# EDGAR Filing Document

**Accession Number:** 0001864054
**File Stem:** 0001829126-25-007044
**Filing Date:** 2025-9
**Character Count:** 193289
**Document Hash:** 54e3c0bb31530660b976af6fcf2e79e6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-25-007044.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001829126-25-007044

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fortune V Separate Account
- **CENTRAL INDEX KEY:** 0001864054

**ORGANIZATION NAME:**
- **EIN:** 660502334
- **STATE OF INCORPORATION:** PR
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23698
- **FILM NUMBER:** 251288183

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** CALLE 1 LOTE 10
- **STREET 2:** METRO OFFICE PARK
- **CITY:** GUAYNABO
- **PROVINCE COUNTRY:** PR
- **ZIP:** 00968
- **BUSINESS PHONE:** 7877067379

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** CALLE 1 LOTE 10
- **STREET 2:** METRO OFFICE PARK
- **CITY:** GUAYNABO
- **PROVINCE COUNTRY:** PR
- **ZIP:** 00968

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UNIVERSAL LIFE INSURANCE Co /PR
- **DATE OF NAME CHANGE:** 20210524

## Series and Classes Contracts Data

### UNIVERSAL VIA - MONEY MARKET PORTFOLIO (Series ID: S000074447)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000232370 | UNIVERSAL VIA - MONEY MARKET PORTFOLIO |  |

### UNIVERSAL VIA ASSET ALLOCATION - CONSERVATIVE PORTFOLIO (Series ID: S000074448)

| Class ID   | Class Name                                              | Ticker Symbol   |
|:---|:---|:---|
| C000232371 | UNIVERSAL VIA ASSET ALLOCATION - CONSERVATIVE PORTFOLIO |  |

### UNIVERSAL VIA ASSET ALLOCATION - GROWTH PORTFOLIO (Series ID: S000074449)

| Class ID   | Class Name                                        | Ticker Symbol   |
|:---|:---|:---|
| C000232372 | UNIVERSAL VIA ASSET ALLOCATION - GROWTH PORTFOLIO |  |

### UNIVERSAL VIA ASSET ALLOCATION - INTERNATIONAL GROWTH PORTFOLIO (Series ID: S000074450)

| Class ID   | Class Name                                                      | Ticker Symbol   |
|:---|:---|:---|
| C000232373 | UNIVERSAL VIA ASSET ALLOCATION - INTERNATIONAL GROWTH PORTFOLIO |  |

### UNIVERSAL VIA ASSET ALLOCATION - MODERATE GROWTH PORTFOLIO (Series ID: S000074451)

| Class ID   | Class Name                                                 | Ticker Symbol   |
|:---|:---|:---|
| C000232374 | UNIVERSAL VIA ASSET ALLOCATION - MODERATE GROWTH PORTFOLIO |  |

### UNIVERSAL VIA ASSET ALLOCATION - MODERATE PORTFOLIO (Series ID: S000074452)

| Class ID   | Class Name                                          | Ticker Symbol   |
|:---|:---|:---|
| C000232375 | UNIVERSAL VIA ASSET ALLOCATION - MODERATE PORTFOLIO |  |

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 <u>811-23698</u>

**FORTUNE V SEPARATE ACCOUNT**

(Exact name of registrant as specified in charter)

<u>C/O Universal Life Insurance Company<br> Metro Office Park Calle 1 Lote 10<br> Guaynabo, PR</u> <u>00968</u> <br> (Address of principal executive offices) (Zip code)

Jose C. Benitez

C/O Universal Life Insurance Company

Metro Office Park Calle 1 Lote 10

Guaynabo, PR 00968

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>(787) 706-7337</u>

Date of fiscal year end: <u>12/31</u> <br>Date of reporting period: <u>6/30/2025</u>

**Item 1. Reports to Stockholders.**

(a) FORTUNE V SEPARATE ACCOUNT

OF

UNIVERSAL LIFE INSURANCE COMPANY

**Semi-Annual Report**

June 30, 2025

**Table of Contents**

---

| | |
|:---|:---|
| [**Proxy Voting Policies and Procedures and Quarterly Portfolio Holdings**](#a_001) | 1 |
| [**Contract Holder Letter**](#a_002) | 2 |
| [**Disclosure of Expenses**](#a_003) | 3 |
| [**Schedules of Investments Composition**](#a_004) | 4 |
| **Schedules of Investments** |  |
| &nbsp;&nbsp;&nbsp;[Universal VIA Conservative Allocation](#a_006) | 5 |
| &nbsp;&nbsp;&nbsp;[Universal VIA Moderate Allocation](#a_007) | 6 |
| &nbsp;&nbsp;&nbsp;[Universal VIA Moderate Growth Allocation](#a_008) | 7 |
| &nbsp;&nbsp;&nbsp;[Universal VIA Growth Allocation](#a_009) | 8 |
| &nbsp;&nbsp;&nbsp;[Universal VIA International Moderate Growth Allocation](#a_010) | 9 |
| &nbsp;&nbsp;&nbsp;[Universal Money Market](#a_011) | 10 |
| [**Statements of Assets and Liabilities**](#a_012) | 11 |
| [**Statements of Operations**](#a_013) | 12 |
| [**Statements of Changes in Net Assets**](#a_014) | 13 |
| [**Financial Highlights**](#a_015) | 15 |
| [**Notes to Financial Statements**](#a_016) | 45 |
| [**Management of the Trust**](#a_017) | 48 |

---

**Proxy Voting Policies and Procedures**

A description of the proxy voting policies and procedures of the Fortune V Separate Account is included in the Statement of Additional Information which is available without charge, upon request: (i) by calling **1-787-706-7337**; or (ii) on the SEC's website at <u>http://www.sec.gov</u>. In addition, the Fortune V Separate Account is required to file Form N-PX, with the complete proxy voting record for the most recent twelve months ended June 30, no later than August 31 of each year. Form N-PX for the twelve months ended June 30, 2025, is available without charge, upon request by calling **1-787-706-7337** and on the SEC's website at <u>http://www.sec.gov</u>.

**Quarterly Portfolio Holdings**

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

Fortune V Separate Account 1 Semi-Annual Report 2025

**UNIVERSAL LIFE INSURANCE COMPANY**

**Metro Office Park Street 1, Lot 10**

**Guaynabo, PR 00968**

To Contract Holders with Interests in the<br>Fortune V Separate Account Funds:

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

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

Universal Life Insurance Company<br>Annuities Department<br>PO Box 2145<br>San Juan, PR 00922-2145

Fortune V Separate Account 2 Semi-Annual Report 2025

**Disclosure of Expenses (Unaudited)**

**UNIT HOLDER EXPENSES**

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

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

The examples are based on an investment of $1,000 invested at January 1, 2025, and held for the entire six-month period until June 30, 2025.

**ACTUAL EXPENSES**

The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period.

**HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES**

The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Subaccounts' actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Subaccounts' actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Subaccount versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Actual Expense** | **Actual Expense** | **Hypothetical Expenses (A)** | **Hypothetical Expenses (A)** | |
| <br>**Subaccount** |<br>**Beginning<br>Account Value<br>January 1,<br> 2025** | **Ending<br>Account Value<br>June 30,<br>2025** | **Expenses<br>Paid During<br>Period (B)** | **Ending<br>Account Value<br>June 30,<br>2025** | **Expenses<br>Paid During<br>Period (B)** |<br>**Net Annualized<br>Expense Ratio<br>(C) (D)** |
| Universal VIA Conservative Allocation | $1000.00 | $1047.00 | $11.57 | $1013.49 | $11.38 | 2.28% |
| Universal VIA Moderate Allocation | 1000.00 | 1061.40 | 10.07 | 1015.03 | 9.84 | 1.97 |
| Universal VIA Moderate Growth Allocation | 1000.00 | 1089.10 | 11.03 | 1014.23 | 10.64 | 2.13 |
| Universal VIA Growth Allocation | 1000.00 | 1107.40 | 11.60 | 1013.79 | 11.08 | 2.22 |
| Universal VIA International Mod Growth Alloc | 1000.00 | 1196.30 | 13.89 | 1012.15 | 12.72 | 2.55 |
| Universal Money Market | 1000.00 | 1015.00 | 16.19 | 1008.73 | 16.14 | 3.24 |

---

(A) 5% return per year before expenses.

(B) Expenses are calculated using each Subaccount's net annualized expense ratios, as disclosed in the table, multiplied by the average account value for the period, multiplied by the number of days in the period (181 days), and divided by the number of days in the year (365 days).

(C) Net annualized expense ratios, as disclosed in the table, do not include the expenses of the underlying investments in which the Subaccounts invest. The total annual expenses, as stated in the fee table of the Subaccounts' Prospectus, may differ from the expense ratios disclosed in this report.

(D) Net annualized expense ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and based on the most recent six-months.

Fortune V Separate Account 3 Semi-Annual Report 2025

**Schedules of Investment Composition (Unaudited)**

At June 30, 2025

---

| | |
|:---|:---|
| **Fortune V Separate Account – Universal VIA Conservative Allocation**<br>**Asset Allocation** |<br>**Percentage of<br> Net Assets** |
| Equity Funds | 30.66% |
| Fixed Income Funds | 69.44 |
| Net Other Assets (Liabilities) | (0.10) |
| **Total** | 100.00% |

---

**Fortune V Separate Account – Universal VIA Moderate Allocation** 

---

| | |
|:---|:---|
| **Asset Allocation** | **Percentage of<br> Net Assets** |
| Equity Funds | 45.89% |
| Fixed Income Funds | 54.19 |
| Net Other Assets (Liabilities) | (0.08) |
| **Total** | 100.00% |

---

---

| | |
|:---|:---|
| **Fortune V Separate Account – Universal VIA Moderate Growth Allocation**<br>**Asset Allocation** |<br> **Percentage of<br> Net Assets** |
| Equity Funds | 73.16% |
| Fixed Income Funds | 26.93 |
| Net Other Assets (Liabilities) | (0.09) |
| **Total** | 100.00% |

---

---

| | |
|:---|:---|
| **Fortune V Separate Account – Universal VIA Growth Allocation**<br>**Asset Allocation** |<br>**Percentage of<br> Net Assets** |
| Equity Funds | 100.10% |
| Net Other Assets (Liabilities) | (0.10) |
| **Total** | 100.00% |

---

---

| | |
|:---|:---|
| **Fortune V Separate Account – Universal VIA International Moderate Growth Allocation**<br>**Asset Allocation** |<br>**Percentage of Net Assets** |
| Equity Funds | 99.59% |
| Net Other Assets (Liabilities) | 0.41 |
| **Total** | 100.00% |

---

---

| | |
|:---|:---|
| **Fortune V Separate Account – Universal Money Market**<br>**Asset Allocation** |<br> **Percentage of<br> Net Assets** |
| Money Market Fund | 98.96% |
| Net Other Assets (Liabilities) | 1.04 |
| **Total** | 100.00% |

---

Fortune V Separate Account 4 Semi-Annual Report 2025

**Fortune V Separate Account - Universal VIA Conservative Allocation**

**SCHEDULE OF INVESTMENTS**

<br> **At June 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS - UNAFFILIATED: 100.10%** |  |  |
| **Equity Funds: 30.66%** |  |  |
| Transamerica Capital Growth I2 | 142066 | $1910794 |
| Transamerica Emerging Markets Opps I2 | 118496 | 1129264 |
| Transamerica Energy Infrastructure I2 | 22626 | 202051 |
| Transamerica Global Alloc Liquid Trust | 50 | 56 |
| Transamerica International Equity I2 | 25451 | 625075 |
| Transamerica International Focus I2 | 190829 | 1415954 |
| Transamerica International Sm Cp Val I2 | 18547 | 331983 |
| Transamerica International Stock I2 | 48329 | 666460 |
| Transamerica Large Cap Value I2 | 159476 | 2481447 |
| Transamerica Mid Cap Growth I2 | 14280 | 162935 |
| Transamerica Mid Cap Value Opps I2 | 9760 | 108234 |
| Transamerica Small Cap Growth I2 | 45216 | 266323 |
| Transamerica Small Cap Value I2 | 67717 | 320301 |
| Transamerica Sustainable Equity Inc I2 | 206284 | 1720405 |
| Transamerica US Growth I2 | 85687 | 2746273 |
|  |  | **14087555** |
| **Fixed Income Funds: 69.44%** |  |  |
| Transamerica Bond I2 | 1614151 | 13058482 |
| Transamerica Emerging Markets Debt I2 | 172043 | 1593118 |
| Transamerica Inflation Opps I2 | 144869 | 1428408 |
| Transamerica Intermediate Bond I2 | 1572384 | 13522499 |
| Transamerica Short-Term Bond I2 | 232078 | 2295256 |
|  |  | **31897763** |
| **Total Investments - Unaffiliated (Cost: $43,387,216)** |  | **45985318** |
| **Total Investments (Cost: $43,387,216)** |  | $**45985318** |
| **Net Other Assets (Liabilities): (0.10)%** |  | (48034) |
| **Net Assets: 100%** |  | $**45937284** |

---

**INVESTMENT VALUATION:**

**Valuation Inputs**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -<br> Unadjusted<br> Quoted Prices** | **Level 2 -<br> Other Significant<br> Observable Inputs** | **Level 3 -<br> Significant<br> Unobservable Inputs** | **Value** |
| **Assets** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investments - Unaffiliated | $45985318 | $- | $- | $45985318 |
| **Total Investments** | $**45985318** | $**-** | $**-** | $**45985318** |

---

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

Fortune V Separate Account 5 Semi-Annual Report 2025

**Fortune V Separate Account - Universal VIA Moderate Allocation**

**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS - UNAFFILIATED: 100.08%** |  |  |
| **Equity Funds: 45.89%** |  |  |
| Transamerica Capital Growth I2 | 929006 | $12495137 |
| Transamerica Emerging Markets Opps I2 | 741042 | 7062128 |
| Transamerica Energy Infrastructure I2 | 142707 | 1274378 |
| Transamerica Global Alloc Liquid Trust | 148 | 167 |
| Transamerica International Equity I2 | 159217 | 3910366 |
| Transamerica International Focus I2 | 1188952 | 8822027 |
| Transamerica International Sm Cp Val I2 | 115244 | 2062864 |
| Transamerica International Stock I2 | 301680 | 4160161 |
| Transamerica Large Cap Value I2 | 996572 | 15506656 |
| Transamerica Mid Cap Growth I2 | 88695 | 1012010 |
| Transamerica Mid Cap Value Opps I2 | 61133 | 677961 |
| Transamerica Small Cap Growth I2 | 285179 | 1679703 |
| Transamerica Small Cap Value I2 | 419918 | 1986210 |
| Transamerica Sustainable Equity Inc I2 | 1295335 | 10803093 |
| Transamerica US Growth I2 | 537586 | 17229628 |
|  |  | **88682489** |
| **Fixed Income Funds: 54.19%** |  |  |
| Transamerica Bond I2 | 5341087 | 43209396 |
| Transamerica Emerging Markets Debt I2 | 570874 | 5286292 |
| Transamerica Inflation Opps I2 | 479539 | 4728254 |
| Transamerica Intermediate Bond I2 | 5203548 | 44750513 |
| Transamerica Short-Term Bond I2 | 683157 | 6756418 |
|  |  | **104730873** |
| **Total Investments - Unaffiliated (Cost: $176,888,059)** |  | **193413362** |
| **Total Investments (Cost: $176,888,059)** |  | $**193413362** |
| **Net Other Assets (Liabilities): (0.08)%** |  | (150084) |
| **Net Assets: 100%** |  | $**193263278** |

---

**INVESTMENT VALUATION:**

**Valuation Inputs**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
| **Assets** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investments - Unaffiliated | $193413362 | $- | $- | $193413362 |
| **Total Investments** | $193413362 | $- | $- | $193413362 |

