEMBERS Large Cap Growth Fund Class Y
1,112,762
48,397
159,087
1,002,072
16,023,137
(52,792)
51,786
MEMBERS Large Cap Value Fund Class Y
1,311,819
138,070
175,671
1,274,218
15,239,653
(690,745)
223,160
Totals
        
$147,221,117
$(725,483)
$4,505,085
               
Moderate Allocation Fund
              
Madison Mosaic Institutional Bond Fund
555,505
1,078,564
142,312
1,491,757
$ 16,319,818
$    29,838
$  316,901
MEMBERS Bond Fund Class Y
4,910,674
43,159
1,306,679
3,647,154
37,273,918
610,318
1,211,949
MEMBERS High Income Fund Class Y
4,623,070
117,055
420,757
4,319,368
30,149,187
(113,025)
2,456,816
MEMBERS International Stock Fund Class Y
3,012,210
58,917
570,884
2,500,243
26,452,571
(1,332,607)
441,612
Madison Mosaic Disciplined Equity Fund
1,479,289
1,234,697
-
2,713,986
34,413,338
-
261,824
MEMBERS Equity Income Fund
1,301,910
55,337
200,191
1,157,056
11,767,256
80,077
1,020,533
MEMBERS Large Cap Growth Fund Class Y
2,417,729
145,516
208,710
2,354,535
37,649,016
(16,643)
121,678
MEMBERS Large Cap Value Fund Class Y
2,900,292
376,917
421,712
2,855,497
34,151,748
(1,870,265)
500,097
MEMBERS Mid Cap Fund Class Y1
1,925,389
-
-
1,925,389
12,438,010
-
-
MEMBERS Small Cap Fund Class Y
1,403,625
-
101,930
1,301,695
14,344,676
4,336
81,337
Totals
        
$254,959,538
$(2,607,971)
$6,412,747

1 Non-income producing.
2 Distributions received include distributions from net investment income and from capital gains from the underlying funds.

 
107
 

Ultra Series Fund | December 31, 2010

Notes to Financial Statements

Fund/Underlying Fund
Balance of
Shares
Held at
12/31/09
Gross
Additions
Gross
Sales
Balance of
Shares
Held at
12/31/10
Value at
12/31/10
Realized
Gain (Loss)
Distributions
Received2
Aggressive Allocation Fund
              
MEMBERS Bond Fund Class Y
352,733
77,813
371,385
59,161
$   604,620
$  212,086
$    72,305
MEMBERS High Income Fund Class Y
991,649
106,186
154,278
943,557
6,586,028
134,722
540,775
MEMBERS International Stock Fund Class Y
1,491,728
-
313,245
1,178,483
12,468,350
(859,565)
208,153
Madison Mosaic Disciplined Equity Fund
976,979
461,553
88,212
1,350,320
17,122,058
27,045
130,268
MEMBERS Equity Income Fund
427,396
-
47,664
379,732
3,861,874
19,066
327,713
MEMBERS Large Cap Growth Fund Class Y
970,472
45,399
106,127
909,744
14,546,805
21,341
47,014
MEMBERS Large Cap Value Fund Class Y
1,182,856
99,148
138,267
1,143,737
13,679,090
(546,843)
200,308
MEMBERS Mid Cap Fund Class Y1
1,344,249
82,781
128,518
1,298,512
8,388,388
(118,112)
-
MEMBERS Small Cap Fund Class Y
770,791
20,526
185,307
606,010
6,678,232
286,782
38,982
Totals
        
$83,935,445
$(823,478)
$1,565,518
               
Target Retirement 2020 Fund
              
MEMBERS Bond Fund Class Y
111,413
57,452
68,390
100,475
$  1,026,853
$   11,237
$  33,324
MEMBERS High Income Fund Class Y
253,162
58,347
-
311,509
2,174,331
-
151,028
MEMBERS International Fund Class Y
165,741
-
44,308
121,433
1,284,766
16,065
21,449
Madison Mosaic Disciplined Equity Fund
-
192,131
-
192,131
2,436,223
-
18,535
MEMBERS Equity Income Fund
68,516
-
-
68,516
696,809
-
55,690
MEMBERS Large Cap Growth Fund Class Y
162,128
10,087
48,866
123,349
1,972,348
(32,202)
6,374
MEMBERS Large Cap Value Fund Class Y
135,648
63,595
39,332
159,911
1,912,540
(74,710)
28,006
MEMBERS Small Cap Value Fund Class Y
72,263
31,062
4,935
98,390
1,084,255
1,128
6,148
Totals
        
$12,588,125
$(78,482)
$320,554

Target Retirement 2030 Fund
              
MEMBERS Bond Fund Class Y
73,815
59,217
40,681
92,351
$   943,829
$    4,690
$  28,300
MEMBERS High Income Fund Class Y
227,283
96,878
-
324,161
2,262,643
-
148,553
MEMBERS International Fund Class Y
199,885
26,166
66,587
159,464
1,687,131
32,725
28,166
Madison Mosaic Disciplined Equity Fund
-
243,730
-
243,730
$3,090,492
-
23,513
MEMBERS Equity Income Fund
69,522
-
-
69,522
707,042
-
56,508
MEMBERS Large Cap Growth Fund Class Y
163,431
12,214
24,910
150,735
2,410,247
(39,067)
7,790
MEMBERS Large Cap Value Fund Class Y
134,886
94,813
41,968
187,731
2,245,263
(133,509)
32,878
MEMBERS Small Cap Value Fund Class Y
83,057
49,837
5,254
127,640
1,406,590
1,638
7,976
Totals
        
$14,753,237
$(133,523)
$333,684
               
Target Retirement 2040 Fund
              
MEMBERS Bond Fund Class Y
62,114
9,616
44,956
26,774
$   273,632
$   13,923
$  13,265
MEMBERS High Income Fund Class Y
175,203
68,071
-
243,274
1,698,050
-
110,288
MEMBERS International Fund Class Y
179,408
19,030
45,202
153,236
1,621,232
4,146
27,066
Madison Mosaic Disciplined Equity Fund
-
224,178
  
224,178
2,842,576
-
21,627
MEMBERS Equity Income Fund
58,946
7,580
-
66,526
676,574
-
54,073
MEMBERS Large Cap Growth Fund Class Y
139,669
7,872
31,597
115,944
1,853,944
(54,015)
5,992
MEMBERS Large Cap Value Fund Class Y
120,810
53,600
28,105
146,305
1,749,804
(90,982)
25,623
MEMBERS Small Cap Value Fund Class Y
80,271
44,374
4,305
120,340
1,326,145
1,064
7,519
Totals
        
$12,041,957
$(125,864)
$265,453
1 Non-income producing.
2 Distributions received includes distributions from net investment income and from capital gains from the underlying funds.

