# EDGAR Filing Document

**Accession Number:** 0001864054
**File Stem:** 0001829126-23-001853
**Filing Date:** 2023-3
**Character Count:** 178832
**Document Hash:** 772f48f04df458741ea770f5ea45a0d5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001829126-23-001853.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0001829126-23-001853

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 6

**CONFORMED PERIOD OF REPORT**: 20221231

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**EFFECTIVENESS DATE**: 20230302

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Fortune V Separate Account
- **CENTRAL INDEX KEY:** 0001864054
- **IRS NUMBER:** 660502334
- **STATE OF INCORPORATION:** PR
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23698
- **FILM NUMBER:** 23700216

**BUSINESS ADDRESS:**
- **STREET 1:** CALLE 1 LOTE 10
- **STREET 2:** METRO OFFICE PARK
- **CITY:** GUAYNABO
- **STATE:** PR
- **ZIP:** 00968
- **BUSINESS PHONE:** 7877067379

**MAIL ADDRESS:**
- **STREET 1:** CALLE 1 LOTE 10
- **STREET 2:** METRO OFFICE PARK
- **CITY:** GUAYNABO
- **STATE:** 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: 811-23698

**FORTUNE V SEPARATE ACCOUNT**

(Exact name of registrant as specified in charter)

C/O Universal Life Insurance Company

Metro Office Park, Street 1, Lot 10

Guaynabo, PR 00968

(Address of principal executive offices)(Zip code)

Jose C. Benitez

C/O Universal Life Insurance Company

Metro Office Park, Street 1, Lot 10

Guaynabo, PR 00968

(Name and Address of Agent for Service)

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

Date of fiscal year end: December 31, 2022

Date of reporting period: December 31, 2022

**Item 1. Report to Stockholders.** 

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

FORTUNE V SEPARATE ACCOUNT

OF

UNIVERSAL LIFE INSURANCE COMPANY

**Annual Report**

December 31, 2022

**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 |
| **[Report of Independent Registered Public Accounting Firm](#a_017)** | 49 |
| **[Management of the Trust](#a_018)** | 50 |

---

**Proxy Voting Policies and Procedures**

Paper copies of the Fortune V Separate Account's shareholder reports like this one will be sent by mail. Also, the reports will be made available on our website at <u>https://www.universallifepr.com</u>.

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, 2022, 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 Annual Report 2022

**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 annual report for the Fortune V Separate Account. As required under applicable law, we are sending this annual report to contract holders of Universal VIA Annuity Contracts issued by Universal Life Insurance Company with unit interests in the Fortune V Separate Account, which invests its assets in the Universal VIA Asset Allocation Portfolios.

Please call Universal Life Insurance Company, at **(787) 706-7095** if you have any questions regarding these reports.

Fortune V Separate Account 2 Annual Report 2022

**Disclosure of Expenses**

**UNIT HOLDER EXPENSES**

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

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

The examples are based on an investment of $1,000 invested at July 1, 2022, and held for the entire six-month period until December 31, 2022.

**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> July 1,<br> 2022** | **Ending<br> Account Value<br> December 31,<br> 2022** | **Expenses<br> Paid During<br> Period (B)** | **Ending<br> Account Value<br> December 31,<br> 2022** | **Expenses<br> Paid During<br> Period (B)** |<br>**Net Annualized<br> Expense Ratio<br> (C) (D)** |
| Universal VIA Conservative Allocation | $1000.00 | $982.20 | $10.09 | $1015.02 | $10.26 | 2.02% |
| Universal VIA Moderate Allocation | 1000.00 | 990.90 | 9.94 | 1015.22 | 10.06 | 1.98 |
| Universal VIA Moderate Growth Allocation | 1000.00 | 1011.30 | 10.39 | 1014.87 | 10.41 | 2.05 |
| Universal VIA Growth Allocation | 1000.00 | 1027.80 | 11.04 | 1014.32 | 10.97 | 2.16 |
| Universal VIA International Mod Growth Alloc | 1000.00 | 1034.30 | 12.82 | 1012.60 | 12.68 | 2.50 |
| Universal Money Market | 1000.00 | 1007.40 | 13.00 | 1012.25 | 13.04 | 2.57 |

---

(A) 5% return per
 year before expenses.

(B) Expenses are calculated
 using each Subaccount's net annualized expense ratios, as disclosed in the table, multiplied by the average account value for
 the period, multiplied by the number of days in the period (184 days), and divided by the number of days in the year (365 days).

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

(D) Net annualized expense
 ratios are reflective of applicable fee waivers and/or reimbursements and recapture, if any, and based on the most recent six-months
 which may differ from the net expense ratio displayed in the Financial Highlights that covers a twelve-month period.

Fortune V Separate Account 3 Annual Report 2022

**Schedules of Investment Composition**

**At December 31, 2022**

---

| | |
|:---|:---|
| **Fortune V Separate Account – Universal VIA Conservative Allocation**<br>**Asset Allocation** |<br>**Percentage of Net Assets** |
| &nbsp;&nbsp;&nbsp;Equity Funds | 21.11% |
| &nbsp;&nbsp;&nbsp;Fixed Income Funds | 79.03 |
| &nbsp;&nbsp;&nbsp;Net Other Assets (Liabilities) | (0.14) |
| &nbsp;&nbsp;&nbsp;**Total** | 100.00% |

---

---

| | |
|:---|:---|
| **Fortune V Separate Account – Universal VIA Moderate Allocation**<br>**Asset Allocation** |<br>**Percentage of Net Assets** |
| &nbsp;&nbsp;&nbsp;Equity Funds | 36.57% |
| &nbsp;&nbsp;&nbsp;Fixed Income Funds | 63.56 |
| &nbsp;&nbsp;&nbsp;Net Other Assets (Liabilities) | (0.13) |
| &nbsp;&nbsp;&nbsp;**Total** | 100.00% |

---

---

| | |
|:---|:---|
| **Fortune V Separate Account – Universal VIA Moderate Growth Allocation**<br>**Asset Allocation** |<br>**Percentage of Net Assets** |
| &nbsp;&nbsp;&nbsp;Equity Funds | 71.66% |
| &nbsp;&nbsp;&nbsp;Fixed Income Funds | 28.48 |
| &nbsp;&nbsp;&nbsp;Net Other Assets (Liabilities) | (0.14) |
| &nbsp;&nbsp;&nbsp;**Total** | 100.00% |

---

---

| | |
|:---|:---|
| **Fortune V Separate Account – Universal VIA Growth Allocation**<br>**Asset Allocation** |<br>**Percentage of Net Assets** |
| &nbsp;&nbsp;&nbsp;Equity Funds | 100.14% |
| &nbsp;&nbsp;&nbsp;Net Other Assets (Liabilities) | (0.14) |
| &nbsp;&nbsp;&nbsp;**Total** | 100.00% |

---

---

| | |
|:---|:---|
| **Fortune V Separate Account – Universal VIA International Moderate Growth Allocation**<br>**Asset Allocation** |<br>**Percentage of Net Assets** |
| &nbsp;&nbsp;&nbsp;Equity Funds | 99.77% |
| &nbsp;&nbsp;&nbsp;Money Market Fund | 0.42 |
| &nbsp;&nbsp;&nbsp;Net Other Assets (Liabilities) | (0.19) |
| &nbsp;&nbsp;&nbsp;**Total** | 100.00% |

---

---

| | |
|:---|:---|
| **Fortune V Separate Account – Universal Money Market**<br>**Asset Allocation** |<br>**Percentage of Net Assets** |
| &nbsp;&nbsp;&nbsp;Money Market Fund | 100.23% |
| &nbsp;&nbsp;&nbsp;Net Other Assets (Liabilities) | (0.23) |
| &nbsp;&nbsp;&nbsp;**Total** | 100.00% |

---

Fortune V Separate Account 4 Annual Report 2022

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

**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS - UNAFFILIATED: 100.14%** |  |  |
| **Equity Funds: 21.11%** |  |  |
| Transamerica Capital Growth I2 | 197624 | $1047406 |
| Transamerica Emerging Markets Opps I2 | 97178 | 724950 |
| Transamerica Energy Infrastructure I2 | 205462 | 1393033 |
| Transamerica Global Alloc Liquid Trust | 50 | 138 |
| Transamerica International Equity I2 | 37107 | 666436 |
| Transamerica International Focus I2 | 204853 | 1556886 |
| Transamerica International Sm Cp Val I2 | 23369 | 290010 |
| Transamerica International Stock I2 | 67632 | 643182 |
| Transamerica Large Cap Value I2 | 156115 | 1912404 |
| Transamerica Mid Cap Growth I2 | 78906 | 542084 |
| Transamerica Mid Cap Value I2 | 62379 | 507765 |
| Transamerica Mid Cap Value Opps I2 | 36737 | 380961 |
| Transamerica Small Cap Growth I2 | 44324 | 255308 |
| Transamerica Small Cap Value I2 | 57322 | 305525 |
| Transamerica Sustainable Equity Inc I2 | 182067 | 1296317 |
| Transamerica US Growth I2 | 80605 | 1595974 |
|  |  | **13118379** |
| **Fixed Income Funds: 79.03%** |  |  |
| Transamerica Bond I2 | 1902141 | 15179083 |
| Transamerica Emerging Markets Debt I2 | 252967 | 2165396 |
| Transamerica Inflation Opps I2 | 424016 | 4006949 |
| Transamerica Intermediate Bond I2 | 2211663 | 18976069 |
| Transamerica Short-Term Bond I2 | 919228 | 8778624 |
|  |  | **49106121** |
| **Total Investments - Unaffiliated (Cost: $66,211,763)** |  | **62224500** |
| **Total Investments (Cost: $66,211,763)** |  | $**62224500** |
| **Net Other Assets (Liabilities): (0.14)%** |  | (83987) |
| **Net Assets: 100%** |  | $**62140513** |

---

**INVESTMENT VALUATION:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs<sup>(A)</sup>** | | | | |
|  |<br>**Level 1 -<br> Unadjusted<br> Quoted Prices** |<br>**Level 2 -<br> Other Significant<br> Observable Inputs** |<br>**Level 3 -<br> Significant<br> Unobservable Inputs** |<br>**Value** |
| **Assets** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investments - Unaffiliated | $62224500 | $- | $- | $62224500 |
| **Total Investments** | $**62224500** | $**-** | $**-** | $**62224500** |

---

---

| | |
|:---|:---|
| **FOOTNOTES TO SCHEDULE OF INVESTMENTS:** | **FOOTNOTES TO SCHEDULE OF INVESTMENTS:** |
| <sup>(A)</sup> | *There were no transfers in or out of Level 3 during the period ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* |

---

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

Fortune V Separate Account 5 Annual Report 2022

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

**SCHEDULE OF INVESTMENTS**

**At December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS - UNAFFILIATED: 100.13%** |  |  |
| **Equity Funds: 36.57%** |  |  |
| Transamerica Capital Growth I2 | 709790 | $3761885 |
| Transamerica Emerging Markets Opps I2 | 871531 | 6501618 |
| Transamerica Energy Infrastructure I2 | 1126287 | 7636228 |
| Transamerica Global Alloc Liquid Trust | 148 | 410 |
| Transamerica International Equity I2 | 299767 | 5383811 |
| Transamerica International Focus I2 | 1652498 | 12558987 |
| Transamerica International Sm Cp Val I2 | 230108 | 2855638 |
| Transamerica International Stock I2 | 542148 | 5155828 |
| Transamerica Large Cap Value I2 | 958447 | 11740972 |
| Transamerica Mid Cap Growth I2 | 280863 | 1929527 |
| Transamerica Mid Cap Value I2 | 315337 | 2566847 |
| Transamerica Mid Cap Value Opps I2 | 158616 | 1644843 |
| Transamerica Small Cap Growth I2 | 382451 | 2202918 |
| Transamerica Small Cap Value I2 | 363923 | 1939709 |
| Transamerica Sustainable Equity Inc I2 | 1722122 | 12261508 |
| Transamerica US Growth I2 | 424518 | 8405453 |
|  |  | **86546182** |
| **Fixed Income Funds: 63.56%** |  |  |
| Transamerica Bond I2 | 5714051 | 45598126 |
| Transamerica Emerging Markets Debt I2 | 570223 | 4881106 |
| Transamerica Inflation Opps I2 | 1250664 | 11818774 |
| Transamerica Intermediate Bond I2 | 7081003 | 60755004 |
| Transamerica Short-Term Bond I2 | 2865460 | 27365140 |
|  |  | **150418150** |
| **Total Investments - Unaffiliated (Cost: $259,010,728)** |  | **236964332** |
| **Total Investments (Cost: $259,010,728)** |  | $**236964332** |
| **Net Other Assets (Liabilities): (0.13)%** |  | (296919) |
| **Net Assets: 100%** |  | $**236667413** |

---

**INVESTMENT VALUATION:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs<sup>(A)</sup>** | | | | |
|  |<br>**Level 1 -<br> Unadjusted<br> Quoted Prices** |<br>**Level 2 -<br> Other Significant<br> Observable Inputs** |<br>**Level 3 -<br> Significant<br> Unobservable Inputs** |<br>**Value** |
| **Assets** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investments - Unaffiliated | $236964332 | $- | $- | $236964332 |
| **Total Investments** | $**236964332** | $**-** | $**-** | $**236964332** |

---

---

| | |
|:---|:---|
| **FOOTNOTES TO SCHEDULE OF INVESTMENTS:** | **FOOTNOTES TO SCHEDULE OF INVESTMENTS:** |
| <sup>(A)</sup> | *There were no transfers in or out of Level 3 during the period ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* |

