# EDGAR Filing Document

**Accession Number:** 0001137184
**File Stem:** 0001398344-26-010349
**Filing Date:** 2026-6
**Character Count:** 118247
**Document Hash:** bf745a7795bbea7a68c26c3634aeb1f6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-010349.hdr.sgml**: 20260604

**ACCESSION NUMBER**: 0001398344-26-010349

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260604

**DATE AS OF CHANGE**: 20260604

**EFFECTIVENESS DATE**: 20260604

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** POPULAR TOTAL RETURN FUND INC
- **CENTRAL INDEX KEY:** 0001137184

**ORGANIZATION NAME:**

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23695
- **FILM NUMBER:** 261065949

**BUSINESS ADDRESS:**
- **STREET 1:** 209 MUNOZ RIVERA AVENUE
- **STREET 2:** SUITE 1901
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00918

## Series and Classes Contracts Data

### Popular Total Return Fund (Series ID: S000074342)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000232082 | Class A Shares |  |
| C000232083 | Class C Shares |  |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

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: 811-23695

**Popular Total Return Fund, Inc.**

(Exact name of Registrant as specified in charter)

**Popular Center North Building, Second Level (Fine Arts), 209 Muñoz Rivera Avenue, San Juan, Puerto Rico 00918**

(Address of Principal Executive Offices) (Zip code)

Registrant's Telephone Number, including Area Code: +1 (787) 754-4488

**Antonio J. Santos, Esq.**

**Secretary**

**Popular Center North Building, Second Level (Fine Arts), 209 Muñoz Rivera Avenue, San Juan, Puerto Rico 00918**

(Name and Address of Agent for Service)

Date of fiscal year end: <u>March 31</u>

Date of reporting period: <u>April 1, 2025 - March 31, 2026</u>

Item 1. **Report to Stockholders.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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").

**# POPULAR TOTAL RETURN FUND, INC. – CLASS A SHARES

#### TICKER: TRAFX
ANNUAL SHAREHOLDER REPORT — March 31, 2026

## Fund Overview
This annual shareholder report contains important information about Popular Total Return Fund, Inc. - Class A Shares for the period of April 1, 2025 to March 31, 2026. For more complete information, you may review the Fund's prospectus, which is available at https://www.popularfunds.com/open-end-funds-resources.

You can find additional information about the Fund at https://www.popularfunds.com/total-return-fund. You can also request this information by contacting us at 787-758-7400.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment (annualized) |
| Class A Shares | $164 | 1.64% |

---

## How did the Fund perform since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i9e9a524dde43ee63e0a2e5cc.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Class A Shares - without sales charge | Class A Shares - with sales charge | S&P Target Risk Growth Index | S&P 500<sup>®</sup> Total Return Index |
| 05/21 | $10000 | $9649 | $10000 | $10000 |
| 03/22 | $9943 | $9594 | $9965 | $11033 |
| 03/23 | $9153 | $8832 | $9425 | $10180 |
| 03/24 | $10382 | $10018 | $10789 | $13222 |
| 03/25 | $10827 | $10448 | $11465 | $14313 |
| 03/26 | $12163 | $11737 | $13169 | $16861 |

---

## How did the Fund perform during the last twelve months?
For the fiscal year ended on March 31, 2026, the Popular Total Return Fund, Inc. (the "Fund") Class A shares returned 12.34%. During the period, the NAV increased by $3.23, from $28.19 to $31.42, and it distributed an annual dividend of $0.25 per share.

The Fund's performance was driven by strong global equity market gains that reached record highs across all major asset classes. Furthermore, expectations of AI-related productivity gains, easing trade/ tariff tensions, and increased expectations of FOMC's rate cuts boosted equity markets throughout the fiscal year. Nevertheless, towards the end of the period the Iran conflict disrupted markets as oil prices surged to levels not seen since 2022. The event heightened inflation concerns and volatility causing markets to give back some of the gains.

Within asset classes, International Developed Markets and U.S. Small-Cap equities, represented by the Vanguard FTSE Developed Markets ETF and the iShares Russell 2000 ETF, posted strong returns of 30.06% and 25.65%, respectively. Fixed Income, represented by The Bloomberg U.S. Aggregate Bond Index, posted a 4.35% total return, reflecting a more stable but modest performance compared to equities during this period. The Fund's positive performance benefited from an overweight in U.S. Large-Cap stocks, although it was partially offset by an underweight to International Markets. Also, the Fund maintained equity exposure near 57%, below the 60% benchmark, which combined with Fund expenses, resulted in a relative underperformance versus the benchmark. The Fund's asset allocation reflected a tactical stance guided by careful consideration of valuation levels, macroeconomic uncertainty, and the potential for heightened geopolitical risks to impact asset prices.

It's important to emphasize that the benchmark index does not incur any expenses. The Fund declares yearly dividends, if any, and returns are presented before taxes without considering any tax advantage on dividends.

### Average Annual Total Returns as of March 31, 2026

---

| | | |
|:---|:---|:---|
| Popular Total Return Fund, Inc. | 1 Year | Since Inception |
| Class A Shares - without sales charge (Incep. May 21, 2021) | 12.34% | 4.11% |
| Class A Shares - with sales charge | 8.42% | 3.35% |
| S&P Target Risk Growth Index | 14.87% | 5.83% |
| S&P 500<sup>®</sup> Total Return Index | 17.80% | 11.35% |

---

Performance data quoted represents past performance and does not guarantee future results.

The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund since the effective date of the Fund's registration statement, which occurred on May 21, 2021. This graph assumes reinvestment of all dividends and capital gains. The returns shown in the table are total returns, which assume the reinvestment of dividends and capital gains.

