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
Date of reporting period: December 31, 2021
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, 2021
Table of Contents
Proxy Voting Policies and Procedures
A description of the proxy voting policies and procedures of the Fortune V Separate Account is included in the Statement of Additional Information which is available without charge, upon request: (i) by calling 1-787-706-7337; or (ii) on the SEC’s website at www.sec.gov. In addition, the Fortune V Separate Account is required to file Form N-PX, with the complete proxy voting record for the most recent twelve months ended June 30, no later than August 31 of each year. Form N-PX for the twelve months ended June 30, 2021, is available without charge, upon request by calling 1-787-706-7337 and on the SEC’s website at http://www.sec.gov.
Quarterly Portfolio Holdings
Each fiscal quarter, Fortune V Separate Account will file with the SEC a complete schedule of monthly portfolio holdings on Form N-PORT. The Subaccounts’ holdings as of the end of the third month of every fiscal quarter, as reported on Form N-PORT, will be publicly available on the SEC’s website at http://www.sec.gov within 60 days of the end of the fiscal quarter.
1
UNIVERSAL LIFE INSURANCE COMPANY
Metro Office Park Street 1, Lot 10
Guaynabo, PR 00968
To Contract Holders with Interests in the
Fortune V Separate Account Funds:
We are pleased to present the most recent annual report for the Fortune V Separate Account. 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.
2
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 2021, and held for the entire six-month period until December 31, 2021.
ACTUAL EXPENSES
The information in the table below provides information about actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = $8.60), then multiply the result by the number in the appropriate column for your share class titled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.
HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES
The information in the table below provides information about hypothetical account values and hypothetical expenses based on the Subaccounts’ actual expense ratios and assumed rates of return of 5% per year before expenses, which are not the Subaccounts’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in your Subaccount versus other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
Actual Expense | Hypothetical Expenses [A] | |||||||||||||||||||||||
Subaccount | Beginning Account Value July 1, 2021 | Ending Account Value December 31, 2021 | Expenses Paid During Period [B] | Ending Account Value December 31, 2021 | Expenses Paid During Period [B] | Net Annualized Expense Ratio [C] [D] | ||||||||||||||||||
Universal VIA Conservative Allocation | $ | 1,000.00 | $ | 1,003.67 | $ | 10.33 | $ | 1,014.90 | $ | 10.39 | 2.04 | % | ||||||||||||
Universal VIA Moderate Allocation | 1,000.00 | 1,004.70 | 10.07 | 1,015.16 | 10.12 | 1.99 | ||||||||||||||||||
Universal VIA Moderate Growth Allocation | 1,000.00 | 1,005.55 | 10.58 | 1,014.66 | 10.63 | 2.09 | ||||||||||||||||||
Universal VIA Growth Allocation | 1,000.00 | 1,008.91 | 11.20 | 1,014.05 | 11.23 | 2.21 | ||||||||||||||||||
Universal VIA International Mod Growth Alloc | 1,000.00 | 993.92 | 12.26 | 1,012.91 | 12.38 | 2.44 | ||||||||||||||||||
Universal Money Market | 1,000.00 | 998.31 | 12.02 | 1,013.17 | 12.11 | 2.39 |
[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. |
3
Schedules of Investment Composition
At December 31, 2021
Fortune V Separate Account – Universal VIA Conservative Allocation
Asset Allocation | Percentage of Net Assets | |||
Equity Funds | 25.16 | % | ||
Fixed Income Funds | 75.04 | |||
Alternative | - | |||
Money Market Fund | - | |||
Net Other Assets (Liabilities) | (0.20 | ) | ||
Total | 100.00 | % |
Fortune V Separate Account – Universal VIA Moderate Allocation
Asset Allocation | Percentage of Net Assets | |||
Equity Funds | 41.24 | % | ||
Fixed Income Funds | 58.93 | |||
Alternative | - | |||
Money Market Fund | - | |||
Net Other Assets (Liabilities) | (0.17 | ) | ||
Total | 100.00 | % |
Fortune V Separate Account – Universal VIA Moderate Growth Allocation
Asset Allocation | Percentage of Net Assets | |||
Equity Funds | 73.75 | % | ||
Fixed Income Funds | 26.44 | |||
Alternative | - | |||
Money Market Fund | - | |||
Net Other Assets (Liabilities) | (0.19 | ) | ||
Total | 100.00 | % |
Fortune V Separate Account – Universal VIA Growth Allocation
Asset Allocation | Percentage of Net Assets | |||
Equity Funds | 100.21 | % | ||
Fixed Income Funds | - | |||
Alternative | - | |||
Money Market Fund | - | |||
Net Other Assets (Liabilities) | (0.21 | ) | ||
Total | 100.00 | % |
4
Schedules of Investment Composition
At December 31, 2021
Fortune V Separate Account – Universal VIA International Mod Growth Alloc
Asset Allocation | Percentage of Net Assets | |||
Equity Funds | 99.95 | % | ||
Fixed Income Funds | - | |||
Alternative | - | |||
Money Market Fund | 0.31 | |||
Net Other Assets (Liabilities) | (0.26 | ) | ||
Total | 100.00 | % |
Fortune V Separate Account – Universal Money Market
Asset Allocation | Percentage of Net Assets | |||
Equity Funds | - | % | ||
Fixed Income Funds | - | |||
Alternative | - | |||
Money Market Fund | 100.34 | |||
Net Other Assets (Liabilities) | (0.34 | ) | ||
Total | 100.00 | % |
5
Fortune V Separate Account - Universal VIA Conservative Allocation
SCHEDULE OF INVESTMENTS
At December 31, 2021
Shares | Value | |||||||
INVESTMENTS - UNAFFILIATED: 100.00% | ||||||||
Equity Funds: 25.16% | ||||||||
Transamerica Capital Growth I2 | 95,328 | 1,269,774 | ||||||
Transamerica Emerging Markets Opps I2 | 162,900 | 1,656,696 | ||||||
Transamerica Energy Infrastructure I2 | 247,197 | 1,609,256 | ||||||
Transamerica Global Alloc Liquid Trust | 50 | 115 | ||||||
Transamerica International Equity I2 | 98,999 | 2,091,846 | ||||||
Transamerica International Growth I2 | 162,909 | 1,580,221 | ||||||
Transamerica International Sm Cp Val I2 | 33,085 | 515,131 | ||||||
Transamerica International Stock I2 | 100,399 | 1,099,374 | ||||||
Transamerica Large Cap Value I2 | 209,026 | 2,955,629 | ||||||
Transamerica Mid Cap Growth I2 | 5,539 | 55,941 | ||||||
Transamerica Mid Cap Value I2 | 60,953 | 682,066 | ||||||
Transamerica Mid Cap Value Opps I2 | 45,235 | 537,850 | ||||||
Transamerica Small Cap Growth I2 | 64,424 | 558,555 | ||||||
Transamerica Small Cap Value I2 | 64,197 | 476,986 | ||||||
Transamerica Sustainable Equity Inc I2 | 269,540 | 2,210,224 | ||||||
Transamerica US Growth I2 | 115,333 | 3,472,676 | ||||||
20,772,340 | ||||||||
Fixed Income Funds: 75.04% | ||||||||
Transamerica Bond I2 | 106,340 | 1,009,165 | ||||||
Transamerica Core Bond I2 | 1,466,436 | 14,547,043 | ||||||
Transamerica Emerging Markets Debt I2 | 84,006 | 866,940 | ||||||
Transamerica Inflation Opps I2 | 459,268 | 5,139,204 | ||||||
Transamerica Intermediate Bond I2 | 1,262,601 | 12,828,022 | ||||||
Transamerica Short-Term Bond I2 | 779,139 | 7,869,303 | ||||||
Transamerica Total Return I2 | 1,925,984 | 19,683,555 | ||||||
61,943,232 | ||||||||
Total Investments - Unaffiliated (Cost: $82,771,129) | 82,715,572 | |||||||
Total Investments (Cost: $82,771,129) | $ | 82,715,572 | ||||||
Net Other Assets (Liabilities): -(0.20)% | (169,683 | ) | ||||||
Net Assets: 100% | $ | 82,545,889 |
INVESTMENT VALUATION:
Valuation Inputs [A]
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value | |||||||||||||
ASSETS | ||||||||||||||||
Investments | ||||||||||||||||
Investments - unaffiliated | $ | 82,715,572 | $ | - | $ | - | $ | 82,715,572 | ||||||||
Total Investments | $ | 82,715,572 | $ | - | $ | - | $ | 82,715,572 |
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
[A] | There were no transfers in or out of Level 3 during the period ended December 31, 2021. 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.
6
Fortune V Separate Account - Universal VIA Moderate Allocation
SCHEDULE OF INVESTMENTS
At December 31, 2021
Shares | Value | |||||||
INVESTMENTS - UNAFFILIATED: 100.00% | ||||||||
Equity Funds: 41.24% | ||||||||
Transamerica Capital Growth I2 | 800,538 | $ | 10,663,163 | |||||
Transamerica Emerging Markets Opps I2 | 1,093,664 | 11,122,561 | ||||||
Transamerica Energy Infrastructure I2 | 1,209,736 | 7,875,384 | ||||||
Transamerica Global Alloc Liquid Trust | 148 | 341 | ||||||
Transamerica International Equity I2 | 652,714 | 13,791,855 | ||||||
Transamerica International Growth I2 | 1,573,153 | 15,259,581 | ||||||
Transamerica International Sm Cp Val I2 | 263,778 | 4,107,017 | ||||||
Transamerica International Stock I2 | 379,454 | 4,155,022 | ||||||
Transamerica Large Cap Value I2 | 1,102,527 | 15,589,732 | ||||||
Transamerica Mid Cap Growth I2 | 17,596 | 177,720 | ||||||
Transamerica Mid Cap Value I2 | 282,759 | 3,164,069 | ||||||
Transamerica Mid Cap Value Opps I2 | 178,964 | 2,127,880 | ||||||
Transamerica Small Cap Growth I2 | 432,531 | 3,750,045 | ||||||
Transamerica Small Cap Value I2 | 357,490 | 2,656,151 | ||||||
Transamerica Sustainable Equity Inc I2 | 1,963,969 | 16,104,548 | ||||||
Transamerica US Growth I2 | 520,912 | 15,684,647 | ||||||
126,229,716 | ||||||||
Fixed Income Funds: 58.93% | ||||||||
Transamerica Bond I2 | 288,303 | 2,735,991 | ||||||
Transamerica Core Bond I2 | 4,452,580 | 44,169,594 | ||||||
Transamerica Emerging Markets Debt I2 | 320,084 | 3,303,267 | ||||||
Transamerica Inflation Opps I2 | 1,325,125 | 14,828,149 | ||||||
Transamerica Intermediate Bond I2 | 3,164,613 | 32,152,467 | ||||||
Transamerica Short-Term Bond I2 | 1,946,187 | 19,656,489 | ||||||
Transamerica Total Return I2 | 6,217,736 | 63,545,262 | ||||||
180,391,219 | ||||||||
Total Investments - Unaffiliated (Cost: $298,240,530) | $ | 306,620,935 | ||||||
Total Investments (Cost: $298,240,530) | $ | 306,620,935 | ||||||
Net Other Assets (Liabilities): -(0.17)% | (510,485 | ) | ||||||
Net Assets: 100% | $ | 306,110,450 |
INVESTMENT VALUATION:
Valuation Inputs [A]
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value | |||||||||||||
ASSETS | ||||||||||||||||
Investments | ||||||||||||||||
Investments - unaffiliated | $ | 306,620,935 | $ | - | $ | - | $ | 306,620,935 | ||||||||
Total Investments | $ | 306,620,935 | $ | - | $ | - | $ | 306,620,935 |
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
[A] | There were no transfers in or out of Level 3 during the period ended December 31, 2021. 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.
7
Fortune V Separate Account - Universal VIA Moderate Growth Allocation
SCHEDULE OF INVESTMENTS
At December 31, 2021
Shares | Value | |||||||
INVESTMENTS - UNAFFILIATED: 100.00% | ||||||||
Equity Funds: 73.75% | ||||||||
Transamerica Capital Growth I2 | 437,121 | $ | 5,822,456 | |||||
Transamerica Emerging Markets Opps I2 | 468,299 | 4,762,596 | ||||||
Transamerica Energy Infrastructure I2 | 346,060 | 2,252,853 | ||||||
Transamerica Global Alloc Liquid Trust | 50 | 116 | ||||||
Transamerica International Equity I2 | 274,881 | 5,808,236 | ||||||
Transamerica International Growth I2 | 559,910 | 5,431,131 | ||||||
Transamerica International Sm Cp Val I2 | 106,897 | 1,664,389 | ||||||
Transamerica International Stock I2 | 85,603 | 937,354 | ||||||
Transamerica Large Cap Value I2 | 525,430 | 7,429,575 | ||||||
Transamerica Mid Cap Growth I2 | 67,485 | 681,602 | ||||||
Transamerica Mid Cap Value I2 | 129,977 | 1,454,445 | ||||||
Transamerica Mid Cap Value Opps I2 | 70,219 | 834,905 | ||||||
Transamerica Small Cap Growth I2 | 133,027 | 1,153,347 | ||||||
Transamerica Small Cap Value I2 | 124,019 | 921,458 | ||||||
Transamerica Sustainable Equity Inc I2 | 858,603 | 7,040,547 | ||||||
Transamerica US Growth I2 | 225,718 | 6,796,377 | ||||||
52,991,387 | ||||||||
Fixed Income Funds: 26.44% | ||||||||
Transamerica Bond I2 | 85,868 | 814,884 | ||||||
Transamerica Core Bond I2 | 480,495 | 4,766,512 | ||||||
Transamerica Emerging Markets Debt I2 | 78,879 | 814,034 | ||||||
Transamerica Inflation Opps I2 | 123,510 | 1,382,082 | ||||||
Transamerica Intermediate Bond I2 | 340,447 | 3,458,938 | ||||||
Transamerica Short-Term Bond I2 | 124,571 | 1,258,172 | ||||||
Transamerica Total Return I2 | 636,437 | 6,504,387 | ||||||
18,999,009 | ||||||||
Total Investments - Unaffiliated (Cost: $67,925,470) | $ | 71,990,396 | ||||||
Total Investments (Cost: $67,925,470) | $ | 71,990,396 | ||||||
Net Other Assets (Liabilities): -(0.19)% | (141,581 | ) | ||||||
Net Assets: 100% | $ | 71,848,815 |
INVESTMENT VALUATION:
Valuation Inputs [A]
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value | |||||||||||||
ASSETS | ||||||||||||||||
Investments | ||||||||||||||||
Investments - unaffiliated | $ | 71,990,396 | $ | - | $ | - | $ | 71,990,396 | ||||||||
Total Investments | $ | 71,990,396 | $ | - | $ | - | $ | 71,990,396 |
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
[A] | There were no transfers in or out of Level 3 during the period ended December 31, 2021. 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.