---

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

Fortune V Separate Account 6 Annual Report 2022

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

**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS - UNAFFILIATED: 100.14%** |  |  |
| **Equity Funds: 71.66%** |  |  |
| Transamerica Capital Growth I2 | 313023 | $1659024 |
| Transamerica Emerging Markets Opps I2 | 440162 | 3283605 |
| Transamerica Energy Infrastructure I2 | 328445 | 2226860 |
| Transamerica Global Alloc Liquid Trust | 50 | 139 |
| Transamerica International Equity I2 | 119782 | 2151277 |
| Transamerica International Focus I2 | 670561 | 5096266 |
| Transamerica International Sm Cp Val I2 | 102025 | 1266130 |
| Transamerica International Stock I2 | 220377 | 2095788 |
| Transamerica Large Cap Value I2 | 534454 | 6547064 |
| Transamerica Mid Cap Growth I2 | 126255 | 867372 |
| Transamerica Mid Cap Value I2 | 148614 | 1209715 |
| Transamerica Mid Cap Value Opps I2 | 76932 | 797781 |
| Transamerica Small Cap Growth I2 | 123559 | 711700 |
| Transamerica Small Cap Value I2 | 139866 | 745487 |
| Transamerica Sustainable Equity Inc I2 | 788793 | 5616208 |
| Transamerica US Growth I2 | 215371 | 4264338 |
|  |  | **38538754** |
| **Fixed Income Funds: 28.48%** |  |  |
| Transamerica Bond I2 | 545763 | 4355193 |
| Transamerica Emerging Markets Debt I2 | 75369 | 645154 |
| Transamerica High Yield Bond I2 | 81085 | 629222 |
| Transamerica Inflation Opps I2 | 117250 | 1108014 |
| Transamerica Intermediate Bond I2 | 739298 | 6343179 |
| Transamerica Short-Term Bond I2 | 234581 | 2240251 |
|  |  | **15321013** |
| **Total Investments - Unaffiliated (Cost: $61,225,059)** |  | **53859767** |
| **Total Investments (Cost: $61,225,059)** |  | $**53859767** |
| **Net Other Assets (Liabilities): (0.14)%** |  | (77875) |
| **Net Assets: 100%** |  | $**53781892** |

---

**INVESTMENT VALUATION:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs<sup>(A)</sup>** | | | | |
|  |<br>**Level 1 -<br> Unadjusted<br> Quoted Prices** |<br>**Level 2 -<br> Other Significant<br> Observable Inputs** |<br>**Level 3 -<br> Significant<br> Unobservable Inputs** |<br>**Value** |
| **Assets** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investments - Unaffiliated | $53859767 | $- | $- | $53859767 |
| **Total Investments** | $**53859767** | $**-** | $**-** | $**53859767** |

---

---

| | |
|:---|:---|
| **FOOTNOTES TO SCHEDULE OF INVESTMENTS:** | **FOOTNOTES TO SCHEDULE OF INVESTMENTS:** |
| <sup>(A)</sup> | *There were no transfers in or out of Level 3 during the period ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* |

---

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

Fortune V Separate Account 7 Annual Report 2022

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

**SCHEDULE OF INVESTMENTS**

**At December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS - UNAFFILIATED: 100.14%** |  |  |
| **Equity Funds: 100.14%** |  |  |
| Transamerica Capital Growth I2 | 256696 | $1360487 |
| Transamerica Emerging Markets Opps I2 | 370079 | 2760789 |
| Transamerica Energy Infrastructure I2 | 276919 | 1877512 |
| Transamerica Global Alloc Liquid Trust | 25 | 69 |
| Transamerica International Equity I2 | 110215 | 1979456 |
| Transamerica International Focus I2 | 605715 | 4603437 |
| Transamerica International Sm Cp Val I2 | 90500 | 1123110 |
| Transamerica International Stock I2 | 197205 | 1875419 |
| Transamerica Large Cap Value I2 | 489445 | 5995706 |
| Transamerica Mid Cap Growth I2 | 103336 | 709921 |
| Transamerica Mid Cap Value I2 | 167976 | 1367325 |
| Transamerica Mid Cap Value Opps I2 | 93628 | 970927 |
| Transamerica Small Cap Growth I2 | 149332 | 860151 |
| Transamerica Small Cap Value I2 | 105646 | 563095 |
| Transamerica Sustainable Equity Inc I2 | 695345 | 4950856 |
| Transamerica US Growth I2 | 177124 | 3507059 |
|  |  | **34505319** |
| **Total Investments (Cost: $40,133,935)** |  | $**34505319** |
| **Net Other Assets (Liabilities): (0.14)%** |  | (49533) |
| **Net Assets: 100%** |  | $**34455786** |

---

**INVESTMENT VALUATION:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs<sup>(A)</sup>** | | | | |
|  |<br>**Level 1 -<br> Unadjusted<br> Quoted Prices** |<br>**Level 2 -<br> Other Significant<br> Observable Inputs** |<br>**Level 3 -<br> Significant<br> Unobservable Inputs** |<br>**Value** |
| **Assets** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investments - Unaffiliated | $34505319 | $- | $- | $34505319 |
| **Total Investments** | $**34505319** | $**-** | $**-** | $**34505319** |

---

---

| | |
|:---|:---|
| **FOOTNOTES TO SCHEDULE OF INVESTMENTS:** | **FOOTNOTES TO SCHEDULE OF INVESTMENTS:** |
| <sup>(A)</sup> | *There were no transfers in or out of Level 3 during the period ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* |

---

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

Fortune V Separate Account 8 Annual Report 2022

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

**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS - UNAFFILIATED: 100.19%** |  |  |
| **Equity Funds: 99.77%** |  |  |
| Transamerica Emerging Markets Opps I2 | 160677 | $1198649 |
| Transamerica Global Alloc Liquid Trust | 8 | 22 |
| Transamerica International Equity I2 | 43029 | 772802 |
| Transamerica International Focus I2 | 236102 | 1794375 |
| Transamerica International Sm Cp Val I2 | 92141 | 1143467 |
| Transamerica International Stock I2 | 77706 | 738982 |
|  |  | **5648297** |
| **Money Market Fund: 0.42%** |  |  |
| Transamerica Government Money Market I2 | 23690 | 23690 |
|  |  | **23690** |
| **Total Investments - Unaffiliated (Cost: $6,237,262)** |  | **5671987** |
| **Total Investments (Cost: $6,237,262)** |  | $**5671987** |
| **Net Other Assets (Liabilities): (0.19)%** |  | (10921) |
| **Net Assets: 100%** |  | $**5661066** |

---

**INVESTMENT VALUATION:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs<sup>(A)</sup>** | | | | |
|  |<br>**Level 1 -<br> Unadjusted<br> Quoted Prices** |<br>**Level 2 -<br> Other Significant<br> Observable Inputs** |<br>**Level 3 -<br> Significant<br> Unobservable Inputs** |<br>**Value** |
| **Assets** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investments - Unaffiliated | $5671987 | $- | $- | $5671987 |
| **Total Investments** | $**5671987** | $**-** | $**-** | $**5671987** |

---

---

| | |
|:---|:---|
| **FOOTNOTES TO SCHEDULE OF INVESTMENTS:** | **FOOTNOTES TO SCHEDULE OF INVESTMENTS:** |
| <sup>(A)</sup> | *There were no transfers in or out of Level 3 during the period ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* |

---

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

Fortune V Separate Account 9 Annual Report 2022

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

**SCHEDULE OF INVESTMENTS** 

**At December 31, 2022** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **INVESTMENTS - UNAFFILIATED: 100.23%** |  |  |
| **Money Market Fund: 100.23%** |  |  |
| Transamerica Government Money Market I2 | 3509255 | $3509255 |
|  |  | **3509255** |
| **Total Investments (Cost: $3,509,255)** |  | $**3509255** |
| **Net Other Assets (Liabilities): (0.23)%** |  | (8140) |
| **Net Assets: 100%** |  | $**3501115** |

---

**INVESTMENT VALUATION:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs<sup>(A)</sup>** | | | | |
|  |<br>**Level 1 -<br> Unadjusted<br> Quoted Prices** |<br>**Level 2 -<br> Other Significant<br> Observable Inputs** |<br>**Level 3 -<br> Significant<br> Unobservable Inputs** |<br>**Value** |
| **Assets** |  |  |  |  |
| **Investments** |  |  |  |  |
| Investments - Unaffiliated | $3509255 | $- | $- | $3509255 |
| **Total Investments** | $**3509255** | $**-** | $**-** | $**3509255** |

---

---

| | |
|:---|:---|
| **FOOTNOTES TO SCHEDULE OF INVESTMENTS:** | **FOOTNOTES TO SCHEDULE OF INVESTMENTS:** |
| <sup>(A)</sup> | *There were no transfers in or out of Level 3 during the period ended December 31, 2022. Please reference the Investment Valuation section of the Notes to Financial Statements for more information regarding investment valuation and pricing inputs.* |

---

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

Fortune V Separate Account 10 Annual Report 2022

**STATEMENTS OF ASSETS AND LIABILITIES** 

**At December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative<br> Allocation** | **Universal VIA Moderate<br> Allocation** | **Universal VIA Moderate Growth<br> Allocation** | **Universal VIA Growth<br> Allocation** | **Universal VIA International<br> Mod Growth Alloc** | **Universal Money Market** |
| **Assets:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments, at value | $62224500 | $236964332 | $53859767 | $34505319 | $5671987 | $3509255 |
| &nbsp;&nbsp;&nbsp;Receivables and other assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividend income | 71173 | 215197 | 22594 |  | 69 | 9312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Receivable for investments sold | 146623 | 105138 | 189540 |  | 71 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units sold |  |  |  | 5000 |  | 339725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 219 | 736 | 103 | - | 1898 | 189 |
| Total assets | 62442515 | 237285403 | 54072004 | 34510319 | 5674025 | 3858481 |
| **Liabilities:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Payables and other liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable for investments purchased | 71174 | 215197 | 22594 | 5110 | 69 | 348897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Units redeemed | 149896 | 124104 | 194799 | 1552 | 260 | 140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 80932 | 278689 | 72719 | 47871 | 12630 | 8329 |
| Total liabilities | 302002 | 617990 | 290112 | 54533 | 12959 | 357366 |
| **Net assets** | $62140513 | $236667413 | $53781892 | $34455786 | $5661066 | $3501115 |
| **Net assets consist of:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Costs of accumulation units | $- | $- | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 62140513 | 236667413 | 53781892 | 34455786 | 5661066 | 3501115 |
| **Net assets** | $62140513 | $236667413 | $53781892 | $34455786 | $5661066 | $3501115 |
| Investments, at cost | $66211763 | $259010728 | $61225059 | $40133935 | $6237262 | $3509255 |

---

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

Fortune V Separate Account 11 Annual Report 2022

**STATEMENTS OF OPERATIONS**

**For the year ended December 31, 2022**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative<br> Allocation** | **Universal VIA Moderate<br> Allocation** | **Universal VIA Moderate Growth<br> Allocation** | **Universal VIA Growth<br> Allocation** | **Universal VIA International<br> Mod Growth Alloc** | **Universal Money Market** |
| **Investment income:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividend income | $1769771 | $6156152 | $1100074 | $512141 | $104182 | $44879 |
| **Expenses:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mortality expense | 1065167 | 3961372 | 916843 | 596098 | 98229 | 55688 |
| &nbsp;&nbsp;&nbsp;Advisory fees | 244807 | 912773 | 214168 | 130952 | 21584 | 12184 |
| &nbsp;&nbsp;&nbsp;Management fees | 68841 | 258404 | 54172 | 34227 | 6171 |  |
| &nbsp;&nbsp;&nbsp;Custodian fees | 9279 | 11587 | 28073 | 23288 | 25553 | 20490 |
| **Waivers/Reimbursements** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Waiver/reimbursement | - | - | - | - | - | (189) |
| **Net investment income (loss):** | 381677 | 1012016 | (113182) | (272424) | (47355) | (43294) |
| **Net realized gain (loss) on:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investments | (8246260) | (20073429) | (3045442) | (326955) | (84778) | 1 |
| **Net change in unrealized appreciation (depreciation) on:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Unaffiliated Investments | (3931706) | (30426801) | (11430218) | (9173158) | (1507626) | (1) |
| **Net realized and unrealized gain (loss)** | (12177966) | (50500230) | (14475660) | (9500113) | (1592404) | - |
| **Net increase (decrease) in net assets resulting from operations** | $**(11796289)** | $**(49488214)** | $**(14588842)** | $**(9772537)** | $**(1639759)** | $**(43294)** |

---

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

Fortune V Separate Account 12 Annual Report 2022

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation** | **Universal VIA Conservative Allocation** | **Universal VIA Moderate Allocation** | **Universal VIA Moderate Allocation** | **Universal VIA Moderate Growth Allocation** | **Universal VIA Moderate Growth Allocation** |
|  | **December 31,<br> 2022** | **December 31,<br> 2021** | **December 31,<br> 2022** | **December 31,<br> 2021** | **December 31,<br> 2022** | **December 31,<br> 2021** |
| **From operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $381677 | $(12981) | $1012016 | $25340 | $(113182) | $(289826) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (8246260) | 5076097 | (20073429) | 20790370 | (3045442) | 6957207 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (3931706) | (3871593) | (30426801) | (9587358) | (11430218) | (965194) |
| Net increase (decrease) in net assets resulting from operations | (11796289) | 1191523 | (49488214) | 11228352 | (14588842) | 5702187 |
| **Unit transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Units sold | 1346989 | 1777083 | 7552638 | 6106428 | 2658226 | 3356375 |
| &nbsp;&nbsp;&nbsp;Units redeemed | (9956076) | (9599851) | (27507461) | (25715228) | (6136307) | (4159102) |
| Net increase (decrease) in net assets resulting from unit transactions | (8609087) | (7822768) | (19954823) | (19608800) | (3478081) | (802727) |
| **Net increase (decrease) in net assets** | (20405376) | (6631245) | (69443037) | (8380448) | (18066923) | 4899460 |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 82545889 | 89177134 | 306110450 | 314490898 | 71848815 | 66949355 |
| End of period | $62140513 | $82545889 | $236667413 | $306110450 | $53781892 | $71848815 |
| **Unit transactions - shares:** |  |  |  |  |  |  |
| Units sold | 80528 | 97378 | 403186 | 302244 | 120914 | 143108 |
| Units redeemed | (656610) | (593320) | (1709025) | (1491471) | (342672) | (223362) |
| Net increase (decrease) | (576082) | (495942) | (1305839) | (1189227) | (221758) | (80254) |