---

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

Fortune V Separate Account 6 Semi-Annual Report 2025

**Fortune V Separate Account - Universal VIA Moderate Growth Allocation**

**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS - UNAFFILIATED: 100.09%** |  |  |
| **Equity Funds: 73.16%** |  |  |
| Transamerica Capital Growth I2 | 374788 | $5040903 |
| Transamerica Emerging Markets Opps I2 | 320249 | 3051968 |
| Transamerica Energy Infrastructure I2 | 61497 | 549169 |
| Transamerica Global Alloc Liquid Trust | 50 | 57 |
| Transamerica International Equity I2 | 68654 | 1686144 |
| Transamerica International Focus I2 | 513535 | 3810428 |
| Transamerica International Sm Cp Val I2 | 49860 | 892501 |
| Transamerica International Stock I2 | 130164 | 1794959 |
| Transamerica Large Cap Value I2 | 433196 | 6740525 |
| Transamerica Mid Cap Growth I2 | 38609 | 440526 |
| Transamerica Mid Cap Value Opps I2 | 25680 | 284786 |
| Transamerica Small Cap Growth I2 | 123261 | 726007 |
| Transamerica Small Cap Value I2 | 182700 | 864171 |
| Transamerica Sustainable Equity Inc I2 | 564728 | 4709831 |
| Transamerica US Growth I2 | 233215 | 7474546 |
|  |  | **38066521** |
| **Fixed Income Funds: 26.93%** |  |  |
| Transamerica Bond I2 | 644491 | 5213933 |
| Transamerica Emerging Markets Debt I2 | 75787 | 701791 |
| Transamerica High Yield Bond I2 | 64355 | 529001 |
| Transamerica Inflation Opps I2 | 63748 | 628557 |
| Transamerica Intermediate Bond I2 | 689681 | 5931261 |
| Transamerica Short-Term Bond I2 | 102211 | 1010865 |
|  |  | **14015408** |
| **Total Investments - Unaffiliated (Cost: $45,517,876)** |  | **52081929** |
| **Total Investments (Cost: $45,517,876)** |  | $**52081929** |
| **Net Other Assets (Liabilities): (0.09)%** |  | (48901) |
| **Net Assets: 100%** |  | $**52033028** |

---

**INVESTMENT VALUATION:**

**Valuation Inputs**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
| **Assets** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investments - Unaffiliated | $52081929 | $- | $- | $52081929 |
| **Total Investments** | $52081929 | $- | $- | $52081929 |

---

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

Fortune V Separate Account 7 Semi-Annual Report 2025

**Fortune V Separate Account - Universal VIA Growth Allocation**

**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS - UNAFFILIATED: 100.10%** |  |  |
| **Equity Funds: 100.10%** |  |  |
| Transamerica Capital Growth I2 | 376077 | $5058231 |
| Transamerica Emerging Markets Opps I2 | 323497 | 3082925 |
| Transamerica Energy Infrastructure I2 | 61573 | 549845 |
| Transamerica Global Alloc Liquid Trust | 25 | 28 |
| Transamerica International Equity I2 | 69437 | 1705365 |
| Transamerica International Focus I2 | 519339 | 3853497 |
| Transamerica International Sm Cp Val I2 | 50237 | 899240 |
| Transamerica International Stock I2 | 131372 | 1811623 |
| Transamerica Large Cap Value I2 | 437665 | 6810074 |
| Transamerica Mid Cap Growth I2 | 38674 | 441265 |
| Transamerica Mid Cap Value Opps I2 | 26632 | 295353 |
| Transamerica Small Cap Growth I2 | 125771 | 740788 |
| Transamerica Small Cap Value I2 | 187860 | 888579 |
| Transamerica Sustainable Equity Inc I2 | 570114 | 4754747 |
| Transamerica US Growth I2 | 235456 | 7546358 |
|  |  | **38437918** |
| **Total Investments (Cost: $32,347,702)** |  | $**38437918** |
| **Net Other Assets (Liabilities): (0.10)%** |  | (38282) |
| **Net Assets: 100%** |  | $**38399636** |

---

**INVESTMENT VALUATION:**

**Valuation Inputs**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
| **Assets** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investments - Unaffiliated | $38437918 | $- | $- | $38437918 |
| **Total Investments** | $38437918 | $- | $- | $38437918 |

---

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

Fortune V Separate Account 8 Semi-Annual Report 2025

**Fortune V Separate Account - Universal VIA International Moderate Growth Allocation**

**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS - UNAFFILIATED: 99.59%** |  |  |
| **Equity Funds: 99.59%** |  |  |
| Transamerica Emerging Markets Opps I2 | 156826 | $1494552 |
| Transamerica Global Alloc Liquid Trust | 8 | 9 |
| Transamerica International Equity I2 | 29219 | 717631 |
| Transamerica International Focus I2 | 175677 | 1303520 |
| Transamerica International Sm Cp Val I2 | 45612 | 816452 |
| Transamerica International Stock I2 | 55101 | 759846 |
|  |  | **5092010** |
| **Total Investments (Cost: $4,442,079)** |  | $**5092010** |
| **Net Other Assets (Liabilities): 0.41%** |  | 20954 |
| **Net Assets: 100%** |  | $**5112964** |

---

**INVESTMENT VALUATION:**

**Valuation Inputs**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
| **Assets** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investments - Unaffiliated | $5092010 | $- | $- | $5092010 |
| **Total Investments** | $5092010 | $- | $- | $5092010 |

---

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

Fortune V Separate Account 9 Semi-Annual Report 2025

**Fortune V Separate Account - Universal Money Market**

**SCHEDULE OF INVESTMENTS**

**At June 30, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS - UNAFFILIATED: 98.96%** |  |  |
| **Money Market Fund: 98.96%** |  |  |
| Transamerica Government Money Market I2 3.99% <sup>1</sup> | 2217089 | $2217089 |
|  |  | **2217089** |
| **Total Investments (Cost: $2,217,089)** |  | $**2217089** |
| **Net Other Assets (Liabilities): 1.04%** |  | 23237 |
| **Net Assets: 100%** |  | $**2240326** |

---

**INVESTMENT VALUATION:**

**Valuation Inputs**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1 -<br>Unadjusted<br>Quoted Prices** | **Level 2 -<br>Other Significant<br>Observable Inputs** | **Level 3 -<br>Significant<br>Unobservable Inputs** | **Value** |
| **Assets** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investments - Unaffiliated | $2217089 | $- | $- | $2217089 |
| **Total Investments** | $2217089 | $- | $- | $2217089 |

---

1 The rate is the subsidized 7 day yield.

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

Fortune V Separate Account 10 Semi-Annual Report 2025

**STATEMENTS OF ASSETS AND LIABILITIES**

**At June 30, 2025 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA<br>Conservative<br> Allocation** | **Universal VIA<br> Moderate<br>Allocation** | **Universal VIA<br>Moderate Growth<br>Allocation** | **Universal VIA<br> Growth<br>Allocation** | **Universal VIA<br>International Mod<br>Growth Alloc** | **Universal<br> Money<br>Market** |
| **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $45985318 | $193413362 | $52081929 | $38437918 | $5092010 | $2217089 |
| &nbsp;&nbsp;&nbsp;Receivables and other assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 110268 | 358475 | 48897 |  |  | 7549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | 179829 | 229450 | 6789 | 62160 | 710 | 298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | - | - | - | - | 35474 | 32970 |
| Total assets | 46275415 | 194001287 | 52137615 | 38500078 | 5128194 | 2257906 |
| **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payables and other liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 110266 | 358463 | 48896 |  |  | 7546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units redeemed | 184603 | 248036 | 8989 | 63679 | 920 | 402 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 43262 | 131510 | 46702 | 36763 | 14310 | 9632 |
| Total liabilities | 338131 | 738009 | 104587 | 100442 | 15230 | 17580 |
| **Net assets** | $45937284 | $193263278 | $52033028 | $38399636 | $5112964 | $2240326 |
| **Net assets consist of:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Costs of accumulation units | $2095823 | $45366321 | $7535923 | $8588819 | $1700274 | $2854902 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 43841461 | 147896957 | 44497105 | 29810817 | 3412690 | (614576) |
| **Net assets** | $45937284 | $193263278 | $52033028 | $38399636 | $5112964 | $2240326 |
| Investments, at cost | $43387216 | $176888059 | $45517876 | $32347702 | $4442079 | $2217089 |

---

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

Fortune V Separate Account 11 Semi-Annual Report 2025

**STATEMENTS OF OPERATIONS**

**For the period ended June 30, 2025 (Unaudited)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA<br>Conservative<br> Allocation** | **Universal VIA<br> Moderate<br>Allocation** | **Universal VIA<br>Moderate Growth<br>Allocation** | **Universal VIA<br> Growth<br>Allocation** | **Universal VIA<br>International Mod<br>Growth Alloc** | **Universal<br> Money<br>Market** |
| **Investment income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $755942 | $2558538 | $446628 | $114897 | $23262 | $48511 |
| **Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality expense | 382920 | 1406898 | 377999 | 275293 | 36921 | 27156 |
| &nbsp;&nbsp;&nbsp;Advisory fees | 80980 | 334426 | 87277 | 61790 | 8324 | 4249 |
| &nbsp;&nbsp;&nbsp;Management fees | 23137 | 95550 | 24937 | 17654 | 2378 |  |
| &nbsp;&nbsp;&nbsp;Custodian fees | 40852 | 40912 | 41617 | 37351 | 31150 | 23316 |
| **Waivers/Reimbursements** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Waiver/reimbursement | - | - | - | - | (18069) | (15425) |
| **Net investment income (loss):** | 228053 | 680752 | (85202) | (277191) | (37442) | 9215 |
| **Net realized gain (loss) on:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investments | 1032961 | 2327287 | 498546 | 169617 | 49263 |  |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investments | 452743 | 7005442 | 3502933 | 3581872 | 818168 | - |
| **Net realized and unrealized gain (loss)** | 1485704 | 9332729 | 4001479 | 3751489 | 867431 | - |
| **Net increase (decrease) in net assets resulting from operations** | $**1713757** | $**10013481** | $**3916277** | $**3474298** | $**829989** | $**9215** |

---

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

Fortune V Separate Account 12 Semi-Annual Report 2025

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the periods and years ended:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA<br>Conservative Allocation** | **Universal VIA<br>Conservative Allocation** | **Universal VIA<br> Moderate Allocation** | **Universal VIA<br> Moderate Allocation** | **Universal VIA<br>Moderate Growth<br>Allocation** | **Universal VIA<br>Moderate Growth<br>Allocation** |
|  | **June 30,<br> 2025<br> (Unaudited)** | **December 31,<br> 2024** | **June 30,<br> 2025<br> (Unaudited)** | **December 31,<br> 2024** | **June 30,<br> 2025<br> (Unaudited)** | **December 31,<br> 2024** |
| **From operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $228053 | $525461 | $680752 | $1473504 | $(85202) | $(72009) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 1032961 | 1124953 | 2327287 | 4992418 | 498546 | 1821854 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 452743 | 1225533 | 7005442 | 9942961 | 3502933 | 3996341 |
| Net increase (decrease) in net assets resulting from operations | 1713757 | 2875947 | 10013481 | 16408883 | 3916277 | 5746186 |
| **Unit transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Units sold | 187067 | 1223559 | 875349 | 1832339 | 627619 | 1830007 |
| &nbsp;&nbsp;&nbsp;Units redeemed | (3513844) | (11282501) | (15034855) | (38461010) | (3710145) | (11070591) |
| Net increase (decrease) in net assets resulting from unit transactions | (3326777) | (10058942) | (14159506) | (36628671) | (3082526) | (9240584) |
| **Net increase (decrease) in net assets** | (1613020) | (7182995) | (4146025) | (20219788) | 833751 | (3494398) |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 47550304 | 54733299 | 197409303 | 217629091 | 51199277 | 54693675 |
| End of period | $45937284 | $47550304 | $193263278 | $197409303 | $52033028 | $51199277 |
| **Unit transactions - shares:** |  |  |  |  |  |  |
| Units sold | 9796 | 68550 | 40330 | 90674 | 24775 | 78190 |
| Units redeemed | (203871) | (664495) | (759458) | (2038407) | (161345) | (497026) |
| Net increase (decrease) | (194075) | (595945) | (719128) | (1947733) | (136570) | (418836) |

---

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

Fortune V Separate Account 13 Semi-Annual Report 2025

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the periods and years ended:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA<br> Growth Allocation** | **Universal VIA<br> Growth Allocation** | **Universal VIA<br>International Mod<br>Growth Alloc** | **Universal VIA<br>International Mod<br>Growth Alloc** | **Universal Money<br>Market** | **Universal Money<br>Market** |
|  | **June 30,<br> 2025<br> (Unaudited)** | **December 31,<br> 2024** | **June 30,<br> 2025<br> (Unaudited)** | **December 31,<br> 2024** | **June 30,<br> 2025<br> (Unaudited)** | **December 31,<br> 2024** |
| **From operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(277191) | $(443887) | $(37442) | $(85255) | $9215 | $36677 |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | 169617 | 2255489 | 49263 | 260901 |  | (2) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | 3581872 | 3355030 | 818168 | (115244) | - | - |
| Net increase (decrease) in net assets resulting from operations | 3474298 | 5166632 | 829989 | 60402 | 9215 | 36675 |
| **Unit transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Units sold | 797573 | 911688 | 86689 | 301807 | 958801 | 2317963 |
| &nbsp;&nbsp;&nbsp;Units redeemed | (1225668) | (10146392) | (353481) | (974499) | (1101769) | (2807888) |
| Net increase (decrease) in net assets resulting from unit transactions | (428095) | (9234704) | (266792) | (672692) | (142968) | (489925) |
| **Net increase (decrease) in net assets** | 3046203 | (4068072) | 563197 | (612290) | (133753) | (453250) |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 35353433 | 39421505 | 4549767 | 5162057 | 2374079 | 2827329 |
| End of period | $38399636 | $35353433 | $5112964 | $4549767 | $2240326 | $2374079 |
| **Unit transactions - shares:** |  |  |  |  |  |  |
| Units sold | 28185 | 35739 | 5203 | 18708 | 96728 | 238093 |
| Units redeemed | (52511) | (422943) | (22501) | (64440) | (113685) | (292677) |
| Net increase (decrease) | (24326) | (387204) | (17298) | (45732) | (16957) | (54584) |

---

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

Fortune V Separate Account 14 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, B Share, M&E 1.40%** | **Universal VIA Conservative Allocation, B Share, M&E 1.40%** | **Universal VIA Conservative Allocation, B Share, M&E 1.40%** | **Universal VIA Conservative Allocation, B Share, M&E 1.40%** | **Universal VIA Conservative Allocation, B Share, M&E 1.40%** | **Universal VIA Conservative Allocation, B Share, M&E 1.40%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $14.37 | $13.47 | $12.62 | $14.77 | $14.55 | $14.11 |
| Net Investment Income [A] | 0.89 | 2.02 | 1.60 | 0.79 | 0.44 | 0.72 |
| Net realized and unrealized (losses) on securities | (0.32) | (1.12) | (0.75) | (2.94) | (0.22) | (0.28) |
| Net increase (decrease) in accumulation unit value | 0.57 | 0.90 | 0.85 | (2.15) | 0.22 | 0.44 |
| Accumulation unit value at end of year | $14.94 | $14.37 | $13.47 | $12.62 | $14.77 | $14.55 |
| Total return | 3.97% | 6.68% | 6.74% | (14.56)% | 1.51% | 3.12% |
| Net assets, end of year (000's) | $26650 | $26993 | $33663 | $37114 | $48999 | $51068 |
| Expenses to average net assets [B] | 2.25% | 2.18% | 2.28% | 1.97% | 2.04% | 2.07% |
| Net investment income to average net assets | 0.87% | 1.03% | 1.13% | 0.54% | 2.71% | 2.65% |
| Portfolio turnover rate | 0.40% | 2.40% | 1.78% | 1.91% | 2.07% | 6.51% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, B Share, M&E 1.40%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.40%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.40%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.40%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.40%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.40%, Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $13.81 | $12.98 | $12.18 | $14.28 | $14.10 | $13.70 |
| Net Investment Income [A] | 0.89 | 2.02 | 1.60 | 0.79 | 0.44 | 0.72 |
| Net realized and unrealized (losses) on securities | (0.35) | (1.19) | (0.80) | (2.89) | (0.26) | (0.32) |
| Net increase (decrease) in accumulation unit value | 0.54 | 0.83 | 0.80 | (2.10) | 0.18 | 0.40 |
| Accumulation unit value at end of year | $14.35 | $13.81 | $12.98 | $12.18 | $14.28 | $14.10 |
| Total return | 3.91% | 6.39% | 6.57% | (14.71)% | 1.28% | 2.92% |
| Net assets, end of year (000's) | $971 | $1693 | $1663 | $1923 | $2886 | $3574 |
| Expenses to average net assets [B] | 2.25% | 2.18% | 2.28% | 1.97% | 2.04% | 2.07% |
| Net investment income to average net assets | 0.87% | 1.03% | 1.13% | 0.54% | 2.71% | 2.65% |
| Portfolio turnover rate | 0.40% | 2.40% | 1.78% | 1.91% | 2.07% | 6.51% |

