# EDGAR Filing Document

**Accession Number:** 0001847307
**File Stem:** 0001193125-26-259674
**Filing Date:** 2026-6
**Character Count:** 185140
**Document Hash:** 62315d24e0dc266363fa5ead179f28df
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-259674.hdr.sgml**: 20260605

**ACCESSION NUMBER**: 0001193125-26-259674

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 12

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260605

**DATE AS OF CHANGE**: 20260605

**EFFECTIVENESS DATE**: 20260605

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc.
- **CENTRAL INDEX KEY:** 0001847307

**ORGANIZATION NAME:**
- **EIN:** 660693397
- **STATE OF INCORPORATION:** PR
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23677
- **FILM NUMBER:** 261069501

**BUSINESS ADDRESS:**
- **STREET 1:** 250 MUNOZ RIVERA
- **STREET 2:** TENTH FLOOR
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00918
- **BUSINESS PHONE:** 787-250-3600

**MAIL ADDRESS:**
- **STREET 1:** 250 MUNOZ RIVERA
- **STREET 2:** TENTH FLOOR
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00918

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Puerto Rico Fixed Income Fund V, Inc.
- **DATE OF NAME CHANGE:** 20210222

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: 811-23677

TAX-FREE FIXED INCOME FUND V FOR PUERTO RICO RESIDENTS, INC.

(Exact name of Registrant as specified in charter)

American International Plaza Building - Tenth Floor

250 Muñoz Rivera Avenue

San Juan, Puerto Rico 00918

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Address of principal executive offices) (Zip code) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Liana Loyola

Secretary

American International Plaza Building - Tenth Floor

250 Muñoz Rivera Avenue

San Juan, Puerto Rico 00918

(Name and Address of Agent for Service)

Copies to:

Carla G. Teodoro Sidley Austin LLP 787 Seventh Avenue New York, NY 10019 Owen Meacham UBS Business Solutions US LLC One North Wacker Drive Chicago, IL 60606

Registrant's telephone number, including area code: (787) 250-3600

Date of fiscal year end: March 31

Date of reporting period: April 1, 2025 – March 31, 2026

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**Item 1. Report to Shareholders.** 

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

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---

| |
|:---|
| ![LOGO](g89391dsp023.jpg) |
|  **ANNUAL REPORT**<br> **March 31, 2026** |

---

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**TAX-FREE FIXED INCOME FUND V FOR PUERTO RICO RESIDENTS, INC.** 

**Table of Contents** 

---

| | |
|:---|:---|
|  **[Letter to Shareholders](#tx89391_1)** | **1** |
|  **[Management Discussion of Fund Performance](#tx89391_2)** | **3** |
|  **[Fund Leverage](#tx89391_3)** | **8** |
|  **[Financial Highlights](#tx89391_4)** | **10** |
|  **[Schedule of Investments](#tx89391_5)** | **11** |
|  **[Financial Statements](#tx89391_6)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Assets and Liabilities](#tx89391_7) | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Operations](#tx89391_8) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statements of Changes in Net Assets](#tx89391_9) | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp; [Statement of Cash Flow](#tx89391_10) | 15 |
|  **[Notes to Financial Statements](#tx89391_11)** | **16** |
|  **[Report of Independent Registered Public Accounting Firm](#tx89391_12)** | **32** |
|  **[Other Information (Unaudited)](#tx89391_13)** | **33** |
|  **[Privacy Notice](#tx89391_14)** | **39** |

---

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## LETTER TO SHAREHOLDERS
April 15, 2026

Dear Shareholders:

Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc. (the "Fund") is pleased to present this Letter to Shareholders for the fiscal year ended March 31, 2026.

The Federal Reserve Board (the "Fed") lowered interest rates a total of 0.75% during the last three meetings of calendar year 2025. It then left rates unchanged during the first two meetings of calendar 2026. In a statement following the March 2026 meeting, the Fed used the word "uncertainty" twice, once to describe "the economic outlook" and a second time to describe "the implications for developments in the Middle East for the U.S. economy". The federal funds rate closed the Fund's fiscal year at 3.50% - 3.75%.

On February 20, 2026, the Supreme Court ruled that the tariffs imposed by the Trump Administration beginning in April 2025, were illegal. The President reacted by imposing a new 15% tariff using a different law. The impact of this ruling and the renewed efforts by the administration to continue to implement its tariff policy add uncertainty about the policy's on the economy.

On February 28, 2026, the United States and Israel launched a military strike against Iran called "Operation Epic Fury". Iran countered by attacking U.S. targets in neighboring Arab countries and closing the flow of oil through the Strait of Hormuz. The price of oil spiked above $100 a barrel, and the ten year-note increased from the yield lows that prevailed during February 2026.

The yield curve steepened 0.20% during the Fund's fiscal year. The yield of the 2-year U.S. treasury note decreased 0.09% during the fiscal year, closing at 3.80% versus 3.89% at the beginning of fiscal year in response to cuts in the federal funds rate. However, the yield of the 10-year U.S. Treasury note increased 0.11%, closing the fiscal year at 4.32% versus 4.21% at the beginning of the fiscal year as it was more focused on the potential impact to inflation of the increase in oil prices and trade disruptions resulting from the war in the Middle East.

On April 7, 2026, the U.S. and Iran agreed to a two week cease fire, including the opening of shipping through the Strait of Hormuz. The markets reacted positively to the news, the price of oil dropped below $100, and the yield of the 10-year note remained at 4.32%. There was no agreement during the weekend peace talks and on April 13, 2026, the U.S. Navy began a blockade of all traffic in the Straight of Hormuz. The markets are trading on daily updates of the status of ongoing negotiations between the U.S. and Iran. Volatility is high. Optimism about a

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settlement prevailed during the days following the blockade. On April 15, 2026, the price of oil closed below $100 at approximately $91, and the yield of the 10-year note decreased to 4.28% The S&P 500 and NASDAQ indexes closed at all-time highs. There is considerable uncertainty about the ultimate resolution of the conflict.

Uncertainty over the timing of Fed policy, the revised implementation of tariffs, the shape of the yield curve, and the resolution of the conflict in the Middle East continue to present a challenging environment for the management of the Fund. Notwithstanding, the investment adviser remains committed to seeking investment opportunities within allowed parameters while providing professional management services to the Fund for the benefit of its shareholders.

---

| |
|:---|
| Sincerely, |
| <u>/s/ Carlos V. Ubiñas</u> |
| Carlos V. Ubiñas |

---

President and Chairman of the Board of Directors

*This letter is intended to assist shareholders in understanding how the Fund performed during the 12-month period ended March 31, 2026. The views and opinions in the letter were current as of April 15, 2026. They are not guarantees of future performance or investment results and should not be taken as investment advice. Investment decisions reflect a variety of factors, and we reserve the right to change our views about individual securities, sectors, and markets at any time. As a result, the views expressed should not be relied upon as a forecast of the Fund's future investment intent. We encourage you to consult your financial advisor regarding your personal investment program.* 

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## MANAGEMENT DISCUSSION OF FUND PERFORMANCE
**REGISTRATION UNDER THE INVESTMENT COMPANY ACT OF 1940** 

The Fund is a corporation organized under the laws of the Commonwealth of Puerto Rico ("Puerto Rico") and is registered as a closed-end investment company under the Investment Company Act of 1940, as amended (the "1940 Act"), as of May 14, 2021. Prior thereto, the Fund was registered under the Puerto Rico Investment Companies Act of 1954, as amended.

On May 24, 2018, the Economic Growth, Regulatory Relief, and Consumer Protection Act (Pub. L. No. 115-174) was signed into law and amended the 1940 Act to repeal the exemption from its registration of investment companies created under the laws of Puerto Rico, the U.S. Virgin Islands, or any other U.S. possession under Section 6(a)(1) thereof. The repeal of the exemption took effect on May 24, 2021. Upon registration under the 1940 Act, the Fund must now register its future offerings of securities under the Securities Act of 1933, as amended (the "1933 Act"), absent an available exception. There is limited trading in Fund shares, which are not registered under the 1933 Act, and are only traded via private transactions. The Fund has suspended the issuance of Tax-Exempt Secured Obligations ("TSOs") pending registration under the 1933 Act.

**FUND PERFORMANCE** 

The following table shows the Fund's performance for the fiscal year ended March 31, 2026, vs the Bloomberg Municipal Bond Index.

**Past performance is not predictive of future results.** 

Performance calculations do not reflect any deduction of taxes that a shareholder may have to pay on Fund distributions or any commissions payable on the sale of Fund shares. The return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Performance results assume reinvestment of all dividends and capital gain distributions at net asset value ("NAV") on the ex-dividend dates. Total returns for periods of less than one year have not been annualized. Current performance may be higher or lower than the performance data quoted.

![LOGO](g89391g0530173141195.jpg) ![LOGO](g89391g0530173141195.jpg) ![LOGO](g89391g0530173141195.jpg) ![LOGO](g89391g0530173141882.jpg)

---

| | | |
|:---|:---|:---|
|  | **Average Annual Total Returns<br>as of March 31, 2026** | **Average Annual Total Returns<br>as of March 31, 2026** |
| | **1-Year** | **Since Inception\*** |
|  Tax-Free Fixed Income Fund V for PR Residents, Inc. - NAV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62% | 1.14% |
|  Bloomberg Municipal Bond Index | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29% | 0.63% |

---

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**Growth of an assumed $10,000 investment as of March 31, 2026\***![LOGO](g89391dsp030.jpg)

*\* While the Fund commenced operations on April 20, 2007, it did not register with the SEC under the 1940 Act until May 14, 2021.* 

The following table provides summary data on the Fund's dividends for the fiscal year based on NAV and market price as of March 31, 2026:

---

| | |
|:---|:---|
|  &nbsp;&nbsp;&nbsp;&nbsp;Dividend yield-based on market value | 5.07% |
|  &nbsp;&nbsp;&nbsp;&nbsp;Dividend yield based on NAV | 3.63% |
|  &nbsp;&nbsp;&nbsp;&nbsp;NAV as of March 31, 2026 | $1.93 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Market Price as of March 31, 2026 | $1.38 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Premium (discount) to NAV | (28.5%) |

---

The Fund seeks to pay monthly dividends out of its net investment income. To permit the Fund to maintain a more stable monthly dividend, the Fund may pay dividends that are more or less than the amount of net income earned during the year. Fund dividends paid during the year were paid from current net investment income. See Note 9 of the financial statements for more details.

The Fund's net investment income was $1.5 million versus $1.7 million last year. The dividend paid was $1.4 million versus $1.2 million last year. All the dividends paid during the year were from current income.

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The Fund's investment portfolio is comprised of various security classes. UBS Asset Managers of Puerto Rico, a division of UBS Trust Company of Puerto Rico (the "Investment Adviser") considers numerous characteristics of each asset class to meet the Fund's investment objective. Many securities in which the Fund invests have call dates prior to maturity. The Mortgage-Backed Securities ("MBS") are subject to prepayments on the underlying mortgages.

The chart below reflects the breakdown of the Fund's investment portfolio (based on % of Total Investments) as of March 31, 2026. For details of the security categories below, please refer to the enclosed Schedule of Investments.

![LOGO](g89391dsp031.jpg)

The largest Puerto Rico municipal bond holdings in the portfolio, representing 27.77%, are the new-issue Puerto Rico Sales Tax Financing Corporation ("COFINA") bonds. The newly exchanged bonds are secured by 53.65% of the pledged sales and use tax through 2058, which amounts to $552.9 million for fiscal year 2026, and a 4% increase each year, capping out at $992.5 million in fiscal year 2041. The valuation of the COFINA bonds decreased during the year in response to higher long-term rates. Transfers to the bonds' trustee for the redemption of the bonds for fiscal 2026 commenced on July 1, 2025. On October 21, 2025, COFINA announced that 100% of the required Puerto Rico sales and use tax ("IVU") collections had been transferred to the bond trustee.

The Fund owns U.S. Agency MBS representing 0.78% of the portfolio. The balance of the MBS holdings decreased during the year due to the repayment of underlying mortgages. The valuation of the pools increased slightly as their duration decreased.

The Fund's U.S. holdings are comprised of U.S. agencies and U.S. municipal bonds representing 62.61% and 8.84%, respectively of the portfolio. The valuation

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of the U.S. agencies and municipal bonds decreased during the year in response to higher yields on the 10-year U.S. treasury note.

There were approximately $11 million in long term U.S. agencies calls. The proceeds were used to repay leverage.

The NAV of the Fund decreased $0.02 during the year from $1.95 at the beginning of the year to $1.93 at fiscal year-end. There was a decrease in the valuation of the portfolio. At fiscal year-end the Fund's indicated market value was a 28.5% discount to its NAV, a decrease from the discount of 49.7% at fiscal year-end 2025.

**FUND HOLDINGS SUMMARIES** 

The following tables show the allocation of the Fund's portfolio (based on % of Total Investments) using various metrics as of fiscal year end. It should not be construed as a measure of performance for the Fund itself. The portfolio is actively managed, and holdings are subject to change.

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| | |
|:---|:---|
| **Portfolio Composition**<br> **(% of Total Portfolio)** | **Portfolio Composition**<br> **(% of Total Portfolio)** |
|  Sales and Use Tax (PR) | 27.77% |
|  Mortgage-Backed Securities | 0.78% |
|  U.S. Agencies | 62.61% |
|  U.S. Municipals - General Obligation | 8.84% |
|  Total | 100.00% |

---

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| | |
|:---|:---|
| **Geographic Allocation**<br> **(% of Total Portfolio)** | **Geographic Allocation**<br> **(% of Total Portfolio)** |
| Puerto Rico | 28.55% |
| U.S. | 71.45% |
|  | 100.00% |

---

The following table shows the ratings of the Fund's portfolio securities (based on % of Total Investments) as of March 31, 2026. The ratings used are the highest rating given by one of the three nationally recognized rating agencies, Fitch Ratings (Fitch), Moody's Investors Service (Moody's), and S&P Global Ratings (S&P). Ratings are subject to change.

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| | |
|:---|:---|
| **Rating** | **Percent** |
|  AA | 63.39% |
|  A | 8.84% |
|  Not Rated | 27.77% |
|  Total | 100.00% |

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The "Not-Rated" category is comprised of the new-issue COFINA bonds issued in 2019. The bonds were issued without a rating from any of the rating agencies pending a determination by the Board of Directors of COFINA on the appropriate timing to apply for such rating. As of March 31, 2026, the COFINA Board had not applied for a rating.

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This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell, or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not consider the specific objectives or circumstances of any particular investor or suggest any specific course of action. Investment decisions should be made based on an investor's objectives and circumstances and in consultation with his or her financial advisors. The views expressed herein are those of the Investment Adviser as of the date of this report. The Fund disclaims any obligation to update publicly the views expressed herein.

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## FUND LEVERAGE
**THE BENEFITS AND RISKS OF LEVERAGE** 

As a fundamental policy the Fund may only issue senior securities, as defined in the 1940 Act ("Senior Securities"), representing indebtedness to the extent that immediately after their issuance, the value of its total assets, less all the Fund's liabilities and indebtedness that are not represented by Senior Securities being issued or already outstanding, is equal to or greater than the total of 300% of the aggregate par value of all outstanding indebtedness issued by the Fund. The Fund may only issue Senior Securities representing preferred stock to the extent that immediately after any such issuance, the value of its total assets, less all the Fund's liabilities and indebtedness that are not represented by Senior Securities being issued or already outstanding, is equal to or greater than the total of 200% of the aggregate par value of all outstanding preferred stock (not including any accumulated dividends or other distributions attributable to such preferred stock) issued by the Fund. These asset coverage requirements must also be met any time the Fund pays a dividend or makes any other distribution on its issued and outstanding shares of common stock or any shares of its preferred stock (other than a dividend or other distribution payable in additional shares of common stock) as well as any time the Fund repurchases any shares of common stock, in each case after giving effect to such repurchase of shares of common stock or issuance of preferred stock, debt securities, or other forms of leverage in order to maintain asset coverage at the required levels. To the extent necessary, the Fund may purchase or redeem preferred stock, debt securities, or other forms of leverage in order to maintain asset coverage at the required levels. In such instances, the Fund will redeem Senior Securities, as needed, to maintain such asset coverage.