 
108
 

Ultra Series Fund | December 31, 2010

Notes to Financial Statements

12. DISCUSSION OF BUSINESS COMBINATIONS
 
Mid Cap Fund
 
Effective May 1, 2010, the assets of the Mid Cap Growth Fund were reorganized into the Mid Cap Value Fund and, together, renamed the Mid Cap Fund. The legal survivor of the business combination was the Mid Cap Value Fund; the accounting survivor was the Mid Cap Growth Fund. The combined net assets of the Mid Cap Fund after the reorganization were $437,463,154. Under the plan of reorganization, the following shares were exchanged:
 
Exchanged from:
Shares
Exchanged for:
Shares
Per share Conversion Ratio
Mid Cap Growth Class I
49,872,030.322
Mid Cap Value Class I
18,732,679.964
0.3756
Mid Cap Growth Class II
560,785.285
Mid Cap Value Class II
210,203.526
0.3748

 
Small Cap Fund
 
Effective May 1, 2010, the assets of the Small Cap Growth Fund were reorganized into the Small Cap Value Fund and, together, renamed the Small Cap Fund. The combined net assets of the Small Cap Fund after the reorganization were $15,374,776. Under the plan of reorganization, the following shares were exchanged.
 
Exchanged from:
Shares
Exchanged for:
Shares
Per Share Conversion Ratio
Small Cap Growth Class I
696,430.677
Small Cap Value Class I
508,434.004
0.7301
Small Cap Growth Class II
984.266
Small Cap Value Class II
717.312
0.7288

 
International Stock Fund
 
Effective May 1, 2010, the assets of the Global Securities Fund were reorganized into the International Stock Fund. The combined net assets of the International Fund after the merger were $112,730,616. Under the plan of reorganization, the following shares were exchanged:
 
Exchanged from:
Shares
Exchanged for:
Shares
Per Share Conversion Ratio
Global Securities Class I
4,649,016.917
International Stock Class I
3,385,631.044
0.7282
Global Securities Class II
149,488.534
International Stock Class II
108,859.748
0.7282

 
13. SUBSEQUENT EVENTS
 
The initial investment in the seventeenth fund in the Trust, the Target Retirement 2050 Fund, was made by the Investment Adviser on January 3, 2011. As of January 3, 2011, net assets were $100,000 (comprised solely of cash), shares outstanding were 10,000, and the net asset value per share was $10.00. Shares were offered to the public commencing on January 3, 2011.
 
The Trust is aware of litigation relating to attempts by certain fixed income security-holders of Lyondell Chemical Company (LYO) to retrieve proceeds from the sale by equity security-holders of LYO shares occurring pursuant to its acquisition by merger in December 2007. The Midcap Fund received proceeds of approximately $1,574,400 from the sale of its LYO equity securities in December 2007. The Trust has not been named as a defendant in this litigation as of the date of this report.
 
Management has evaluated the effects of all subsequent events that provide additional evidence about conditions that existed at the date of the Statement of Assets and Liabilities. There were no additional events or transactions that impacted the amounts or disclosures in the Funds’ financial statements.
 
 
109
 

Ultra Series Fund | December 31, 2010

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of Ultra Series Fund:
 
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Ultra Series Fund, comprising the Conservative Allocation Fund, Moderate Allocation Fund, Aggressive Allocation Fund, Money Market Fund, Bond Fund, High Income Fund, Diversified Income Fund, Equity Income Fund, Large Cap Value Fund, Large Cap Growth Fund, Mid Cap Fund, Small Cap Fund, International Stock Fund, Target Retirement 2020 Fund, Target Retirement 2030 Fund, and Target Retirement 2040 Fund Portfolios (collectively, the "Funds") as of December 31, 2010, and the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the periods presented. These financial st atements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
 
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opi nion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2010, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
 
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2010, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for each of the periods presented, in conformity with accounting principles generally accepted in the United States of America.
 
/s/    DELOITTE & TOUCHE LLP
 
Milwaukee, WI
 
February 21, 2011
 
 
110
 

Ultra Series Fund | December 31, 2010

Other Information

BOARD APPROVAL OF ADVISORY AND SUBADVISORY CONTRACTS
 
The Board reviewed a variety of matters in connection with the Trust’s investment advisory contract with the Adviser and the three subadvisers.
 
With regard to the nature, extent and quality of the services to be provided by the Adviser and each subadviser, the Board reviewed the biographies and tenure of the personnel involved in Trust management and the experience of the Adviser (and applicable subadviser) and its affiliates as investment manager to other investment companies with similar investment strategies or to individual clients or institutions with similar investment strategies. They recognized the wide array of investment professionals employed by the firm. Representatives of the Adviser and each subadviser discussed the firm’s ongoing investm ent philosophies and strategies intended to provide superior performance consistent with each Trust portfolio’s investment objectives under various market scenarios. The Trustees also noted their familiarity with the Adviser and its affiliates due to the Advisers’ history of providing advisory services to the Madison Mosaic organization as well as the MEMBERS Mutual Funds, Ultra Series Fund and the Madison Strategic Sector Premium Fund. Likewise, they noted their familiarity with each subadviser that had been managing their respective funds for a number of years.
 
The Board also discussed the quality of services provided to the Trust by its transfer agent, fund administrator and custodian as well as the various administrative services provided directly by the Adviser. Such services included arranging for third party service providers to provide all necessary administration as well as supervising the subadvisers to any Trust portfolios.
 
With regard to the investment performance of the Trust and the investment adviser, the Board reviewed current performance information provided in the written Board materials. They discussed the reasons for both outperformance and underperformance compared with peer groups and applicable indices and benchmarks. The Board performed this review in connection with the Adviser and each subadviser that manages a subadvised fund portfolio.
 