---

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

Fortune V Separate Account 13 Annual Report 2022

**STATEMENTS OF CHANGES IN NET ASSETS**

**For the years ended:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation** | **Universal VIA Growth Allocation** | **Universal VIA International Mod Growth Alloc** | **Universal VIA International Mod Growth Alloc** | **Universal Money Market** | **Universal Money Market** |
|  | **December 31,<br> 2022** | **December 31,<br> 2021** | **December 31,<br> 2022** | **December 31,<br> 2021** | **December 31,<br> 2022** | **December 31,<br> 2021** |
| **From operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | $(272424) | $(294323) | $(47355) | $11497 | $(43294) | $(98898) |
| &nbsp;&nbsp;&nbsp;Net realized gain (loss) | (326955) | 5208113 | (84778) | 415182 | 1 |  |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation (depreciation) | (9173158) | (95076) | (1507626) | 3695 | (1) | 1 |
| Net increase (decrease) in net assets resulting from operations | (9772537) | 4818714 | (1639759) | 430374 | (43294) | (98897) |
| **Unit transactions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Units sold | 2268542 | 3336322 | 497018 | 614793 | 3447437 | 1365854 |
| &nbsp;&nbsp;&nbsp;Units redeemed | (1616015) | (3052895) | (841532) | (888946) | (3649450) | (3111476) |
| Net increase (decrease) in net assets resulting from unit transactions | 652527 | 283427 | (344514) | (274153) | (202013) | (1745622) |
| **Net increase (decrease) in net assets** | (9120010) | 5102141 | (1984273) | 156221 | (245307) | (1844519) |
| **Net assets:** |  |  |  |  |  |  |
| Beginning of period | 43575796 | 38473655 | 7645339 | 7489118 | 3746422 | 5590941 |
| End of period | $34455786 | $43575796 | $5661066 | $7645339 | $3501115 | $3746422 |
| **Unit transactions - shares:** |  |  |  |  |  |  |
| Units sold | 100236 | 135835 | 34212 | 35379 | 373157 | 147032 |
| Units redeemed | (102780) | (151554) | (68576) | (58537) | (401192) | (343051) |
| Net increase (decrease) | (2544) | (15719) | (34364) | (23158) | (28035) | (196019) |