Subject to the above percentage limitations, the Fund may also engage in certain additional borrowings from banks or other financial institutions through reverse repurchase agreements. In addition, the Fund may also borrow for temporary or emergency purposes in an amount of up to an additional 5% of its total assets.

Leverage can produce additional income when the income derived from investments financed with borrowed funds exceeds the cost of such borrowed funds. In such an event, the Fund's net income will be greater than it would be without leverage. On the other hand, if the income derived from securities purchased with borrowed funds is not sufficient to cover the cost of such funds, the Fund's net income will be less than it would be without leverage.

To obtain leverage, the Fund may enter into collateralized reverse repurchase agreements with major institutions in the U.S. and/or may issue TSOs in the local market. Both, if applicable, are accounted for as collateralized borrowings in the financial statements. Typically, the Fund borrows for approximately 30-90 days at

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a variable borrowing rate based on short-term rates. The TSO program was suspended in May 2021, pending registration under the 1933 Act.

As of March 31, 2026, the Fund had the following leverage outstanding:

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| | |
|:---|:---|
|  Reverse Repurchase Agreements | $4350000 |
|  Leverage Ratio\* | 9.80% |

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Refer to the Schedule of Investments for details of the securities pledged as collateral and to Note 5 to Financial Statements for further details on outstanding leverage during the year. Fund leverage decreased by $9,050,000 during the year.

*\*Asset Leverage ratio: The sum of (i) the aggregate principal amount of outstanding TSOs plus (ii) the aggregate principal amount of other borrowings by the Fund, including borrowings resulting from the issuance of any other series and other forms of leverage, and from the compliance date of Rule 18f-4 going forward, including borrowings in the form of reverse repurchase agreements, divided by the fair market value of the assets of the Fund on any given day.* 

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 **Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc.**<br>

The following table includes selected data for a share outstanding throughout the periods and other performance information derived from the financial statements. It should be read in conjunction with the financial statements and notes thereto.

 **FINANCIAL HIGHLIGHTS**<br>

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | For the fiscal year ended<br>March 31, 2026 | For the fiscal year ended<br>March 31, 2025 | For the fiscal year ended<br>March 31, 2024 | For the fiscal year ended<br>March 31, 2024 | For the fiscal year<br>ended March 31, 2023 | For the fiscal year ended<br>March 31, 2022 |
|  ***Increase (Decrease) in Net Asset Value:*** | ***Increase (Decrease) in Net Asset Value:*** |  |  |  |  |  |  |
|  **Per Share** | Net asset value applicable to common stock, beginning of period | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | $| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 |
|  **Operating** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (a) | 0.07 | 0.08 |  | 0.11 | 0.06 | 0.03 |
|  **Performance:** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) and unrealized appreciation (depreciation) from investments (a) | (0.02) | 0.00 |  | 0.00 | (0.25) | (0.01) |
|  | Total from investment operations | 0.05 | 0.08 |  | 0.11 | (0.19) | 0.02 |
|  | Less: Dividends from net investment income to common shareholders | (0.07) | (0.06) |  | (0.05) | (0.02) | (0.02) |
|  | Net asset value applicable to common stock, end of period | $1.93 | $1.95 | $| 1.93 | $1.87 | $2.08 |
|  | Market value, end of period (b) | $1.38 | $0.98 | $| 0.78 | $0.53 | $1.31 |
|  **Total Investment**<br> (f) | Based on net asset value per share | 2.62% | 4.11% |  | 5.98% | (9.00)% | 1.20% |
|  **Return** |  |  |  |  |  |  |  |
|  **Ratios:**<br> (c) (d) (e) | Net expenses to average net assets applicable to common shareholders - net of waived fees | 2.96% | 3.36% |  | 3.40% | 2.46% | 3.27% |
| (c) (d) (e) | Gross expenses to average net assets applicable to common shareholders | 3.68% | 4.07% |  | 4.07% | 3.09% | 4.09% |
| (c) (e) | Gross operating expenses to average net assets applicable to common shareholders | 2.29% | 2.45% |  | 2.78% | 2.63% | 3.97% |
| (c) | Interest and leverage related expenses to average net assets applicable to common shareholders | 1.39% | 1.62% |  | 1.29% | 0.46% | 0.12% |
| (c) (e) (h) | Net investment income to average net assets applicable to common shareholders - net of waived fees | 3.88% | 4.22% |  | 5.68% | 3.02% | 1.44% |
| **Supplemental Data:** | Net assets applicable to common shareholders, end of period (in thousands) | $39737 | $40063 | $| 39796 | $38513 | $42830 |
| (g) | Portfolio turnover | 0.00% | 20.50% |  | 0.90% | 1.04% | 0.00% |
| (g) | Portfolio turnover excluding the proceeds from calls and maturities of portfolio securities and the proceeds from mortgage-backed securities paydowns | 0.00% | 0.00% |  | 0.00% | 0.00% | 0.00% |
| (a) | Based on average outstanding common shares of 20,599,688, 20,592,113, 20,585,728, 20,580,876, and 20,578,752, for the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | Based on average outstanding common shares of 20,599,688, 20,592,113, 20,585,728, 20,580,876, and 20,578,752, for the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | Based on average outstanding common shares of 20,599,688, 20,592,113, 20,585,728, 20,580,876, and 20,578,752, for the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | Based on average outstanding common shares of 20,599,688, 20,592,113, 20,585,728, 20,580,876, and 20,578,752, for the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | Based on average outstanding common shares of 20,599,688, 20,592,113, 20,585,728, 20,580,876, and 20,578,752, for the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | Based on average outstanding common shares of 20,599,688, 20,592,113, 20,585,728, 20,580,876, and 20,578,752, for the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | Based on average outstanding common shares of 20,599,688, 20,592,113, 20,585,728, 20,580,876, and 20,578,752, for the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. |
| (b) | Period-end market values provided by UBS Financial Services, Inc., a dealer of the Fund's shares and an affiliated party. The market values shown may reflect limited trading in the shares of the Fund. | Period-end market values provided by UBS Financial Services, Inc., a dealer of the Fund's shares and an affiliated party. The market values shown may reflect limited trading in the shares of the Fund. | Period-end market values provided by UBS Financial Services, Inc., a dealer of the Fund's shares and an affiliated party. The market values shown may reflect limited trading in the shares of the Fund. | Period-end market values provided by UBS Financial Services, Inc., a dealer of the Fund's shares and an affiliated party. The market values shown may reflect limited trading in the shares of the Fund. | Period-end market values provided by UBS Financial Services, Inc., a dealer of the Fund's shares and an affiliated party. The market values shown may reflect limited trading in the shares of the Fund. | Period-end market values provided by UBS Financial Services, Inc., a dealer of the Fund's shares and an affiliated party. The market values shown may reflect limited trading in the shares of the Fund. | Period-end market values provided by UBS Financial Services, Inc., a dealer of the Fund's shares and an affiliated party. The market values shown may reflect limited trading in the shares of the Fund. |
| (c) | Based on average net assets applicable to common shareholders of $39,764,926, $40,041,983, $38,801,783, $38,923,585, and $41,892,511, for the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | Based on average net assets applicable to common shareholders of $39,764,926, $40,041,983, $38,801,783, $38,923,585, and $41,892,511, for the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | Based on average net assets applicable to common shareholders of $39,764,926, $40,041,983, $38,801,783, $38,923,585, and $41,892,511, for the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | Based on average net assets applicable to common shareholders of $39,764,926, $40,041,983, $38,801,783, $38,923,585, and $41,892,511, for the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | Based on average net assets applicable to common shareholders of $39,764,926, $40,041,983, $38,801,783, $38,923,585, and $41,892,511, for the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | Based on average net assets applicable to common shareholders of $39,764,926, $40,041,983, $38,801,783, $38,923,585, and $41,892,511, for the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. | Based on average net assets applicable to common shareholders of $39,764,926, $40,041,983, $38,801,783, $38,923,585, and $41,892,511, for the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, respectively. |
| (d) | Expenses include both operating and interest and leverage related expenses. | Expenses include both operating and interest and leverage related expenses. | Expenses include both operating and interest and leverage related expenses. | Expenses include both operating and interest and leverage related expenses. | Expenses include both operating and interest and leverage related expenses. | Expenses include both operating and interest and leverage related expenses. | Expenses include both operating and interest and leverage related expenses. |
| (e) | The effect of the expenses waived for the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus increasing the net investment ratio to average net assets by 0.72%, 0.71%, 0.67%, 0.63%, and 0.82%, respectively. | The effect of the expenses waived for the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus increasing the net investment ratio to average net assets by 0.72%, 0.71%, 0.67%, 0.63%, and 0.82%, respectively. | The effect of the expenses waived for the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus increasing the net investment ratio to average net assets by 0.72%, 0.71%, 0.67%, 0.63%, and 0.82%, respectively. | The effect of the expenses waived for the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus increasing the net investment ratio to average net assets by 0.72%, 0.71%, 0.67%, 0.63%, and 0.82%, respectively. | The effect of the expenses waived for the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus increasing the net investment ratio to average net assets by 0.72%, 0.71%, 0.67%, 0.63%, and 0.82%, respectively. | The effect of the expenses waived for the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus increasing the net investment ratio to average net assets by 0.72%, 0.71%, 0.67%, 0.63%, and 0.82%, respectively. | The effect of the expenses waived for the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, was to decrease the expense ratios, thus increasing the net investment ratio to average net assets by 0.72%, 0.71%, 0.67%, 0.63%, and 0.82%, respectively. |
| (f) | Dividends are assumed to be reinvested at the per share market value or net asset value as defined in the dividend reinvestment plan. For the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, dividends were reinvested at net asset value. | Dividends are assumed to be reinvested at the per share market value or net asset value as defined in the dividend reinvestment plan. For the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, dividends were reinvested at net asset value. | Dividends are assumed to be reinvested at the per share market value or net asset value as defined in the dividend reinvestment plan. For the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, dividends were reinvested at net asset value. | Dividends are assumed to be reinvested at the per share market value or net asset value as defined in the dividend reinvestment plan. For the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, dividends were reinvested at net asset value. | Dividends are assumed to be reinvested at the per share market value or net asset value as defined in the dividend reinvestment plan. For the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, dividends were reinvested at net asset value. | Dividends are assumed to be reinvested at the per share market value or net asset value as defined in the dividend reinvestment plan. For the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, dividends were reinvested at net asset value. | Dividends are assumed to be reinvested at the per share market value or net asset value as defined in the dividend reinvestment plan. For the fiscal years ended March 31, 2026, March 31, 2025, March 31, 2024, March 31, 2023, and March 31, 2022, dividends were reinvested at net asset value. |
| (g) | For the fiscal year ended March 31, 2022, the portfolio turnover calculation excludes transactions related to the restructuring of Employees Retirement System Bonds which became effective on March 15, 2022. | For the fiscal year ended March 31, 2022, the portfolio turnover calculation excludes transactions related to the restructuring of Employees Retirement System Bonds which became effective on March 15, 2022. | For the fiscal year ended March 31, 2022, the portfolio turnover calculation excludes transactions related to the restructuring of Employees Retirement System Bonds which became effective on March 15, 2022. | For the fiscal year ended March 31, 2022, the portfolio turnover calculation excludes transactions related to the restructuring of Employees Retirement System Bonds which became effective on March 15, 2022. | For the fiscal year ended March 31, 2022, the portfolio turnover calculation excludes transactions related to the restructuring of Employees Retirement System Bonds which became effective on March 15, 2022. | For the fiscal year ended March 31, 2022, the portfolio turnover calculation excludes transactions related to the restructuring of Employees Retirement System Bonds which became effective on March 15, 2022. | For the fiscal year ended March 31, 2022, the portfolio turnover calculation excludes transactions related to the restructuring of Employees Retirement System Bonds which became effective on March 15, 2022. |
| (h) | Net investment income ratio for the fiscal years ended March 31, 2026, March 31, 2025, and March 31, 2024, includes an insurance claim reimbursement of legal expenses and/or a legal settlement received, respectively, which were classified as Other Income in the Statement of Operations. See Note 11 for more information. | Net investment income ratio for the fiscal years ended March 31, 2026, March 31, 2025, and March 31, 2024, includes an insurance claim reimbursement of legal expenses and/or a legal settlement received, respectively, which were classified as Other Income in the Statement of Operations. See Note 11 for more information. | Net investment income ratio for the fiscal years ended March 31, 2026, March 31, 2025, and March 31, 2024, includes an insurance claim reimbursement of legal expenses and/or a legal settlement received, respectively, which were classified as Other Income in the Statement of Operations. See Note 11 for more information. | Net investment income ratio for the fiscal years ended March 31, 2026, March 31, 2025, and March 31, 2024, includes an insurance claim reimbursement of legal expenses and/or a legal settlement received, respectively, which were classified as Other Income in the Statement of Operations. See Note 11 for more information. | Net investment income ratio for the fiscal years ended March 31, 2026, March 31, 2025, and March 31, 2024, includes an insurance claim reimbursement of legal expenses and/or a legal settlement received, respectively, which were classified as Other Income in the Statement of Operations. See Note 11 for more information. | Net investment income ratio for the fiscal years ended March 31, 2026, March 31, 2025, and March 31, 2024, includes an insurance claim reimbursement of legal expenses and/or a legal settlement received, respectively, which were classified as Other Income in the Statement of Operations. See Note 11 for more information. | Net investment income ratio for the fiscal years ended March 31, 2026, March 31, 2025, and March 31, 2024, includes an insurance claim reimbursement of legal expenses and/or a legal settlement received, respectively, which were classified as Other Income in the Statement of Operations. See Note 11 for more information. |

---

The accompanying notes are an integral part of these financial statements.

