N-CSR 1 fortune5_ncsr.htm N-CSR

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

Investment Company Act file number: 811-23698

 

 

 

FORTUNE V SEPARATE ACCOUNT

 

(Exact name of registrant as specified in charter)

 

C/O Universal Life Insurance Company

Metro Office Park Calle 1 Lote 10

Guaynabo, PR 00969

 

(Address of principal executive offices)(Zip code)

 

Jose C. Benitez

C/O Universal Life Insurance Company

Metro Office Park Calle 1 Lote 10

Guaynabo, PR 00969

 

(Name and Address of Agent for Service)

 

Registrant’s telephone number, including area code: (787) 706-7337

 

Date of fiscal year end: December 31

 

Date of reporting period: December 31, 2023

 

 

 

 

 

 

Item 1. Report to Stockholders.

 

(a)The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940, as amended (the “1940 Act”).

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FORTUNE V SEPARATE ACCOUNT

OF

UNIVERSAL LIFE INSURANCE COMPANY

 

 

 

 

 

Annual Report

 

 

 

December 31, 2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Table of Contents

 

 

Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings   1
Contract Holder Letter   2
Disclosure of Expenses   3
Schedules of Investments Composition   4
Schedules of Investments    
Universal VIA Conservative Allocation   5
Universal VIA Moderate Allocation   6
Universal VIA Moderate Growth Allocation   7
Universal VIA Growth Allocation   8
Universal VIA International Moderate Growth Allocation   9
Universal Money Market   10
Statements of Assets and Liabilities   11
Statements of Operations   12
Statements of Changes in Net Assets   13
Financial Highlights   15
Notes to Financial Statements   45
Report of Independent Registered Public Accounting Firm   48
Management of the Trust   50

 

 

 

 

Proxy Voting Policies and Procedures

 

A description of the proxy voting policies and procedures of the Fortune V Separate Account is included in the Statement of Additional Information which is available without charge, upon request: (i) by calling 1-787-706-7337; or (ii) on the SEC’s website at http://www.sec.gov. In addition, the Fortune V Separate Account is required to file Form N-PX, with the complete proxy voting record for the most recent twelve months ended June 30, no later than August 31 of each year. Form N-PX for the twelve months ended June 30, 2023, is available without charge, upon request by calling 1-787-706-7337 and on the SEC’s website at http://www.sec.gov.

 

Quarterly Portfolio Holdings

 

Each fiscal quarter, Fortune V Separate Account will file with the SEC a complete schedule of monthly portfolio holdings on Form N-PORT. The Subaccounts’ holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC’s website at http://www.sec.gov within 60 days of the end of the fiscal quarter.

 

Fortune V Separate Account1Annual Report 2023

 

 

UNIVERSAL LIFE INSURANCE COMPANY

 

Metro Office Park Street 1, Lot 10

Guaynabo, PR 00968

 

To Contract Holders with Interests in the

Fortune V Separate Account Funds:

 

We are pleased to present the most recent annual report for the Fortune V Separate Account. For your benefit, you can print this report and any supplementary documents thereof.

 

Should you prefer a hard copy, we will send it to you at no cost by calling us at 787-706-7095 or writing to us at:

 

Universal Life Insurance Company

Annuities Department

PO Box 2145

San Juan, PR 00922-2145

 

Fortune V Separate Account2Annual Report 2023

 

 

Disclosure of Expenses (Unaudited)

 

 

UNIT HOLDER EXPENSES

 

Universal VIA Asset Allocation Portfolios (each individually, a “Subaccount” and collectively, the “Subaccounts”) is a separate account established by Universal Life Insurance Company (“ULICO”), and is used as an investment vehicle under certain tax-deferred annuity contracts issued by ULICO. Each Subaccount invests in underlying investments in mutual funds based on specific asset allocation objectives. Subaccount contract holders bear the costs of operating the Subaccount (such as the advisory fee).

 

The following examples are intended to help you understand your ongoing costs (in dollars and cents) of investing in the Subaccounts and to compare these costs with the ongoing costs of investing in other funds.

 

The examples are based on an investment of $1,000 invested at July 1, 2023, and held for the entire six-month period until December 31, 2023.

 

ACTUAL EXPENSES

 

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, 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 = $8.60), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

 

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

 

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Subaccounts’ actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Subaccounts’ 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 your Subaccount versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

 

          Actual Expense     Hypothetical Expenses (A)        
Subaccount  

Beginning
Account Value
July 1,
2023

    

Ending
Account Value
December 31,
2023

    

Expenses
Paid During
Period (B)

    

Ending
Account Value
December 31,
2023

    

Expenses
Paid During
Period (B)

    

Net
Annualized
Expense Ratio

(C) (D)

  
Universal VIA Conservative Allocation   $ 1,000.00     $ 1,045.40     $ 13.04     $ 1,012.45     $ 12.83       2.53 %
Universal VIA Moderate Allocation     1,000.00       1,048.80       9.86       1,015.58       9.70       1.91  
Universal VIA Moderate Growth Allocation     1,000.00       1,056.10       11.19       1,014.32       10.97       2.16  
Universal VIA Growth Allocation     1,000.00       1,063.10       12.17       1,013.41       11.88       2.34  
Universal VIA International Mod Growth Alloc     1,000.00       1,031.50       19.05       1,006.45       18.81       3.72  
Universal Money Market     1,000.00       1,012.00       20.94       1,004.39       20.87       4.13  

 

(A) 5% return per year before expenses.
(B) Expenses are calculated using each Subaccount’s net annualized expense ratios, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).
(C) Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Subaccounts invest. The total annual expenses, as stated in the fee table of the Subaccounts’ Prospectus, may differ from the expense ratios disclosed in this report.
(D) Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and based on the most recent six-months which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.

 

Fortune V Separate Account3Annual Report 2023

 

 

Schedules of Investment Composition (Unaudited)

 

 

At December 31, 2023

 

Fortune V Separate Account – Universal VIA Conservative Allocation

 

Asset Allocation   Percentage of
Net Assets		  
Equity Funds     35.24 %
Fixed Income Funds     64.87  
Net Other Assets (Liabilities)     (0.11 )
Total     100.00 %

 

Fortune V Separate Account – Universal VIA Moderate Allocation

 

Asset Allocation   Percentage of
Net Assets		  
Equity Funds     51.17 %
Fixed Income Funds     48.88  
Net Other Assets (Liabilities)     (0.05 )
Total     100.00 %

 

Fortune V Separate Account – Universal VIA Moderate Growth Allocation

 

Asset Allocation   Percentage of
Net Assets		  
Equity Funds     72.02 %
Fixed Income Funds     28.10  
Net Other Assets (Liabilities)     (0.12 )
Total     100.00 %

 

Fortune V Separate Account – Universal VIA Growth Allocation

 

Asset Allocation   Percentage of
Net Assets		  
Equity Funds     100.14 %
Net Other Assets (Liabilities)     (0.14 )
Total     100.00 %

 

Fortune V Separate Account – Universal VIA International Moderate Growth Allocation

 

Asset Allocation   Percentage of
Net Assets		  
Equity Funds     100.63 %
Net Other Assets (Liabilities)     (0.63 )
Total     100.00 %

 

Fortune V Separate Account – Universal Money Market

 

Asset Allocation   Percentage of
Net Assets		  
Money Market Fund     100.81 %
Net Other Assets (Liabilities)     (0.81 )
Total     100.00 %

 

Fortune V Separate Account4Annual Report 2023

 

 

Fortune V Separate Account - Universal VIA Conservative Allocation

 

 

SCHEDULE OF INVESTMENTS

At December 31, 2023

 

    Shares     Value  
INVESTMENTS - UNAFFILIATED: 100.11%                
Equity Funds: 35.24%                
Transamerica Capital Growth I2     266,748     $ 2,088,636  
Transamerica Emerging Markets Opps I2     205,425       1,524,253  
Transamerica Energy Infrastructure I2     180,926       1,195,920  
Transamerica Global Alloc Liquid Trust     50       62  
Transamerica International Equity I2     42,259       853,209  
Transamerica International Focus I2     294,571       2,321,222  
Transamerica International Sm Cp Val I2     27,563       389,738  
Transamerica International Stock I2     78,584       863,637  
Transamerica Large Cap Value I2     280,592       3,569,133  
Transamerica Mid Cap Growth I2     60,888       552,864  
Transamerica Mid Cap Value Opps I2     31,505       343,406  
Transamerica Small Cap Growth I2     52,805       349,568  
Transamerica Small Cap Value I2     67,471       379,187  
Transamerica Sustainable Equity Inc I2     232,218       1,720,739  
Transamerica US Growth I2     115,691       3,139,863  
              19,291,437  
Fixed Income Funds: 64.87%                
Transamerica Bond I2     1,404,639       11,447,807  
Transamerica Emerging Markets Debt I2     189,676       1,741,222  
Transamerica Inflation Opps I2     169,160       1,637,466  
Transamerica Intermediate Bond I2     1,632,379       14,234,348  
Transamerica Short-Term Bond I2     662,171       6,442,923  
              35,503,766  
Total Investments - Unaffiliated (Cost: $53,875,377)             54,795,203  
                 
Total Investments (Cost: $53,875,377)           $ 54,795,203  
Net Other Assets (Liabilities): (0.11)%             (61,904 )
Net Assets: 100%           $ 54,733,299  

 

INVESTMENT VALUATION:

 

Valuation Inputs

 

    Level 1 -
Unadjusted
Quoted Prices		     Level 2 -
Other Significant
Observable Inputs		     Level 3 -
Significant
Unobservable Inputs		     Value  
Assets                                
Investments                                
Investments - Unaffiliated   $ 54,795,203     $ -     $ -     $ 54,795,203  
Total Investments   $ 54,795,203     $ -     $ -     $ 54,795,203  

 

The Notes to Financial Statements are an integral part of this schedule.

 

Fortune V Separate Account5Annual Report 2023

 

 

Fortune V Separate Account - Universal VIA Moderate Allocation

 

 

SCHEDULE OF INVESTMENTS

At December 31, 2023

 

    Shares     Value  
INVESTMENTS - UNAFFILIATED: 100.05%                
Equity Funds: 51.17%                
Transamerica Capital Growth I2     1,255,267     $ 9,828,739  
Transamerica Emerging Markets Opps I2     1,284,835       9,533,474  
Transamerica Energy Infrastructure I2     1,162,797       7,686,087  
Transamerica Global Alloc Liquid Trust     148       184  
Transamerica International Equity I2     256,286       5,174,422  
Transamerica International Focus I2     1,719,339       13,548,391  
Transamerica International Sm Cp Val I2     167,515       2,368,666  
Transamerica International Stock I2     437,682       4,810,124  
Transamerica Large Cap Value I2     1,373,714       17,473,641  
Transamerica Mid Cap Growth I2     289,338       2,627,185  
Transamerica Mid Cap Value Opps I2     171,220       1,866,302  
Transamerica Small Cap Growth I2     410,175       2,715,358  
Transamerica Small Cap Value I2     385,232       2,165,003  
Transamerica Sustainable Equity Inc I2     1,801,481       13,348,972  
Transamerica US Growth I2     670,909       18,208,474  
              111,355,022  
Fixed Income Funds: 48.88%                
Transamerica Bond I2     4,165,820       33,951,430  
Transamerica Emerging Markets Debt I2     421,913       3,873,163  
Transamerica Inflation Opps I2     455,036       4,404,746  
Transamerica Intermediate Bond I2     5,160,523       44,999,762  
Transamerica Short-Term Bond I2     1,969,569       19,163,903  
              106,393,004  
Total Investments - Unaffiliated (Cost: $218,171,126)             217,748,026  
                 
Total Investments (Cost: $218,171,126)           $ 217,748,026  
Net Other Assets (Liabilities): (0.05)%             (118,935 )
Net Assets: 100%           $ 217,629,091  

 

INVESTMENT VALUATION:

 

Valuation Inputs

 

    Level 1 -
Unadjusted
Quoted Prices		     Level 2 -
Other Significant
Observable Inputs		     Level 3 -
Significant
Unobservable Inputs		     Value  
Assets                                
Investments                                
Investments - Unaffiliated   $ 217,748,026     $ -     $ -     $ 217,748,026  
Total Investments   $ 217,748,026     $ -     $ -     $ 217,748,026  

 

The Notes to Financial Statements are an integral part of this schedule.

 

Fortune V Separate Account6Annual Report 2023

 

 

Fortune V Separate Account - Universal VIA Moderate Growth Allocation

 

 

SCHEDULE OF INVESTMENTS

At December 31, 2023

 

    Shares     Value  
INVESTMENTS - UNAFFILIATED: 100.12%                
Equity Funds: 72.02%                
Transamerica Capital Growth I2     487,014     $ 3,813,320  
Transamerica Emerging Markets Opps I2     440,761       3,270,446  
Transamerica Energy Infrastructure I2     314,396       2,078,160  
Transamerica Global Alloc Liquid Trust     50       63  
Transamerica International Equity I2     88,091       1,778,565  
Transamerica International Focus I2     615,582       4,850,788  
Transamerica International Sm Cp Val I2     64,146       907,025  
Transamerica International Stock I2     166,794       1,833,070  
Transamerica Large Cap Value I2     475,285       6,045,625  
Transamerica Mid Cap Growth I2     113,681       1,032,220  
Transamerica Mid Cap Value Opps I2     72,070       785,558  
Transamerica Small Cap Growth I2     115,418       764,069  
Transamerica Small Cap Value I2     128,740       723,517  
Transamerica Sustainable Equity Inc I2     717,350       5,315,562  
Transamerica US Growth I2     228,093       6,190,456  
              39,388,444  
Fixed Income Funds: 28.10%                
Transamerica Bond I2     506,297       4,126,324  
Transamerica Emerging Markets Debt I2     70,965       651,457  
Transamerica High Yield Bond I2     76,552       620,836  
Transamerica Inflation Opps I2     49,477       478,942  
Transamerica Intermediate Bond I2     879,764       7,671,540  
Transamerica Short-Term Bond I2     187,080       1,820,289  
              15,369,388  
Total Investments - Unaffiliated (Cost: $55,693,053)             54,757,832  
                 
Total Investments (Cost: $55,693,053)           $ 54,757,832  
Net Other Assets (Liabilities): (0.12)%             (64,157 )
Net Assets: 100%           $ 54,693,675  

 

INVESTMENT VALUATION:

 

Valuation Inputs

 

    Level 1 -
Unadjusted
Quoted Prices		     Level 2 -
Other Significant
Observable Inputs		     Level 3 -
Significant
Unobservable Inputs		     Value  
Assets                                
Investments                                
Investments - Unaffiliated   $ 54,757,832     $ -     $ -     $ 54,757,832  
Total Investments   $ 54,757,832     $ -     $ -     $ 54,757,832  

 

The Notes to Financial Statements are an integral part of this schedule.