8
Fortune V Separate Account - Universal VIA Growth Allocation
SCHEDULE OF INVESTMENTS
At December 31, 2021
Shares | Value | |||||||
INVESTMENTS - UNAFFILIATED: 100.00% | ||||||||
Equity Funds: 100.21% | ||||||||
Transamerica Capital Growth I2 | 333,986 | $ | 4,448,689 | |||||
Transamerica Emerging Markets Opps I2 | 360,789 | 3,669,227 | ||||||
Transamerica Energy Infrastructure I2 | 277,341 | 1,805,487 | ||||||
Transamerica Global Alloc Liquid Trust | 25 | 58 | ||||||
Transamerica International Equity I2 | 276,780 | 5,848,369 | ||||||
Transamerica International Growth I2 | 429,504 | 4,166,192 | ||||||
Transamerica International Sm Cp Val I2 | 87,793 | 1,366,933 | ||||||
Transamerica International Stock I2 | 16,756 | 183,477 | ||||||
Transamerica Large Cap Value I2 | 447,463 | 6,327,124 | ||||||
Transamerica Mid Cap Growth I2 | 36,936 | 373,049 | ||||||
Transamerica Mid Cap Value I2 | 139,561 | 1,561,691 | ||||||
Transamerica Mid Cap Value Opps I2 | 78,157 | 929,289 | ||||||
Transamerica Small Cap Growth I2 | 151,394 | 1,312,584 | ||||||
Transamerica Small Cap Value I2 | 88,007 | 653,895 | ||||||
Transamerica Sustainable Equity Inc I2 | 715,572 | 5,867,689 | ||||||
Transamerica US Growth I2 | 171,190 | 5,154,536 | ||||||
43,668,289 | ||||||||
Total Investments - Unaffiliated (Cost: $40,123,747) | 43,668,289 | |||||||
Total Investments (Cost: $40,123,747) | $ | 43,668,289 | ||||||
Net Other Assets (Liabilities): -(0.21)% | (92,493 | ) | ||||||
Net Assets: 100% | $ | 43,575,796 |
INVESTMENT VALUATION:
Valuation Inputs [A]
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value | |||||||||||||
ASSETS | ||||||||||||||||
Investments | ||||||||||||||||
Investments - unaffiliated | $ | 43,668,289 | $ | - | $ | - | $ | 43,668,289 | ||||||||
Total Investments | $ | 43,668,289 | $ | - | $ | - | $ | 43,668,289 |
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
[A] | There were no transfers in or out of Level 3 during the period ended December 31, 2021. 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.
9
Fortune V Separate Account - Universal VIA International Mod Growth Alloc
SCHEDULE OF INVESTMENTS
At December 31, 2021
Shares | Value | |||||||
INVESTMENTS - UNAFFILIATED: 100.00% | ||||||||
Equity Funds: 99.95% | ||||||||
Transamerica Emerging Markets Opps I2 | 171,743 | $ | 1,746,625 | |||||
Transamerica Global Alloc Liquid Trust | 8 | 19 | ||||||
Transamerica International Equity I2 | 95,464 | 2,017,161 | ||||||
Transamerica International Growth I2 | 237,804 | 2,306,694 | ||||||
Transamerica International Sm Cp Val I2 | 97,374 | 1,516,108 | ||||||
Transamerica International Stock I2 | 4,999 | 54,740 | ||||||
7,641,347 | ||||||||
Money Market Fund: 0.31% | ||||||||
Transamerica Money Mkt | 24,012 | 24,012 | ||||||
24,012 | ||||||||
Total Investment Companies (Cost: $6,723,008) | $ | 7,665,359 | ||||||
Total Investments (Cost: $6,723,008) | $ | 7,665,359 | ||||||
Net Other Assets (Liabilities): -(0.26)% | (20,020 | ) | ||||||
Net Assets: 100% | $ | 7,645,339 |
INVESTMENT VALUATION:
Valuation Inputs [A]
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value | |||||||||||||
ASSETS | ||||||||||||||||
Investments | ||||||||||||||||
Investments - unaffiliated | $ | 7,665,359 | $ | - | $ | - | $ | 7,665,359 | ||||||||
Total Investments | $ | 7,665,359 | $ | - | $ | - | $ | 7,665,359 |
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
[A] | There were no transfers in or out of Level 3 during the period ended December 31, 2021. 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.
10
Fortune V Separate Account - Universal Money Market
SCHEDULE OF INVESTMENTS
At December 31, 2021
Shares | Value | |||||||
INVESTMENTS - UNAFFILIATED: 100.00% | ||||||||
Money Market Fund: 100.34% | ||||||||
Transamerica Government Money Market I2 | 3,759,014 | 3,759,014 | ||||||
3,759,014 | ||||||||
Total Investments - Unaffiliated (Cost: $3,759,013) | $ | 3,759,014 | ||||||
Total Investments (Cost: $3,759,013) | $ | 3,759,014 | ||||||
Net Other Assets (Liabilities): -(0.34)% | (12,592 | ) | ||||||
Net Assets: 100% | $ | 3,746,422 |
INVESTMENT VALUATION:
Valuation Inputs [A]
Level 1 - Unadjusted Quoted Prices | Level 2 - Other Significant Observable Inputs | Level 3 - Significant Unobservable Inputs | Value | |||||||||||||
ASSETS | ||||||||||||||||
Investments | ||||||||||||||||
Investments - unaffiliated | $ | 3,759,014 | $ | - | $ | - | $ | 3,759,014 | ||||||||
Total Investments | $ | 3,759,014 | $ | - | $ | - | $ | 3,759,014 |
FOOTNOTES TO SCHEDULE OF INVESTMENTS:
[A] | There were no transfers in or out of Level 3 during the period ended December 31, 2021. 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.
11
STATEMENTS OF ASSETS AND LIABILITIES
At December 31, 2021
Universal VIA Conservative Allocation | Universal VIA Moderate Allocation | Universal VIA Moderate Growth Allocation | Universal VIA Growth Allocation | Universal VIA International Mod Growth Alloc | Universal Money Market | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Investments, at value [A] | $ | 82,715,572 | $ | 306,620,935 | $ | 71,990,396 | $ | 43,668,289 | $ | 7,665,359 | $ | 3,759,014 | ||||||||||||
Cash | - | - | - | - | - | - | ||||||||||||||||||
Receivables and other assets: | ||||||||||||||||||||||||
Dividend income | 10,339 | 22,921 | 3,124 | - | - | - | ||||||||||||||||||
Receivable for investments sold | 86,039 | 319,157 | 74,887 | 45,488 | 7,929 | 3,917 | ||||||||||||||||||
Units sold | 9 | 35 | 2 | - | - | - | ||||||||||||||||||
Other receivables | 219 | 736 | 103 | - | 1,898 | - | ||||||||||||||||||
Total assets | 82,812,178 | 306,963,785 | 72,068,512 | 43,713,777 | 7,675,187 | 3,762,930 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||
Payables and other liabilities: | ||||||||||||||||||||||||
Payable for investments purchased | 10,339 | 22,921 | 3,124 | - | - | - | ||||||||||||||||||
Units redeemed | 86,039 | 319,157 | 74,887 | 45,488 | 7,929 | 3,917 | ||||||||||||||||||
Accrued expenses | 169,911 | 511,257 | 141,686 | 92,493 | 21,918 | 12,592 | ||||||||||||||||||
Total liabilities | 266,290 | 853,335 | 219,697 | 137,981 | 29,848 | 16,508 | ||||||||||||||||||
Net assets | $ | 82,545,889 | $ | 306,110,450 | $ | 71,848,815 | $ | 43,575,796 | $ | 7,645,339 | $ | 3,746,422 | ||||||||||||
Net assets consist of: | ||||||||||||||||||||||||
Costs of accumulation units | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||
Total distributable earnings | 82,545,889 | 306,110,450 | 71,848,815 | 43,575,796 | 7,645,339 | 3,746,422 | ||||||||||||||||||
Net assets | $ | 82,545,889 | $ | 306,110,450 | $ | 71,848,815 | $ | 43,575,796 | $ | 7,645,339 | $ | 3,746,422 | ||||||||||||
Investments, at cost | $ | 82,771,129 | $ | 298,240,530 | $ | 67,925,470 | $ | 40,123,747 | $ | 6,723,008 | $ | 3,759,013 |
The Notes to Financial Statements are an integral part of this report.
12
For the year ended December 31, 2021
Universal VIA Conservative Allocation | Universal VIA Moderate Allocation | Universal VIA Moderate Growth Allocation | Universal VIA Growth Allocation | Universal VIA International Mod Growth Alloc | Universal Money Market | |||||||||||||||||||
Investment income: | ||||||||||||||||||||||||
Dividend income | $ | 1,746,755 | $ | 6,261,779 | $ | 1,186,286 | $ | 634,000 | $ | 198,385 | $ | 12,308 | ||||||||||||
Expenses: | ||||||||||||||||||||||||
Mortality Expense | 1,318,804 | 4,768,499 | 1,099,438 | 691,504 | 124,050 | 73,421 | ||||||||||||||||||
Advisory Fees | 301,720 | 1,100,505 | 248,762 | 148,548 | 27,094 | 16,169 | ||||||||||||||||||
Management Fees | 86,206 | 314,430 | 71,075 | 42,442 | 7,741 | - | ||||||||||||||||||
Custodian Fees | 53,005 | 53,005 | 56,838 | 45,829 | 28,003 | 21,615 | ||||||||||||||||||
Net investment income (loss): | (12,981 | ) | 25,340 | (289,826 | ) | (294,323 | ) | 11,497 | (98,898 | ) | ||||||||||||||
Net realized gain (loss) on: | ||||||||||||||||||||||||
Unaffiliated Investments | 5,076,097 | 20,790,370 | 6,957,208 | 5,208,113 | 415,181 | (0 | ) | |||||||||||||||||
Net change in unrealized appreciation (depreciation) on: | ||||||||||||||||||||||||
Unaffiliated Investments | (3,871,593 | ) | (9,587,358 | ) | (965,194 | ) | (95,076 | ) | 3,695 | 1 | ||||||||||||||
Net realized and change in unrealized gain | 1,204,504 | 11,203,012 | 5,992,013 | 5,113,037 | 418,876 | 0 | ||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 1,191,523 | $ | 11,228,352 | $ | 5,702,187 | $ | 4,818,714 | $ | 430,374 | $ | (98,897 | ) |
The Notes to Financial Statements are an integral part of this report.
13
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 2021
Universal VIA Conservative Allocation | Universal VIA Moderate Allocation | Universal VIA Moderate Growth Allocation | Universal VIA Growth Allocation | Universal VIA International Mod Growth Alloc | Universal Money Market | |||||||||||||||||||
From operations: | ||||||||||||||||||||||||
Net investment (loss) | $ | (12,981 | ) | $ | 25,340 | $ | (289,826 | ) | $ | (294,323 | ) | $ | 11,497 | $ | (98,898 | ) | ||||||||
Net realized gain (loss) | 5,076,097 | 20,790,370 | 6,957,208 | 5,208,113 | 415,181 | (0 | ) | |||||||||||||||||
Net change in unrealized appreciation (depreciation) | (3,871,593 | ) | (9,587,358 | ) | (965,194 | ) | (95,076 | ) | 3,695 | 1 | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | 1,191,523 | 11,228,352 | 5,702,187 | 4,818,714 | 430,374 | (98,897 | ) | |||||||||||||||||
Unit transactions: | ||||||||||||||||||||||||
Units sold | 1,777,083 | 6,106,428 | 3,356,375 | 3,336,322 | 614,793 | 1,365,854 | ||||||||||||||||||
Units redeemed | (9,599,851 | ) | (25,715,228 | ) | (4,159,102 | ) | (3,052,895 | ) | (888,946 | ) | (3,111,476 | ) | ||||||||||||
Net increase (decrease) in net assets resulting from unit transactions | (7,822,768 | ) | (19,608,800 | ) | (802,727 | ) | 283,427 | (274,153 | ) | (1,745,622 | ) | |||||||||||||
Net increase (decrease) in net assets | (6,631,246 | ) | (8,380,447 | ) | 4,899,460 | 5,102,141 | 156,221 | (1,844,519 | ) | |||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of period | 89,177,134 | 314,490,898 | 66,949,355 | 38,473,655 | 7,489,118 | 5,590,941 | ||||||||||||||||||
End of period | $ | 82,545,889 | $ | 306,110,450 | $ | 71,848,815 | $ | 43,575,796 | $ | 7,645,339 | $ | 3,746,422 | ||||||||||||
Unit transactions - shares: | ||||||||||||||||||||||||
Units sold | 97,378 | 302,244 | 143,108 | 135,835 | 35,379 | 147,032 | ||||||||||||||||||
Units redeemed | (593,320 | ) | (1,491,471 | ) | (223,362 | ) | (151,554 | ) | (58,537 | ) | (343,051 | ) | ||||||||||||
Net increase (decrease) | (495,942 | ) | (1,189,227 | ) | (80,254 | ) | (15,719 | ) | (23,158 | ) | (196,019 | ) |
The Notes to Financial Statements are an integral part of this report.
14
STATEMENTS OF CHANGES IN NET ASSETS
For the year ended December 31, 2020
Universal VIA Conservative Allocation | Universal VIA Moderate Allocation | Universal VIA Moderate Growth Allocation | Universal VIA Growth Allocation | Universal VIA International Mod Growth Alloc | Universal Money Market | |||||||||||||||||||
From operations: | ||||||||||||||||||||||||
Net investment (loss) | $ | (274,604 | ) | $ | (1,172,694 | ) | $ | (391,004 | ) | $ | (283,958 | ) | $ | (86,700 | ) | $ | (102,799 | ) | ||||||
Net realized gain (loss) | (2,511,310 | ) | (9,318,169 | ) | 1,635,721 | 1,185,260 | (40,232 | ) | 0 | |||||||||||||||
Net change in unrealized appreciation (depreciation) | 5,144,438 | 27,556,836 | 7,739,178 | 5,451,423 | 925,884 | 0 | ||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 2,358,524 | 17,065,972 | 8,983,895 | 6,352,725 | 798,952 | (102,799 | ) | |||||||||||||||||
Unit transactions: | ||||||||||||||||||||||||
Units sold | 5,935,504 | 8,256,459 | 3,360,061 | 5,420,599 | 331,073 | 7,162,651 | ||||||||||||||||||
Units redeemed | (17,329,603 | ) | (47,000,816 | ) | (7,324,028 | ) | (2,355,716 | ) | (597,511 | ) | (6,294,297 | ) | ||||||||||||
Net increase (decrease) in net assets resulting from unit transactions | (11,394,099 | ) | (38,744,357 | ) | (3,963,967 | ) | 3,064,884 | (266,439 | ) | 868,355 | ||||||||||||||
Net increase (decrease) in net assets | (9,035,575 | ) | (21,678,384 | ) | 5,019,928 | 9,417,609 | 532,514 | 765,556 | ||||||||||||||||
Net assets: | ||||||||||||||||||||||||
Beginning of period | 98,212,710 | 336,169,282 | 61,929,426 | 29,056,046 | 6,956,605 | 4,825,386 | ||||||||||||||||||
End of period | $ | 89,177,134 | $ | 314,490,898 | $ | 66,949,355 | $ | 38,473,655 | $ | 7,489,118 | $ | 5,590,941 | ||||||||||||
Unit transactions - shares: | ||||||||||||||||||||||||
Units sold | 695,254 | 931,933 | 371,270 | 640,879 | 57,273 | 1,535,933 | ||||||||||||||||||
Units redeemed | (2,189,108 | ) | (5,738,704 | ) | (891,822 | ) | (313,865 | ) | (104,670 | ) | (1,368,397 | ) | ||||||||||||
Net increase (decrease) | (1,493,854 | ) | (4,806,771 | ) | (520,552 | ) | 327,014 | (47,397 | ) | 167,536 |
The Notes to Financial Statements are an integral part of this report.