---

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

Fortune V Separate Account 14 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $14.77 | $14.55 | $14.11 | $12.74 | $13.51 |
| Net Investment Income [A] | 0.79 | 0.44 | 0.72 | 0.82 | 0.67 |
| Net realized and unrealized gains (losses) on securities | (2.94) | (0.22) | (0.28) | 0.55 | (1.44) |
| Net increase (decrease) in accumulation unit value | (2.15) | 0.22 | 0.44 | 1.37 | (0.77) |
| Accumulation unit value at end of year | $12.62 | $14.77 | $14.55 | $14.11 | $12.74 |
| Total return | (14.56)% | 1.51% | 3.12% | 10.75% | (5.70)% |
| Net assets, end of year (000's) | 37114 | 48999 | 51068 | 51533 | 51492 |
| Expenses to average net assets [B] | 1.97% | 2.04% | 2.07% | 2.07% | 2.07% |
| Net investment income to average net assets | 0.54% | 2.71% | 2.65% | 2.41% | 2.52% |
| Portfolio turnover rate | 1.91% | 2.07% | 6.51% | 3.68% | 3.80% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, B Share, M&E 1.40%, <br> Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.40%, <br> Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.40%, <br> Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.40%, <br> Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.40%, <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $14.28 | $14.10 | $13.70 | $12.39 | $13.17 |
| Net Investment Income [A] | 0.79 | 0.44 | 0.72 | 0.82 | 0.67 |
| Net realized and unrealized gains (losses) on securities | (2.89) | (0.26) | (0.32) | 0.49 | (1.45) |
| Net increase (decrease) in accumulation unit value | (2.10) | 0.18 | 0.40 | 1.31 | (0.78) |
| Accumulation unit value at end of year | $12.18 | $14.28 | $14.10 | $13.70 | $12.39 |
| Total return | (14.71)% | 1.28% | 2.92% | 10.57% | (5.92)% |
| Net assets, end of year (000's) | 1923 | 2886 | 3574 | 4664 | 4302 |
| Expenses to average net assets [B] | 1.97% | 2.04% | 2.07% | 2.07% | 2.07% |
| Net investment income to average net assets | 0.54% | 2.71% | 2.65% | 2.41% | 2.52% |
| Portfolio turnover rate | 1.91% | 2.07% | 6.51% | 3.68% | 3.80% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $14.60 | $14.42 | $14.02 | $12.69 | $13.49 |
| Net Investment Income [A] | 0.79 | 0.44 | 0.72 | 0.82 | 0.67 |
| Net realized and unrealized gains (losses) on securities | (2.94) | (0.26) | (0.32) | 0.51 | (1.47) |
| Net increase (decrease) in accumulation unit value | (2.15) | 0.18 | 0.40 | 1.33 | (0.80) |
| Accumulation unit value at end of year | $12.45 | $14.60 | $14.42 | $14.02 | $12.69 |
| Total return | (14.73)% | 1.25% | 2.85% | 10.48% | (5.93)% |
| Net assets, end of year (000's) | 4578 | 6095 | 6474 | 8053 | 9669 |
| Expenses to average net assets [B] | 1.97% | 2.04% | 2.07% | 2.07% | 2.07% |
| Net investment income to average net assets | 0.54% | 2.71% | 2.65% | 2.41% | 2.52% |
| Portfolio turnover rate | 1.91% | 2.07% | 6.51% | 3.68% | 3.80% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, B Share, M&E 1.65%, <br> Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.65%, <br> Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.65%, <br> Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.65%, <br> Enhanced Death Benefit** | **Universal VIA Conservative Allocation, B Share, M&E 1.65%, <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $13.70 | $13.56 | $13.20 | $11.98 | $12.76 |
| Net Investment Income [A] | 0.79 | 0.44 | 0.72 | 0.82 | 0.67 |
| Net realized and unrealized gains (losses) on securities | (2.84) | (0.30) | (0.36) | 0.40 | (1.45) |
| Net increase (decrease) in accumulation unit value | (2.05) | 0.14 | 0.36 | 1.22 | (0.78) |
| Accumulation unit value at end of year | $11.65 | $13.70 | $13.56 | $13.20 | $11.98 |
| Total return | (14.96)% | 1.03% | 2.73% | 10.18% | (6.11)% |
| Net assets, end of year (000's) | 666 | 839 | 846 | 1189 | 2048 |
| Expenses to average net assets [B] | 1.97% | 2.04% | 2.07% | 2.07% | 2.07% |
| Net investment income to average net assets | 0.54% | 2.71% | 2.65% | 2.41% | 2.52% |
| Portfolio turnover rate | 1.91% | 2.07% | 6.51% | 3.68% | 3.80% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $13.47 | $13.35 | $13.01 | $11.81 | $12.59 |
| Net Investment Income [A] | 0.79 | 0.44 | 0.72 | 0.82 | 0.67 |
| Net realized and unrealized gains (losses) on securities | (2.81) | (0.32) | (0.38) | 0.38 | (1.45) |
| Net increase (decrease) in accumulation unit value | (2.02) | 0.12 | 0.34 | 1.20 | (0.78) |
| Accumulation unit value at end of year | $11.45 | $13.47 | $13.35 | $13.01 | $11.81 |
| Total return | (15.00)% | 0.90% | 2.61% | 10.16% | (6.20)% |
| Net assets, end of year (000's) | 1577 | 2353 | 2589 | 6587 | 6884 |
| Expenses to average net assets [B] | 1.97% | 2.04% | 2.07% | 2.07% | 2.07% |
| Net investment income to average net assets | 0.54% | 2.71% | 2.65% | 2.41% | 2.52% |
| Portfolio turnover rate | 1.91% | 2.07% | 6.51% | 3.68% | 3.80% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, C Share, M&E 1.95%, <br> Enhanced Death Benefit** | **Universal VIA Conservative Allocation, C Share, M&E 1.95%, <br> Enhanced Death Benefit** | **Universal VIA Conservative Allocation, C Share, M&E 1.95%, <br> Enhanced Death Benefit** | **Universal VIA Conservative Allocation, C Share, M&E 1.95%, <br> Enhanced Death Benefit** | **Universal VIA Conservative Allocation, C Share, M&E 1.95%, <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $13.03 | $12.93 | $12.63 | $11.49 | $12.28 |
| Net Investment Income [A] | 0.79 | 0.44 | 0.72 | 0.82 | 0.67 |
| Net realized and unrealized gains (losses) on securities | (2.77) | (0.34) | (0.42) | 0.32 | (1.46) |
| Net increase (decrease) in accumulation unit value | (1.98) | 0.10 | 0.30 | 1.14 | (0.79) |
| Accumulation unit value at end of year | $11.05 | $13.03 | $12.93 | $12.63 | $11.49 |
| Total return | (15.20)% | 0.77% | 2.38% | 9.92% | (6.43)% |
| Net assets, end of year (000's) | 901 | 1132 | 1137 | 1125 | 682 |
| Expenses to average net assets [B] | 1.97% | 2.04% | 2.07% | 2.07% | 2.07% |
| Net investment income to average net assets | 0.54% | 2.71% | 2.65% | 2.41% | 2.52% |
| Portfolio turnover rate | 1.91% | 2.07% | 6.51% | 3.68% | 3.80% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $14.52 | $14.32 | $13.90 | $12.56 | $13.34 |
| Net Investment Income [A] | 0.79 | 0.44 | 0.72 | 0.82 | 0.67 |
| Net realized and unrealized gains (losses) on securities | (2.91) | (0.24) | (0.30) | 0.52 | (1.45) |
| Net increase (decrease) in accumulation unit value | (2.12) | 0.20 | 0.42 | 1.34 | (0.78) |
| Accumulation unit value at end of year | $12.40 | $14.52 | $14.32 | $13.90 | $12.56 |
| Total return | (14.60)% | 1.40% | 3.02% | 10.67% | (5.85)% |
| Net assets, end of year (000's) | 3760 | 4866 | 5184 | 6753 | 7507 |
| Expenses to average net assets [B] | 1.97% | 2.04% | 2.07% | 2.07% | 2.07% |
| Net investment income to average net assets | 0.54% | 2.71% | 2.65% | 2.41% | 2.52% |
| Portfolio turnover rate | 1.91% | 2.07% | 6.51% | 3.68% | 3.80% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, L Share, M&E 1.50%, <br> Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.50%, <br> Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.50%, <br> Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.50%, <br> Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.50%, <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $14.05 | $13.88 | $13.50 | $12.23 | $13.00 |
| Net Investment Income [A] | 0.79 | 0.44 | 0.72 | 0.82 | 0.67 |
| Net realized and unrealized gains (losses) on securities | (2.87) | (0.27) | (0.34) | 0.45 | (1.44) |
| Net increase (decrease) in accumulation unit value | (2.08) | 0.17 | 0.38 | 1.27 | (0.77) |
| Accumulation unit value at end of year | $11.97 | $14.05 | $13.88 | $13.50 | $12.23 |
| Total return | (14.80)% | 1.22% | 2.81% | 10.38% | (5.92)% |
| Net assets, end of year (000's) | 655 | 874 | 952 | 1121 | 1101 |
| Expenses to average net assets [B] | 1.97% | 2.04% | 2.07% | 2.07% | 2.07% |
| Net investment income to average net assets | 0.54% | 2.71% | 2.65% | 2.41% | 2.52% |
| Portfolio turnover rate | 1.91% | 2.07% | 6.51% | 3.68% | 3.80% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $13.93 | $13.77 | $13.40 | $12.14 | $12.92 |
| Net Investment Income [A] | 0.79 | 0.44 | 0.72 | 0.82 | 0.67 |
| Net realized and unrealized gains (losses) on securities | (2.86) | (0.28) | (0.35) | 0.44 | (1.45) |
| Net increase (decrease) in accumulation unit value | (2.07) | 0.16 | 0.37 | 1.26 | (0.78) |
| Accumulation unit value at end of year | $11.86 | $13.93 | $13.77 | $13.40 | $12.14 |
| Total return | (14.86)% | 1.16% | 2.76% | 10.38% | (6.04)% |
| Net assets, end of year (000's) | 8888 | 12254 | 14516 | 15064 | 17530 |
| Expenses to average net assets [B] | 1.97% | 2.04% | 2.07% | 2.07% | 2.07% |
| Net investment income to average net assets | 0.54% | 2.71% | 2.65% | 2.41% | 2.52% |
| Portfolio turnover rate | 1.91% | 2.07% | 6.51% | 3.68% | 3.80% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Conservative Allocation, L Share, M&E 1.75%, <br> Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.75%, <br> Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.75%, <br> Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.75%, <br> Enhanced Death Benefit** | **Universal VIA Conservative Allocation, L Share, M&E 1.75%, <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $13.47 | $13.35 | $13.01 | $11.81 | $12.59 |
| Net Investment Income [A] | 0.79 | 0.44 | 0.72 | 0.82 | 0.67 |
| Net realized and unrealized gains (losses) on securities | (2.81) | (0.32) | (0.38) | 0.38 | (1.45) |
| Net increase (decrease) in accumulation unit value | (2.02) | 0.12 | 0.34 | 1.20 | (0.78) |
| Accumulation unit value at end of year | $11.45 | $13.47 | $13.35 | $13.01 | $11.81 |
| Total return | (15.00)% | 0.90% | 2.61% | 10.16% | (6.20)% |
| Net assets, end of year (000's) | 1740 | 2196 | 2797 | 2074 | 2438 |
| Expenses to average net assets [B] | 1.97% | 2.04% | 2.07% | 2.07% | 2.07% |
| Net investment income to average net assets | 0.54% | 2.71% | 2.65% | 2.41% | 2.52% |
| Portfolio turnover rate | 1.91% | 2.07% | 6.51% | 3.68% | 3.80% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $16.46 | $15.87 | $14.94 | $13.19 | $14.26 |
| Net Investment Income [A] | 0.40 | 0.22 | 0.56 | 0.55 | 0.47 |
| Net realized and unrealized gains (losses) on securities | (3.07) | 0.37 | 0.37 | 1.20 | (1.54) |
| Net increase (decrease) in accumulation unit value | (2.67) | 0.59 | 0.93 | 1.75 | (1.07) |
| Accumulation unit value at end of year | $13.79 | $16.46 | $15.87 | $14.94 | $13.19 |
| Total return | (16.22)% | 3.72% | 6.22% | 13.27% | (7.50)% |
| Net assets, end of year (000's) | 137842 | 178311 | 181575 | 186091 | 168570 |
| Expenses to average net assets [B] | 1.96% | 1.99% | 2.01% | 2.02% | 2.03% |
| Net investment income to average net assets | 0.39% | 4.42% | 2.82% | 3.34% | 3.76% |
| Portfolio turnover rate | 2.88% | 1.95% | 2.68% | 4.32% | 4.77% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, B Share, M&E 1.40%, <br> Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.40%, <br> Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.40%, <br> Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.40%, <br> Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.40%, <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $15.92 | $15.38 | $14.51 | $12.84 | $13.91 |
| Net Investment Income [A] | 0.40 | 0.22 | 0.56 | 0.55 | 0.47 |
| Net realized and unrealized gains (losses) on securities | (3.01) | 0.32 | 0.31 | 1.12 | (1.54) |
| Net increase (decrease) in accumulation unit value | (2.61) | 0.54 | 0.87 | 1.67 | (1.07) |
| Accumulation unit value at end of year | $13.31 | $15.92 | $15.38 | $14.51 | $12.84 |
| Total return | (16.39)% | 3.51% | 6.00% | 13.01% | (7.69)% |
| Net assets, end of year (000's) | 17623 | 21942 | 22480 | 23070 | 20444 |
| Expenses to average net assets [B] | 1.96% | 1.99% | 2.01% | 2.02% | 2.03% |
| Net investment income to average net assets | 0.39% | 4.42% | 2.82% | 3.34% | 3.76% |
| Portfolio turnover rate | 2.88% | 1.95% | 2.68% | 4.32% | 4.77% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $16.28 | $15.73 | $14.85 | $13.14 | $14.25 |
| Net Investment Income [A] | 0.40 | 0.22 | 0.56 | 0.55 | 0.47 |
| Net realized and unrealized gains (losses) on securities | (3.08) | 0.33 | 0.32 | 1.16 | (1.58) |
| Net increase (decrease) in accumulation unit value | (2.68) | 0.55 | 0.88 | 1.71 | (1.11) |
| Accumulation unit value at end of year | $13.60 | $16.28 | $15.73 | $14.85 | $13.14 |
| Total return | (16.46)% | 3.50% | 5.93% | 13.01% | (7.79)% |
| Net assets, end of year (000's) | 15167 | 19776 | 20391 | 21141 | 22158 |
| Expenses to average net assets [B] | 1.96% | 1.99% | 2.01% | 2.02% | 2.03% |
| Net investment income to average net assets | 0.39% | 4.42% | 2.82% | 3.34% | 3.76% |
| Portfolio turnover rate | 2.88% | 1.95% | 2.68% | 4.32% | 4.77% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, B Share, M&E 1.65%, <br> Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.65%, <br> Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.65%, <br> Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.65%, <br> Enhanced Death Benefit** | **Universal VIA Moderate Allocation, B Share, M&E 1.65%, <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $15.80 | $15.30 | $14.48 | $12.84 | $13.94 |
| Net Investment Income [A] | 0.40 | 0.22 | 0.56 | 0.55 | 0.47 |
| Net realized and unrealized gains (losses) on securities | (3.03) | 0.28 | 0.26 | 1.09 | (1.57) |
| Net increase (decrease) in accumulation unit value | (2.63) | 0.50 | 0.82 | 1.64 | (1.10) |
| Accumulation unit value at end of year | $13.17 | $15.80 | $15.30 | $14.48 | $12.84 |
| Total return | (16.65)% | 3.27% | 5.66% | 12.77% | (7.89)% |
| Net assets, end of year (000's) | 3171 | 4673 | 4807 | 8817 | 9496 |
| Expenses to average net assets [B] | 1.96% | 1.99% | 2.01% | 2.02% | 2.03% |
| Net investment income to average net assets | 0.39% | 4.42% | 2.82% | 3.34% | 3.76% |
| Portfolio turnover rate | 2.88% | 1.95% | 2.68% | 4.32% | 4.77% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $15.02 | $14.56 | $13.78 | $12.23 | $13.30 |
| Net Investment Income [A] | 0.40 | 0.22 | 0.56 | 0.55 | 0.47 |
| Net realized and unrealized gains (losses) on securities | (2.91) | 0.24 | 0.22 | 1.00 | (1.54) |
| Net increase (decrease) in accumulation unit value | (2.51) | 0.46 | 0.78 | 1.55 | (1.07) |
| Accumulation unit value at end of year | $12.51 | $15.02 | $14.56 | $13.78 | $12.23 |
| Total return | (16.71)% | 3.16% | 5.66% | 12.67% | (8.05)% |
| Net assets, end of year (000's) | 6309 | 5238 | 4917 | 4967 | 5405 |
| Expenses to average net assets [B] | 1.96% | 1.99% | 2.01% | 2.02% | 2.03% |
| Net investment income to average net assets | 0.39% | 4.42% | 2.82% | 3.34% | 3.76% |