A comprehensive discussion of fund performance and market conditions followed. Representatives of the Adviser and each subadviser discussed with the Board the methodology for arriving at peer groups and indices used for performance comparisons.
 
With regard to the costs of the services to be provided and the profits to be realized by the investment adviser and its affiliates from the relationship with the Trust, the Board reviewed the expense ratios for a variety of other funds in each Trust portfolio’s peer group with similar investment objectives. Again, the board reviewed these matters in connection with the Adviser and each subadviser that manages a subadvised fund portfolio.
 
The Board noted that the Adviser or its affiliates, and, as applicable, each subadviser, provided investment management services to other investment company and/or non-investment company clients and considered the fees charged by the Adviser (and respective subadviser) to such funds and clients for purposes of determining whether the given advisory fee was disproportionately large under the so-called "Gartenberg" standard traditionally used by investment company boards in connection with contract renewal considerations. The Board took those fees into account and considered the differences in services and time required by the various types of funds and clients to which the Adviser (or subadviser, if applicable) provided services. The Board recognized that significant differences may exist between the services provided to one type of fund or client and those provided to others, such as those resulting from a greater frequency of shareholder redemptions in a mutual fund and the higher turnover of mutual fund assets. The Board gave such comparisons the weight that they merit in light of the similarities and differences between the services that the various funds require and were wary of "inapt comparisons." They considered that, if the services rendered by the Adviser (or subadviser, if applicable) to one type of fund or client differ significantly from others, then the comparison should not be used. In the case of non-investment company clients
 
 
111
 

Ultra Series Fund | December 31, 2010

Other Information

for which the Adviser (or subadviser, if applicable) may act as either investment adviser or subadviser, the Board noted that the fee is lower than the fee charged to the Trust. The Board noted too the various administrative, operational, compliance, legal and corporate communication services required to be handled by the Adviser (or subadviser, if applicable) which are performed for investment company clients but are not performed for other institutional clients.
 
The Trustees reviewed each fund’s fee structure based on total fund expense ratio as well as by comparing advisory fees to other advisory fees. The Board noted the simple expense structure maintained by the Trust (i.e. a unitary fee with a capped limited services expense for certain items not covered by the unitary fee). The Board paid particular attention to the total expense ratios paid by other funds with similar investment objectives, recognizing that such a comparison, while not completely dispositive, was nevertheless an important consideration.
 
The Trustees sought to ensure that fees paid by the Trust were appropriate. The Board reviewed materials demonstrating that although the Adviser is compensated for a variety of the administrative services it provides or arranges to provide to the Trust pursuant to its unitary fee Advisory Agreement and Limited Services Agreement with the Trust, such compensation does not always cover all costs due to the cap on administrative expenses. Administrative, operational, regulatory and compliance fees and costs in excess of the unitary fee are paid by the Adviser from investment advisory fees earned. In this regard, the Trustees noted that examination of each Trust portfolio’s total expense ratio compared to those of other investment companies was more meaningful than a simple comparison of basic "investment management only" fee schedules.
 
The Board noted that to the extent a Trust portfolio invests in other mutual funds also managed by the Adviser (or its affiliates), the Adviser (or an affiliate) receives investment advisory fees from both the Trust portfolio and the underlying mutual fund. The Board was satisfied in this regard that the Adviser (or an affiliate) provides separate services to each respective Trust "fund of funds" portfolio and the underlying mutual funds in which each such fund invests in exchange for the fees received from them.
 
With regard to the extent to which economies of scale would be realized as each Trust portfolio grows, the Trustees recognized that at their current sizes, it was premature to discuss any economies of scale not already factored into existing advisory and services agreements. The Trustees also recognized that the Adviser was currently waiving fees with regard to the Target Retirement Date funds.
 
Mr. Leahy confirmed that the Trust’s non-interested Trustees met previously and reviewed the written contract renewal materials provided by the Adviser. He noted that the Independent Trustees had considered such materials in light of the aforementioned Gartenberg standards as well as criteria either set forth or discussed in the recent Supreme Court decision in Jones v. Harris regarding the investment company contract renewal process under Section 15(c) of the Investment Company Act of 1940, as amended. The Independent Trustees made a variety of additional inquiries regarding such written materials to the Adviser and the subadvisers and representatives of the Adviser and subadvisers, respectively, discussed each matter raised.
 
After further discussion and analysis and reviewing the totality of the information presented, including the information set forth above and the other information considered by the Board of Trustees, the Trustees concluded that the Trust’s advisory fees (including applicable subadvisory fees) are fair and reasonable for each respective portfolio and that renewal of their respective Advisory, Subadvisory and Services Agreements are in the best interests of each respective Trust portfolio and its shareholders.
 
In the course of their review of the contract renewal materials, the Board also reviewed and discussed with counsel the so-called "Rule 12b-1" plans adopted by the Trust. The Board reviewed a variety of written materials regarding these matters
 
 
112
 

Ultra Series Fund | December 31, 2010

Other Information

during the course of the Board’s consideration of the Rule 12b-1 plans. Finally, the Board also reviewed the Trust’s distribution agreements and the information provided in the written materials regarding the distributor.
 
After further discussion and analysis and reviewing the totality of the information presented, including the information set forth above and the other information considered by the Board of Trustees, the Trustees concluded that the Trust’s advisory fees are fair and reasonable for each respective portfolio and that renewal of its respective Advisory, Subadvisory, Services and Distribution Agreements are in the best interests of each respective fund and its shareholders.
 
FUND EXPENSES PAID BY SHAREHOLDERS
 
As a shareholder of the Funds, you pay no transaction costs, but do incur ongoing costs which include management fees; disinterested trustee fees; brokerage commissions and other expenses incurred in connection with the acquisition or disposition of investments; costs of borrowing money; expenses for independent audits, taxes, and extraordinary expenses as approved by a majority of the disinterested trustees. The examples in the table that follows are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
 
The examples below are based on an investment of $1,000 invested at the beginning of the period and held for the entire year ended December 31, 2010. Expenses paid during the period in the table below are equal to the fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half fiscal year period).
 
Actual Expenses
The table below provides information about actual account values using actual expenses and actual returns for the Funds. You may use the information in this table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table for the fund you own under the heading entitled "Actual" to estimate the expenses you paid on your account during this period.
 