15
Universal VIA Conservative Allocation, B Share, M&E 1.40% | ||||||||||||||||||||
Year Ending Dec. 31, 2021 | Year Ending Dec. 31, 2020 | Year Ending Dec. 31, 2019 | Year Ending Dec. 31, 2018[C] | Year Ending Dec. 31, 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 14.55 | $ | 14.11 | $ | 12.74 | $ | 13.51 | $ | 12.50 | ||||||||||
Net Investment Income [A] | 0.44 | 0.72 | 0.82 | 0.67 | 0.54 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | (0.22 | ) | (0.28 | ) | 0.55 | (1.44 | ) | 0.47 | ||||||||||||
Net increase (decrease) in accumulation unit value | 0.22 | 0.44 | 1.37 | (0.77 | ) | 1.01 | ||||||||||||||
Accumulation unit value at end of year | $ | 14.77 | $ | 14.55 | $ | 14.11 | $ | 12.74 | $ | 13.51 | ||||||||||
Total return | 1.51 | % | 3.12 | % | 10.75 | % | (5.70 | )% | 8.08 | % | ||||||||||
Net assets, end of year (000’s) | 48,999 | 51,068 | 51,533 | 51,492 | 58,015 | |||||||||||||||
Expenses to average net assets [B] | 2.04 | % | 2.07 | % | 2.07 | % | 2.07 | % | 2.09 | % | ||||||||||
Net investment income to average net assets | 2.71 | % | 2.65 | % | 2.41 | % | 2.52 | % | 2.03 | % | ||||||||||
Portfolio turnover rate | 2.07 | % | 6.51 | % | 3.68 | % | 3.80 | % | 4.66 | % |
Universal VIA Conservative Allocation, B Share, M&E 1.40%, Enhanced Death Benefit | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 14.10 | $ | 13.70 | $ | 12.39 | $ | 13.17 | $ | 12.21 | ||||||||||
Net Investment Income [A] | 0.44 | 0.72 | 0.82 | 0.67 | 0.54 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | (0.26 | ) | (0.32 | ) | 0.49 | (1.45 | ) | 0.42 | ||||||||||||
Net increase (decrease) in accumulation unit value | 0.18 | 0.40 | 1.31 | (0.78 | ) | 0.96 | ||||||||||||||
Accumulation unit value at end of year | $ | 14.28 | $ | 14.10 | $ | 13.70 | $ | 12.39 | $ | 13.17 | ||||||||||
Total return | 1.28 | % | 2.92 | % | 10.57 | % | (5.92 | )% | 7.86 | % | ||||||||||
Net assets, end of year (000’s) | 2,886 | 3,574 | 4,664 | 4,302 | 3,945 | |||||||||||||||
Expenses to average net assets [B] | 2.04 | % | 2.07 | % | 2.07 | % | 2.07 | % | 2.09 | % | ||||||||||
Net investment income to average net assets | 2.71 | % | 2.65 | % | 2.41 | % | 2.52 | % | 2.03 | % | ||||||||||
Portfolio turnover rate | 2.07 | % | 6.51 | % | 3.68 | % | 3.80 | % | 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
16
FINANCIAL HIGHLIGHTS
Universal VIA Conservative Allocation, B Share, M&E 1.65% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 14.42 | $ | 14.02 | $ | 12.69 | $ | 13.49 | $ | 12.52 | ||||||||||
Net Investment Income [A] | 0.44 | 0.72 | 0.82 | 0.67 | 0.54 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | (0.26 | ) | (0.32 | ) | 0.51 | (1.47 | ) | 0.43 | ||||||||||||
Net increase (decrease) in accumulation unit value | 0.18 | 0.40 | 1.33 | (0.80 | ) | 0.97 | ||||||||||||||
Accumulation unit value at end of year | $ | 14.60 | $ | 14.42 | $ | 14.02 | $ | 12.69 | $ | 13.49 | ||||||||||
Total return | 1.25 | % | 2.85 | % | 10.48 | % | (5.93 | )% | 7.75 | % | ||||||||||
Net assets, end of year (000’s) | 6,095 | 6,474 | 8,053 | 9,669 | 12,667 | |||||||||||||||
Expenses to average net assets [B] | 2.04 | % | 2.07 | % | 2.07 | % | 2.07 | % | 2.09 | % | ||||||||||
Net investment income to average net assets | 2.71 | % | 2.65 | % | 2.41 | % | 2.52 | % | 2.03 | % | ||||||||||
Portfolio turnover rate | 2.07 | % | 6.51 | % | 3.68 | % | 3.80 | % | 4.66 | % |
Universal VIA Conservative Allocation, B Share, M&E 1.65%, Enhanced Death Benefit | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 13.56 | $ | 13.20 | $ | 11.98 | $ | 12.76 | $ | 11.86 | ||||||||||
Net Investment Income [A] | 0.44 | 0.72 | 0.82 | 0.67 | 0.54 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | (0.30 | ) | (0.36 | ) | 0.40 | (1.45 | ) | 0.36 | ||||||||||||
Net increase (decrease) in accumulation unit value | 0.14 | 0.36 | 1.22 | (0.78 | ) | 0.90 | ||||||||||||||
Accumulation unit value at end of year | $ | 13.70 | $ | 13.56 | $ | 13.20 | $ | 11.98 | $ | 12.76 | ||||||||||
Total return | 1.03 | % | 2.73 | % | 10.18 | % | (6.11 | )% | 7.59 | % | ||||||||||
Net assets, end of year (000’s) | 839 | 846 | 1,189 | 2,048 | 3,515 | |||||||||||||||
Expenses to average net assets [B] | 2.04 | % | 2.07 | % | 2.07 | % | 2.07 | % | 2.09 | % | ||||||||||
Net investment income to average net assets | 2.71 | % | 2.65 | % | 2.41 | % | 2.52 | % | 2.03 | % | ||||||||||
Portfolio turnover rate | 2.07 | % | 6.51 | % | 3.68 | % | 3.80 | % | 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
17
FINANCIAL HIGHLIGHTS
Universal VIA Conservative Allocation, C Share, M&E 1.95% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 13.35 | $ | 13.01 | $ | 11.81 | $ | 12.59 | $ | 11.72 | ||||||||||
Net Investment Income [A] | 0.44 | 0.72 | 0.82 | 0.67 | 0.54 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | (0.32 | ) | (0.38 | ) | 0.38 | (1.45 | ) | 0.33 | ||||||||||||
Net increase (decrease) in accumulation unit value | 0.12 | 0.34 | 1.20 | (0.78 | ) | 0.87 | ||||||||||||||
Accumulation unit value at end of year | $ | 13.47 | $ | 13.35 | $ | 13.01 | $ | 11.81 | $ | 12.59 | ||||||||||
Total return | 0.90 | % | 2.61 | % | 10.16 | % | (6.20 | )% | 7.42 | % | ||||||||||
Net assets, end of year (000’s) | 2,353 | 2,589 | 6,587 | 6,884 | 9,612 | |||||||||||||||
Expenses to average net assets [B] | 2.04 | % | 2.07 | % | 2.07 | % | 2.07 | % | 2.09 | % | ||||||||||
Net investment income to average net assets | 2.71 | % | 2.65 | % | 2.41 | % | 2.52 | % | 2.03 | % | ||||||||||
Portfolio turnover rate | 2.07 | % | 6.51 | % | 3.68 | % | 3.80 | % | 4.66 | % |
Universal VIA Conservative Allocation, C Share, M&E 1.95%, Enhanced Death Benefit | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 12.93 | $ | 12.63 | $ | 11.49 | $ | 12.28 | $ | 11.45 | ||||||||||
Net Investment Income [A] | 0.44 | 0.72 | 0.82 | 0.67 | 0.54 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | (0.34 | ) | (0.42 | ) | 0.32 | (1.46 | ) | 0.29 | ||||||||||||
Net increase (decrease) in accumulation unit value | 0.10 | 0.30 | 1.14 | (0.79 | ) | 0.83 | ||||||||||||||
Accumulation unit value at end of year | $ | 13.03 | $ | 12.93 | $ | 12.63 | $ | 11.49 | $ | 12.28 | ||||||||||
Total return | 0.77 | % | 2.38 | % | 9.92 | % | (6.43 | )% | 7.25 | % | ||||||||||
Net assets, end of year (000’s) | 1,132 | 1,137 | 1,125 | 682 | 655 | |||||||||||||||
Expenses to average net assets [B] | 2.04 | % | 2.07 | % | 2.07 | % | 2.07 | % | 2.09 | % | ||||||||||
Net investment income to average net assets | 2.71 | % | 2.65 | % | 2.41 | % | 2.52 | % | 2.03 | % | ||||||||||
Portfolio turnover rate | 2.07 | % | 6.51 | % | 3.68 | % | 3.80 | % | 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
18
FINANCIAL HIGHLIGHTS
Universal VIA Conservative Allocation, L Share, M&E 1.50% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 14.32 | $ | 13.90 | $ | 12.56 | $ | 13.34 | $ | 12.36 | ||||||||||
Net Investment Income [A] | 0.44 | 0.72 | 0.82 | 0.67 | 0.54 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | (0.24 | ) | (0.30 | ) | 0.52 | (1.45 | ) | 0.44 | ||||||||||||
Net increase (decrease) in accumulation unit value | 0.20 | 0.42 | 1.34 | (0.78 | ) | 0.98 | ||||||||||||||
Accumulation unit value at end of year | $ | 14.52 | $ | 14.32 | $ | 13.90 | $ | 12.56 | $ | 13.34 | ||||||||||
Total return | 1.40 | % | 3.02 | % | 10.67 | % | (5.85 | )% | 7.93 | % | ||||||||||
Net assets, end of year (000’s) | 4,866 | 5,184 | 6,753 | 7,507 | 9,708 | |||||||||||||||
Expenses to average net assets [B] | 2.04 | % | 2.07 | % | 2.07 | % | 2.07 | % | 2.09 | % | ||||||||||
Net investment income to average net assets | 2.71 | % | 2.65 | % | 2.41 | % | 2.52 | % | 2.03 | % | ||||||||||
Portfolio turnover rate | 2.07 | % | 6.51 | % | 3.68 | % | 3.80 | % | 4.66 | % |
Universal VIA Conservative Allocation, L Share, M&E 1.50%, Enhanced Death Benefit | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 13.88 | $ | 13.50 | $ | 12.23 | $ | 13.00 | $ | 12.07 | ||||||||||
Net Investment Income [A] | 0.44 | 0.72 | 0.82 | 0.67 | 0.54 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | (0.27 | ) | (0.34 | ) | 0.45 | (1.44 | ) | 0.39 | ||||||||||||
Net increase (decrease) in accumulation unit value | 0.17 | 0.38 | 1.27 | (0.77 | ) | 0.93 | ||||||||||||||
Accumulation unit value at end of year | $ | 14.05 | $ | 13.88 | $ | 13.50 | $ | 12.23 | $ | 13.00 | ||||||||||
Total return | 1.22 | % | 2.81 | % | 10.38 | % | (5.92 | )% | 7.71 | % | ||||||||||
Net assets, end of year (000’s) | 874 | 952 | 1,121 | 1,101 | 1,307 | |||||||||||||||
Expenses to average net assets [B] | 2.04 | % | 2.07 | % | 2.07 | % | 2.07 | % | 2.09 | % | ||||||||||
Net investment income to average net assets | 2.71 | % | 2.65 | % | 2.41 | % | 2.52 | % | 2.03 | % | ||||||||||
Portfolio turnover rate | 2.07 | % | 6.51 | % | 3.68 | % | 3.80 | % | 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
19
FINANCIAL HIGHLIGHTS
Universal VIA Conservative Allocation, L Share, M&E 1.75% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 13.77 | $ | 13.40 | $ | 12.14 | $ | 12.92 | $ | 12.00 | ||||||||||
Net Investment Income [A] | 0.44 | 0.72 | 0.82 | 0.67 | 0.54 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | (0.28 | ) | (0.35 | ) | 0.44 | (1.45 | ) | 0.38 | ||||||||||||
Net increase (decrease) in accumulation unit value | 0.16 | 0.37 | 1.26 | (0.78 | ) | 0.92 | ||||||||||||||
Accumulation unit value at end of year | $ | 13.93 | $ | 13.77 | $ | 13.40 | $ | 12.14 | $ | 12.92 | ||||||||||
Total return | 1.16 | % | 2.76 | % | 10.38 | % | (6.04 | )% | 7.67 | % | ||||||||||
Net assets, end of year (000’s) | 12,254 | 14,516 | 15,064 | 17,530 | 26,721 | |||||||||||||||
Expenses to average net assets [B] | 2.04 | % | 2.07 | % | 2.07 | % | 2.07 | % | 2.09 | % | ||||||||||
Net investment income to average net assets | 2.71 | % | 2.65 | % | 2.41 | % | 2.52 | % | 2.03 | % | ||||||||||
Portfolio turnover rate | 2.07 | % | 6.51 | % | 3.68 | % | 3.80 | % | 4.66 | % |
Universal VIA Conservative Allocation, L Share, M&E 1.75%, Enhanced Death Benefit | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 13.35 | $ | 13.01 | $ | 11.81 | $ | 12.59 | $ | 11.72 | ||||||||||
Net Investment Income [A] | 0.44 | 0.72 | 0.82 | 0.67 | 0.54 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | (0.32 | ) | (0.38 | ) | 0.38 | (1.45 | ) | 0.33 | ||||||||||||
Net increase (decrease) in accumulation unit value | 0.12 | 0.34 | 1.20 | (0.78 | ) | 0.87 | ||||||||||||||
Accumulation unit value at end of year | $ | 13.47 | $ | 13.35 | $ | 13.01 | $ | 11.81 | $ | 12.59 | ||||||||||
Total return | 0.90 | % | 2.61 | % | 10.16 | % | (6.20 | )% | 7.42 | % | ||||||||||
Net assets, end of year (000’s) | 2,196 | 2,797 | 2,074 | 2,438 | 3,258 | |||||||||||||||
Expenses to average net assets [B] | 2.04 | % | 2.07 | % | 2.07 | % | 2.07 | % | 2.09 | % | ||||||||||
Net investment income to average net assets | 2.71 | % | 2.65 | % | 2.41 | % | 2.52 | % | 2.03 | % | ||||||||||
Portfolio turnover rate | 2.07 | % | 6.51 | % | 3.68 | % | 3.80 | % | 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
20
FINANCIAL HIGHLIGHTS
Universal VIA Moderate Allocation, B Share, M&E 1.40% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 15.87 | $ | 14.94 | $ | 13.19 | $ | 14.26 | $ | 12.83 | ||||||||||
Net Investment Income [A] | 0.22 | 0.56 | 0.55 | 0.47 | 0.27 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.37 | 0.37 | 1.20 | (1.54 | ) | 1.16 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 0.59 | 0.93 | 1.75 | (1.07 | ) | 1.43 | ||||||||||||||
Accumulation unit value at end of year | $ | 16.46 | $ | 15.87 | $ | 14.94 | $ | 13.19 | $ | 14.26 | ||||||||||
Total return | 3.72 | % | 6.22 | % | 13.27 | % | (7.50 | )% | 11.15 | % | ||||||||||
Net assets, end of year (000’s) | 178,311 | 181,575 | 186,091 | 168,570 | 182,877 | |||||||||||||||
Expenses to average net assets [B] | 1.99 | % | 2.01 | % | 2.02 | % | 2.03 | % | 2.04 | % | ||||||||||
Net investment income to average net assets | 4.42 | % | 2.82 | % | 3.34 | % | 3.76 | % | 3.58 | % | ||||||||||
Portfolio turnover rate | 1.95 | % | 2.68 | % | 4.32 | % | 4.77 | % | 6.68 | % |
Universal VIA Moderate Allocation, B Share, M&E 1.40%, Enhanced Death Benefit | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 15.38 | $ | 14.51 | $ | 12.84 | $ | 13.91 | $ | 12.54 | ||||||||||
Net Investment Income [A] | 0.22 | 0.56 | 0.55 | 0.47 | 0.27 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.32 | 0.31 | 1.12 | (1.54 | ) | 1.10 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 0.54 | 0.87 | 1.67 | (1.07 | ) | 1.37 | ||||||||||||||
Accumulation unit value at end of year | $ | 15.92 | $ | 15.38 | $ | 14.51 | $ | 12.84 | $ | 13.91 | ||||||||||
Total return | 3.51 | % | 6.00 | % | 13.01 | % | (7.69 | )% | 10.93 | % | ||||||||||
Net assets, end of year (000’s) | 21,942 | 22,480 | 23,070 | 20,444 | 24,120 | |||||||||||||||
Expenses to average net assets [B] | 1.99 | % | 2.01 | % | 2.02 | % | 2.03 | % | 2.04 | % | ||||||||||