------

 **TAX-FREE FIXED INCOME FUND V FOR PUERTO RICO RESIDENTS, INC.**<br>

---

| | |
|:---|:---|
| **SCHEDULE OF INVESTMENTS** | **March 31, 2026** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Face Amount** | **Issuer** | **Coupon** | **Maturity**<br> **Date** | **Value** |
| **Puerto Rico Agencies, Bonds and Notes - 30.34% of net assets applicable to common shareholders, total cost of $12,663,068** | **Puerto Rico Agencies, Bonds and Notes - 30.34% of net assets applicable to common shareholders, total cost of $12,663,068** | **Puerto Rico Agencies, Bonds and Notes - 30.34% of net assets applicable to common shareholders, total cost of $12,663,068** | **Puerto Rico Agencies, Bonds and Notes - 30.34% of net assets applicable to common shareholders, total cost of $12,663,068** | **Puerto Rico Agencies, Bonds and Notes - 30.34% of net assets applicable to common shareholders, total cost of $12,663,068** |
| $248000 C | Puerto Rico Sales Tax | 4.55% | 07/01/40 | $247032 |
| 1817000 C | Puerto Rico Sales Tax | 4.75% | 07/01/53 | 1691969 |
| 7548000 C | Puerto Rico Sales Tax | 5.00% | 07/01/58 | 7175484 |
| 517000 C | Puerto Rico Sales Tax | 4.33% | 07/01/40 | 509508 |
| 73000 C | Puerto Rico Sales Tax | 4.54% | 07/01/53 | 65234 |
| 2054000 C | Puerto Rico Sales Tax | 4.78% | 07/01/58 | 1896454 |
| 540000 C | Puerto Rico Sales Tax | 4.55% | 07/01/40 | 468330 |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12797000 |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12054010 |
| **Principal Outstanding<br>Amount** |  |  |  |  |
| **Puerto Rico FNMA Taxable - 0.85% of net assets applicable to common shareholders, total cost of $329,667** | **Puerto Rico FNMA Taxable - 0.85% of net assets applicable to common shareholders, total cost of $329,667** | **Puerto Rico FNMA Taxable - 0.85% of net assets applicable to common shareholders, total cost of $329,667** | **Puerto Rico FNMA Taxable - 0.85% of net assets applicable to common shareholders, total cost of $329,667** | **Puerto Rico FNMA Taxable - 0.85% of net assets applicable to common shareholders, total cost of $329,667** |
| $47722 | FNMA Pool 758572 | 5.50% | 12/01/34 | $48828 |
| 139766 | FNMA Pool 835557 | 5.50% | 10/01/35 | 144111 |
| 11980 | FNMA Pool 758560 | 6.00% | 08/01/34 | 12486 |
| 130143 | FNMA Pool 776508 | 5.50% | 02/01/34 | 130799 |
| $329611 A |  |  |  | $336224 |
| **Face Amount** |  |  |  |  |
| **US Government, Agency and Instrumentalities - 68.40% of net assets applicable to common shareholders, total cost of $26,512,298** | **US Government, Agency and Instrumentalities - 68.40% of net assets applicable to common shareholders, total cost of $26,512,298** | **US Government, Agency and Instrumentalities - 68.40% of net assets applicable to common shareholders, total cost of $26,512,298** | **US Government, Agency and Instrumentalities - 68.40% of net assets applicable to common shareholders, total cost of $26,512,298** | **US Government, Agency and Instrumentalities - 68.40% of net assets applicable to common shareholders, total cost of $26,512,298** |
| $1000000 | Federal Farm Credit | 4.14% | 08/02/38 | $936890 |
| 500000 | Federal Farm Credit | 5.05% | 08/18/42 | 494826 |
| 1800000 | Federal Farm Credit | 4.85% | 04/28/42 | 1758719 |
| 1000000 | Federal Home Loan Bank | 5.11% | 08/15/42 | 987048 |
| 1400000 | Federal Home Loan Bank | 5.20% | 09/28/37 | 1383315 |
| 1000000 | Federal Home Loan Bank | 5.50% | 10/07/44 | 993934 |
| 2500000 | Federal Home Loan Bank | 5.87% | 04/10/45 | 2498200 |
| 16650000 B | Federal Home Loan Bank | 5.50% | 07/15/36 | 18128154 |
| $25850000 |  |  |  | $27181086 |
| **US Municipals - 9.66% of net assets applicable to common shareholders, total cost of $3,571,429** | **US Municipals - 9.66% of net assets applicable to common shareholders, total cost of $3,571,429** | **US Municipals - 9.66% of net assets applicable to common shareholders, total cost of $3,571,429** | **US Municipals - 9.66% of net assets applicable to common shareholders, total cost of $3,571,429** | **US Municipals - 9.66% of net assets applicable to common shareholders, total cost of $3,571,429** |
| $3571429 | State of Illinois General Obligations | 7.35% | 07/01/35 | $3839831 |
| **Total investments (109.25% of net assets applicable to common shareholders)** | **Total investments (109.25% of net assets applicable to common shareholders)** |  |  | $43411151 |
| **Other Assets and Liabilities, net (-9.25% of net assets applicable to common shareholders)** | **Other Assets and Liabilities, net (-9.25% of net assets applicable to common shareholders)** |  |  | (3674563) |
| **Net assets applicable to common shareholders - 100%** | **Net assets applicable to common shareholders - 100%** |  |  | $39736588 |
| **Securities sold under reverse repurchase agreements - 10.95% of net assets applicable to common shareholders** | **Securities sold under reverse repurchase agreements - 10.95% of net assets applicable to common shareholders** | **Securities sold under reverse repurchase agreements - 10.95% of net assets applicable to common shareholders** | **Securities sold under reverse repurchase agreements - 10.95% of net assets applicable to common shareholders** | **Securities sold under reverse repurchase agreements - 10.95% of net assets applicable to common shareholders** |
| $4350000 | Reverse Repurchase Agreement with South Street Securities |  |  | $4350000 |
|  | 3.85% dated March 18, 2026, due April 7, 2026 (Collateralized by US Government, Agencies and Instrumentalities with a face amount of $4,215,000 and a fair value of $4,589,199; 5.50%, with a maturity date of to July 15, 2036) |  |  |  |
| $4350000 |  |  |  | $4350000 |
| <br> A | <br> FNMA - represents mortgage-backed obligations guaranteed by the Federal National Mortgage Association. They are subject to principal paydowns as a result of pre-payments or refinancing of the underlying mortgage instruments. As a result, the average life may be substantially less than the original maturity. | <br> FNMA - represents mortgage-backed obligations guaranteed by the Federal National Mortgage Association. They are subject to principal paydowns as a result of pre-payments or refinancing of the underlying mortgage instruments. As a result, the average life may be substantially less than the original maturity. | <br> FNMA - represents mortgage-backed obligations guaranteed by the Federal National Mortgage Association. They are subject to principal paydowns as a result of pre-payments or refinancing of the underlying mortgage instruments. As a result, the average life may be substantially less than the original maturity. | <br> FNMA - represents mortgage-backed obligations guaranteed by the Federal National Mortgage Association. They are subject to principal paydowns as a result of pre-payments or refinancing of the underlying mortgage instruments. As a result, the average life may be substantially less than the original maturity. |
| B | A portion or all of the security has been pledged as collateral for securities sold under reverse repurchase agreements. | A portion or all of the security has been pledged as collateral for securities sold under reverse repurchase agreements. | A portion or all of the security has been pledged as collateral for securities sold under reverse repurchase agreements. | A portion or all of the security has been pledged as collateral for securities sold under reverse repurchase agreements. |
| C | Revenue Bonds - issued by agencies and payable from revenues and other sources of income of the corresponding agency as specified in the applicable prospectus. These bonds are not obligations of the Commonwealth of Puerto Rico. | Revenue Bonds - issued by agencies and payable from revenues and other sources of income of the corresponding agency as specified in the applicable prospectus. These bonds are not obligations of the Commonwealth of Puerto Rico. | Revenue Bonds - issued by agencies and payable from revenues and other sources of income of the corresponding agency as specified in the applicable prospectus. These bonds are not obligations of the Commonwealth of Puerto Rico. | Revenue Bonds - issued by agencies and payable from revenues and other sources of income of the corresponding agency as specified in the applicable prospectus. These bonds are not obligations of the Commonwealth of Puerto Rico. |

---

The accompanying notes are an integral part of these financial statements.

------

 **TAX-FREE FIXED INCOME FUND V FOR PUERTO RICO RESIDENTS, INC.**<br>

---

| | | | |
|:---|:---|:---|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** | **STATEMENT OF ASSETS AND LIABILITIES** | | **March 31, 2026** |
|  **Assets:** | Investments in securities: |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities pledged as collateral on reverse repurchase agreements, at value,<br>which has the right to be repledged (identified cost - $4,382,663) |  | $4589199 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other securities, at value (identified cost - $38,693,799) |  | 38821952 |
|  |  |  | $43411151 |
|  | Cash |  | 177185 |
|  | Interest receivable |  | 566674 |
|  | Prepaid expenses and other assets |  | 227912 |
|  | Total assets |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44382922 |
|  **Liabilities:** | Securities sold under reverse repurchase agreements |  | 4356513 |
|  | Dividends payable to common shareholders |  | 120188 |
|  | Directors' fee payable |  | 6000 |
|  | Payables: |  |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees | 9520 |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration, custody, and transfer agent fees | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5629 | 15149 |
|  | Accrued expenses and other liabilities |  | 148484 |
|  | Total liabilities |  | 4646334 |
|  **Net Assets Applicable to Common Shareholders:** | **Net Assets Applicable to Common Shareholders:** |  | $39736588 |
|  **Net Assets Applicable to** |  |  |  |
| **Common Shareholders consist of:** | Paid-in-Capital ($0.01 par value, 88,000,000 shares authorized, 20,603,680 shares issued and outstanding) | Paid-in-Capital ($0.01 par value, 88,000,000 shares authorized, 20,603,680 shares issued and outstanding) | $273149416 |
|  | Total Distributable Earnings (Accumulated Loss) (Notes 1 and 9) |  | (233412828) |
|  | Net assets applicable to common shareholders |  | $39736588 |
|  | Net asset value applicable to common shares - per share; 20,603,680 shares outstanding |  | $1.93 |

---

The accompanying notes are an integral part of these financial statements.

------

 **TAX-FREE FIXED INCOME FUND V FOR PUERTO RICO RESIDENTS, INC.**

 **STATEMENT OF OPERATIONS**

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| | | |
|:---|:---|:---|
| | | **for the fiscal year**<br> **ended March 31,<br>2026** |
|  **Investment Income:** | Interest | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670538 |
|  | Other Income | 50687 |
|  |  | $2721225 |
|  **Expenses:** | Interest and leverage related expenses | 550995 |
|  | Investment advisory fees | 390513 |
|  | Administration, custody, and transfer agent fees | 101567 |
|  | Professional fees | 291286 |
|  | Directors' fees and expenses | 31220 |
|  | Insurance expense | 29811 |
|  | Reporting fees | 35682 |
|  | Other | 32206 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Total expenses | 1463280 |
|  | Waived investment advisory, administration, custodian, and transfer agent fees | (286574) |
|  | &nbsp;&nbsp;&nbsp;&nbsp; Net expenses after waived fees by investment adviser, administration, custodian, and transfer agent fees | 1176706 |
|  **Net Investment Income:** |  | 1544519 |
|  **Realized Gain (Loss) and** | Net realized gain (loss) on investments | 46 |
|  **Unrealized Appreciation** | Change in net unrealized appreciation (depreciation) on investments | (444519) |
| **(Depreciation) on Investments:** | &nbsp;&nbsp;&nbsp;&nbsp; Total net unrealized appreciation (depreciation) on investments | (444473) |
|  | **Net increase (decrease) in net assets resulting from operations** | $1100046 |

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The accompanying notes are an integral part of these financial statements.

------

 **TAX-FREE FIXED INCOME FUND V FOR PUERTO RICO RESIDENTS, INC.**

 **STATEMENT OF CHANGES IN NET ASSETS**

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| | | | |
|:---|:---|:---|:---|
| **Increase (Decrease) in Net Assets:** | **Increase (Decrease) in Net Assets:** | **For the fiscal<br>year ended<br>March 31, 2026** | **For the fiscal<br>year ended<br>March 31, 2025** |
|  | Net investment income | $1544519 | $1689883 |
|  | Net realized gain (loss) on investments | 46 |  |
|  | Change in net unrealized appreciation (depreciation) on investments | (444519) | (234613) |
|  | Net increase (decrease) in net assets resulting from operations | 1100046 | 1455270 |
|  **Dividends to Common** |  |  |  |
|  **Shareholders From:** | Net investment income | (1442000) | (1201237) |
|  **Capital Share** |  |  |  |
|  **Transactions:** | Reinvestment of dividends on common shares | 15522 | 13126 |
|  |  | 15522 | 13126 |
|  **Net Assets:** | Net increase (decrease) in net assets applicable to common shareholders | (326432) | 267159 |
|  | Net assets at the beginning of the year | 40063020 | 39795861 |
|  | Net assets at the end of the year | $39736588 | $40063020 |

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The accompanying notes are an integral part of these financial statements.

------

 **TAX-FREE FIXED INCOME FUND V FOR PUERTO RICO RESIDENTS, INC.**<br>

&nbsp;&nbsp;&nbsp; **STATEMENT OF CASH FLOWS**<br>

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| | | |
|:---|:---|:---|
| <br> **Increase (Decrease) in Cash** | | **For the fiscal**<br> **year ended<br>March 31, 2026**<br> |
| **Cash Used in** | Net increase (decrease) in net assets from operations | $1100046 |
| **Operations:** | Adjusted by: |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Purchases of short-term portfolio securities | (6305299) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Calls and paydowns of long-term portfolio securities | 11315705 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Maturities of short-term portfolio securities | 6311000 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized (gain) loss on investments | (46) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Change in unrealized (appreciation) depreciation on investments | 444519 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion of discounts on investments | (8162) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of premiums on investments<br>(Increase)/Decrease in assets: | 48321 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable | 191204 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets<br>Increase/(Decrease) in liabilities: | (25295) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable | (41429) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investment purchased | (2500000) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration, custody, and transfer agent fees payable | (2132) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees payable | (1917) |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | (48620) |
|  | Total cash provided by operations | 10477895 |
| **Cash Provided by** | Securities sold under reverse repurchase agreements proceeds | 147300000 |
| **Financing Activities:** | Securities sold under reverse repurchase agreements repayments | (156350000) |
|  | Dividends to common shareholders paid in cash | (1426431) |
|  | Total cash used in financing activities | (10476431) |
| **Cash:** | Net increase (decrease) in cash for the year | 1464 |
|  | Cash at the beginning of the year | 175721 |
|  | Cash at the end of the year | $177185 |
| **Cash Flow** |  |  |
| **Information:** | Cash paid for interest and leverage related expenses | $592424 |
|  | Non cash activities - dividends reinvested by common shareholders | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15522 |

---

The accompanying notes are an integral part of these financial statements.

------

**Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc.** 

**Notes to Financial Statements** 

**March 31, 2026** 

**1.** **Reporting Entity and Significant Accounting Policies** 

Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc. (the "Fund") is a non-diversified closed-end management investment company. The Fund is a corporation organized under the laws of the Commonwealth of Puerto Rico ("Puerto Rico") and is registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act") as of May 14, 2021. Prior to such date and since inception, the Fund was registered and operated under the Puerto Rico Investment Companies Act of 1954, as amended. The Fund was incorporated on April 3, 2007, and commenced operations on April 20, 2007. UBS Asset Managers of Puerto Rico, a division of UBS Trust Company of Puerto Rico ("UBSTC"), is the Fund's Investment Adviser. UBSTC is the Fund's Administrator ("Administrator").

The Fund's investment objective is to provide current income, consistent with the preservation of capital.

On May 24, 2018, the Economic Growth, Regulatory Relief, and Consumer Protection Act (Pub. L. No. 115-174) was signed into law and amended the 1940 Act to repeal the exemption from its registration of investment companies created under the laws of Puerto Rico, the U.S. Virgin Islands, or any other U.S. possession under Section 6(a)(1) thereof. The repeal of the exemption took effect on May 24, 2021. Upon the Fund's registration under the 1940 Act, it must now register its future offerings of securities under the 1933 Act, absent an available exception. There is limited trading in Fund shares, which are not registered under the 1933 Act, and are only traded via private transactions.

Certain charter provisions of the Fund might be void and unenforceable under the 1940 Act including, without limitation, provisions (i) permitting indemnification of officers and directors to the fullest extent permitted by Puerto Rico law, (ii) setting forth the required vote for changes to fundamental policies of the Fund, and (iii) stating that, to the fullest extent permitted by Puerto Rico law, no officer or director will be liable to the Fund or shareholders.

The following is a summary of the Fund's significant accounting policies:

**Use of Estimates in Financial Statements Preparation** 

The Fund is an investment company that applies the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services-Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles ("GAAP"), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

**Net Asset Value Per Share** 

The NAV per share of the Fund is determined by the Administrator on Wednesday of each week after the close of trading on the New York Stock Exchange (NYSE) or, if such day is not a business day in New York or Puerto Rico, on the next succeeding business day, and at month-end if such date is not a Wednesday. The NAV per share is computed by dividing the total assets of the Fund, less its liabilities, by the total number of outstanding shares of the Fund.

**Valuation of Investments** 

The Fund's assets are valued by UBSTC on the basis of valuations provided by pricing services or by dealers which were approved by Fund management and the Board of Directors (the "Board"). In arriving at their valuation, pricing sources may use both a grid matrix of securities values as well as

------

**Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc.** 

**Notes to Financial Statements** 

**March 31, 2026** 

the evaluations of their staff. The valuation, in either case, could be based on information concerning actual market transactions and quotations from dealers or a grid matrix performed by an outside vendor that reviews certain market and security factors to arrive at a bid price for a specific security. Certain Puerto Rico obligations have a limited number of market participants and, thus, might not have a readily ascertainable market value and may have periods of illiquidity. If the Fund has securities for which quotations are not readily available from any source, they will be fair valued by or under the direction of the Investment Adviser utilizing quotations and other information concerning similar securities obtained from recognized dealers. The Investment Adviser can override any price that it believes is not consistent with market conditions. Valuation adjustments are limited to those necessary to ensure that the financial instrument's fair value is adequately representative of the price that would be received or paid in the marketplace. These adjustments include amounts that reflect counterparty credit quality, constraints on liquidity, and unobservable parameters that are applied consistently.