 

Fortune V Separate Account7Annual Report 2023

 

 

Fortune V Separate Account - Universal VIA Growth Allocation

 

 

SCHEDULE OF INVESTMENTS

At December 31, 2023

 

    Shares     Value  
INVESTMENTS - UNAFFILIATED: 100.14%                
Equity Funds: 100.14%                
Transamerica Capital Growth I2     455,108     $ 3,563,493  
Transamerica Emerging Markets Opps I2     439,692       3,262,512  
Transamerica Energy Infrastructure I2     292,940       1,936,331  
Transamerica Global Alloc Liquid Trust     25       31  
Transamerica International Equity I2     91,725       1,851,928  
Transamerica International Focus I2     585,456       4,613,394  
Transamerica International Sm Cp Val I2     64,158       907,199  
Transamerica International Stock I2     165,747       1,821,563  
Transamerica Large Cap Value I2     498,625       6,342,510  
Transamerica Mid Cap Growth I2     101,572       922,271  
Transamerica Mid Cap Value Opps I2     96,562       1,052,525  
Transamerica Small Cap Growth I2     153,106       1,013,560  
Transamerica Small Cap Value I2     106,844       600,465  
Transamerica Sustainable Equity Inc I2     696,595       5,161,770  
Transamerica US Growth I2     236,759       6,425,635  
              39,475,187  
                 
Total Investments (Cost: $40,321,873)           $ 39,475,187  
Net Other Assets (Liabilities): (0.14)%             (53,682 )
Net Assets: 100%           $ 39,421,505  

 

INVESTMENT VALUATION:

 

Valuation Inputs

 

    Level 1 -
Unadjusted
Quoted Prices		     Level 2 -
Other Significant
Observable Inputs		     Level 3 -
Significant
Unobservable Inputs		     Value  
Assets                                
Investments                                
Investments - Unaffiliated   $ 39,475,187     $ -     $ -     $ 39,475,187  
Total Investments   $ 39,475,187     $ -     $ -     $ 39,475,187  

 

The Notes to Financial Statements are an integral part of this schedule.

 

Fortune V Separate Account8Annual Report 2023

 

 

Fortune V Separate Account - Universal VIA International Moderate Growth Allocation

 

 

SCHEDULE OF INVESTMENTS

At December 31, 2023

 

    Shares     Value  
INVESTMENTS - UNAFFILIATED: 100.63%                
Equity Funds: 100.63%                
Transamerica Emerging Markets Opps I2     164,226     $ 1,218,553  
Transamerica Global Alloc Liquid Trust     8       10  
Transamerica International Equity I2     36,131       729,490  
Transamerica International Focus I2     208,313       1,641,510  
Transamerica International Sm Cp Val I2     62,690       886,432  
Transamerica International Stock I2     65,396       718,702  
              5,194,697  
                 
Total Investments (Cost: $5,247,690)           $ 5,194,697  
Net Other Assets (Liabilities): (0.63)%             (32,640 )
Net Assets: 100%           $ 5,162,057  

 

INVESTMENT VALUATION:

 

Valuation Inputs

 

    Level 1 -
Unadjusted
Quoted Prices		     Level 2 -
Other Significant
Observable Inputs		     Level 3 -
Significant
Unobservable Inputs		     Value  
Assets                        
Investments                        
Investments - Unaffiliated   $ 5,194,697     $ -     $ -     $ 5,194,697  
Total Investments   $ 5,194,697     $ -     $ -     $ 5,194,697  

 

The Notes to Financial Statements are an integral part of this schedule.

 

Fortune V Separate Account9Annual Report 2023

 

 

Fortune V Separate Account - Universal Money Market

 

 

SCHEDULE OF INVESTMENTS

At December 31, 2023

 

    Shares     Value  
INVESTMENTS - UNAFFILIATED: 100.81%                
Money Market Fund: 100.81%                
Transamerica Government Money Market I2 5.03% 1     2,850,322     $ 2,850,322  
              2,850,322  
                 
Total Investments (Cost: $2,850,322)           $ 2,850,322  
Net Other Assets (Liabilities): (0.81)%             (22,993 )
Net Assets: 100%           $ 2,827,329  

 

INVESTMENT VALUATION:

 

Valuation Inputs

 

    Level 1 -
Unadjusted
Quoted Prices		     Level 2 -
Other Significant
Observable Inputs		     Level 3 -
Significant
Unobservable Inputs		     Value  
Assets                                
Investments                                
Investments - Unaffiliated   $ 2,850,322     $ -     $ -     $ 2,850,322  
Total Investments   $ 2,850,322     $ -     $ -     $ 2,850,322  

 

1 The rate is the subsidized 7 day yield.

 

The Notes to Financial Statements are an integral part of this schedule.

 

Fortune V Separate Account10Annual Report 2023

 

 

STATEMENTS OF ASSETS AND LIABILITIES

 

 

At December 31, 2023

 

    Universal VIA
Conservative Allocation		     Universal VIA
Moderate Allocation		     Universal VIA
Moderate Growth
Allocation		     Universal VIA
Growth Allocation		     Universal VIA
International Mod
Growth Alloc 		    Universal Money
Market		  
Assets:                                                
Investments, at value   $ 54,795,203     $ 217,748,026     $ 54,757,832     $ 39,475,187     $ 5,194,697     $ 2,850,322  
Receivables and other assets:                                                
Dividend income     107,034       329,286       45,040       -       85       11,860  
Receivable for investments sold     4,421       74,843       2,432       1,897       246       126  
Other receivables     219       736       103       -       1,898       2,668  
Total assets     54,906,877       218,152,891       54,805,407       39,477,084       5,196,926       2,864,976  
                                                 
Liabilities:                                                
Payables and other liabilities:                                                
Payable for investments purchased     107,034       329,286       45,040       -       85       11,860  
Units redeemed     4,421       74,843       2,433       1,897       246       126  
Accrued expenses     62,123       119,671       64,259       53,682       34,538       25,661  
Total liabilities     173,578       523,800       111,732       55,579       34,869       37,647  
Net assets   $ 54,733,299     $ 217,629,091     $ 54,693,675     $ 39,421,505     $ 5,162,057     $ 2,827,329  
                                                 
Net assets consist of:                                                
Costs of accumulation units   $ 15,481,542     $ 96,154,498     $ 19,859,033     $ 18,251,618     $ 2,639,758     $ 3,487,795  
Total distributable earnings     39,251,757       121,474,593       34,834,642       21,169,887       2,522,299       (660,466 )
Net assets   $ 54,733,299     $ 217,629,091     $ 54,693,675     $ 39,421,505     $ 5,162,057     $ 2,827,329  
                                                 
Investments, at cost   $ 53,875,377     $ 218,171,126     $ 55,693,053     $ 40,321,873     $ 5,247,690     $ 2,850,322  

 

The Notes to Financial Statements are an integral part of this report.

 

Fortune V Separate Account11Annual Report 2023

 

 

STATEMENTS OF OPERATIONS

 

 

For the year ended December 31, 2023

 

    Universal VIA
Conservative Allocation		     Universal VIA
Moderate Allocation		     Universal VIA
Moderate Growth
Allocation		     Universal VIA
Growth Allocation		     Universal VIA
International Mod
Growth Alloc		     Universal Money
Market		  
Investment income:                                                
Dividend income   $ 1,983,713     $ 7,286,654     $ 1,471,356     $ 778,033     $ 163,363     $ 138,374  
                                                 
Expenses:                                                
Mortality expense     981,324       3,317,151       838,403       593,379       88,778       47,546  
Advisory fees     200,545       784,044       190,832       127,139       19,471       10,241  
Management fees     56,853       222,265       54,094       36,035       5,523       -  
Custodian fees     75,301       75,716       78,640       70,846       58,134       44,887  
Waivers/Reimbursements                                                
Waiver/reimbursement     -       -       -       -       -       (2,479 )
Net investment income (loss):     669,690       2,887,478       309,387       (49,366 )     (8,543 )     38,179  
                                                 
Net realized gain (loss) on:                                                
Unaffiliated Investments     (1,609,200 )     (6,546,924 )     (681,144 )     62,073       (7,823 )     -  
                                                 
Net change in unrealized appreciation (depreciation) on:                                                
Unaffiliated Investments     4,907,089       21,623,296       6,430,071       4,781,930       512,282       -  
Net realized and unrealized gain (loss)     3,297,889       15,076,372       5,748,927       4,844,003       504,459       -  
Net increase (decrease) in net assets resulting from operations   $ 3,967,579     $ 17,963,850     $ 6,058,314     $ 4,794,637     $ 495,916     $ 38,179  

 

The Notes to Financial Statements are an integral part of this report.

 

Fortune V Separate Account12Annual Report 2023

 

 

STATEMENTS OF CHANGES IN NET ASSETS

 

 

For the years ended:

 

    Universal VIA
Conservative Allocation		     Universal VIA
Moderate Allocation		     Universal VIA
Moderate Growth
Allocation		  
    December 31,
2023		     December 31,
2022		     December 31,
2023		     December 31,
2022		     December 31,
2023		     December 31,
2022		  
From operations:                                    
Net investment income (loss)   $ 669,690     $ 381,677     $ 2,887,478     $ 1,012,016     $ 309,387     $ (113,182 )
Net realized gain (loss)     (1,609,200 )     (8,246,260 )     (6,546,924 )     (20,073,429 )     (681,144 )     (3,045,442 )
Net change in unrealized appreciation (depreciation)     4,907,089       (3,931,706 )     21,623,296       (30,426,801 )     6,430,071       (11,430,218 )
Net increase (decrease) in net assets resulting from operations     3,967,579       (11,796,289 )     17,963,850       (49,488,214 )     6,058,314       (14,588,842 )
                                                 
Unit transactions:                                                
Units sold     1,029,958       1,346,989       2,148,481       7,552,638       1,602,061       2,658,226  
Units redeemed     (12,404,751 )     (9,956,076 )     (39,150,653 )     (27,507,461 )     (6,748,592 )     (6,136,307 )
Net increase (decrease) in net assets resulting from unit transactions     (11,374,793 )     (8,609,087 )     (37,002,172 )     (19,954,823 )     (5,146,531 )     (3,478,081 )
                                                 
Net increase (decrease) in net assets     (7,407,214 )     (20,405,376 )     (19,038,322 )     (69,443,037 )     911,783       (18,066,923 )
                                                 
Net assets:                                                
Beginning of year     62,140,513       82,545,889       236,667,413       306,110,450       53,781,892       71,848,815  
End of year   $ 54,733,299     $ 62,140,513     $ 217,629,091     $ 236,667,413     $ 54,693,675     $ 53,781,892  
                                                 
Unit transactions - shares:                                                
Units sold     61,758       80,528       117,614       403,186       79,139       120,914  
Units redeemed     (801,638 )     (656,610 )     (2,322,311 )     (1,709,025 )     (360,444 )     (342,672 )
Net increase (decrease)     (739,880 )     (576,082 )     (2,204,697 )     (1,305,839 )     (281,305 )     (221,758 )

 

The Notes to Financial Statements are an integral part of this report.

 

Fortune V Separate Account13Annual Report 2023

 

 

STATEMENTS OF CHANGES IN NET ASSETS

 

 

For the years ended:

 

    Universal VIA
Growth Allocation		     Universal VIA
International Mod
Growth Alloc		     Universal Money
Market		  
    December 31,
2023		     December 31,
2022		     December 31,
2023		     December 31,
2022		     December 31,
2023		     December 31,
2022		  
From operations:                                                
Net investment income (loss)   $ (49,366 )   $ (272,424 )   $ (8,543 )   $ (47,355 )   $ 38,179     $ (43,294 )
Net realized gain (loss)     62,073       (326,955 )     (7,823 )     (84,778 )     -       1  
Net change in unrealized appreciation (depreciation)     4,781,930       (9,173,158 )     512,282       (1,507,626 )     -       (1 )
Net increase (decrease) in net assets resulting from operations     4,794,637       (9,772,537 )     495,916       (1,639,759 )     38,179       (43,294 )
                                                 
Unit transactions:                                                
Units sold     2,497,031       2,268,542       157,779       497,018       1,237,778       3,447,437  
Units redeemed     (2,325,949 )     (1,616,015 )     (1,152,704 )     (841,532 )     (1,949,743 )     (3,649,450 )
Net increase (decrease) in net assets resulting from unit transactions     171,082       652,527       (994,925 )     (344,514 )     (711,965 )     (202,013 )
                                                 
Net increase (decrease) in net assets     4,965,719       (9,120,010 )     (499,009 )     (1,984,273 )     (673,786 )     (245,307 )
                                                 
Net assets:                                                
Beginning of year     34,455,786       43,575,796       5,661,066       7,645,339       3,501,115       3,746,422  
End of year   $ 39,421,505     $ 34,455,786     $ 5,162,057     $ 5,661,066     $ 2,827,329     $ 3,501,115  
                                                 
Unit transactions - shares:                                                
Units sold     113,542       100,236       10,627       34,212       131,230       373,157  
Units redeemed     (134,650 )     (102,780 )     (83,065 )     (68,576 )     (212,448 )     (401,192 )
Net increase (decrease)     (21,108 )     (2,544 )     (72,438 )     (34,364 )     (81,218 )     (28,035 )

 

The Notes to Financial Statements are an integral part of this report.