---

---

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

---

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

Fortune V Separate Account 15 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, B Share, M&E 1.65%** | **Universal VIA Conservative Allocation, B Share, M&E 1.65%** | **Universal VIA Conservative Allocation, B Share, M&E 1.65%** | **Universal VIA Conservative Allocation, B Share, M&E 1.65%** | **Universal VIA Conservative Allocation, B Share, M&E 1.65%** | **Universal VIA Conservative Allocation, B Share, M&E 1.65%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $14.10 | $13.26 | $12.45 | $14.60 | $14.42 | $14.02 |
| Net Investment Income [A] | 0.89 | 2.02 | 1.60 | 0.79 | 0.44 | 0.72 |
| Net realized and unrealized (losses) on securities | (0.35) | (1.18) | (0.79) | (2.94) | (0.26) | (0.32) |
| Net increase (decrease) in accumulation unit value | 0.54 | 0.84 | 0.81 | (2.15) | 0.18 | 0.40 |
| Accumulation unit value at end of year | $14.64 | $14.10 | $13.26 | $12.45 | $14.60 | $14.42 |
| Total return | 3.83% | 6.33% | 6.51% | (14.73)% | 1.25% | 2.85% |
| Net assets, end of year (000's) | $3484 | $3506 | $3665 | $4578 | $6095 | $6474 |
| Expenses to average net assets [B] | 2.25% | 2.18% | 2.28% | 1.97% | 2.04% | 2.07% |
| Net investment income to average net assets | 0.87% | 1.03% | 1.13% | 0.54% | 2.71% | 2.65% |
| Portfolio turnover rate | 0.40% | 2.40% | 1.78% | 1.91% | 2.07% | 6.51% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, B Share, M&E 1.65%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.65%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.65%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.65%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.65%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.65%, Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $13.15 | $12.39 | $11.65 | $13.70 | $13.56 | $13.20 |
| Net Investment Income [A] | 0.89 | 2.02 | 1.60 | 0.79 | 0.44 | 0.72 |
| Net realized and unrealized (losses) on securities | (0.40) | (1.26) | (0.86) | (2.84) | (0.30) | (0.36) |
| Net increase (decrease) in accumulation unit value | 0.49 | 0.76 | 0.74 | (2.05) | 0.14 | 0.36 |
| Accumulation unit value at end of year | $13.64 | $13.15 | $12.39 | $11.65 | $13.70 | $13.56 |
| Total return | 3.73% | 6.13% | 6.35% | (14.96)% | 1.03% | 2.73% |
| Net assets, end of year (000's) | $433 | $418 | $454 | $666 | $839 | $846 |
| Expenses to average net assets [B] | 2.25% | 2.18% | 2.28% | 1.97% | 2.04% | 2.07% |
| Net investment income to average net assets | 0.87% | 1.03% | 1.13% | 0.54% | 2.71% | 2.65% |
| Portfolio turnover rate | 0.40% | 2.40% | 1.78% | 1.91% | 2.07% | 6.51% |

---

---

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

---

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

Fortune V Separate Account 16 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, C Share, M&E 1.95%** | **Universal VIA Conservative Allocation, C Share, M&E 1.95%** | **Universal VIA Conservative Allocation, C Share, M&E 1.95%** | **Universal VIA Conservative Allocation, C Share, M&E 1.95%** | **Universal VIA Conservative Allocation, C Share, M&E 1.95%** | **Universal VIA Conservative Allocation, C Share, M&E 1.95%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $12.89 | $12.16 | $11.45 | $13.47 | $13.35 | $13.01 |
| Net Investment Income [A] | 0.89 | 2.02 | 1.60 | 0.79 | 0.44 | 0.72 |
| Net realized and unrealized (losses) on securities | (0.41) | (1.29) | (0.89) | (2.81) | (0.32) | (0.38) |
| Net increase (decrease) in accumulation unit value | 0.48 | 0.73 | 0.71 | (2.02) | 0.12 | 0.34 |
| Accumulation unit value at end of year | $13.37 | $12.89 | $12.16 | $11.45 | $13.47 | $13.35 |
| Total return | 3.72% | 6.00% | 6.20% | (15.00)% | 0.90% | 2.61% |
| Net assets, end of year (000's) | $1540 | $1540 | $1404 | $1577 | $2353 | $2589 |
| Expenses to average net assets [B] | 2.25% | 2.18% | 2.28% | 1.97% | 2.04% | 2.07% |
| Net investment income to average net assets | 0.87% | 1.03% | 1.13% | 0.54% | 2.71% | 2.65% |
| Portfolio turnover rate | 0.40% | 2.40% | 1.78% | 1.91% | 2.07% | 6.51% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, C Share, M&E 1.95%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, C Share, M&E 1.95%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, C Share, M&E 1.95%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, C Share, M&E 1.95%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, C Share, M&E 1.95%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, C Share, M&E 1.95%, Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $12.39 | $11.71 | $11.05 | $13.03 | $12.93 | $12.63 |
| Net Investment Income [A] | 0.89 | 2.02 | 1.60 | 0.79 | 0.44 | 0.72 |
| Net realized and unrealized (losses) on securities | (0.44) | (1.34) | (0.94) | (2.77) | (0.34) | (0.42) |
| Net increase (decrease) in accumulation unit value | 0.45 | 0.68 | 0.66 | (1.98) | 0.10 | 0.30 |
| Accumulation unit value at end of year | $12.84 | $12.39 | $11.71 | $11.05 | $13.03 | $12.93 |
| Total return | 3.63% | 5.81% | 5.97% | (15.20)% | 0.77% | 2.38% |
| Net assets, end of year (000's) | $1027 | $994 | $947 | $901 | $1132 | $1137 |
| Expenses to average net assets [B] | 2.25% | 2.18% | 2.28% | 1.97% | 2.04% | 2.07% |
| Net investment income to average net assets | 0.87% | 1.03% | 1.13% | 0.54% | 2.71% | 2.65% |
| Portfolio turnover rate | 0.40% | 2.40% | 1.78% | 1.91% | 2.07% | 6.51% |

---

---

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

---

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

Fortune V Separate Account 17 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, L Share, M&E 1.50%** | **Universal VIA Conservative Allocation, L Share, M&E 1.50%** | **Universal VIA Conservative Allocation, L Share, M&E 1.50%** | **Universal VIA Conservative Allocation, L Share, M&E 1.50%** | **Universal VIA Conservative Allocation, L Share, M&E 1.50%** | **Universal VIA Conservative Allocation, L Share, M&E 1.50%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $14.09 | $13.22 | $12.40 | $14.52 | $14.32 | $13.90 |
| Net Investment Income [A] | 0.89 | 2.02 | 1.60 | 0.79 | 0.44 | 0.72 |
| Net realized and unrealized (losses) on securities | (0.34) | (1.15) | (0.78) | (2.91) | (0.24) | (0.30) |
| Net increase (decrease) in accumulation unit value | 0.55 | 0.87 | 0.82 | (2.12) | 0.20 | 0.42 |
| Accumulation unit value at end of year | $14.64 | $14.09 | $13.22 | $12.40 | $14.52 | $14.32 |
| Total return | 3.90% | 6.58% | 6.61% | (14.60)% | 1.40% | 3.02% |
| Net assets, end of year (000's) | $2611 | $2607 | $2700 | $3760 | $4866 | $5184 |
| Expenses to average net assets [B] | 2.25% | 2.18% | 2.28% | 1.97% | 2.04% | 2.07% |
| Net investment income to average net assets | 0.87% | 1.03% | 1.13% | 0.54% | 2.71% | 2.65% |
| Portfolio turnover rate | 0.40% | 2.40% | 1.78% | 1.91% | 2.07% | 6.51% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, L Share, M&E 1.50%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.50%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.50%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.50%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.50%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.50%, Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $13.54 | $12.74 | $11.97 | $14.05 | $13.88 | $13.50 |
| Net Investment Income [A] | 0.89 | 2.02 | 1.60 | 0.79 | 0.44 | 0.72 |
| Net realized and unrealized (losses) on securities | (0.37) | (1.22) | (0.83) | (2.87) | (0.27) | (0.34) |
| Net increase (decrease) in accumulation unit value | 0.52 | 0.80 | 0.77 | (2.08) | 0.17 | 0.38 |
| Accumulation unit value at end of year | $14.06 | $13.54 | $12.74 | $11.97 | $14.05 | $13.88 |
| Total return | 3.84% | 6.28% | 6.43% | (14.80)% | 1.22% | 2.81% |
| Net assets, end of year (000's) | $513 | $520 | $569 | $655 | $874 | $952 |
| Expenses to average net assets [B] | 2.25% | 2.18% | 2.28% | 1.97% | 2.04% | 2.07% |
| Net investment income to average net assets | 0.87% | 1.03% | 1.13% | 0.54% | 2.71% | 2.65% |
| Portfolio turnover rate | 0.40% | 2.40% | 1.78% | 1.91% | 2.07% | 6.51% |

---

---

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

---

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

Fortune V Separate Account 18 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, L Share, M&E 1.75%** | **Universal VIA Conservative Allocation, L Share, M&E 1.75%** | **Universal VIA Conservative Allocation, L Share, M&E 1.75%** | **Universal VIA Conservative Allocation, L Share, M&E 1.75%** | **Universal VIA Conservative Allocation, L Share, M&E 1.75%** | **Universal VIA Conservative Allocation, L Share, M&E 1.75%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $13.41 | $12.62 | $11.86 | $13.93 | $13.77 | $13.40 |
| Net Investment Income [A] | 0.89 | 2.02 | 1.60 | 0.79 | 0.44 | 0.72 |
| Net realized and unrealized (losses) on securities | (0.38) | (1.23) | (0.84) | (2.86) | (0.28) | (0.35) |
| Net increase (decrease) in accumulation unit value | 0.51 | 0.79 | 0.76 | (2.07) | 0.16 | 0.37 |
| Accumulation unit value at end of year | $13.92 | $13.41 | $12.62 | $11.86 | $13.93 | $13.77 |
| Total return | 3.80% | 6.26% | 6.41% | (14.86)% | 1.16% | 2.76% |
| Net assets, end of year (000's) | $7314 | $7821 | $8124 | $8888 | $12254 | $14516 |
| Expenses to average net assets [B] | 2.25% | 2.18% | 2.28% | 1.97% | 2.04% | 2.07% |
| Net investment income to average net assets | 0.87% | 1.03% | 1.13% | 0.54% | 2.71% | 2.65% |
| Portfolio turnover rate | 0.40% | 2.40% | 1.78% | 1.91% | 2.07% | 6.51% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, L Share, M&E 1.75%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.75%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.75%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.75%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.75%, Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.75%, Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $12.89 | $12.16 | $11.45 | $13.47 | $13.35 | $13.01 |
| Net Investment Income [A] | 0.89 | 2.02 | 1.60 | 0.79 | 0.44 | 0.72 |
| Net realized and unrealized (losses) on securities | (0.41) | (1.29) | (0.89) | (2.81) | (0.32) | (0.38) |
| Net increase (decrease) in accumulation unit value | 0.48 | 0.73 | 0.71 | (2.02) | 0.12 | 0.34 |
| Accumulation unit value at end of year | $13.37 | $12.89 | $12.16 | $11.45 | $13.47 | $13.35 |
| Total return | 3.72% | 6.00% | 6.20% | (15.00)% | 0.90% | 2.61% |
| Net assets, end of year (000's) | $1394 | $1457 | $1543 | $1740 | $2196 | $2797 |
| Expenses to average net assets [B] | 2.25% | 2.18% | 2.28% | 1.97% | 2.04% | 2.07% |
| Net investment income to average net assets | 0.87% | 1.03% | 1.13% | 0.54% | 2.71% | 2.65% |
| Portfolio turnover rate | 0.40% | 2.40% | 1.78% | 1.91% | 2.07% | 6.51% |

---

---

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

---

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

Fortune V Separate Account 19 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, B Share, M&E 1.40%** | **Universal VIA Moderate Allocation, B Share, M&E 1.40%** | **Universal VIA Moderate Allocation, B Share, M&E 1.40%** | **Universal VIA Moderate Allocation, B Share, M&E 1.40%** | **Universal VIA Moderate Allocation, B Share, M&E 1.40%** | **Universal VIA Moderate Allocation, B Share, M&E 1.40%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $16.18 | $14.84 | $13.79 | $16.46 | $15.87 | $14.94 |
| Net Investment Income [A] | 0.65 | 1.28 | 1.04 | 0.40 | 0.22 | 0.56 |
| Net realized and unrealized gains (losses) on securities | 0.23 | 0.06 | 0.01 | (3.07) | 0.37 | 0.37 |
| Net increase (decrease) in accumulation unit value | 0.88 | 1.34 | 1.05 | (2.67) | 0.59 | 0.93 |
| Accumulation unit value at end of year | $17.06 | $16.18 | $14.84 | $13.79 | $16.46 | $15.87 |
| Total return | 5.44% | 9.03% | 7.61% | (16.22)% | 3.72% | 6.22% |
| Net assets, end of year (000's) | $115710 | $117934 | $132694 | $137842 | $178311 | $181575 |
| Expenses to average net assets [B] | 1.94% | 1.99% | 1.95% | 1.96% | 1.99% | 2.01% |
| Net investment income to average net assets | 0.58% | 0.71% | 1.24% | 0.39% | 4.42% | 2.82% |
| Portfolio turnover rate | 0.45% | 0.88% | 0.95% | 2.88% | 1.95% | 2.68% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, B Share, M&E 1.40%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.40%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.40%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.40%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.40%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.40%, Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $15.56 | $14.30 | $13.31 | $15.92 | $15.38 | $14.51 |
| Net Investment Income [A] | 0.65 | 1.28 | 1.04 | 0.40 | 0.22 | 0.56 |
| Net realized and unrealized gains (losses) on securities | 0.17 | (0.02) | (0.05) | (3.01) | 0.32 | 0.31 |
| Net increase (decrease) in accumulation unit value | 0.82 | 1.26 | 0.99 | (2.61) | 0.54 | 0.87 |
| Accumulation unit value at end of year | $16.38 | $15.56 | $14.30 | $13.31 | $15.92 | $15.38 |
| Total return | 5.27% | 8.81% | 7.44% | (16.39)% | 3.51% | 6.00% |
| Net assets, end of year (000's) | $12490 | $13777 | $16059 | $17623 | $21942 | $22480 |
| Expenses to average net assets [B] | 1.94% | 1.99% | 1.95% | 1.96% | 1.99% | 2.01% |
| Net investment income to average net assets | 0.58% | 0.71% | 1.24% | 0.39% | 4.42% | 2.82% |
| Portfolio turnover rate | 0.45% | 0.88% | 0.95% | 2.88% | 1.95% | 2.68% |

---

---

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

---

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

Fortune V Separate Account 20 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, B Share, M&E 1.65%** | **Universal VIA Moderate Allocation, B Share, M&E 1.65%** | **Universal VIA Moderate Allocation, B Share, M&E 1.65%** | **Universal VIA Moderate Allocation, B Share, M&E 1.65%** | **Universal VIA Moderate Allocation, B Share, M&E 1.65%** | **Universal VIA Moderate Allocation, B Share, M&E 1.65%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $15.88 | $14.60 | $13.60 | $16.28 | $15.73 | $14.85 |
| Net Investment Income [A] | 0.65 | 1.28 | 1.04 | 0.40 | 0.22 | 0.56 |
| Net realized and unrealized gains (losses) on securities | 0.19 | (0.00) | (0.04) | (3.08) | 0.33 | 0.32 |
| Net increase (decrease) in accumulation unit value | 0.84 | 1.28 | 1.00 | (2.68) | 0.55 | 0.88 |
| Accumulation unit value at end of year | $16.72 | $15.88 | $14.60 | $13.60 | $16.28 | $15.73 |
| Total return | 5.29% | 8.77% | 7.35% | (16.46)% | 3.50% | 5.93% |
| Net assets, end of year (000's) | $13527 | $13730 | $13774 | $15167 | $19776 | $20391 |
| Expenses to average net assets [B] | 1.94% | 1.99% | 1.95% | 1.96% | 1.99% | 2.01% |
| Net investment income to average net assets | 0.58% | 0.71% | 1.24% | 0.39% | 4.42% | 2.82% |
| Portfolio turnover rate | 0.45% | 0.88% | 0.95% | 2.88% | 1.95% | 2.68% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, B Share, M&E 1.65%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.65%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.65%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.65%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.65%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.65%, Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $15.33 | $14.12 | $13.17 | $15.80 | $15.30 | $14.48 |
| Net Investment Income [A] | 0.65 | 1.28 | 1.04 | 0.40 | 0.22 | 0.56 |
| Net realized and unrealized gains (losses) on securities | 0.14 | (0.07) | (0.09) | (3.03) | 0.28 | 0.26 |
| Net increase (decrease) in accumulation unit value | 0.79 | 1.21 | 0.95 | (2.63) | 0.50 | 0.82 |
| Accumulation unit value at end of year | $16.12 | $15.33 | $14.12 | $13.17 | $15.80 | $15.30 |
| Total return | 5.15% | 8.57% | 7.21% | (16.65)% | 3.27% | 5.66% |
| Net assets, end of year (000's) | $1996 | $2040 | $2192 | $3171 | $4673 | $4807 |
| Expenses to average net assets [B] | 1.94% | 1.99% | 1.95% | 1.96% | 1.99% | 2.01% |
| Net investment income to average net assets | 0.58% | 0.71% | 1.24% | 0.39% | 4.42% | 2.82% |
| Portfolio turnover rate | 0.45% | 0.88% | 0.95% | 2.88% | 1.95% | 2.68% |