 
CLASS I
  
CLASS II
Fund
Beginning
Account
Value
Ending
Account
Value
Annual
Expense
Ratio
Expenses
Paid
During
Period
  
Ending
Account
Value
Annual
Expense
Ratio
Expenses
Paid
During
Period
Conservative Allocation
$1,000
$1,081.40
0.30%
$1.57
  
$1,080.00
0.55%
$2.88
Moderate Allocation
1,000
1,131.30
0.31%
1.67
  
1,129.90
0.56%
3.01
Aggressive Allocation
1,000
1,174.50
0.31%
1.70
  
1,173.10
0.56%
3.07
Money Market
1,000
1,000.00
0.16%
0.81
  
1,000.00
0.16%
0.81
Bond
1,000
1,010.10
0.57%
2.89
  
1,008.90
0.81%
4.10
High Income
1,000
1,087.00
0.76%
4.00
  
1,085.60
1.01%
5.31
Diversified Income
1,000
1,107.50
0.72%
3.82
  
1,106.20
0.97%
5.15
Equity Income1
1,000
1,076.48
0.61%
3.32
  
1,075.85
0.78%
4.24
Large Cap Value
1,000
1,188.90
0.62%
3.42
  
1,187.40
0.87%
4.80
Large Cap Growth
1,000
1,227.80
0.82%
4.60
  
1,226.20
1.07%
6.00
Mid Cap
1,000
1,234.50
0.91%
5.13
  
1,233.00
1.16%
6.53
1Commenced investment operations April 30, 2010.

 
113
 

Ultra Series Fund | December 31, 2010

Other Information

 
CLASS I
  
CLASS II
Fund
Beginning
Account
Value
Ending
Account
Value
Annual
Expense
Ratio
Expenses
Paid
During
Period
  
Ending
Account
Value
Annual
Expense
Ratio
Expenses
Paid
During
Period
Small Cap
$1,000
$1,261.60
1.11%
$6.33
  
$1,260.00
1.36%
$7.75
International Stock
1,000
1,223.50
1.22%
6.84
  
1,221.90
1.47%
8.23
Target Retirement 2020
1,000
1,120.00
0.20%
1.07
        
Target Retirement 2030
1,000
1,139.00
0.20%
1.08
        
Target Retirement 2040
1,000
1,158.00
0.20%
1.09
        

 
Hypothetical Example for Comparison Purposes
The table also provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare the 5% hypothetical example of the funds you own with the 5% hypothetical examples that appear in the shareholder reports of other similar funds.
 
 
CLASS I
  
CLASS II
Fund
Beginning
Account
Value
Ending
Account
Value
Annual
Expense
Ratio
Expenses
Paid
During
Period
  
Ending
Account
Value
Annual
Expense
Ratio
Expenses
Paid
During
Period
Conservative Allocation
$1,000
$1,023.69
0.30%
$1.53
  
$1,022.43
0.55%
$2.80
Moderate Allocation
1,000
1,023.64
0.31%
1.58
  
1,022.38
0.56%
2.85
Aggressive Allocation
1,000
1,023.64
0.31%
1.58
  
1,022.38
0.56%
2.85
Money Market
1,000
1,024.40
0.16%
0.82
  
1,024.40
0.16%
0.82
Bond
1,000
1,022.33
0.57%
2.91
  
1,021.12
0.81%
4.13
High Income
1,000
1,021.37
0.76%
3.87
  
1,020.11
1.01%
5.14
Diversified Income
1,000
1,021.58
0.72%
3.67
  
1,020.32
0.97%
4.94
Equity Income1
1,000
1,012.71
0.61%
3.13
  
1,012.71
0.78%
3.99
Large Cap Value
1,000
1,022.08
0.62%
3.16
  
1,020.82
0.87%
4.43
Large Cap Growth
1,000
1,021.07
0.82%
4.18
  
1,019.81
1.07%
5.45
Mid Cap
1,000
1,020.62
0.91%
4.63
  
1,019.36
1.16%
5.90
Small Cap
1,000
1,019.61
1.11%
5.65
  
1,018.35
1.36%
6.92
International Stock
1,000
1,019.06
1.22%
6.21
  
1,017.80
1.47%
7.48
Target Retirement 2020
1,000
1,024.20
0.20%
1.02
        
Target Retirement 2030
1,000
1,024.20
0.20%
1.02
        
Target Retirement 2040
1,000
1,024.20
0.20%
1.02
        
1 Commenced investment operations April 30, 2010.
  

 
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any separate account fees, charges, or expenses imposed by the variable annuity or variable life insurance contracts, or retirement and pension plans that use the funds. The information provided in the hypothetical example table is useful in comparing ongoing fund costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these fees, charges or expenses were included, your costs would have been higher.
 
 
114
 

Ultra Series Fund | December 31, 2010

Other Information

AVAILABILITY OF QUARTERLY PORTFOLIO SCHEDULES
 
The Trust files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Form N-Q is available to shareholders at no cost on the SEC’s website at www.sec.gov. Form N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, DC. More information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.
 
FORWARD-LOOKING STATEMENT DISCLOSURE
 
One of our most important responsibilities as investment company managers is to communicate with shareholders in an open and direct manner. Some of our comments in our letters to shareholders are based on current management expectations and are considered "forward-looking statements." Actual future results, however, may prove to be different from our expectations. You can identify forward-looking statements by words such as "estimate," "may," "will," "expect," "believe," "plan" and other similar terms. We cannot promise future returns. Our opinions are a reflection of our best judgment at the time this report is compiled, and we disclaim any obligation to update or alter forward-looking statements as a result of new information, future events, or otherwise.
 

 

 

 
SEC File Number: 811-04815
 
 
115
 

Ultra Series Fund | December 31, 2010

Ultra Series Fund’s Trustees and Officers

The address of each trustee and officer of the funds is 550 Science Drive, Madison, WI 53711, except that Mr. Mason’s address is 8777 N. Gainey Center Drive, #220, Scottsdale, AZ, 85258.  The Statement of Additional Information, which includes additional information about the trustees and officers, is available at no cost on the SEC’s website at www.sec.gov or by calling CUNA Mutual Insurance Society at 1-800-798-5500.
 