 

Fortune V Separate Account14Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Conservative Allocation, B Share, M&E 1.40%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 12.62     $ 14.77     $ 14.55     $ 14.11     $ 12.74  
Net Investment Income [A]     1.60       0.79       0.44       0.72       0.82  
Net realized and unrealized gains (losses) on securities     (0.75 )     (2.94 )     (0.22 )     (0.28 )     0.55  
Net increase (decrease) in accumulation unit value     0.85       (2.15 )     0.22       0.44       1.37  
Accumulation unit value at end of year   $ 13.47     $ 12.62     $ 14.77     $ 14.55     $ 14.11  
Total return     6.74 %     (14.56 )%     1.51 %     3.12 %     10.75 %
Net assets, end of year (000’s)     33,663       37,114       48,999       51,068       51,533  
Expenses to average net assets [B]     2.28 %     1.97 %     2.04 %     2.07 %     2.07 %
Net investment income to average net assets     1.13 %     0.54 %     2.71 %     2.65 %     2.41 %
Portfolio turnover rate     1.78 %     1.91 %     2.07 %     6.51 %     3.68 %

 

    Universal VIA Conservative Allocation, B Share, M&E 1.40%, Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 12.18     $ 14.28     $ 14.10     $ 13.70     $ 12.39  
Net Investment Income [A]     1.60       0.79       0.44       0.72       0.82  
Net realized and unrealized gains (losses) on securities     (0.80 )     (2.89 )     (0.26 )     (0.32 )     0.49  
Net increase (decrease) in accumulation unit value     0.80       (2.10 )     0.18       0.40       1.31  
Accumulation unit value at end of year   $ 12.98     $ 12.18     $ 14.28     $ 14.10     $ 13.70  
Total return     6.57 %     (14.71 )%     1.28 %     2.92 %     10.57 %
Net assets, end of year (000’s)     1,663       1,923       2,886       3,574       4,664  
Expenses to average net assets [B]     2.28 %     1.97 %     2.04 %     2.07 %     2.07 %
Net investment income to average net assets     1.13 %     0.54 %     2.71 %     2.65 %     2.41 %
Portfolio turnover rate     1.78 %     1.91 %     2.07 %     6.51 %     3.68 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account15Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Conservative Allocation, B Share, M&E 1.65%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 12.45     $ 14.60     $ 14.42     $ 14.02     $ 12.69  
Net Investment Income [A]     1.60       0.79       0.44       0.72       0.82  
Net realized and unrealized gains (losses) on securities     (0.79 )     (2.94 )     (0.26 )     (0.32 )     0.51  
Net increase (decrease) in accumulation unit value     0.81       (2.15 )     0.18       0.40       1.33  
Accumulation unit value at end of year   $ 13.26     $ 12.45     $ 14.60     $ 14.42     $ 14.02  
Total return     6.51 %     (14.73 )%     1.25 %     2.85 %     10.48 %
Net assets, end of year (000’s)     3,665       4,578       6,095       6,474       8,053  
Expenses to average net assets [B]     2.28 %     1.97 %     2.04 %     2.07 %     2.07 %
Net investment income to average net assets     1.13 %     0.54 %     2.71 %     2.65 %     2.41 %
Portfolio turnover rate     1.78 %     1.91 %     2.07 %     6.51 %     3.68 %

 

    Universal VIA Conservative Allocation, B Share, M&E 1.65%, Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 11.65     $ 13.70     $ 13.56     $ 13.20     $ 11.98  
Net Investment Income [A]     1.60       0.79       0.44       0.72       0.82  
Net realized and unrealized gains (losses) on securities     (0.86 )     (2.84 )     (0.30 )     (0.36 )     0.40  
Net increase (decrease) in accumulation unit value     0.74       (2.05 )     0.14       0.36       1.22  
Accumulation unit value at end of year   $ 12.39     $ 11.65     $ 13.70     $ 13.56     $ 13.20  
Total return     6.35 %     (14.96 )%     1.03 %     2.73 %     10.18 %
Net assets, end of year (000’s)     454       666       839       846       1,189  
Expenses to average net assets [B]     2.28 %     1.97 %     2.04 %     2.07 %     2.07 %
Net investment income to average net assets     1.13 %     0.54 %     2.71 %     2.65 %     2.41 %
Portfolio turnover rate     1.78 %     1.91 %     2.07 %     6.51 %     3.68 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account16Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Conservative Allocation, C Share, M&E 1.95%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 11.45     $ 13.47     $ 13.35     $ 13.01     $ 11.81  
Net Investment Income [A]     1.60       0.79       0.44       0.72       0.82  
Net realized and unrealized gains (losses) on securities     (0.89 )     (2.81 )     (0.32 )     (0.38 )     0.38  
Net increase (decrease) in accumulation unit value     0.71       (2.02 )     0.12       0.34       1.20  
Accumulation unit value at end of year   $ 12.16     $ 11.45     $ 13.47     $ 13.35     $ 13.01  
Total return     6.20 %     (15.00 )%     0.90 %     2.61 %     10.16 %
Net assets, end of year (000’s)     1,404       1,577       2,353       2,589       6,587  
Expenses to average net assets [B]     2.28 %     1.97 %     2.04 %     2.07 %     2.07 %
Net investment income to average net assets     1.13 %     0.54 %     2.71 %     2.65 %     2.41 %
Portfolio turnover rate     1.78 %     1.91 %     2.07 %     6.51 %     3.68 %

 

    Universal VIA Conservative Allocation, C Share, M&E 1.95%, Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 11.05     $ 13.03     $ 12.93     $ 12.63     $ 11.49  
Net Investment Income [A]     1.60       0.79       0.44       0.72       0.82  
Net realized and unrealized gains (losses) on securities     (0.94 )     (2.77 )     (0.34 )     (0.42 )     0.32  
Net increase (decrease) in accumulation unit value     0.66       (1.98 )     0.10       0.30       1.14  
Accumulation unit value at end of year   $ 11.71     $ 11.05     $ 13.03     $ 12.93     $ 12.63  
Total return     5.97 %     (15.20 )%     0.77 %     2.38 %     9.92 %
Net assets, end of year (000’s)     947       901       1,132       1,137       1,125  
Expenses to average net assets [B]     2.28 %     1.97 %     2.04 %     2.07 %     2.07 %
Net investment income to average net assets     1.13 %     0.54 %     2.71 %     2.65 %     2.41 %
Portfolio turnover rate     1.78 %     1.91 %     2.07 %     6.51 %     3.68 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account17Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Conservative Allocation, L Share, M&E 1.50%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 12.40     $ 14.52     $ 14.32     $ 13.90     $ 12.56  
Net Investment Income [A]     1.60       0.79       0.44       0.72       0.82  
Net realized and unrealized gains (losses) on securities     (0.78 )     (2.91 )     (0.24 )     (0.30 )     0.52  
Net increase (decrease) in accumulation unit value     0.82       (2.12 )     0.20       0.42       1.34  
Accumulation unit value at end of year   $ 13.22     $ 12.40     $ 14.52     $ 14.32     $ 13.90  
Total return     6.61 %     (14.60 )%     1.40 %     3.02 %     10.67 %
Net assets, end of year (000’s)     2,700       3,760       4,866       5,184       6,753  
Expenses to average net assets [B]     2.28 %     1.97 %     2.04 %     2.07 %     2.07 %
Net investment income to average net assets     1.13 %     0.54 %     2.71 %     2.65 %     2.41 %
Portfolio turnover rate     1.78 %     1.91 %     2.07 %     6.51 %     3.68 %

 

    Universal VIA Conservative Allocation, L Share, M&E 1.50%, Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 11.97     $ 14.05     $ 13.88     $ 13.50     $ 12.23  
Net Investment Income [A]     1.60       0.79       0.44       0.72       0.82  
Net realized and unrealized gains (losses) on securities     (0.83 )     (2.87 )     (0.27 )     (0.34 )     0.45  
Net increase (decrease) in accumulation unit value     0.77       (2.08 )     0.17       0.38       1.27  
Accumulation unit value at end of year   $ 12.74     $ 11.97     $ 14.05     $ 13.88     $ 13.50  
Total return     6.43 %     (14.80 )%     1.22 %     2.81 %     10.38 %
Net assets, end of year (000’s)     569       655       874       952       1,121  
Expenses to average net assets [B]     2.28 %     1.97 %     2.04 %     2.07 %     2.07 %
Net investment income to average net assets     1.13 %     0.54 %     2.71 %     2.65 %     2.41 %
Portfolio turnover rate     1.78 %     1.91 %     2.07 %     6.51 %     3.68 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account18Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Conservative Allocation, L Share, M&E 1.75%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 11.86     $ 13.93     $ 13.77     $ 13.40     $ 12.14  
Net Investment Income [A]     1.60       0.79       0.44       0.72       0.82  
Net realized and unrealized gains (losses) on securities     (0.84 )     (2.86 )     (0.28 )     (0.35 )     0.44  
Net increase (decrease) in accumulation unit value     0.76       (2.07 )     0.16       0.37       1.26  
Accumulation unit value at end of year   $ 12.62     $ 11.86     $ 13.93     $ 13.77     $ 13.40  
Total return     6.41 %     (14.86 )%     1.16 %     2.76 %     10.38 %
Net assets, end of year (000’s)     8,124       8,888       12,254       14,516       15,064  
Expenses to average net assets [B]     2.28 %     1.97 %     2.04 %     2.07 %     2.07 %
Net investment income to average net assets     1.13 %     0.54 %     2.71 %     2.65 %     2.41 %
Portfolio turnover rate     1.78 %     1.91 %     2.07 %     6.51 %     3.68 %

 

    Universal VIA Conservative Allocation, L Share, M&E 1.75%, Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 11.45     $ 13.47     $ 13.35     $ 13.01     $ 11.81  
Net Investment Income [A]     1.60       0.79       0.44       0.72       0.82  
Net realized and unrealized gains (losses) on securities     (0.89 )     (2.81 )     (0.32 )     (0.38 )     0.38  
Net increase (decrease) in accumulation unit value     0.71       (2.02 )     0.12       0.34       1.20  
Accumulation unit value at end of year   $ 12.16     $ 11.45     $ 13.47     $ 13.35     $ 13.01  
Total return     6.20 %     (15.00 )%     0.90 %     2.61 %     10.16 %
Net assets, end of year (000’s)     1,543       1,740       2,196       2,797       2,074  
Expenses to average net assets [B]     2.28 %     1.97 %     2.04 %     2.07 %     2.07 %
Net investment income to average net assets     1.13 %     0.54 %     2.71 %     2.65 %     2.41 %
Portfolio turnover rate     1.78 %     1.91 %     2.07 %     6.51 %     3.68 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account19Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Moderate Allocation, B Share, M&E 1.40%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 13.79     $ 16.46     $ 15.87     $ 14.94     $ 13.19  
Net Investment Income [A]     1.04       0.40       0.22       0.56       0.55  
Net realized and unrealized gains (losses) on securities     0.01       (3.07 )     0.37       0.37       1.20  
Net increase (decrease) in accumulation unit value     1.05       (2.67 )     0.59       0.93       1.75  
Accumulation unit value at end of year   $ 14.84     $ 13.79     $ 16.46     $ 15.87     $ 14.94  
Total return     7.61 %     (16.22 )%     3.72 %     6.22 %     13.27 %
Net assets, end of year (000’s)     132,694       137,842       178,311       181,575       186,091  
Expenses to average net assets [B]     1.95 %     1.96 %     1.99 %     2.01 %     2.02 %
Net investment income to average net assets     1.24 %     0.39 %     4.42 %     2.82 %     3.34 %
Portfolio turnover rate     0.95 %     2.88 %     1.95 %     2.68 %     4.32 %

 

    Universal VIA Moderate Allocation, B Share, M&E 1.40%, Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 13.31     $ 15.92     $ 15.38     $ 14.51     $ 12.84  
Net Investment Income [A]     1.04       0.40       0.22       0.56       0.55  
Net realized and unrealized gains (losses) on securities     (0.05 )     (3.01 )     0.32       0.31       1.12  
Net increase (decrease) in accumulation unit value     0.99       (2.61 )     0.54       0.87       1.67  
Accumulation unit value at end of year   $ 14.30     $ 13.31     $ 15.92     $ 15.38     $ 14.51  
Total return     7.44 %     (16.39 )%     3.51 %     6.00 %     13.01 %
Net assets, end of year (000’s)     16,059       17,623       21,942       22,480       23,070  
Expenses to average net assets [B]     1.95 %     1.96 %     1.99 %     2.01 %     2.02 %
Net investment income to average net assets     1.24 %     0.39 %     4.42 %     2.82 %     3.34 %
Portfolio turnover rate     0.95 %     2.88 %     1.95 %     2.68 %     4.32 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account20Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Moderate Allocation, B Share, M&E 1.65%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 13.60     $ 16.28     $ 15.73     $ 14.85     $ 13.14  
Net Investment Income [A]     1.04       0.40       0.22       0.56       0.55  
Net realized and unrealized gains (losses) on securities     (0.04 )     (3.08 )     0.33       0.32       1.16  
Net increase (decrease) in accumulation unit value     1.00       (2.68 )     0.55       0.88       1.71  
Accumulation unit value at end of year   $ 14.60     $ 13.60     $ 16.28     $ 15.73     $ 14.85  
Total return     7.35 %     (16.46 )%     3.50 %     5.93 %     13.01 %
Net assets, end of year (000’s)     13,774       15,167       19,776       20,391       21,141  
Expenses to average net assets [B]     1.95 %     1.96 %     1.99 %     2.01 %     2.02 %
Net investment income to average net assets     1.24 %     0.39 %     4.42 %     2.82 %     3.34 %
Portfolio turnover rate     0.95 %     2.88 %     1.95 %     2.68 %     4.32 %

 