The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

### Fund Statistics as of March 31, 2026
* Total Net Assets$68,177,969

* # of Portfolio Holdings44

* Portfolio Turnover Rate18%

* Advisory Fees Paid$348,250

## What did the Fund invest in?

### Top Ten Holdings

### (% of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top 10.1 |
| Vanguard S&P 500 ETF | 34.60% |
| Vanguard FTSE Developed Markets ETF | 14.75% |
| Vanguard FTSE Emerging Markets ETF | 4.99% |
| United States Treasury Bill 04/23/2026 | 4.93% |
| U.S. Treasury Note 11/30/2028 | 2.64% |
| Fannie Mae Pool CB1152 07/01/2051 | 2.47% |
| U.S. Treasury Note 07/31/2026 | 2.04% |
| Ginnie Mae II Pool BQ2093 04/20/2051 | 1.87% |
| U.S. Treasury Note 08/31/2026 | 1.83% |
| U.S. Treasury Bond 08/15/2034 | 1.79% |

---

### Portfolio Weightings

### (% of Total Investments)
![Group By Sector Chart](ib010bafde17be5a92347af53.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| U.S. Large-Cap Equities - | 34.49% |
| U.S. Agency Mortgage-Backed Securities (P.R. Geo) - | 22.67% |
| U.S. Government and Agency Obligations - | 20.50% |
| International Developed Markets - | 14.70% |
| International Emerging Markets - | 4.97% |
| U.S. Mid-Cap Equities - | 1.77% |
| U.S. Small-Cap Equities - | 0.90% |

---

### Asset Class Weightings

### (% of Total Investments)
![Group By Asset Type Chart](i2575c733051666348380cb18.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Equities - | 56.83% |
| Fixed Income - | 43.17% |

---

## Material Fund Changes
There have been no material fund changes during the reporting period.

## Additional Information
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.popularfunds.com/total-return-fund.

#### POPULAR TOTAL RETURN FUND, INC. – CLASS A SHARES

#### TICKER: TRAFX
ANNUAL SHAREHOLDER REPORT — March 31, 2026

## Householding
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Fund's transfer agent at 787-758-7400.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.popularfunds.com/open-end-funds-resources](ifd38caa71dac8757facf18f7.jpg)

*Distributor, Popular Securities, LLC.*

#### Phone: 787-758-7400
U73175108–A–03312026

# POPULAR TOTAL RETURN FUND, INC. – CLASS C SHARES

#### TICKER: TRCFX
ANNUAL SHAREHOLDER REPORT — March 31, 2026

## Fund Overview
This annual shareholder report contains important information about Popular Total Return Fund, Inc. - Class C Shares for the period of April 1, 2025 to March 31, 2026. For more complete information, you may review the Fund's prospectus, which is available at https://www.popularfunds.com/open-end-funds-resources.

You can find additional information about the Fund at https://www.popularfunds.com/total-return-fund. You can also request this information by contacting us at 787-758-7400.

## What were the Fund's costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| Class Name | Cost of a $10,000 Investment | Cost Paid as a percentage of a $10,000 Investment (annualized) |
| Class C Shares | $240 | 2.40% |

---

## How did the Fund perform since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](icd227518986b76110218bd5a.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Class C Shares - without sales charge | S&P Target Risk Growth Index | S&P 500<sup>®</sup> Total Return Index |
| 05/21 | $10000 | $10000 | $10000 |
| 03/22 | $9879 | $9965 | $11033 |
| 03/23 | $9027 | $9425 | $10180 |
| 03/24 | $10162 | $10789 | $13222 |
| 03/25 | $10514 | $11465 | $14313 |
| 03/26 | $11728 | $13169 | $16861 |

---

## How did the Fund perform during the last twelve months?
For the fiscal year ended on March 31, 2026, the Popular Total Return Fund, Inc. (the "Fund") Class C shares returned 11.54%. During the period, the NAV increased by $3.19, from $27.72 to $30.91, and it did not pay any dividends.

The Fund's performance was driven by strong global equity market gains that reached record highs across all major asset classes. Furthermore, expectations of AI-related productivity gains, easing trade/ tariff tensions, and increased expectations of FOMC's rate cuts boosted equity markets throughout the fiscal year. Nevertheless, towards the end of the period the Iran conflict disrupted markets as oil prices surged to levels not seen since 2022. The event heightened inflation concerns and volatility causing markets to give back some of the gains.

Within asset classes, International Developed Markets and U.S. Small-Cap equities, represented by the Vanguard FTSE Developed Markets ETF and the iShares Russell 2000 ETF, posted strong returns of 30.06% and 25.65%, respectively. Fixed Income, represented by The Bloomberg U.S. Aggregate Bond Index, posted a 4.35% total return, reflecting a more stable but modest performance compared to equities during this period. The Fund's positive performance benefited from an overweight in U.S. Large-Cap stocks, although it was partially offset by an underweight to International Markets. Also, the Fund maintained equity exposure near 57%, below the 60% benchmark, which combined with Fund expenses, resulted in a relative underperformance versus the benchmark. The Fund's asset allocation reflected a tactical stance guided by careful consideration of valuation levels, macroeconomic uncertainty, and the potential for heightened geopolitical risks to impact asset prices.

It's important to emphasize that the benchmark index does not incur any expenses. The Fund declares yearly dividends, if any, and returns are presented before taxes without considering any tax advantage on dividends.

### Average Annual Total Returns as of March 31, 2026

---

| | | |
|:---|:---|:---|
| Popular Total Return Fund, Inc. | 1 Year | Since Inception |
| Class C Shares - without sales charge (Incep. May 21, 2021) | 11.54% | 3.33% |
| Class C Shares - with sales charge | 10.54% | 3.33% |
| S&P Target Risk Growth Index | 14.87% | 5.83% |
| S&P 500<sup>®</sup> Total Return Index | 17.80% | 11.35% |

---

Performance data quoted represents past performance and does not guarantee future results.