Net investment income to average net assets | 4.42 | % | 2.82 | % | 3.34 | % | 3.76 | % | 3.58 | % | ||||||||||
Portfolio turnover rate | 1.95 | % | 2.68 | % | 4.32 | % | 4.77 | % | 6.68 | % |
[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
21
FINANCIAL HIGHLIGHTS
Universal VIA Moderate Allocation, B Share, M&E 1.65% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 15.73 | $ | 14.85 | $ | 13.14 | $ | 14.25 | $ | 12.85 | ||||||||||
Net Investment Income [A] | 0.22 | 0.56 | 0.55 | 0.47 | 0.27 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.33 | 0.32 | 1.16 | (1.58 | ) | 1.13 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 0.55 | 0.88 | 1.71 | (1.11 | ) | 1.40 | ||||||||||||||
Accumulation unit value at end of year | $ | 16.28 | $ | 15.73 | $ | 14.85 | $ | 13.14 | $ | 14.25 | ||||||||||
Total return | 3.50 | % | 5.93 | % | 13.01 | % | (7.79 | )% | 10.89 | % | ||||||||||
Net assets, end of year (000’s) | 19,776 | 20,391 | 21,141 | 22,158 | 32,604 | |||||||||||||||
Expenses to average net assets [B] | 1.99 | % | 2.01 | % | 2.02 | % | 2.03 | % | 2.04 | % | ||||||||||
Net investment income to average net assets | 4.42 | % | 2.82 | % | 3.34 | % | 3.76 | % | 3.58 | % | ||||||||||
Portfolio turnover rate | 1.95 | % | 2.68 | % | 4.32 | % | 4.77 | % | 6.68 | % |
Universal VIA Moderate Allocation, B Share, M&E 1.65%, Enhanced Death Benefit | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 15.30 | $ | 14.48 | $ | 12.84 | $ | 13.94 | $ | 12.60 | ||||||||||
Net Investment Income [A] | 0.22 | 0.56 | 0.55 | 0.47 | 0.27 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.28 | 0.26 | 1.09 | (1.57 | ) | 1.07 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 0.50 | 0.82 | 1.64 | (1.10 | ) | 1.34 | ||||||||||||||
Accumulation unit value at end of year | $ | 15.80 | $ | 15.30 | $ | 14.48 | $ | 12.84 | $ | 13.94 | ||||||||||
Total return | 3.27 | % | 5.66 | % | 12.77 | % | (7.89 | )% | 10.63 | % | ||||||||||
Net assets, end of year (000’s) | 4,673 | 4,807 | 8,817 | 9,496 | 12,534 | |||||||||||||||
Expenses to average net assets [B] | 1.99 | % | 2.01 | % | 2.02 | % | 2.03 | % | 2.04 | % | ||||||||||
Net investment income to average net assets | 4.42 | % | 2.82 | % | 3.34 | % | 3.76 | % | 3.58 | % | ||||||||||
Portfolio turnover rate | 1.95 | % | 2.68 | % | 4.32 | % | 4.77 | % | 6.68 | % |
[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
22
FINANCIAL HIGHLIGHTS
Universal VIA Moderate Allocation, C Share, M&E 1.95% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 14.56 | $ | 13.78 | $ | 12.23 | $ | 13.30 | $ | 12.03 | ||||||||||
Net Investment Income [A] | 0.22 | 0.56 | 0.55 | 0.47 | 0.27 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.24 | 0.22 | 1.00 | (1.54 | ) | 1.00 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 0.46 | 0.78 | 1.55 | (1.07 | ) | 1.27 | ||||||||||||||
Accumulation unit value at end of year | $ | 15.02 | $ | 14.56 | $ | 13.78 | $ | 12.23 | $ | 13.30 | ||||||||||
Total return | 3.16 | % | 5.66 | % | 12.67 | % | (8.05 | )% | 10.56 | % | ||||||||||
Net assets, end of year (000’s) | 5,238 | 4,917 | 4,967 | 5,405 | 7,853 | |||||||||||||||
Expenses to average net assets [B] | 1.99 | % | 2.01 | % | 2.02 | % | 2.03 | % | 2.04 | % | ||||||||||
Net investment income to average net assets | 4.42 | % | 2.82 | % | 3.34 | % | 3.76 | % | 3.58 | % | ||||||||||
Portfolio turnover rate | 1.95 | % | 2.68 | % | 4.32 | % | 4.77 | % | 6.68 | % |
Universal VIA Moderate Allocation, C Share, M&E 1.95%, Enhanced Death Benefit | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 14.11 | $ | 13.38 | $ | 11.90 | $ | 12.97 | $ | 11.75 | ||||||||||
Net Investment Income [A] | 0.22 | 0.56 | 0.55 | 0.47 | 0.27 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.20 | 0.17 | 0.93 | (1.54 | ) | 0.95 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 0.42 | 0.73 | 1.48 | (1.07 | ) | 1.22 | ||||||||||||||
Accumulation unit value at end of year | $ | 14.53 | $ | 14.11 | $ | 13.38 | $ | 11.90 | $ | 12.97 | ||||||||||
Total return | 2.98 | % | 5.46 | % | 12.44 | % | (8.25 | )% | 10.38 | % | ||||||||||
Net assets, end of year (000’s) | 835 | 814 | 760 | 667 | 820 | |||||||||||||||
Expenses to average net assets [B] | 1.99 | % | 2.01 | % | 2.02 | % | 2.03 | % | 2.04 | % | ||||||||||
Net investment income to average net assets | 4.42 | % | 2.82 | % | 3.34 | % | 3.76 | % | 3.58 | % | ||||||||||
Portfolio turnover rate | 1.95 | % | 2.68 | % | 4.32 | % | 4.77 | % | 6.68 | % |
[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
23
FINANCIAL HIGHLIGHTS
Universal VIA Moderate Allocation, L Share, M&E 1.50% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 15.62 | $ | 14.73 | $ | 13.01 | $ | 14.08 | $ | 12.68 | ||||||||||
Net Investment Income [A] | 0.22 | 0.56 | 0.55 | 0.47 | 0.27 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.35 | 0.33 | 1.17 | (1.54 | ) | 1.13 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 0.57 | 0.89 | 1.72 | (1.07 | ) | 1.40 | ||||||||||||||
Accumulation unit value at end of year | $ | 16.19 | $ | 15.62 | $ | 14.73 | $ | 13.01 | $ | 14.08 | ||||||||||
Total return | 3.65 | % | 6.04 | % | 13.22 | % | (7.60 | )% | 11.04 | % | ||||||||||
Net assets, end of year (000’s) | 16,941 | 18,264 | 20,141 | 20,231 | 27,391 | |||||||||||||||
Expenses to average net assets [B] | 1.99 | % | 2.01 | % | 2.02 | % | 2.03 | % | 2.04 | % | ||||||||||
Net investment income to average net assets | 4.42 | % | 2.82 | % | 3.34 | % | 3.76 | % | 3.58 | % | ||||||||||
Portfolio turnover rate | 1.95 | % | 2.68 | % | 4.32 | % | 4.77 | % | 6.68 | % |
Universal VIA Moderate Allocation, L Share, M&E 1.50%, | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 15.14 | $ | 14.30 | $ | 12.66 | $ | 13.73 | $ | 12.39 | ||||||||||
Net Investment Income [A] | 0.22 | 0.56 | 0.55 | 0.47 | 0.27 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.30 | 0.28 | 1.09 | (1.54 | ) | 1.07 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 0.52 | 0.84 | 1.64 | (1.07 | ) | 1.34 | ||||||||||||||
Accumulation unit value at end of year | $ | 15.66 | $ | 15.14 | $ | 14.30 | $ | 12.66 | $ | 13.73 | ||||||||||
Total return | 3.43 | % | 5.87 | % | 12.95 | % | (7.79 | )% | 10.82 | % | ||||||||||
Net assets, end of year (000’s) | 3,210 | 3,173 | 3,321 | 3,248 | 5,033 | |||||||||||||||
Expenses to average net assets [B] | 1.99 | % | 2.01 | % | 2.02 | % | 2.03 | % | 2.04 | % | ||||||||||
Net investment income to average net assets | 4.42 | % | 2.82 | % | 3.34 | % | 3.76 | % | 3.58 | % | ||||||||||
Portfolio turnover rate | 1.95 | % | 2.68 | % | 4.32 | % | 4.77 | % | 6.68 | % |
[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
24
FINANCIAL HIGHLIGHTS
Universal VIA Moderate Allocation, L Share, M&E 1.75% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 15.02 | $ | 14.20 | $ | 12.57 | $ | 13.64 | $ | 12.32 | ||||||||||
Net Investment Income [A] | 0.22 | 0.56 | 0.55 | 0.47 | 0.27 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.29 | 0.26 | 1.08 | (1.54 | ) | 1.05 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 0.51 | 0.82 | 1.63 | (1.07 | ) | 1.32 | ||||||||||||||
Accumulation unit value at end of year | $ | 15.53 | $ | 15.02 | $ | 14.20 | $ | 12.57 | $ | 13.64 | ||||||||||
Total return | 3.40 | % | 5.77 | % | 12.97 | % | (7.84 | )% | 10.71 | % | ||||||||||
Net assets, end of year (000’s) | 47,475 | 49,916 | 57,706 | 64,305 | 83,171 | |||||||||||||||
Expenses to average net assets [B] | 1.99 | % | 2.01 | % | 2.02 | % | 2.03 | % | 2.04 | % | ||||||||||
Net investment income to average net assets | 4.42 | % | 2.82 | % | 3.34 | % | 3.76 | % | 3.58 | % | ||||||||||
Portfolio turnover rate | 1.95 | % | 2.68 | % | 4.32 | % | 4.77 | % | 6.68 | % |
Universal VIA Moderate Allocation, L Share, M&E 1.75%, | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 14.56 | $ | 13.78 | $ | 12.23 | $ | 13.30 | $ | 12.03 | ||||||||||
Net Investment Income [A] | 0.22 | 0.56 | 0.55 | 0.47 | 0.27 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.24 | 0.22 | 1.00 | (1.54 | ) | 1.00 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 0.46 | 0.78 | 1.55 | (1.07 | ) | 1.27 | ||||||||||||||
Accumulation unit value at end of year | $ | 15.02 | $ | 14.56 | $ | 13.78 | $ | 12.23 | $ | 13.30 | ||||||||||
Total return | 3.16 | % | 5.66 | % | 12.67 | % | (8.05 | )% | 10.56 | % | ||||||||||
Net assets, end of year (000’s) | 7,655 | 8,096 | 9,709 | 9,566 | 13,425 | |||||||||||||||
Expenses to average net assets [B] | 1.99 | % | 2.01 | % | 2.02 | % | 2.03 | % | 2.04 | % | ||||||||||
Net investment income to average net assets | 4.42 | % | 2.82 | % | 3.34 | % | 3.76 | % | 3.58 | % | ||||||||||
Portfolio turnover rate | 1.95 | % | 2.68 | % | 4.32 | % | 4.77 | % | 6.68 | % |
[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
25
FINANCIAL HIGHLIGHTS
Universal VIA Growth Allocation, B Share, M&E 1.40% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 18.19 | $ | 15.42 | $ | 12.78 | $ | 14.78 | $ | 12.39 | ||||||||||
Net Investment Income (Loss) [A] | (0.17 | ) | 0.01 | 0.31 | 0.19 | 0.12 | ||||||||||||||
Net realized and unrealized gains (losses) on securities | 2.49 | 2.76 | 2.33 | (2.19 | ) | 2.27 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 2.32 | 2.77 | 2.64 | (2.00 | ) | 2.39 | ||||||||||||||
Accumulation unit value at end of year | $ | 20.51 | $ | 18.19 | $ | 15.42 | $ | 12.78 | $ | 14.78 | ||||||||||
Total return | 12.75 | % | 17.96 | % | 20.66 | % | (13.53 | )% | 19.29 | % | ||||||||||
Net assets, end of year (000’s) | 16,608 | 13,639 | 11,559 | 9,226 | 9,607 | |||||||||||||||
Expenses to average net assets [B] | 2.21 | % | 2.28 | % | 2.26 | % | 2.23 | % | 2.21 | % | ||||||||||
Net investment income to average net assets | 10.55 | % | 3.26 | % | 5.53 | % | 6.84 | % | 6.19 | % | ||||||||||
Portfolio turnover rate | 7.28 | % | 7.66 | % | 6.23 | % | 9.19 | % | 5.65 | % |
Universal VIA Growth Allocation, B Share, M&E 1.40% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 17.63 | $ | 14.97 | $ | 12.44 | $ | 14.41 | $ | 12.10 | ||||||||||
Net Investment Income (Loss) [A] | (0.17 | ) | 0.01 | 0.31 | 0.19 | 0.12 | ||||||||||||||
Net realized and unrealized gains (losses) on securities | 2.38 | 2.65 | 2.22 | (2.16 | ) | 2.19 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 2.21 | 2.66 | 2.53 | (1.97 | ) | 2.31 | ||||||||||||||
Accumulation unit value at end of year | $ | 19.84 | $ | 17.63 | $ | 14.97 | $ | 12.44 | $ | 14.41 | ||||||||||
Total return | 12.54 | % | 17.77 | % | 20.34 | % | (13.67 | )% | 19.09 | % | ||||||||||
Net assets, end of year (000’s) | 1,659 | 1,617 | 1,446 | 1,199 | 1,370 | |||||||||||||||
Expenses to average net assets [B] | 2.21 | % | 2.28 | % | 2.26 | % | 2.23 | % | 2.21 | % | ||||||||||
Net investment income to average net assets | 10.55 | % | 3.26 | % | 5.53 | % | 6.84 | % | 6.19 | % | ||||||||||
Portfolio turnover rate | 7.28 | % | 7.66 | % | 6.23 | % | 9.19 | % | 5.65 | % |
[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
26
FINANCIAL HIGHLIGHTS
Universal VIA Growth Allocation, B Share, M&E 1.65% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 18.04 | $ | 15.32 | $ | 12.74 | $ | 14.76 | $ | 12.40 | ||||||||||
Net Investment Income (Loss) [A] | (0.17 | ) | 0.01 | 0.31 | 0.19 | 0.12 | ||||||||||||||
Net realized and unrealized gains (losses) on securities | 2.41 | 2.71 | 2.27 | (2.21 | ) | 2.24 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 2.24 | 2.72 | 2.58 | (2.02 | ) | 2.36 | ||||||||||||||
Accumulation unit value at end of year | $ | 20.28 | $ | 18.04 | $ | 15.32 | $ | 12.74 | $ | 14.76 | ||||||||||
Total return | 12.42 | % | 17.75 | % | 20.25 | % | (13.69 | )% | 19.03 | % | ||||||||||
Net assets, end of year (000’s) | 4,306 | 4,059 | 3,815 | 3,686 | 4,850 | |||||||||||||||
Expenses to average net assets [B] | 2.21 | % | 2.28 | % | 2.26 | % | 2.23 | % | 2.21 | % | ||||||||||
Net investment income to average net assets | 10.55 | % | 3.26 | % | 5.53 | % | 6.84 | % | 6.19 | % | ||||||||||
Portfolio turnover rate | 7.28 | % | 7.66 | % | 6.23 | % | 9.19 | % | 5.65 | % |
Universal VIA Growth Allocation, B Share, M&E 1.65% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 17.54 | $ | 14.93 | $ | 12.44 | $ | 14.45 | $ | 12.16 | ||||||||||
Net Investment Income (Loss) [A] | (0.17 | ) | 0.01 | 0.31 | 0.19 | 0.12 | ||||||||||||||
Net realized and unrealized gains (losses) on securities | 2.32 | 2.60 | 2.18 | (2.20 | ) | 2.17 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 2.15 | 2.61 | 2.49 | (2.01 | ) | 2.29 | ||||||||||||||
Accumulation unit value at end of year | $ | 19.69 | $ | 17.54 | $ | 14.93 | $ | 12.44 | $ | 14.45 | ||||||||||
Total return | 12.26 | % | 17.48 | % | 20.02 | % | (13.91 | )% | 18.83 | % | ||||||||||
Net assets, end of year (000’s) | 1,773 | 1,655 | 1,373 | 1,143 | 2,652 | |||||||||||||||
Expenses to average net assets [B] | 2.21 | % | 2.28 | % | 2.26 | % | 2.23 | % | 2.21 | % | ||||||||||