The Investment Adviser has been appointed by the Fund's Board as the valuation designee pursuant to Rule 2a-5 of the 1940 Act. The Investment Adviser has established a Valuation Committee (the "Committee") which is responsible for overseeing the pricing and valuation of all securities held by the Fund. The Committee operates under pricing and valuation policies and procedures established by the Investment Adviser and approved by the Board. The policies and procedures set forth the mechanisms and processes to be employed on a weekly basis related to the valuation of portfolio securities for the purpose of determining the NAV of the Fund. The Committee reports to the Board on a regular basis.

GAAP provides a framework for measuring fair value and expands disclosures about fair value measurements and requires disclosure surrounding the various inputs that are used in determining the fair value of the Fund's investments. These inputs are summarized in three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - Quoted prices in active markets for identical assets and liabilities at the measurement date. An active market
is one in which transactions for the assets occur with sufficient frequency and volume to provide pricing information on an ongoing basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - Significant inputs other than quoted prices included in Level 1 that are observable (including quoted
prices for similar securities, interest rates, pre-payment speeds, credit risk, etc.), either directly or indirectly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - Significant unobservable inputs, for example, inputs derived through extrapolation that cannot be corroborated
by observable market data. These will be developed based on the best information available in the circumstances, which might include UBSTC's own data. Level 3 inputs will consider the assumptions that market participants would use in
pricing the asset, including assumptions about risk (e.g., credit risk, model risk, etc.).

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Committee. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement. The Fund maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. Fair value is based upon quoted market prices when available.

The estimated fair value may be subjective in nature and may involve uncertainties and matters of significant judgment for certain financial instruments. Changes in the underlying assumptions used in

------

**Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc.** 

**Notes to Financial Statements** 

**March 31, 2026** 

calculating fair value could significantly affect the results. Therefore, the estimated fair value may materially differ from the value that could actually be realized on sale.

The inputs and methodology used for valuing securities or level assigned are not necessarily an indication of the risk associated with investing in those securities.

Following is a description of the Fund's valuation methodologies used for assets and liabilities measured at fair value:

***Puerto Rico Agencies, Bonds, and Notes:*** Obligations of Puerto Rico and political subdivisions are ****segregated and those with similar characteristics are then divided into specific sectors. The values for these securities are obtained from third-party pricing service providers that use a pricing methodology based on observable market inputs. Market inputs used in the evaluation process include all or some of the following: trades, bid price or spread quotes, benchmark curves (including, but not limited to, Treasury benchmarks and swap curves), and discount and capital rates. These bonds are classified as Level 2.

***Mortgage and Other Asset-Backed Securities:*** Fair value for these securities is mostly obtained ****from third-party pricing service providers that use a pricing methodology based on observable market inputs. Certain agency, mortgage, and other asset-backed securities ("MBS") are priced based on a bond's theoretical value from similar bonds, the term "similar" being defined by credit quality and market sector. Their fair value incorporates an option adjusted spread. The agency MBS are classified as Level 2.

***Obligations of U.S. Government Sponsored Entities, States, and Municipalities:*** The fair value of ****obligations of U.S. government sponsored entities, states, and municipalities is obtained from third-party pricing service providers that use a pricing methodology based on an active exchange market and quoted market prices for similar securities. These securities are classified as Level 2. U.S. agency notes are priced based on a bond's theoretical value from similar bonds defined by credit quality and market sector and for which the fair value incorporates an option adjusted spread in deriving their fair value. These securities are classified as Level 2.

The following is a summary of the portfolio by inputs used as of March 31, 2026, in valuing the Fund's investments carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** | **Investments in Securities** |
|  | **Level 1** | **Level 2** | **Level 3** | **Balance<br>3/31/2026** |
|  Puerto Rico Agencies, Bonds, and Notes | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12054010 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12054010 |
|  Puerto Rico FNMA Taxable |  | 336224 |  | 336224 |
|  US Government, Agency, and Instrumentalities |  | 27181085 |  | 27181085 |
|  US Municipals |  | 3839831 |  | 3839831 |
|  | $- | $43411151 | $- | $43411151 |

---

There were no Level 3 securities during the year ended March 31, 2026.

There were no transfers into or out of Level 3 during the fiscal year ended March 31, 2026.

Temporary cash investments are valued at amortized cost, which approximates market value. There were no temporary cash investments as of March 31, 2026.

------

**Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc.** 

**Notes to Financial Statements** 

**March 31, 2026** 

**Taxation** 

As a registered investment company under the 1940 Act, the Fund will not be subject to Puerto Rico income tax for any taxable year if it distributes at least 90% of its taxable net investment income for such year, as determined for these purposes pursuant to section 1112.01(a)(2) of the Puerto Rico Internal Revenue Code of 2011, as amended. Accordingly, as the Fund intends to meet this distribution requirement, the income earned by the Fund is not subject to Puerto Rico income tax at the Fund level.

The Fund can invest in taxable and tax-exempt securities. In general, distributions of taxable income dividends, if any, to Puerto Rico individuals, estates, and trusts are subject to a Puerto Rico withholding tax of 15% in the case of dividends distributed if certain requirements are met. Moreover, distribution of capital gains dividends, if any, to (a) Puerto Rico individuals, estates, and trusts are subject to a Puerto Rico income tax of 15% in the case of dividends distributed, and (b) Puerto Rico corporations are subject to a Puerto Rico income tax of 20% of the dividends distributed. Puerto Rico income tax withholdings are effected at the time of payment of the corresponding dividend. Individual shareholders may be subject to Puerto Rico alternate basic tax on certain fund distributions. Certain Puerto Rico entities receiving taxable income dividends are entitled to claim an 85% dividends received deduction.

For U.S. federal income tax purposes, the Fund is treated as a foreign corporation and does not intend to be engaged in a trade or business within the United States. As a foreign corporation not engaged in a trade or business in the United States, the Fund should generally not be subject to U.S. income tax on gains derived from the sale or exchange of personal property. Nevertheless, if it is determined that the Fund is engaged in a trade or business within the United States for purposes of the U.S. Internal Revenue Code of 1986, as amended ("U.S. Code"), and the Fund has taxable income that is effectively connected with such U.S. trade or business, the Fund will be subject to regular U.S. corporate income tax on its effectively connected taxable income, and maybe to a 30% branch profits tax and state and local taxes as well. Also, the Fund is subject to a 30% U.S. withholding tax on certain types of income from sources within the U.S., such as dividends and interest.

An investment in the Fund is designed solely for Puerto Rico residents due to the Fund's specific tax features. The Fund does not intend to qualify as a Regulated Investment Company ("RIC") under Subchapter M of the U.S. Code, and consequently an investor that is not (i) an individual who has his or her principal residence in Puerto Rico or (ii) a person, other than an individual, that has its principal office and principal place of business in Puerto Rico will not receive the tax benefits of an investment in a typical U.S. mutual fund (such as RIC tax treatment, i.e., availability of pass-through tax status for non-Puerto Rico residents) and may have adverse tax consequences for U.S. federal income tax purposes. If United States holders (which includes, but is not limited to, (i) citizens and residents of the United States who are not Puerto Rico individuals and (ii) corporations organized in the United States) invest in the Fund, such United States holders generally will be taxed on any dividend or interest paid by the Fund as ordinary income at the time such holders receive the dividend or interest or when it accrues, depending on such holder's method of accounting for tax purposes. Additionally, United States holders will be taxed on any gain on the sale of an investment in the Fund.

FASB Accounting Standards Codification Topic 740, Income Taxes (ASC 740) requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund's tax returns to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund's tax positions taken on its Puerto Rico income tax returns for all open tax years (the prior four tax years) and has concluded that there are no uncertain tax positions. On an ongoing basis, management will monitor the Fund's tax position to determine if adjustments to this conclusion are necessary. The Fund recognizes interest

------

**Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc.** 

**Notes to Financial Statements** 

**March 31, 2026** 

and penalties, if any, related to uncertain tax positions as income tax expenses in the Statement of Operations. During the fiscal year ended March 31, 2026, the Fund did not incur any interest or penalties.

**Statement of Cash Flows** 

The Fund issues its shares, invests in securities, and distributes dividends from net investment income and net realized gains which are paid in cash. These activities and additional information on cash receipts and payments are presented in the Statement of Cash Flows.

Accounting practices that do not affect the reporting of activities on a cash basis include carrying investments at fair value and amortizing premiums or discounts on debt obligations.

**Dividends and Distributions to Shareholders** 

Dividends from net investment income are declared and paid monthly. The Fund may at times pay out less than the entire amount of net investment income earned in any particular period and may at times pay out such accumulated undistributed income earned in other periods in order to permit the Fund to have a more stable level of distribution. The capital gains realized by the Fund, if any, may be retained by the Fund, as permitted by the Puerto Rico Internal Revenue Code of 2011, as amended, unless the Fund's Board, acting through the Dividend Committee, determines that the net capital gains will also be distributed. The Fund records dividends on the ex-dividend date.

**Reverse Repurchase Agreements** 

Under these agreements, the Fund sells portfolio securities, receives cash in exchange, and agrees to repurchase the securities at a mutually agreed upon date and price. Ordinarily, those counterparties with which the Fund enters into these agreements require delivery of collateral, nevertheless, the Fund retains effective control over such collateral through the agreement to repurchase the collateral on or by the maturity of the reverse repurchase agreement. These transactions are treated as financings and recorded as liabilities. Therefore, no gain or loss is recognized on the transaction, and the securities pledged as collateral remain recorded as assets of the Fund. The Fund enters into reverse repurchase agreements that do not have third-party custodians, with the collateral delivered directly to the counterparty. Pursuant to the terms of the standard Securities Industry and Financial Markets Association ("SIFMA") Master Repurchase Agreement, the counterparty is free to repledge or rehypothecate the collateral, provided it is delivered to the Fund upon maturity of the reverse repurchase agreement. This arrangement allows the Fund to receive better interest rates and pricing on the reverse repurchase agreements. While the Fund cannot monitor the rehypothecation of collateral, it does monitor the market value of the collateral versus the repurchase amount, that the income from the collateral is paid to the Fund on a timely basis, and that the collateral is returned at the end of the reverse repurchase agreement. These agreements involve the risk that the market value of the securities purchased with the proceeds from the sale of securities received by the Fund may decline below the price of the securities that the Fund is obligated to repurchase, and that the value of the collateral posted by the Fund increases in value and the counterparty does not return it. Because the Fund borrows under reverse repurchase agreements based on the estimated fair value of the pledged assets, the Fund's ongoing ability to borrow under its reverse repurchase facilities may be limited, and its lenders may initiate margin calls in the event of adverse changes in the market. A decrease in market value of the pledged assets may require the Fund to post additional collateral or otherwise sell assets at a time when it may not be in the best interest of the Fund to do so.

**Short-Term and Medium-Term Notes** 

The Fund has a short- and medium-term notes payable program as a funding vehicle to increase the amounts available for investments. The short- and medium-term notes may be issued from time to time in denominations of $1,000 or as may otherwise be specified in a supplement to the registration statements. The notes are collateralized by the pledge of certain securities of the Fund. The pledged

------

**Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc.** 

**Notes to Financial Statements** 

**March 31, 2026** 

securities are held by UBSTC, as agent for the Fund, for the benefit of the holders of the notes. The Fund suspended the current offerings of its securities, including notes, pending the registration of its securities under the 1933 Act, absent an available exception. There were no short- or medium-term notes outstanding as of March 31, 2026.

**Preferred Shares** 

Pursuant to the Fund's Certificate of Incorporation, as amended and supplemented, the Fund's Board is authorized to issue up to 12,000,000 preferred shares with a par value of $25, in one or more series. During the fiscal year ended March 31, 2026, no preferred shares were issued or outstanding.

**Operating Segments** 

An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and asses its performance, and has discrete financial information available. The Asset Liability Committee (ALCO) of the Fund's Investment Adviser acts as the Fund's CODM. Since its commencement, the Fund operates and is managed as a single operating segment, as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic portfolio allocation is pre-determined in accordance with the term of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a team.

The financial information in the form of the Fund's portfolio investments, geographic allocation, leverage, net investment income, total return, expense ratio and changes in net assets resulting from operations, which are used by the CODM to assess the segment's performance versus the Fund's comparative benchmark and to make resource allocation decisions for the Fund's single segment is consistent with that presented within the Fund's Financial Statements. The Accounting policies of the Fund are consistent with those described in these Notes to Financial Statement. Segment assets are reflected on the accompanying Statements of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

**Other** 

Security transactions are accounted for on trade date (the date on which the order to buy or sell is executed). Realized gains and losses on security transactions are determined on the identified cost method. Premiums and discounts on securities purchased are amortized using the interest method over the life or the expected life of the respective securities. Premiums are amortized at the earliest call date for any applicable securities. Income from interest and dividends from cumulative preferred shares is accrued, except when collection is not expected.

**2.** **Investment Advisory, Administration, Custody, and Transfer Agency Agreements and Other Transactions with Affiliates** 

Pursuant to an investment advisory contract (the "Advisory Agreement") with UBS Asset Managers of Puerto Rico, a division of UBSTC, and subject to the oversight of the Board, the Fund received investment advisory services in exchange for a fee. The investment advisory fee did not exceed 0.75% of the Fund's average weekly gross assets (including assets purchased with the proceeds of leverage). For the fiscal year ended March 31, 2026, investment advisory fees amounted to $390,513, equivalent to 0.75% of the Fund's average weekly gross assets. The Investment Advisor voluntarily waived investment advisory fees in the amount of $260,342, for a net fee of $130,171. The investment advisory fees payable amounted to $9,520 as of March 31, 2026.

UBSTC also provided administrative, custody, and transfer agency services pursuant to (i) Administration, (ii) Custody, and (iii) Transfer Agency, Registrar, and Shareholder Servicing Agreements, respectively. UBSTC had engaged JP Morgan Chase Bank, N.A. to act as the sub-

------

**Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc.** 

**Notes to Financial Statements** 

**March 31, 2026** 

custodian for the Fund. UBSTC provided facilities and personnel to the Fund for the performance of its administration duties. The Administration Agreement and the Transfer Agency, Registrar, and Shareholder Servicing Agreement fees did not exceed 0.15% and 0.05%, respectively of the Fund's average weekly gross assets. The Custody fees were solely sub-custodian costs and out-of-pocket expense reimbursements. For the fiscal year ended March 31, 2026, the administrative, custody, and transfer agency services fee amounted to $101,567. The administrator, custodian, and transfer agent voluntarily waived service fees in the amount of $26,232, for a net fee of $75,335. The administrative, custody, and transfer agent fees payable amounted to $5,629 as of March 31, 2026.

Certain Fund officers are also officers of UBSTC. The six independent directors of the Fund's Board are paid based upon an agreed fee of $1,000 per fund for each quarterly Board meeting, $500 for each special Board meeting, and $500 per fund for each Audit Committee meeting. For the fiscal year ended March 31, 2026, the independent directors of the Fund were paid an aggregate compensation of $31,220. The Directors fees payable amounted to $6,000 as of March 31, 2026.

**3.** **Capital Share Transactions** 

The Fund is authorized to issue up to 88,000,000 common shares, par value $0.01 per share.