The graph above represents historical performance of a hypothetical investment of $10,000 in the Fund since the effective date of the Fund's registration statement, which occurred on May 21, 2021. This graph assumes reinvestment of all dividends and capital gains. The returns shown in the table are total returns, which assume the reinvestment of dividends and capital gains.

The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on fund distributions or the redemption of fund shares.

### Fund Statistics as of March 31, 2026
* Total Net Assets$68,177,969

* # of Portfolio Holdings44

* Portfolio Turnover Rate18%

* Advisory Fees Paid$348,250

## What did the Fund invest in?

### Top Ten Holdings

### (% of Net Assets)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Top 10.1 |
| Vanguard S&P 500 ETF | 34.60% |
| Vanguard FTSE Developed Markets ETF | 14.75% |
| Vanguard FTSE Emerging Markets ETF | 4.99% |
| United States Treasury Bill 04/23/2026 | 4.93% |
| U.S. Treasury Note 11/30/2028 | 2.64% |
| Fannie Mae Pool CB1152 07/01/2051 | 2.47% |
| U.S. Treasury Note 07/31/2026 | 2.04% |
| Ginnie Mae II Pool BQ2093 04/20/2051 | 1.87% |
| U.S. Treasury Note 08/31/2026 | 1.83% |
| U.S. Treasury Bond 08/15/2034 | 1.79% |

---

### Portfolio Weightings

### (% of Total Investments)
![Group By Sector Chart](ib010bafde17be5a92347af53.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| U.S. Large-Cap Equities - | 34.49% |
| U.S. Agency Mortgage-Backed Securities (P.R. Geo) - | 22.67% |
| U.S. Government and Agency Obligations - | 20.50% |
| International Developed Markets - | 14.70% |
| International Emerging Markets - | 4.97% |
| U.S. Mid-Cap Equities - | 1.77% |
| U.S. Small-Cap Equities - | 0.90% |

---

### Asset Class Weightings

### (% of Total Investments)
![Group By Asset Type Chart](i2575c733051666348380cb18.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Equities - | 56.83% |
| Fixed Income - | 43.17% |

---

## Material Fund Changes
There have been no material fund changes during the reporting period.

## Additional Information
Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.popularfunds.com/total-return-fund.

#### POPULAR TOTAL RETURN FUND, INC. – CLASS C SHARES

#### TICKER: TRCFX
ANNUAL SHAREHOLDER REPORT — March 31, 2026

## Householding
If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Fund's transfer agent at 787-758-7400.

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.popularfunds.com/open-end-funds-resources](ifd38caa71dac8757facf18f7.jpg)

*Distributor, Popular Securities, LLC.*

#### Phone: 787-758-7400
U73175306–A–03312026**

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

Item 2. **Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant,
 as of the end of the period covered by this report, has adopted a Code of Ethics that applies to the Registrant's principal executive
 officer, principal financial officer, principal accounting officer or controller or any persons performing similar functions on behalf
 of the Registrant.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the period covered by this
 report, no amendments to the provisions of the Code of Ethics referred to above in Item 2(a) were made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the period covered by this
 report, no implicit or explicit waivers to the provisions of the Code of Ethics referred to above in Item 2(a) were granted.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Registrant's Code of Ethics
 is attached as Exhibit 19(a)(1) hereto.

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

The Board of Directors ("Board") of the Registrant has determined that the Registrant has at least one Audit Committee Financial Expert serving on its audit committee. During the period covered by this report, Enrique Vila del Corral served as the Registrant's Audit Committee Financial Expert through December 31, 2025, at which time he resigned. The Board designated Miguel Venta as the Registrant's Audit Committee Financial Expert effective upon Mr. Vila del Corral's resignation. Mr. Venta is "independent" as that term is defined in paragraph (a)(2) of Item 3 to Form N-CSR.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Audit Fees</u>: Audit fees are fees related to the audit and review of the Fund's financial statements included in annual reports and
 registration statements and other services that are normally provided by the independent registered public accounting firm in connection
 with statutory and regulatory filings or engagements ("Audit Fees"). The aggregate Audit Fees billed by Ernst & Young
 LLP ("EY") for the fiscal years ended March 31, 2025, and March 31, 2026, were $52,581 and $55,966, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Audit-Related Fees</u>: Audit-related fees are fees for assurance and related services that are reasonably related to the performance of the audit
 or review of financial statements, but are not reported as audit fees ("Audit-Related Fees"). There were no aggregate fees
 billed in each of the last two fiscal years ending March 31, 2025 and March 31, 2026 for assurance and related services that are reasonably
 related to the performance of the audit of the Fund's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Tax Fees</u>: Tax fees are fees associated with tax compliance,
 tax advice and tax planning ("Tax Fees"). The aggregate Tax Fees billed for professional services for tax compliance billed
 by EY for the fiscal years ended March 31, 2025, and March 31, 2026, were $11,000 and $11,000, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>All Other Fees</u>: Other fees are fees billed for products and services provided to the Fund other than the services reported in "Audit
 Fees," "Audit-Related Fees," and "Tax Fees" above ("Other Fees"). There were no aggregate Other
 Fees billed by EY for the fiscal years ended March 31, 2025, and March 31, 2026.

(e)(1) <u>Audit Committee Pre-Approval Policies and Procedures</u>: All services to be performed by the Registrant's principal accountant must be pre-approved by the Registrant's Audit Committee.