Net investment income to average net assets | 10.55 | % | 3.26 | % | 5.53 | % | 6.84 | % | 6.19 | % | ||||||||||
Portfolio turnover rate | 7.28 | % | 7.66 | % | 6.23 | % | 9.19 | % | 5.65 | % |
[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
27
FINANCIAL HIGHLIGHTS
Universal VIA Growth Allocation, C Share, M&E 1.95% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 16.69 | $ | 14.22 | $ | 11.86 | $ | 13.78 | $ | 11.62 | ||||||||||
Net Investment Income (Loss) [A] | (0.17 | ) | 0.01 | 0.31 | 0.19 | 0.12 | ||||||||||||||
Net realized and unrealized gains (losses) on securities | 2.19 | 2.46 | 2.05 | (2.11 | ) | 2.04 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 2.02 | 2.47 | 2.36 | (1.92 | ) | 2.16 | ||||||||||||||
Accumulation unit value at end of year | $ | 18.71 | $ | 16.69 | $ | 14.22 | $ | 11.86 | $ | 13.78 | ||||||||||
Total return | 12.10 | % | 17.37 | % | 19.90 | % | (13.93 | )% | 18.59 | % | ||||||||||
Net assets, end of year (000’s) | 5,858 | 5,206 | 768 | 1,482 | 1,807 | |||||||||||||||
Expenses to average net assets [B] | 2.21 | % | 2.28 | % | 2.26 | % | 2.23 | % | 2.21 | % | ||||||||||
Net investment income to average net assets | 10.55 | % | 3.26 | % | 5.53 | % | 6.84 | % | 6.19 | % | ||||||||||
Portfolio turnover rate | 7.28 | % | 7.66 | % | 6.23 | % | 9.19 | % | 5.65 | % |
Universal VIA Growth Allocation, C Share, M&E 1.95% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 16.17 | $ | 13.81 | $ | 11.53 | $ | 13.44 | $ | 11.35 | ||||||||||
Net Investment Income (Loss) [A] | (0.17 | ) | 0.01 | 0.31 | 0.19 | 0.12 | ||||||||||||||
Net realized and unrealized gains (losses) on securities | 2.10 | 2.35 | 1.97 | (2.10 | ) | 1.97 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 1.93 | 2.36 | 2.28 | (1.91 | ) | 2.09 | ||||||||||||||
Accumulation unit value at end of year | $ | 18.10 | $ | 16.17 | $ | 13.81 | $ | 11.53 | $ | 13.44 | ||||||||||
Total return | 11.94 | % | 17.09 | % | 19.77 | % | (14.21 | )% | 18.41 | % | ||||||||||
Net assets, end of year (000’s) | 49 | 44 | 29 | 24 | 27 | |||||||||||||||
Expenses to average net assets [B] | 2.21 | % | 2.28 | % | 2.26 | % | 2.23 | % | 2.21 | % | ||||||||||
Net investment income to average net assets | 10.55 | % | 3.26 | % | 5.53 | % | 6.84 | % | 6.19 | % | ||||||||||
Portfolio turnover rate | 7.28 | % | 7.66 | % | 6.23 | % | 9.19 | % | 5.65 | % |
[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
28
FINANCIAL HIGHLIGHTS
Universal VIA Growth Allocation, L Share, M&E 1.50% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 17.91 | $ | 15.19 | $ | 12.61 | $ | 14.60 | $ | 12.24 | ||||||||||
Net Investment Income (Loss) [A] | (0.17 | ) | 0.01 | 0.31 | 0.19 | 0.12 | ||||||||||||||
Net realized and unrealized gains (losses) on securities | 2.43 | 2.71 | 2.27 | (2.18 | ) | 2.24 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 2.26 | 2.72 | 2.58 | (1.99 | ) | 2.36 | ||||||||||||||
Accumulation unit value at end of year | $ | 20.17 | $ | 17.91 | $ | 15.19 | $ | 12.61 | $ | 14.60 | ||||||||||
Total return | 12.62 | % | 17.91 | % | 20.46 | % | (13.63 | )% | 19.28 | % | ||||||||||
Net assets, end of year (000’s) | 751 | 777 | 678 | 641 | 646 | |||||||||||||||
Expenses to average net assets [B] | 2.21 | % | 2.28 | % | 2.26 | % | 2.23 | % | 2.21 | % | ||||||||||
Net investment income to average net assets | 10.55 | % | 3.26 | % | 5.53 | % | 6.84 | % | 6.19 | % | ||||||||||
Portfolio turnover rate | 7.28 | % | 7.66 | % | 6.23 | % | 9.19 | % | 5.65 | % |
Universal VIA Growth Allocation, L Share, M&E 1.50% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 17.36 | $ | 14.75 | $ | 12.27 | $ | 14.23 | $ | 11.96 | ||||||||||
Net Investment Income (Loss) [A] | (0.17 | ) | 0.01 | 0.31 | 0.19 | 0.12 | ||||||||||||||
Net realized and unrealized gains (losses) on securities | 2.32 | 2.60 | 2.17 | (2.15 | ) | 2.15 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 2.15 | 2.61 | 2.48 | (1.96 | ) | 2.27 | ||||||||||||||
Accumulation unit value at end of year | $ | 19.51 | $ | 17.36 | $ | 14.75 | $ | 12.27 | $ | 14.23 | ||||||||||
Total return | 12.38 | % | 17.69 | % | 20.21 | % | (13.77 | )% | 18.98 | % | ||||||||||
Net assets, end of year (000’s) | 74 | 124 | 106 | 88 | 102 | |||||||||||||||
Expenses to average net assets [B] | 2.21 | % | 2.28 | % | 2.26 | % | 2.23 | % | 2.21 | % | ||||||||||
Net investment income to average net assets | 10.55 | % | 3.26 | % | 5.53 | % | 6.84 | % | 6.19 | % | ||||||||||
Portfolio turnover rate | 7.28 | % | 7.66 | % | 6.23 | % | 9.19 | % | 5.65 | % |
[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
29
FINANCIAL HIGHLIGHTS
Universal VIA Growth Allocation, L Share, M&E 1.75% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 17.22 | $ | 14.65 | $ | 12.18 | $ | 14.14 | $ | 11.89 | ||||||||||
Net Investment Income (Loss) [A] | (0.17 | ) | 0.01 | 0.31 | 0.19 | 0.12 | ||||||||||||||
Net realized and unrealized gains (losses) on securities | 2.30 | 2.56 | 2.16 | (2.15 | ) | 2.13 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 2.13 | 2.57 | 2.47 | (1.96 | ) | 2.25 | ||||||||||||||
Accumulation unit value at end of year | $ | 19.35 | $ | 17.22 | $ | 14.65 | $ | 12.18 | $ | 14.14 | ||||||||||
Total return | 12.37 | % | 17.54 | % | 20.28 | % | (13.86 | )% | 18.92 | % | ||||||||||
Net assets, end of year (000’s) | 11,191 | 10,214 | 8,329 | 7,099 | 8,584 | |||||||||||||||
Expenses to average net assets [B] | 2.21 | % | 2.28 | % | 2.26 | % | 2.23 | % | 2.21 | % | ||||||||||
Net investment income to average net assets | 10.55 | % | 3.26 | % | 5.53 | % | 6.84 | % | 6.19 | % | ||||||||||
Portfolio turnover rate | 7.28 | % | 7.66 | % | 6.23 | % | 9.19 | % | 5.65 | % |
Universal VIA Growth Allocation, L Share, M&E 1.75% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 16.69 | $ | 14.22 | $ | 11.86 | $ | 13.78 | $ | 11.62 | ||||||||||
Net Investment Income (Loss) [A] | (0.17 | ) | 0.01 | 0.31 | 0.19 | 0.12 | ||||||||||||||
Net realized and unrealized gains (losses) on securities | 2.19 | 2.46 | 2.05 | (2.11 | ) | 2.04 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 2.02 | 2.47 | 2.36 | (1.92 | ) | 2.16 | ||||||||||||||
Accumulation unit value at end of year | $ | 18.71 | $ | 16.69 | $ | 14.22 | $ | 11.86 | $ | 13.78 | ||||||||||
Total return | 12.10 | % | 17.37 | % | 19.90 | % | (13.93 | )% | 18.59 | % | ||||||||||
Net assets, end of year (000’s) | 1,227 | 1,068 | 895 | 750 | 1,047 | |||||||||||||||
Expenses to average net assets [B] | 2.21 | % | 2.28 | % | 2.26 | % | 2.23 | % | 2.21 | % | ||||||||||
Net investment income to average net assets | 10.55 | % | 3.26 | % | 5.53 | % | 6.84 | % | 6.19 | % | ||||||||||
Portfolio turnover rate | 7.28 | % | 7.66 | % | 6.23 | % | 9.19 | % | 5.65 | % |
[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
30
FINANCIAL HIGHLIGHTS
Universal VIA Moderate Growth Allocation, B Share, M&E 1.40% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 17.64 | $ | 15.25 | $ | 13.10 | $ | 14.60 | $ | 12.75 | ||||||||||
Net Investment Income (Loss) [A] | (0.03 | ) | 0.37 | 0.44 | 0.39 | 0.22 | ||||||||||||||
Net realized and unrealized gains (losses) on securities | 1.57 | 2.02 | 1.71 | (1.89 | ) | 1.63 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 1.54 | 2.39 | 2.15 | (1.50 | ) | 1.85 | ||||||||||||||
Accumulation unit value at end of year | $ | 19.18 | $ | 17.64 | $ | 15.25 | $ | 13.10 | $ | 14.60 | ||||||||||
Total return | 8.73 | % | 15.67 | % | 16.41 | % | (10.27 | )% | 14.51 | % | ||||||||||
Net assets, end of year (000’s) | 38,423 | 34,410 | 29,802 | 25,168 | 27,777 | |||||||||||||||
Expenses to average net assets [B] | 2.09 | % | 2.13 | % | 2.11 | % | 2.12 | % | 2.16 | % | ||||||||||
Net investment income to average net assets | 8.16 | % | 3.02 | % | 4.46 | % | 5.08 | % | 4.88 | % | ||||||||||
Portfolio turnover rate | 4.76 | % | 5.67 | % | 4.30 | % | 4.66 | % | 7.33 | % |
Universal VIA Moderate Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 17.10 | $ | 14.81 | $ | 12.75 | $ | 14.23 | $ | 12.46 | ||||||||||
Net Investment Income (Loss) [A] | (0.03 | ) | 0.37 | 0.44 | 0.39 | 0.22 | ||||||||||||||
Net realized and unrealized gains (losses) on securities | 1.48 | 1.92 | 1.62 | (1.87 | ) | 1.55 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 1.45 | 2.29 | 2.06 | (1.48 | ) | 1.77 | ||||||||||||||
Accumulation unit value at end of year | $ | 18.55 | $ | 17.10 | $ | 14.81 | $ | 12.75 | $ | 14.23 | ||||||||||
Total return | 8.48 | % | 15.46 | % | 16.16 | % | (10.40 | )% | 14.21 | % | ||||||||||
Net assets, end of year (000’s) | 6,369 | 5,961 | 4,928 | 4,067 | 4,911 | |||||||||||||||
Expenses to average net assets [B] | 2.09 | % | 2.13 | % | 2.11 | % | 2.12 | % | 2.16 | % | ||||||||||
Net investment income to average net assets | 8.16 | % | 3.02 | % | 4.46 | % | 5.08 | % | 4.88 | % | ||||||||||
Portfolio turnover rate | 4.76 | % | 5.67 | % | 4.30 | % | 4.66 | % | 7.33 | % |
[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
31
FINANCIAL HIGHLIGHTS
Universal VIA Moderate Growth Allocation, B Share, M&E 1.65% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 17.49 | $ | 15.15 | $ | 13.05 | $ | 14.58 | $ | 12.77 | ||||||||||
Net Investment Income (Loss) [A] | (0.03 | ) | 0.37 | 0.44 | 0.39 | 0.22 | ||||||||||||||
Net realized and unrealized gains (losses) on securities | 1.50 | 1.97 | 1.66 | (1.92 | ) | 1.59 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 1.47 | 2.34 | 2.10 | (1.53 | ) | 1.81 | ||||||||||||||
Accumulation unit value at end of year | $ | 18.96 | $ | 17.49 | $ | 15.15 | $ | 13.05 | $ | 14.58 | ||||||||||
Total return | 8.40 | % | 15.45 | % | 16.09 | % | (10.49 | )% | 14.17 | % | ||||||||||
Net assets, end of year (000’s) | 10,326 | 9,922 | 11,047 | 10,821 | 14,687 | |||||||||||||||
Expenses to average net assets [B] | 2.09 | % | 2.13 | % | 2.11 | % | 2.12 | % | 2.16 | % | ||||||||||
Net investment income to average net assets | 8.16 | % | 3.02 | % | 4.46 | % | 5.08 | % | 4.88 | % | ||||||||||
Portfolio turnover rate | 4.76 | % | 5.67 | % | 4.30 | % | 4.66 | % | 7.33 | % |
Universal VIA Moderate Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 17.01 | $ | 14.77 | $ | 12.75 | $ | 14.27 | $ | 12.52 | ||||||||||
Net Investment Income (Loss) [A] | (0.03 | ) | 0.37 | 0.44 | 0.39 | 0.22 | ||||||||||||||
Net realized and unrealized gains (losses) on securities | 1.43 | 1.87 | 1.58 | (1.91 | ) | 1.53 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 1.40 | 2.24 | 2.02 | (1.52 | ) | 1.75 | ||||||||||||||
Accumulation unit value at end of year | $ | 18.41 | $ | 17.01 | $ | 14.77 | $ | 12.75 | $ | 14.27 | ||||||||||
Total return | 8.23 | % | 15.17 | % | 15.84 | % | (10.65 | )% | 13.98 | % | ||||||||||
Net assets, end of year (000’s) | 1,143 | 1,207 | 1,504 | 1,451 | 1,987 | |||||||||||||||
Expenses to average net assets [B] | 2.09 | % | 2.13 | % | 2.11 | % | 2.12 | % | 2.16 | % | ||||||||||
Net investment income to average net assets | 8.16 | % | 3.02 | % | 4.46 | % | 5.08 | % | 4.88 | % | ||||||||||
Portfolio turnover rate | 4.76 | % | 5.67 | % | 4.30 | % | 4.66 | % | 7.33 | % |
[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
32
FINANCIAL HIGHLIGHTS
Universal VIA Moderate Growth Allocation, C Share, M&E 1.95% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 16.18 | $ | 14.06 | $ | 12.15 | $ | 13.61 | $ | 11.96 | ||||||||||
Net Investment Income (Loss) [A] | (0.03 | ) | 0.37 | 0.44 | 0.39 | 0.22 | ||||||||||||||
Net realized and unrealized gains (losses) on securities | 1.34 | 1.75 | 1.47 | (1.85 | ) | 1.43 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 1.31 | 2.12 | 1.91 | (1.46 | ) | 1.65 | ||||||||||||||
Accumulation unit value at end of year | $ | 17.49 | $ | 16.18 | $ | 14.06 | $ | 12.15 | $ | 13.61 | ||||||||||
Total return | 8.10 | % | 15.08 | % | 15.72 | % | (10.73 | )% | 13.80 | % | ||||||||||
Net assets, end of year (000’s) | 1,367 | 1,247 | 1,290 | 1,334 | 1,312 | |||||||||||||||
Expenses to average net assets [B] | 2.09 | % | 2.13 | % | 2.11 | % | 2.12 | % | 2.16 | % | ||||||||||
Net investment income to average net assets | 8.16 | % | 3.02 | % | 4.46 | % | 5.08 | % | 4.88 | % | ||||||||||
Portfolio turnover rate | 4.76 | % | 5.67 | % | 4.30 | % | 4.66 | % | 7.33 | % |
Universal VIA Moderate Growth Allocation, C Share, M&E 1.95% Enhanced Death Benefit | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 15.68 | $ | 13.66 | $ | 11.82 | $ | 13.27 | $ | 11.68 | ||||||||||
Net Investment Income (Loss) [A] | (0.03 | ) | 0.37 | 0.44 | 0.39 | 0.22 | ||||||||||||||
Net realized and unrealized gains (losses) on securities | 1.27 | 1.65 | 1.40 | (1.84 | ) | 1.37 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 1.24 | 2.02 | 1.84 | (1.45 | ) | 1.59 | ||||||||||||||
Accumulation unit value at end of year | $ | 16.92 | $ | 15.68 | $ | 13.66 | $ | 11.82 | $ | 13.27 | ||||||||||
Total return | 7.91 | % | 14.79 | % | 15.57 | % | (10.93 | )% | 13.61 | % | ||||||||||
Net assets, end of year (000’s) | 582 | 779 | 693 | 498 | 496 | |||||||||||||||