Interested Trustees and Officers
Name and
Year of Birth
Position(s)
and Length of Time Served
Principal Occupation(s) During Past Five Years
Other Directorships/Trusteeships
Katherine L. Frank1
1960
Trustee and
President, 2009 - Present
Madison Investment Holdings, Inc. ("MIH") (affiliated investment advisory firm of Madison), Executive Director and Chief Operating Officer, 2010 - Present; Managing Director and Vice President, 1986 - 2010; Madison Asset Management, LLC ("Madison"), Executive Director and Chief Operating Officer, 2010 - Present; Vice President, 2004 - 2010; Madison Investment Advisors, LLC ("MIA") (affiliated investment advisory firm of Madison), Executive Director and Chief Operating Officer, 2010 - Present; President,
1996 - 2010; Madison Mosaic Funds (13) (mutual funds), President, 1996 - Present; Madison Strategic Sector Premium Fund (closed end fund), 2005 - Present; Madison/Claymore Covered Call and Equity Strategy Fund (closed end fund), Vice President, 2005 - Present; MEMBERS Mutual Funds (13), President, 2009 - Present
Madison Mosaic Funds (all but Equity Trust), 1996 - Present; Madison; Strategic Sector Premium Fund, 2005 - Present; MEMBERS Mutual Funds (13), 2009 - Present
Frank E. Burgess
1942
Vice President,
2009 - Present
MIH, Founder, Executive Director and President, 2010 - Present; Managing Director and President,  1973 - 2010; Madison, Executive Director and President, 2010 - Present; President, 2004 - 2010; MIA, Executive Director and President, 2010 -- Present; Madison Mosaic Funds (13), Vice President, 1996 - Present; Madison Strategic Sector Premium Fund, Vice President, 2005 - Present; MEMBERS Mutual Funds (13), Vice President, 2009 - Present
N/A

 
1 "Interested person" as defined in the  Investment Company Act of 1940. Considered an interested Trustee because of the position held with the investment adviser of the Trust.
 
116
 

Ultra Series Fund | December 31, 2010

Ultra Series Fund’s Trustees and Officers

Name and
Year of Birth
Position(s)
and Length of Time Served
Principal Occupation(s) During Past Five Years
Other Directorships/Trusteeships
Jay R. Sekelsky
1959
Vice President,
2009 - Present
MIH, Executive Director and Chief Investment Officer, 2010 - Present; Managing Director and Vice President, 1990 - 2010; Madison, Executive Director and Chief Investment Officer, 2010 - Present ; MIA, Executive Director and Chief Investment Officer, 2010 - Present; Vice President, 1996 - 2010; Madison Mosaic Funds (13), Vice President, 1996 - Present; Madison Strategic Sector Premium Fund, Vice President, 2005 - Present; Madison/Claymore Covered Call and Equity Strategy Fund, Vice President, 2005 - Present; MEMBERS Mutual Funds (13), Vice President, 2009 - Present
N/A
Paul Lefurgey
1964
Vice President,
2009 - Present
MIH, Managing Director and Head of Fixed Income Investments, 2005 - Present; Madison and MIA, Managing Director and Head of Fixed Income Investments, 2010 - Present; MEMBERS Capital Advisors, Inc. ("MCA") (investment advisory firm), Madison, WI, Vice President, 2003 - 2005; Madison Mosaic Funds (13), Vice President, 2009 - Present; Madison Strategic Sector Premium Fund, Vice President, 2010 - Present; MEMBERS Mutual Funds (13), Vice President, 2009 - Present
N/A
Greg D. Hoppe
1969
Treasurer,
2009 - Present
MIH and MIA, Vice President, 1999 - Present; Madison, Vice President, 2009 - Present; Madison Mosaic Funds (13), Treasurer, 2009 - Present; Chief Financial Officer, 1999 - 2009; Madison Strategic Sector Premium Fund, Treasurer, 2009 - Present; Chief Financial Officer, 2005 - 2009; Madison/Claymore Covered Call and Equity Strategy Fund, Vice President, 2008 - Present; MEMBERS Mutual Funds (13), Treasurer, 2009 - Present
N/A

 
117
 

Ultra Series Fund | December 31, 2010

Ultra Series Fund’s Trustees and Officers

Name and
Year of Birth
Position(s)
and Length of Time Served
Principal Occupation(s) During Past Five Years
Other Directorships/Trusteeships
Holly S. Baggot
1960
Secretary, 1999 - Present;
Assistant Treasurer,
1999 - 2007;
2009 - Present; Treasurer,
2008 - 2009
MIH and MIA, Vice President, 2010 - Present; Madison, Vice President, 2009 - Present; MCA, Director-Mutual Funds, 2008-2009; Director-Mutual Fund Operations, 2006-2008; Operations Officer-Mutual Funds, 2005-2006; Senior Manager-Product & Fund Operations, 2001-2005; Madison Mosaic Funds (13), Secretary and Assistant Treasurer, 2009 - Present; Madison Strategic Sector Premium Fund, Secretary and Assistant Treasurer, 2010 - Present; MEMBERS Mutual Funds (13), Secretary, 1999-Present and Treasurer, 2008-2009 and Assistant Treasurer, 1997-2007 and 2009-Present
N/A
W. Richard Mason
1960
Chief
Compliance Officer,
Corporate Counsel and
Assistant Secretary,
2009 - Present
MIH, MIA, Madison and Madison Scottsdale, LC (an affiliated investment advisory firm of Madison), Chief Compliance Officer and Corporate Counsel, 2009 -  Present; General Counsel and Chief Compliance Officer, 1996 - 2009; Mosaic Funds Distributor, LLC (an affiliated brokerage firm of Madison), Principal, 1998 - Present; Concord Asset Management ("Concord") (an affiliated investment advisory firm of Madison), LLC, General Counsel, 1996 - 2009; NorthRoad Capital Management LLC ("NorthRoad") (an affiliated investment advisory firm of Madison), Chief Compliance Officer and Corporate Counsel, 2011 - Present; Madison Mosaic Funds (13), Chief Compliance Officer, Corporate Counsel and Assistant Secretary, 2009 - Present; Secretary, General Counsel and Chief Compliance Officer, 1992 - 2009; Madison Strategic Sector Premium Fund, Chief Co mpliance Officer, Corporate Counsel and Assistant Secretary, 2009 - Present; Secretary, General Counsel and Chief Compliance Officer, 2005 - 2009; MEMBERS Mutual Funds (13), Chief Compliance Officer, Corporate Counsel and Assistant Secretary, 2009 - Present
N/A