Capital share transactions for the fiscal years ended March 31, 2026, and March 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| **Common Shares** | **Amount<br>March 31, 2026** | **Amount<br>March 31, 2025** |
|  Proceeds from the reinvestment of dividends | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15522 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13126 |
|  Repurchase of shares |  |  |
|  | $15522 | $13126 |

---

Transactions in common shares during the fiscal years ended March 31, 2026, and March 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Common shares** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** |
|  Common shares - beginning of period |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,595,640 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20,588,887 |
|  Shares issued due to the reinvestment of dividends |  | 8040 |  | 6753 |
|  Shares repurchased |  |  |  |  |
|  Common shares - end of period |  | 20603680 |  | 20595640 |

---

There were no share repurchase transactions during the fiscal years ended March 31, 2026, and March 31, 2025.

**4.** **Investment Transactions** 

The cost of U.S. obligation securities purchased was $6,305,299 for the fiscal year ended March 31, 2026, which were related to short-term securities. Proceeds from calls, paydowns and maturities of U.S. obligation securities for the fiscal year ended March 31, 2026, amounted to $17,626,705, which $6,311,000 were related to maturities of short-term securities.

There were no affiliates transactions during the year.

------

**Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc.** 

**Notes to Financial Statements** 

**March 31, 2026** 

**5.** **Securities Sold Under Reverse Repurchase Agreements** 

The Fund enters into reverse repurchase agreements that do not have third-party custodians, with the collateral delivered directly to the counterparty. Pursuant to the terms of the standard SIFMA Master Repurchase Agreement, the counterparty is free to repledge or rehypothecate the collateral, provided it is delivered to the Fund upon maturity of the reverse repurchase agreement. This arrangement allows the Fund to receive better interest rates and pricing on the reverse repurchase agreements. While the Fund cannot monitor the rehypothecation of collateral, it does monitor the market value of the collateral versus the repurchase amount, that the income from the collateral is paid to the Fund on a timely basis, and that the collateral is returned at the end of the reverse repurchase agreement.

Securities sold under reverse repurchase agreements amounted to $4,350,000 at March 31, 2026, and related information is as follows:

---

| | |
|:---|:---|
|  Weighted average interest rate at the end of the year | 3.85% |
|  Maximum aggregate balance outstanding at any time of the year | $16175000 |
|  Average balance outstanding during the year | $12309863 |
|  Average interest rate during the year | 4.41% |

---

At March 31, 2026, the interest rate on securities sold under reverse repurchase agreements was 3.85% with a maturity date up to April 7, 2026.

At March 31, 2026, investment securities amounting to $4,589,199 were pledged as collateral for securities sold under reverse repurchase agreements. Interest payable on securities sold under reverse repurchase agreements amounted to $6,513 at March 31, 2026.

The total amount of unaffiliated originations or proceeds of securities sold under reverse repurchase agreements during the fiscal year ended March 31, 2026, amounted to $147,300,000.

The following table presents the Fund's reverse repurchase agreements by counterparty and the related collateral pledged by the Fund at March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Counterparty | Gross Amount of<br>Securities Sold Under<br>Reverse Repurchase<br>Agreements<br>Presented in the<br>Statement of Assets<br>and Liabilities | Securities Sold<br>Under Reverse<br>Repurchase<br>Agreements<br>Available for Offset | Collateral Posted (a) | Net Amount due to<br>Counterparty (not less than<br>zero) |
|  South Street Securities, New York | $4350000 | $- | $4350000 | $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Collateral received or posted is limited to the net securities sold under reverse repurchase agreements liability amounts. See above for actual collateral received and posted.

**6.** **Short-Term Financial Instruments** 

The fair value of short-term financial instruments, which includes $4,350,000 of securities sold under reverse repurchase agreements, are substantially the same as the carrying amount reflected in the Statement of Assets and Liabilities as these are reasonable estimates of fair values given the relatively short period of time between origination of the instrument and their expected realization. The securities sold under reverse repurchase agreements are classified as Level 2.

------

**Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc.** 

**Notes to Financial Statements** 

**March 31, 2026** 

**7.** **Concentration of Credit Risk** 

Concentration of credit risk that arises from financial instruments exists for groups of customers or counterparties when they have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic or other conditions.

The major concentration of credit risk arises from the Fund's investment securities in relation to the location of the issuers of such investment securities. For calculating concentration, all securities guaranteed by the U.S. government or any of its subdivisions are excluded. At March 31, 2026, the Fund had investments with an aggregate fair value of approximately $12,054,010, which were revenue bonds issued by entities located in Puerto Rico and are not guaranteed by the Puerto Rico government. Also, at March 31, 2026, the Fund had investments with an aggregate market value amounting to $3,839,831 which were issued by one municipality located in the United States and not guaranteed by the U.S. government.

**8.** **Investment and Other Requirements and Limitations** 

The Fund is subject to certain requirements and limitations related to investments and leverage. Some of these requirements and limitations are imposed by statute or by regulation, while others are imposed by procedures established by the Board. The most significant requirements and limitations are discussed below.

The Fund invests up to 67% of the Fund's total assets in taxable and tax-exempt securities issued by Puerto Rico issuers, including securities by the Commonwealth of Puerto Rico and its political subdivisions and instrumentalities, mortgage-backed and asset-backed securities, and corporate obligations and preferred stock (the "67% Investment Requirement"). While the Fund intends to comply with the 67% Investment Requirement as market conditions permit, the Fund's ability to procure sufficient Puerto Rico securities which meet the Fund's investment criteria may, in the opinion of the Investment Adviser, be constrained due to the volatility affecting the Puerto Rico bond market since 2013 and the fact that the Puerto Rico government remains in the process of restructuring its outstanding debt under Title III of the Puerto Rico Oversight, Management, and Economic Stability Act ("PROMESA") as well as undertaking other fiscal measures to stabilize Puerto Rico's economy in accordance with the requirements of PROMESA, and this inability may continue for an indeterminate period of time. To the extent that the Fund is unable to procure sufficient amounts of such Puerto Rico securities, the Fund may acquire investments in securities of non-Puerto Rico issuers which satisfy the Fund's investment policies. While the Fund will seek to invest at least an average of 20% of its total assets on an annual basis in Puerto Rico securities even in adverse market conditions, there is no guarantee that it will be able to do so if there are insufficient Puerto Rico securities which meet the Fund's investment criteria.

The Fund invests, except where the Fund is unable to procure sufficient Puerto Rico Securities that meet the Fund's investment criteria, in the opinion of the Investment Adviser, or other extraordinary circumstances, up to 33% of its total assets in securities issued by non-Puerto Rico entities. These include securities issued or guaranteed by the U.S. government, its agencies and instrumentalities, non-Puerto Rico mortgage-backed and asset-backed securities, corporate obligations and preferred stock of non-Puerto Rico entities, municipal securities of issuers within the U.S., and other non-Puerto Rico securities that the Investment Adviser may select, consistent with the Fund's investment objectives and policies.

As its fundamental policy, the Fund may not (i) issue senior securities, as defined in the 1940 Act, except to the extent permitted under the 1940 Act and except as otherwise described in the prospectus, or (ii) borrow money from banks or other entities, in excess of 33 1/3% of its total assets (including the

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**Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc.** 

**Notes to Financial Statements** 

**March 31, 2026** 

amount of borrowings and debt securities issued); except that, the Fund may borrow from banks or other financial institutions for temporary or emergency purposes (including, among others, financing repurchases of notes and tender offers), in an amount of up to an additional 5% of its total assets.

The Fund may issue preferred stock, debt securities, and other forms of leverage to the extent that immediately after their issuance, the value of the Fund's total assets less all the Fund's liabilities and indebtedness which are not represented by preferred stock, debt securities, or other forms of leverage being issued or already outstanding, is equal to or greater than 300% of the aggregate par value of all outstanding preferred stock (not including any accumulated dividends or other distributions attributable to such preferred stock) and the total amount outstanding of debt securities and other forms of leverage.

**9.** **Tax Basis of Distributions and Components of Distributable Earnings (Accumulated Losses)** 

The amount of net unrealized appreciation/(depreciation) and the cost of investment securities for tax purposes was as follows:

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| | |
|:---|:---|
|  Cost of investments for tax purposes | $43076462 |
|  Gross appreciation | 1090816 |
|  Gross depreciation | (756126) |
|  Net appreciation (depreciation) | $334689 |

---

The Fund's policy, as stated in its prospectus, is to distribute substantially all net investment income. In order to maintain a stable level of dividends, however, the Fund may at times pay more or less than the net investment income earned in a particular year.

For the fiscal years ended March 31, 2026, and March 31, 2025, the Fund had distributed from ordinary income $1,442,000 and $1,201,237 for tax purposes, respectively. The undistributed net investment income at March 31, 2026, and March 31, 2025, was as follows:

**2026:** 

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| | |
|:---|:---|
|  Undistributed net investment income for tax purposes at the beginning of the fiscal year end | 4127669 |
| Net investment income for tax purposes | 1544519 |
| Dividends paid to common shareholders | (1442000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed net investment income for tax purposes at the end of the fiscal year end | $4230188 |

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**2025:** 

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| | |
|:---|:---|
|  Undistributed net investment income for tax purposes at the beginning of the fiscal year end | $3639023 |
|  Net investment income for tax purposes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1689883 |
|  Dividends paid to common shareholders | (1201237) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undistributed net investment income for tax purposes at the end of the fiscal year end | $4127669 |

---

------

**Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc.** 

**Notes to Financial Statements** 

**March 31, 2026** 

The undistributed net investment income and components of total distributable earnings (accumulated losses) on a tax basis at March 31, 2026, were as follows:

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| | |
|:---|:---|
|  Undistributed net investment income for tax purposes at the end of the fiscal year | $4230188 |
|  Accumulated net realized gain (loss) from investment | (237977705) |
|  Unrealized net appreciation (depreciation) from investment | 334689 |
|  Total Distributable Earnings (Accumulated Loss) | $(233412828) |

---

**10.** **Risks and Uncertainties** 

The Fund is exposed to various types of risks, such as geographic concentration, industry concentration, non-diversification, interest rate, and credit risks, among others. This list is qualified in its entirely by reference to the more detailed information provided in the offering documentation for securities issued by the Fund.

*Puerto Rico Risk.* The Fund invests in securities of Puerto Rico issuers. Consequently, the Fund generally is susceptible to economic, political, regulatory, or other factors adversely affecting issuers in Puerto Rico than an investment company that is not so concentrated in Puerto Rico issuers. In addition, securities issued by the Puerto Rico government or its instrumentalities are affected by the central government's finances. That includes, but is not limited to, general obligations of Puerto Rico and revenue bonds, special tax bonds, or agency bonds. Over the past few years, many Puerto Rico government bonds as well as the securities issued by several Puerto Rico financial institutions have been downgraded as a result of several factors, including, without limitation, the downturn experienced by the Puerto Rico economy and the strained financial condition of the Puerto Rico government.

*Conflicts of Interest.* The investment advisory fee payable to the Investment Adviser during periods in which the Fund is utilizing leverage will be higher than when it is not doing so because the fee is calculated as a percentage of average weekly gross assets, including assets purchased with leverage. Because the asset base used for calculating the investment advisory fee is not reduced by aggregate indebtedness incurred in leveraging the Fund, the Investment Adviser may have a conflict of interest in formulating a recommendation to the Fund as to whether and to what extent to use leverage. This could impact the Fund's ability to pay in the future.

UBS Asset Managers of Puerto Rico, UBS Financial Services Inc. ("UBSFS"), and their affiliates have engaged and may engage in business transactions with or related to any one of the issuers of the Fund's investment assets, or with competitors of such issuers, as well as provide them with investment banking, asset management, trust, or advisory services, including merger and acquisition advisory services. These activities may present a conflict between any such affiliated party and the interests of the Fund. Any such affiliated party may also publish or may have published research reports on one or more of such issuers and may have expressed opinions or provided recommendations inconsistent with the purchasing or holding of the securities of such issuers. While the Fund has engaged in transactions with affiliates in the past, all transactions among Fund affiliates from the date of the Fund's registration under the 1940 Act going forward will be done in compliance with the 1940 Act rules and prohibitions regarding affiliated transactions, or any exemptive relief granted by the U.S. Securities and Exchange Commission (the "SEC") in respect thereof.

*Investment and Market Risk*. The Fund's investments may be adversely affected by the performance of U.S. and Puerto Rico investment securities markets, which, in turn, may be influenced by a number of factors, including, among other things, (i) the level of interest rates, (ii) the rate of inflation, (iii) political decisions, (iv) fiscal policy, and (v) current events in general. Because the Fund invests in investment securities, the Fund's NAV may fluctuate due to market conditions.

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**Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc.** 

**Notes to Financial Statements** 

**March 31, 2026** 

Puerto Rico and other countries and regions in which the Fund may invest where the Investment Adviser has offices or where the Fund or the Investment Adviser otherwise do business are susceptible to natural disasters (e.g., fire, flood, earthquake, storm, and hurricane), epidemics/pandemics, or other outbreaks of serious contagious diseases. The occurrence of a natural disaster or epidemic/pandemic could, directly or indirectly, adversely affect and severely disrupt the business operations, economies, and financial markets of many countries (even beyond the site of the natural disaster or epidemic/pandemic) and could adversely affect the Fund's investment program or the Investment Adviser's ability to do business. In addition, terrorist attacks, or the fear of or the precautions taken in anticipation of such attacks could, directly or indirectly, materially and adversely affect certain industries in which the Fund invests or could affect the countries and regions in which the Fund invests, where the Investment Adviser has offices or where the Fund or the Investment Adviser otherwise do business. Other acts of war (e.g., invasion, acts of foreign enemies, hostilities, and insurrection, regardless of whether war is declared) could also have a material adverse impact on the financial condition of industries or countries in which the Fund invests.

In addition, turbulence in financial markets and reduced liquidity in equity and/or fixed-income markets may negatively affect the Fund. Global economies and financial markets are becoming increasingly interconnected, and conditions and events in one country, region, or financial market may adversely impact issuers in a different country, region, or financial market. These risks may be magnified if certain events or developments adversely interrupt the global supply chain and could affect companies worldwide. An outbreak of an infectious disease or serious environmental or public health concern could have a significant negative impact on economic and market conditions, could exacerbate pre-existing political, social, and economic risks in certain countries or regions, and could trigger a prolonged period of global economic slowdown, which may impact the Fund. To the extent the Fund is overweight in certain countries, regions, companies, industries, or market sectors, such positions will increase the risk of loss from adverse developments affecting those countries, regions, companies, industries, or sectors.

*Credit Risk*. Credit risk is the risk that debt securities or preferred stock will decline in price or fail to make dividend or interest payments when due because the issuer of the security experiences a decline in its financial condition or it otherwise decides to suspend, delay, or reduce payments. The Fund's investments are subject to credit risk. The risk is greater in the case of securities that are rated below investment grade or rated in the lowest investment grade category.

*Fixed Income Securities Generally*. The yield on fixed income securities that the Fund may invest in depends on a variety of factors, including general market conditions for such securities, the financial condition of the issuer, the size of the particular offering, the maturity, credit quality, and rating of the security. Generally, the longer the maturity of those securities, the higher its yield and the greater the changes in its yields both up and down. The market value of fixed income securities normally will vary inversely with changes in interest rates. The unique characteristics of certain types of securities also may make them more sensitive to changes in interest rates.

Certain issuers of fixed income securities are subject to the provisions of bankruptcy, insolvency, and other laws affecting the rights and remedies of creditors that may result in delays and costs to the Fund if a party becomes insolvent. It is also possible that, as a result of litigation or other conditions, the power or ability of such issuers to meet their obligations for the repayment of principal and payment of interest, respectively, may be materially and adversely affected.

*Municipal Obligations Risk*. Certain of the municipal obligations in which the Fund may invest present their own distinct risks. These risks may depend, among other things, on the financial situation of the government issuer, or in the case of industrial development bonds and similar securities, on that of the entity supplying the revenues that are intended to repay the obligations. It is also possible that, as a

------

**Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc.** 

**Notes to Financial Statements** 

**March 31, 2026** 

result of litigation or other conditions, the power or ability of issuers or those other entities to meet their obligations for the repayment of principal and payment of interest may be materially and adversely affected. See "Puerto Rico Risk" above.