---

---

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

---

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

Fortune V Separate Account 21 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, C Share, M&E 1.95%** | **Universal VIA Moderate Allocation, C Share, M&E 1.95%** | **Universal VIA Moderate Allocation, C Share, M&E 1.95%** | **Universal VIA Moderate Allocation, C Share, M&E 1.95%** | **Universal VIA Moderate Allocation, C Share, M&E 1.95%** | **Universal VIA Moderate Allocation, C Share, M&E 1.95%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $14.52 | $13.39 | $12.51 | $15.02 | $14.56 | $13.78 |
| Net Investment Income [A] | 0.65 | 1.28 | 1.04 | 0.40 | 0.22 | 0.56 |
| Net realized and unrealized gains (losses) on securities | 0.10 | (0.15) | (0.16) | (2.91) | 0.24 | 0.22 |
| Net increase (decrease) in accumulation unit value | 0.75 | 1.13 | 0.88 | (2.51) | 0.46 | 0.78 |
| Accumulation unit value at end of year | $15.27 | $14.52 | $13.39 | $12.51 | $15.02 | $14.56 |
| Total return | 5.17% | 8.44% | 7.03% | (16.71)% | 3.16% | 5.66% |
| Net assets, end of year (000's) | $3751 | $3823 | $3872 | $6309 | $5238 | $4917 |
| Expenses to average net assets [B] | 1.94% | 1.99% | 1.95% | 1.96% | 1.99% | 2.01% |
| Net investment income to average net assets | 0.58% | 0.71% | 1.24% | 0.39% | 4.42% | 2.82% |
| Portfolio turnover rate | 0.45% | 0.88% | 0.95% | 2.88% | 1.95% | 2.68% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, C Share, M&E 1.95%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, C Share, M&E 1.95%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, C Share, M&E 1.95%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, C Share, M&E 1.95%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, C Share, M&E 1.95%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, C Share, M&E 1.95%, Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $13.96 | $12.90 | $12.07 | $14.53 | $14.11 | $13.38 |
| Net Investment Income [A] | 0.65 | 1.28 | 1.04 | 0.40 | 0.22 | 0.56 |
| Net realized and unrealized gains (losses) on securities | 0.05 | (0.22) | (0.21) | (2.86) | 0.20 | 0.17 |
| Net increase (decrease) in accumulation unit value | 0.70 | 1.06 | 0.83 | (2.46) | 0.42 | 0.73 |
| Accumulation unit value at end of year | $14.66 | $13.96 | $12.90 | $12.07 | $14.53 | $14.11 |
| Total return | 5.01% | 8.22% | 6.88% | (16.93)% | 2.98% | 5.46% |
| Net assets, end of year (000's) | $709 | $701 | $649 | $703 | $835 | $814 |
| Expenses to average net assets [B] | 1.94% | 1.99% | 1.95% | 1.96% | 1.99% | 2.01% |
| Net investment income to average net assets | 0.58% | 0.71% | 1.24% | 0.39% | 4.42% | 2.82% |
| Portfolio turnover rate | 0.45% | 0.88% | 0.95% | 2.88% | 1.95% | 2.68% |

---

---

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

---

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

Fortune V Separate Account 22 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, L Share, M&E 1.50%** | **Universal VIA Moderate Allocation, L Share, M&E 1.50%** | **Universal VIA Moderate Allocation, L Share, M&E 1.50%** | **Universal VIA Moderate Allocation, L Share, M&E 1.50%** | **Universal VIA Moderate Allocation, L Share, M&E 1.50%** | **Universal VIA Moderate Allocation, L Share, M&E 1.50%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $15.87 | $14.57 | $13.54 | $16.19 | $15.62 | $14.73 |
| Net Investment Income [A] | 0.65 | 1.28 | 1.04 | 0.40 | 0.22 | 0.56 |
| Net realized and unrealized gains (losses) on securities | 0.20 | 0.02 | (0.01) | (3.05) | 0.35 | 0.33 |
| Net increase (decrease) in accumulation unit value | 0.85 | 1.30 | 1.03 | (2.65) | 0.57 | 0.89 |
| Accumulation unit value at end of year | $16.72 | $15.87 | $14.57 | $13.54 | $16.19 | $15.62 |
| Total return | 5.36% | 8.92% | 7.61% | (16.37)% | 3.65% | 6.04% |
| Net assets, end of year (000's) | $11731 | $11602 | $12134 | $12833 | $16941 | $18264 |
| Expenses to average net assets [B] | 1.94% | 1.99% | 1.95% | 1.96% | 1.99% | 2.01% |
| Net investment income to average net assets | 0.58% | 0.71% | 1.24% | 0.39% | 4.42% | 2.82% |
| Portfolio turnover rate | 0.45% | 0.88% | 0.95% | 2.88% | 1.95% | 2.68% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, L Share, M&E 1.50%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.50%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.50%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.50%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.50%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.50%, Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $15.25 | $14.03 | $13.07 | $15.66 | $15.14 | $14.30 |
| Net Investment Income [A] | 0.65 | 1.28 | 1.04 | 0.40 | 0.22 | 0.56 |
| Net realized and unrealized gains (losses) on securities | 0.16 | (0.06) | (0.08) | (2.99) | 0.30 | 0.28 |
| Net increase (decrease) in accumulation unit value | 0.81 | 1.22 | 0.96 | (2.59) | 0.52 | 0.84 |
| Accumulation unit value at end of year | $16.06 | $15.25 | $14.03 | $13.07 | $15.66 | $15.14 |
| Total return | 5.31% | 8.70% | 7.35% | (16.54)% | 3.43% | 5.87% |
| Net assets, end of year (000's) | $1967 | $1914 | $2056 | $2540 | $3210 | $3173 |
| Expenses to average net assets [B] | 1.94% | 1.99% | 1.95% | 1.96% | 1.99% | 2.01% |
| Net investment income to average net assets | 0.58% | 0.71% | 1.24% | 0.39% | 4.42% | 2.82% |
| Portfolio turnover rate | 0.45% | 0.88% | 0.95% | 2.88% | 1.95% | 2.68% |

---

---

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

---

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

Fortune V Separate Account 23 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, L Share, M&E 1.75%** | **Universal VIA Moderate Allocation, L Share, M&E 1.75%** | **Universal VIA Moderate Allocation, L Share, M&E 1.75%** | **Universal VIA Moderate Allocation, L Share, M&E 1.75%** | **Universal VIA Moderate Allocation, L Share, M&E 1.75%** | **Universal VIA Moderate Allocation, L Share, M&E 1.75%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $15.10 | $13.90 | $12.96 | $15.53 | $15.02 | $14.20 |
| Net Investment Income [A] | 0.65 | 1.28 | 1.04 | 0.40 | 0.22 | 0.56 |
| Net realized and unrealized gains (losses) on securities | 0.14 | (0.08) | (0.10) | (2.97) | 0.29 | 0.26 |
| Net increase (decrease) in accumulation unit value | 0.79 | 1.20 | 0.94 | (2.57) | 0.51 | 0.82 |
| Accumulation unit value at end of year | $15.89 | $15.10 | $13.90 | $12.96 | $15.53 | $15.02 |
| Total return | 5.23% | 8.63% | 7.25% | (16.55)% | 3.40% | 5.77% |
| Net assets, end of year (000's) | $25746 | $26258 | $28637 | $34487 | $47475 | $49916 |
| Expenses to average net assets [B] | 1.94% | 1.99% | 1.95% | 1.96% | 1.99% | 2.01% |
| Net investment income to average net assets | 0.58% | 0.71% | 1.24% | 0.39% | 4.42% | 2.82% |
| Portfolio turnover rate | 0.45% | 0.88% | 0.95% | 2.88% | 1.95% | 2.68% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, L Share, M&E 1.75%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.75%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.75%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.75%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.75%, Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.75%, Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $14.52 | $13.39 | $12.51 | $15.02 | $14.56 | $13.78 |
| Net Investment Income [A] | 0.65 | 1.28 | 1.04 | 0.40 | 0.22 | 0.56 |
| Net realized and unrealized gains (losses) on securities | 0.10 | (0.15) | (0.16) | (2.91) | 0.24 | 0.22 |
| Net increase (decrease) in accumulation unit value | 0.75 | 1.13 | 0.88 | (2.51) | 0.46 | 0.78 |
| Accumulation unit value at end of year | $15.27 | $14.52 | $13.39 | $12.51 | $15.02 | $14.56 |
| Total return | 5.17% | 8.44% | 7.03% | (16.71)% | 3.16% | 5.66% |
| Net assets, end of year (000's) | $5636 | $5630 | $5562 | $5662 | $7655 | $8096 |
| Expenses to average net assets [B] | 1.94% | 1.99% | 1.95% | 1.96% | 1.99% | 2.01% |
| Net investment income to average net assets | 0.58% | 0.71% | 1.24% | 0.39% | 4.42% | 2.82% |
| Portfolio turnover rate | 0.45% | 0.88% | 0.95% | 2.88% | 1.95% | 2.68% |

---

---

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

---

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

Fortune V Separate Account 24 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, B Share, M&E 1.40%** | **Universal VIA Growth Allocation, B Share, M&E 1.40%** | **Universal VIA Growth Allocation, B Share, M&E 1.40%** | **Universal VIA Growth Allocation, B Share, M&E 1.40%** | **Universal VIA Growth Allocation, B Share, M&E 1.40%** | **Universal VIA Growth Allocation, B Share, M&E 1.40%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $21.12 | $18.14 | $15.99 | $20.51 | $18.19 | $15.42 |
| Net Investment Income (Loss) [A] | (0.18) | 0.28 | (0.01) | (0.16) | (0.17) | 0.01 |
| Net realized and unrealized gains (losses) on securities | 2.28 | 2.70 | 2.16 | (4.36) | 2.49 | 2.76 |
| Net increase (decrease) in accumulation unit value | 2.10 | 2.98 | 2.15 | (4.52) | 2.32 | 2.77 |
| Accumulation unit value at end of year | $23.22 | $21.12 | $18.14 | $15.99 | $20.51 | $18.19 |
| Total return | 9.94% | 16.43% | 13.45% | (22.04)% | 12.75% | 17.96% |
| Net assets, end of year (000's) | $18828 | $17095 | $16157 | $13775 | $16608 | $13639 |
| Expenses to average net assets [B] | 2.18% | 2.31% | 2.27% | 2.12% | 2.21% | 2.28% |
| Net investment income (loss) to average net assets | (1.65)% | (1.22)% | (0.14)% | (0.74)% | 10.55% | 3.26% |
| Portfolio turnover rate | 2.22% | 2.51% | 6.37% | 4.35% | 7.28% | 7.66% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $20.30 | $17.47 | $15.44 | $19.84 | $17.63 | $14.97 |
| Net Investment Income (Loss) [A] | (0.18) | 0.28 | (0.01) | (0.16) | (0.17) | 0.01 |
| Net realized and unrealized gains (losses) on securities | 2.18 | 2.55 | 2.04 | (4.24) | 2.38 | 2.65 |
| Net increase (decrease) in accumulation unit value | 2.00 | 2.83 | 2.03 | (4.40) | 2.21 | 2.66 |
| Accumulation unit value at end of year | $22.30 | $20.30 | $17.47 | $15.44 | $19.84 | $17.63 |
| Total return | 9.85% | 16.20% | 13.15% | (22.18)% | 12.54% | 17.77% |
| Net assets, end of year (000's) | $1041 | $942 | $1067 | $1192 | $1659 | $1617 |
| Expenses to average net assets [B] | 2.18% | 2.31% | 2.27% | 2.12% | 2.21% | 2.28% |
| Net investment income (loss) to average net assets | (1.65)% | (1.22)% | (0.14)% | (0.74)% | 10.55% | 3.26% |
| Portfolio turnover rate | 2.22% | 2.51% | 6.37% | 4.35% | 7.28% | 7.66% |

---

---

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

---

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

Fortune V Separate Account 25 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, B Share, M&E 1.65%** | **Universal VIA Growth Allocation, B Share, M&E 1.65%** | **Universal VIA Growth Allocation, B Share, M&E 1.65%** | **Universal VIA Growth Allocation, B Share, M&E 1.65%** | **Universal VIA Growth Allocation, B Share, M&E 1.65%** | **Universal VIA Growth Allocation, B Share, M&E 1.65%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $20.72 | $17.85 | $15.77 | $20.28 | $18.04 | $15.32 |
| Net Investment Income (Loss) [A] | (0.18) | 0.28 | (0.01) | (0.16) | (0.17) | 0.01 |
| Net realized and unrealized gains (losses) on securities | 2.22 | 2.59 | 2.09 | (4.35) | 2.41 | 2.71 |
| Net increase (decrease) in accumulation unit value | 2.04 | 2.87 | 2.08 | (4.51) | 2.24 | 2.72 |
| Accumulation unit value at end of year | $22.76 | $20.72 | $17.85 | $15.77 | $20.28 | $18.04 |
| Total return | 9.85% | 16.08% | 13.19% | (22.24)% | 12.42% | 17.75% |
| Net assets, end of year (000's) | $2766 | $2536 | $2976 | $3168 | $4306 | $4059 |
| Expenses to average net assets [B] | 2.18% | 2.31% | 2.27% | 2.12% | 2.21% | 2.28% |
| Net investment income (loss) to average net assets | (1.65)% | (1.22)% | (0.14)% | (0.74)% | 10.55% | 3.26% |
| Portfolio turnover rate | 2.22% | 2.51% | 6.37% | 4.35% | 7.28% | 7.66% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $20.00 | $17.25 | $15.28 | $19.69 | $17.54 | $14.93 |
| Net Investment Income (Loss) [A] | (0.18) | 0.28 | (0.01) | (0.16) | (0.17) | 0.01 |
| Net realized and unrealized gains (losses) on securities | 2.12 | 2.47 | 1.98 | (4.25) | 2.32 | 2.60 |
| Net increase (decrease) in accumulation unit value | 1.94 | 2.75 | 1.97 | (4.41) | 2.15 | 2.61 |
| Accumulation unit value at end of year | $21.94 | $20.00 | $17.25 | $15.28 | $19.69 | $17.54 |
| Total return | 9.70% | 15.94% | 12.89% | (22.40)% | 12.26% | 17.48% |
| Net assets, end of year (000's) | $1609 | $1462 | $1409 | $1309 | $1773 | $1655 |
| Expenses to average net assets [B] | 2.18% | 2.31% | 2.27% | 2.12% | 2.21% | 2.28% |
| Net investment income (loss) to average net assets | (1.65)% | (1.22)% | (0.14)% | (0.74)% | 10.55% | 3.26% |
| Portfolio turnover rate | 2.22% | 2.51% | 6.37% | 4.35% | 7.28% | 7.66% |

---

---

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

---

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

Fortune V Separate Account 26 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, C Share, M&E 1.95%** | **Universal VIA Growth Allocation, C Share, M&E 1.95%** | **Universal VIA Growth Allocation, C Share, M&E 1.95%** | **Universal VIA Growth Allocation, C Share, M&E 1.95%** | **Universal VIA Growth Allocation, C Share, M&E 1.95%** | **Universal VIA Growth Allocation, C Share, M&E 1.95%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $18.95 | $16.36 | $14.51 | $18.71 | $16.69 | $14.22 |
| Net Investment Income (Loss) [A] | (0.18) | 0.28 | (0.01) | (0.16) | (0.17) | 0.01 |
| Net realized and unrealized gains (losses) on securities | 2.01 | 2.31 | 1.86 | (4.04) | 2.19 | 2.46 |
| Net increase (decrease) in accumulation unit value | 1.83 | 2.59 | 1.85 | (4.20) | 2.02 | 2.47 |
| Accumulation unit value at end of year | $20.78 | $18.95 | $16.36 | $14.51 | $18.71 | $16.69 |
| Total return | 9.66% | 15.83% | 12.75% | (22.45)% | 12.10% | 17.37% |
| Net assets, end of year (000's) | $1062 | $1176 | $6560 | $4615 | $5858 | $5206 |
| Expenses to average net assets [B] | 2.18% | 2.31% | 2.27% | 2.12% | 2.21% | 2.28% |
| Net investment income (loss) to average net assets | (1.65)% | (1.22)% | (0.14)% | (0.74)% | 10.55% | 3.26% |
| Portfolio turnover rate | 2.22% | 2.51% | 6.37% | 4.35% | 7.28% | 7.66% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $18.21 | $15.76 | $14.00 | $18.10 | $16.17 | $13.81 |
| Net Investment Income (Loss) [A] | (0.18) | 0.28 | (0.01) | (0.16) | (0.17) | 0.01 |
| Net realized and unrealized gains (losses) on securities | 1.93 | 2.17 | 1.77 | (3.94) | 2.10 | 2.35 |
| Net increase (decrease) in accumulation unit value | 1.75 | 2.45 | 1.76 | (4.10) | 1.93 | 2.36 |
| Accumulation unit value at end of year | $19.96 | $18.21 | $15.76 | $14.00 | $18.10 | $16.17 |
| Total return | 9.61% | 15.55% | 12.57% | (22.65)% | 11.94% | 17.09% |
| Net assets, end of year (000's) | $15 | $14 | $22 | $38 | $49 | $44 |
| Expenses to average net assets [B] | 2.18% | 2.31% | 2.27% | 2.12% | 2.21% | 2.28% |
| Net investment income (loss) to average net assets | (1.65)% | (1.22)% | (0.14)% | (0.74)% | 10.55% | 3.26% |
| Portfolio turnover rate | 2.22% | 2.51% | 6.37% | 4.35% | 7.28% | 7.66% |