    Universal VIA Moderate Allocation, B Share, M&E 1.65%, Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 13.17     $ 15.80     $ 15.30     $ 14.48     $ 12.84  
Net Investment Income [A]     1.04       0.40       0.22       0.56       0.55  
Net realized and unrealized gains (losses) on securities     (0.09 )     (3.03 )     0.28       0.26       1.09  
Net increase (decrease) in accumulation unit value     0.95       (2.63 )     0.50       0.82       1.64  
Accumulation unit value at end of year   $ 14.12     $ 13.17     $ 15.80     $ 15.30     $ 14.48  
Total return     7.21 %     (16.65 )%     3.27 %     5.66 %     12.77 %
Net assets, end of year (000’s)     2,192       3,171       4,673       4,807       8,817  
Expenses to average net assets [B]     1.95 %     1.96 %     1.99 %     2.01 %     2.02 %
Net investment income to average net assets     1.24 %     0.39 %     4.42 %     2.82 %     3.34 %
Portfolio turnover rate     0.95 %     2.88 %     1.95 %     2.68 %     4.32 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account21Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Moderate Allocation, C Share, M&E 1.95%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 12.51     $ 15.02     $ 14.56     $ 13.78     $ 12.23  
Net Investment Income [A]     1.04       0.40       0.22       0.56       0.55  
Net realized and unrealized gains (losses) on securities     (0.16 )     (2.91 )     0.24       0.22       1.00  
Net increase (decrease) in accumulation unit value     0.88       (2.51 )     0.46       0.78       1.55  
Accumulation unit value at end of year   $ 13.39     $ 12.51     $ 15.02     $ 14.56     $ 13.78  
Total return     7.03 %     (16.71 )%     3.16 %     5.66 %     12.67 %
Net assets, end of year (000’s)     3,872       6,309       5,238       4,917       4,967  
Expenses to average net assets [B]     1.95 %     1.96 %     1.99 %     2.01 %     2.02 %
Net investment income to average net assets     1.24 %     0.39 %     4.42 %     2.82 %     3.34 %
Portfolio turnover rate     0.95 %     2.88 %     1.95 %     2.68 %     4.32 %

 

    Universal VIA Moderate Allocation, C Share, M&E 1.95%, Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 12.07     $ 14.53     $ 14.11     $ 13.38     $ 11.90  
Net Investment Income [A]     1.04       0.40       0.22       0.56       0.55  
Net realized and unrealized gains (losses) on securities     (0.21 )     (2.86 )     0.20       0.17       0.93  
Net increase (decrease) in accumulation unit value     0.83       (2.46 )     0.42       0.73       1.48  
Accumulation unit value at end of year   $ 12.90     $ 12.07     $ 14.53     $ 14.11     $ 13.38  
Total return     6.88 %     (16.93 )%     2.98 %     5.46 %     12.44 %
Net assets, end of year (000’s)     649       703       835       814       760  
Expenses to average net assets [B]     1.95 %     1.96 %     1.99 %     2.01 %     2.02 %
Net investment income to average net assets     1.24 %     0.39 %     4.42 %     2.82 %     3.34 %
Portfolio turnover rate     0.95 %     2.88 %     1.95 %     2.68 %     4.32 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account22Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Moderate Allocation, L Share, M&E 1.50%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 13.54     $ 16.19     $ 15.62     $ 14.73     $ 13.01  
Net Investment Income [A]     1.04       0.40       0.22       0.56       0.55  
Net realized and unrealized gains (losses) on securities     (0.01 )     (3.05 )     0.35       0.33       1.17  
Net increase (decrease) in accumulation unit value     1.03       (2.65 )     0.57       0.89       1.72  
Accumulation unit value at end of year   $ 14.57     $ 13.54     $ 16.19     $ 15.62     $ 14.73  
Total return     7.61 %     (16.37 )%     3.65 %     6.04 %     13.22 %
Net assets, end of year (000’s)     12,134       12,833       16,941       18,264       20,141  
Expenses to average net assets [B]     1.95 %     1.96 %     1.99 %     2.01 %     2.02 %
Net investment income to average net assets     1.24 %     0.39 %     4.42 %     2.82 %     3.34 %
Portfolio turnover rate     0.95 %     2.88 %     1.95 %     2.68 %     4.32 %

 

    Universal VIA Moderate Allocation, L Share, M&E 1.50%, Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 13.07     $ 15.66     $ 15.14     $ 14.30     $ 12.66  
Net Investment Income [A]     1.04       0.40       0.22       0.56       0.55  
Net realized and unrealized gains (losses) on securities     (0.08 )     (2.99 )     0.30       0.28       1.09  
Net increase (decrease) in accumulation unit value     0.96       (2.59 )     0.52       0.84       1.64  
Accumulation unit value at end of year   $ 14.03     $ 13.07     $ 15.66     $ 15.14     $ 14.30  
Total return     7.35 %     (16.54 )%     3.43 %     5.87 %     12.95 %
Net assets, end of year (000’s)     2,056       2,540       3,210       3,173       3,321  
Expenses to average net assets [B]     1.95 %     1.96 %     1.99 %     2.01 %     2.02 %
Net investment income to average net assets     1.24 %     0.39 %     4.42 %     2.82 %     3.34 %
Portfolio turnover rate     0.95 %     2.88 %     1.95 %     2.68 %     4.32 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account23Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Moderate Allocation, L Share, M&E 1.75%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 12.96     $ 15.53     $ 15.02     $ 14.20     $ 12.57  
Net Investment Income [A]     1.04       0.40       0.22       0.56       0.55  
Net realized and unrealized gains (losses) on securities     (0.10 )     (2.97 )     0.29       0.26       1.08  
Net increase (decrease) in accumulation unit value     0.94       (2.57 )     0.51       0.82       1.63  
Accumulation unit value at end of year   $ 13.90     $ 12.96     $ 15.53     $ 15.02     $ 14.20  
Total return     7.25 %     (16.55 )%     3.40 %     5.77 %     12.97 %
Net assets, end of year (000’s)     28,637       34,487       47,475       49,916       57,706  
Expenses to average net assets [B]     1.95 %     1.96 %     1.99 %     2.01 %     2.02 %
Net investment income to average net assets     1.24 %     0.39 %     4.42 %     2.82 %     3.34 %
Portfolio turnover rate     0.95 %     2.88 %     1.95 %     2.68 %     4.32 %

 

    Universal VIA Moderate Allocation, L Share, M&E 1.75%, Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 12.51     $ 15.02     $ 14.56     $ 13.78     $ 12.23  
Net Investment Income [A]     1.04       0.40       0.22       0.56       0.55  
Net realized and unrealized gains (losses) on securities     (0.16 )     (2.91 )     0.24       0.22       1.00  
Net increase (decrease) in accumulation unit value     0.88       (2.51 )     0.46       0.78       1.55  
Accumulation unit value at end of year   $ 13.39     $ 12.51     $ 15.02     $ 14.56     $ 13.78  
Total return     7.03 %     (16.71 )%     3.16 %     5.66 %     12.67 %
Net assets, end of year (000’s)     5,562       5,662       7,655       8,096       9,709  
Expenses to average net assets [B]     1.95 %     1.96 %     1.99 %     2.01 %     2.02 %
Net investment income to average net assets     1.24 %     0.39 %     4.42 %     2.82 %     3.34 %
Portfolio turnover rate     0.95 %     2.88 %     1.95 %     2.68 %     4.32 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account24Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Growth Allocation, B Share, M&E 1.40%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 15.99     $ 20.51     $ 18.19     $ 15.42     $ 12.78  
Net Investment Income (Loss) [A]     (0.01 )     (0.16 )     (0.17 )     0.01       0.31  
Net realized and unrealized gains (losses) on securities     2.16       (4.36 )     2.49       2.76       2.33  
Net increase (decrease) in accumulation unit value     2.15       (4.52 )     2.32       2.77       2.64  
Accumulation unit value at end of year   $ 18.14     $ 15.99     $ 20.51     $ 18.19     $ 15.42  
Total return     13.45 %     (22.04 )%     12.75 %     17.96 %     20.66 %
Net assets, end of year (000’s)     16,157       13,775       16,608       13,639       11,559  
Expenses to average net assets [B]     2.27 %     2.12 %     2.21 %     2.28 %     2.26 %
Net investment income (loss) to average net assets     (0.14 )%     (0.74 )%     10.55 %     3.26 %     5.53 %
Portfolio turnover rate     6.37 %     4.35 %     7.28 %     7.66 %     6.23 %

 

    Universal VIA Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 15.44     $ 19.84     $ 17.63     $ 14.97     $ 12.44  
Net Investment Income (Loss) [A]     (0.01 )     (0.16 )     (0.17 )     0.01       0.31  
Net realized and unrealized gains (losses) on securities     2.04       (4.24 )     2.38       2.65       2.22  
Net increase (decrease) in accumulation unit value     2.03       (4.40 )     2.21       2.66       2.53  
Accumulation unit value at end of year   $ 17.47     $ 15.44     $ 19.84     $ 17.63     $ 14.97  
Total return     13.15 %     (22.18 )%     12.54 %     17.77 %     20.34 %
Net assets, end of year (000’s)     1,067       1,192       1,659       1,617       1,446  
Expenses to average net assets [B]     2.27 %     2.12 %     2.21 %     2.28 %     2.26 %
Net investment income (loss) to average net assets     (0.14 )%     (0.74 )%     10.55 %     3.26 %     5.53 %
Portfolio turnover rate     6.37 %     4.35 %     7.28 %     7.66 %     6.23 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account25Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Growth Allocation, B Share, M&E 1.65%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 15.77     $ 20.28     $ 18.04     $ 15.32     $ 12.74  
Net Investment Income (Loss) [A]     (0.01 )     (0.16 )     (0.17 )     0.01       0.31  
Net realized and unrealized gains (losses) on securities     2.09       (4.35 )     2.41       2.71       2.27  
Net increase (decrease) in accumulation unit value     2.08       (4.51 )     2.24       2.72       2.58  
Accumulation unit value at end of year   $ 17.85     $ 15.77     $ 20.28     $ 18.04     $ 15.32  
Total return     13.19 %     (22.24 )%     12.42 %     17.75 %     20.25 %
Net assets, end of year (000’s)     2,976       3,168       4,306       4,059       3,815  
Expenses to average net assets [B]     2.27 %     2.12 %     2.21 %     2.28 %     2.26 %
Net investment income (loss) to average net assets     (0.14 )%     (0.74 )%     10.55 %     3.26 %     5.53 %
Portfolio turnover rate     6.37 %     4.35 %     7.28 %     7.66 %     6.23 %

 

    Universal VIA Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 15.28     $ 19.69     $ 17.54     $ 14.93     $ 12.44  
Net Investment Income (Loss) [A]     (0.01 )     (0.16 )     (0.17 )     0.01       0.31  
Net realized and unrealized gains (losses) on securities     1.98       (4.25 )     2.32       2.60       2.18  
Net increase (decrease) in accumulation unit value     1.97       (4.41 )     2.15       2.61       2.49  
Accumulation unit value at end of year   $ 17.25     $ 15.28     $ 19.69     $ 17.54     $ 14.93  
Total return     12.89 %     (22.40 )%     12.26 %     17.48 %     20.02 %
Net assets, end of year (000’s)     1,409       1,309       1,773       1,655       1,373  
Expenses to average net assets [B]     2.27 %     2.12 %     2.21 %     2.28 %     2.26 %
Net investment income (loss) to average net assets     (0.14 )%     (0.74 )%     10.55 %     3.26 %     5.53 %
Portfolio turnover rate     6.37 %     4.35 %     7.28 %     7.66 %     6.23 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account26Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Growth Allocation, C Share, M&E 1.95%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 14.51     $ 18.71     $ 16.69     $ 14.22     $ 11.86  
Net Investment Income (Loss) [A]     (0.01 )     (0.16 )     (0.17 )     0.01       0.31  
Net realized and unrealized gains (losses) on securities     1.86       (4.04 )     2.19       2.46       2.05  
Net increase (decrease) in accumulation unit value     1.85       (4.20 )     2.02       2.47       2.36  
Accumulation unit value at end of year   $ 16.36     $ 14.51     $ 18.71     $ 16.69     $ 14.22  
Total return     12.75 %     (22.45 )%     12.10 %     17.37 %     19.90 %
Net assets, end of year (000’s)     6,560       4,615       5,858       5,206       768  
Expenses to average net assets [B]     2.27 %     2.12 %     2.21 %     2.28 %     2.26 %
Net investment income (loss) to average net assets     (0.14 )%     (0.74 )%     10.55 %     3.26 %     5.53 %
Portfolio turnover rate     6.37 %     4.35 %     7.28 %     7.66 %     6.23 %

 

    Universal VIA Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 14.00     $ 18.10     $ 16.17     $ 13.81     $ 11.53  
Net Investment Income (Loss) [A]     (0.01 )     (0.16 )     (0.17 )     0.01       0.31  
Net realized and unrealized gains (losses) on securities     1.77       (3.94 )     2.10       2.35       1.97  
Net increase (decrease) in accumulation unit value     1.76       (4.10 )     1.93       2.36       2.28  
Accumulation unit value at end of year   $ 15.76     $ 14.00     $ 18.10     $ 16.17     $ 13.81  
Total return     12.57 %     (22.65 )%     11.94 %     17.09 %     19.77 %
Net assets, end of year (000’s)     22       38       49       44       29  
Expenses to average net assets [B]     2.27 %     2.12 %     2.21 %     2.28 %     2.26 %
Net investment income (loss) to average net assets     (0.14 )%     (0.74 )%     10.55 %     3.26 %     5.53 %
Portfolio turnover rate     6.37 %     4.35 %     7.28 %     7.66 %     6.23 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account27Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Growth Allocation, L Share, M&E 1.50%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 15.71     $ 20.17     $ 17.91     $ 15.19     $ 12.61  
Net Investment Income (Loss) [A]     (0.01 )     (0.16 )     (0.17 )     0.01       0.31  
Net realized and unrealized gains (losses) on securities     2.10       (4.30 )     2.43       2.71       2.27  
Net increase (decrease) in accumulation unit value     2.09       (4.46 )     2.26       2.72       2.58  
Accumulation unit value at end of year   $ 17.80     $ 15.71     $ 20.17     $ 17.91     $ 15.19  
Total return     13.30 %     (22.11 )%     12.62 %     17.91 %     20.46 %
Net assets, end of year (000’s)     675       571       751       777       678  
Expenses to average net assets [B]     2.27 %     2.12 %     2.21 %     2.28 %     2.26 %
Net investment income (loss) to average net assets     (0.14 )%     (0.74 )%     10.55 %     3.26 %     5.53 %
Portfolio turnover rate     6.37 %     4.35 %     7.28 %     7.66 %     6.23 %

 