| Portfolio turnover rate | 2.88% | 1.95% | 2.68% | 4.32% | 4.77% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, C Share, M&E 1.95%, <br> Enhanced Death Benefit** | **Universal VIA Moderate Allocation, C Share, M&E 1.95%, <br> Enhanced Death Benefit** | **Universal VIA Moderate Allocation, C Share, M&E 1.95%, <br> Enhanced Death Benefit** | **Universal VIA Moderate Allocation, C Share, M&E 1.95%, <br> Enhanced Death Benefit** | **Universal VIA Moderate Allocation, C Share, M&E 1.95%, <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $14.53 | $14.11 | $13.38 | $11.90 | $12.97 |
| Net Investment Income [A] | 0.40 | 0.22 | 0.56 | 0.55 | 0.47 |
| Net realized and unrealized gains (losses) on securities | (2.86) | 0.20 | 0.17 | 0.93 | (1.54) |
| Net increase (decrease) in accumulation unit value | (2.46) | 0.42 | 0.73 | 1.48 | (1.07) |
| Accumulation unit value at end of year | $12.07 | $14.53 | $14.11 | $13.38 | $11.90 |
| Total return | (16.93)% | 2.98% | 5.46% | 12.44% | (8.25)% |
| Net assets, end of year (000's) | 703 | 835 | 814 | 760 | 667 |
| Expenses to average net assets [B] | 1.96% | 1.99% | 2.01% | 2.02% | 2.03% |
| Net investment income to average net assets | 0.39% | 4.42% | 2.82% | 3.34% | 3.76% |
| Portfolio turnover rate | 2.88% | 1.95% | 2.68% | 4.32% | 4.77% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $16.19 | $15.62 | $14.73 | $13.01 | $14.08 |
| Net Investment Income [A] | 0.40 | 0.22 | 0.56 | 0.55 | 0.47 |
| Net realized and unrealized gains (losses) on securities | (3.05) | 0.35 | 0.33 | 1.17 | (1.54) |
| Net increase (decrease) in accumulation unit value | (2.65) | 0.57 | 0.89 | 1.72 | (1.07) |
| Accumulation unit value at end of year | $13.54 | $16.19 | $15.62 | $14.73 | $13.01 |
| Total return | (16.37)% | 3.65% | 6.04% | 13.22% | (7.60)% |
| Net assets, end of year (000's) | 12833 | 16941 | 18264 | 20141 | 20231 |
| Expenses to average net assets [B] | 1.96% | 1.99% | 2.01% | 2.02% | 2.03% |
| Net investment income to average net assets | 0.39% | 4.42% | 2.82% | 3.34% | 3.76% |
| Portfolio turnover rate | 2.88% | 1.95% | 2.68% | 4.32% | 4.77% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, L Share, M&E 1.50%, <br> Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.50%, <br> Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.50%, <br> Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.50%, <br> Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.50%, <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $15.66 | $15.14 | $14.30 | $12.66 | $13.73 |
| Net Investment Income [A] | 0.40 | 0.22 | 0.56 | 0.55 | 0.47 |
| Net realized and unrealized gains (losses) on securities | (2.99) | 0.30 | 0.28 | 1.09 | (1.54) |
| Net increase (decrease) in accumulation unit value | (2.59) | 0.52 | 0.84 | 1.64 | (1.07) |
| Accumulation unit value at end of year | $13.07 | $15.66 | $15.14 | $14.30 | $12.66 |
| Total return | (16.54)% | 3.43% | 5.87% | 12.95% | (7.79)% |
| Net assets, end of year (000's) | 2540 | 3210 | 3173 | 3321 | 3248 |
| Expenses to average net assets [B] | 1.96% | 1.99% | 2.01% | 2.02% | 2.03% |
| Net investment income to average net assets | 0.39% | 4.42% | 2.82% | 3.34% | 3.76% |
| Portfolio turnover rate | 2.88% | 1.95% | 2.68% | 4.32% | 4.77% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $15.53 | $15.02 | $14.20 | $12.57 | $13.64 |
| Net Investment Income [A] | 0.40 | 0.22 | 0.56 | 0.55 | 0.47 |
| Net realized and unrealized gains (losses) on securities | (2.97) | 0.29 | 0.26 | 1.08 | (1.54) |
| Net increase (decrease) in accumulation unit value | (2.57) | 0.51 | 0.82 | 1.63 | (1.07) |
| Accumulation unit value at end of year | $12.96 | $15.53 | $15.02 | $14.20 | $12.57 |
| Total return | (16.55)% | 3.40% | 5.77% | 12.97% | (7.84)% |
| Net assets, end of year (000's) | 34487 | 47475 | 49916 | 57706 | 64305 |
| Expenses to average net assets [B] | 1.96% | 1.99% | 2.01% | 2.02% | 2.03% |
| Net investment income to average net assets | 0.39% | 4.42% | 2.82% | 3.34% | 3.76% |
| Portfolio turnover rate | 2.88% | 1.95% | 2.68% | 4.32% | 4.77% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Allocation, L Share, M&E 1.75%, <br> Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.75%, <br> Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.75%, <br> Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.75%, <br> Enhanced Death Benefit** | **Universal VIA Moderate Allocation, L Share, M&E 1.75%, <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $15.02 | $14.56 | $13.78 | $12.23 | $13.30 |
| Net Investment Income [A] | 0.40 | 0.22 | 0.56 | 0.55 | 0.47 |
| Net realized and unrealized gains (losses) on securities | (2.91) | 0.24 | 0.22 | 1.00 | (1.54) |
| Net increase (decrease) in accumulation unit value | (2.51) | 0.46 | 0.78 | 1.55 | (1.07) |
| Accumulation unit value at end of year | $12.51 | $15.02 | $14.56 | $13.78 | $12.23 |
| Total return | (16.71)% | 3.16% | 5.66% | 12.67% | (8.05)% |
| Net assets, end of year (000's) | 5662 | 7655 | 8096 | 9709 | 9566 |
| Expenses to average net assets [B] | 1.96% | 1.99% | 2.01% | 2.02% | 2.03% |
| Net investment income to average net assets | 0.39% | 4.42% | 2.82% | 3.34% | 3.76% |
| Portfolio turnover rate | 2.88% | 1.95% | 2.68% | 4.32% | 4.77% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $20.51 | $18.19 | $15.42 | $12.78 | $14.78 |
| Net Investment Income (Loss) [A] | (0.16) | (0.17) | 0.01 | 0.31 | 0.19 |
| Net realized and unrealized gains (losses) on securities | (4.36) | 2.49 | 2.76 | 2.33 | (2.19) |
| Net increase (decrease) in accumulation unit value | (4.52) | 2.32 | 2.77 | 2.64 | (2.00) |
| Accumulation unit value at end of year | $15.99 | $20.51 | $18.19 | $15.42 | $12.78 |
| Total return | (22.04)% | 12.75% | 17.96% | 20.66% | (13.53)% |
| Net assets, end of year (000's) | 13775 | 16608 | 13639 | 11559 | 9226 |
| Expenses to average net assets [B] | 2.12% | 2.21% | 2.28% | 2.26% | 2.23% |
| Net investment income (loss) to average net assets | (0.74)% | 10.55% | 3.26% | 5.53% | 6.84% |
| Portfolio turnover rate | 4.35% | 7.28% | 7.66% | 6.23% | 9.19% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, B Share, M&E 1.40% <br> Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.40% <br> Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.40% <br> Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.40% <br> Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.40% <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $19.84 | $17.63 | $14.97 | $12.44 | $14.41 |
| Net Investment Income (Loss) [A] | (0.16) | (0.17) | 0.01 | 0.31 | 0.19 |
| Net realized and unrealized gains (losses) on securities | (4.24) | 2.38 | 2.65 | 2.22 | (2.16) |
| Net increase (decrease) in accumulation unit value | (4.40) | 2.21 | 2.66 | 2.53 | (1.97) |
| Accumulation unit value at end of year | $15.44 | $19.84 | $17.63 | $14.97 | $12.44 |
| Total return | (22.18)% | 12.54% | 17.77% | 20.34% | (13.67)% |
| Net assets, end of year (000's) | 1192 | 1659 | 1617 | 1446 | 1199 |
| Expenses to average net assets [B] | 2.12% | 2.21% | 2.28% | 2.26% | 2.23% |
| Net investment income (loss) to average net assets | (0.74)% | 10.55% | 3.26% | 5.53% | 6.84% |
| Portfolio turnover rate | 4.35% | 7.28% | 7.66% | 6.23% | 9.19% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $20.28 | $18.04 | $15.32 | $12.74 | $14.76 |
| Net Investment Income (Loss) [A] | (0.16) | (0.17) | 0.01 | 0.31 | 0.19 |
| Net realized and unrealized gains (losses) on securities | (4.35) | 2.41 | 2.71 | 2.27 | (2.21) |
| Net increase (decrease) in accumulation unit value | (4.51) | 2.24 | 2.72 | 2.58 | (2.02) |
| Accumulation unit value at end of year | $15.77 | $20.28 | $18.04 | $15.32 | $12.74 |
| Total return | (22.24)% | 12.42% | 17.75% | 20.25% | (13.69)% |
| Net assets, end of year (000's) | 3168 | 4306 | 4059 | 3815 | 3686 |
| Expenses to average net assets [B] | 2.12% | 2.21% | 2.28% | 2.26% | 2.23% |
| Net investment income (loss) to average net assets | (0.74)% | 10.55% | 3.26% | 5.53% | 6.84% |
| Portfolio turnover rate | 4.35% | 7.28% | 7.66% | 6.23% | 9.19% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, B Share, M&E 1.65% <br> Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.65% <br> Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.65% <br> Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.65% <br> Enhanced Death Benefit** | **Universal VIA Growth Allocation, B Share, M&E 1.65% <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $19.69 | $17.54 | $14.93 | $12.44 | $14.45 |
| Net Investment Income (Loss) [A] | (0.16) | (0.17) | 0.01 | 0.31 | 0.19 |
| Net realized and unrealized gains (losses) on securities | (4.25) | 2.32 | 2.60 | 2.18 | (2.20) |
| Net increase (decrease) in accumulation unit value | (4.41) | 2.15 | 2.61 | 2.49 | (2.01) |
| Accumulation unit value at end of year | $15.28 | $19.69 | $17.54 | $14.93 | $12.44 |
| Total return | (22.40)% | 12.26% | 17.48% | 20.02% | (13.91)% |
| Net assets, end of year (000's) | 1309 | 1773 | 1655 | 1373 | 1143 |
| Expenses to average net assets [B] | 2.12% | 2.21% | 2.28% | 2.26% | 2.23% |
| Net investment income (loss) to average net assets | (0.74)% | 10.55% | 3.26% | 5.53% | 6.84% |
| Portfolio turnover rate | 4.35% | 7.28% | 7.66% | 6.23% | 9.19% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $18.71 | $16.69 | $14.22 | $11.86 | $13.78 |
| Net Investment Income (Loss) [A] | (0.16) | (0.17) | 0.01 | 0.31 | 0.19 |
| Net realized and unrealized gains (losses) on securities | (4.04) | 2.19 | 2.46 | 2.05 | (2.11) |
| Net increase (decrease) in accumulation unit value | (4.20) | 2.02 | 2.47 | 2.36 | (1.92) |
| Accumulation unit value at end of year | $14.51 | $18.71 | $16.69 | $14.22 | $11.86 |
| Total return | (22.45)% | 12.10% | 17.37% | 19.90% | (13.93)% |
| Net assets, end of year (000's) | 4615 | 5858 | 5206 | 768 | 1482 |
| Expenses to average net assets [B] | 2.12% | 2.21% | 2.28% | 2.26% | 2.23% |
| Net investment income (loss) to average net assets | (0.74)% | 10.55% | 3.26% | 5.53% | 6.84% |
| Portfolio turnover rate | 4.35% | 7.28% | 7.66% | 6.23% | 9.19% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, C Share, M&E 1.95% <br> Enhanced Death Benefit** | **Universal VIA Growth Allocation, C Share, M&E 1.95% <br> Enhanced Death Benefit** | **Universal VIA Growth Allocation, C Share, M&E 1.95% <br> Enhanced Death Benefit** | **Universal VIA Growth Allocation, C Share, M&E 1.95% <br> Enhanced Death Benefit** | **Universal VIA Growth Allocation, C Share, M&E 1.95% <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $18.10 | $16.17 | $13.81 | $11.53 | $13.44 |
| Net Investment Income (Loss) [A] | (0.16) | (0.17) | 0.01 | 0.31 | 0.19 |
| Net realized and unrealized gains (losses) on securities | (3.94) | 2.10 | 2.35 | 1.97 | (2.10) |
| Net increase (decrease) in accumulation unit value | (4.10) | 1.93 | 2.36 | 2.28 | (1.91) |
| Accumulation unit value at end of year | $14.00 | $18.10 | $16.17 | $13.81 | $11.53 |
| Total return | (22.65)% | 11.94% | 17.09% | 19.77% | (14.21)% |
| Net assets, end of year (000's) | 38 | 49 | 44 | 29 | 24 |
| Expenses to average net assets [B] | 2.12% | 2.21% | 2.28% | 2.26% | 2.23% |
| Net investment income (loss) to average net assets | (0.74)% | 10.55% | 3.26% | 5.53% | 6.84% |
| Portfolio turnover rate | 4.35% | 7.28% | 7.66% | 6.23% | 9.19% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $20.17 | $17.91 | $15.19 | $12.61 | $14.60 |
| Net Investment Income (Loss) [A] | (0.16) | (0.17) | 0.01 | 0.31 | 0.19 |
| Net realized and unrealized gains (losses) on securities | (4.30) | 2.43 | 2.71 | 2.27 | (2.18) |
| Net increase (decrease) in accumulation unit value | (4.46) | 2.26 | 2.72 | 2.58 | (1.99) |
| Accumulation unit value at end of year | $15.71 | $20.17 | $17.91 | $15.19 | $12.61 |
| Total return | (22.11)% | 12.62% | 17.91% | 20.46% | (13.63)% |
| Net assets, end of year (000's) | 571 | 751 | 777 | 678 | 641 |
| Expenses to average net assets [B] | 2.12% | 2.21% | 2.28% | 2.26% | 2.23% |
| Net investment income (loss) to average net assets | (0.74)% | 10.55% | 3.26% | 5.53% | 6.84% |
| Portfolio turnover rate | 4.35% | 7.28% | 7.66% | 6.23% | 9.19% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, L Share, M&E 1.50% <br> Enhanced Death Benefit** | **Universal VIA Growth Allocation, L Share, M&E 1.50% <br> Enhanced Death Benefit** | **Universal VIA Growth Allocation, L Share, M&E 1.50% <br> Enhanced Death Benefit** | **Universal VIA Growth Allocation, L Share, M&E 1.50% <br> Enhanced Death Benefit** | **Universal VIA Growth Allocation, L Share, M&E 1.50% <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $19.51 | $17.36 | $14.75 | $12.27 | $14.23 |
| Net Investment Income (Loss) [A] | (0.16) | (0.17) | 0.01 | 0.31 | 0.19 |
| Net realized and unrealized gains (losses) on securities | (4.19) | 2.32 | 2.60 | 2.17 | (2.15) |
| Net increase (decrease) in accumulation unit value | (4.35) | 2.15 | 2.61 | 2.48 | (1.96) |
| Accumulation unit value at end of year | $15.16 | $19.51 | $17.36 | $14.75 | $12.27 |
| Total return | (22.30)% | 12.38% | 17.69% | 20.21% | (13.77)% |
| Net assets, end of year (000's) | 58 | 74 | 124 | 106 | 88 |
| Expenses to average net assets [B] | 2.12% | 2.21% | 2.28% | 2.26% | 2.23% |
| Net investment income (loss) to average net assets | (0.74)% | 10.55% | 3.26% | 5.53% | 6.84% |
| Portfolio turnover rate | 4.35% | 7.28% | 7.66% | 6.23% | 9.19% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $19.35 | $17.22 | $14.65 | $12.18 | $14.14 |
| Net Investment Income (Loss) [A] | (0.16) | (0.17) | 0.01 | 0.31 | 0.19 |
| Net realized and unrealized gains (losses) on securities | (4.16) | 2.30 | 2.56 | 2.16 | (2.15) |
| Net increase (decrease) in accumulation unit value | (4.32) | 2.13 | 2.57 | 2.47 | (1.96) |
| Accumulation unit value at end of year | $15.03 | $19.35 | $17.22 | $14.65 | $12.18 |
| Total return | (22.33)% | 12.37% | 17.54% | 20.28% | (13.86)% |
| Net assets, end of year (000's) | 8633 | 11191 | 10214 | 8329 | 7099 |
| Expenses to average net assets [B] | 2.12% | 2.21% | 2.28% | 2.26% | 2.23% |
| Net investment income (loss) to average net assets | (0.74)% | 10.55% | 3.26% | 5.53% | 6.84% |
| Portfolio turnover rate | 4.35% | 7.28% | 7.66% | 6.23% | 9.19% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Growth Allocation, L Share, M&E 1.75%<br> Enhanced Benefits** | **Universal VIA Growth Allocation, L Share, M&E 1.75%<br> Enhanced Benefits** | **Universal VIA Growth Allocation, L Share, M&E 1.75%<br> Enhanced Benefits** | **Universal VIA Growth Allocation, L Share, M&E 1.75%<br> Enhanced Benefits** | **Universal VIA Growth Allocation, L Share, M&E 1.75%<br> Enhanced Benefits** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $18.71 | $16.69 | $14.22 | $11.86 | $13.78 |
| Net Investment Income (Loss) [A] | (0.16) | (0.17) | 0.01 | 0.31 | 0.19 |
| Net realized and unrealized gains (losses) on securities | (4.04) | 2.19 | 2.46 | 2.05 | (2.11) |