(e)(2) No services described in paragraphs (b) through (d) of this Item 4 were approved by the Registrant's audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Non-Audit Fees</u>: The aggregate non-audit fees for services rendered to the Registrant, its co-investment advisers and any entity controlling,
 controlled by or under common control with the co-advisers that provide ongoing services to the Registrant ("Non-Audit Fees")
 billed by EY for the fiscal years ended March 31, 2025, and March 31, 2026, were $15,294,630 and $25,483,457, respectively.

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable to the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

Item 6. **Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments (as set
 forth in 17 CFR 210.12-12) is included as part of the Report to Stockholders filed under Item 7 of this Form N-CSR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

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

![](fp0098463-1_01.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| **Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies** | **1** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schedule of Investments | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement of Operations | 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial Highlights | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes to Financial Statements | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Report of Independent Registered Public Accounting Firm | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Information | 23 |
| **Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | **24** |
| **Item 9 – Proxy Disclosures for Open-End Management Investment Companies** | **25** |
| **Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | **26** |
| **Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract** | **27** |

---

Popular Total Return Fund, Inc.

ITEM 7 – Financial Statements and Financial Highlights for

Open-End Management Investment Companies

Annual Report \| March 31, 2026 1

---

| | |
|:---|:---|
| Popular Total Return Fund, Inc. | Schedule of Investments |

---

*March 31, 2026*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **Puerto Rico GNMA Bonds (14.44%)<sup>(a)</sup>** | **Puerto Rico GNMA Bonds (14.44%)<sup>(a)</sup>** |  |  |  |
| $198306 | GNMA Pool 733426 | 2.500% | 06/15/30 | $191200 |
| 63410 | GNMA Pool 783588 | 3.000% | 06/15/27 | 63017 |
| 508270 | GNMA Pool 758874 | 3.000% | 04/15/38 | 465943 |
| 692227 | GNMA Pool 635189 | 3.000% | 04/15/47 | 623496 |
| 633072 | GNMA Pool AZ5544 | 3.000% | 07/15/47 | 570208 |
| 353535 | GNMA Pool 609166 | 4.000% | 07/15/33 | 347362 |
| 319057 | GNMA Pool 711449 | 5.000% | 08/15/39 | 329251 |
| 16900 | GNMA Pool 636420 | 5.500% | 12/15/29 | 16949 |
| 29551 | GNMA Pool 528152 | 5.500% | 01/15/34 | 29648 |
| 22308 | GNMA Pool 608593 | 6.500% | 04/15/34 | 22834 |
| 971597 | GNMA II Pool BQ2084 | 2.000% | 02/20/36 | 895106 |
| 734973 | GNMA II Pool BQ2089 | 2.000% | 03/20/36 | 677113 |
| 766440 | GNMA II Pool BQ2072 | 2.000% | 11/20/50 | 625606 |
| 923674 | GNMA II Pool BZ3667 | 2.000% | 01/20/51 | 753912 |
| 1023377 | GNMA II Pool BQ2080 | 2.000% | 01/20/51 | 835367 |
| 761425 | GNMA II Pool BQ2090 | 2.000% | 03/20/51 | 621503 |
| 598711 | GNMA II Pool 635160 | 2.500% | 01/20/47 | 519924 |
| 1089378 | GNMA II Pool AD6342 | 3.000% | 08/20/47 | 981241 |
| 1575976 | GNMA II Pool BQ2093 | 2.000% | 04/20/51 | 1278026 |
| **Total Puerto Rico GNMA Bonds** | **Total Puerto Rico GNMA Bonds** |  |  | $9847706 |
| **(Cost $11,494,313)** | **(Cost $11,494,313)** |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **Puerto Rico Fannie Mae Bonds (7.27%)<sup>(b)</sup>** | **Puerto Rico Fannie Mae Bonds (7.27%)<sup>(b)</sup>** |  |  |  |
| 675152 | FNMA Pool BQ7430 | 1.500% | 09/01/36 | 607511 |
| 526005 | FNMA Pool CB1622 | 2.000% | 08/01/51 | 427640 |
| 400431 | FNMA Pool AX5539 | 3.000% | 07/01/46 | 360630 |
| 475229 | FNMA Pool CA7757 | 3.000% | 10/01/50 | 418288 |
| 1231050 | FNMA Pool BQ7454 | 3.000% | 12/01/51 | 1082218 |
| 162772 | FNMA Pool AV7031 | 3.500% | 11/01/29 | 160529 |
| 219570 | FNMA Pool AX5538 | 3.500% | 07/01/31 | 215681 |
| 1908348 | FNMA Pool CB1152 | 3.000% | 07/01/51 | 1683499 |
| **Total Puerto Rico Fannie Mae Bonds** | **Total Puerto Rico Fannie Mae Bonds** |  |  | $4955996 |
| **(Cost $5,202,051)** | **(Cost $5,202,051)** |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **Puerto Rico Freddie Mac Bonds (1.04%)<sup>(c)</sup>** | **Puerto Rico Freddie Mac Bonds (1.04%)<sup>(c)</sup>** |  |  |  |
| 871856 | Freddie Mac Pool QC 7890 | 2.000% | 09/01/51 | 707944 |
| **(Cost $878,852)** | **(Cost $878,852)** |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **US Government and Agency Obligations (20.57%)** | **US Government and Agency Obligations (20.57%)** |  |  |  |
| 1075000 | U.S. Treasury Bond | 3.875% | 08/15/33 | 1055306 |
| 1250000 | U.S. Treasury Bond | 3.875% | 08/15/34 | 1218213 |
| 1180000 | U.S. Treasury Note | 3.375% | 09/15/27 | 1172302 |
| 550000 | U.S. Treasury Note | 3.625% | 05/15/26 | 549881 |
| 1250000 | U.S. Treasury Note | 3.750% | 08/31/26 | 1249803 |

---

 