    Universal VIA Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 15.16     $ 19.51     $ 17.36     $ 14.75     $ 12.27  
Net Investment Income (Loss) [A]     (0.01 )     (0.16 )     (0.17 )     0.01       0.31  
Net realized and unrealized gains (losses) on securities     2.00       (4.19 )     2.32       2.60       2.17  
Net increase (decrease) in accumulation unit value     1.99       (4.35 )     2.15       2.61       2.48  
Accumulation unit value at end of year   $ 17.15     $ 15.16     $ 19.51     $ 17.36     $ 14.75  
Total return     13.13 %     (22.30 )%     12.38 %     17.69 %     20.21 %
Net assets, end of year (000’s)     65       58       74       124       106  
Expenses to average net assets [B]     2.27 %     2.12 %     2.21 %     2.28 %     2.26 %
Net investment income (loss) to average net assets     (0.14 )%     (0.74 )%     10.55 %     3.26 %     5.53 %
Portfolio turnover rate     6.37 %     4.35 %     7.28 %     7.66 %     6.23 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account28Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Growth Allocation, L Share, M&E 1.75%  
    Year Ending
Dec. 31,		     Year Ending
Dec. 31,		     Year Ending
Dec. 31,		     Year Ending
Dec. 31,		     Year Ending
Dec. 31,		  
    2023     2022     2021     2020     2019  
Accumulation unit value at beginning of year   $ 15.03     $ 19.35     $ 17.22     $ 14.65     $ 12.18  
Net Investment Income (Loss) [A]     (0.01 )     (0.16 )     (0.17 )     0.01       0.31  
Net realized and unrealized gains (losses) on securities     1.97       (4.16 )     2.30       2.56       2.16  
Net increase (decrease) in accumulation unit value     1.96       (4.32 )     2.13       2.57       2.47  
Accumulation unit value at end of year   $ 16.99     $ 15.03     $ 19.35     $ 17.22     $ 14.65  
Total return     13.04 %     (22.33 )%     12.37 %     17.54 %     20.28 %
Net assets, end of year (000’s)     9,411       8,633       11,191       10,214       8,329  
Expenses to average net assets [B]     2.27 %     2.12 %     2.21 %     2.28 %     2.26 %
Net investment income (loss) to average net assets     (0.14 )%     (0.74 )%     10.55 %     3.26 %     5.53 %
Portfolio turnover rate     6.37 %     4.35 %     7.28 %     7.66 %     6.23 %

 

    Universal VIA Growth Allocation, L Share, M&E 1.75% Enhanced Benefits  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 14.51     $ 18.71     $ 16.69     $ 14.22     $ 11.86  
Net Investment Income (Loss) [A]     (0.01 )     (0.16 )     (0.17 )     0.01       0.31  
Net realized and unrealized gains (losses) on securities     1.86       (4.04 )     2.19       2.46       2.05  
Net increase (decrease) in accumulation unit value     1.85       (4.20 )     2.02       2.47       2.36  
Accumulation unit value at end of year   $ 16.36     $ 14.51     $ 18.71     $ 16.69     $ 14.22  
Total return     12.75 %     (22.45 )%     12.10 %     17.37 %     19.90 %
Net assets, end of year (000’s)     1,079     953       1,227       1,068       895  
Expenses to average net assets [B]     2.27 %     2.12 %     2.21 %     2.28 %     2.26 %
Net investment income (loss) to average net assets     (0.14 )%     (0.74 )%     10.55 %     3.26 %     5.53 %
Portfolio turnover rate     6.37 %     4.35 %     7.28 %     7.66 %     6.23 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account29Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Moderate Growth Allocation, B Share, M&E 1.40%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 15.29     $ 19.18     $ 17.64     $ 15.25     $ 13.10  
Net Investment Income (Loss) [A]     0.53       0.19       (0.03 )     0.37       0.44  
Net realized and unrealized gains (losses) on securities     1.14       (4.08 )     1.57       2.02       1.71  
Net increase (decrease) in accumulation unit value     1.67       (3.89 )     1.54       2.39       2.15  
Accumulation unit value at end of year   $ 16.96     $ 15.29     $ 19.18     $ 17.64     $ 15.25  
Total return     10.92 %     (20.28 )%     8.73 %     15.67 %     16.41 %
Net assets, end of year (000’s)     29,380       28,262       38,423       34,410       29,802  
Expenses to average net assets [B]     2.12 %     2.02 %     2.09 %     2.13 %     2.11 %
Net investment income (loss) to average net assets     0.53 %     (0.19 )%     8.16 %     3.02 %     4.46 %
Portfolio turnover rate     2.93 %     4.43 %     4.76 %     5.67 %     4.30 %

 

    Universal VIA Moderate Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 14.76     $ 18.55     $ 17.10     $ 14.81     $ 12.75  
Net Investment Income (Loss) [A]     0.53       0.19       (0.03 )     0.37       0.44  
Net realized and unrealized gains (losses) on securities     1.05       (3.98 )     1.48       1.92       1.62  
Net increase (decrease) in accumulation unit value     1.58       (3.79 )     1.45       2.29       2.06  
Accumulation unit value at end of year   $ 16.34     $ 14.76     $ 18.55     $ 17.10     $ 14.81  
Total return     10.70 %     (20.43 )%     8.48 %     15.46 %     16.16 %
Net assets, end of year (000’s)     5,385       5,290       6,369       5,961       4,928  
Expenses to average net assets [B]     2.12 %     2.02 %     2.09 %     2.13 %     2.11 %
Net investment income (loss) to average net assets     0.53 %     (0.19 )%     8.16 %     3.02 %     4.46 %
Portfolio turnover rate     2.93 %     4.43 %     4.76 %     5.67 %     4.30 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account30Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Moderate Growth Allocation, B Share, M&E 1.65%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 15.09     $ 18.96     $ 17.49     $ 15.15     $ 13.05  
Net Investment Income (Loss) [A]     0.53       0.19       (0.03 )     0.37       0.44  
Net realized and unrealized gains (losses) on securities     1.07       (4.06 )     1.50       1.97       1.66  
Net increase (decrease) in accumulation unit value     1.60       (3.87 )     1.47       2.34       2.10  
Accumulation unit value at end of year   $ 16.69     $ 15.09     $ 18.96     $ 17.49     $ 15.15  
Total return     10.60 %     (20.41 )%     8.40 %     15.45 %     16.09 %
Net assets, end of year (000’s)     8,511       8,311       10,326       9,922       11,047  
Expenses to average net assets [B]     2.12 %     2.02 %     2.09 %     2.13 %     2.11 %
Net investment income (loss) to average net assets     0.53 %     (0.19 )%     8.16 %     3.02 %     4.46 %
Portfolio turnover rate     2.93 %     4.43 %     4.76 %     5.67 %     4.30 %

 

    Universal VIA Moderate Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 14.61     $ 18.41     $ 17.01     $ 14.77     $ 12.75  
Net Investment Income (Loss) [A]     0.53       0.19       (0.03 )     0.37       0.44  
Net realized and unrealized gains (losses) on securities     0.99       (3.99 )     1.43       1.87       1.58  
Net increase (decrease) in accumulation unit value     1.52       (3.80 )     1.40       2.24       2.02  
Accumulation unit value at end of year   $ 16.13     $ 14.61     $ 18.41     $ 17.01     $ 14.77  
Total return     10.40 %     (20.64 )%     8.23 %     15.17 %     15.84 %
Net assets, end of year (000’s)     872       882       1,143       1,207       1,504  
Expenses to average net assets [B]     2.12 %     2.02 %     2.09 %     2.13 %     2.11 %
Net investment income (loss) to average net assets     0.53 %     (0.19 )%     8.16 %     3.02 %     4.46 %
Portfolio turnover rate     2.93 %     4.43 %     4.76 %     5.67 %     4.30 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account31Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Moderate Growth Allocation, C Share, M&E 1.95%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 13.87     $ 17.49     $ 16.18     $ 14.06     $ 12.15  
Net Investment Income (Loss) [A]     0.53       0.19       (0.03 )     0.37       0.44  
Net realized and unrealized gains (losses) on securities     0.90       (3.81 )     1.34       1.75       1.47  
Net increase (decrease) in accumulation unit value     1.43       (3.62 )     1.31       2.12       1.91  
Accumulation unit value at end of year   $ 15.30     $ 13.87     $ 17.49     $ 16.18     $ 14.06  
Total return     10.31 %     (20.70 )%     8.10 %     15.08 %     15.72 %
Net assets, end of year (000’s)     1,047       1,137       1,367       1,247       1,290  
Expenses to average net assets [B]     2.12 %     2.02 %     2.09 %     2.13 %     2.11 %
Net investment income (loss) to average net assets     0.53 %     (0.19 )%     8.16 %     3.02 %     4.46 %
Portfolio turnover rate     2.93 %     4.43 %     4.76 %     5.67 %     4.30 %

 

    Universal VIA Moderate Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 13.39     $ 16.92     $ 15.68     $ 13.66     $ 11.82  
Net Investment Income (Loss) [A]     0.53       0.19       (0.03 )     0.37       0.44  
Net realized and unrealized gains (losses) on securities     0.82       (3.72 )     1.27       1.65       1.40  
Net increase (decrease) in accumulation unit value     1.35       (3.53 )     1.24       2.02       1.84  
Accumulation unit value at end of year   $ 14.74     $ 13.39     $ 16.92     $ 15.68     $ 13.66  
Total return     10.08 %     (20.86 )%     7.91 %     14.79 %     15.57 %
Net assets, end of year (000’s)     82       97       582       779       693  
Expenses to average net assets [B]     2.12 %     2.02 %     2.09 %     2.13 %     2.11 %
Net investment income (loss) to average net assets     0.53 %     (0.19 )%     8.16 %     3.02 %     4.46 %
Portfolio turnover rate     2.93 %     4.43 %     4.76 %     5.67 %     4.30 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account32Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Moderate Growth Allocation, L Share, M&E 1.50%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 15.03     $ 18.86     $ 17.37     $ 15.02     $ 12.92  
Net Investment Income (Loss) [A]     0.53       0.19       (0.03 )     0.37       0.44  
Net realized and unrealized gains (losses) on securities     1.09       (4.02 )     1.52       1.98       1.66  
Net increase (decrease) in accumulation unit value     1.62       (3.83 )     1.49       2.35       2.10  
Accumulation unit value at end of year   $ 16.65     $ 15.03     $ 18.86     $ 17.37     $ 15.02  
Total return     10.78 %     (20.31 )%     8.58 %     15.65 %     16.25 %
Net assets, end of year (000’s)     1,772       1,702       2,201       2,022       1,857  
Expenses to average net assets [B]     2.12 %     2.02 %     2.09 %     2.13 %     2.11 %
Net investment income (loss) to average net assets     0.53 %     (0.19 )%     8.16 %     3.02 %     4.46 %
Portfolio turnover rate     2.93 %     4.43 %     4.76 %     5.67 %     4.30 %

 

    Universal VIA Moderate Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 14.50     $ 18.24     $ 16.83     $ 14.59     $ 12.58  
Net Investment Income (Loss) [A]     0.53       0.19       (0.03 )     0.37       0.44  
Net realized and unrealized gains (losses) on securities     1.00       (3.93 )     1.44       1.87       1.57  
Net increase (decrease) in accumulation unit value     1.53       (3.74 )     1.41       2.24       2.01  
Accumulation unit value at end of year   $ 16.03     $ 14.50     $ 18.24     $ 16.83     $ 14.59  
Total return     10.55 %     (20.50 )%     8.38 %     15.35 %     15.98 %
Net assets, end of year (000’s)     124       168       209       245       213  
Expenses to average net assets [B]     2.12 %     2.02 %     2.09 %     2.13 %     2.11 %
Net investment income (loss) to average net assets     0.53 %     (0.19 )%     8.16 %     3.02 %     4.46 %
Portfolio turnover rate     2.93 %     4.43 %     4.76 %     5.67 %     4.30 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account33Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Moderate Growth Allocation, L Share, M&E 1.75%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 14.38     $ 18.09     $ 16.70     $ 14.48     $ 12.49  
Net Investment Income (Loss) [A]     0.53       0.19       (0.03 )     0.37       0.44  
Net realized and unrealized gains (losses) on securities     0.97       (3.90 )     1.42       1.85       1.55  
Net increase (decrease) in accumulation unit value     1.50       (3.71 )     1.39       2.22       1.99  
Accumulation unit value at end of year   $ 15.88     $ 14.38     $ 18.09     $ 16.70     $ 14.48  
Total return     10.43 %     (20.51 )%     8.32 %     15.33 %     15.93 %
Net assets, end of year (000’s)     5,832       6,092       8,809       8,824       8,529  
Expenses to average net assets [B]     2.12 %     2.02 %     2.09 %     2.13 %     2.11 %
Net investment income (loss) to average net assets     0.53 %     (0.19 )%     8.16 %     3.02 %     4.46 %
Portfolio turnover rate     2.93 %     4.43 %     4.76 %     5.67 %     4.30 %

 

    Universal VIA Moderate Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 13.87     $ 17.49     $ 16.18     $ 14.06     $ 12.15  
Net Investment Income (Loss) [A]     0.53       0.19       (0.03 )     0.37       0.44  
Net realized and unrealized gains (losses) on securities     0.90       (3.81 )     1.34       1.75       1.47  
Net increase (decrease) in accumulation unit value     1.43       (3.62 )     1.31       2.12       1.91  
Accumulation unit value at end of year   $ 15.30     $ 13.87     $ 17.49     $ 16.18     $ 14.06  
Total return     10.31 %     (20.70 )%     8.10 %     15.08 %     15.72 %
Net assets, end of year (000’s)     1,688       1,721       2,348       2,225       2,011  
Expenses to average net assets [B]     2.12 %     2.02 %     2.09 %     2.13 %     2.11 %
Net investment income (loss) to average net assets     0.53 %     (0.19 )%     8.16 %     3.02 %     4.46 %
Portfolio turnover rate     2.93 %     4.43 %     4.76 %     5.67 %     4.30 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account34Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA International Growth Allocation, B Share, M&E 1.40%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 10.98     $ 13.82     $ 13.03     $ 11.68     $ 9.76  
Net Investment Income [A]     0.89       0.21       0.20       0.19       0.52  
Net realized and unrealized gains (losses) on securities     0.03       (3.05 )     0.59       1.16       1.40  
Net increase (decrease) in accumulation unit value     0.92       (2.84 )     0.79       1.35       1.92  
Accumulation unit value at end of year   $ 11.90     $ 10.98     $ 13.82     $ 13.03     $ 11.68  
Total return     8.38 %     (20.55 )%     6.06 %     11.56 %     19.67 %
Net assets, end of year (000’s)     2,282       2,066       2,468       2,110       1,917  
Expenses to average net assets [B]     3.08 %     2.44 %     2.44 %     2.52 %     2.26 %
Net investment income (loss) to average net assets     (0.16 )%     (0.76 )%     3.30 %     (1.38 )%     (0.03 )%
Portfolio turnover rate     2.83 %     8.01 %     8.03 %     5.16 %     7.68 %