*Mortgage-Backed Securities Risk*. Mortgage-backed securities (residential and commercial) represent interests in "pools' of mortgages. Mortgage-backed securities have many of the risks of traditional debt securities but, in general, differ from investments in traditional debt securities in that, among other things, principal may be prepaid at any time due to prepayments by the obligors on the underlying obligations. As a result, the Fund may receive principal repayments on these securities earlier or later than anticipated by the Fund. In the event of prepayments that are received earlier than anticipated, the Fund may be required to reinvest such prepayments at rates that are lower than the anticipated yield of the prepaid obligation. The rate of prepayments is influenced by a variety of economic, geographic, demographic, and other factors, including, among others, prevailing mortgage interest rates, local and regional economic conditions, and homeowner mobility. Generally, prepayments will increase during periods of declining interest rates and decrease during periods of rising interest rates. The decrease in the rate of prepayments during periods of rising interest rates results in the extension of the duration of mortgage-backed securities, which makes them more sensitive to changes in interest rates and more likely to decline in value (this is known as extension risk). Since a substantial portion of the assets of the Fund may be invested in mortgage-backed securities, the Fund may be subject to these risks and other risks related to such securities to a significant degree, which might cause the market value of the Fund's investments to fluctuate more than otherwise would be the case. In addition, mortgage-backed or other securities issued or guaranteed by FNMA, FHLMC or a Federal Home Loan Bank are supported only by the credit of these entities and are not supported by the full faith and credit of the U.S. government.

*Concentration Risk*. The Fund may concentrate its investments in mortgage-related assets, which means that its performance may be closely tied to the performance of a particular market segment. The Fund's concentration in these securities may present more risks than if it were broadly diversified over numerous industries and sectors of the economy. A downturn in these securities would have a larger impact on the Fund than on a fund that does not concentrate in such securities. At times, the performance of these securities will lag the performance of other industries or the broader market as a whole.

*Illiquid Securities*. Illiquid securities are securities that cannot be sold within a reasonable period of time, not to exceed seven days, in the ordinary course of business at approximately the amount at which the Fund has valued the securities. There presently are a limited number of participants in the market for certain Puerto Rico securities or other securities or assets that the Fund may own. That and other factors may cause certain securities to have periods of illiquidity. Illiquid securities include, among other things, securities subject to legal or contractual restrictions on resale that hinder the marketability of the securities. Certain of the securities in which the Fund intends to invest, such as shares of preferred stock, may be substantially less liquid than other types of securities in which the Fund may invest. Illiquid securities may trade at a discount from comparable, more liquid investments.

There are no limitations on the Fund's investment in illiquid securities. The Fund may also continue to hold, without limitation, securities or other assets that become illiquid after the Fund invests in them. To the extent the Fund owns illiquid securities or other illiquid assets, the Fund may not be able to sell them easily, particularly at a time when it is advisable to do so to avoid losses.

*Valuation Risk*. The price the Fund could receive upon the sale of any particular investment may differ from the Fund's valuation of the investment, particularly for securities that trade in thin or volatile markets, including Puerto Rico, or that are valued using a fair valuation methodology or a price provided by an independent pricing service. As a result, the price received upon the sale of an

------

**Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc.** 

**Notes to Financial Statements** 

**March 31, 2026** 

investment may be less than the value ascribed by the Fund, and the Fund could realize a greater than expected loss or lesser than expected gain upon the sale of the investment. Pricing services that value fixed-income securities generally utilize a range of market-based and security-specific inputs and assumptions, as well as considerations about general market conditions, to establish a price. Pricing services generally value fixed-income securities assuming orderly transactions of an institutional round lot size, but such securities may be held or transactions may be conducted in smaller, odd lot sizes. Odd lots may trade at lower prices than institutional round lots. The Fund's ability to value its investments may also be impacted by technological issues and/or errors by pricing services or other third-party service providers.

*Interest Rate Risk.* Interest rate risk is the risk that interest rates will rise so that the value of the securities issued by the Fund or the Fund's portfolio investments will fall. Also, the Fund's yield will tend to lag behind changes in prevailing short-term interest rates. In addition, during periods of rising interest rates, the average life of certain types of securities may be extended because of the right of the issuer to defer payments or make slower than expected principal payments. This may lock in a below market interest rate, increase the security's duration (the estimated period until the security is paid in full), and reduce the value of the security. This is known as extension risk. The Fund is subject to extension risk. Conversely, during periods of declining interest rates, the issuer of a security may exercise its option to prepay principal earlier than scheduled in order to refinance at lower interest rates, forcing the Fund to reinvest in lower yielding securities. This is known as prepayment risk. Prepayment risk applies also to the securities issued by the Fund to the extent they are redeemable by the Fund. The Fund is subject to prepayment risk. This tendency of issuers to refinance debt with high interest rates during periods of declining interest rates may reduce the positive effect of declining interest rates on the market value of the Fund's securities. Finally, the Fund's use of leverage by the issuance of preferred stock, debt securities, and other instruments may increase the risks described above.

*Leverage Risk*. Some transactions may give rise to a form of economic leverage. These transactions may include, among others, derivatives, and may expose the Fund to greater risk and increase its costs. The use of leverage may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so to satisfy its obligations or to meet applicable requirements of the 1940 Act and the rules thereunder. Increases and decreases in the value of the Fund's portfolio will be magnified when the Fund uses leverage.

*Risks of Reverse Repurchase Agreements.* The Fund may engage in reverse repurchase agreements which are collateralized loan transactions in which the Fund sells a portfolio security to a counterparty in exchange for cash and agrees to buy it back at a specified time and price in a specified currency. The counterparty can repledge or rehypothecate the collateral securities to a third party, provided they are delivered to the Fund upon maturity of the reverse repurchase agreement. Reverse repurchase agreements involve various risks to the Fund. Reverse repurchase agreements are subject to counterparty risk that the buyer of the securities sold by the Fund, or the counterparty to which the buyer rehypothecates the collateral securities may be unable to deliver the securities at the agreed upon terms when the Fund seeks to repurchase the collateral. In that case, the Fund may be unable to purchase the securities on the open market or only at a higher cost, possibly resulting in an investment loss to the Fund. The collateral securities in the reverse repurchase agreement are also subject to market risk. An increase in interest rates that causes a decrease in the market value of the securities can lead the lenders to require the Fund to post additional collateral at a time when it may not be in the best interest of the Fund to do so.

*Special Risks of Hedging Strategies*. The Fund may use a variety of derivatives instruments including securities options, financials futures contracts, options on futures contracts, and other interest rate protection transactions such as swap agreements, to attempt to hedge its portfolio of assets and

------

**Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc.** 

**Notes to Financial Statements** 

**March 31, 2026** 

enhance its return. In particular, the Fund generally uses derivative instruments to hedge against variations in the borrowing cost of the Fund's leverage program. Successful use of most derivatives instruments depends upon the Investment Adviser's ability to predict movements of the overall securities and interest rate markets. There is no assurance that any particular hedging strategy adopted will succeed or that the Fund will employ such strategy with respect to all or any portion of its portfolio. Some of the derivative strategies that the Fund may use to enhance its return are riskier than its hedging transactions and have speculative characteristics. Such strategies do not attempt to limit the Fund's risk of loss.

**11.** **Commitments and Contingencies** 

The Fund, its Board, UBSFS, and UBSTC are subject to legal proceedings, claims, and litigation arising in the ordinary course of business. While the outcome of these matters is currently not determinable, management does not expect that the ultimate outcome of these matters will have a material adverse effect on the Fund's financial position, results of operations, or cash flows. Management of UBSFS and UBSTC have informed the Fund of its belief that the resolution of such matters is not likely to have a material adverse effect on the ability of UBS Asset Managers of Puerto Rico and UBSTC to perform under their respective contracts with the Fund.

Other Income included $50,687, which is related to an insurance claim reimbursement of legal expenses incurred in the Fund's litigation in the United States District Court for the District of Puerto Rico (Case No. 22-1101) against Ocean Capital LLC and certain activist shareholders for violations of the U.S. federal securities laws.

The Fund has been engaged in litigation with Ocean Capital LLC and certain other defendants based on claims brought by the Fund and eight other closed-end funds advised by UBS Asset Managers that Ocean Capital LLC and the other defendants violated federal securities law by filing insufficient and inaccurate disclosures and proxy materials. On May 12, 2025, the United States Court of Appeals for the First Circuit affirmed the dismissal of the Fund's claims alleging securities law violations by Ocean Capital LLC and the other defendants.

**12.** **Indemnifications** 

In the normal course of business, the Fund enters into contracts that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is unknown. However, the Fund has not had prior claims or losses for indemnification and expects the risk of loss to be remote.

**13.** **Subsequent Events** 

Events and transactions from April 1, 2026, through May 28, 2026 (the date the financial statements were available to be issued), have been evaluated by management for subsequent events. Management has determined that there were no material events that would require adjustment to or additional disclosure in the Fund's financial statements through this date, except as disclosed below.

*<u>Service Providers:</u>*

Effective May 11, 2026, the Fund entered into a Master Custodian Agreement and an Administration Agreement with State Street Bank and Trust Company to provide custody and fund administration services to the Fund, respectively. On May 11, 2026, UBSTC will no longer be Custodian, JP Morgan Chase Bank, N.A. will no longer be sub-custodian and UBSTC will no longer be fund administrator to the Fund.

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**Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc.** 

**Notes to Financial Statements** 

**March 31, 2026** 

*<u>Dividends:</u>*

On April 30, 2026, the Board, acting through the Dividend Committee, declared an ordinary net investment income dividend of $0.00583 per common share, totaling $120,192 and payable on May 11, 2026, to common shareholders of record as of April 30, 2026.

On May 20, 2026, the Board of the Fund issued a public announcement regarding their ongoing review of options to provide better liquidity, value and operational efficiencies for the Fund's shareholders. The evaluation is ongoing, and any proposed transaction would be subject to Board approval, regulatory requirements, and shareholder approval.

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**Report of Independent Registered Public Accounting Firm** 

To the Shareholders and the Board of Directors of Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc.

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities of Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc. (the "Fund"), including the schedule of investments, as of March 31, 2026, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended 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 the Fund at March 31, 2026, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion** 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. 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 Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the auditing 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. The Fund is not required to have, nor were we engaged to perform, an audit of the Fund's 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 the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits 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 March 31, 2026, by correspondence with the custodian, brokers and others. Our audits 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 audits provide a reasonable basis for our opinion.

![LOGO](g89391dsp058.jpg)

We have served as the auditor of one or more UBS investment companies since 1978.

New York, New York

May 28, 2026

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## OTHER INFORMATION (Unaudited)
**Management Information**. The business affairs of the Fund are overseen by its Board of Directors. Certain biographical and other information relating to the Directors and officers of the Fund are set forth below, including their year of birth and their principal occupations for at least five years.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Name, Year**<br> **of Birth and**<br> **Address\*** | **Position(s)**<br> **Held with**<br> **the Fund,**<br> **Term of**<br> **Office and**<br> **Length of**<br> **Time**<br> **Served (or**<br> **Year**<br> **Service**<br> **Began)\*\*** | **Principal Occupation(s)**<br> **During Past 5 Years** | **Number of<br>Portfolios<br>in Fund<br>Complex<br>Overseen<br>by Director** | **Other<br>Registered<br>Investment<br>Company<br>Directorships<br>Held by<br>Director** |
| &nbsp;&nbsp;&nbsp; Agustin<br> Cabrer (1948) | Director since 2003. | President of Antonio Roig Sucesores (land holding enterprise with commercial properties), since 1995; President of Libra Government Building, Inc. (administration of courthouse building), since 1997; President of Cabrer Consulting (financial services business); President of CC Development, LLC (construction supervision and management consulting), since 2019; and Director of V. Suarez & Co. (food and beverage distribution company), since 2002. | 18 Funds Consisting of 23 Portfolios |  |
| &nbsp;&nbsp;&nbsp; Carlos Nido<br> (1964) | Director since 2007. | President of Green Isle Capital LLC, a Puerto Rico Venture Capital Fund under Puerto Rico Law 60, investing primarily in real estate, feature films and healthcare, since 2015; President and Executive Producer of Piñolywood Studios LLC, since 2015; member of the Board of Directors of Advent Morro Equity Partners since 2010 and B. Fernández & Hnos. Inc., since 2014. Member of the Board of Directors of the Puerto Rico Childrens's Foundation since 2010. | 19 Funds Consisting of 24 Portfolios |  |
| &nbsp;&nbsp;&nbsp;J. Gabriel Pagan Pedrero | Director since 2026. | Vice President of Insular Construction and Supply Company Inc. since 1984. | 19 Funds Consisting |  |

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;(1953) |  |  | of 24 Portfolios |  |
| &nbsp;&nbsp;&nbsp;Luis M. Pellot (1948) | Director since 2003. | President of Pellot-González, Tax Attorneys & Counselors at Law, PSC (a legal services business), since 1989. | 19 Funds Consisting of 24 Portfolios |  |
| &nbsp;&nbsp;&nbsp;Clotilde Perez (1951) | Director since 2009. | Corporate development consultant since 2022; Member of the Board of Directors of Campofresco Corp. since 2012; and Partner of Infogerencia Inc. since 1985. | 18 Funds Consisting of 23 Portfolios |  |
| &nbsp;&nbsp;&nbsp;Jorge I. Vallejo (1954) | Director since 2026. | Managing Partner of Vallejo & Vallejo, since April 1992, a real estate appraisal and consulting firm in San Juan, Puerto Rico. Mr. Vallejo is also partner of various special partnerships involved in real estate development. | 19 Funds Consisting of 24 Portfolios | 4 Funds Managed by Popular Asset Management |
| &nbsp;&nbsp;&nbsp;Carlos V. Ubiñas\*\*\* (1954) | Interested Director since 2003, Chairman of the Board of Directors since 2012 and President since 2015. | Chairman of the Board of Directors of UBS Trust Company of Puerto Rico, since 2023; prior to that CEO and Chairman of UBS Financial Services Incorporated of PR and Head of UBS International. | 15 Funds Consisting of 20 Portfolios |  |
| &nbsp;&nbsp;&nbsp;Liana Loyola (1961) | Secretary since 2014. | Attorney in private practice since 2009. | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Jose Grau (1963) | Treasurer since 2025. | Chief Financial Officer of UBS Financial Services Inc. of Puerto Rico from 2013 to 2021; Treasurer of UBS Financial Services Inc. until 2021; and Director, Chief Financial Officer, Board member and Business Manager of UBS Trust Company of Puerto Rico. | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Luz Colon (1974) | Chief Compliance Officer since 2013. | Executive Director and Chief Compliance Officer of UBS Asset Managers of Puerto Rico and the UBS Family of Funds. | N/A | N/A |
| &nbsp;&nbsp;&nbsp;Heydi Cuadrado (1980) | Assistant Treasurer and Vice President since 2025. | Director of UBS Trust Company of Puerto Rico, since March 2012. | N/A | N/A |

---

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<u> Edward Ramos (1967)</u>   <u>Vice President since 2025.</u>   <u>Associate Director of UBS Trust Company of Puerto Rico, since 2006.</u>   <u>N/A</u>   <u>N/A</u> <br> <u> Maria Vilaro (1962)</u>   <u>Vice President since 2025.</u>   <u>Associate Director of UBS Trust Company of Puerto Rico, since 2009.</u>   <u>N/A</u>   <u>N/A</u>

\* Each Directors' and Officers' address is c/o UBS Puerto Rico Family of Funds, American International Plaza, Tenth Floor, 250 Muñoz Rivera Avenue, San Juan, Puerto Rico 00918

\*\* Each Director holds his or her office from the time of their election and qualification until the election meeting for the year in which his or her term expires and until his or her successor shall have been elected and shall have qualified, or until his or her death, or until December 31 of the year in which he or she shall have reached eighty-five years of age, or until he or she shall have resigned or been removed; provided that, any Director that has reached eighty-five years of age as of December 31 of any given year may continue to serve on the Board (i) for the remaining term of the class such Director was assigned to and (ii) one (1) additional term of such class, provided all the other Directors vote in favor of either term of extension.