Expenses to average net assets [B] | 2.09 | % | 2.13 | % | 2.11 | % | 2.12 | % | 2.16 | % | ||||||||||
Net investment income to average net assets | 8.16 | % | 3.02 | % | 4.46 | % | 5.08 | % | 4.88 | % | ||||||||||
Portfolio turnover rate | 4.76 | % | 5.67 | % | 4.30 | % | 4.66 | % | 7.33 | % |
[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
33
FINANCIAL HIGHLIGHTS
Universal VIA Moderate Growth Allocation, L Share, M&E 1.50% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 17.37 | $ | 15.02 | $ | 12.92 | $ | 14.41 | $ | 12.61 | ||||||||||
Net Investment Income (Loss) [A] | (0.03 | ) | 0.37 | 0.44 | 0.39 | 0.22 | ||||||||||||||
Net realized and unrealized gains (losses) on securities | 1.52 | 1.98 | 1.66 | (1.88 | ) | 1.58 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 1.49 | 2.35 | 2.10 | (1.49 | ) | 1.80 | ||||||||||||||
Accumulation unit value at end of year | $ | 18.86 | $ | 17.37 | $ | 15.02 | $ | 12.92 | $ | 14.41 | ||||||||||
Total return | 8.58 | % | 15.65 | % | 16.25 | % | (10.34 | )% | 14.27 | % | ||||||||||
Net assets, end of year (000’s) | 2,201 | 2,022 | 1,857 | 1,649 | 2,192 | |||||||||||||||
Expenses to average net assets [B] | 2.09 | % | 2.13 | % | 2.11 | % | 2.12 | % | 2.16 | % | ||||||||||
Net investment income to average net assets | 8.16 | % | 3.02 | % | 4.46 | % | 5.08 | % | 4.88 | % | ||||||||||
Portfolio turnover rate | 4.76 | % | 5.67 | % | 4.30 | % | 4.66 | % | 7.33 | % |
Universal VIA Moderate Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 16.83 | $ | 14.59 | $ | 12.58 | $ | 14.05 | $ | 12.31 | ||||||||||
Net Investment Income (Loss) [A] | (0.03 | ) | 0.37 | 0.44 | 0.39 | 0.22 | ||||||||||||||
Net realized and unrealized gains (losses) on securities | 1.44 | 1.87 | 1.57 | (1.86 | ) | 1.52 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 1.41 | 2.24 | 2.01 | (1.47 | ) | 1.74 | ||||||||||||||
Accumulation unit value at end of year | $ | 18.24 | $ | 16.83 | $ | 14.59 | $ | 12.58 | $ | 14.05 | ||||||||||
Total return | 8.38 | % | 15.35 | % | 15.98 | % | (10.46 | )% | 14.13 | % | ||||||||||
Net assets, end of year (000’s) | 209 | 245 | 213 | 299 | 415 | |||||||||||||||
Expenses to average net assets [B] | 2.09 | % | 2.13 | % | 2.11 | % | 2.12 | % | 2.16 | % | ||||||||||
Net investment income to average net assets | 8.16 | % | 3.02 | % | 4.46 | % | 5.08 | % | 4.88 | % | ||||||||||
Portfolio turnover rate | 4.76 | % | 5.67 | % | 4.30 | % | 4.66 | % | 7.33 | % |
[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
34
FINANCIAL HIGHLIGHTS
Universal VIA Moderate Growth Allocation, L Share, M&E 1.75% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 16.70 | $ | 14.48 | $ | 12.49 | $ | 13.96 | $ | 12.24 | ||||||||||
Net Investment Income (Loss) [A] | (0.03 | ) | 0.37 | 0.44 | 0.39 | 0.22 | ||||||||||||||
Net realized and unrealized gains (losses) on securities | 1.42 | 1.85 | 1.55 | (1.86 | ) | 1.50 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 1.39 | 2.22 | 1.99 | (1.47 | ) | 1.72 | ||||||||||||||
Accumulation unit value at end of year | $ | 18.09 | $ | 16.70 | $ | 14.48 | $ | 12.49 | $ | 13.96 | ||||||||||
Total return | 8.32 | % | 15.33 | % | 15.93 | % | (10.53 | )% | 14.05 | % | ||||||||||
Net assets, end of year (000’s) | 8,809 | 8,824 | 8,529 | 8,612 | 11,166 | |||||||||||||||
Expenses to average net assets [B] | 2.09 | % | 2.13 | % | 2.11 | % | 2.12 | % | 2.16 | % | ||||||||||
Net investment income to average net assets | 8.16 | % | 3.02 | % | 4.46 | % | 5.08 | % | 4.88 | % | ||||||||||
Portfolio turnover rate | 4.76 | % | 5.67 | % | 4.30 | % | 4.66 | % | 7.33 | % |
Universal VIA Moderate Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 16.18 | $ | 14.06 | $ | 12.15 | $ | 13.61 | $ | 11.96 | ||||||||||
Net Investment Income (Loss) [A] | (0.03 | ) | 0.37 | 0.44 | 0.39 | 0.22 | ||||||||||||||
Net realized and unrealized gains (losses) on securities | 1.34 | 1.75 | 1.47 | (1.85 | ) | 1.43 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 1.31 | 2.12 | 1.91 | (1.46 | ) | 1.65 | ||||||||||||||
Accumulation unit value at end of year | $ | 17.49 | $ | 16.18 | $ | 14.06 | $ | 12.15 | $ | 13.61 | ||||||||||
Total return | 8.10 | % | 15.08 | % | 15.72 | % | (10.73 | )% | 13.80 | % | ||||||||||
Net assets, end of year (000’s) | 2,348 | 2,225 | 2,011 | 2,114 | 3,180 | |||||||||||||||
Expenses to average net assets [B] | 2.09 | % | 2.13 | % | 2.11 | % | 2.12 | % | 2.16 | % | ||||||||||
Net investment income to average net assets | 8.16 | % | 3.02 | % | 4.46 | % | 5.08 | % | 4.88 | % | ||||||||||
Portfolio turnover rate | 4.76 | % | 5.67 | % | 4.30 | % | 4.66 | % | 7.33 | % |
[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
35
FINANCIAL HIGHLIGHTS
Universal VIA International Growth Allocation, B Share, M&E 1.40% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 13.03 | $ | 11.68 | $ | 9.76 | $ | 12.07 | $ | 9.47 | ||||||||||
Net Investment Income [A] | 0.20 | 0.19 | 0.52 | 0.45 | 0.29 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.59 | 1.16 | 1.40 | (2.76 | ) | 2.31 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 0.79 | 1.35 | 1.92 | (2.31 | ) | 2.60 | ||||||||||||||
Accumulation unit value at end of year | $ | 13.82 | $ | 13.03 | $ | 11.68 | $ | 9.76 | $ | 12.07 | ||||||||||
Total return | 6.06 | % | 11.56 | % | 19.67 | % | (19.14 | )% | 27.46 | % | ||||||||||
Net assets, end of year (000’s) | 2,468 | 2,110 | 1,917 | 1,497 | 1,831 | |||||||||||||||
Expenses to average net assets [B] | 2.44 | % | 2.52 | % | 2.26 | % | 2.23 | % | 2.21 | % | ||||||||||
Net investment income (loss) to average net assets | 3.30 | % | (1.38 | )% | (0.03 | )% | 3.88 | % | 0.28 | % | ||||||||||
Portfolio turnover rate | 8.03 | % | 5.16 | % | 7.68 | % | 10.01 | % | 8.69 | % |
Universal VIA International Growth Allocation, B Share, M&E 1.40% Enhanced Death Benefit | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 12.63 | $ | 11.34 | $ | 9.49 | $ | 11.77 | $ | 9.25 | ||||||||||
Net Investment Income [A] | 0.20 | 0.19 | 0.52 | 0.45 | 0.29 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.53 | 1.10 | 1.33 | (2.73 | ) | 2.23 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 0.73 | 1.29 | 1.85 | (2.28 | ) | 2.52 | ||||||||||||||
Accumulation unit value at end of year | $ | 13.36 | $ | 12.63 | $ | 11.34 | $ | 9.49 | $ | 11.77 | ||||||||||
Total return | 5.78 | % | 11.38 | % | 19.49 | % | (19.37 | )% | 27.24 | % | ||||||||||
Net assets, end of year (000’s) | 608 | 585 | 565 | 803 | 986 | |||||||||||||||
Expenses to average net assets [B] | 2.44 | % | 2.52 | % | 2.26 | % | 2.23 | % | 2.21 | % | ||||||||||
Net investment income (loss) to average net assets | 3.30 | % | (1.38 | )% | (0.03 | )% | 3.88 | % | 0.28 | % | ||||||||||
Portfolio turnover rate | 8.03 | % | 5.16 | % | 7.68 | % | 10.01 | % | 8.69 | % |
[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
36
FINANCIAL HIGHLIGHTS
Universal VIA International Growth Allocation, B Share, M&E 1.65% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 12.92 | $ | 11.60 | $ | 9.72 | $ | 12.06 | $ | 9.48 | ||||||||||
Net Investment Income [A] | 0.20 | 0.19 | 0.52 | 0.45 | 0.29 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.54 | 1.13 | 1.36 | (2.79 | ) | 2.29 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 0.74 | 1.32 | 1.88 | (2.34 | ) | 2.58 | ||||||||||||||
Accumulation unit value at end of year | $ | 13.66 | $ | 12.92 | $ | 11.60 | $ | 9.72 | $ | 12.06 | ||||||||||
Total return | 5.73 | % | 11.38 | % | 19.34 | % | (19.40 | )% | 27.22 | % | ||||||||||
Net assets, end of year (000’s) | 2,049 | 2,370 | 2,200 | 2,020 | 2,773 | |||||||||||||||
Expenses to average net assets [B] | 2.44 | % | 2.52 | % | 2.26 | % | 2.23 | % | 2.21 | % | ||||||||||
Net investment income (loss) to average net assets | 3.30 | % | (1.38 | )% | (0.03 | )% | 3.88 | % | 0.28 | % | ||||||||||
Portfolio turnover rate | 8.03 | % | 5.16 | % | 7.68 | % | 10.01 | % | 8.69 | % |
Universal VIA International Growth Allocation, B Share, M&E 1.65% Enhanced Death Benefit | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 12.57 | $ | 11.31 | $ | 9.49 | $ | 11.80 | $ | 9.30 | ||||||||||
Net Investment Income [A] | 0.20 | 0.19 | 0.52 | 0.45 | 0.29 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.49 | 1.07 | 1.30 | (2.76 | ) | 2.21 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 0.69 | 1.26 | 1.82 | (2.31 | ) | 2.50 | ||||||||||||||
Accumulation unit value at end of year | $ | 13.26 | $ | 12.57 | $ | 11.31 | $ | 9.49 | $ | 11.80 | ||||||||||
Total return | 5.49 | % | 11.14 | % | 19.18 | % | (19.58 | )% | 26.88 | % | ||||||||||
Net assets, end of year (000’s) | 384 | 397 | 384 | 343 | 1,000 | |||||||||||||||
Expenses to average net assets [B] | 2.44 | % | 2.52 | % | 2.26 | % | 2.23 | % | 2.21 | % | ||||||||||
Net investment income (loss) to average net assets | 3.30 | % | (1.38 | )% | (0.03 | )% | 3.88 | % | 0.28 | % | ||||||||||
Portfolio turnover rate | 8.03 | % | 5.16 | % | 7.68 | % | 10.01 | % | 8.69 | % |
[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
37
FINANCIAL HIGHLIGHTS
Universal VIA International Growth Allocation, C Share, M&E 1.95% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 11.96 | $ | 10.77 | $ | 9.05 | $ | 11.26 | $ | 8.88 | ||||||||||
Net Investment Income [A] | 0.20 | 0.19 | 0.52 | 0.45 | 0.29 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.44 | 1.00 | 1.20 | (2.66 | ) | 2.09 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 0.64 | 1.19 | 1.72 | (2.21 | ) | 2.38 | ||||||||||||||
Accumulation unit value at end of year | $ | 12.60 | $ | 11.96 | $ | 10.77 | $ | 9.05 | $ | 11.26 | ||||||||||
Total return | 5.35 | % | 11.05 | % | 19.01 | % | (19.63 | )% | 26.80 | % | ||||||||||
Net assets, end of year (000’s) | 301 | 307 | 271 | 215 | 282 | |||||||||||||||
Expenses to average net assets [B] | 2.44 | % | 2.52 | % | 2.26 | % | 2.23 | % | 2.21 | % | ||||||||||
Net investment income (loss) to average net assets | 3.30 | % | (1.38 | )% | (0.03 | )% | 3.88 | % | 0.28 | % | ||||||||||
Portfolio turnover rate | 8.03 | % | 5.16 | % | 7.68 | % | 10.01 | % | 8.69 | % |
Universal VIA International Growth Allocation, C Share, M&E 1.65% Enhanced Death Benefit | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 11.59 | $ | 10.46 | $ | 8.80 | $ | 10.98 | $ | 8.68 | ||||||||||
Net Investment Income [A] | 0.20 | 0.19 | 0.52 | 0.45 | 0.29 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.40 | 0.94 | 1.14 | (2.63 | ) | 2.01 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 0.60 | 1.13 | 1.66 | (2.18 | ) | 2.30 | ||||||||||||||
Accumulation unit value at end of year | $ | 12.19 | $ | 11.59 | $ | 10.46 | $ | 8.80 | $ | 10.98 | ||||||||||
Total return | 5.18 | % | 10.80 | % | 18.86 | % | (19.85 | )% | 26.50 | % | ||||||||||
Net assets, end of year (000’s) | 16 | 16 | 15 | 13 | 13 | |||||||||||||||
Expenses to average net assets [B] | 2.44 | % | 2.52 | % | 2.26 | % | 2.23 | % | 2.21 | % | ||||||||||
Net investment income (loss) to average net assets | 3.30 | % | (1.38 | )% | (0.03 | )% | 3.88 | % | 0.28 | % | ||||||||||
Portfolio turnover rate | 8.03 | % | 5.16 | % | 7.68 | % | 10.01 | % | 8.69 | % |
[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
38
FINANCIAL HIGHLIGHTS
Universal VIA International Growth Allocation, L Share, M&E 1.50% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 12.83 | $ | 11.51 | $ | 9.62 | $ | 11.92 | $ | 9.36 | ||||||||||
Net Investment Income [A] | 0.20 | 0.19 | 0.52 | 0.45 | 0.29 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.56 | 1.13 | 1.37 | (2.75 | ) | 2.27 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 0.76 | 1.32 | 1.89 | (2.30 | ) | 2.56 | ||||||||||||||
Accumulation unit value at end of year | $ | 13.59 | $ | 12.83 | $ | 11.51 | $ | 9.62 | $ | 11.92 | ||||||||||
Total return | 5.92 | % | 11.47 | % | 19.65 | % | (19.30 | )% | 27.35 | % | ||||||||||
Net assets, end of year (000’s) | 176 | 166 | 160 | 134 | 166 | |||||||||||||||
Expenses to average net assets [B] | 2.44 | % | 2.52 | % | 2.26 | % | 2.23 | % | 2.21 | % | ||||||||||
Net investment income (loss) to average net assets | 3.30 | % | (1.38 | )% | (0.03 | )% | 3.88 | % | 0.28 | % | ||||||||||
Portfolio turnover rate | 8.03 | % | 5.16 | % | 7.68 | % | 10.01 | % | 8.69 | % |
Universal VIA International Growth Allocation, L Share, M&E 1.50% Enhanced Death Benefit | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 12.43 | $ | 11.17 | $ | 9.36 | $ | 11.62 | $ | 9.15 | ||||||||||
Net Investment Income [A] | 0.20 | 0.19 | 0.52 | 0.45 | 0.29 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.51 | 1.07 | 1.29 | (2.71 | ) | 2.18 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 0.71 | 1.26 | 1.81 | (2.26 | ) | 2.47 | ||||||||||||||
Accumulation unit value at end of year | $ | 13.14 | $ | 12.43 | $ | 11.17 | $ | 9.36 | $ | 11.62 | ||||||||||
Total return | 5.71 | % | 11.28 | % | 19.34 | % | (19.45 | )% | 26.99 | % | ||||||||||
Net assets, end of year (000’s) | 12 | 12 | 10 | 36 | 50 | |||||||||||||||