 

    Universal VIA International Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 10.60     $ 13.36     $ 12.63     $ 11.34     $ 9.49  
Net Investment Income [A]     0.89       0.21       0.20       0.19       0.52  
Net realized and unrealized gains (losses) on securities     (0.02 )     (2.97 )     0.53       1.10       1.33  
Net increase (decrease) in accumulation unit value     0.87       (2.76 )     0.73       1.29       1.85  
Accumulation unit value at end of year   $ 11.47     $ 10.60     $ 13.36     $ 12.63     $ 11.34  
Total return     8.21 %     (20.66 )%     5.78 %     11.38 %     19.49 %
Net assets, end of year (000’s)     137       132       608       585       565  
Expenses to average net assets [B]     3.08 %     2.44 %     2.44 %     2.52 %     2.26 %
Net investment income (loss) to average net assets     (0.16 )%     (0.76 )%     3.30 %     (1.38 )%     (0.03 )%
Portfolio turnover rate     2.83 %     8.01 %     8.03 %     5.16 %     7.68 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account35Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA International Growth Allocation, B Share, M&E 1.65%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 10.83     $ 13.66     $ 12.92     $ 11.60     $ 9.72  
Net Investment Income [A]     0.89       0.21       0.20       0.19       0.52  
Net realized and unrealized gains (losses) on securities     (0.01 )     (3.04 )     0.54       1.13       1.36  
Net increase (decrease) in accumulation unit value     0.88       (2.83 )     0.74       1.32       1.88  
Accumulation unit value at end of year   $ 11.71     $ 10.83     $ 13.66     $ 12.92     $ 11.60  
Total return     8.13 %     (20.72 )%     5.73 %     11.38 %     19.34 %
Net assets, end of year (000’s)     1,289       1,551       2,049       2,370       2,200  
Expenses to average net assets [B]     3.08 %     2.44 %     2.44 %     2.52 %     2.26 %
Net investment income (loss) to average net assets     (0.16 )%     (0.76 )%     3.30 %     (1.38 )%     (0.03 )%
Portfolio turnover rate     2.83 %     8.01 %     8.03 %     5.16 %     7.68 %

 

    Universal VIA International Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 10.49     $ 13.26     $ 12.57     $ 11.31     $ 9.49  
Net Investment Income [A]     0.89       0.21       0.20       0.19       0.52  
Net realized and unrealized gains (losses) on securities     (0.06 )     (2.98 )     0.49       1.07       1.30  
Net increase (decrease) in accumulation unit value     0.83       (2.77 )     0.69       1.26       1.82  
Accumulation unit value at end of year   $ 11.32     $ 10.49     $ 13.26     $ 12.57     $ 11.31  
Total return     7.91 %     (20.89 )%     5.49 %     11.14 %     19.18 %
Net assets, end of year (000’s)     209       306       384       397       384  
Expenses to average net assets [B]     3.08 %     2.44 %     2.44 %     2.52 %     2.26 %
Net investment income (loss) to average net assets     (0.16 )%     (0.76 )%     3.30 %     (1.38 )%     (0.03 )%
Portfolio turnover rate     2.83 %     8.01 %     8.03 %     5.16 %     7.68 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account36Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA International Growth Allocation, C Share, M&E 1.95%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 9.96     $ 12.60     $ 11.96     $ 10.77     $ 9.05  
Net Investment Income [A]     0.89       0.21       0.20       0.19       0.52  
Net realized and unrealized gains (losses) on securities     (0.11 )     (2.85 )     0.44       1.00       1.20  
Net increase (decrease) in accumulation unit value     0.78       (2.64 )     0.64       1.19       1.72  
Accumulation unit value at end of year   $ 10.74     $ 9.96     $ 12.60     $ 11.96     $ 10.77  
Total return     7.83 %     (20.95 )%     5.35 %     11.05 %     19.01 %
Net assets, end of year (000’s)     286       266       301       307       271  
Expenses to average net assets [B]     3.08 %     2.44 %     2.44 %     2.52 %     2.26 %
Net investment income (loss) to average net assets     (0.16 )%     (0.76 )%     3.30 %     (1.38 )%     (0.03 )%
Portfolio turnover rate     2.83 %     8.01 %     8.03 %     5.16 %     7.68 %

 

    Universal VIA International Growth Allocation, C Share, M&E 1.65% Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 9.61     $ 12.19     $ 11.59     $ 10.46     $ 8.80  
Net Investment Income [A]     0.89       0.21       0.20       0.19       0.52  
Net realized and unrealized gains (losses) on securities     (0.16 )     (2.79 )     0.40       0.94       1.14  
Net increase (decrease) in accumulation unit value     0.73       (2.58 )     0.60       1.13       1.66  
Accumulation unit value at end of year   $ 10.34     $ 9.61     $ 12.19     $ 11.59     $ 10.46  
Total return     7.60 %     (21.16 )%     5.18 %     10.80 %     18.86 %
Net assets, end of year (000’s)     16       15       16       16       15  
Expenses to average net assets [B]     3.08 %     2.44 %     2.44 %     2.52 %     2.26 %
Net investment income (loss) to average net assets     (0.16 )%     (0.76 )%     3.30 %     (1.38 )%     (0.03 )%
Portfolio turnover rate     2.83 %     8.01 %     8.03 %     5.16 %     7.68 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account37Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA International Growth Allocation, L Share, M&E 1.50%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 10.79     $ 13.59     $ 12.83     $ 11.51     $ 9.62  
Net Investment Income [A]     0.89       0.21       0.20       0.19       0.52  
Net realized and unrealized gains (losses) on securities     (0.00 )     (3.01 )     0.56       1.13       1.37  
Net increase (decrease) in accumulation unit value     0.89       (2.80 )     0.76       1.32       1.89  
Accumulation unit value at end of year   $ 11.68     $ 10.79     $ 13.59     $ 12.83     $ 11.51  
Total return     8.25 %     (20.60 )%     5.92 %     11.47 %     19.65 %
Net assets, end of year (000’s)     82       76       176       166       160  
Expenses to average net assets [B]     3.08 %     2.44 %     2.44 %     2.52 %     2.26 %
Net investment income (loss) to average net assets     (0.16 )%     (0.76 )%     3.30 %     (1.38 )%     (0.03 )%
Portfolio turnover rate     2.83 %     8.01 %     8.03 %     5.16 %     7.68 %

 

    Universal VIA International Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 10.41     $ 13.14     $ 12.43     $ 11.17     $ 9.36  
Net Investment Income [A]     0.89       0.21       0.20       0.19       0.52  
Net realized and unrealized gains (losses) on securities     (0.05 )     (2.94 )     0.51       1.07       1.29  
Net increase (decrease) in accumulation unit value     0.84       (2.73 )     0.71       1.26       1.81  
Accumulation unit value at end of year   $ 11.25     $ 10.41     $ 13.14     $ 12.43     $ 11.17  
Total return     8.07 %     (20.78 )%     5.71 %     11.28 %     19.34 %
Net assets, end of year (000’s)     11       10       12       12       10  
Expenses to average net assets [B]     3.08 %     2.44 %     2.44 %     2.52 %     2.26 %
Net investment income (loss) to average net assets     (0.16 )%     (0.76 )%     3.30 %     (1.38 )%     (0.03 )%
Portfolio turnover rate     2.83 %     8.01 %     8.03 %     5.16 %     7.68 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account38Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA International Growth Allocation, L Share, M&E 1.75%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 10.32     $ 13.03     $ 12.34     $ 11.09     $ 9.30  
Net Investment Income [A]     0.89       0.21       0.20       0.19       0.52  
Net realized and unrealized gains (losses) on securities     (0.06 )     (2.92 )     0.49       1.06       1.27  
Net increase (decrease) in accumulation unit value     0.83       (2.71 )     0.69       1.25       1.79  
Accumulation unit value at end of year   $ 11.15     $ 10.32     $ 13.03     $ 12.34     $ 11.09  
Total return     8.04 %     (20.80 )%     5.59 %     11.27 %     19.25 %
Net assets, end of year (000’s)     564       926       1,226       1,174       1,124  
Expenses to average net assets [B]     3.08 %     2.44 %     2.44 %     2.52 %     2.26 %
Net investment income (loss) to average net assets     (0.16 )%     (0.76 )%     3.30 %     (1.38 )%     (0.03 )%
Portfolio turnover rate     2.83 %     8.01 %     8.03 %     5.16 %     7.68 %

 

    Universal VIA International Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 9.96     $ 12.60     $ 11.96     $ 10.77     $ 9.05  
Net Investment Income [A]     0.89       0.21       0.20       0.19       0.52  
Net realized and unrealized gains (losses) on securities     (0.11 )     (2.85 )     0.44       1.00       1.20  
Net increase (decrease) in accumulation unit value     0.78       (2.64 )     0.64       1.19       1.72  
Accumulation unit value at end of year   $ 10.74     $ 9.96     $ 12.60     $ 11.96     $ 10.77  
Total return     7.83 %     (20.95 )%     5.35 %     11.05 %     19.01 %
Net assets, end of year (000’s)     286       280       347       297       262  
Expenses to average net assets [B]     3.08 %     2.44 %     2.44 %     2.52 %     2.26 %
Net investment income (loss) to average net assets     (0.16 )%     (0.76 )%     3.30 %     (1.38 )%     (0.03 )%
Portfolio turnover rate     2.83 %     8.01 %     8.03 %     5.16 %     7.68 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account39Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Money Market, B Share, M&E 1.40%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 7.33     $ 7.40     $ 7.55     $ 7.67     $ 7.72  
Net Investment Income (Loss) [A]     (0.05 )     (0.32 )     (0.54 )     0.07       0.03  
Net realized and unrealized gains (losses) on securities     0.22       0.25       0.39       (0.19 )     (0.08 )
Net increase (decrease) in accumulation unit value     0.17       (0.07 )     (0.15 )     (0.12 )     (0.05 )
Accumulation unit value at end of year   $ 7.50     $ 7.33     $ 7.40     $ 7.55     $ 7.67  
Total return     2.32 %     (0.95 )%     (1.99 )%     (1.56 )%     (0.65 )%
Net assets, end of year (000’s)     1,212       1,396       1,385       2,627       2,748  
Expenses to average net assets [B]     3.50 %     2.53 %     2.39 %     2.35 %     2.68 %
Net investment income (loss) to average net assets     1.22 %     (1.24 )%     (2.12 )%     (1.93 )%     (0.99 )%
Portfolio turnover rate     42.16 %     98.58 %     29.32 %     117.91 %     76.45 %

 

    Universal VIA Money Market, B Share, M&E 1.40% Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 7.08     $ 7.17     $ 7.33     $ 7.46     $ 7.52  
Net Investment Income (Loss) [A]     (0.05 )     (0.32 )     (0.54 )     0.07       0.03  
Net realized and unrealized gains (losses) on securities     0.21       0.23       0.38       (0.20 )     (0.09 )
Net increase (decrease) in accumulation unit value     0.16       (0.09 )     (0.16 )     (0.13 )     (0.06 )
Accumulation unit value at end of year   $ 7.24     $ 7.08     $ 7.17     $ 7.33     $ 7.46  
Total return     2.26 %     (1.26 )%     (2.18 )%     (1.74 )%     (0.80 )%
Net assets, end of year (000’s)     453       478       502       524       161  
Expenses to average net assets [B]     3.50 %     2.53 %     2.39 %     2.35 %     2.68 %
Net investment income (loss) to average net assets     1.22 %     (1.24 )%     (2.12 )%     (1.93 )%     (0.99 )%
Portfolio turnover rate     42.16 %     98.58 %     29.32 %     117.91 %     76.45 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account40Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Money Market, B Share, M&E 1.65%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 7.28     $ 7.37     $ 7.53     $ 7.68     $ 7.74  
Net Investment Income (Loss) [A]     (0.05 )     (0.32 )     (0.54 )     0.07       0.03  
Net realized and unrealized gains (losses) on securities     0.20       0.23       0.38       (0.22 )     (0.09 )
Net increase (decrease) in accumulation unit value     0.15       (0.09 )     (0.16 )     (0.15 )     (0.06 )
Accumulation unit value at end of year   $ 7.43     $ 7.28     $ 7.37     $ 7.53     $ 7.68  
Total return     2.06 %     (1.22 )%     (2.12 )%     (1.95 )%     (0.78 )%
Net assets, end of year (000’s)     315       285       821       1,090       683  
Expenses to average net assets [B]     3.50 %     2.53 %     2.39 %     2.35 %     2.68 %
Net investment income (loss) to average net assets     1.22 %     (1.24 )%     (2.12 )%     (1.93 )%     (0.99 )%
Portfolio turnover rate     42.16 %     98.58 %     29.32 %     117.91 %     76.45 %

 