\*\*\* Considered an "Interested Director" as that term is defined in Section 2(a)(19) of the 1940 Act as a result of his employment with the Fund's Investment Adviser, or an affiliate thereof.

------

**Shareholder Meeting for fiscal year ended March 31, 2021** 

The 2021 Annual Meeting of Shareholders (including adjournments thereof, the "2021 Annual Meeting") was originally convened on July 29, 2021, and was subsequently adjourned a number of times, in each case to provide the Fund with additional time to solicit proxies from its shareholders to achieve a quorum at the 2021 Annual Meeting. As of the date hereof, the 2021 Annual Meeting has been adjourned to May 21, 2026, and no business has been transacted at the 2021 Annual Meeting. The 2021 Annual Meeting has the following agenda items:

1. Election of Directors. To elect four (4) directors of the Fund.

2. Independent Auditors. To ratify the selection by the Audit Committee of the Board of Directors of Ernst & Young LLP as the independent auditors of the Fund for the fiscal year ending March 31, 2022.

3. To transact such other business as may properly come before the Annual Meeting or any continuation or adjournment thereof.

These matters are discussed in greater detail in the Proxy Statement (as defined below) relating to the 2021 Annual Meeting filed by the Fund with the U.S. Securities and Exchange Commission (the "SEC").

Shareholders of the Fund can obtain copies of the definitive proxy statement filed by the Fund with the SEC on June 29, 2021, as supplemented by Amendment No. 1 filed with the SEC on July 19, 2021, Amendment No. 2 filed with the SEC on July 23, 2021, Amendment No. 3 filed with the SEC on July 29, 2021 (as corrected on August 11, 2021), Amendment No. 4 filed with the SEC on August 26, 2021, Amendment No. 5 filed with the SEC on September 10, 2021, Amendment No. 6 filed with the SEC on September 24, 2021, Amendment No. 7 filed with the SEC on October 8, 2021, Amendment No. 8 filed with the SEC on October 29, 2021, Amendment No. 9 filed with the SEC on December 1, 2021, Amendment No. 10 filed with the SEC on January 14, 2022, Amendment No. 11 filed with the SEC on February 18, 2022, Amendment No. 12 filed with the SEC on March 18, 2022, Amendment No. 13 filed with the SEC on May 6, 2022, Amendment No. 14 filed with the SEC on June 10, 2022 Amendment No. 15 filed with the SEC on July 29, 2022, Amendment No. 16 filed with the SEC on September 23, 2022, Amendment No. 17 filed with the SEC on December 16, 2022, Amendment No. 18 filed with the SEC on March 10, 2023, Amendment No. 19 filed with the SEC on June 2, 2023, Amendment No. 20 filed with the SEC on August 4, 2023, Amendment No. 21 filed with the SEC on November 3, 2023, Amendment No. 22 filed with the SEC on January 17, 2024, Amendment No. 23 filed with the SEC on February 6, 2024, Amendment No. 24 filed with the SEC on April 22, 2024, Amendment No. 25 filed with the SEC on July 19, 2024, Amendment No. 26 filed with the SEC on October 21, 2024, Amendment No. 27 filed with the SEC on December 20, 2024, Amendment No. 28 filed with the SEC on January 21, 2025, Amendment No. 29 filed with the SEC on February 26, 2025, Amendment No. 30 filed with the SEC on April 25, 2025, Amendment No. 31 filed with the SEC on June 20, 2025, Amendment No. 32 filed with the SEC on October 23, 2025, and Amendment No. 33 filed with the SEC on January 30, 2026 (the proxy statement, as supplemented by all such amendments, the "Proxy Statement"), as well as any future supplements to the Proxy Statement and other documents filed by the Fund with the SEC, for no charge at the SEC's website at www.sec.gov.

------

**Statement Regarding Availability of Quarterly Portfolio Schedule.** 

Beginning October 31, 2025, the Fund will file its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports will be available on the SEC's website at <u>http://www.sec.go</u><u>v</u>. The quarterly schedule of portfolio holdings will be made available upon request by calling 787-250-3600.

------

**Statement Regarding Availability of Proxy Voting Policies and Procedures and Proxy Voting Record** 

A description of the Fund's policies and procedures that are used by the Investment Adviser to vote proxies relating to the Fund's portfolio securities and information regarding how the Investment Adviser voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available, without charge, upon request, by calling 787-250-3600 and on the SEC's website at http://www.sec.gov.

------

**Privacy Notice** 

The Fund is committed to protecting the personal information that it collects about individuals who are prospective, former, or current investors.

If you are located in a jurisdiction where specific laws, rules or regulations require the Fund to provide you with additional or different privacy-related rights beyond what is set forth below, then the Fund will comply with those specific laws, rules, or regulations.

The Fund collects personal information for business purposes to process requests and transactions and to provide customer service. Personal information is obtained from the following sources:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Investor applications and other forms,* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Written and electronic correspondence,* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Telephone contacts,* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Account history* (including information about Fund transactions and balances in your accounts with the Distributor or our affiliates, other fund holdings in the UBS family of funds, and any affiliation with the Distributor and its affiliates),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Website visits,* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● *Consumer reporting agencies* 

The Fund limits access to personal information to those employees who need to know that information in order to process transactions and service accounts. Employees are required to maintain and protect the confidentiality of personal information. The Fund maintains physical, electronic, and procedural safeguards to protect personal information.

The Fund may share personal information described above with their affiliates for business purposes, such as to facilitate the servicing of accounts. The Fund may share the personal information described above for business purposes with a non-affiliated third party only if the entity is under contract to perform transaction processing, servicing, or maintaining investor accounts on behalf of the Fund. The Fund may share personal information with its affiliates or other companies who are not affiliates of the Fund that perform marketing services on the Fund's behalf or to other financial institutions with whom it has marketing agreements for joint products or services. These companies are not permitted to use personal information for any purposes beyond the intended use (or as permitted by law). The Fund does not sell personal information to third parties for their independent use. The Fund may also disclose personal information to regulatory authorities or otherwise as permitted by law.

------

**<u>INVESTMENT ADVISER</u>**

**UBS Asset Managers of Puerto Rico,** 

*a division of UBS Trust Company of Puerto Rico* 

250 Muñoz Rivera Avenue, 10<sup>th</sup> Floor

San Juan, Puerto Rico 00918

**<u>TRANSFER AGENT</u>**

**UBS Trust Company of Puerto Rico** 

250 Muñoz Rivera Avenue, 10<sup>th</sup> Floor

San Juan, Puerto Rico 00918

**<u>ADMINISTRATOR AND CUSTODIAN</u>**

**State Street Bank and Trust Company** 

One Congress Street

Boston, Massachusetts 002114

**<u>U.S. LEGAL COUNSEL</u>**

**Sidley Austin LLP** 

787 Seventh Avenue

New York, New York 10019

**<u>PUERTO RICO LEGAL COUNSEL</u>**

**Sanchez/LRV LLC** 

270 Muñoz Rivera Avenue, Suite 1110

San Juan. Puerto Rico 00918

**<u>INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

**Ernst & Young LLP** 

One Manhattan West,

395 9<sup>TH</sup> Ave.

New York, NY 10001

**<u>DIRECTORS AND OFFICERS</u>**

**Agustín Cabrer-Roig** 

Independent Director

**Carlos Nido** 

Independent Director

**Gabriel Pagán Pedrero** 

Independent Director

**Luis M. Pellot-González** 

Independent Director

**Clotilde Pérez** 

Independent Director

------

**Jorge I. Vallejo** 

Independent Director

**Carlos V. Ubiñas** 

Interested Director, Chairman of the Board and President

**José Grau** 

Treasurer

**Heydi Cuadrado** 

Assistant Treasurer and Vice President

**Edward Ramos** 

Vice President

**María Vilaro** 

Vice President

**Liana Loyola, Esq.** 

Secretary

**Luz Nereida Colón** 

Chief Compliance Officer

**Remember that:** 

● Mutual Fund's shares are not bank deposits or FDIC insured.

● Mutual Fund's shares are not obligations of or guaranteed by UBS Financial Services Inc. or any of its affiliates.

● Mutual Fund's shares are subject to investment risks, including possible loss of the principal amount invested.

------

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

![LOGO](g89391dsp070.jpg)

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(b) Not applicable.

**Item 2. Code of Ethics.** 

(a) Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc. (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 period covered by this Form N-CSR.

(e) Not applicable.

(f) A copy of the Code is filed herewith as Exhibit 19(a)(1).

**Item 3. Audit Committee Financial Expert.** 

(a)(1) The Fund's Board of Directors (the "Board") has determined that the Registrant does not have an audit committee financial expert serving on its Audit Committee.

(a)(2) Not applicable.

(a)(3) The Board believes that the Audit Committee members collectively possess the experience and attributes necessary to oversee the Fund's financial reporting, internal controls and audit process. The Board further believes that the current composition of the Audit Committee is sufficient for the scale and complexity of the Fund's investments and operations.

**Item 4. Principal Accountant Fees and Services.** 

Information provided in response to Item 4 includes amounts billed during the applicable time period for services rendered by Ernst & Young LLP ("E&Y"), the Registrant's principal accountant.

(a) **<u>Audit Fees</u>.** The aggregate fees billed for professional services rendered by E&Y for the audit of the Registrant's annual financial statements and for services that are normally provided by E&Y in connection with statutory and regulatory filings for the fiscal years ended March 31, 2025, and March 31, 2026, were $46,853 and $48,493, respectively.

(b) **<u>Audit Related Fees</u>**. The aggregate fees billed for assurance and related services by E&Y that reasonably relate to the performance of the audit of the Registrant's financial statements and are not reported as audit fees for the fiscal years ended March 31, 2025, and March 31, 2026, were $8,114 and $8,180, respectively. These services consisted of one or more of the following: (i) agreed upon procedures related to compliance with Internal Revenue Code section 817(h), (ii) security counts required by Rule 17f-2 under the 1940 Act, (iii) advisory services as to the accounting or disclosure treatment of Registrant transactions or events and (iv) advisory services to the accounting or disclosure treatment of the actual or potential impact to the Registrant of final or proposed rules, standards or interpretations by the Securities

------

and Exchange Commission, the Financial Accounting Standards Boards or other regulatory or standard-setting bodies.

There were no audit-related fees required to be approved pursuant to paragraph (c)(7)(ii)(C) of Rule 2-01 of Regulation S-X during the fiscal years indicated above.

(c) **<u>Tax Fees.</u>** The aggregate fees billed for professional services rendered by E&Y for tax compliance, tax advice and tax planning in the form of preparation of excise filings and income tax returns for the fiscal years ended March 31, 2025, and March 31, 2026, were $10,412 and $10,412, respectively.

There were no tax fees required to be approved pursuant to paragraph (c)(7)(ii)(C) of Rule 2-01 of Regulation S-X during the fiscal years indicated above.

(d) **<u>All Other Fees</u>.** The aggregate fees billed for any other products or services provided by E&Y for the fiscal years ended March 31, 2025, and March 31, 2026, other than the services reported in paragraphs (a) through (c) above were $0 and $0, respectively.

There were no "all other" fees required to be approved pursuant to paragraph (c)(7)(ii)(C) of Rule 2-01 of Regulation S-X during the fiscal years indicated above.

(e)(1) The Fund's Audit Committee Charter requires that the Audit Committee pre-approve all audit and permissible non-audit services to be provided to the Fund by the Fund's independent registered public accounting firm; provided, however, that the pre-approval requirement with respect to non-auditing services to the Fund may be waived consistent with the exceptions provided for in the Securities Exchange Act of 1934, as amended (the "1934 Act").

All the audit and tax services described above for which E&Y billed the Fund fees for the fiscal years ended March 31, 2025, and March 31, 2026, were pre-approved by the Audit Committee. For the fiscal years ended March 31, 2025, and March 31, 2026, the Fund's Audit Committee did not waive the pre-approval requirement of any non-audit services to be provided to the Fund by E&Y.

(e)(2) Not applicable.

(f) Not applicable.

(g) The aggregate fees billed by E&Y for non-audit services rendered to the Registrant, its investment adviser and any entity controlling, controlled by or under common control with the adviser that provides ongoing services to the Registrant for the fiscal years ended March 31, 2025, and March 31, 2026, other than those disclosed in (c) and (d) above, were $0 and $0, respectively.

(h) The Audit Committee of the Registrant's Board considered the provision of non-audit services that were rendered to the Registrant's investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X and concluded that such services are compatible with maintaining the principal accountant's independence.

(i) Not applicable.

(j) Not applicable.

------

**Item 5. Audit Committee of Listed Registrants.** 

(a) Not applicable.

(b) Not applicable.

**Item 6. Investments.** 

(a) The Schedule of Investments is included as part of the report to shareholders included under Item 1(a) of
this Form N-CSR.

(b) Not applicable.

**Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies** 

(a) Not applicable.

(b) Not applicable.

**Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies** 

Not applicable.

**Item 9. Proxy Disclosures for Open-End Management Investment Companies** 

Not applicable.

**Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** 

Not applicable.

**Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract** 

Not applicable.

**Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

The Board has delegated to UBS Asset Managers of Puerto Rico, a division of UBS Trust Company of Puerto Rico (the "Investment Adviser") the authority to vote proxies for the Fund's portfolio securities pursuant to the Investment Adviser's Global Corporate Governance Philosophy and Proxy Voting Guidelines and Policy (the "Proxy Voting Guidelines"). Under the Proxy Voting Guidelines, the Investment Adviser will vote proxies related to Fund securities for the exclusive benefit and in the best economic interests of Fund shareholders, that is, in a manner consistent with the objective of maximizing total return to Fund shareholders as investors in the securities being voted.

A Proxy Voting Committee comprised of representatives of the Investment Adviser and the Fund's administrator shall oversee and administer the process of voting proxies and periodically review the Proxy

------

Voting Guidelines. The Investment Adviser will seek guidance to vote proxies taking into consideration Fund shareholders' best economic interests.

The Fund's investment portfolio consists primarily of municipal bonds and other securities that do not issue proxies in the ordinary course. In the rare event that a municipal issuer were to issue a proxy, the Investment Adviser would vote such proxy in the best interest of the Fund, based on its Proxy Voting Guidelines, or vote the proxy with the consent, or based on the instruction of the Fund or its representatives.

To ensure that the Investment Adviser does not make a voting decision for its clients where a material conflict is present, the Investment Adviser may (i) seek voting instructions from the majority of Independent Directors of the Board, (ii) vote client shares in proportion to the votes cast by all other shareholders of the security for which the proxy solicitation was issued, if this option is available, (iii) retain another independent third party to make the voting decision, or (iv) take such other steps as may be appropriate to resolve the conflict as determined by the Proxy Voting Committee in consultation with the legal counsel to the Investment Adviser.

The Investment Adviser may not vote proxies in certain circumstances, including, but not limited to, situations where (i) the securities are no longer held; (ii) the proxy or other relevant materials were not received in sufficient time to conduct an appropriate analysis or to allow a vote to be cast by the voting deadline; or (iv) the Investment Adviser concludes that the cost of voting the proxy will exceed the potential benefit.

The Proxy Voting Committee, the Investment Adviser, or a service provider on behalf of the Investment Adviser oversees the administration of the voting and ensures that records are maintained in accordance with Rule 206(4)-6, reports are filed with the SEC on Form N-PX, and the results are provided to the Board and made available to shareholders as required by applicable rules. If applicable, information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available, upon request, by calling (787) 250-3600 and on the SEC's website at http://www.sec.gov.

**Item 13. Portfolio Managers of Closed-End Management Investment Companies.** 

(a)(1) The following provides biographical information about Mses. Heydi Cuadrado and Gladys M. Lasaga as the Fund's Portfolio Managers effective June 30, 2025, and who were primarily responsible for the day-to-day portfolio management of the Fund as of June 30, 2025.