| Net increase (decrease) in accumulation unit value | (4.20) | 2.02 | 2.47 | 2.36 | (1.92) |
| Accumulation unit value at end of year | $14.51 | $18.71 | $16.69 | $14.22 | $11.86 |
| Total return | (22.45)% | 12.10% | 17.37% | 19.90% | (13.93)% |
| Net assets, end of year (000's) | 953 | 1227 | 1068 | 895 | 750 |
| Expenses to average net assets [B] | 2.12% | 2.21% | 2.28% | 2.26% | 2.23% |
| Net investment income (loss) to average net assets | (0.74)% | 10.55% | 3.26% | 5.53% | 6.84% |
| Portfolio turnover rate | 4.35% | 7.28% | 7.66% | 6.23% | 9.19% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $19.18 | $17.64 | $15.25 | $13.10 | $14.60 |
| Net Investment Income (Loss) [A] | 0.19 | (0.03) | 0.37 | 0.44 | 0.39 |
| Net realized and unrealized gains (losses) on securities | (4.08) | 1.57 | 2.02 | 1.71 | (1.89) |
| Net increase (decrease) in accumulation unit value | (3.89) | 1.54 | 2.39 | 2.15 | (1.50) |
| Accumulation unit value at end of year | $15.29 | $19.18 | $17.64 | $15.25 | $13.10 |
| Total return | (20.28)% | 8.73% | 15.67% | 16.41% | (10.27)% |
| Net assets, end of year (000's) | 28262 | 38423 | 34410 | 29802 | 25168 |
| Expenses to average net assets [B] | 2.02% | 2.09% | 2.13% | 2.11% | 2.12% |
| Net investment income (loss) to average net assets | (0.19)% | 8.16% | 3.02% | 4.46% | 5.08% |
| Portfolio turnover rate | 4.43% | 4.76% | 5.67% | 4.30% | 4.66% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40% <br> Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40% <br> Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40% <br> Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40% <br> Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.40% <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $18.55 | $17.10 | $14.81 | $12.75 | $14.23 |
| Net Investment Income (Loss) [A] | 0.19 | (0.03) | 0.37 | 0.44 | 0.39 |
| Net realized and unrealized gains (losses) on securities | (3.98) | 1.48 | 1.92 | 1.62 | (1.87) |
| Net increase (decrease) in accumulation unit value | (3.79) | 1.45 | 2.29 | 2.06 | (1.48) |
| Accumulation unit value at end of year | $14.76 | $18.55 | $17.10 | $14.81 | $12.75 |
| Total return | (20.43)% | 8.48% | 15.46% | 16.16% | (10.40)% |
| Net assets, end of year (000's) | 5290 | 6369 | 5961 | 4928 | 4067 |
| Expenses to average net assets [B] | 2.02% | 2.09% | 2.13% | 2.11% | 2.12% |
| Net investment income (loss) to average net assets | (0.19)% | 8.16% | 3.02% | 4.46% | 5.08% |
| Portfolio turnover rate | 4.43% | 4.76% | 5.67% | 4.30% | 4.66% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $18.96 | $17.49 | $15.15 | $13.05 | $14.58 |
| Net Investment Income (Loss) [A] | 0.19 | (0.03) | 0.37 | 0.44 | 0.39 |
| Net realized and unrealized gains (losses) on securities | (4.06) | 1.50 | 1.97 | 1.66 | (1.92) |
| Net increase (decrease) in accumulation unit value | (3.87) | 1.47 | 2.34 | 2.10 | (1.53) |
| Accumulation unit value at end of year | $15.09 | $18.96 | $17.49 | $15.15 | $13.05 |
| Total return | (20.41)% | 8.40% | 15.45% | 16.09% | (10.49)% |
| Net assets, end of year (000's) | 8311 | 10326 | 9922 | 11047 | 10821 |
| Expenses to average net assets [B] | 2.02% | 2.09% | 2.13% | 2.11% | 2.12% |
| Net investment income (loss) to average net assets | (0.19)% | 8.16% | 3.02% | 4.46% | 5.08% |
| Portfolio turnover rate | 4.43% | 4.76% | 5.67% | 4.30% | 4.66% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65% <br> Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65% <br> Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65% <br> Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65% <br> Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, B Share, M&E 1.65% <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $18.41 | $17.01 | $14.77 | $12.75 | $14.27 |
| Net Investment Income (Loss) [A] | 0.19 | (0.03) | 0.37 | 0.44 | 0.39 |
| Net realized and unrealized gains (losses) on securities | (3.99) | 1.43 | 1.87 | 1.58 | (1.91) |
| Net increase (decrease) in accumulation unit value | (3.80) | 1.40 | 2.24 | 2.02 | (1.52) |
| Accumulation unit value at end of year | $14.61 | $18.41 | $17.01 | $14.77 | $12.75 |
| Total return | (20.64)% | 8.23% | 15.17% | 15.84% | (10.65)% |
| Net assets, end of year (000's) | 882 | 1143 | 1207 | 1504 | 1451 |
| Expenses to average net assets [B] | 2.02% | 2.09% | 2.13% | 2.11% | 2.12% |
| Net investment income (loss) to average net assets | (0.19)% | 8.16% | 3.02% | 4.46% | 5.08% |
| Portfolio turnover rate | 4.43% | 4.76% | 5.67% | 4.30% | 4.66% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $17.49 | $16.18 | $14.06 | $12.15 | $13.61 |
| Net Investment Income (Loss) [A] | 0.19 | (0.03) | 0.37 | 0.44 | 0.39 |
| Net realized and unrealized gains (losses) on securities | (3.81) | 1.34 | 1.75 | 1.47 | (1.85) |
| Net increase (decrease) in accumulation unit value | (3.62) | 1.31 | 2.12 | 1.91 | (1.46) |
| Accumulation unit value at end of year | $13.87 | $17.49 | $16.18 | $14.06 | $12.15 |
| Total return | (20.70)% | 8.10% | 15.08% | 15.72% | (10.73)% |
| Net assets, end of year (000's) | 1137 | 1367 | 1247 | 1290 | 1334 |
| Expenses to average net assets [B] | 2.02% | 2.09% | 2.13% | 2.11% | 2.12% |
| Net investment income (loss) to average net assets | (0.19)% | 8.16% | 3.02% | 4.46% | 5.08% |
| Portfolio turnover rate | 4.43% | 4.76% | 5.67% | 4.30% | 4.66% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95% <br> Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95% <br> Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95% <br> Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95% <br> Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, C Share, M&E 1.95% <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $16.92 | $15.68 | $13.66 | $11.82 | $13.27 |
| Net Investment Income (Loss) [A] | 0.19 | (0.03) | 0.37 | 0.44 | 0.39 |
| Net realized and unrealized gains (losses) on securities | (3.72) | 1.27 | 1.65 | 1.40 | (1.84) |
| Net increase (decrease) in accumulation unit value | (3.53) | 1.24 | 2.02 | 1.84 | (1.45) |
| Accumulation unit value at end of year | $13.39 | $16.92 | $15.68 | $13.66 | $11.82 |
| Total return | (20.86)% | 7.91% | 14.79% | 15.57% | (10.93)% |
| Net assets, end of year (000's) | 97 | 582 | 779 | 693 | 498 |
| Expenses to average net assets [B] | 2.02% | 2.09% | 2.13% | 2.11% | 2.12% |
| Net investment income (loss) to average net assets | (0.19)% | 8.16% | 3.02% | 4.46% | 5.08% |
| Portfolio turnover rate | 4.43% | 4.76% | 5.67% | 4.30% | 4.66% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $18.86 | $17.37 | $15.02 | $12.92 | $14.41 |
| Net Investment Income (Loss) [A] | 0.19 | (0.03) | 0.37 | 0.44 | 0.39 |
| Net realized and unrealized gains (losses) on securities | (4.02) | 1.52 | 1.98 | 1.66 | (1.88) |
| Net increase (decrease) in accumulation unit value | (3.83) | 1.49 | 2.35 | 2.10 | (1.49) |
| Accumulation unit value at end of year | $15.03 | $18.86 | $17.37 | $15.02 | $12.92 |
| Total return | (20.31)% | 8.58% | 15.65% | 16.25% | (10.34)% |
| Net assets, end of year (000's) | 1702 | 2201 | 2022 | 1857 | 1649 |
| Expenses to average net assets [B] | 2.02% | 2.09% | 2.13% | 2.11% | 2.12% |
| Net investment income (loss) to average net assets | (0.19)% | 8.16% | 3.02% | 4.46% | 5.08% |
| Portfolio turnover rate | 4.43% | 4.76% | 5.67% | 4.30% | 4.66% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50% <br> Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50% <br> Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50% <br> Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50% <br> Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.50% <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $18.24 | $16.83 | $14.59 | $12.58 | $14.05 |
| Net Investment Income (Loss) [A] | 0.19 | (0.03) | 0.37 | 0.44 | 0.39 |
| Net realized and unrealized gains (losses) on securities | (3.93) | 1.44 | 1.87 | 1.57 | (1.86) |
| Net increase (decrease) in accumulation unit value | (3.74) | 1.41 | 2.24 | 2.01 | (1.47) |
| Accumulation unit value at end of year | $14.50 | $18.24 | $16.83 | $14.59 | $12.58 |
| Total return | (20.50)% | 8.38% | 15.35% | 15.98% | (10.46)% |
| Net assets, end of year (000's) | 168 | 209 | 245 | 213 | 299 |
| Expenses to average net assets [B] | 2.02% | 2.09% | 2.13% | 2.11% | 2.12% |
| Net investment income (loss) to average net assets | (0.19)% | 8.16% | 3.02% | 4.46% | 5.08% |
| Portfolio turnover rate | 4.43% | 4.76% | 5.67% | 4.30% | 4.66% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $18.09 | $16.70 | $14.48 | $12.49 | $13.96 |
| Net Investment Income (Loss) [A] | 0.19 | (0.03) | 0.37 | 0.44 | 0.39 |
| Net realized and unrealized gains (losses) on securities | (3.90) | 1.42 | 1.85 | 1.55 | (1.86) |
| Net increase (decrease) in accumulation unit value | (3.71) | 1.39 | 2.22 | 1.99 | (1.47) |
| Accumulation unit value at end of year | $14.38 | $18.09 | $16.70 | $14.48 | $12.49 |
| Total return | (20.51)% | 8.32% | 15.33% | 15.93% | (10.53)% |
| Net assets, end of year (000's) | 6092 | 8809 | 8824 | 8529 | 8612 |
| Expenses to average net assets [B] | 2.02% | 2.09% | 2.13% | 2.11% | 2.12% |
| Net investment income (loss) to average net assets | (0.19)% | 8.16% | 3.02% | 4.46% | 5.08% |
| Portfolio turnover rate | 4.43% | 4.76% | 5.67% | 4.30% | 4.66% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75% <br> Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75% <br> Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75% <br> Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75% <br> Enhanced Death Benefit** | **Universal VIA Moderate Growth Allocation, L Share, M&E 1.75% <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $17.49 | $16.18 | $14.06 | $12.15 | $13.61 |
| Net Investment Income (Loss) [A] | 0.19 | (0.03) | 0.37 | 0.44 | 0.39 |
| Net realized and unrealized gains (losses) on securities | (3.81) | 1.34 | 1.75 | 1.47 | (1.85) |
| Net increase (decrease) in accumulation unit value | (3.62) | 1.31 | 2.12 | 1.91 | (1.46) |
| Accumulation unit value at end of year | $13.87 | $17.49 | $16.18 | $14.06 | $12.15 |
| Total return | (20.70)% | 8.10% | 15.08% | 15.72% | (10.73)% |
| Net assets, end of year (000's) | 1721 | 2348 | 2225 | 2011 | 2114 |
| Expenses to average net assets [B] | 2.02% | 2.09% | 2.13% | 2.11% | 2.12% |
| Net investment income (loss) to average net assets | (0.19)% | 8.16% | 3.02% | 4.46% | 5.08% |
| Portfolio turnover rate | 4.43% | 4.76% | 5.67% | 4.30% | 4.66% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $13.82 | $13.03 | $11.68 | $9.76 | $12.07 |
| Net Investment Income [A] | 0.21 | 0.20 | 0.19 | 0.52 | 0.45 |
| Net realized and unrealized gains (losses) on securities | (3.05) | 0.59 | 1.16 | 1.40 | (2.76) |
| Net increase (decrease) in accumulation unit value | (2.84) | 0.79 | 1.35 | 1.92 | (2.31) |
| Accumulation unit value at end of year | $10.98 | $13.82 | $13.03 | $11.68 | $9.76 |
| Total return | (20.55)% | 6.06% | 11.56% | 19.67% | (19.14)% |
| Net assets, end of year (000's) | 2066 | 2468 | 2111 | 1917 | 1497 |
| Expenses to average net assets [B] | 2.44% | 2.44% | 2.52% | 2.26% | 2.23% |
| Net investment income (loss) to average net assets | (0.76)% | 3.30% | (1.38)% | (0.03)% | 3.88% |
| Portfolio turnover rate | 8.01% | 8.03% | 5.16% | 7.68% | 10.01% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, B Share, M&E 1.40% <br> Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.40% <br> Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.40% <br> Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.40% <br> Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.40% <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $13.36 | $12.63 | $11.34 | $9.49 | $11.77 |
| Net Investment Income [A] | 0.21 | 0.20 | 0.19 | 0.52 | 0.45 |
| Net realized and unrealized gains (losses) on securities | (2.97) | 0.53 | 1.10 | 1.33 | (2.73) |
| Net increase (decrease) in accumulation unit value | (2.76) | 0.73 | 1.29 | 1.85 | (2.28) |
| Accumulation unit value at end of year | $10.60 | $13.36 | $12.63 | $11.34 | $9.49 |
| Total return | (20.66)% | 5.78% | 11.38% | 19.49% | (19.37)% |
| Net assets, end of year (000's) | 132 | 608 | 585 | 565 | 803 |
| Expenses to average net assets [B] | 2.44% | 2.44% | 2.52% | 2.26% | 2.23% |
| Net investment income (loss) to average net assets | (0.76)% | 3.30% | (1.38)% | (0.03)% | 3.88% |
| Portfolio turnover rate | 8.01% | 8.03% | 5.16% | 7.68% | 10.01% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $13.66 | $12.92 | $11.60 | $9.72 | $12.06 |
| Net Investment Income [A] | 0.21 | 0.20 | 0.19 | 0.52 | 0.45 |
| Net realized and unrealized gains (losses) on securities | (3.04) | 0.54 | 1.13 | 1.36 | (2.79) |
| Net increase (decrease) in accumulation unit value | (2.83) | 0.74 | 1.32 | 1.88 | (2.34) |
| Accumulation unit value at end of year | $10.83 | $13.66 | $12.92 | $11.60 | $9.72 |
| Total return | (20.72)% | 5.73% | 11.38% | 19.34% | (19.40)% |
| Net assets, end of year (000's) | 1551 | 2049 | 2370 | 2200 | 2020 |
| Expenses to average net assets [B] | 2.44% | 2.44% | 2.52% | 2.26% | 2.23% |
| Net investment income (loss) to average net assets | (0.76)% | 3.30% | (1.38)% | (0.03)% | 3.88% |
| Portfolio turnover rate | 8.01% | 8.03% | 5.16% | 7.68% | 10.01% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, B Share, M&E 1.65% <br> Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.65% <br> Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.65% <br> Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.65% <br> Enhanced Death Benefit** | **Universal VIA International Growth Allocation, B Share, M&E 1.65% <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $13.26 | $12.57 | $11.31 | $9.49 | $11.80 |
| Net Investment Income [A] | 0.21 | 0.20 | 0.19 | 0.52 | 0.45 |
| Net realized and unrealized gains (losses) on securities | (2.98) | 0.49 | 1.07 | 1.30 | (2.76) |
| Net increase (decrease) in accumulation unit value | (2.77) | 0.69 | 1.26 | 1.82 | (2.31) |
| Accumulation unit value at end of year | $10.49 | $13.26 | $12.57 | $11.31 | $9.49 |
| Total return | (20.89)% | 5.49% | 11.14% | 19.18% | (19.58)% |
| Net assets, end of year (000's) | 306 | 384 | 397 | 384 | 343 |
| Expenses to average net assets [B] | 2.44% | 2.44% | 2.52% | 2.26% | 2.23% |
| Net investment income (loss) to average net assets | (0.76)% | 3.30% | (1.38)% | (0.03)% | 3.88% |
| Portfolio turnover rate | 8.01% | 8.03% | 5.16% | 7.68% | 10.01% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $12.60 | $11.96 | $10.77 | $9.05 | $11.26 |
| Net Investment Income [A] | 0.21 | 0.20 | 0.19 | 0.52 | 0.45 |
| Net realized and unrealized gains (losses) on securities | (2.85) | 0.44 | 1.00 | 1.20 | (2.66) |
| Net increase (decrease) in accumulation unit value | (2.64) | 0.64 | 1.19 | 1.72 | (2.21) |
| Accumulation unit value at end of year | $9.96 | $12.60 | $11.96 | $10.77 | $9.05 |