---

---

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

---

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

Fortune V Separate Account 27 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, L Share, M&E 1.50%** | **Universal VIA Growth Allocation, L Share, M&E 1.50%** | **Universal VIA Growth Allocation, L Share, M&E 1.50%** | **Universal VIA Growth Allocation, L Share, M&E 1.50%** | **Universal VIA Growth Allocation, L Share, M&E 1.50%** | **Universal VIA Growth Allocation, L Share, M&E 1.50%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $20.70 | $17.80 | $15.71 | $20.17 | $17.91 | $15.19 |
| Net Investment Income (Loss) [A] | (0.18) | 0.28 | (0.01) | (0.16) | (0.17) | 0.01 |
| Net realized and unrealized gains (losses) on securities | 2.24 | 2.62 | 2.10 | (4.30) | 2.43 | 2.71 |
| Net increase (decrease) in accumulation unit value | 2.06 | 2.90 | 2.09 | (4.46) | 2.26 | 2.72 |
| Accumulation unit value at end of year | $22.76 | $20.70 | $17.80 | $15.71 | $20.17 | $17.91 |
| Total return | 9.95% | 16.29% | 13.30% | (22.11)% | 12.62% | 17.91% |
| Net assets, end of year (000's) | $376 | $371 | $675 | $571 | $751 | $777 |
| Expenses to average net assets [B] | 2.18% | 2.31% | 2.27% | 2.12% | 2.21% | 2.28% |
| Net investment income (loss) to average net assets | (1.65)% | (1.22)% | (0.14)% | (0.74)% | 10.55% | 3.26% |
| Portfolio turnover rate | 2.22% | 2.51% | 6.37% | 4.35% | 7.28% | 7.66% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $19.90 | $17.15 | $15.16 | $19.51 | $17.36 | $14.75 |
| Net Investment Income (Loss) [A] | (0.18) | 0.28 | (0.01) | (0.16) | (0.17) | 0.01 |
| Net realized and unrealized gains (losses) on securities | 2.14 | 2.47 | 2.00 | (4.19) | 2.32 | 2.60 |
| Net increase (decrease) in accumulation unit value | 1.96 | 2.75 | 1.99 | (4.35) | 2.15 | 2.61 |
| Accumulation unit value at end of year | $21.86 | $19.90 | $17.15 | $15.16 | $19.51 | $17.36 |
| Total return | 9.85% | 16.03% | 13.13% | (22.30)% | 12.38% | 17.69% |
| Net assets, end of year (000's) | $73 | $75 | $65 | $58 | $74 | $124 |
| Expenses to average net assets [B] | 2.18% | 2.31% | 2.27% | 2.12% | 2.21% | 2.28% |
| Net investment income (loss) to average net assets | (1.65)% | (1.22)% | (0.14)% | (0.74)% | 10.55% | 3.26% |
| Portfolio turnover rate | 2.22% | 2.51% | 6.37% | 4.35% | 7.28% | 7.66% |

---

---

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

---

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

Fortune V Separate Account 28 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, L Share, M&E 1.75%** | **Universal VIA Growth Allocation, L Share, M&E 1.75%** | **Universal VIA Growth Allocation, L Share, M&E 1.75%** | **Universal VIA Growth Allocation, L Share, M&E 1.75%** | **Universal VIA Growth Allocation, L Share, M&E 1.75%** | **Universal VIA Growth Allocation, L Share, M&E 1.75%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $19.71 | $16.99 | $15.03 | $19.35 | $17.22 | $14.65 |
| Net Investment Income (Loss) [A] | (0.18) | 0.28 | (0.01) | (0.16) | (0.17) | 0.01 |
| Net realized and unrealized gains (losses) on securities | 2.11 | 2.44 | 1.97 | (4.16) | 2.30 | 2.56 |
| Net increase (decrease) in accumulation unit value | 1.93 | 2.72 | 1.96 | (4.32) | 2.13 | 2.57 |
| Accumulation unit value at end of year | $21.64 | $19.71 | $16.99 | $15.03 | $19.35 | $17.22 |
| Total return | 9.79% | 16.01% | 13.04% | (22.33)% | 12.37% | 17.54% |
| Net assets, end of year (000's) | $11386 | $10547 | $9411 | $8633 | $11191 | $10214 |
| Expenses to average net assets [B] | 2.18% | 2.31% | 2.27% | 2.12% | 2.21% | 2.28% |
| Net investment income (loss) to average net assets | (1.65)% | (1.22)% | (0.14)% | (0.74)% | 10.55% | 3.26% |
| Portfolio turnover rate | 2.22% | 2.51% | 6.37% | 4.35% | 7.28% | 7.66% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, L Share, M&E 1.75% Enhanced Benefits** | **Universal VIA Growth Allocation, L Share, M&E 1.75% Enhanced Benefits** | **Universal VIA Growth Allocation, L Share, M&E 1.75% Enhanced Benefits** | **Universal VIA Growth Allocation, L Share, M&E 1.75% Enhanced Benefits** | **Universal VIA Growth Allocation, L Share, M&E 1.75% Enhanced Benefits** | **Universal VIA Growth Allocation, L Share, M&E 1.75% Enhanced Benefits** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $18.95 | $16.36 | $14.51 | $18.71 | $16.69 | $14.22 |
| Net Investment Income (Loss) [A] | (0.18) | 0.28 | (0.01) | (0.16) | (0.17) | 0.01 |
| Net realized and unrealized gains (losses) on securities | 2.01 | 2.31 | 1.86 | (4.04) | 2.19 | 2.46 |
| Net increase (decrease) in accumulation unit value | 1.83 | 2.59 | 1.85 | (4.20) | 2.02 | 2.47 |
| Accumulation unit value at end of year | $20.78 | $18.95 | $16.36 | $14.51 | $18.71 | $16.69 |
| Total return | 9.66% | 15.83% | 12.75% | (22.45)% | 12.10% | 17.37% |
| Net assets, end of year (000's) | $1244 | $1134 | $1079 | $953 | $1227 | $1068 |
| Expenses to average net assets [B] | 2.18% | 2.31% | 2.27% | 2.12% | 2.21% | 2.28% |
| Net investment income (loss) to average net assets | (1.65)% | (1.22)% | (0.14)% | (0.74)% | 10.55% | 3.26% |
| Portfolio turnover rate | 2.22% | 2.51% | 6.37% | 4.35% | 7.28% | 7.66% |

---

---

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

---

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

Fortune V Separate Account 29 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40%** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40%** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40%** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40%** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40%** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $19.02 | $16.96 | $15.29 | $19.18 | $17.64 | $15.25 |
| Net Investment Income (Loss) [A] | 0.35 | 0.86 | 0.53 | 0.19 | (0.03) | 0.37 |
| Net realized and unrealized gains (losses) on securities | 1.20 | 1.20 | 1.14 | (4.08) | 1.57 | 2.02 |
| Net increase (decrease) in accumulation unit value | 1.55 | 2.06 | 1.67 | (3.89) | 1.54 | 2.39 |
| Accumulation unit value at end of year | $20.57 | $19.02 | $16.96 | $15.29 | $19.18 | $17.64 |
| Total return | 8.15% | 12.15% | 10.92% | (20.28)% | 8.73% | 15.67% |
| Net assets, end of year (000's) | $28061 | $27497 | $29380 | $28262 | $38423 | $34410 |
| Expenses to average net assets [B] | 2.10% | 2.18% | 2.12% | 2.02% | 2.09% | 2.13% |
| Net investment income (loss) to average net assets | (0.47)% | (0.13)% | 0.53% | (0.19)% | 8.16% | 3.02% |
| Portfolio turnover rate | 1.24% | 3.39% | 2.93% | 4.43% | 4.76% | 5.67% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $18.28 | $16.34 | $14.76 | $18.55 | $17.10 | $14.81 |
| Net Investment Income (Loss) [A] | 0.35 | 0.86 | 0.53 | 0.19 | (0.03) | 0.37 |
| Net realized and unrealized gains (losses) on securities | 1.12 | 1.08 | 1.05 | (3.98) | 1.48 | 1.92 |
| Net increase (decrease) in accumulation unit value | 1.47 | 1.94 | 1.58 | (3.79) | 1.45 | 2.29 |
| Accumulation unit value at end of year | $19.75 | $18.28 | $16.34 | $14.76 | $18.55 | $17.10 |
| Total return | 8.04% | 11.87% | 10.70% | (20.43)% | 8.48% | 15.46% |
| Net assets, end of year (000's) | $3600 | $3476 | $5385 | $5290 | $6369 | $5961 |
| Expenses to average net assets [B] | 2.10% | 2.18% | 2.12% | 2.02% | 2.09% | 2.13% |
| Net investment income (loss) to average net assets | (0.47)% | (0.13)% | 0.53% | (0.19)% | 8.16% | 3.02% |
| Portfolio turnover rate | 1.24% | 3.39% | 2.93% | 4.43% | 4.76% | 5.67% |

---

---

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

---

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

Fortune V Separate Account 30 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65%** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65%** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65%** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65%** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65%** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $18.66 | $16.69 | $15.09 | $18.96 | $17.49 | $15.15 |
| Net Investment Income (Loss) [A] | 0.35 | 0.86 | 0.53 | 0.19 | (0.03) | 0.37 |
| Net realized and unrealized gains (losses) on securities | 1.15 | 1.11 | 1.07 | (4.06) | 1.50 | 1.97 |
| Net increase (decrease) in accumulation unit value | 1.50 | 1.97 | 1.60 | (3.87) | 1.47 | 2.34 |
| Accumulation unit value at end of year | $20.16 | $18.66 | $16.69 | $15.09 | $18.96 | $17.49 |
| Total return | 8.04% | 11.80% | 10.60% | (20.41)% | 8.40% | 15.45% |
| Net assets, end of year (000's) | $8022 | $7682 | $8511 | $8311 | $10326 | $9922 |
| Expenses to average net assets [B] | 2.10% | 2.18% | 2.12% | 2.02% | 2.09% | 2.13% |
| Net investment income (loss) to average net assets | (0.47)% | (0.13)% | 0.53% | (0.19)% | 8.16% | 3.02% |
| Portfolio turnover rate | 1.24% | 3.39% | 2.93% | 4.43% | 4.76% | 5.67% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $18.01 | $16.13 | $14.61 | $18.41 | $17.01 | $14.77 |
| Net Investment Income (Loss) [A] | 0.35 | 0.86 | 0.53 | 0.19 | (0.03) | 0.37 |
| Net realized and unrealized gains (losses) on securities | 1.07 | 1.02 | 0.99 | (3.99) | 1.43 | 1.87 |
| Net increase (decrease) in accumulation unit value | 1.42 | 1.88 | 1.52 | (3.80) | 1.40 | 2.24 |
| Accumulation unit value at end of year | $19.43 | $18.01 | $16.13 | $14.61 | $18.41 | $17.01 |
| Total return | 7.88% | 11.66% | 10.40% | (20.64)% | 8.23% | 15.17% |
| Net assets, end of year (000's) | $907 | $918 | $872 | $882 | $1143 | $1207 |
| Expenses to average net assets [B] | 2.10% | 2.18% | 2.12% | 2.02% | 2.09% | 2.13% |
| Net investment income (loss) to average net assets | (0.47)% | (0.13)% | 0.53% | (0.19)% | 8.16% | 3.02% |
| Portfolio turnover rate | 1.24% | 3.39% | 2.93% | 4.43% | 4.76% | 5.67% |

---

---

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

---

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

Fortune V Separate Account 31 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95%** | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95%** | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95%** | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95%** | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95%** | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $17.06 | $15.30 | $13.87 | $17.49 | $16.18 | $14.06 |
| Net Investment Income (Loss) [A] | 0.35 | 0.86 | 0.53 | 0.19 | (0.03) | 0.37 |
| Net realized and unrealized gains (losses) on securities | 0.99 | 0.90 | 0.90 | (3.81) | 1.34 | 1.75 |
| Net increase (decrease) in accumulation unit value | 1.34 | 1.76 | 1.43 | (3.62) | 1.31 | 2.12 |
| Accumulation unit value at end of year | $18.40 | $17.06 | $15.30 | $13.87 | $17.49 | $16.18 |
| Total return | 7.85% | 11.50% | 10.31% | (20.70)% | 8.10% | 15.08% |
| Net assets, end of year (000's) | $1270 | $1829 | $1047 | $1137 | $1367 | $1247 |
| Expenses to average net assets [B] | 2.10% | 2.18% | 2.12% | 2.02% | 2.09% | 2.13% |
| Net investment income (loss) to average net assets | (0.47)% | (0.13)% | 0.53% | (0.19)% | 8.16% | 3.02% |
| Portfolio turnover rate | 1.24% | 3.39% | 2.93% | 4.43% | 4.76% | 5.67% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $16.40 | $14.74 | $13.39 | $16.92 | $15.68 | $13.66 |
| Net Investment Income (Loss) [A] | 0.35 | 0.86 | 0.53 | 0.19 | (0.03) | 0.37 |
| Net realized and unrealized gains (losses) on securities | 0.93 | 0.80 | 0.82 | (3.72) | 1.27 | 1.65 |
| Net increase (decrease) in accumulation unit value | 1.28 | 1.66 | 1.35 | (3.53) | 1.24 | 2.02 |
| Accumulation unit value at end of year | $17.68 | $16.40 | $14.74 | $13.39 | $16.92 | $15.68 |
| Total return | 7.80% | 11.26% | 10.08% | (20.86)% | 7.91% | 14.79% |
| Net assets, end of year (000's) | $56 | $79 | $82 | $97 | $582 | $779 |
| Expenses to average net assets [B] | 2.10% | 2.18% | 2.12% | 2.02% | 2.09% | 2.13% |
| Net investment income (loss) to average net assets | (0.47)% | (0.13)% | 0.53% | (0.19)% | 8.16% | 3.02% |
| Portfolio turnover rate | 1.24% | 3.39% | 2.93% | 4.43% | 4.76% | 5.67% |

---

---

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

---

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

Fortune V Separate Account 32 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50%** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50%** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50%** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50%** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50%** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $18.64 | $16.65 | $15.03 | $18.86 | $17.37 | $15.02 |
| Net Investment Income (Loss) [A] | 0.35 | 0.86 | 0.53 | 0.19 | (0.03) | 0.37 |
| Net realized and unrealized gains (losses) on securities | 1.17 | 1.13 | 1.09 | (4.02) | 1.52 | 1.98 |
| Net increase (decrease) in accumulation unit value | 1.52 | 1.99 | 1.62 | (3.83) | 1.49 | 2.35 |
| Accumulation unit value at end of year | $20.16 | $18.64 | $16.65 | $15.03 | $18.86 | $17.37 |
| Total return | 8.15% | 11.95% | 10.78% | (20.31)% | 8.58% | 15.65% |
| Net assets, end of year (000's) | $2128 | $1971 | $1772 | $1702 | $2201 | $2022 |
| Expenses to average net assets [B] | 2.10% | 2.18% | 2.12% | 2.02% | 2.09% | 2.13% |
| Net investment income (loss) to average net assets | (0.47)% | (0.13)% | 0.53% | (0.19)% | 8.16% | 3.02% |
| Portfolio turnover rate | 1.24% | 3.39% | 2.93% | 4.43% | 4.76% | 5.67% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $17.92 | $16.03 | $14.50 | $18.24 | $16.83 | $14.59 |
| Net Investment Income (Loss) [A] | 0.35 | 0.86 | 0.53 | 0.19 | (0.03) | 0.37 |
| Net realized and unrealized gains (losses) on securities | 1.09 | 1.03 | 1.00 | (3.93) | 1.44 | 1.87 |
| Net increase (decrease) in accumulation unit value | 1.44 | 1.89 | 1.53 | (3.74) | 1.41 | 2.24 |
| Accumulation unit value at end of year | $19.36 | $17.92 | $16.03 | $14.50 | $18.24 | $16.83 |
| Total return | 8.04% | 11.79% | 10.55% | (20.50)% | 8.38% | 15.35% |
| Net assets, end of year (000's) | $149 | $138 | $124 | $168 | $209 | $245 |
| Expenses to average net assets [B] | 2.10% | 2.18% | 2.12% | 2.02% | 2.09% | 2.13% |
| Net investment income (loss) to average net assets | (0.47)% | (0.13)% | 0.53% | (0.19)% | 8.16% | 3.02% |
| Portfolio turnover rate | 1.24% | 3.39% | 2.93% | 4.43% | 4.76% | 5.67% |