 
118
 

Ultra Series Fund | December 31, 2010

Ultra Series Fund’s Trustees and Officers

Name and
Year of Birth
Position(s)
and Length of Time Served
Principal Occupation(s) During Past Five Years
Other Directorships/Trusteeships
Pamela M. Krill
1966
General Counsel, Chief Legal Officer and Assistant Secretary,
2009 - Present
MIH, MIA, Madison, Madison Scottsdale, LC, Mosaic Funds Distributor, and Concord, General Counsel and Chief Legal Officer, 2009 - Present; NorthRoad, General Counsel & Chief Legal Officer, 2011 - Present; Madison Mosaic Funds (13), General Counsel, Chief Legal Officer and Assistant Secretary, 2009 - Present; Madison Strategic Sector Premium Fund, General Counsel, Chief Legal Officer and Assistant Secretary, 2010 - Present; MEMBERS Mutual Funds (13), General Counsel, Chief Legal Officer and Assistant Secretary, 2009 - Present; CUNA Mutual Insurance Society (insurance company with affiliated investment advisory, brokerage and mutual fund operations), Madison, WI, Managing Associate General Counsel-Securities & Investments, 2007 - 2009 ; Godfrey &  Kahn, S.C. (law firm), Madison and Milwaukee, WI, Shareholder, Securitie s Practice Group, 1994-2007
N/A

 
Independent Trustees
Name and
Year of Birth
Position(s)
and Length of Time Served1
Principal Occupation(s)
During Past Five Years
Portfolios
Overseen in
Fund Complex2
Other Directorships/Trusteeships
Philip E. Blake
1944
Trustee, 2009 - Present
Retired Investor; Lee Enterprises, Inc (news and advertising publisher), Madison, WI, Vice President, 1998 - 2001; Madison Newspapers, Inc., Madison, WI, President and Chief Executive Officer, 1993 - 2000
44
Madison Newspapers, Inc., 1993 - Present; Meriter Hospital & Health Services, 2000 - Present; Edgewood College, 2003 - Present; Chairman of
the Board, 2010 - Present; Nerites Corporation (technology company),
2004 - Present; Madison Mosaic Funds (13), 2001- Present; Madison Strategic Sector Premium Fund, 2005 - Present; MEMBERS Mutual Funds (13), 2009 - Present

1  Independent Trustees serve in such capacity until the Trustee reaches the age of 76, unless retirement is waived by unanimous vote of the remaining Trustees on an annual basis.
2  As of the date of this report, the fund complex consists of the Trust with 17 portfolios, the MEMBERS Mutual Funds with 13 portfolios, the Madison Strategic Sector Premium Fund (a closed-end fund) and the Madison Mosaic Equity, Income, Tax-Free and Government Money Market Trusts, which together have 13 portfolios, for a grand total of 44 separate portfolios in the fund complex. Not every Trustee is a member of the Board of Trustees of every fund in the fund complex, as noted above.

 
119
 

Ultra Series Fund | December 31, 2010

Ultra Series Fund’s Trustees and Officers

Name and
Year of Birth
Position(s)
and Length of Time Served1
Principal Occupation(s)
During Past Five Years
Portfolios
Overseen in
Fund Complex2
Other Directorships/Trusteeships
James R Imhoff, Jr.
1944
Trustee, 2009 - Present
First Weber Group (real estate brokers), Madison, WI, Chief Executive Officer, 1996 - Present
44
Park Bank, 1978 - Present; Madison Mosaic Funds (13), 1996 - Present; Madison Strategic Sector Premium Fund, 2005 - Present; Madison/Claymore Covered Call and Equity Strategy Fund, 2005 - Present; MEMBERS Mutual Funds (13), 2009 - Present
Steven P. Riege
1954
Trustee, 2005 - Present
Ovation Leadership (management consulting), Milwaukee, WI, Owner/President, 2001 - Present; Robert W. Baird & Company (financial services), Milwaukee, WI, Senior Vice President-Marketing and Vice President-Human Resources, 1986 - 2001
30
MEMBERS Mutual Funds (13), 2005 - Present
Richard E. Struthers
1952
Trustee, 2004 - Present
Clearwater Capital Management (investment advisory firm), Minneapolis, MN, Chair and Chief Executive Officer, 1998 - Present; Park Nicollet Health Services, Minneapolis, MN, Chairman, Finance and Investment Committee, 2006 - Present; IAI Mutual Funds, Minneapolis, MN, President and Director, 1992-1997
30
Park Nicolet Health Services, 2001 - Present; MEMBERS Mutual Funds (13), 2004 - Present


1  Independent Trustees serve in such capacity until the Trustee reaches the age of 76, unless retirement is waived by unanimous vote of the remaining Trustees on an annual basis.
2  As of the date of this report, the fund complex consists of the Trust with 17 portfolios, the MEMBERS Mutual Funds with 13 portfolios, the Madison Strategic Sector Premium Fund (a closed-end fund) and the Madison Mosaic Equity, Income, Tax-Free and Government Money Market Trusts, which together have 13 portfolios, for a grand total of 44 separate portfolios in the fund complex. Not every Trustee is a member of the Board of Trustees of every fund in the fund complex, as noted above.

 
120
 

Ultra Series Fund | December 31, 2010

Ultra Series Fund’s Trustees and Officers

Name and
Year of Birth
Position(s)
and Length of Time Served1
Principal Occupation(s)
During Past Five Years
Portfolios
Overseen in
Fund Complex2
Other Directorships/Trusteeships
Lorence D. Wheeler
1938
Trustee, 2009 - Present
Retired investor; Credit Union Benefits Services, Inc. (a provider of retirement plans and related services for credit union employees nationwide), Madison, WI, President,
1986 - 1997
44
Grand Mountain Bank FSB and Grand Mountain Bancshares, Inc. 2003 - Present; Madison Mosaic Funds (13), 1996 - Present; Madison Strategic Sector Premium Fund, 2005 - Present; Madison/Claymore Covered Call and Equity Strategy Fund, 2005 - Present; MEMBERS Mutual Funds (13), 2009 - Present


1 Independent Trustees serve in such capacity until the Trustee reaches the age of 76, unless retirement is waived by unanimous vote of the remaining Trustees on an annual basis.
2 As of the date of this report, the fund complex consists of the Trust with 17 portfolios, the MEMBERS Mutual Funds with 13 portfolios, the Madison Strategic Sector Premium Fund (a closed-end fund) and the Madison Mosaic Equity, Income, Tax-Free and Government Money Market Trusts, which together have 13 portfolios, for a grand total of 44 separate portfolios in the fund complex. Not every Trustee is a member of the Board of Trustees of every fund in the fund complex, as noted above.