| Total return | (20.95)% | 5.35% | 11.05% | 19.01% | (19.63)% |
| Net assets, end of year (000's) | 266 | 301 | 307 | 271 | 215 |
| Expenses to average net assets [B] | 2.44% | 2.44% | 2.52% | 2.26% | 2.23% |
| Net investment income (loss) to average net assets | (0.76)% | 3.30% | (1.38)% | (0.03)% | 3.88% |
| Portfolio turnover rate | 8.01% | 8.03% | 5.16% | 7.68% | 10.01% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, C Share, M&E 1.65% <br> Enhanced Death Benefit** | **Universal VIA International Growth Allocation, C Share, M&E 1.65% <br> Enhanced Death Benefit** | **Universal VIA International Growth Allocation, C Share, M&E 1.65% <br> Enhanced Death Benefit** | **Universal VIA International Growth Allocation, C Share, M&E 1.65% <br> Enhanced Death Benefit** | **Universal VIA International Growth Allocation, C Share, M&E 1.65% <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $12.19 | $11.59 | $10.46 | $8.80 | $10.98 |
| Net Investment Income [A] | 0.21 | 0.20 | 0.19 | 0.52 | 0.45 |
| Net realized and unrealized gains (losses) on securities | (2.79) | 0.40 | 0.94 | 1.14 | (2.63) |
| Net increase (decrease) in accumulation unit value | (2.58) | 0.60 | 1.13 | 1.66 | (2.18) |
| Accumulation unit value at end of year | $9.61 | $12.19 | $11.59 | $10.46 | $8.80 |
| Total return | (21.16)% | 5.18% | 10.80% | 18.86% | (19.85)% |
| Net assets, end of year (000's) | 15 | 16 | 16 | 15 | 13 |
| Expenses to average net assets [B] | 2.44% | 2.44% | 2.52% | 2.26% | 2.23% |
| Net investment income (loss) to average net assets | (0.76)% | 3.30% | (1.38)% | (0.03)% | 3.88% |
| Portfolio turnover rate | 8.01% | 8.03% | 5.16% | 7.68% | 10.01% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $13.59 | $12.83 | $11.51 | $9.62 | $11.92 |
| Net Investment Income [A] | 0.21 | 0.20 | 0.19 | 0.52 | 0.45 |
| Net realized and unrealized gains (losses) on securities | (3.01) | 0.56 | 1.13 | 1.37 | (2.75) |
| Net increase (decrease) in accumulation unit value | (2.80) | 0.76 | 1.32 | 1.89 | (2.30) |
| Accumulation unit value at end of year | $10.79 | $13.59 | $12.83 | $11.51 | $9.62 |
| Total return | (20.60)% | 5.92% | 11.47% | 19.65% | (19.30)% |
| Net assets, end of year (000's) | 76 | 176 | 166 | 160 | 134 |
| Expenses to average net assets [B] | 2.44% | 2.44% | 2.52% | 2.26% | 2.23% |
| Net investment income (loss) to average net assets | (0.76)% | 3.30% | (1.38)% | (0.03)% | 3.88% |
| Portfolio turnover rate | 8.01% | 8.03% | 5.16% | 7.68% | 10.01% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, L Share, M&E 1.50% <br> Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.50% <br> Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.50% <br> Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.50% <br> Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.50% <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $13.14 | $12.43 | $11.17 | $9.36 | $11.62 |
| Net Investment Income [A] | 0.21 | 0.20 | 0.19 | 0.52 | 0.45 |
| Net realized and unrealized gains (losses) on securities | (2.94) | 0.51 | 1.07 | 1.29 | (2.71) |
| Net increase (decrease) in accumulation unit value | (2.73) | 0.71 | 1.26 | 1.81 | (2.26) |
| Accumulation unit value at end of year | $10.41 | $13.14 | $12.43 | $11.17 | $9.36 |
| Total return | (20.78)% | 5.71% | 11.28% | 19.34% | (19.45)% |
| Net assets, end of year (000's) | 10 | 12 | 12 | 11 | 36 |
| Expenses to average net assets [B] | 2.44% | 2.44% | 2.52% | 2.26% | 2.23% |
| Net investment income (loss) to average net assets | (0.76)% | 3.30% | (1.38)% | (0.03)% | 3.88% |
| Portfolio turnover rate | 8.01% | 8.03% | 5.16% | 7.68% | 10.01% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $13.03 | $12.34 | $11.09 | $9.30 | $11.55 |
| Net Investment Income [A] | 0.21 | 0.20 | 0.19 | 0.52 | 0.45 |
| Net realized and unrealized gains (losses) on securities | (2.92) | 0.49 | 1.06 | 1.27 | (2.70) |
| Net increase (decrease) in accumulation unit value | (2.71) | 0.69 | 1.25 | 1.79 | (2.25) |
| Accumulation unit value at end of year | $10.32 | $13.03 | $12.34 | $11.09 | $9.30 |
| Total return | (20.80)% | 5.59% | 11.27% | 19.25% | (19.48)% |
| Net assets, end of year (000's) | 926 | 1226 | 1174 | 1124 | 1076 |
| Expenses to average net assets [B] | 2.44% | 2.44% | 2.52% | 2.26% | 2.23% |
| Net investment income (loss) to average net assets | (0.76)% | 3.30% | (1.38)% | (0.03)% | 3.88% |
| Portfolio turnover rate | 8.01% | 8.03% | 5.16% | 7.68% | 10.01% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA International Growth Allocation, L Share, M&E 1.75% <br> Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.75% <br> Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.75% <br> Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.75% <br> Enhanced Death Benefit** | **Universal VIA International Growth Allocation, L Share, M&E 1.75% <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $12.60 | $11.96 | $10.77 | $9.05 | $11.26 |
| Net Investment Income [A] | 0.21 | 0.20 | 0.19 | 0.52 | 0.45 |
| Net realized and unrealized gains (losses) on securities | (2.85) | 0.44 | 1.00 | 1.20 | (2.66) |
| Net increase (decrease) in accumulation unit value | (2.64) | 0.64 | 1.19 | 1.72 | (2.21) |
| Accumulation unit value at end of year | $9.96 | $12.60 | $11.96 | $10.77 | $9.05 |
| Total return | (20.95)% | 5.35% | 11.05% | 19.01% | (19.63)% |
| Net assets, end of year (000's) | 280 | 347 | 297 | 262 | 222 |
| Expenses to average net assets [B] | 2.44% | 2.44% | 2.52% | 2.26% | 2.23% |
| Net investment income (loss) to average net assets | (0.76)% | 3.30% | (1.38)% | (0.03)% | 3.88% |
| Portfolio turnover rate | 8.01% | 8.03% | 5.16% | 7.68% | 10.01% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $7.40 | $7.55 | $7.67 | $7.72 | $7.89 |
| Net Investment Income (Loss) [A] | (0.32) | (0.54) | 0.07 | 0.03 | (0.23) |
| Net realized and unrealized gains (losses) on securities | 0.25 | 0.39 | (0.19) | (0.08) | 0.06 |
| Net (decrease) in accumulation unit value | (0.07) | (0.15) | (0.12) | (0.05) | (0.17) |
| Accumulation unit value at end of year | $7.33 | $7.40 | $7.55 | $7.67 | $7.72 |
| Total return | (0.95)% | (1.99)% | (1.56)% | (0.65)% | (2.15)% |
| Net assets, end of year (000's) | 1396 | 1385 | 2627 | 2748 | 1785 |
| Expenses to average net assets [B] | 2.53% | 2.39% | 2.35% | 2.68% | 2.32% |
| Net investment (loss) to average net assets | (1.24)% | (2.12)% | (1.93)% | (0.99)% | (2.31)% |
| Portfolio turnover rate | 98.58% | 29.32% | 117.91% | 76.45% | 78.10% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Money Market, B Share, M&E 1.40% <br> Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.40% <br> Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.40% <br> Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.40% <br> Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.40% <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $7.17 | $7.33 | $7.46 | $7.52 | $7.70 |
| Net Investment Income (Loss) [A] | (0.32) | (0.54) | 0.07 | 0.03 | (0.23) |
| Net realized and unrealized gains (losses) on securities | 0.23 | 0.38 | (0.20) | (0.09) | 0.05 |
| Net (decrease) in accumulation unit value | (0.09) | (0.16) | (0.13) | (0.06) | (0.18) |
| Accumulation unit value at end of year | $7.08 | $7.17 | $7.33 | $7.46 | $7.52 |
| Total return | (1.26)% | (2.18)% | (1.74)% | (0.80)% | (2.34)% |
| Net assets, end of year (000's) | 478 | 502 | 524 | 161 | 264 |
| Expenses to average net assets [B] | 2.53% | 2.39% | 2.35% | 2.68% | 2.32% |
| Net investment (loss) to average net assets | (1.24)% | (2.12)% | (1.93)% | (0.99)% | (2.31)% |
| Portfolio turnover rate | 98.58% | 29.32% | 117.91% | 76.45% | 78.10% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $7.37 | $7.53 | $7.68 | $7.74 | $7.93 |
| Net Investment Income (Loss) [A] | (0.32) | (0.54) | 0.07 | 0.03 | (0.23) |
| Net realized and unrealized gains (losses) on securities | 0.23 | 0.38 | (0.22) | (0.09) | 0.04 |
| Net (decrease) in accumulation unit value | (0.09) | (0.16) | (0.15) | (0.06) | (0.19) |
| Accumulation unit value at end of year | $7.28 | $7.37 | $7.53 | $7.68 | $7.74 |
| Total return | (1.22)% | (2.12)% | (1.95)% | (0.78)% | (2.40)% |
| Net assets, end of year (000's) | 285 | 821 | 1090 | 683 | 1537 |
| Expenses to average net assets [B] | 2.53% | 2.39% | 2.35% | 2.68% | 2.32% |
| Net investment (loss) to average net assets | (1.24)% | (2.12)% | (1.93)% | (0.99)% | (2.31)% |
| Portfolio turnover rate | 98.58% | 29.32% | 117.91% | 76.45% | 78.10% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Money Market, B Share, M&E 1.65% <br> Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.65% <br> Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.65% <br> Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.65% <br> Enhanced Death Benefit** | **Universal VIA Money Market, B Share, M&E 1.65% <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $6.97 | $7.14 | $7.29 | $7.36 | $7.56 |
| Net Investment Income (Loss) [A] | (0.32) | (0.54) | 0.07 | 0.03 | (0.23) |
| Net realized and unrealized gains (losses) on securities | 0.22 | 0.37 | (0.22) | (0.10) | 0.03 |
| Net (decrease) in accumulation unit value | (0.10) | (0.17) | (0.15) | (0.07) | (0.20) |
| Accumulation unit value at end of year | $6.87 | $6.97 | $7.14 | $7.29 | $7.36 |
| Total return | (1.43)% | (2.38)% | (2.06)% | (0.95)% | (2.65)% |
| Net assets, end of year (000's) | 130 | 60 | 126 | 137 | 139 |
| Expenses to average net assets [B] | 2.53% | 2.39% | 2.35% | 2.68% | 2.32% |
| Net investment (loss) to average net assets | (1.24)% | (2.12)% | (1.93)% | (0.99)% | (2.31)% |
| Portfolio turnover rate | 98.58% | 29.32% | 117.91% | 76.45% | 78.10% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $6.78 | $6.96 | $7.11 | $7.19 | $7.39 |
| Net Investment Income (Loss) [A] | (0.32) | (0.54) | 0.07 | 0.03 | (0.23) |
| Net realized and unrealized gains (losses) on securities | 0.22 | 0.36 | (0.22) | (0.11) | 0.03 |
| Net (decrease) in accumulation unit value | (0.10) | (0.18) | (0.15) | (0.08) | (0.20) |
| Accumulation unit value at end of year | $6.68 | $6.78 | $6.96 | $7.11 | $7.19 |
| Total return | (1.47)% | (2.59)% | (2.11)% | (1.11)% | (2.71)% |
| Net assets, end of year (000's) | 448 | 411 | 415 | 429 | 506 |
| Expenses to average net assets [B] | 2.53% | 2.39% | 2.35% | 2.68% | 2.32% |
| Net investment (loss) to average net assets | (1.24)% | (2.12)% | (1.93)% | (0.99)% | (2.31)% |
| Portfolio turnover rate | 98.58% | 29.32% | 117.91% | 76.45% | 78.10% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Money Market, C Share, M&E 1.95% <br> Enhanced Death Benefit** | **Universal VIA Money Market, C Share, M&E 1.95% <br> Enhanced Death Benefit** | **Universal VIA Money Market, C Share, M&E 1.95% <br> Enhanced Death Benefit** | **Universal VIA Money Market, C Share, M&E 1.95% <br> Enhanced Death Benefit** | **Universal VIA Money Market, C Share, M&E 1.95% <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $6.57 | $6.75 | $6.91 | $7.00 | $7.21 |
| Net Investment Income (Loss) [A] | (0.32) | (0.54) | 0.07 | 0.03 | (0.23) |
| Net realized and unrealized gains (losses) on securities | 0.20 | 0.36 | (0.23) | (0.12) | 0.02 |
| Net (decrease) in accumulation unit value | (0.12) | (0.18) | (0.16) | (0.09) | (0.21) |
| Accumulation unit value at end of year | $6.45 | $6.57 | $6.75 | $6.91 | $7.00 |
| Total return | (1.83)% | (2.67)% | (2.32)% | (1.29)% | (2.91)% |
| Net assets, end of year (000's) | 166 | 172 | 203 | 212 | 218 |
| Expenses to average net assets [B] | 2.53% | 2.39% | 2.35% | 2.68% | 2.32% |
| Net investment (loss) to average net assets | (1.24)% | (2.12)% | (1.93)% | (0.99)% | (2.31)% |
| Portfolio turnover rate | 98.58% | 29.32% | 117.91% | 76.45% | 78.10% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $7.28 | $- | $- | $- | $- |
| Net Investment (Loss) [A] | (0.32) | (0.54) |  |  |  |
| Net realized and unrealized gains on securities | 0.24 | 7.82 | - | - | - |
| Net increase (decrease) in accumulation unit value | (0.08) | 7.28 | - | - | - |
| Accumulation unit value at end of year | $7.20 | $7.28 | $- | $- | $- |
| Total return | -% | -% | -% | -% | -% |
| Net assets, end of year (000's) | 57 | 1 |  |  |  |
| Expenses to average net assets [B] | 2.53% | 2.39% | -% | -% | -% |
| Net investment (loss) to average net assets | (1.24)% | (2.12)% | -% | -% | -% |
| Portfolio turnover rate | 98.58% | 29.32% | -% | -% | -% |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Universal VIA Money Market, L Share, M&E 1.50% <br> Enhanced Death Benefit** | **Universal VIA Money Market, L Share, M&E 1.50% <br> Enhanced Death Benefit** | **Universal VIA Money Market, L Share, M&E 1.50% <br> Enhanced Death Benefit** | **Universal VIA Money Market, L Share, M&E 1.50% <br> Enhanced Death Benefit** | **Universal VIA Money Market, L Share, M&E 1.50% <br> Enhanced Death Benefit** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $7.05 | $7.22 | $7.36 | $7.42 | $7.61 |
| Net Investment Income (Loss) [A] | (0.32) | (0.54) | 0.07 | 0.03 | (0.23) |
| Net realized and unrealized gains (losses) on securities | 0.24 | 0.37 | (0.21) | (0.09) | 0.04 |
| Net (decrease) in accumulation unit value | (0.08) | (0.17) | (0.14) | (0.06) | (0.19) |
| Accumulation unit value at end of year | $6.97 | $7.05 | $7.22 | $7.36 | $7.42 |
| Total return | (1.13)% | (2.35)% | (1.90)% | (0.81)% | (2.50)% |
| Net assets, end of year (000's) | 7 | 3 | 4 | 4 | 15 |
| Expenses to average net assets [B] | 2.53% | 2.39% | 2.35% | 2.68% | 2.32% |
| Net investment (loss) to average net assets | (1.24)% | (2.12)% | (1.93)% | (0.99)% | (2.31)% |
| Portfolio turnover rate | 98.58% | 29.32% | 117.91% | 76.45% | 78.10% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**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%** |
|  | **Year<br> Ending<br> Dec. 31,<br> 2022** | **Year<br> Ending<br> Dec. 31,<br> 2021** | **Year<br> Ending<br> Dec. 31,<br> 2020** | **Year<br> Ending<br> Dec. 31,<br> 2019** | **Year<br> Ending<br> Dec. 31,<br> 2018 [C]** |
| Accumulation unit value at beginning of year | $7.07 | $7.24 | $7.39 | $7.45 | $7.64 |
| Net Investment Income (Loss) [A] | (0.32) | (0.54) | 0.07 | 0.03 | (0.23) |
| Net realized and unrealized gains (losses) on securities | 0.23 | 0.37 | (0.22) | (0.09) | 0.04 |
| Net (decrease) in accumulation unit value | (0.09) | (0.17) | (0.15) | (0.06) | (0.19) |
| Accumulation unit value at end of year | $6.98 | $7.07 | $7.24 | $7.39 | $7.45 |
| Total return | (1.27)% | (2.35)% | (2.03)% | (0.81)% | (2.49)% |
| Net assets, end of year (000's) | 531 | 390 | 601 | 451 | 737 |
| Expenses to average net assets [B] | 2.53% | 2.39% | 2.35% | 2.68% | 2.32% |
| Net investment (loss) to average net assets | (1.24)% | (2.12)% | (1.93)% | (0.99)% | (2.31)% |
| Portfolio turnover rate | 98.58% | 29.32% | 117.91% | 76.45% | 78.10% |