*See Notes to Financial Statements.*

2 (787) 754-4488 \| www.popular.com

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| | |
|:---|:---|
| Popular Total Return Fund, Inc. | Schedule of Investments |

---

*March 31, 2026*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **US Government and Agency Obligations (20.57%) (continued)** | **US Government and Agency Obligations (20.57%) (continued)** |  |  |  |
| $810000 | U.S. Treasury Note | 4.250% | 01/15/28 | $815727 |
| 1390000 | U.S. Treasury Note | 4.375% | 07/31/26 | 1392925 |
| 1775000 | U.S. Treasury Note | 4.375% | 11/30/28 | 1799545 |
| 290000 | U.S. Treasury Note | 4.875% | 04/30/26 | 290255 |
| 1115000 | United States Treasury Bill<sup>(d)</sup> | 0.000% | 04/02/26 | 1114887 |
| 3370000 | United States Treasury Bill<sup>(d)</sup> | 0.000% | 04/23/26 | 3362525 |
| **Total US Government and Agency Obligations** | **Total US Government and Agency Obligations** |  |  | $14021369 |
| **(Cost $14,006,445)** | **(Cost $14,006,445)** |  |  |  |

---

---

| | | |
|:---|:---|:---|
| **Shares/Description** | **Shares/Description** | **Value** |
| **EXCHANGE TRADED FUNDS (57.01%)** | **EXCHANGE TRADED FUNDS (57.01%)** |  |
| **International Index Funds (19.73%)** | **International Index Funds (19.73%)** |  |
| 156879 | Vanguard FTSE Developed Markets ETF | $10052806 |
| 62924 | Vanguard FTSE Emerging Markets ETF | 3401042 |
|  |  | 13453848 |
| **US Index Funds (37.28%)** | **US Index Funds (37.28%)** |  |
| 2490 | iShares Russell 2000 ETF | 617520 |
| 4213 | Vanguard Mid-Cap ETF | 1209889 |
| 39477 | Vanguard S&P 500 ETF | 23589482 |
|  |  | 25416891 |
| **TOTAL EXCHANGE TRADED FUNDS** | **TOTAL EXCHANGE TRADED FUNDS** |  |
| **(Cost $26,254,343)** | **(Cost $26,254,343)** | **38870739** |
| **Total Investments (100.33%)** | **Total Investments (100.33%)** |  |
| **(Cost $57,836,004)** | **(Cost $57,836,004)** | $**68403754** |
| **Liabilities in Excess of Other Assets (-0.33%)** | **Liabilities in Excess of Other Assets (-0.33%)** | (225785) |
| **NET ASSETS (100.00%)** | **NET ASSETS (100.00%)** | $**68177969** |

---

*<sup>(a)</sup>* *Puerto Rico GNMA - Represents mortgage-backed obligations guaranteed by the Government National Mortgage Association. They are subject to principal paydowns as a result of prepayments or refinancing of the underlying mortgage instruments. As a result, the average life may be substantially less than the original maturity.*

*<sup>(b)</sup>* *Puerto Rico Fannie Mae - Represents mortgage-backed obligations guaranteed by the Federal National Mortgage Association. They are subject to principal paydowns as a result of prepayments or refinancing of the underlying mortgage instruments. As a result, the average life may be substantially less than the original maturity.*

*<sup>(c)</sup>* *Puerto Rico Freddie Mac - Represents mortgage-backed obligations guaranteed by the Federal Home Loan Mortgage Corporation. They are subject to principal paydowns as a result of prepayments or refinancing of the underlying mortgage instruments. As a result, the average life may be substantially less than the original maturity.*

*<sup>(d)</sup>* *Issued with a zero coupon. Income is recognized through the accretion of discount.*

 

*See Notes to Financial Statements.*

Annual Report \| March 31, 2026 3

---

| | |
|:---|:---|
| Popular Total Return Fund, Inc. | Statement of Assets and Liabilities |

---

*March 31, 2026*

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities, at fair value (cost $57,836,004) | 68403754 |
| Cash and cash equivalents | 302117 |
| Interest receivable | 111489 |
| Receivable for fund shares issued | 82552 |
| Prepaid and other assets | 19529 |
| **Total Assets** | 68919441 |
| **LIABILITIES:** |  |
| Payable for fund shares redeemed | 7070 |
| Payable for distributions to shareholders | 529483 |
| Payable for shareholder servicing | 14439 |
| Payable to Adviser | 29419 |
| Payable to fund accounting and administration | 13338 |
| Payable for Transfer Agency fees | 3023 |
| Payable to Directors | 5880 |
| Payable for Legal fees | 20096 |
| Payable for Compliance fees | 1102 |
| Payable for Custodian fees | 1020 |
| Payable for Audit fees | 69178 |
| Other payables | 47424 |
| **Total Liabilities** | 741472 |
| **Net Assets** | $68177969 |
| **NET ASSETS CONSIST OF:** |  |
| Paid-in capital - $0.01 par value, 2,000,000,020 shares authorized, 2,170,688 issued and outstanding | $21707 |
| Total distributable earnings | 68156262 |
| **Net Assets** | $68177969 |
| **PRICING OF SHARES:** |  |
| **Class A Shares** |  |
| Net Assets | $67021793 |
| Shares outstanding | 2133287 |
| Net asset value per share | $31.42 |
| **Class C Shares** |  |
| Net Assets | 1156176 |
| Shares outstanding | 37401 |
| Net asset value per share | $30.91 |

---

 