---

---

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

---

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

Fortune V Separate Account 33 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75%** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75%** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75%** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75%** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75%** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $17.75 | $15.88 | $14.38 | $18.09 | $16.70 | $14.48 |
| Net Investment Income (Loss) [A] | 0.35 | 0.86 | 0.53 | 0.19 | (0.03) | 0.37 |
| Net realized and unrealized gains (losses) on securities | 1.06 | 1.01 | 0.97 | (3.90) | 1.42 | 1.85 |
| Net increase (decrease) in accumulation unit value | 1.41 | 1.87 | 1.50 | (3.71) | 1.39 | 2.22 |
| Accumulation unit value at end of year | $19.16 | $17.75 | $15.88 | $14.38 | $18.09 | $16.70 |
| Total return | 7.94% | 11.78% | 10.43% | (20.51)% | 8.32% | 15.33% |
| Net assets, end of year (000's) | $6069 | $5939 | $5832 | $6092 | $8809 | $8824 |
| Expenses to average net assets [B] | 2.10% | 2.18% | 2.12% | 2.02% | 2.09% | 2.13% |
| Net investment income (loss) to average net assets | (0.47)% | (0.13)% | 0.53% | (0.19)% | 8.16% | 3.02% |
| Portfolio turnover rate | 1.24% | 3.39% | 2.93% | 4.43% | 4.76% | 5.67% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $17.06 | $15.30 | $13.87 | $17.49 | $16.18 | $14.06 |
| Net Investment Income (Loss) [A] | 0.35 | 0.86 | 0.53 | 0.19 | (0.03) | 0.37 |
| Net realized and unrealized gains (losses) on securities | 0.99 | 0.90 | 0.90 | (3.81) | 1.34 | 1.75 |
| Net increase (decrease) in accumulation unit value | 1.34 | 1.76 | 1.43 | (3.62) | 1.31 | 2.12 |
| Accumulation unit value at end of year | $18.40 | $17.06 | $15.30 | $13.87 | $17.49 | $16.18 |
| Total return | 7.85% | 11.50% | 10.31% | (20.70)% | 8.10% | 15.08% |
| Net assets, end of year (000's) | $1773 | $1669 | $1688 | $1721 | $2348 | $2225 |
| Expenses to average net assets [B] | 2.10% | 2.18% | 2.12% | 2.02% | 2.09% | 2.13% |
| Net investment income (loss) to average net assets | (0.47)% | (0.13)% | 0.53% | (0.19)% | 8.16% | 3.02% |
| Portfolio turnover rate | 1.24% | 3.39% | 2.93% | 4.43% | 4.76% | 5.67% |

---

---

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

---

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

Fortune V Separate Account 34 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, B Share, M&E 1.40%** | **Universal VIA International Growth Allocation, B Share, M&E 1.40%** | **Universal VIA International Growth Allocation, B Share, M&E 1.40%** | **Universal VIA International Growth Allocation, B Share, M&E 1.40%** | **Universal VIA International Growth Allocation, B Share, M&E 1.40%** | **Universal VIA International Growth Allocation, B Share, M&E 1.40%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $12.10 | $11.90 | $10.98 | $13.82 | $13.03 | $11.68 |
| Net Investment Income [A] | 0.11 | 0.50 | 0.89 | 0.21 | 0.20 | 0.19 |
| Net realized and unrealized gains (losses) on securities | 2.16 | (0.30) | 0.03 | (3.05) | 0.59 | 1.16 |
| Net increase (decrease) in accumulation unit value | 2.27 | 0.20 | 0.92 | (2.84) | 0.79 | 1.35 |
| Accumulation unit value at end of year | $14.37 | $12.10 | $11.90 | $10.98 | $13.82 | $13.03 |
| Total return | 18.76% | 1.68% | 8.38% | (20.55)% | 6.06% | 11.56% |
| Net assets, end of year (000's) | $2330 | $2020 | $2282 | $2066 | $2468 | $2110 |
| Expenses to average net assets [B] | 3.28% | 3.84% | 3.08% | 2.44% | 2.44% | 2.52% |
| Net investment income (loss) to average net assets | (3.28)% | (2.03)% | (0.16)% | (0.76)% | 3.30% | (1.38)% |
| Portfolio turnover rate | 1.80% | 6.08% | 2.83% | 8.01% | 8.03% | 5.16% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $11.63 | $11.47 | $10.60 | $13.36 | $12.63 | $11.34 |
| Net Investment Income [A] | 0.11 | 0.50 | 0.89 | 0.21 | 0.20 | 0.19 |
| Net realized and unrealized gains (losses) on securities | 2.06 | (0.34) | (0.02) | (2.97) | 0.53 | 1.10 |
| Net increase (decrease) in accumulation unit value | 2.17 | 0.16 | 0.87 | (2.76) | 0.73 | 1.29 |
| Accumulation unit value at end of year | $13.80 | $11.63 | $11.47 | $10.60 | $13.36 | $12.63 |
| Total return | 18.66% | 1.39% | 8.21% | (20.66)% | 5.78% | 11.38% |
| Net assets, end of year (000's) | $168 | $142 | $137 | $132 | $608 | $585 |
| Expenses to average net assets [B] | 3.28% | 3.84% | 3.08% | 2.44% | 2.44% | 2.52% |
| Net investment income (loss) to average net assets | (3.28)% | (2.03)% | (0.16)% | (0.76)% | 3.30% | (1.38)% |
| Portfolio turnover rate | 1.80% | 6.08% | 2.83% | 8.01% | 8.03% | 5.16% |

---

---

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

---

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

Fortune V Separate Account 35 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, B Share, M&E 1.65%** | **Universal VIA International Growth Allocation, B Share, M&E 1.65%** | **Universal VIA International Growth Allocation, B Share, M&E 1.65%** | **Universal VIA International Growth Allocation, B Share, M&E 1.65%** | **Universal VIA International Growth Allocation, B Share, M&E 1.65%** | **Universal VIA International Growth Allocation, B Share, M&E 1.65%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $11.87 | $11.71 | $10.83 | $13.66 | $12.92 | $11.60 |
| Net Investment Income [A] | 0.11 | 0.50 | 0.89 | 0.21 | 0.20 | 0.19 |
| Net realized and unrealized gains (losses) on securities | 2.11 | (0.34) | (0.01) | (3.04) | 0.54 | 1.13 |
| Net increase (decrease) in accumulation unit value | 2.22 | 0.16 | 0.88 | (2.83) | 0.74 | 1.32 |
| Accumulation unit value at end of year | $14.09 | $11.87 | $11.71 | $10.83 | $13.66 | $12.92 |
| Total return | 18.70% | 1.37% | 8.13% | (20.72)% | 5.73% | 11.38% |
| Net assets, end of year (000's) | $1136 | $1106 | $1289 | $1551 | $2049 | $2370 |
| Expenses to average net assets [B] | 3.28% | 3.84% | 3.08% | 2.44% | 2.44% | 2.52% |
| Net investment income (loss) to average net assets | (3.28)% | (2.03)% | (0.16)% | (0.76)% | 3.30% | (1.38)% |
| Portfolio turnover rate | 1.80% | 6.08% | 2.83% | 8.01% | 8.03% | 5.16% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $11.45 | $11.32 | $10.49 | $13.26 | $12.57 | $11.31 |
| Net Investment Income [A] | 0.11 | 0.50 | 0.89 | 0.21 | 0.20 | 0.19 |
| Net realized and unrealized gains (losses) on securities | 2.02 | (0.37) | (0.06) | (2.98) | 0.49 | 1.07 |
| Net increase (decrease) in accumulation unit value | 2.13 | 0.13 | 0.83 | (2.77) | 0.69 | 1.26 |
| Accumulation unit value at end of year | $13.58 | $11.45 | $11.32 | $10.49 | $13.26 | $12.57 |
| Total return | 18.60% | 1.15% | 7.91% | (20.89)% | 5.49% | 11.14% |
| Net assets, end of year (000's) | $219 | $186 | $209 | $306 | $384 | $397 |
| Expenses to average net assets [B] | 3.28% | 3.84% | 3.08% | 2.44% | 2.44% | 2.52% |
| Net investment income (loss) to average net assets | (3.28)% | (2.03)% | (0.16)% | (0.76)% | 3.30% | (1.38)% |
| Portfolio turnover rate | 1.80% | 6.08% | 2.83% | 8.01% | 8.03% | 5.16% |

---

---

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

---

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

Fortune V Separate Account 36 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, C Share, M&E 1.95%** | **Universal VIA International Growth Allocation, C Share, M&E 1.95%** | **Universal VIA International Growth Allocation, C Share, M&E 1.95%** | **Universal VIA International Growth Allocation, C Share, M&E 1.95%** | **Universal VIA International Growth Allocation, C Share, M&E 1.95%** | **Universal VIA International Growth Allocation, C Share, M&E 1.95%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $10.85 | $10.74 | $9.96 | $12.60 | $11.96 | $10.77 |
| Net Investment Income [A] | 0.11 | 0.50 | 0.89 | 0.21 | 0.20 | 0.19 |
| Net realized and unrealized gains (losses) on securities | 1.90 | (0.39) | (0.11) | (2.85) | 0.44 | 1.00 |
| Net increase (decrease) in accumulation unit value | 2.01 | 0.11 | 0.78 | (2.64) | 0.64 | 1.19 |
| Accumulation unit value at end of year | $12.86 | $10.85 | $10.74 | $9.96 | $12.60 | $11.96 |
| Total return | 18.53% | 1.02% | 7.83% | (20.95)% | 5.35% | 11.05% |
| Net assets, end of year (000's) | $334 | $292 | $286 | $266 | $301 | $307 |
| Expenses to average net assets [B] | 3.28% | 3.84% | 3.08% | 2.44% | 2.44% | 2.52% |
| Net investment income (loss) to average net assets | (3.28)% | (2.03)% | (0.16)% | (0.76)% | 3.30% | (1.38)% |
| Portfolio turnover rate | 1.80% | 6.08% | 2.83% | 8.01% | 8.03% | 5.16% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, C Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, C Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, C Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, C Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, C Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, C Share, M&E 1.65% Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $10.43 | $10.34 | $9.61 | $12.19 | $11.59 | $10.46 |
| Net Investment Income [A] | 0.11 | 0.50 | 0.89 | 0.21 | 0.20 | 0.19 |
| Net realized and unrealized gains (losses) on securities | 1.81 | (0.41) | (0.16) | (2.79) | 0.40 | 0.94 |
| Net increase (decrease) in accumulation unit value | 1.92 | 0.09 | 0.73 | (2.58) | 0.60 | 1.13 |
| Accumulation unit value at end of year | $12.35 | $10.43 | $10.34 | $9.61 | $12.19 | $11.59 |
| Total return | 18.41% | 0.87% | 7.60% | (21.16)% | 5.18% | 10.80% |
| Net assets, end of year (000's) | $19 | $16 | $16 | $15 | $16 | $16 |
| Expenses to average net assets [B] | 3.28% | 3.84% | 3.08% | 2.44% | 2.44% | 2.52% |
| Net investment income (loss) to average net assets | (3.28)% | (2.03)% | (0.16)% | (0.76)% | 3.30% | (1.38)% |
| Portfolio turnover rate | 1.80% | 6.08% | 2.83% | 8.01% | 8.03% | 5.16% |

---

---

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

---

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

Fortune V Separate Account 37 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, L Share, M&E 1.50%** | **Universal VIA International Growth Allocation, L Share, M&E 1.50%** | **Universal VIA International Growth Allocation, L Share, M&E 1.50%** | **Universal VIA International Growth Allocation, L Share, M&E 1.50%** | **Universal VIA International Growth Allocation, L Share, M&E 1.50%** | **Universal VIA International Growth Allocation, L Share, M&E 1.50%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $11.86 | $11.68 | $10.79 | $13.59 | $12.83 | $11.51 |
| Net Investment Income [A] | 0.11 | 0.50 | 0.89 | 0.21 | 0.20 | 0.19 |
| Net realized and unrealized gains (losses) on securities | 2.11 | (0.32) | (0.00) | (3.01) | 0.56 | 1.13 |
| Net increase (decrease) in accumulation unit value | 2.22 | 0.18 | 0.89 | (2.80) | 0.76 | 1.32 |
| Accumulation unit value at end of year | $14.08 | $11.86 | $11.68 | $10.79 | $13.59 | $12.83 |
| Total return | 18.72% | 1.54% | 8.25% | (20.60)% | 5.92% | 11.47% |
| Net assets, end of year (000's) | $99 | $85 | $82 | $76 | $176 | $166 |
| Expenses to average net assets [B] | 3.28% | 3.84% | 3.08% | 2.44% | 2.44% | 2.52% |
| Net investment income (loss) to average net assets | (3.28)% | (2.03)% | (0.16)% | (0.76)% | 3.30% | (1.38)% |
| Portfolio turnover rate | 1.80% | 6.08% | 2.83% | 8.01% | 8.03% | 5.16% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $11.40 | $11.25 | $10.41 | $13.14 | $12.43 | $11.17 |
| Net Investment Income [A] | 0.11 | 0.50 | 0.89 | 0.21 | 0.20 | 0.19 |
| Net realized and unrealized gains (losses) on securities | 2.02 | (0.35) | (0.05) | (2.94) | 0.51 | 1.07 |
| Net increase (decrease) in accumulation unit value | 2.13 | 0.15 | 0.84 | (2.73) | 0.71 | 1.26 |
| Accumulation unit value at end of year | $13.53 | $11.40 | $11.25 | $10.41 | $13.14 | $12.43 |
| Total return | 18.68% | 1.33% | 8.07% | (20.78)% | 5.71% | 11.28% |
| Net assets, end of year (000's) | $13 | $11 | $11 | $10 | $12 | $12 |
| Expenses to average net assets [B] | 3.28% | 3.84% | 3.08% | 2.44% | 2.44% | 2.52% |
| Net investment income (loss) to average net assets | (3.28)% | (2.03)% | (0.16)% | (0.76)% | 3.30% | (1.38)% |
| Portfolio turnover rate | 1.80% | 6.08% | 2.83% | 8.01% | 8.03% | 5.16% |

---

---

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

---

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

Fortune V Separate Account 38 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, L Share, M&E 1.75%** | **Universal VIA International Growth Allocation, L Share, M&E 1.75%** | **Universal VIA International Growth Allocation, L Share, M&E 1.75%** | **Universal VIA International Growth Allocation, L Share, M&E 1.75%** | **Universal VIA International Growth Allocation, L Share, M&E 1.75%** | **Universal VIA International Growth Allocation, L Share, M&E 1.75%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $11.29 | $11.15 | $10.32 | $13.03 | $12.34 | $11.09 |
| Net Investment Income [A] | 0.11 | 0.50 | 0.89 | 0.21 | 0.20 | 0.19 |
| Net realized and unrealized gains (losses) on securities | 1.99 | (0.36) | (0.06) | (2.92) | 0.49 | 1.06 |
| Net increase (decrease) in accumulation unit value | 2.10 | 0.14 | 0.83 | (2.71) | 0.69 | 1.25 |
| Accumulation unit value at end of year | $13.39 | $11.29 | $11.15 | $10.32 | $13.03 | $12.34 |
| Total return | 18.60% | 1.26% | 8.04% | (20.80)% | 5.59% | 11.27% |
| Net assets, end of year (000's) | $509 | $430 | $564 | $926 | $1226 | $1174 |
| Expenses to average net assets [B] | 3.28% | 3.84% | 3.08% | 2.44% | 2.44% | 2.52% |
| Net investment income (loss) to average net assets | (3.28)% | (2.03)% | (0.16)% | (0.76)% | 3.30% | (1.38)% |
| Portfolio turnover rate | 1.80% | 6.08% | 2.83% | 8.01% | 8.03% | 5.16% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $10.85 | $10.74 | $9.96 | $12.60 | $11.96 | $10.77 |
| Net Investment Income [A] | 0.11 | 0.50 | 0.89 | 0.21 | 0.20 | 0.19 |
| Net realized and unrealized gains (losses) on securities | 1.90 | (0.39) | (0.11) | (2.85) | 0.44 | 1.00 |
| Net increase (decrease) in accumulation unit value | 2.01 | 0.11 | 0.78 | (2.64) | 0.64 | 1.19 |
| Accumulation unit value at end of year | $12.86 | $10.85 | $10.74 | $9.96 | $12.60 | $11.96 |
| Total return | 18.53% | 1.02% | 7.83% | (20.95)% | 5.35% | 11.05% |
| Net assets, end of year (000's) | $287 | $261 | $286 | $280 | $347 | $297 |
| Expenses to average net assets [B] | 3.28% | 3.84% | 3.08% | 2.44% | 2.44% | 2.52% |
| Net investment income (loss) to average net assets | (3.28)% | (2.03)% | (0.16)% | (0.76)% | 3.30% | (1.38)% |
| Portfolio turnover rate | 1.80% | 6.08% | 2.83% | 8.01% | 8.03% | 5.16% |

