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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-17f-2
Certificate of Accounting of Securities and Similar
Investments in the Custody of
Management Investment Companies
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
1. Investment Company Act File Number: | Date examination completed: | |||||||||||
811-23677 | March 31, 2022 | |||||||||||
2. State identification Number: | ||||||||||||
AL | AK | AZ | AR | CA | CO | |||||||
CT | DE | DC | FL | GA | HI | |||||||
ID | IL | IN | IA | KS | KY | |||||||
LA | ME | MD | MA | MI | MN | |||||||
MS | MO | MT | NE | NV | NH | |||||||
NJ | NM | NY | NC | ND | OH | |||||||
OK | OR | PA | RI | SC | SD | |||||||
TN | TX | UT | VT | VA | WA | |||||||
WV | WI | WY | PUERTO RICO | |||||||||
Other (specify):
|
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3. Exact name of investment company as specified in registration statement: | ||||||||||||
Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc. | ||||||||||||
4. Address of principal executive office (number, street, city, state, zip code): | ||||||||||||
American International Plaza Building - Tenth Floor, 250 Munoz Rivera Avenue, San Juan, Puerto Rico 00918 |
Ernst & Young LLP 1 Manhattan West New York, NY 10001 |
Tel: +1 212 773 3000 www.ey.com |
Independent Accountants Report
The Board of Directors of Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc.
We have examined managements assertion, included in the accompanying Report of Management on Compliance with Certain Provisions of the Investment Company Act of 1940, that Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc. (the Fund), complied with the requirements of subsections (b) and (c) of Rule 17f-2 under the Investment Company Act of 1940 (the Act) as of March 31, 2022. Management is responsible for its assertion about compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of the Act (the specified requirements). Our responsibility is to express an opinion on managements assertion about the Funds compliance with the specified requirements based on our examination.
Our examination was conducted in accordance with the attestation standards established by the American Institute of Certified Public Accountants (AICPA) Those standards require that we plan and perform the examination to obtain reasonable assurance about whether managements assertion about compliance with the specified requirements is fairly stated, in all material respects. An examination involves performing procedures to obtain evidence about whether managements assertion is fairly stated, in all material respects. The nature, timing, and extent of the procedures selected depend on our judgment, including an assessment of the risks of material misstatement of managements assertion, whether due to fraud or error. We believe that the evidence we obtained is sufficient and appropriate to provide a reasonable basis for our opinion.
We are required to be independent of the Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc., and to meet our other ethical responsibilities, as applicable for examination engagements set forth in the Preface: Applicable to All Members and Part 1 Members in Public Practice of the Code of Professional Conduct established by the AICPA.
Included among our procedures were the following tests performed as of March 31, 2022 and with respect to agreement of security purchases and sales or maturities, for the period from December 1, 2021 (the immediate date after our last examination), through March 31, 2022:
| Confirmation of all securities held by JPMorgan Chase & Co (Custodian), brokers and others; |
| Reconciliation of all such securities to the books and records of the Fund and the Custodian; |
| Confirmation of all repurchase agreements with broker/banks and agreement of underlying collateral with the Custodians records; when replies were not received from brokers and others, we performed other auditing procedures; and |
| Agreement of one security purchase and one security sale or maturity since our last report from the books and records of the Fund to broker confirmations. |
We believe that our examination provides a reasonable basis for our opinion. Our examination does not provide a legal determination on the Funds compliance with the specified requirements.
In our opinion, managements assertion that the Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc., complied with the requirements of subsections (b) and (c) of Rule 17f-2 of the Act as of March 31, 2022, with respect to securities reflected in the investment account of the Fund is fairly stated, in all material respects.
This report is intended solely for the information and use of management and the Board of Directors of Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc., and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.
/s/ Ernst & Young LLP
New York, New York
April 19, 2024
2
Report of Management on Compliance with Certain Provisions of the
Investment Company Act of 1940
April 19, 2024
We, as members of management of Tax-Free Fixed Income Fund V for Puerto Rico Residents, Inc., (the Fund) are responsible for complying with the requirements of subsections (b) and (c) of Rule 17f-2, Custody of Investments by Registered Management Investment Companies, of the Investment Company Act of 1940 (the Act). We are also responsible for establishing and maintaining effective internal controls over compliance with those requirements. We have performed an evaluation of the Funds compliance with the requirements of subsections (b) and (c) of Rule 17f-2 as of March 31, 2022 and from December 1, 2021 through March 31, 2022.
Based on this evaluation, we assert that the Fund was in compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of the Act as of March 31, 2022 and from December 1, 2021 through March 31, 2022, with respect to securities reflected in the investment account of the Fund.
Sincerely,
Tax-Free Fixed Income Fund V for PR Residents, Inc.
/s/ Claudio Ballester
/s/ William Rivera
Claudio Ballester
Executive Director of the Fund Administrator
William Rivera
Executive Director of the Investor Advisor