*See Notes to Financial Statements.*

4 (787) 754-4488 \| www.popular.com

---

| | |
|:---|:---|
| Popular Total Return Fund, Inc. | Statement of Operations |

---

*For the year ended March 31, 2026*

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Interest | $988605 |
| Dividends (net of withholding tax $80,644) | 629431 |
| **Total Investment Income** | 1618036 |
| **EXPENSES:** |  |
| Investment Adviser fees | $348250 |
| Distribution Fees |  |
| &nbsp;&nbsp;&nbsp;Class A | 169552 |
| &nbsp;&nbsp;&nbsp;Class C | 14218 |
| Accounting and Administration fees | 103324 |
| Compliance fees | 13445 |
| Transfer agent fees | 43322 |
| Audit fees | 57395 |
| Legal fees | 224089 |
| Custodian fees | 8651 |
| Director fees | 14490 |
| Registration fees | 5720 |
| Printing fees | 25765 |
| Insurance fees | 68436 |
| Other fees | 52731 |
| **Total Expenses** | 1149388 |
| **Net Investment Income** | 468648 |
| **Net Realized and Unrealized Gain/(Loss) on Investments:** |  |
| Net realized gain on: |  |
| &nbsp;&nbsp;&nbsp;Investments | 6386433 |
| Net change in unrealized appreciation on: |  |
| &nbsp;&nbsp;&nbsp;Investments | 1106615 |
| **Net Realized and Unrealized Gain on Investments** | 7493048 |
| **Net Increase in Net Assets Resulting from Operations** | $7961696 |

---

*See Notes to Financial Statements.*

Annual Report \| March 31, 2026 5

---

| | |
|:---|:---|
| Popular Total Return Fund, Inc. | Statements of Changes in Net Assets |

---

---

| | | |
|:---|:---|:---|
| | **For the<br> Year Ended<br> March 31, 2026** | **For the<br> Year Ended<br> March 31, 2025** |
| **NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $468648 | $291993 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 6386433 | 5241314 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 1106615 | (2373660) |
| &nbsp;&nbsp;&nbsp;Net increase in net assets resulting from operations | 7961696 | 3159647 |
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A dividends** | (529483) | (262066) |
| &nbsp;&nbsp;&nbsp;**Class C dividends** | – | – |
| **Net decrease in net assets from distributions to shareholders** | (529483) | (262066) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| **Class A Common Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued | 2973962 | 1773899 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 98389 | 251101 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (7570653) | (10180667) |
| **Net decrease in net assets from capital share transactions** | (4498302) | (8155667) |
| **Class C Common Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued | 18780 | 7200 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends |  | 4196 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (794289) | (1428788) |
| **Net decrease in net assets from capital share transactions** | (775509) | (1417392) |
| **Net Increase/(Decrease) in Net Assets** | 2158402 | (6675478) |
| **NET ASSETS:** |  |  |
| Beginning of period | 66019567 | 72695045 |
| End of period | $68177969 | $66019567 |

---

*See Notes to Financial Statements.*

6 (787) 754-4488 \| www.popular.com

---

| | |
|:---|:---|
| Popular Total Return Fund, Inc. | Financial Highlights |

---

Class A *For a share outstanding during the years presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the <br> Year Ended <br> March 31, <br> 2026** | **For the <br> Year Ended <br> March 31, <br> 2025** | **For the <br> Year Ended <br> March 31, <br> 2024** | **For the <br> Year Ended <br> March 31, <br> 2023** | **For the <br> Year Ended <br> March 31, <br> 2022** |
| Net asset value - beginning of period | $28.19 | $27.14 | $24.14 | $26.42 | $25.93 |
| **Income/(loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.21 | 0.12 | 0.24 | 0.17 | 0.15 |
| Net realized and unrealized gain/(loss) | 3.27 | 1.04 | 3.00 | (2.27) | 0.45 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 3.48 | 1.16 | 3.24 | (2.10) | 0.60 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.25) | (0.11) | (0.24) | (0.18) | (0.11) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.25) | (0.11) | (0.24) | (0.18) | (0.11) |
| Net increase/(decrease) in net asset value | 3.23 | 1.05 | 3.00 | (2.28) | 0.49 |
| Net asset value - end of period | $31.42 | $28.19 | $27.14 | $24.14 | $26.42 |
| **Total Return<sup>(b)(c)</sup>** | 12.34% | 4.29% | 13.43% | (7.95%) | 2.30% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $67022 | $64262 | $69611 | $68310 | $74219 |
| **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets<sup>(e)</sup> | 1.64% | 1.88% | 1.43% | 1.37% | 1.28% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets<sup>(e)</sup> | 1.64% | 1.88% | 1.43% | 1.37% | 1.28% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(f)</sup> | 0.69% | 0.43% | 0.94% | 0.73% | 0.55% |
| **Portfolio turnover rate** | 18% | 21% | 11% | 18% | 21% |

---

*See Notes to Financial Statements.*

Annual Report \| March 31, 2026 7

---

| | |
|:---|:---|
| Popular Total Return Fund, Inc. | Financial Highlights |

---

Class A *For a share outstanding during the years presented*

 

*<sup>(a)</sup>* *Based on daily average outstanding common shares of 2,196,522 for the fiscal year ended March 31, 2026, 2,443,302 for the fiscal year ended March 31, 2025, 2,726,215 for the fiscal year ended March 31, 2024, 2,987,279 for the fiscal year ended March 31, 2023, 2,884,882 for the fiscal year ended March 31, 2022.*

*<sup>(b)</sup>* *Dividends are assumed to be reinvested at the per share net asset value on the date dividends are paid.*

*<sup>(c)</sup>* *Total return excludes the effect of initial and contingent deferred sales charges.*

*<sup>(d)</sup>* *Based on daily average net assets attributable to common shares of $67,829,685 for the fiscal year ended March 31, 2026, $68,908,774 for the fiscal year ended March 31, 2025, $68,370,705 for the fiscal year ended March 31, 2024, $70,976,355 for the fiscal year ended March 31, 2023, $78,266,280 for the fiscal year ended March 31, 2022.*