---

---

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

---

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

Fortune V Separate Account 39 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Money Market, B Share, M&E 1.40%** | **Universal VIA Money Market, B Share, M&E 1.40%** | **Universal VIA Money Market, B Share, M&E 1.40%** | **Universal VIA Money Market, B Share, M&E 1.40%** | **Universal VIA Money Market, B Share, M&E 1.40%** | **Universal VIA Money Market, B Share, M&E 1.40%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $7.55 | $7.50 | $7.33 | $7.40 | $7.55 | $7.67 |
| Net Investment (Loss) [A] | (0.10) | (0.14) | (0.05) | (0.32) | (0.54) | 0.07 |
| Net realized and unrealized gains on securities | 0.16 | 0.19 | 0.22 | 0.25 | 0.39 | (0.19) |
| Net increase (decrease) in accumulation unit value | 0.06 | 0.05 | 0.17 | (0.07) | (0.15) | (0.12) |
| Accumulation unit value at end of year | $7.61 | $7.55 | $7.50 | $7.33 | $7.40 | $7.55 |
| Total return | 0.79% | 0.67% | 2.32% | (0.95)% | (1.99)% | (1.56)% |
| Net assets, end of year (000's) | $1223 | $1200 | $1212 | $1396 | $1385 | $2627 |
| Expenses to average net assets [B] | 4.56% | 4.29% | 3.50% | 2.53% | 2.39% | 2.35% |
| Net investment income (loss) to average net assets | (0.52)% | 0.83% | 1.22% | (1.24)% | (2.12)% | (1.93)% |
| Portfolio turnover rate | 39.91% | 88.53% | 42.16% | 98.58% | 29.32% | 117.91% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Money Market, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.40% Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.40% Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $7.27 | $7.24 | $7.08 | $7.17 | $7.33 | $7.46 |
| Net Investment (Loss) [A] | (0.10) | (0.14) | (0.05) | (0.32) | (0.54) | 0.07 |
| Net realized and unrealized gains on securities | 0.15 | 0.17 | 0.21 | 0.23 | 0.38 | (0.20) |
| Net increase (decrease) in accumulation unit value | 0.05 | 0.03 | 0.16 | (0.09) | (0.16) | (0.13) |
| Accumulation unit value at end of year | $7.32 | $7.27 | $7.24 | $7.08 | $7.17 | $7.33 |
| Total return | 0.69% | 0.41% | 2.26% | (1.26)% | (2.18)% | (1.74)% |
| Net assets, end of year (000's) | $153 | $213 | $453 | $478 | $502 | $524 |
| Expenses to average net assets [B] | 4.56% | 4.29% | 3.50% | 2.53% | 2.39% | 2.35% |
| Net investment income (loss) to average net assets | (0.52)% | 0.83% | 1.22% | (1.24)% | (2.12)% | (1.93)% |
| Portfolio turnover rate | 39.91% | 88.53% | 42.16% | 98.58% | 29.32% | 117.91% |

---

---

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

---

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

Fortune V Separate Account 40 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Money Market, B Share, M&E 1.65%** | **Universal VIA Money Market, B Share, M&E 1.65%** | **Universal VIA Money Market, B Share, M&E 1.65%** | **Universal VIA Money Market, B Share, M&E 1.65%** | **Universal VIA Money Market, B Share, M&E 1.65%** | **Universal VIA Money Market, B Share, M&E 1.65%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $7.46 | $7.43 | $7.28 | $7.37 | $7.53 | $7.68 |
| Net Investment (Loss) [A] | (0.10) | (0.14) | (0.05) | (0.32) | (0.54) | 0.07 |
| Net realized and unrealized gains on securities | 0.15 | 0.17 | 0.20 | 0.23 | 0.38 | (0.22) |
| Net increase (decrease) in accumulation unit value | 0.05 | 0.03 | 0.15 | (0.09) | (0.16) | (0.15) |
| Accumulation unit value at end of year | $7.51 | $7.46 | $7.43 | $7.28 | $7.37 | $7.53 |
| Total return | 0.67% | 0.40% | 2.06% | (1.22)% | (2.12)% | (1.95)% |
| Net assets, end of year (000's) | $257 | $272 | $315 | $285 | $821 | $1090 |
| Expenses to average net assets [B] | 4.56% | 4.29% | 3.50% | 2.53% | 2.39% | 2.35% |
| Net investment income (loss) to average net assets | (0.52)% | 0.83% | 1.22% | (1.24)% | (2.12)% | (1.93)% |
| Portfolio turnover rate | 39.91% | 88.53% | 42.16% | 98.58% | 29.32% | 117.91% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Money Market, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.65% Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.65% Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $7.01 | $7.00 | $6.87 | $6.97 | $7.14 | $7.29 |
| Net Investment (Loss) [A] | (0.10) | (0.14) | (0.05) | (0.32) | (0.54) | 0.07 |
| Net realized and unrealized gains on securities | 0.14 | 0.15 | 0.18 | 0.22 | 0.37 | (0.22) |
| Net increase (decrease) in accumulation unit value | 0.04 | 0.01 | 0.13 | (0.10) | (0.17) | (0.15) |
| Accumulation unit value at end of year | $7.05 | $7.01 | $7.00 | $6.87 | $6.97 | $7.14 |
| Total return | 0.57% | 0.14% | 1.89% | (1.43)% | (2.38)% | (2.06)% |
| Net assets, end of year (000's) | $22 | $22 | $69 | $130 | $60 | $126 |
| Expenses to average net assets [B] | 4.56% | 4.29% | 3.50% | 2.53% | 2.39% | 2.35% |
| Net investment income (loss) to average net assets | (0.52)% | 0.83% | 1.22% | (1.24)% | (2.12)% | (1.93)% |
| Portfolio turnover rate | 39.91% | 88.53% | 42.16% | 98.58% | 29.32% | 117.91% |

---

---

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

---

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

Fortune V Separate Account 41 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Money Market, C Share, M&E 1.95%** | **Universal VIA Money Market, C Share, M&E 1.95%** | **Universal VIA Money Market, C Share, M&E 1.95%** | **Universal VIA Money Market, C Share, M&E 1.95%** | **Universal VIA Money Market, C Share, M&E 1.95%** | **Universal VIA Money Market, C Share, M&E 1.95%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $6.81 | $6.80 | $6.68 | $6.78 | $6.96 | $7.11 |
| Net Investment (Loss) [A] | (0.10) | (0.14) | (0.05) | (0.32) | (0.54) | 0.07 |
| Net realized and unrealized gains on securities | 0.13 | 0.15 | 0.17 | 0.22 | 0.36 | (0.22) |
| Net increase (decrease) in accumulation unit value | 0.03 | 0.01 | 0.12 | (0.10) | (0.18) | (0.15) |
| Accumulation unit value at end of year | $6.84 | $6.81 | $6.80 | $6.68 | $6.78 | $6.96 |
| Total return | 0.44% | 0.15% | 1.80% | (1.47)% | (2.59)% | (2.11)% |
| Net assets, end of year (000's) | $353 | $436 | $416 | $448 | $411 | $415 |
| Expenses to average net assets [B] | 4.56% | 4.29% | 3.50% | 2.53% | 2.39% | 2.35% |
| Net investment income (loss) to average net assets | (0.52)% | 0.83% | 1.22% | (1.24)% | (2.12)% | (1.93)% |
| Portfolio turnover rate | 39.91% | 88.53% | 42.16% | 98.58% | 29.32% | 117.91% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Money Market, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Money Market, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Money Market, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Money Market, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Money Market, C Share, M&E 1.95% Enhanced Death Benefit** | **Universal VIA Money Market, C Share, M&E 1.95% Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $6.55 | $6.56 | $6.45 | $6.57 | $6.75 | $6.91 |
| Net Investment (Loss) [A] | (0.10) | (0.14) | (0.05) | (0.32) | (0.54) | 0.07 |
| Net realized and unrealized gains on securities | 0.13 | 0.13 | 0.16 | 0.20 | 0.36 | (0.23) |
| Net increase (decrease) in accumulation unit value | 0.03 | (0.01) | 0.11 | (0.12) | (0.18) | (0.16) |
| Accumulation unit value at end of year | $6.58 | $6.55 | $6.56 | $6.45 | $6.57 | $6.75 |
| Total return | 0.46% | (0.15)% | 1.71% | (1.83)% | (2.67)% | (2.32)% |
| Net assets, end of year (000's) | $158 | $161 | $165 | $166 | $172 | $203 |
| Expenses to average net assets [B] | 4.56% | 4.29% | 3.50% | 2.53% | 2.39% | 2.35% |
| Net investment income (loss) to average net assets | (0.52)% | 0.83% | 1.22% | (1.24)% | (2.12)% | (1.93)% |
| Portfolio turnover rate | 39.91% | 88.53% | 42.16% | 98.58% | 29.32% | 117.91% |

---

---

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

---

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

Fortune V Separate Account 42 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Money Market, L Share, M&E 1.50%** | **Universal VIA Money Market, L Share, M&E 1.50%** | **Universal VIA Money Market, L Share, M&E 1.50%** | **Universal VIA Money Market, L Share, M&E 1.50%** | **Universal VIA Money Market, L Share, M&E 1.50%** | **Universal VIA Money Market, L Share, M&E 1.50%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $7.41 | $7.37 | $7.20 | $7.28 | $- | $- |
| Net Investment (Loss) [A] | (0.10) | (0.14) | (0.05) | (0.32) | (0.54) |  |
| Net realized and unrealized gains on securities | 0.15 | 0.18 | 0.22 | 0.24 | 7.82 | - |
| Net increase (decrease) in accumulation unit value | 0.05 | 0.04 | 0.17 | (0.08) | 7.28 | - |
| Accumulation unit value at end of year | $7.46 | $7.41 | $7.37 | $7.20 | $7.28 | $- |
| Total return | 0.67% | 0.54% | -% | -% | -% | -% |
| Net assets, end of year (000's) | $17 | $10 | $58 | $57 | $1 | $- |
| Expenses to average net assets [B] | 4.56% | 4.29% | 3.50% | 2.53% | 2.39% | -% |
| Net investment income (loss) to average net assets | (0.52)% | 0.83% | 1.22% | (1.24)% | (2.12)% | -% |
| Portfolio turnover rate | 39.91% | 88.53% | 42.16% | 98.58% | 29.32% | -% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Money Market, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Money Market, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Money Market, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Money Market, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Money Market, L Share, M&E 1.50% Enhanced Death Benefit** | **Universal VIA Money Market, L Share, M&E 1.50% Enhanced Death Benefit** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $7.13 | $7.11 | $6.97 | $7.05 | $7.22 | $7.36 |
| Net Investment (Loss) [A] | (0.10) | (0.14) | (0.05) | (0.32) | (0.54) | 0.07 |
| Net realized and unrealized gains on securities | 0.15 | 0.16 | 0.19 | 0.24 | 0.37 | (0.21) |
| Net increase (decrease) in accumulation unit value | 0.05 | 0.02 | 0.14 | (0.08) | (0.17) | (0.14) |
| Accumulation unit value at end of year | $7.18 | $7.13 | $7.11 | $6.97 | $7.05 | $7.22 |
| Total return | 0.70% | 0.28% | 2.01% | (1.13)% | (2.35)% | (1.90)% |
| Net assets, end of year (000's) | $8 | $7 | $7 | $7 | $3 | $4 |
| Expenses to average net assets [B] | 4.56% | 4.29% | 3.50% | 2.53% | 2.39% | 2.35% |
| Net investment income (loss) to average net assets | (0.52)% | 0.83% | 1.22% | (1.24)% | (2.12)% | (1.93)% |
| Portfolio turnover rate | 39.91% | 88.53% | 42.16% | 98.58% | 29.32% | 117.91% |

---

---

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

---

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

Fortune V Separate Account 43 Semi-Annual Report 2025

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Money Market, L Share, M&E 1.75%** | **Universal VIA Money Market, L Share, M&E 1.75%** | **Universal VIA Money Market, L Share, M&E 1.75%** | **Universal VIA Money Market, L Share, M&E 1.75%** | **Universal VIA Money Market, L Share, M&E 1.75%** | **Universal VIA Money Market, L Share, M&E 1.75%** |
|  | **Period Ending<br> June 30,<br> 2025 [C]** | **Year Ending<br> Dec. 31,<br> 2024** | **Year Ending<br> Dec. 31,<br> 2023** | **Year Ending<br> Dec. 31,<br> 2022** | **Year Ending<br> Dec. 31,<br> 2021** | **Year Ending<br> Dec. 31,<br> 2020** |
| Accumulation unit value at beginning of year | $7.14 | $7.12 | $6.98 | $7.07 | $7.24 | $7.39 |
| Net Investment (Loss) [A] | (0.10) | (0.14) | (0.05) | (0.32) | (0.54) | 0.07 |
| Net realized and unrealized gains on securities | 0.15 | 0.16 | 0.19 | 0.23 | 0.37 | (0.22) |
| Net increase (decrease) in accumulation unit value | 0.05 | 0.02 | 0.14 | (0.09) | (0.17) | (0.15) |
| Accumulation unit value at end of year | $7.19 | $7.14 | $7.12 | $6.98 | $7.07 | $7.24 |
| Total return | 0.70% | 0.28% | 2.01% | (1.27)% | (2.35)% | (2.03)% |
| Net assets, end of year (000's) | $49 | $52 | $130 | $531 | $390 | $601 |
| Expenses to average net assets [B] | 4.56% | 4.29% | 3.50% | 2.53% | 2.39% | 2.35% |
| Net investment income (loss) to average net assets | (0.52)% | 0.83% | 1.22% | (1.24)% | (2.12)% | (1.93)% |
| Portfolio turnover rate | 39.91% | 88.53% | 42.16% | 98.58% | 29.32% | 117.91% |

---

---

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

---

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

Fortune V Separate Account 44 Semi-Annual Report 2025

**NOTES TO FINANCIAL STATEMENTS**

**June 30, 2025**

**1.** **ORGANIZATION** 

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

**Subaccounts**

Fortune V Separate Account - Universal VIA Conservative Allocation ("VIA Conservative Alloc")<br> Fortune V Separate Account - Universal VIA Moderate Allocation ("VIA Moderate Alloc")

Fortune V Separate Account - Universal VIA Moderate Growth Allocation ("VIA Mod Growth Alloc")<br> Fortune V Separate Account - Universal VIA Growth Allocation ("VIA Growth Alloc")

Fortune V Separate Account - Universal VIA International Moderate Growth Allocation ("VIA Int Mod Growth Alloc") <br> Fortune V Separate Account - Universal Money Market ("VIA Money Mrkt Alloc")

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

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

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

**2.** **SIGNIFICANT ACCOUNTING POLICIES** 

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

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

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

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

**Segment Reporting:** The Separate Account has adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures. Adoption of the standard impacted financial statement disclosures only and did not affect the Separate Account's financial position or the results of its operations. An operating segment is defined 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 assess its performance, and has discrete financial information available. The Principal Executive Officer and the Portfolio Construction Manager of the Separate Account act as the CODM. Each Sub-account within the Separate Account represents a single operating segment. The financial information in the form of the Sub-accounts' portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) is reviewed by the

**NOTES TO FINANCIAL STATEMENTS**

**June 30, 2025**

CODM to assess the sub-accounts' performance in comparison to the sub-accounts' benchmarks and to make resource allocation decisions for the Sub-accounts' single segment is consistent with the information presented in these financial statements. Segment assets are reflected on the accompanying Statement of Assets and Liabilities as "total assets" and significant segment expenses are listed on the accompanying Statement of Operations.

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

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

**3.** **INVESTMENT VALUATION** 

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

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

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

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

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

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments are measured at fair value using net asset value ("NAV") per share, or its equivalent, using the "practical expedient". All of the investments of the Separate Account have a Level 1 fair value hierarchy classification at June 30, 2025, which is disclosed within the Investment Valuation section of each Subaccount's Schedule of Investments. There were no Level 3 investments at the beginning and/or end of the period.