Expenses to average net assets [B] | 2.44 | % | 2.52 | % | 2.26 | % | 2.23 | % | 2.21 | % | ||||||||||
Net investment income (loss) to average net assets | 3.30 | % | (1.38 | )% | (0.03 | )% | 3.88 | % | 0.28 | % | ||||||||||
Portfolio turnover rate | 8.03 | % | 5.16 | % | 7.68 | % | 10.01 | % | 8.69 | % |
[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
39
FINANCIAL HIGHLIGHTS
Universal VIA International Growth Allocation, L Share, M&E 1.75% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 12.34 | $ | 11.09 | $ | 9.30 | $ | 11.55 | $ | 9.09 | ||||||||||
Net Investment Income [A] | 0.20 | 0.19 | 0.52 | 0.45 | 0.29 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.49 | 1.06 | 1.27 | (2.70 | ) | 2.17 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 0.69 | 1.25 | 1.79 | (2.25 | ) | 2.46 | ||||||||||||||
Accumulation unit value at end of year | $ | 13.03 | $ | 12.34 | $ | 11.09 | $ | 9.30 | $ | 11.55 | ||||||||||
Total return | 5.59 | % | 11.27 | % | 19.25 | % | (19.48 | )% | 27.06 | % | ||||||||||
Net assets, end of year (000’s) | 1,226 | 1,174 | 1,124 | 1,076 | 1,525 | |||||||||||||||
Expenses to average net assets [B] | 2.44 | % | 2.52 | % | 2.26 | % | 2.23 | % | 2.21 | % | ||||||||||
Net investment income (loss) to average net assets | 3.30 | % | (1.38 | )% | (0.03 | )% | 3.88 | % | 0.28 | % | ||||||||||
Portfolio turnover rate | 8.03 | % | 5.16 | % | 7.68 | % | 10.01 | % | 8.69 | % |
Universal VIA International Growth Allocation, L Share, M&E 1.75% Enhanced Death Benefit | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 11.96 | $ | 10.77 | $ | 9.05 | $ | 11.26 | $ | 8.88 | ||||||||||
Net Investment Income [A] | 0.20 | 0.19 | 0.52 | 0.45 | 0.29 | |||||||||||||||
Net realized and unrealized gains (losses) on securities | 0.44 | 1.00 | 1.20 | (2.66 | ) | 2.09 | ||||||||||||||
Net increase (decrease) in accumulation unit value | 0.64 | 1.19 | 1.72 | (2.21 | ) | 2.38 | ||||||||||||||
Accumulation unit value at end of year | $ | 12.60 | $ | 11.96 | $ | 10.77 | $ | 9.05 | $ | 11.26 | ||||||||||
Total return | 5.35 | % | 11.05 | % | 19.01 | % | (19.63 | )% | 26.80 | % | ||||||||||
Net assets, end of year (000’s) | 347 | 297 | 262 | 222 | 389 | |||||||||||||||
Expenses to average net assets [B] | 2.44 | % | 2.52 | % | 2.26 | % | 2.23 | % | 2.21 | % | ||||||||||
Net investment income (loss) to average net assets | 3.30 | % | (1.38 | )% | (0.03 | )% | 3.88 | % | 0.28 | % | ||||||||||
Portfolio turnover rate | 8.03 | % | 5.16 | % | 7.68 | % | 10.01 | % | 8.69 | % |
[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
40
FINANCIAL HIGHLIGHTS
Universal VIA Money Market, B Share, M&E 1.40% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 7.55 | $ | 7.67 | $ | 7.72 | $ | 7.89 | $ | 8.04 | ||||||||||
Net Investment Income (Loss) [A] | (0.54 | ) | 0.07 | 0.03 | (0.23 | ) | (0.24 | ) | ||||||||||||
Net realized and unrealized gains (losses) on securities | 0.39 | (0.19 | ) | (0.08 | ) | 0.06 | 0.09 | |||||||||||||
Net (decrease) in accumulation unit value | (0.15 | ) | (0.12 | ) | (0.05 | ) | (0.17 | ) | (0.15 | ) | ||||||||||
Accumulation unit value at end of year | $ | 7.40 | $ | 7.55 | $ | 7.67 | $ | 7.72 | $ | 7.89 | ||||||||||
Total return | (1.99 | )% | (1.56 | )% | (0.65 | )% | (2.15 | )% | (1.87 | )% | ||||||||||
Net assets, end of year (000’s) | 1,385 | 2,627 | 2,748 | 1,785 | 2,476 | |||||||||||||||
Expenses to average net assets [B] | 2.39 | % | 2.35 | % | 2.68 | % | 2.32 | % | 2.19 | % | ||||||||||
Net investment (loss) to average net assets | (2.12 | )% | (1.93 | )% | (0.99 | )% | (2.31 | )% | (2.19 | )% | ||||||||||
Portfolio turnover rate | 29.32 | % | 117.91 | % | 76.45 | % | 78.10 | % | 67.82 | % |
Universal VIA Money Market, B Share, M&E 1.40% Enhanced Death Benefit | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 7.33 | $ | 7.46 | $ | 7.52 | $ | 7.70 | $ | 7.87 | ||||||||||
Net Investment Income (Loss) [A] | (0.54 | ) | 0.07 | 0.03 | (0.23 | ) | (0.24 | ) | ||||||||||||
Net realized and unrealized gains (losses) on securities | 0.38 | (0.20 | ) | (0.09 | ) | 0.05 | 0.07 | |||||||||||||
Net (decrease) in accumulation unit value | (0.16 | ) | (0.13 | ) | (0.06 | ) | (0.18 | ) | (0.17 | ) | ||||||||||
Accumulation unit value at end of year | $ | 7.17 | $ | 7.33 | $ | 7.46 | $ | 7.52 | $ | 7.70 | ||||||||||
Total return | (2.18 | )% | (1.74 | )% | (0.80 | )% | (2.34 | )% | (2.16 | )% | ||||||||||
Net assets, end of year (000’s) | 502 | 524 | 161 | 264 | 534 | |||||||||||||||
Expenses to average net assets [B] | 2.39 | % | 2.35 | % | 2.68 | % | 2.32 | % | 2.19 | % | ||||||||||
Net investment (loss) to average net assets | (2.12 | )% | (1.93 | )% | (0.99 | )% | (2.31 | )% | (2.19 | )% | ||||||||||
Portfolio turnover rate | 29.32 | % | 117.91 | % | 76.45 | % | 78.10 | % | 67.82 | % |
[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
41
FINANCIAL HIGHLIGHTS
Universal VIA Money Market, B Share, M&E 1.65% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 7.53 | $ | 7.68 | $ | 7.74 | $ | 7.93 | $ | 8.11 | ||||||||||
Net Investment Income (Loss) [A] | (0.54 | ) | 0.07 | 0.03 | (0.23 | ) | (0.24 | ) | ||||||||||||
Net realized and unrealized gains (losses) on securities | 0.38 | (0.22 | ) | (0.09 | ) | 0.04 | 0.06 | |||||||||||||
Net (decrease) in accumulation unit value | (0.16 | ) | (0.15 | ) | (0.06 | ) | (0.19 | ) | (0.18 | ) | ||||||||||
Accumulation unit value at end of year | $ | 7.37 | $ | 7.53 | $ | 7.68 | $ | 7.74 | $ | 7.93 | ||||||||||
Total return | (2.12 | )% | (1.95 | )% | (0.78 | )% | (2.40 | )% | (2.22 | )% | ||||||||||
Net assets, end of year (000’s) | 821 | 1,090 | 683 | 1,537 | 850 | |||||||||||||||
Expenses to average net assets [B] | 2.39 | % | 2.35 | % | 2.68 | % | 2.32 | % | 2.19 | % | ||||||||||
Net investment (loss) to average net assets | (2.12 | )% | (1.93 | )% | (0.99 | )% | (2.31 | )% | (2.19 | )% | ||||||||||
Portfolio turnover rate | 29.32 | % | 117.91 | % | 76.45 | % | 78.10 | % | 67.82 | % |
Universal VIA Money Market, B Share, M&E 1.65% Enhanced Death Benefit | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 7.14 | $ | 7.29 | $ | 7.36 | $ | 7.56 | $ | 7.75 | ||||||||||
Net Investment Income (Loss) [A] | (0.54 | ) | 0.07 | 0.03 | (0.23 | ) | (0.24 | ) | ||||||||||||
Net realized and unrealized gains (losses) on securities | 0.37 | (0.22 | ) | (0.10 | ) | 0.03 | 0.05 | |||||||||||||
Net (decrease) in accumulation unit value | (0.17 | ) | (0.15 | ) | (0.07 | ) | (0.20 | ) | (0.19 | ) | ||||||||||
Accumulation unit value at end of year | $ | 6.97 | $ | 7.14 | $ | 7.29 | $ | 7.36 | $ | 7.56 | ||||||||||
Total return | (2.38 | )% | (2.06 | )% | (0.95 | )% | (2.65 | )% | (2.45 | )% | ||||||||||
Net assets, end of year (000’s) | 60 | 126 | 137 | 139 | 149 | |||||||||||||||
Expenses to average net assets [B] | 2.39 | % | 2.35 | % | 2.68 | % | 2.32 | % | 2.19 | % | ||||||||||
Net investment (loss) to average net assets | (2.12 | )% | (1.93 | )% | (0.99 | )% | (2.31 | )% | (2.19 | )% | ||||||||||
Portfolio turnover rate | 29.32 | % | 117.91 | % | 76.45 | % | 78.10 | % | 67.82 | % |
[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
42
FINANCIAL HIGHLIGHTS
Universal VIA Money Market, C Share, M&E 1.95% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 6.96 | $ | 7.11 | $ | 7.19 | $ | 7.39 | $ | 7.58 | ||||||||||
Net Investment Income (Loss) [A] | (0.54 | ) | 0.07 | 0.03 | (0.23 | ) | (0.24 | ) | ||||||||||||
Net realized and unrealized gains (losses) on securities | 0.36 | (0.22 | ) | (0.11 | ) | 0.03 | 0.05 | |||||||||||||
Net (decrease) in accumulation unit value | (0.18 | ) | (0.15 | ) | (0.08 | ) | (0.20 | ) | (0.19 | ) | ||||||||||
Accumulation unit value at end of year | $ | 6.78 | $ | 6.96 | $ | 7.11 | $ | 7.19 | $ | 7.39 | ||||||||||
Total return | (2.59 | )% | (2.11 | )% | (1.11 | )% | (2.71 | )% | (2.51 | )% | ||||||||||
Net assets, end of year (000’s) | 411 | 415 | 429 | 506 | 615 | |||||||||||||||
Expenses to average net assets [B] | 2.39 | % | 2.35 | % | 2.68 | % | 2.32 | % | 2.19 | % | ||||||||||
Net investment (loss) to average net assets | (2.12 | )% | (1.93 | )% | (0.99 | )% | (2.31 | )% | (2.19 | )% | ||||||||||
Portfolio turnover rate | 29.32 | % | 117.91 | % | 76.45 | % | 78.10 | % | 67.82 | % |
Universal VIA Money Market, C Share, M&E 1.95% Enhanced Death Benefit | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 6.75 | $ | 6.91 | $ | 7.00 | $ | 7.21 | $ | 7.41 | ||||||||||
Net Investment Income (Loss) [A] | (0.54 | ) | 0.07 | 0.03 | (0.23 | ) | (0.24 | ) | ||||||||||||
Net realized and unrealized gains (losses) on securities | 0.36 | (0.23 | ) | (0.12 | ) | 0.02 | 0.04 | |||||||||||||
Net (decrease) in accumulation unit value | (0.18 | ) | (0.16 | ) | (0.09 | ) | (0.21 | ) | (0.20 | ) | ||||||||||
Accumulation unit value at end of year | $ | 6.57 | $ | 6.75 | $ | 6.91 | $ | 7.00 | $ | 7.21 | ||||||||||
Total return | (2.67 | )% | (2.32 | )% | (1.29 | )% | (2.91 | )% | (2.70 | )% | ||||||||||
Net assets, end of year (000’s) | 172 | 203 | 212 | 218 | 222 | |||||||||||||||
Expenses to average net assets [B] | 2.39 | % | 2.35 | % | 2.68 | % | 2.32 | % | 2.19 | % | ||||||||||
Net investment (loss) to average net assets | (2.12 | )% | (1.93 | )% | (0.99 | )% | (2.31 | )% | (2.19 | )% | ||||||||||
Portfolio turnover rate | 29.32 | % | 117.91 | % | 76.45 | % | 78.10 | % | 67.82 | % |
[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
43
FINANCIAL HIGHLIGHTS
Universal VIA Money Market, L Share, M&E 1.50% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | - | $ | - | $ | - | $ | - | $ | 7.96 | ||||||||||
Net Investment (Loss) [A] | (0.54 | ) | - | - | - | (0.24 | ) | |||||||||||||
Net realized and unrealized gains on securities | 7.82 | - | - | - | 0.07 | |||||||||||||||
Net increase (decrease) in accumulation unit value | 7.28 | - | - | - | (0.17 | ) | ||||||||||||||
Accumulation unit value at end of year | $ | 7.28 | $ | - | $ | - | $ | - | $ | 7.79 | ||||||||||
Total return | - | % | - | % | - | % | - | % | (2.14 | )% | ||||||||||
Net assets, end of year (000’s) | 1 | - | - | - | 263 | |||||||||||||||
Expenses to average net assets [B] | 2.39 | % | - | % | - | % | - | % | 2.19 | % | ||||||||||
Net investment (loss) to average net assets | (2.12 | )% | - | % | - | % | - | % | (2.19 | )% | ||||||||||
Portfolio turnover rate | 29.32 | % | - | % | - | % | - | % | 67.82 | % |
Universal VIA Money Market, L Share, M&E 1.50% Enhanced Death Benefit | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 7.22 | $ | 7.36 | $ | 7.42 | $ | 7.61 | $ | 7.79 | ||||||||||
Net Investment Income (Loss) [A] | (0.54 | ) | 0.07 | 0.03 | (0.23 | ) | (0.24 | ) | ||||||||||||
Net realized and unrealized gains (losses) on securities | 0.37 | (0.21 | ) | (0.09 | ) | 0.04 | 0.06 | |||||||||||||
Net (decrease) in accumulation unit value | (0.17 | ) | (0.14 | ) | (0.06 | ) | (0.19 | ) | (0.18 | ) | ||||||||||
Accumulation unit value at end of year | $ | 7.05 | $ | 7.22 | $ | 7.36 | $ | 7.42 | $ | 7.61 | ||||||||||
Total return | (2.35 | )% | (1.90 | )% | (0.81 | )% | (2.50 | )% | (2.31 | )% | ||||||||||
Net assets, end of year (000’s) | 3 | 4 | 4 | 15 | 573 | |||||||||||||||
Expenses to average net assets [B] | 2.39 | % | 2.35 | % | 2.68 | % | 2.32 | % | 2.19 | % | ||||||||||
Net investment (loss) to average net assets | (2.12 | )% | (1.93 | )% | (0.99 | )% | (2.31 | )% | (2.19 | )% | ||||||||||
Portfolio turnover rate | 29.32 | % | 117.91 | % | 76.45 | % | 78.10 | % | 67.82 | % |
[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
44
FINANCIAL HIGHLIGHTS
Universal VIA Money Market, L Share, M&E 1.75% | ||||||||||||||||||||
Year | Year | Year | Year | Year | ||||||||||||||||
Ending | Ending | Ending | Ending | Ending | ||||||||||||||||
Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2021 | 2020 | 2019 | 2018[C] | 2017[C] | ||||||||||||||||
Accumulation unit value at beginning of year | $ | 7.24 | $ | 7.39 | $ | 7.45 | $ | 7.64 | $ | 7.83 | ||||||||||
Net Investment Income (Loss) [A] | (0.54 | ) | 0.07 | 0.03 | (0.23 | ) | (0.24 | ) | ||||||||||||
Net realized and unrealized gains (losses) on securities | 0.37 | (0.22 | ) | (0.09 | ) | 0.04 | 0.05 | |||||||||||||
Net (decrease) in accumulation unit value | (0.17 | ) | (0.15 | ) | (0.06 | ) | (0.19 | ) | (0.19 | ) | ||||||||||
Accumulation unit value at end of year | $ | 7.07 | $ | 7.24 | $ | 7.39 | $ | 7.45 | $ | 7.64 | ||||||||||
Total return | (2.35 | )% | (2.03 | )% | (0.81 | )% | (2.49 | )% | (2.43 | )% | ||||||||||
Net assets, end of year (000’s) | 390 | 601 | 451 | 737 | 1,333 | |||||||||||||||
Expenses to average net assets [B] | 2.39 | % | 2.35 | % | 2.68 | % | 2.32 | % | 2.19 | % | ||||||||||
Net investment (loss) to average net assets | (2.12 | )% | (1.93 | )% | (0.99 | )% | (2.31 | )% | (2.19 | )% | ||||||||||
Portfolio turnover rate | 29.32 | % | 117.91 | % | 76.45 | % | 78.10 | % | 67.82 | % |
[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
45
At December 31, 2021