*<sup>(e)</sup>* *Expenses include both operating and interest expenses. However, expenses do not include operating expenses of any underlying investment fund in which the Fund invests.*

*<sup>(f)</sup>* *Operating expenses represent total expenses excluding interest and leverage related expenses.*

 

*See Notes to Financial Statements.*

8 (787) 754-4488 \| www.popular.com

---

| | |
|:---|:---|
| Popular Total Return Fund, Inc. | Financial Highlights |

---

Class C *For a share outstanding during the years presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the <br> Year Ended <br> March 31, <br> 2026** | **For the <br> Year Ended <br> March 31, <br> 2025** | **For the <br> Year Ended <br> March 31, <br> 2024** | **For the <br> Year Ended <br> March 31, <br> 2023** | **For the <br> Year Ended <br> March 31, <br> 2022** |
| Net asset value - beginning of period | $27.72 | $26.79 | $23.84 | $26.09 | $25.70 |
| **Income/(loss) from investment operations:** |  |  |  |  |  |
| Net investment income/(loss)<sup>(a)</sup> | (0.04) | (0.08) | 0.04 | (0.12) | (0.32) |
| Net realized and unrealized gain/(loss) | 3.23 | 1.01 | 2.96 | (2.13) | 0.71 |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 3.19 | 0.93 | 3.00 | (2.25) | 0.39 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | – | – | (0.05) | – | – |
| &nbsp;&nbsp;&nbsp;Total distributions | – | – | (0.05) | – | – |
| Net increase/(decrease) in net asset value | 3.19 | 0.93 | 2.95 | (2.25) | 0.39 |
| Net asset value - end of period | $30.91 | $27.72 | $26.79 | $23.84 | $26.09 |
| **Total Return<sup>(b)(c)</sup>** | 11.54% | 3.47% | 12.57% | (8.62%) | 1.52% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $1156 | $1757 | $3084 | $3765 | $18325 |
| **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets<sup>(e)</sup> | 2.40% | 2.54% | 2.20% | 2.08% | 2.46% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets<sup>(e)</sup> | 2.40% | 2.54% | 2.20% | 2.08% | 2.46% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets<sup>(f)</sup> | (0.13%) | (0.29%) | 0.17% | (0.50%) | (1.19%) |
| **Portfolio turnover rate** | 18% | 21% | 11% | 18% | 21% |

---

*<sup>(a)</sup>* *Based on daily average outstanding common shares of 47,372 for the fiscal year ended March 31, 2026, 83,513 for the fiscal year ended March 31, 2025, 136,745 for the fiscal year ended March 31, 2024, 273,908 for the fiscal year ended March 31, 2023, 704,631 for the fiscal year ended March 31, 2022.*

*<sup>(b)</sup>* *Dividends are assumed to be reinvested at the per share net asset value on the date dividends are paid.*

*<sup>(c)</sup>* *Total return excludes the effect of initial and contingent deferred sales charges.*

*<sup>(d)</sup>* *Based on daily average net assets attributable to common shares of $1,420,211 for the fiscal year ended March 31, 2026, $2,307,021 for the fiscal year ended March 31, 2025, $3,366,778 for the fiscal year ended March 31, 2024, $6,514,140 for the fiscal year ended March 31, 2023, $18,861,953 for the year ended March 31, 2022.*

*<sup>(e)</sup>* *Expenses include both operating and interest expenses. However, expenses do not include operating expenses of any underlying investment fund in which the Fund invests.*

*<sup>(f)</sup>* *Operating expenses represent total expenses excluding interest and leverage related expenses.*

 

*See Notes to Financial Statements.*

Annual Report \| March 31, 2026 9

---

| | |
|:---|:---|
|  | Notes to Financial Statements |
| Popular Total Return Fund, Inc. | and Financial Highlights |

---

*March 31, 2026*

**NOTE 1. REPORTING ENTITY AND SIGNIFICANT ACCOUNTING POLICIES**

Popular Total Return Fund, Inc. (the "Fund") is a non-diversified, open-end investment company. The Fund is a corporation registered under the laws of the Commonwealth of Puerto Rico ("Puerto Rico") and is registered as an investment company under the Investment Company Act of 1940, as amended (the "1940 Act") since May 21, 2021 as a result of the repeal of its exemption from registration thereunder. On May 9, 2022, the Securities and Exchange Commission (SEC) issued a notice of Effectiveness on the Fund's Registration Statement effective in accordance with the provisions of the Securities Act of 1933. The Fund was incorporated on January 31, 2001 and started operations on March 27, 2001.

The Fund's primary investment objective is to seek long-term capital appreciation and portfolio securities are selected primarily with a view of achieving this objective. Current income is a secondary objective in the selection of investments. There can be no assurance that the Fund will achieve its objectives. The Fund will pursue its objective by investing, under normal market conditions, based on investments and other requirements and limitations.

**Accounting Policies:**

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

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements:

 

&nbsp;&nbsp;&nbsp;&nbsp;*(a)* *Cash and Cash Equivalents –* Cash and cash equivalents consist of all demand deposits and funds
 invested in short-term investments with original maturities of 90 days or less. Cash and cash equivalents are valued at amortized cost,
 which approximates fair value. As of March 31, 2026, cash and cash equivalents of the Fund consisted of a time deposit open account amounting
 to $302,117 with J.P. Morgan Chase Bank, N.A. ("JPMorgan Chase").