    Universal VIA Money Market, B Share, M&E 1.65% Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 6.87     $ 6.97     $ 7.14     $ 7.29     $ 7.36  
Net Investment Income (Loss) [A]     (0.05 )     (0.32 )     (0.54 )     0.07       0.03  
Net realized and unrealized gains (losses) on securities     0.18       0.22       0.37       (0.22 )     (0.10 )
Net increase (decrease) in accumulation unit value     0.13       (0.10 )     (0.17 )     (0.15 )     (0.07 )
Accumulation unit value at end of year   $ 7.00     $ 6.87     $ 6.97     $ 7.14     $ 7.29  
Total return     1.89 %     (1.43 )%     (2.38 )%     (2.06 )%     (0.95 )%
Net assets, end of year (000’s)     69       130       60       126       137  
Expenses to average net assets [B]     3.50 %     2.53 %     2.39 %     2.35 %     2.68 %
Net investment income (loss) to average net assets     1.22 %     (1.24 )%     (2.12 )%     (1.93 )%     (0.99 )%
Portfolio turnover rate     42.16 %     98.58 %     29.32 %     117.91 %     76.45 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account41Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Money Market, C Share, M&E 1.95%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 6.68     $ 6.78     $ 6.96     $ 7.11     $ 7.19  
Net Investment Income (Loss) [A]     (0.05 )     (0.32 )     (0.54 )     0.07       0.03  
Net realized and unrealized gains (losses) on securities     0.17       0.22       0.36       (0.22 )     (0.11 )
Net increase (decrease) in accumulation unit value     0.12       (0.10 )     (0.18 )     (0.15 )     (0.08 )
Accumulation unit value at end of year   $ 6.80     $ 6.68     $ 6.78     $ 6.96     $ 7.11  
Total return     1.80 %     (1.47 )%     (2.59 )%     (2.11 )%     (1.11 )%
Net assets, end of year (000’s)     416       448       411       415       429  
Expenses to average net assets [B]     3.50 %     2.53 %     2.39 %     2.35 %     2.68 %
Net investment income (loss) to average net assets     1.22 %     (1.24 )%     (2.12 )%     (1.93 )%     (0.99 )%
Portfolio turnover rate     42.16 %     98.58 %     29.32 %     117.91 %     76.45 %

 

    Universal VIA Money Market, C Share, M&E 1.95% Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 6.45     $ 6.57     $ 6.75     $ 6.91     $ 7.00  
Net Investment Income (Loss) [A]     (0.05 )     (0.32 )     (0.54 )     0.07       0.03  
Net realized and unrealized gains (losses) on securities     0.16       0.20       0.36       (0.23 )     (0.12 )
Net increase (decrease) in accumulation unit value     0.11       (0.12 )     (0.18 )     (0.16 )     (0.09 )
Accumulation unit value at end of year   $ 6.56     $ 6.45     $ 6.57     $ 6.75     $ 6.91  
Total return     1.71 %     (1.83 )%     (2.67 )%     (2.32 )%     (1.29 )%
Net assets, end of year (000’s)     165       166       172       203       212  
Expenses to average net assets [B]     3.50 %     2.53 %     2.39 %     2.35 %     2.68 %
Net investment income (loss) to average net assets     1.22 %     (1.24 )%     (2.12 )%     (1.93 )%     (0.99 )%
Portfolio turnover rate     42.16 %     98.58 %     29.32 %     117.91 %     76.45 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account42Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Money Market, L Share, M&E 1.50%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 7.20     $ 7.28     $ -     $ -     $ -  
Net Investment (Loss) [A]     (0.05 )     (0.32 )     (0.54 )     -       -  
Net realized and unrealized gains on securities     0.22       0.24       7.82       -       -  
Net increase (decrease) in accumulation unit value     0.17       (0.08 )     7.28       -       -  
Accumulation unit value at end of year   $ 7.37     $ 7.20     $ 7.28     $ -     $ -  
Total return     2.36 %     - %     - %     - %     - %
Net assets, end of year (000’s)     58       57       1       -       -  
Expenses to average net assets [B]     3.50 %     2.53 %     2.39 %     - %     - %
Net investment income (loss) to average net assets     1.22 %     (1.24 )%     (2.12 )%     - %     - %
Portfolio turnover rate     42.16 %     98.58 %     29.32 %     - %     - %

 

    Universal VIA Money Market, L Share, M&E 1.50% Enhanced Death Benefit  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 6.97     $ 7.05     $ 7.22     $ 7.36     $ 7.42  
Net Investment Income (Loss) [A]     (0.05 )     (0.32 )     (0.54 )     0.07       0.03  
Net realized and unrealized gains (losses) on securities     0.19       0.24       0.37       (0.21 )     (0.09 )
Net increase (decrease) in accumulation unit value     0.14       (0.08 )     (0.17 )     (0.14 )     (0.06 )
Accumulation unit value at end of year   $ 7.11     $ 6.97     $ 7.05     $ 7.22     $ 7.36  
Total return     2.01 %     (1.13 )%     (2.35 )%     (1.90 )%     (0.81 )%
Net assets, end of year (000’s)     7       7       3       4       4  
Expenses to average net assets [B]     3.50 %     2.53 %     2.39 %     2.35 %     2.68 %
Net investment income (loss) to average net assets     1.22 %     (1.24 )%     (2.12 )%     (1.93 )%     (0.99 )%
Portfolio turnover rate     42.16 %     98.58 %     29.32 %     117.91 %     76.45 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account43Annual Report 2023

 

 

FINANCIAL HIGHLIGHTS

 

 

    Universal VIA Money Market, L Share, M&E 1.75%  
    Year Ending
Dec. 31,
2023		     Year Ending
Dec. 31,
2022		     Year Ending
Dec. 31,
2021		     Year Ending
Dec. 31,
2020		     Year Ending
Dec. 31,
2019		  
Accumulation unit value at beginning of year   $ 6.98     $ 7.07     $ 7.24     $ 7.39     $ 7.45  
Net Investment Income (Loss) [A]     (0.05 )     (0.32 )     (0.54 )     0.07       0.03  
Net realized and unrealized gains (losses) on securities     0.19       0.23       0.37       (0.22 )     (0.09 )
Net increase (decrease) in accumulation unit value     0.14       (0.09 )     (0.17 )     (0.15 )     (0.06 )
Accumulation unit value at end of year   $ 7.12     $ 6.98     $ 7.07     $ 7.24     $ 7.39  
Total return     2.01 %     (1.27 )%     (2.35 )%     (2.03 )%     (0.81 )%
Net assets, end of year (000’s)     130       531       390       601       451  
Expenses to average net assets [B]     3.50 %     2.53 %     2.39 %     2.35 %     2.68 %
Net investment income (loss) to average net assets     1.22 %     (1.24 )%     (2.12 )%     (1.93 )%     (0.99 )%
Portfolio turnover rate     42.16 %     98.58 %     29.32 %     117.91 %     76.45 %

 

[A] Calculated as the difference between the undistributed net income attributable to an accumulation unit at the beginning and end of year, divided by the number of accumulation units outstanding at the respective dates.
[B] Does not include expenses of the underlying investments in which the Subaccount invests.

 

Fortune V Separate Account44Annual Report 2023

 

 

NOTES TO FINANCIAL STATEMENTS

 

 

December 31, 2023

 

1.ORGANIZATION

 

Fortune V Separate Account (the “Separate Account”) is a non-diversified separate account of Universal Life Insurance Company (“ULICO”), a wholly owned subsidiary of Universal Insurance Company (“UNICO”), which is a wholly owned subsidiary of Universal Group, Inc. (“UNIGR”). ULICO is domiciled in Puerto Rico and operates under the provisions of the Puerto Rico Insurance Code. The Separate Account was established in March 2007 to record and account for assets and liabilities associated with Universal Variable Annuity (“VIA”) line of business. Effective May 24, 2021, the Separate Account became registered under the Investment Company Act of 1940, as amended (the “1940 Act”). On December 23, 2021, the Separate Account became effective under the Securities Act of 1933, as amended (the “1933 Act”). Universal VIA sales were not available from the period from May 24, 2021 thru December 23, 2021, when the registration became effective under the 1933 Act. The Separate Account follows investment company accounting and reporting guidance in accordance with Accounting Standards Codification Section 946, Financial Services – Investment Companies. The Separate Account is composed of six different subaccounts (each, a “Subaccount” and collectively, the “Subaccounts”) that are separate investment funds and are as follows:

 

Subaccount
Fortune V Separate Account - Universal VIA Conservative Allocation (“VIA Conservative Alloc”)
Fortune V Separate Account - Universal VIA Moderate Allocation (“VIA Moderate Alloc”)
Fortune V Separate Account - Universal VIA Moderate Growth Allocation (“VIA Mod Growth Alloc”)
Fortune V Separate Account - Universal VIA Growth Allocation (“VIA Growth Alloc”)
Fortune V Separate Account - Universal VIA International Moderate Growth Allocation (“VIA Int Mod Growth Alloc”)
Fortune V Separate Account - Universal Money Market (“VIA Money Mrkt Alloc”)

 

Each Subaccount invests substantially all of its investable assets among mutual funds. Assets within the Separate Account are legally insulated from ULICO assets. The only shareholders of the Separate Account are contract holders of the Universal VIA annuity product issued by ULICO.

 

The Fortune V Separate Account maintains Morningstar Investment Management LLC as the Portfolio Construction Manager to serve as asset allocation consultant in connection with the management of the Sub-Accounts with the exception of the Money Market Portfolio. Morningstar Investment Management LLC is a registered investment adviser and wholly owned subsidiary of Morningstar, Inc.

 

The Statement of Additional Information (“SAI”) provides information about the portfolio managers’ compensation, other accounts managed by the portfolio managers, and the portfolio managers’ ownership of securities in the Variable Account. The SAI, is available without charge upon request by calling 1-787-706-7337 and on the SEC’s website at www.sec.gov.

 

2.SIGNIFICANT ACCOUNTING POLICIES

 

Use of Estimates: In preparing the Subaccounts’ financial statements in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures.

 

Security transactions: Security transactions are accounted for on the trade date. Security gains and losses are calculated on the specific identification basis. Net realized gains (losses) are included in the statement of operations.

 

Operating expenses: The Separate Account, accounts separately for the assets, liabilities, and operations of each Subaccount. Each Subaccount indirectly bears the fees and expenses reflected in the underlying mutual funds unit value. These expenses are not reflected in the expenses within the Statements of Operations of the Subaccount and are not included in the Expenses to average net assets, and Net investment income (loss) to average net assets within the Financial Highlights.

 

A daily charge from the net assets in each variable investment option is assessed by ULICO to compensate for operational expenses of the Separate Account, a portion of which relates to mortality and expense risks. The daily charge on an annualized basis may be 1.40%, 1.75% or 1.95% based on the contract class.

 

Commitments and contingencies: In the normal course of business, the Subaccounts enter into contracts that contain a variety of representations that provide general indemnifications. The Subaccounts’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Subaccounts and/or their affiliates that have not yet occurred. However, based on experience, the Subaccounts expect the risk of loss to be remote.

 

Dividends: Dividends payable to the Variable Account are automatically reinvested in shares of the Separate Account when paid. Dividend income is recognized on the ex-dividend date.

 

45

 

 

NOTES TO FINANCIAL STATEMENTS

 

 

December 31, 2023

 

3.INVESTMENT VALUATION

 

All investments in securities are recorded at their estimated fair value. The value of each Subaccount’s investment in a corresponding underlying mutual funds is valued at the mutual fund unit value per share at the official close of the New York Stock Exchange (“NYSE”) each day the NYSE is open for business.

 

The Subaccounts utilize various methods to measure the fair value of their investments on a recurring basis. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The three levels (“Levels”) of inputs of the fair value hierarchy are defined as follows:

 

Level 1—Unadjusted quoted prices in active markets for identical securities.

 

Level 2—Inputs, other than quoted prices included in Level 1, which are observable, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates, and similar data.

 

Level 3—Unobservable inputs based on the best information available in the circumstances, to the extent observable inputs are not available, which may include the Subaccounts’ own assumptions used in determining the fair value of investments.

 

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using net asset value (“NAV”) per share, or its equivalent, using the “practical expedient”. All of the investments of the Separate Account have a level 1 fair value hierarchy classification at December 31, 2023, which is disclosed within the Investment Valuation section of each Subaccount’s Schedule of Investments. There were no Level 3 investments at the beginning and/or end of the year.

 

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, but not limited to, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is generally greatest for instruments categorized in Level 3. Due to the inherent uncertainty of valuation, the determination of values may differ significantly from values that would have been realized had a ready market for investments existed, and the differences could be material.

 

Fair value measurements: Each Subaccount invests substantially all of its investable assets among mutual funds. Investment companies are valued at the actively traded NAV and no valuation adjustments are applied. These investment companies are categorized in Level 1 of the fair value hierarchy.

 

4.RISK AND UNCERTAINTIES

 

Investing in the Subaccounts involves certain key risks related to the Subaccounts’ trading activity. Please refer to the Subaccounts’ prospectus for a more complete discussion of the following risks, as well as other risks of investing in the Subaccounts.

 

Market risk: The market values of a Subaccount’s securities and other assets will fluctuate, sometimes sharply and unpredictably, due to changes in general market conditions, overall economic trends or events, governmental actions or interventions, actions taken by the U.S. Federal Reserve or foreign central banks, political developments, warfare conflicts, investor sentiment, public health emergencies such as a pandemic, and other factors that may or may not be related to the issuer of the security or other asset. The market prices of securities and other assets also may go down due to events or conditions that affect particular sectors, industries or issuers. Adverse market conditions may be prolonged and may not have the same impact on all types of securities or other assets.

 

Economies and financial markets throughout the world are increasingly interconnected. Economic, financial or political events, trading and tariff arrangements, public health events, terrorism, technology and data interruptions, natural disasters, and other circumstances in one or more countries or regions could be highly disruptive to, and have profound impacts on, global economies or markets. As a result, whether or not a Subaccount invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of a Subaccount’s investments may be affected adversely and negatively impact a Subaccount’s performance.

 

Because ULICO’s business is written in Puerto Rico, ULICO’s insurance risk is not as diversified as the risk of a carrier that covers a broader geographical area. A natural catastrophe could cause damage to a large number of ULICO’s policyholders, which would result in significantly increased losses to ULICO. Management believes, however, that ULICO’s reinsurance program will reduce to a manageable level its net exposure in any such catastrophe.

 

Other matters: ULICO and its affiliates are parties to various legal proceedings that originated in the normal course of business. None of these proceedings would be likely to have a material adverse effect, if any, upon the Separate Account, our ability to meet our obligations under the contracts, or the distribution of the contracts.