---

[A] Calculated based on average number of units outstanding.

[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 Annual Report 2022

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2022**

**1.** **ORGANIZATION** 

Fortune V Separate Account (the "Separate Account") is a non-diversified separate account of Universal Life Insurance Company ("ULICO"). The Separate Account was established in March 2007 under the Puerto Rico Insurance Code (Act 77 of June 19, 1957, as amended), to record and account for assets and liabilities associated with Universal Variable Annuity ("VIA") line of business. Effective May 24, 2021, the Separate Account became registered under the Investment Company Act of 1940, as amended (the "1940 Act"). On December 23, 2021, the Separate Account became effective under the Securities Act of 1933, as amended (the "1933 Act"). Universal VIA sales were not available from the period from May 24, 2021 thru December 23, 2021, when the registration became effective under the 1933 Act. The Separate Account follows investment company accounting and reporting guidance in accordance with Accounting Standards Codification Section 946, Financial Services – Investment Companies. The Separate Account is composed of six different subaccounts (each, a "Subaccount" and collectively, the "Subaccounts") that are separate investment funds and are as follows.

---

| |
|:---|
| **Subaccount** |
| Fortune V Separate Account - Universal VIA Conservative Allocation ("VIA Conservative Alloc") |
| Fortune V Separate Account - Universal VIA Moderate Allocation ("VIA Moderate Alloc") |
| Fortune V Separate Account - Universal VIA Moderate Growth Allocation ("VIA Mod Growth Alloc") |
| Fortune V Separate Account - Universal VIA Growth Allocation ("VIA Growth Alloc") |
| Fortune V Separate Account - Universal VIA International Moderate Growth Allocation ("VIA Int Mod Growth Alloc") |
| Fortune V Separate Account - Universal Money Market ("VIA Money Mrkt Alloc") |

---

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

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

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

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

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

**NOTES TO FINANCIAL STATEMENTS** 

**December 31, 2022** 

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

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

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

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

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

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

The inputs used to measure fair value may fall into different Levels of the fair value hierarchy. In such cases, for disclosure purposes, the Level in the fair value hierarchy that is assigned to the fair value measurement of a security is determined based on the lowest Level input that is significant to the fair value measurement in its entirety. Certain investments that are measured at fair value using net asset value ("NAV") per share, or its equivalent, using the "practical expedient". The hierarchy classification of inputs used to value the Subaccounts' investments at December 31, 2022, is disclosed within the Investment Valuation section of each Subaccount's Schedule of Investments.

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

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

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

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

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

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

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2022** 

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 Universal Life. Management believes, however, that ULICO's reinsurance program will reduce to a manageable level its net exposure in any such catastrophe.

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

**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 Universal Group, Inc. ("UNIGR") and an affiliate of ULICO. Pursuant the investment advisory agreement, UFS charges a fee to the Subaccounts of 0.35% of the value of the net assets of the Subaccounts. The advisory expenses included in the accompanying statements of operations consist of fees charged by UFS to the Separate Account during the year ended December 31, 2022. Advisory fees due to UFS as of December 31, 2022 amounted to $100,222, 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 $27,500 during the year ended December 31, 2022 from ULICO.

During the year ended December 31, 2022, the Subaccounts incurred no brokerage commissions on security transactions.

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

For the year ended December 31, 2022, the cost of securities purchased and proceeds from securities sold are as follows:

---

| | | |
|:---|:---|:---|
| **Subaccount** | **Purchases of<br> Securities** | **Sale of<br> Securities** |
| Universal VIA Conservative Allocation | $38182249 | $46055811 |
| Universal VIA Moderate Allocation | 125523476 | 142366013 |
| Universal VIA Moderate Growth Allocation | 15803132 | 18416168 |
| Universal VIA Growth Allocation | 6649250 | 5354957 |
| Universal VIA International Moderate Growth Allocation | 1321217 | 1690872 |
| Universal Money Market | 3251439 | 3501198 |

---

**NOTES TO FINANCIAL STATEMENTS**

**December 31, 2022** 

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

The operations of the Separate Account form a part of, and are taxed with, the operations of ULICO, a wholly-owned subsidiary of Universal Insurance Company ("UNICO"), which is a wholly-owned subsidiary of UNIGR. ULICO does not expect, based upon current tax law, to incur any income tax upon the earnings or realized capital gains attributable to the Separate Account. Because of such situation, no charges are currently being deducted from the Separate Account for federal and Puerto Rico income tax purposes. The Subaccounts recognize uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by 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, 2022 of each calendar year is reported and fully paid by the life insurance company. This special tax is payable to the Puerto Rico Treasury Department. Special tax payable as of December 31, 2022 amounted to $395,632 and is included in units redeemed in the accompanying Statement of Assets and Liabilities.

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

The Company has evaluated all subsequent events through February 24, 2023, the date the financial statements were issued. No other events have occurred subsequent to December 31, 2022 that would require recognition in the financial statements.

---

| | | |
|:---|:---|:---|
| ![](img_001.jpg) | Ernst & Young LLP<br> Parque Las Américas 1, Suite 410<br> 235 Federico Costa Street<br> San Juan, PR 00918 | Tel: +1 787 759 8212<br> Fax: +1 787 753 0808<br> ey.com<br>|

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**Report of Independent Registered Public Accounting Firm**

To: The Board of Directors and the Contract holders of Fortune V Separate Account

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Fortune V Separate Account (the "Fortune V") (comprising Fortune V Separate Account – Universal VIA Conservative Allocation, Fortune V Separate Account - Universal VIA Moderate Allocation, Fortune V Separate Account - Universal VIA Moderate Growth Allocation, Fortune V Separate Account - Universal VIA Growth Allocation, Fortune V Separate Account - Universal VIA International Moderate Growth Allocation, Fortune V Separate Account - Universal VIA Money Market) (collectively referred to as the "Subaccounts"), including the schedule of investments, as of December 31, 2022, the related statements of operations, for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the four years in the period then ended and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Subaccounts comprising Fortune V Separate Account at December 31, 2022, the results of their operations, the changes in their net assets for each of the two years in the period then ended and its financial highlights for each of the four years in the period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2022, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](img_002.jpg)

We have served as the auditor of one or more Universal investment companies since 2021.

San Juan, Puerto Rico

February 24, 2023

A member firm of Ernst & Young Global Limited

**Management of the Trust**

**Board Members and Officers**

**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 on 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 Fund's Board Members and Officers is available in the Fund's Statement of Additional Information, which can be obtained without charge by calling 1-787-706-7337.

The Board Members, 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<br> Director** | **Other<br> Directorships<br> Held by<br> Director** |
| Manuel O. Morera, CPA,<br> CGMA (1956) | Member,<br> Board | Since 2021 | Accountant, tax and business advisor as a sole practitioner. | 1 |  |
| Francisco J. Perdomo,<br> CPA (1961) | Member,<br> Board | Since 2021 | PSV & Co., PSC (accounting firm), Managing Director and Certified Public Accountant. | 1 |  |

---

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<br> Director**  | **Other<br> Directorships<br> Held by<br> Director**  |
| Waldemar Fabery-<br> Villaespesa\* (1965) | Member,<br> Board | Since 2021 | Special Counsel, Toro Colón Mullet, P.S.C., a legal services firm | 1 | 9 |

---

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

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

**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** |
| John Blue (1977) | Chief Compliance <br> Officer | Since 2021 | Managing Partner, PINE Advisor Solutions (provider of outsourced non-investment fund services) (Since 2018); Previously, Sr. Vice President and Dir. of Operations and Chief Compliance Officer, 361 Capital, LLC (financial adviser) (2010 to 2018). |
| Jose C. Benítez (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 &<br> 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) Not applicable.

**Item 2. Code of Ethics.** 

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

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

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

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

(e) Not applicable.

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

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

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

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

(3) Not applicable.

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

Ernst & Young LLP ("E&Y") served as the principal accountant for the Registrant for the fiscal years ended December 31, 2021 and December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(a) AUDIT
 FEES: The aggregate fees billed for professional services rendered by its principal accountant, E&Y for the audit of the Registrant's
 annual financial statements for the fiscal years ended December 31, 2021 and December 31, 2022 were $45,000 and $45,000, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(b) AUDIT
 RELATED FEES: No such fees were billed to the Registrant by E&Y for the fiscal years ended December 31, 2021 and December 31,
 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(c) TAX FEES:
 No such fees were billed to the Registrant by E&Y for the fiscal years ended December 31, 2021 and December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(d) ALL OTHER
 FEES: No such fees were billed to the Registrant by E&Y for the fiscal years ended December 31, 2021 and December 31, 2022.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Not applicable

&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate fees billed
 by the Registrant's principal accountant, E&Y, for non-audit services rendered to the Registrant, the Registrant's
 investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen
 by another investment adviser), and any entities controlling, controlled by, or under common control with the Registrant's
 investment adviser that provides ongoing services to the Registrant for the fiscal years ended December 31, 2021 and December 31,
 2022 were $0 and $83,000, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

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

(a) Not applicable.

(b) Not applicable.

**Item 6. Investments.** 

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

(b) Not applicable.

**Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.** 

Not applicable.

**Item 8. Portfolio Managers of Closed-End Management Investment Companies.** 

Not applicable.

**Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

Not Applicable.

**Item 10. Submission of Matters to a Vote of Security Holders.** 

Not Applicable.

**Item 11. Controls and Procedures.** 

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

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

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

Not Applicable.

**Item 13. Exhibits.** 

---

| | |
|:---|:---|
| (a) (1) | [Code of Ethics is filed herewith.](universallife_ex99codeeth.htm) |
| (a) (2) | [The certifications required by Rule 30a-2(a) under the 1940 Act are filed herewith.](universallife_ex99cert.htm) |
| (b) | [Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith.](universallife_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** | **FORTUNE V SEPARATE ACCOUNT** |
| By: | /s/ Jose C. Benitez |
|  | Jose C. Benitez<br> Principal Executive Officer |
| Date: | March 2, 2023 |

---

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<br> Principal Executive Officer |
| Date: | March 2, 2023 |
| By: | /s/ Roberto J. Martinez |
|  | Roberto J. Martinez<br> Principal Financial Officer & Secretary |
| Date: | March 2, 2023 |

---

## Ex-99.Code

**EX-99.CODEETH**

**FORTUNE V SEPARATE ACCOUNT**

**Code of Ethics<br> for<br> Chief Executive and Senior Financial Officers**

The Fortune V Separate Account (the *"Fund"*) is committed to conducting business in accordance with applicable laws, rules and regulations and the highest standards of business ethics, and to full and accurate financial disclosure in compliance with applicable law. This Code of Ethics, applicable to the Fund's Chief Executive Officer, Chief Financial Officer and Treasurer (or persons performing similar functions) (together, *"Senior Officers"*), sets forth specific policies to guide you in the performance of your duties.

As a Senior Officer, you must comply with applicable law. You also have a responsibility to conduct yourself in an honest and ethical manner; and you have leadership responsibilities that include creating a culture of high ethical standards and commitment to compliance, maintaining a work environment that encourages employees to raise concerns, and promptly addressing employee compliance concerns.

The Code of Ethics of the Fund pursuant to Rule 17j-1(c) under the Investment Company Act of 1940, as amended (the *"1940 Act"*) (the *"1940 Act Code of Ethics"*), which this Code of Ethics is intended to supplement, sets forth the fundamental principles and key policies and procedures that govern the conduct of all of us in our business as registered investment companies. You are also bound by the requirements and standards set forth in this Code of Ethics and other applicable laws and regulations and other policies and procedures adopted by the Fund from time to time.

Compliance with Laws, Rules and Regulations

You are required to comply with the laws, rules and regulations that govern the conduct of our business and to report any suspected violations in accordance with the section below entitled "Compliance with Code of Ethics."

Conflicts of Interest

Senior Officers are expected to dedicate their best efforts to advancing the Fund's interests and to use objective and unbiased standards when making decisions that affect the Fund, keeping in mind that you are subject to inherent conflicts of interest because certain officers are also officers of Universal Financial Services (the *"Adviser"*) as well as the Fund. Your obligation to conduct the Fund's business in an honest and ethical manner includes the ethical handling of actual or apparent conflicts of interest between personal and business relationships. A conflict of interest for the purpose of this Code of Ethics occurs when your private interests interfere in any way, or even appear to interfere, with the interests of the Fund. The 1940 Act Code of Ethics, the Adviser's and the Fund's allocation procedures and the other policies of the Fund are designed to ensure the ethical handling of such conflicts. As a result, it is incumbent on you to be familiar with the 1940 Act Code of Ethics, the Adviser's and Fund's allocations procedures and other rules and regulations under the 1940 Act as well as the policies of the Fund. When making any investment, accepting any position or benefits, participating in any transaction or business arrangement or otherwise acting in a manner that creates or appears to create a conflict of interest where you are receiving a personal benefit, you should act in accordance with the letter and the spirit of the 1940 Act Code of Ethics and/or the Fund's or the Adviser's other applicable policies and procedures. If you are in doubt as to the application or interpretation of any of these, you should make full disclosure of all facts and circumstances to, and obtain the prior written approval of the Secretary of the Fund.

Disclosures

It is the policy of the Fund to make full, fair, accurate, timely and understandable disclosure in compliance with all applicable laws and regulations in all reports and documents that the Fund files with, or submits to, the Securities and Exchange Commission and in all other public communications made by the Fund. As a Senior Officer, you are required to promote compliance with this policy by all employees and to abide by the Fund's standards, policies and procedures designed to promote compliance with this policy.

Compliance with Code of Ethics

If you know of or suspect a violation of applicable laws, regulations, policies, procedures or this Code of Ethics, you must immediately report that information to the Chairman of the Audit Committee of the Fund. *No one will be subject to retaliation because of a good faith report of a suspected violation.*

Violations of this Code of Ethics may result in disciplinary action, up to and including discharge. The Board of Trustees shall determine, or shall designate appropriate persons to determine, appropriate action in response to violations of this Code.

Waivers of Code of Ethics

If you would like to seek a waiver of the Code of Ethics you must make full disclosure of your particular circumstances to the Secretary of the Fund. Changes in and waivers of this Code of Ethics will be publicly disclosed as required by applicable law and regulations.

No Rights Created

This Code of Ethics is a statement of certain fundamental principles, policies and procedures that govern the Fund's Senior Officers in the conduct of the Fund's business. It is not intended to and does not create any rights in any employee, investor, supplier, competitor, shareholder or any other person or entity.

FORTUNE V SEPARATE ACCOUNT

CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND SENIOR FINANCIAL OFFICERS

ANNUAL CERTIFICATION FORM

This is to certify that I have read and understand the Code of Ethics for Principal Executive and Senior Financial Officers of Fortune V Separate Account, as adopted May 19, 2021 (the "Code") and that I recognize that I am subject to the provisions thereof and will comply with the policies and procedures stated therein.

[*For annual certifications*: This is to further certify that I have complied with the requirements of the Code during the periods of time as set forth below:

Acknowledgement for the year ended ________]

Please sign your name here: ________________________

Please print your name here: ________________________

Indicate your title with the Fund: ____________________

Please date here: ________________

## Ex-99.Cert

**EX-99.CERT**

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

I, Jose C. Benitez, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: | March 2, 2023 |
| By: | /s/ Jose C. Benitez |
|  | Jose C. Benitez<br> Principal Executive Officer |

---

I, Roberto J. Martinez, certify that:

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

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Date: | March 2, 2023 |
| By: | /s/ Roberto J. Martinez |
|  | Roberto J. Martinez<br> Principal Financial Officer & Secretary |

---

## Exhibit 99.906

**Exhibit 99.906 CERT**

Jose C. Martinez and Roberto J. Martinez, of Fortune V Separate Account, each certify that:

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

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

---

| | |
|:---|:---|
| By: | /s/ Jose C. Benitez |
|  | Jose C. Benitez<br> Principal Executive Officer |
| By: | /s/ Roberto J. Martinez |
|  | Roberto J. Martinez<br> Principal Financial Officer & Secretary |
| Date: | March 2, 2023 |

---