 
121 
 


 
SEC File Number:  811-04815
 
 
 
 
 

 
Item 2. Code of Ethics.
 
 
(a) The Trust has adopted a code of ethics that applies to the Trust’s principal executive officer, principal financial officer, principal accounting officer or controller or persons performing similar functions, regardless of whether these individuals are employed by the Trust or a third party.
 
(c) The code was not amended during the year covered by this report. 
 
(d) The Trust granted no waivers from the code during the period covered by this report.
 
(f) Any person may obtain a complete copy of the code without charge by calling the Adviser at 800-767-0300 and requesting a copy of "the Ultra Series Fund Sarbanes Oxley Code of Ethics."
 
 
Item 3. Audit Committee Financial Expert.
 
Philip E. Blake, an “independent” Trustee and a member of the Trust’s audit committee, serves as the Trust’s audit committee financial expert among the five independent Trustees who so qualify to serve in that capacity.  
 
 
Item 4. Principal Accountant Fees and Services.
 
(a) Audit Fees. Total audit fees paid (or to be paid) to the registrant's principal accountant for the fiscal years ended December 31, 2010 and 2009, respectively were $209,555 ($374,079 including the MEMBERS Mutual Funds, an affiliated registered investment company ("MMF")) and $246,000 ($480,000 including MMF). 
 
(b) Audit-Related Fees.  Not applicable.
 
(c) Tax-Fees.  The Audit Committee has pre-approved, as required by Rule 2-01(c)(7)(i)(C) of Regulation S-X, 100% of the services described in this Item 4(b) through (d), which such services are described above.
 
For the fiscal years ended December 31, 2010 and December 31, 2009, the aggregate fees for professional services rendered by Deloitte & Touche for tax compliance, tax advice and tax planning for such fiscal years totaled $44,545 (budgeted) and $47,784 (actual), respectively.
 
In the scope of services comprising the fees disclosed under this Item 4(c) were the following services:
 
-Review and sign as signature preparer for U.S. Income Tax Return for Regulated Investment Companies, Form 1120-RIC and the Return of Excise Tax on Undistributed Income of Regulated Investment Companies, Form 8613.
 
(d) All Other Fees. Not applicable.
 
 
(e) (1) Before any accountant is engaged by the registrant to render audit or non-audit services, the engagement must be approved by the audit committee as contemplated by paragraph (c)(7)(i)(A) of Rule 2-01of Regulation S-X.
 
 
     (2) The Audit Committee has pre-approved, as required by Rule 2-01(c)(7)(i)(C) of Regulation S-X, 100% of the services described in this Item 4(b) through (d), which such services are described above.
 
 
(f) Not applicable.
 
 
(g) Not applicable.
 
 
(h) Not applicable.
 
 
Item 5. Audit Committee of Listed Registrants.
 
Not applicable.
 
 
Item 6. Schedule of Investments
 
Schedule included as part of the report to shareholders filed under Item 1 of this Form.
 
 
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
 
Not applicable.
 
 
Item 8.  Portfolio Managers of Closed-End Management Investment Companies.
 
Not applicable.
 
 
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
 
Not applicable.
 
 
Item 10.  Submission of Matters to a Vote of Security Holders.
 
The Trust does not normally hold shareholder meetings.  There have been no changes to the Trust's procedures during the period covered by this report.
 
 
Item 11. Controls and Procedures.
 
(a) The Trust’s principal executive officer and principal financial officer determined that the Trust’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) are effective, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 within 90 days of the date of this report. There were no significant changes in the Trust’s internal controls or in other factors that could significantly affect these controls subsequent to the date of their evaluation. The officers identified no significant deficiencies or material weaknesses.< /font>
 
(b) There were no changes in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
 
 
Item 12. Exhibits.
 
(a)(1) Code of ethics referred to in Item 2.
 
(a)(2) Certifications of principal executive and principal financial officers as required by Rule 30a-2(a) under the Act.
 
(b) Certification of principal executive and principal financial officers as required by Rule 30a-2(b) under the Act.
 
 
 
 


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
Ultra Series Fund
 
 
By: (signature)
W. Richard Mason, Chief Compliance Officer
Date: February 22, 2011
 
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
 
 
By: (signature)
Katherine L. Frank, President and Principal Executive Officer
Date: February 22, 2011
 
 
By: (signature)
Greg Hoppe, Principal Financial Officer
Date: February 22, 2011
EX-99.CODE ETH 3 codeth.htm SARBOX CODE OF ETHICS codeth.htm
MEMBERS Mutual Funds
Ultra Series Fund
Madison Mosaic Funds
Madison Strategic Sector Premium Fund
Code of Ethics for Principal Executive and Senior Financial Officers

The following code of ethics is designed to address the disclosure requirements of Item 2 of Form N-CSR,1 which implements Section 406 of the Sarbanes-Oxley Act of 2002 concerning disclosure of a code of ethics for principal executive and senior financial officers.

I.           Covered Officers/Purpose of the Code

This code of ethics (this “Code”) for the investment companies within the complex (collectively, “Funds” and each “the Company” or “a Company”) applies to the Company’s Principal Executive Officer and Principal Financial Officer (the “Covered Officers” each of whom are set forth in Exhibit A) for the purpose of promoting:
 
·  
honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
 
·  
full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Company;
 
·  
compliance with applicable laws and governmental rules and regulations;
 
·  
the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and
 
·  
accountability for adherence to the Code.
 
Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.
 
II.           Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest

 
1Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party.  If the registrant has not adopted such a code of ethics, it must explain why it has not done so.  The registrant must also:  (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made.  Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant’s annual report on Form N-CSR or on its website.  If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.