 

46

 

 

NOTES TO FINANCIAL STATEMENTS

 

 

December 31, 2023

 

5.FEES AND OTHER AFFILIATED TRANSACTIONS

 

The Separate Account has an investment advisory agreement with Universal Financial Services, Inc., (“UFS”). UFS, a Puerto Rico corporation, is a wholly-owned subsidiary of UNIGR and an affiliate of ULICO. Pursuant the investment advisory agreement, UFS charges a fee to the Subaccounts of 0.35% of the value of the net assets of the Subaccounts. The advisory expenses included in the accompanying statements of operations consist of fees charged by UFS to the Separate Account during the year ended December 31, 2023. Advisory fees due to UFS as of December 31, 2023 amounted to $103,178, included as accrued expenses in the accompanying statements of assets and liabilities.

 

Certain officers of the Separate Account are also officers, or employees of UNIGR or its affiliates. None of the Separate Account’s officers receives compensation from the Subaccounts. Board members received fees amounting to $35,500 during the year ended December 31, 2023 from ULICO.

 

During the year ended December 31, 2023, the Subaccounts incurred no brokerage commissions on security transactions.

 

6.PURCHASES AND SALES OF SECURITIES

 

For the year ended December 31, 2023, the cost of securities purchased and proceeds from securities sold are as follows:

 

Subaccount Purchases of
Securities		  
 		 Sale of
Securities
 
Universal VIA Conservative Allocation   $ 16,406,967     $ 26,733,995  
Universal VIA Moderate Allocation     59,439,848       91,445,337  
Universal VIA Moderate Growth Allocation     7,845,463       11,766,771  
Universal VIA Growth Allocation     7,551,037       6,510,887  
Universal VIA International Moderate Growth Allocation     541,016       1,447,656  
Universal Money Market     1,326,602       1,985,535  

 

7.INCOME TAXES

 

The operations of the Separate Account are included in the operations of ULICO. Based on current tax law, ULICO does not incur any income tax on the earnings or realized capital gains attributable to the Separate Account. As a result, no charges are currently being deducted from the Separate Account for federal and Puerto Rico income tax purposes. The Separate Account concluded that there are no uncertain tax positions. Uncertain tax positions are recognized if it is “more likely than not” that the position will be sustained assuming an examination by the tax authorities.

 

Pursuant to Section 1023.01 of the Puerto Rico Internal Revenue Code of 2011, as amended, a special tax equal to 0.10% of the total asset value of the Separate Account as of December 31 of each calendar year is reported and fully paid by ULICO. This special tax is payable to the Puerto Rico Treasury Department. Special tax corresponding to the year ended December 31, 2023 amounted to $371,092 and is included in units redeemed in the accompanying Statements of Changes in Net Assets.

 

8.SUBSEQUENT EVENT

 

The Company has evaluated all subsequent events through February 28, 2024, the date the financial statements were issued. No events have occurred subsequent to December 31, 2023 that would require recognition in the financial statements.

 

47

 

 

 

 

Report of Independent Registered Public Accounting Firm

 

 

To the Shareholders and Board of Directors of Fortune V Separate Account:

  

 

Opinion on the financial statements

We have audited the accompanying statements of assets and liabilities of Fortune V Separate Account (“Fortune V”) (comprising Fortune V Separate Account - Universal VIA Conservative Allocation, Fortune V Separate Account - Universal VIA Moderate Allocation, Fortune V Separate Account- Universal VIA Moderate Growth Allocation, Fortune V Separate Account- Universal VIA Growth Allocation, Fortune V Separate Account-Universal VIA International Moderate Growth Allocation, Fortune V Separate Account - Universal VIA Money Market) (collectively referred to as the “Subaccounts”) including the schedule of investments as of December 31, 2023, and the related statements of operations, changes in net assets and the financial highlights for the year ended December 31, 2023, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Subaccounts comprising Fortune V Separate Account as of December 31, 2023, the results of their operations, and the changes in net assets and the financial highlights for the year ended December 31, 2023 in conformity with accounting principles generally accepted in the United States of America. The financial statements of Fortune V for the years ended December 31, 2022 to December 31, 2019 were audited by other auditors. Those auditors expressed an unqualified opinion on those financial statements in their report dated February 24, 2023.

 

Basis for opinion

These financial statements are the responsibility of Fortune V’s management. Our responsibility is to express an opinion on the Subaccounts’ financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fortune V in accordance with the U.S. federal securities laws and the applicable rules and regulations of Securities and Exchange Commission and the PCAOB.

 

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Fortune V is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of Fortune V’s internal control over financial reporting. Accordingly, we express no such opinion.

 

 

 

 

 

 


 

 

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2023, by correspondence with the custodian. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

 

We have served as Fortune V’s auditor since 2023.

 

Kevane Grant Thornton, LLP

San Juan, Puerto Rico,

February 28, 2024.

  

 

CERTIFIED PUBLIC ACCOUNTANTS
(OF PUERTO RICO)
LICENSE 217
EXPIRES DECEMBER 1, 2025.
STAMP E545017
OF THE PUERTO RICO SOCIETY OF
CPAS WAS AFFIXED TO THE FILE
COPY OF THIS REPORT		    

 

 

 

 

Management of the Trust

 

Board Members and Officers
(Unaudited)

BOARD MEMBERS

 

The members of the Board (“Board Members”) and executive officers of the Trust are listed below. The Board of Directors was created on the effective date of the Separate Account registration with the SEC in May 2021.

 

“Interested Board Member” means a board member who may be deemed an “interested person” (as that term is defined in the 1940 Act) of the Trust because of his current or former service with UNIGR or an affiliate of UNIGR. Interested Board Members may also be referred to herein as “Interested Trustees.” “Independent Board Member” means a Board Member who is not an “interested person” (as defined under the 1940 Act) of the Trust and may also be referred to herein as an “Independent Trustee.”

 

The Board governs each fund and is responsible for protecting the interests of the shareholders. The Board Members are experienced executives who meet periodically throughout the year to oversee the business affairs of each fund and the operation of each fund by its officers. The Board also reviews the management of each fund’s assets by the investment manager and its respective sub-adviser.

 

The mailing address of each member of the Board is c/o Universal Life Insurance Company, PO Box 2171, San Juan, PR 00922 – 2171.

 

Further information about the Separate Account’s Board Members and Officers is available in the Separate Account’s Statement of Additional Information, which can be obtained without charge by calling 1-787-706-7337.

 

The Board Members, their birth year, their positions with the Trust, and their principal occupations, the number of funds the Board oversees, and other board memberships they hold are set forth in the table below. The length of time served is provided from the date a Board Member became a member of the Board.

 

(1)   (2)   (3)   (4)   (5)   (6)
Name and Year of Birth   Position(s)
Held With
Registrant		   Term of Office
and Length of
Time Served		   Principal Occupation(s)
During Past 5 Years		   Number of
Portfolios in
Fund Complex
Overseen by
Director		   Other
Directorships
Held by
Director
Manuel O. Morera,
CPA (1956)		   Member, Board   Since 2021   Certified Public Accountant, tax and business advisor as a sole practitioner   1   None
                     
Francisco J. Perdomo,
CPA (1961)		   Member, Board   Since 2021   PSV & Co., PSC (accounting firm), Managing Director and Certified Public Accountant.   1   None

 

The members of the Board listed above are not “interested persons” of the Variable Account within the meaning of section 2(a)(19) of the 1940 Act (“Independent Board Members”).

 

(1)   (2)   (3)   (4)   (5)   (6)
Name and Year of Birth   Position(s)
Held With
Registrant		   Term of Office
and Length of
Time Served		   Principal Occupation(s)
During Past 5 Years		   Number of
Portfolios in
Fund Complex
Overseen by
Director		   Other
Directorships
Held by
Director
Waldemar Fabery-Villaespesa*
(1965)		   Member, Board   Since 2021   Special Counsel, Toro Colón Mullet, P.S.C., a legal services firm   1   9

 

* Mr. Waldemar Fabery-Villaespesa is designated as an “interested person” because he is a member of several boards of a controlling party of UFS.
* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust’s Declaration of Trust.

 

50

 

 

OFFICERS

 

The mailing address of each officer is c/o Universal Life Insurance Company, PO Box 2171, San Juan, PR 00922 – 2171. The following table shows information about the officers, including their year of birth, their positions held with the Variable Account and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.

 

(1)   (2)   (3)   (4)
Name and Year of Birth   Position(s)
Held With
Registrant		   Term of Office
and Length of
Time Served		   Principal Occupation(s)
During Past 5 Years
Nancy Martinez
(1965)		   Chief
Compliance
Officer		   Since 2022   Compliance Director of Universal Life Insurance Company and Chief Compliance Officer of Universal Financial Services. Previously Principal Operations Officer at Citi International Financial Services LLC with 22 plus years of experience in the Financial Investment industry. Currently holds Series 7, 9/10, 66, 24, and 27 licenses.
President of Universal Life Insurance Company and Universal Financial Services (2006).
             
Jose C. Benítez
(l975)		   President
 		   Since 2021
 		   Previously Senior Account Manager, Manulife Financial. 24 years of financial services experience. Series 7 & 24 Licenses, FLMI Designation.
             
Roberto J. Martínez,
CPA (l964)		   Secretary &
Treasurer		   Since 2021   CFO Universal Group, Inc., Previously COO Triple S Propiedad (1999 to 2014), SIMED and ASC Finance Manager (1991 to 1999) and Audit Supervisor with KPMG (1987 to 1991).

 

51

 

 

(b)Not applicable.

 

Item 2. Code of Ethics.

 

(a)Fortune V Separate Account (the “Fund” or the “registrant”) has adopted a Code of Ethics that applies to the Fund’s principal executive officer and principal financial officer (the “Code”).

 

(b)No disclosures are required by this Item 2(b).

 

(c)The Fund has not made any amendment to the Code during the period covered by this Form N-CSR.

 

(d)There have been no waivers granted by the Fund to individuals covered by the Code during the reporting period for Form N-CSR.

 

(e)Not applicable.

 

(f)A copy of the Code is incorporated herein by reference as Exhibit 13(a)(1).

 

Item 3. Audit Committee Financial Expert.

 

(a)(1) The Board of Directors of the Fund has determined that it has an audit committee financial expert serving on the Fund’s Audit Committee that possesses the attributes identified in Item 3(b) to Form N-CSR.

 

(2)The names of the audit committee financial experts are Francisco Perdomo and Manuel Morera. Messrs. Perdomo and Morera have been deemed to be “independent” as that term is defined in Item 3(a)(2) of Form N-CSR.

 

(3)Not applicable.

 

Item 4. Principal Accountant Fees and Services.

 

Beginning with the fiscal year ended December 31, 2023, Kevane Grant Thornton (“KGT”) serves as the independent registered public accounting firm for the registrant. For the fiscal year ended December 31, 2022, the firm of Ernst & Young LLP (“E&Y”) served as the independent registered public accounting firm for the Registrant.

 

(a) AUDIT FEES: For the fiscal years ended December 31, 2022 and December 31, 2023, the aggregate fees billed for professional services rendered by E&Y and KGT for the audit of the Registrant’s annual financial statements or for services that are normally provided by E&Y and KGT in connection with statutory and regulatory filings or engagements were $45,000 and $40,000, respectively.

 

(b) AUDIT RELATED FEES: For the fiscal years ended December 31, 2022 and December 31, 2023, no such fees were billed to the Registrant by E&Y and KGT, respectively.

 

(c) TAX FEES: For the fiscal years ended December 31, 2022 and December 31, 2023, the aggregate fees billed for tax compliance, tax advice and tax planning by E&Y and KGT were $1,800 and $0, respectively. Services for which fees in the Tax Fees category are billed include E&Y and KGT’s review of the registrant’s tax compliance, tax advice and tax planning, as well as E&Y and KGT’s review of the Registrant’s tax and excise returns.

 

 

 

 

(d) ALL OTHER FEES: For the fiscal years ended December 31, 2022 and December 31, 2023, no such fees were billed to the Registrant by E&Y and KGT, respectively.

 

(e) (1) The Registrant’s audit committee pre-approves all audit and non-audit services to be performed by the Registrant’s accountant before the accountant is engaged by the Registrant to perform such services.

 

(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

 

(b) Not applicable

 

(c) 100%

 

(d) Not applicable

 

(f) Not applicable.

 

(g) For the fiscal years ended December 31, 2022 and December 31, 2023, the aggregate fees billed by E&Y and KGT for non-audit services rendered to the Registrant, the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entities controlling, controlled by, or under common control with the Registrant’s investment adviser that provides ongoing services to the Registrant were $0 and $8,500, respectively.
   

(h)

Not applicable.

   
(i) Not applicable.
   
(j) Not applicable.

 

Item 5. Audit Committee of Listed Registrants.

 

(a)Not applicable.

 

(b)Not applicable.

 

Item 6. Investments.

 

(a)Included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

 

(b)Not applicable.

 

 

 

 

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.

 

Not Applicable.

 

Item 11. Controls and Procedures.

 

(a)The Fund’s principal executive and principal financial officers have concluded that the Fund’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, as of a date within 90 days of the filing date of this Form N-CSR based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act) and Rules 13a-15(b) or 15d-15(b) under the 1934 Act).

 

(b)There were no changes in the Fund’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.

 

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

Not Applicable.

 

Item 13. Exhibits.

 

(a)(1) Code of Ethics is filed herewith.
   
(a)(2) The certifications required by Rule 30a-2(a) under the 1940 Act are filed herewith.
   
(a)(3) Not applicable.
   
(a)(4) Documents from the Registrant and E&Y that describe the change in the Registrant’s independent public accountant are filed herewith.
   
(b) Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith.

 

 

 

 

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.

 

FORTUNE V SEPARATE ACCOUNT

 

By: /s/ Jose C. Benitez  
  Jose C. Benitez  
  Principal Executive Officer  
     
Date: March 6, 2024  

 

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: /s/ Jose C. Benitez  
  Jose C. Benitez  
  Principal Executive Officer  
     
Date: March 6, 2024  
     
By: /s/ Roberto J. Martinez  
  Roberto J. Martinez  
  Principal Financial Officer & Secretary  
     
Date: March 6, 2024