Ms. Heydi Cuadrado has been a Director of UBS Trust Company of Puerto Rico since March 2012. Ms. Cuadrado has been a trader and Assistant Portfolio Manager for UBS Asset Managers of Puerto Rico since 2008 and a Portfolio Manager since 2025. She joined UBS Trust Company in 2003.

Ms. Gladys Mirari Lasaga has been employed with UBS Financial Services of Puerto Rico (now UBS Financial Services, Inc.) since 2003, including ten years with UBS Asset Managers of Puerto Rico and thirteen years with the UBS Fund Administration division. Starting on 2025, Ms. Lasaga serves as Portfolio Manager of the Puerto Rico Residents Family of Funds. Ms. Lasaga holds a Business Administration degree in Finance and Accounting from the University of Puerto Rico and is a Certified Public Accountant.

(a)(2) The following table provides information about portfolios and accounts, other than the Fund, for which the Portfolio Managers are primarily responsible for the day-to-day portfolio management as of March 31, 2026:

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **(i)**<br> **Name of Portfolio**<br> **Manager** | **(ii)**<br> **Type of Accounts** | **(ii)**<br> **Number of**<br> **Other Accounts<br>Managed** | **(ii)**<br> **Total Assets** | **(iii)**<br> **Number of**<br> **Accounts**<br> **Managed for**<br> **which Advisory**<br> **Fee is Based on<br>Performance** | **(iii)**<br> **Total Assets**<br> **for Which**<br> **Advisory Fee**<br> **is Based on<br>Performance** |
| &nbsp;&nbsp;&nbsp; Heydi Cuadrado | Registered<br>Investment<br>Companies | 19 Funds<br>consisting of 24<br>Portfolios | $1.2 billion | 0 | $0 |
|  | Other Pooled<br>Investment<br>Vehicles | 0 | $0 | 0 | $0 |
|  | Other Accounts | 0 | $0 | 0 | $0 |
| &nbsp;&nbsp;&nbsp; Gladys Lasaga | Registered<br>Investment<br>Companies | 19 Funds<br>consisting of 24<br>Portfolios | $1.2 billion | 0 | $0 |
|  | Other Pooled<br>Investment<br>Vehicles | 0 | $0 | 0 | $0 |
|  | Other Accounts | 0 | $0 | 0 | $0 |

---

As described above, the Portfolio Managers manage other accounts with investment strategies similar to the Fund, including other investment companies. Fees earned by the Investment Adviser may vary among these accounts and the Portfolio Managers may personally invest in some but not all of these accounts. In addition, certain accounts may be subject to performance-based fees. These factors could create conflicts of interest because a portfolio manager may have incentives to favor certain accounts over others, resulting in other accounts outperforming the Fund. A conflict may also exist if a portfolio manager identified a limited investment opportunity that may be appropriate for more than one account, but the Fund is not able to take full advantage of that opportunity due to the need to allocate that opportunity among multiple accounts. In addition, the Portfolio Managers may execute transactions for another account that may adversely impact the value of securities held by the Fund. However, the Investment Adviser believes that these risks are mitigated by the fact that accounts with like investment strategies managed by a particular portfolio manager are generally managed in a similar fashion, subject to exceptions to account for particular investment restrictions or policies applicable only to certain accounts, differences in cash flows and account sizes, and other factors. In addition, the Investment Adviser has adopted trade allocation procedures so that accounts with like investment strategies are treated fairly and equitably over time.

*Potential Material Conflicts of Interest.* Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented with a number of potential conflicts, including, among others, those discussed below.

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. The Investment Adviser seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

------

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, the Investment Adviser has adopted procedures that it considers fair and equitable for allocating limited opportunities across multiple accounts.

With respect to certain of its clients' accounts, the Investment Adviser determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, the Investment Adviser may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, the Investment Adviser may place separate, non-simultaneous, transactions for a fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as other accounts managed by a portfolio manager. Finally, the appearance of a conflict of interest may arise where the Investment Adviser has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.

The Investment Adviser has adopted certain compliance procedures which are designed to address these types of conflicts among portfolio managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

(a)(3) *Compensation.* Portfolio Manager compensation consists primarily of base pay, an annual cash bonus and long-term incentive payments.

**Salary***.* Base pay is determined based upon an analysis of a portfolio manager's general performance, experience, and market levels of base pay for such position.

The Portfolio Managers are eligible for an annual cash bonus based on investment performance, qualitative evaluation, and financial performance of the Investment Adviser.

A portion of a portfolio manager's annual cash bonus is based on the Fund's pre-tax investment performance, generally measured over the past one-, three- or five-year periods unless a Portfolio Manager's tenure is shorter. Investment performance for the Fund generally is determined by evaluating the Fund's performance relative to its benchmark(s) and/or Lipper industry peer group. A portion of the cash bonus is based on a qualitative evaluation made by a Portfolio Manager's supervisor taking into consideration a number of factors, including the Portfolio Manager's team collaboration, expense management, support of personnel responsible for asset growth, and his or her compliance with the Investment Adviser's policies and procedures. The final factor influencing a portfolio manager's cash bonus is the financial performance of the Investment Adviser based on its operating earnings.

**Deferred Compensation.** Certain key employees of the Investment Adviser, including certain portfolio managers, have received profits interests in the Investment Adviser which entitle their holders to participate in the firm's growth over time.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the other accounts shown in the table above.

------

(a)(4) The following table sets forth the dollar range of equity securities beneficially owned by the Portfolio Managers of the Fund as of March 31, 2026:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Portfolio Manager** | **Dollar Range of Fund Shares Beneficially Owned** |
| &nbsp;&nbsp; Heydi Cuadrado | None |
| &nbsp;&nbsp; Gladys Lasaga | None |

---

(b) Not applicable.

**Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

There were no repurchases of common shares by the Fund for the period covered by this Form N-CSR filing.

**Item 15. Submission of Matters to a Vote of Security Holders.** 

There have not been any material changes to the procedures by which shareholders may recommend nominees to the Fund's Board during the period covered by this Form N-CSR filing.

**Item 16. 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 Securities and Exchange Act of 1934, as amended (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 have materially affected, or are reasonably likely to materially affect, the Fund's internal control over financial reporting.

**Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

(a) Although it has not done so, the Fund may engage in securities lending, subject to procedures adopted by its
Board.

(b) Not applicable.

**Item 18. Recovery of Erroneously Awarded Compensation** 

(a) Not applicable.

(b) Not applicable.

------

**Item 19. Exhibits.** 

---

| | |
|:---|:---|
| (a)(1) | [The Code of Ethics is filed herewith.](d89391dex99codeeth.htm) |
| (a)(2) | Not applicable. |
| (a)(3) | [The certifications of the Fund's principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are filed herewith.](d89391dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [The certifications of the Fund's principal executive officer and principal financial officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.](d89391dex99906cert.htm) |
| (c) | [Disclosure pursuant to Section 13(r) of the 1934 Act is filed herewith.](d89391dex99disclosure.htm) |

---

------

**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.

**TAX-FREE FIXED INCOME FUND V FOR PUERTO RICO RESIDENTS, INC.** 

---

| | |
|:---|:---|
|  By: | <u>/s/ Carlos V. Ubiñas</u> |
|  | Carlos V. Ubiñas |
|  | Principal Executive Officer  |
| Date: | June 5, 2026 |

---

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: | <u>/s/ Carlos V. Ubiñas</u> |
|  | Carlos V. Ubiñas |
|  | Principal Executive Officer<br>|
|  Date: | June 5, 2026 |

---

---

| | |
|:---|:---|
|  By: | <u>/s/ José Grau</u> |
|  | José Grau |
|  | Principal Financial Officer |
| Date: | June 5, 2026 |

---

## Ex-99.Code

**Exhibit 19(a)(1)** 

**<u>Code of Ethics for Principal Executive and Financial Officers</u>**

**I.** **Covered Officers, Purpose of the Code.** 

This Code of Ethics (the "Code") for the UBS Puerto Rico Family of Funds (collectively, "Funds" and each, a "Fund") applies to each Fund's Chief Executive Officer, President, Chief Financial Officer and Treasurer (or persons performing similar functions) ("Covered Officers") for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a company files with,
or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. Any question about the application of the Code should be referred to the Funds' Chief Compliance Officer (CCO).

**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

***Overview*** . A "conflict of interest" occurs when a Covered Officer's private interest interferes, or appears to interfere, with the interests of, or his service to, the Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Fund because of their status as "affiliated persons" (as defined in the Investment Company Act) of the Fund. The Funds and its Adviser, UBS Asset Managers Puerto Rico, each have compliance policies and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these policies and procedures, and such conflicts fall outside the parameters of this Code, unless or until the CCO determines any violations of such programs and procedures is also a violation of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Fund and its investment adviser of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fund or for the adviser, or for both), be involved in establishing policies and implementing

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decisions that will have different effects on the Fund and its investment adviser The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the adviser and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the Investment Company Act of 1940 (the 1940 Act) and the Investment Advisers Act of 1940 (the Advisers Act), such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Boards of Directors (the "Board") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund.

Each Covered Officer must not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use his personal influence or personal relationships improperly to influence investment decisions or financial
reporting by the Fund whereby the Covered Officer would benefit personally (directly or indirectly) to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cause the Fund to take action, or fail to take action, for the (direct or indirect) individual personal
benefit of the Covered Officer rather than the benefit of the Fund; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• use material non-public knowledge of portfolio transactions made or
contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such transactions.

Each Covered Officer must, at the time of signing this Code, report all affiliations and significant business interests outside of the Funds and must update the report annually.

Conflict of interest situations should always be approved by the CCO and, if material, be communicated to the relevant Fund's Board. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accepting directly or indirectly, anything of value, including gifts and gratuities in excess of $100 per year
from any person or entity with which the Fund has current or prospective business dealings, not including occasional meals or tickets to theatre or sporting events or other similar entertainment, provided it is business-related, reasonable in cost,
appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in, or any consulting or employment relationship with, any of the Fund's service
providers, other than its investment adviser, principal underwriter, or any affiliated person thereof; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

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**III.** **Disclosure and Compliance** 

Disclosure and compliance obligations require the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Each Covered Officer should familiarize himself or herself with the disclosure requirements generally
applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund
to others, whether within or outside the Fund, including to the Fund's Board members and auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other
officers and employees of the Funds and their advisers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications
made by the Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• it is the responsibility of each Covered Officer to use reasonable efforts to promote compliance with the
standards and restrictions imposed by applicable laws, rules and regulations.

**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board that he has received, read and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board that he has complied with the requirements of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for
reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the CCO promptly if he or she knows of any violation of this Code. Failure to do so is itself a
violation of this Code.

The CCO is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation.

However, any explicit or implicit waivers 1 sought by a Covered Officer must be considered by the Audit Committee of the relevant Fund as described below.

The Funds will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the CCO will take all appropriate action to investigate any potential violations reported to him;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the CCO believes that no violation has occurred, the CCO is not required to take
any further action;

1 Item 2 of Form N-CSR defines "waiver" as "the approval by the Registrant of a material departure from a provision of the code of ethics" and "implicit waiver" as "the Registrant's failure to take action within a reasonable period of time regarding a material departure from a provision of the code of ethics that has been made known to an executive officer" of the Registrant.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the CCO believes is a violation will be reported to the Audit Committee of the relevant Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if the Independent Board members concur that a violation has occurred, they will consider appropriate action,
which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to dismiss the Covered Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Audit Committee of the relevant Fund will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, UBS Asset Managers Puerto Rico, any Fund's principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code, unless any provision of this Code conflicts with any applicable federal or state law, in which case the requirements of such law will govern. The Funds' and their investment advisers' and principal underwriters' codes of ethics under 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI.** **Amendments** 

Any amendments to this Code must be approved or ratified by a majority vote of the Board, including a majority of Independent Board members.

**VII.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Independent Directors/Trustees and their counsel, the Funds and their counsel and the investment advisers and their counsel.

**VIII.** **Internal Use** 

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

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**<u>Acknowledgment</u>**

I have read and understand the terms of the Code. I recognize the responsibilities and obligations incurred by me as a result of my being subject to the Code. I hereby agree to abide by the Code.

By:

Name:

Date:

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATIONS</u>**

I, Carlos V. Ubiñas, certify that:

1. I have reviewed this report on Form N-CSR of Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors
and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the Registrant's internal control over financial reporting.

Date: June 5, 2026

---

| | |
|:---|:---|
|  By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ Carlos V. Ubiñas</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Carlos V. Ubiñas |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Executive Officer |

---

------

I, José Grau, certify that:

1. I have reviewed this report on Form N-CSR of Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state
a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the
periods presented in this report;

4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in
this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors
and the audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role
in the Registrant's internal control over financial reporting.

Date: June 5, 2026

---

| | |
|:---|:---|
|  By: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>/s/ José Grau</u> |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; José Grau |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Principal Financial Officer |

---

## Exhibit 99.906

**Exhibit 19(b)** 

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. §1350, and accompanies the report on Form N-CSR for the period ended March 31, 2026 (the "Report"), of the Tax-Free Fixed Income Fund V Fund for Puerto Rico Residents, Inc.

Carlos V. Ubiñas and José Grau, of Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc., each certify that:

1. This Form N-CSR filing for the Fund fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Fund.

---

| | |
|:---|:---|
|  By:  | <u>/s/ Carlos V. Ubiñas</u> |
|  | Carlos V. Ubiñas |
|  | Principal Executive Officer |
|  By: | <u>/s/ José Grau</u> |
|  | José Grau |
|  | Principal Financial Officer |

---

Date: June 5, 2026

## Ex-99.Disclosure

**Exhibit 19(c)** 

**Disclosure Pursuant to Section 13(r) of the Securities Exchange Act of 1934, as amended:** 

Section 219 of the US Iran Threat Reduction and Syria Human Rights Act of 2012 ("ITRA") added Section 13(r) to the US Securities Exchange Act of 1934, as amended (the "Exchange Act") requiring each SEC reporting issuer to disclose in its annual and, if applicable, quarterly reports whether it or any of its affiliates have knowingly engaged in certain activities, transactions or dealings relating to Iran or with the Government of Iran or certain designated natural persons or entities involved in terrorism or the proliferation of weapons of mass destruction during the period covered by the report. The required disclosure may include reporting of activities not prohibited by US or other law, even if conducted outside the US by non-US affiliates in compliance with local law. Pursuant to Section 13(r) of the Exchange Act, we note the following for the period covered by this annual report:

UBS has a Group Sanctions Policy that prohibits transactions involving sanctioned countries, including Iran, and sanctioned individuals and entities. However, UBS Switzerland AG maintains one account involving the Iranian government under the auspices of the United Nations in Geneva after agreeing with the Swiss government that it would do so only under certain conditions. These conditions include that payments involving the account must: (1) be made within Switzerland; (2) be consistent with paying rent, salaries, telephone and other expenses necessary for its operations in Geneva; and (3) not involve any Specially Designated Nationals (SDNs) blocked or otherwise restricted under US or Swiss law. In 2025, the gross revenues for this UN-related account were approximately USD 75,383 (CHF 59,773). We do not allocate expenses to specific client accounts in a way that enables us to calculate net profits with respect to any individual account. UBS AG intends to continue maintaining this account pursuant to the conditions it has established with the Swiss Government and consistent with its Group Sanctions Policy.

In connection with former and now-closed trade finance arrangements, UBS Switzerland AG has maintained one existing account relationship with an Iranian bank. This account was established prior to the US designation of this bank and maintained due to the existing trade finance arrangements. In 2007, following the designation of the bank pursuant to sanctions issued by the US, UN and Switzerland, the account was blocked under Swiss law and remained subject to blocking requirements until January 2016. The blocking requirements under Swiss law were re-introduced in October 2025 following the re-imposition of UN sanctions. Client assets as of 31 December 2025 were CHF 3,097.40. Gross revenues were USD 16 equivalent (CHF 13).

In addition to the above, UBS Switzerland AG processed a small number of de minimis payments related to the operation of Iranian diplomatic missions in Switzerland and related to fees for ministerial government functions such as issuing passports and visas.