 
1
 

Overview.  A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or his service to, the Company.  For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Company.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Company and already are subject to conflict of interest provisions in the Investment Company Act of 1940 (“Investment Company Act”) and the Investment Advisers Act of 1940 (“Investment Advisers Act”).  For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Company because of their status as “affiliated persons” of the Company.  The Company's and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions.  This Code does not, and is not intended to, repeat or replace these programs and procedures, and suc h conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Company and the investment adviser of which the Covered Officers are also officers or employees.  As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company or for the adviser, or for both), be involved in establishing policies and implementing decisions that will have different effects on the adviser and the Company.  The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Company and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Company.  Thus, if p erformed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically.  In addition, it is recognized by the Funds’ Boards of Directors (“Boards”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act.  The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive.  The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Company.

*                      *                      *                      *

Each Covered Officer must:

·  
not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;
 
·  
not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Company;
 

 
2
 

·  
not use material non-public knowledge of portfolio transactions made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions (recognizing that such matters are addressed in the Company’s and the Company’s investment manager’s general Code of Ethics and Rules to Prevent Insider Trading); and
 
·  
not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith.
 
There are some conflict of interest situations that should always be discussed with the General Counsel or other senior officer of the Company not otherwise covered by this Code if material.  Examples of these include:2

·  
service as a director on the board of any public or private company;
 
·  
the receipt of any gifts provided the value of such gifts do not exceed $100 per person per year, but not including the occasional meal, ticket to a sporting event or theater, or comparable entertainment from any company with which the Company or its affiliates has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;
 
·  
any ownership interest in, or any consulting or employment relationship with, any of the Company’s service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;
 
·  
a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.
 

III.           Disclosure and Compliance

·  
Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Company;
 
·  
each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company’s directors and auditors, and to governmental regulators and self-regulatory organizations;
 
·  
each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and
 

 
2           Any activity or relationship that would present a conflict for a Covered Officer would likely also present a conflict for the Covered Officer if a member of the Covered Officer’s family engages in such an activity or has such a relationship.

 
3
 

·  
it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.
 

IV.           Reporting and Accountability

Each Covered Officer must:
 
·  
upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board, or orally confirm such receipt in person before the Board (as reflected in the Company’s minutes) that he has received, read, and understands the Code;
 
·  
annually thereafter affirm to the Board that he has complied with the requirements of the Code; and
 
·  
notify the General Counsel promptly if he knows of any violation of this Code.  Failure to do so is itself a violation of this Code.  The General Counsel shall report any such violations to the Audit Committee of the Company.
 
The General Counsel is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.3  However, any approvals or waivers4 sought by the any of the officers covered by this Code will be considered by the Audit Committee (the “Committee”).

The Funds will follow these procedures in investigating and enforcing this Code:
 
·  
the General Counsel will take all appropriate action to investigate any potential violations reported to him;
 
·  
if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action;
 
·  
any matter that the General Counsel believes is a violation will be reported to the Committee;
 
·  
if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to end the Covered Officer’s association with the Funds;
 
·  
the Committee will be responsible for granting waivers, as appropriate; and
 
·  
any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.
 

 
3           The General Counsel is authorized to consult, as appropriate, with the Audit Committee, counsel to the Company and/or counsel to the Independent Trustees, and is encouraged to do so.
 
4           Item 2 of Form N-CSR defines “waiver” as “the approval by the registrant of a material departure from a provision of the code of ethics” and “implicit waiver,” which must also be disclosed, as “the registrant’s failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer” of the registrant.

 
4
 


 
V.           Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder.  Insofar as other policies or procedures of the Funds, the Funds’ adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code.  The Funds’ and their investment adviser’s and principal underwriter’s codes of ethics under Rule 17j-1 under the Investment Company Act and the adviser’s more detailed policies and procedures set forth in the Madison Investment Advisors, Inc./Madison Scottsdale, LC/MEMBERS Mutual Funds/Ultra Series Fund/Madison Mosaic Funds/Madison Strategic Sector Premium Fund et. al. Compliance and Procedures Manual, including the Code of Ethics applicable to all employees and Policies and Procedures to Prevent Insider Trading, are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VI.           Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

VII.           Confidentiality

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly.  Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the appropriate Company, its adviser and the Committee.

VIII.           Internal Use

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion.

Adopted by the Mosaic Board on July 23, 2003 and the Madison Strategic Sector Premium Fund Board on March 2, 2005 and the MEMBERS Mutual Funds and Ultra Series Fund Boards on August 27, 2009 to be effective July 1, 2009.

 
5
 

Exhibit A

Persons Covered by this Code of Ethics

Katherine L. Frank, Chief Executive Officer
Greg Hoppe, Chief Financial Officer



 EX-99.CERT 4 usfcerts1210.htm SARBOX CERTIFICATIONS usfcerts1210.htm

 
Form N-CSR Certifications
 
 
I, Greg Hoppe, Principal Financial Officer, certify that:
 
 
1. I have reviewed this report on Form N-CSRS of Ultra Series Fund;
 
 
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
 
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
 
 
4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
 
 
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
 
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
 
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
 
 
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
 
5. The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
 
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
 
 
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
Date: February 22, 2011
 
(signature)
 
 
Greg Hoppe
Principal Financial Officer
 

 
 
 


 
I, Katherine L. Frank, President and Principal Executive Officer, certify that:
 
 
1. I have reviewed this report on Form N-CSRS of Ultra Series Fund;
 
 
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
 
 
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
 
 
4. The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
 
 
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
 
 
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
 
 
(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and
 
 
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
 
 
5. The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
 
 
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and
 
 
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
 
 
Date: February 22, 2011
 
(signature)
 
 
Katherine L. Frank
President and Principal Executive Officer
 


 EX-99.906 CERT 5 usf906certs1210.htm usf906certs1210.htm
Certification under Section 906 of Sarbanes Oxley (18 USC 1350)
 
Ultra Series Fund
Semi-Annual Report dated December 31, 2010

The undersigned certify that this periodic report containing the financial statements fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C 78m or 78o(d) and the information contained in this periodic report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

(signature)
(signature)
Katherine L. Frank
Greg Hoppe
Principal Executive Officer
Principal Accounting Officer

Dated this 22nd day of February, 2011

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Ultra Series Fund and will be retained by Ultra Series Fund and furnished to the SEC or its staff upon request.

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