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

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

**4.** **RISK AND UNCERTAINTIES** 

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

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

**NOTES TO FINANCIAL STATEMENTS**

**June 30, 2025**

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

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

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

**5.** **FEES AND OTHER AFFILIATED TRANSACTIONS** 

The Separate Account has an investment advisory agreement with Universal Financial Services, Inc., ("UFS"). UFS, a Puerto Rico corporation, is a wholly-owned subsidiary of UNIGR and an affiliate of ULICO. Pursuant the investment advisory agreement, UFS charges a fee to the Subaccounts of 0.35% of the value of the net assets of the Subaccounts. The advisory expenses included in the accompanying statements of operations consist of fees charged by UFS to the Separate Account during the six month period ended June 30, 2025. Advisory fees due to UFS as of June 30, 2025 amounted to $200,065 for all Subaccounts. The advisory fees due by each Subaccount is included as accrued expenses in the accompanying statements of assets and liabilities.

Certain officers of the Separate Account are also officers, or employees of UNIGR or its affiliates. None of the Separate Account's officers receives compensation from the Subaccounts. Board members received fees amounting to $17,000 during the six months ended June 30, 2025 from ULICO.

During the period ended June 30, 2025, the Subaccounts incurred no brokerage commissions on security transactions.

**6.** **PURCHASES AND SALES OF SECURITIES** 

For the six month period ended June 30, 2025, the cost of securities purchased and proceeds from securities sold are as follows:

---

| | | |
|:---|:---|:---|
| **Subaccounts** | **Purchases of**<br> **Securities** | **Sale of**<br> **Securities** |
| Universal VIA Conservative Allocation | $13425033 | $16531963 |
| Universal VIA Moderate Allocation | 46097050 | 59612539 |
| Universal VIA Moderate Growth Allocation | 4692827 | 7868591 |
| Universal VIA Growth Allocation | 2077331 | 2786212 |
| Universal VIA International Moderate Growth Allocation | 257022 | 579272 |
| Universal Money Market | 997459 | 1146423 |

---

**7.** **INCOME TAXES** 

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

Pursuant to Section 1023.01 of the Puerto Rico Internal Revenue Code of 2011, as amended, a special tax equal to 0.10% of the total asset value of the Separate Account as of December 31 of each calendar year is reported and fully paid by ULICO. This special tax is payable to the Puerto Rico Treasury Department. There is no special tax payable as of June 30, 2025.

**8.** **SUBSEQUENT EVENT** 

The Company has evaluated all subsequent events through August 28, 2025 the date the financial statements were issued. No events have occurred subsequent to June 30, 2025 that would require recognition or disclosure in the financial statements.

**Management of the Trust**

**Board Members and Officers<br> (Unaudited)**

**BOARD MEMBERS**

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

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

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

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

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(1)** | **(2)** | **(3)** | **(4)** | **(5)** | **(6)** |
| **Name and Year of Birth** | **Position(s)<br> Held With<br> Registrant** | **Term of Office<br> and Length of<br> Time Served** | **Principal Occupation(s)<br> During Past 5 Years** | **Number of**<br> **Portfolios in<br> Fund Complex<br> Overseen by Director** | **Other<br> Directorships<br> Held by<br> Director** |
| Manuel O. Morera,<br> CPA (1956) | Member, Board | Since 2021 | Certified Public Accountant, tax and business advisor as a sole practitioner | 6 |  |
| Francisco J. Perdomo,<br> CPA (1961) | Member, Board | Since 2021 | PSV & Co., PSC (accounting firm), Managing Director and Certified Public Accountant. | 6 |  |

---

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

---

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

---

\* Mr. Waldemar Fabery-Villaespesa is designated as an "interested person" because he is a member of several boards of a controlling party of UFS.

\* Each Board Member shall hold office until: 1) his or her successor is elected and qualified or 2) he or she resigns, retires or his or her term as a Board Member is terminated in accordance with the Trust's Declaration of Trust.

**OFFICERS**

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

---

| | | | |
|:---|:---|:---|:---|
| **(1)** | **(2)** | **(3)** | **(4)** |
| **Name and Year of Birth** | **Position(s)**<br> **Held With**<br> **Registrant** | **Term of Office**<br> **and Length of**<br> **Time Served** | **Principal Occupation(s)**<br> **During Past 5 Years** |
| Nancy Martinez<br> (1965) | Chief Compliance Officer | Since 2022 | Compliance Director of Universal Life Insurance Company and Chief Compliance Officer of Universal Financial Services. Previously Principal Operations Officer at Citi International Financial Services LLC with 22 plus years of experience in the Financial Investment industry. Currently holds Series 7, 9/10, 66, 24, and 27 licenses. |
| Jose C. Benítez<br> (1975) | President | Since 2021 | President of Universal Life Insurance Company and Universal Financial Services (2006). Previously Senior Account Manager, Manulife Financial. 24 years of financial services experience. Series 7 & 24 Licenses, FLMI Designation. |
| Roberto J. Martínez,<br> CPA (1964) | Secretary & Treasurer | Since 2021 | CFO Universal Group, Inc., Previously COO Triple S Propiedad (1999 to 2014), SIMED and ASC Finance Manager (1991 to 1999) and Audit Supervisor with KPMG (1987 to 1991). |

---

(b) The following is a copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule:

**AN IMPORTANT NOTICE TO SHAREHOLDERS**

**SEMI-ANNUAL REPORT IS NOW AVAILABLE ONLINE**

**(AND IN PRINT BY REQUEST)**

**UNIVERSAL LIFE INSURANCE COMPANY**

**FORTUNE V SEPARATE ACCOUNT**

Universal Life Insurance Company ("ULICO") has posted the most current version of the Fortune V Report to Shareholders in its website at the following link:

<u>https://www.universallifepr.com/VIA.aspx</u>

Fortune V Account, comprised of Universal VIA Asset Allocation Portfolios also known as Subaccounts, is a separate account established by ULICO and is used as an investment vehicle under certain tax-deferred annuity contracts issued by ULICO. Each Subaccount's underlying investments are mutual funds, based on specific asset allocation objectives.

The Report to Shareholders contains important information about the Fortune V Separate Account, including its portfolio holdings and financial statements. We encourage you to access and review the Report online and review each Subaccount's investments. You can also download the Report for your convenience. Once you access the link <u>https://www.universallifepr.com/VIA.aspx</u>, you will find the following documents for further reference:

---

| |
|:---|
| Current Report to Shareholders for the period ended June 30, 2025 |
| Schedule of Investments as of 3/31/2025 |
| Prior Report to Shareholders for the period ended December 31, 2024 |
| Schedule of Investments as of 9/30/2024 |
| Fortune V Separate Account Full Prospectus |

---

**Online access is the regular delivery method going forward; however, you can request, at no cost, paper copies via regular mail or pdf copies via e-mail at any time.** However, **i**f you wish to receive printed copies (regular mail) or pdf copies (via e-mail) of THIS and/or any future Shareholder Report or other materials about Fortune V, please write to us at:

UNIVERSAL LIFE INSURANCE COMPANY

Annuities Department

PO Box 2145

San Juan, PR 00922-2145

**Or call us at:**

(787) 706-7095

**Item 2. Code of Ethics.**

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

**Item 6. Investments.**

(a) The
Registrant's Schedule of Investments is included in the Financial Statements under Item 1 of this form.

(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.**

**Considerations in Approval of Investment Advisory Agreement and Asset Allocation Management Agreement**

As required under the Investment Company Act of 1940 (the "1940 Act"), the Board of Directors (the "Board") of Fortune V Separate Account (the "Fund"), determines whether to approve the continuation of the Fund's investment advisory agreement with Universal Financial Services, the investment adviser to the Fund (the "Adviser") and the continuation of the Asset Allocation Management Agreement between Morningstar Associates, LLC ("Morningstar") and the Adviser on behalf of the Fund, and each of its sub-accounts (together, the "Agreements"). In considering the approval of the Agreements, the Board, including a majority of those Directors who are not "interested persons" of the Fund (the "Independent Directors"), as defined in the 1940 Act, met with representatives of the Adviser on May 21, 2025 (the "Meeting") and in executive session at the May 21, 2025 meeting and approved the Agreements after concluding that the continuation of the Agreements was in the best interests of the Fund and its shareholders.

The Board requested and received materials relating to the Agreements in advance of the Meeting. Among other things, the Board considered expense comparisons to other funds of similar size and with similar investment objectives and strategies as the respective sub-account (the "Expense Peer Group"), as well as comparing the performance of each sub-account, except for the Money Market portfolio, to other funds with similar investment objectives and strategies (the "Performance Peer Group"), and to its benchmark. The additional material prepared by the Adviser and by Morningstar generally included Fund information including the average net assets of each sub-account, management fees, services provided by the Adviser and Morningstar and profitability information.

In approving the Agreements, the Board, including the Independent Directors, was advised by counsel and considered the factors it deemed relevant, including the nature, quality and extent of services provided, the performance of each sub-account, the profitability information provided by the Adviser and Morningstar, expenses and fees, and the potential for and existence of economies of scale. In their deliberations, the Board did not identify any single factor which alone was responsible for the Board's decision to approve the Agreements with respect to the Fund, and each Director may have given different weights to different factors and, thus, each Director may have had a different basis for his decision. In connection with its deliberations, the Board considered oral and written information furnished at or in advance of the meeting held on May 21, 2025, and throughout the year.

**Nature, Extent and Quality of the Services under the Agreements.** The Board received and considered information regarding the nature, extent and quality of services provided to the Fund by the Adviser under the Investment Advisory Agreement and by Morningstar under the Asset Allocation Management Agreement for the Fund. The Board reviewed background information about the Adviser and Morningstar, and considered the background and experience of the Adviser's and Morningstar's senior management and the qualifications, backgrounds and responsibilities of the individuals responsible for overseeing the portfolio construction managers and validating compliance with the investment objectives within each sub-account.

With respect to each sub-account, except for the Money Market portfolio, the Board then considered the scope of services provided under the Asset Allocation Management Agreement, noting that Morningstar provides investment services to the Adviser in the form of selecting and trading portfolio securities on behalf of the applicable sub-accounts and selecting broker-dealers to execute purchase and sale transactions, subject to the supervision of the Adviser and the oversight of the Board. The Board considered the investment philosophy of Morningstar and how Morningstar selected investments for each sub-account among the underlying funds available to it.

**Adviser and Morningstar Profitability.** The Board was provided with information on the Adviser's and of Morningstar's profitability in serving as the investment adviser and portfolio construction manager, respectively, to the Fund. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of expenses and the adviser's capital structure and cost of capital. The Board also recognized that the structure of the Fund is somewhat unique. Taking these factors into account, the Board concluded that the Adviser's profitability and Morningstar's profitability in relation to the services each renders was reasonable and that each was believed to be sufficient to continue to provide services to the Fund and its shareholders.

**Economies of Scale.** The Board considered information regarding potential economies of scale with respect to the management of the Fund, whether the Fund has appropriately benefited from any economies of scale, and whether there is potential for realization of any further economies of scale. The Board considered whether or not the advisory fee and fee payable to Morningstar reflected economies of scale and noted that the advisory fee retained by the Adviser does not decrease at breakpoints, but instead remains fixed at 0.35% of the average net daily assets of the Fund and the fee payable to Morningstar does not decrease at breakpoints, but instead remains fixed at 0.10% of the average net daily assets of the Fund. The Board noted that the Fund was not expected to have substantial growth going forward and, thus, economies of scale were not likely being experienced by the Adviser or Morningstar.

**Other Benefits to the Adviser and to Morningstar.** The Board considered other benefits received by the Adviser and Morningstar as a result of their relationship with the Fund. The Board concluded that the potential benefits to be derived by the Adviser and by Morningstar included the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by the Adviser and by Morningstar were consistent with the types of benefits generally derived by investment advisers to mutual funds. The Directors considered these and any other potential fall-out benefits and generally determined these to be not material to the consideration of the management and other fees and to the Adviser's and Morningstar's profitability generally.

**Investment Advisory Fee Rates and Expenses and Performance.** The Board reviewed and considered the contractual advisory fee rates for the Fund in light of the nature, extent and quality of the advisory services provided by the Adviser and the fee rates payable to Morningstar in light of the nature, extent and quality of the asset allocation services provided by Morningstar.

The Board received and considered information on the gross and net total operating expense ratios for the Fund in comparison to the Expense Peer Group. The Directors noted that, with respect to each sub-account, the gross and net expense ratios were higher than the mean of the gross and net expense ratios of the respective Expense Peer Groups and, with the exception of the Moderate Portfolio, the gross and net expense ratios were higher than the median of the gross and net expense ratios of the respective Expense Peer Groups. The Board took into consideration management's discussion of the fees, including that the peer funds do not pay investment advisory fees.

The Board also reviewed the fee paid to Morningstar for its services to the sub-accounts, except for the Money Market portfolio, under the Asset Allocation Management Agreement. The Board considered this fee in light of the services Morningstar provides as to the applicable sub-accounts. The Board determined that the fee reflected an appropriate allocation of the advisory fee paid to the Adviser given the work performed by each firm.

The Board reviewed the market indexes used as the benchmarks for the applicable sub-accounts. It was noted that the objective factors considered when selecting the market indexes are the current asset allocation weightings of the applicable sub-accounts. The Board noted that for each applicable sub-account, performance trailed the performance of its benchmark index for certain time periods. The Board also reviewed the performance of the sub-accounts managed by Morningstar, relative to their respective Performance Peer Groups over one-, five-, and ten-year periods. The Board noted that, with the exception of the Growth Portfolio, each applicable sub-account's performance trailed the performance of its Performance Peer Group over certain time periods. The Board considered information provided by Morningstar about Fund performance. The Board further noted that it had received and would continue to receive regular reports regarding each sub-account's performance at its quarterly meetings.

The Board determined that, given all of the factors provided, it would be in the best interests of the Fund and its shareholders to approve the Agreements for an additional one-year term.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

**Item 16. Controls and Procedures.**

(a) The Registrant's Principal Executive Officer and Principal Financial
Officer concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act (17
CFR 270.30a-3(c))) were effective as of a date within 90 days prior to the filing date of this report (the "Evaluation Date"),
based on their evaluation of the effectiveness of the Registrant's disclosure controls and procedures required by Rule 30a-3(b) under
the 1940 Act (17 CFR 270.30a-3(b)) and Rules
13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a-15(b) or 240.15d-15(b)) (the "1934 Act")
as of the Evaluation Date.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) 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.

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

Not applicable.

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

Not applicable.

**Item 19. Exhibits.**

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications of Principal Executive Officer and Principal Financial Officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)) is attached hereto as Exhibit 19(a)(3).](fortune5_ex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |

---

(b) [Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 as required by Rule 30a-2(b), under the 1940 Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Securities Exchange Act of 1934 (17 CFR 240.13a – 14(b) or 240.15d-14(b)) and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) is attached hereto as Exhibit 19(b).](fortune5_ex906cert.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.

**Fortune V Separate Account**

---

| | |
|:---|:---|
| By: | /s/ Jose C. Benitez |
|  | Jose C. Benitez |
|  | Principal Executive Officer |
| Date: | September 2, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Jose C. Benitez |
|  | Jose C. Benitez |
|  | Principal Executive Officer |
| Date: | September 2, 2025 |
| By: | /s/ Roberto J. Martinez |
|  | Roberto J. Martinez |
|  | Principal Financial and Secretary |
| Date: | September 2, 2025 |

---

## Ex-99.Cert

**Exhibit 99.CERT**

I, Jose C. Benitez, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Fortune V Separate Account;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer 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

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer 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: | September 2, 2025 | /s/ Jose C. Benitez |
| | | Jose C. Benitez |
| | | Principal Executive Officer |

---

I, Roberto J. Martinez, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Fortune V Separate Account;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer 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

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer 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: | September 2, 2025 | /s/ Roberto J. Martinez |
| | | Roberto J. Martinez |
| | | Principal Financial Officer & Secretary |

---

## Exhibit 99.906

**Exhibit 99.906CERT**

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Fortune V Separate Account (the "Registrant") on Form N-CSR for the period ended June 30, 2025, as filed with the Securities and Exchange Commission on the date hereof ("the Report"), the undersigned hereby certifies that, to the best of such officer's knowledge:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, and

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

---

| | | |
|:---|:---|:---|
| Date: | September 2, 2025 | /s/ Jose C. Benitez |
| | | Jose C. Benitez |
| | | Principal Executive Officer |

---

---

| | | |
|:---|:---|:---|
| Date: | September 2, 2025 | /s/ Roberto J. Martinez |
| | | Roberto J. Martinez |
| | | Principal Financial Officer & Secretary |

---

This certification is being furnished to the Commission solely pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. § 1350 and is not being filed as part of the Form N-CSR with the Commission.