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 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. 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 VIA Money Market (“VIA Money Mrkt Alloc”) |
Each Subaccount invests substantially all of its investable assets among mutual funds. Assets within the Separate Account are legally insulated from ULICO assets. The only shareholders of the Separate Account are contract holders of the Universal VIA annuity product issued by ULICO.
The Fortune V Separate Account maintains Morningstar Investment Management LLC as the Portfolio Construction Manager to serve as asset allocation consultant in connection with the management of the Sub-Accounts with the exception of the Money Market Portfolio. Morningstar Investment Management LLC is a registered investment adviser and wholly owned subsidiary of Morningstar, Inc.
The Statement of Additional Information (“SAI”) provides information about the portfolio managers’ compensation, other accounts managed by the portfolio managers, and the portfolio managers’ ownership of securities in the Variable Account. The SAI, is available without charge upon request by calling 1-787-706-7337 and on the SEC’s website at www.sec.gov.
2. SIGNIFICANT ACCOUNTING POLICIES
Use of Estimates: In preparing the Subaccounts’ financial statements in accordance with Generally Accepted Accounting Principles in the United States of America (“GAAP”), estimates or assumptions (which could differ from actual results) may be used that affect reported amounts and disclosures.
Security transactions: Security transactions are accounted for on the trade date. Security gains and losses are calculated on the specific identification basis. Net realized gains (losses) are included in the statement of operations.
Operating expenses: The Separate Account, accounts separately for the assets, liabilities, and operations of each Subaccount. Each Subaccount indirectly bears the fees and expenses reflected in the underlying mutual funds unit value. These expenses are not reflected in the expenses within the Statements of Operations of the Subaccount and are not included in the Expenses to average net assets, and Net investment income (loss) to average net assets within the Financial Highlights.
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.
46
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, 2021, 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 FACTORS
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 and Coronavirus: 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 go down.
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The COVID-19 pandemic has caused substantial market disruption around the world, including the U.S. There have been periods of extreme volatility, and periods where there have been no buyers for certain securities, including U.S. Treasury securities. Some sectors of the economy and individual issuers have experienced particularly large losses. The pandemic has reduced liquidity of particular investments and asset classes; resulted in significant disruptions to business operations, including business closures; strained healthcare systems; disrupted supply chains, consumer demand and employee availability; and restricted travel. These conditions may continue for an extended period of time, or worsen. The pandemic may result in a sustained domestic or global economic downturn or recession. Developing or emerging market countries may be more adversely impacted. The ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers, are not known.
The U.S. government and the Federal Reserve, as well as certain foreign governments and central banks, have taken extraordinary actions to support local and global economies and the financial markets in response to the COVID-19 pandemic. These actions have resulted in significant expansion of public debt, including in the U.S. The long-term consequences of this level of public debt are not known. In addition, certain interest rates have been reduced to very low levels. This and other government intervention into the economy and financial markets to address the pandemic may not work as intended, particularly if the efforts are perceived by investors as being unlikely to achieve the desired results.
The COVID-19 pandemic could continue to adversely affect the value and liquidity of a Subaccount’s investments, impair a Subaccount’s ability to satisfy redemption requests, and negatively impact a Subaccount’s performance.
Because Universal Life’s business is written in Puerto Rico, Universal Life’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 Universal Life’s policyholders, which would result in significantly increased losses to Universal Life. Management believes, however, that Universal Life’s reinsurance program will reduce to a manageable level its net exposure in any such catastrophe.
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 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, 2021. Advisory fees due to UFS as of December 31, 2021 amounted to $172,626, 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 $13,500 during 2021 from ULICO.
During the year ended December 31, 2021, the Subaccounts incurred no brokerage commissions on security transactions.
6. PURCHASES AND SALES OF SECURITIES
For the year ended December 31, 2021, the cost of securities purchased and proceeds from securities sold are as follows:
Subaccount | Purchases of Securities | Sales of Securities | ||||||
Universal VIA Conservative Allocation | $ | 16,905,046 | $ | 22,343,306 | ||||
Universal VIA Moderate Allocation | 68,103,071 | 73,702,447 | ||||||
Universal VIA Moderate Growth Allocation | 13,891,909 | 8,881,914 | ||||||
Universal VIA Growth Allocation | 9,377,049 | 4,625,291 | ||||||
Universal VIA International Moderate Growth Allocation | 915,014 | 929,235 | ||||||
Universal VIA Money Market | 1,301,550 | 3,144,052 |
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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 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, 2021 amounted to $515,672 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 28, 2022, the date the financial statements were issued. No other events have occurred subsequent to December 31, 2021 that would require disclosure in the financial statements.
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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 “Separate Account”) (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 3 l, 202 l, 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 three 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, 2021, 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 three years in the period then ended, in conformity with U.S. generally accepted accounting principles.
Basis for Opinion
These financial statements are the responsibility of the Separate Account’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 the Separate Account 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 Separate Account is not required to have, nor were we engaged to perform, an audit of the Fund’s internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Separate Account’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, 2021, 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.
We have served as the auditor of one or more Universal investment companies since 2021.
San Juan, Puerto Rico
February 28, 2022
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Board Members and Officers
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) Held with Registrant | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director | Other Directors hips Held by Director | ||||||
Manuel O. Morera, CPA, CGMA (1956) | Member, Board | Since 2021 | Accountant, tax and business advisor as a sole practitioner. | 1 | None | ||||||
Francisco J. Perdomo, CPA (1961) | Member, Board | Since 2021 | PSV & Co., PSC (accounting firm), Managing Director and Certified Public Accountant. | 1 | None |
The members of the Board listed above are not “interested persons” of the Variable Account within the meaning of section 2(a)(19) of the 1940 Act (“Independent Board Members”).
(1) | (2) | (3) | (4) | (5) | (6) | ||||||
Name and Year of Birth | Position(s) Held with Registrant | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | Number of Portfolios in Fund Complex Overseen by Director | Other Directors hips Held by Director | ||||||
Waldemar Fabery- Villaespesa (1965) | Member, Board | Since 2021 | Special Counsel, Toro Colón Mullet, P.S.C., a legal services firm | 1 | None |
* | 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. |
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OFFICERS
The mailing address of each officer is c/o Universal Life Insurance Company, PO Box 2171, San Juan, PR 00922 – 2171. The following table shows information about the officers, including their year of birth, their positions held with the Variable Account and their principal occupations during the past five years (their titles may have varied during that period). Each officer will hold office until his or her successor has been duly elected or appointed or until his or her earlier death, resignation or removal.
(1) | (2) | (3) | (4) | ||||
Name and Year of Birth | Position(s) Held with Registrant | Term of Office and Length of Time Served | Principal Occupation(s) During Past 5 Years | ||||
John Blue (1977) | Chief Compliance 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. Benitez (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. Martinez, CPA (1964) | Secretary & Treasurer | Since 2021 | CFO Universal Group, Previously COO Triple S Propiedad (1999 to 2014), SIMED and ASC Finance Manager (1991 to 1999) and Audit Supervisor with KPMG (1987 to 1991). |
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(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, 2020 and December 31, 2021.
(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, 2020 and December 31, 2021 were $53,000 and $43,000, respectively. |
(b) | AUDIT RELATED FEES: No such fees were billed to the Registrant by E&Y for the fiscal years ended December 31, 2020 and December 31, 2021. |
(c) | TAX FEES: The aggregate fees billed for professional services rendered by E&Y for tax compliance, tax advice, and tax planning for the fiscal years ended December 31, 2020 and December 31, 2021 were $0 and $0, respectively. Such services included the review of the Fund’s tax and excise returns. |
(d) | ALL OTHER FEES: No such fees were billed to the Registrant by E&Y for the fiscal years ended December 31, 2020 and December 31, 2021. |
(e) | (1) The Registrant’s audit committee pre-approves all audit and non-audit services to be performed by the Registrant’s accountant before the accountant is engaged by the Registrant to perform such services. |
(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows: |
(b) | Not applicable |
(c) | 100% |
(d) | Not applicable |
(f) | Not applicable. |
(g) | 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, 2020 and December 31, 2021 were $0 and $0, respectively. |
(h) | Not applicable. |
(i) | Not applicable. |
(j) | Not applicable. |
Item 5. Audit Committee of Listed Registrants.
(a) | Not applicable. |
(b) | Not applicable. |
Item 6. Investments.
(a) | Included as part of the report to shareholders filed under Item 1 of this Form N-CSR. |
(b) | Not applicable. |
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not Applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not Applicable.
Item 11. Controls and Procedures.
(a) The Fund’s principal executive and principal financial officers have concluded that the Fund’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the 1940 Act) are effective, as of a date within 90 days of the filing date of this Form N-CSR based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act) and Rules 13a-15(b) or 15d-15(b) under the 1934 Act).
(b) There were no changes in the Fund’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Fund’s internal control over financial reporting.
Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not Applicable.
Item 13. Exhibits.
(a) (1) | Code of Ethics is filed herewith. |
(a) (2) | The certifications required by Rule 30a-2(a) under the 1940 Act are filed herewith. |
(a) (3) | Not applicable. |
(a)(4) | Not applicable. |
(b) | Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 is filed herewith. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
FORTUNE V SEPARATE ACCOUNT | ||
By: | /s/ Jose C. Benitez | |
Jose C. Benitez Principal Executive Officer | ||
Date: | March 1, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/ Jose C. Benitez | |
Jose C. Benitez Principal Executive Officer | ||
Date: | March 1, 2022 | |
By: | /s/ Roberto J. Martinez | |
Roberto J. Martinez Principal Financial Officer & Secretary | ||
Date: | March 1, 2022 |