 

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Valuation of Investments –* All securities are presented at fair value, which is determined by
 the Fund's administrator, ALPS Fund Services, Inc. (the "Administrator"), with the assistance of the Fund's investment
 adviser, Popular Asset Management LLC (the "Investment Adviser") (refer to Note 3 for details on investment agreements), on the
 basis of valuations provided by dealers or by pricing services approved by the Fund's management and Board of Directors. See Note
 2 for further discussions regarding fair value disclosures.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(c)* *Taxation –* The Fund has elected to be treated as a registered investment company under the Puerto
 Rico Internal Revenue Code of 2011, as amended, and the regulations and administrative pronouncements promulgated thereunder. As a registered
 investment company under the Puerto Rico Investment Companies Act, the Fund will not be subject to Puerto Rico income tax for any taxable
 year if it distributes at least 90% of its taxable net investment income for such year, as determined for these purposes. Accordingly,
 as the Fund intends to meet this distribution requirement, the income earned by the Fund is not subject to Puerto Rico income tax at the
 Fund level. The Fund has never been subject to taxation.

10 (787) 754-4488 \| www.popular.com

---

| | |
|:---|:---|
|  | Notes to Financial Statements |
| Popular Total Return Fund, Inc. | and Financial Highlights |

---

*March 31, 2026*

In addition, the fixed income and equity investments of the Fund are exempt from Puerto Rico personal property taxes. The Fund is exempt from U.S. income taxes, except for dividends received from U.S. sources, which are subject to a 10% U.S. withholding tax, if certain requirements are met. Dividend income is recorded net of taxes. In the opinion of the Fund's legal counsel, the Fund is not required to file a U.S. federal income tax return.

GAAP requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Fund's tax return to determine whether the tax positions are "more-likely-than-not" of being sustained by the applicable tax authority. Tax positions not deemed to meet the "more-likely-than-not" threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Fund's tax positions taken on its Puerto Rico income tax returns for all open tax years (the current and prior three tax years). Management concluded that no liability should be recorded as the Fund has not taken any uncertain tax positions on returns filed for open tax years.

The balance of undistributed net investment income and of accumulated net realized gain on investments reflect the reclassification of permanent differences and of temporary differences between book and tax balances that become permanent (See Note 7).

 

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Share subscriptions and redemptions –* The Fund currently offers two classes of Common Stock:
 Class A shares and Class C shares. Class A shares are sold at the Net Asset Value ("NAV"), which is determined daily, plus
 an initial sales charge of up to 3.50% charged by broker-dealers. The initial sales charge may be reduced or waived for certain purchasers.
 Class C shares are sold at the NAV with no initial sales charge. However, a contingent deferred sales charge of 1.00% will be paid on
 redemptions made within twelve months of purchase.

Shares of each class may be redeemed on each business day of the week on which the New York Stock Exchange ("NYSE") is open for trading and the Federal Reserve Bank of New York and banks in San Juan, Puerto Rico are open for business at a price per share equal to the NAV per share of such Class determined as of the close of trading on the NYSE on the date of receipt of the request for redemption.

Shareholders have the ability to redeem shares of an open-end fund and simultaneously purchase shares of another open-end fund within the same family of investment companies, often at no or reduced fees. Refer to Note 4 – Capital Share Transactions.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Dividends and Distributions to Shareholders –* The Fund typically declares and pays annually a
 dividend of substantially all of its net investment income, if any. The Fund does not expect to make distributions of net realized capital
 gains, although the Fund's Board of Directors reserves the right to do so in its sole discretion. Dividends that are reinvested
 are credited to shareholders' accounts in additional shares of the same class at the NAV per share of such class, not subject to
 initial sales charge or contingent deferred sales charge, as of the close of business on the ex-dividend date. The Fund records dividends
 to its shareholders on the ex-dividend date.

Annual Report \| Annual Report 11

---

| | |
|:---|:---|
|  | Notes to Financial Statements |
| Popular Total Return Fund, Inc. | and Financial Highlights |

---

*March 31, 2026*

&nbsp;&nbsp;&nbsp;&nbsp;*(f)* *Paydowns –* Realized gains and losses on mortgage-backed securities paydowns are recorded as an
 adjustment to interest income as required by GAAP. For the year ended March 31, 2026, the Fund decreased interest income in the amount
 of $(4,008) related to realized loss on mortgage-backed securities paydowns. However, for purpose of dividend distributions, net investment
 income excludes the effect of mortgage-backed securities paydowns gains and losses (See Note 7).

 

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* *Allocation of Income, Fund-level Expenses, and Realized and Unrealized Gains or Losses* – The
 Fund uses the fair value of shares outstanding method for allocating income, fund-level expenses, and realized and unrealized gains or
 losses. Under this method, each class of shares participates based on the total net asset value of its shares in proportion to the total
 net assets of the Fund. This method is the primary method used to allocate income, fund-level expenses, and realized and unrealized gains
 and losses for calculating the net asset value of a nondaily dividend fund. Class-level expenses are charged directly to the individual
 classes to which they relate.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(h)* *Other –* Security transactions are accounted for on the trade date (the date the order to buy
 or sell is executed). Realized gains and losses on security transactions are determined on the average cost method. Premiums and discounts
 on securities purchased are amortized over the life or the expected life of the respective securities using the effective interest method.
 Interest and dividend income on preferred equity securities are accrued daily except when collection is not expected. For other equity
 securities, dividend income is recorded on the ex-dividend date. Certain dividends from U.S. sources are subject to a 10% U.S. income
 tax withholding. Such income is reflected in the Statement of Operations net of the applicable withholdings.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(i)* The Fund adopted FASB Accounting Standards Update 2023- 07, Segment Reporting (Topic 280)- Improvements to
 Reportable Segment Disclosures ("ASU 2023-07"). The Fund's President acts as the Fund's chief operating decision maker ("CODM"),
 as defined in Topic 280, assessing performance and making decisions about resource allocation. The CODM has determined that that the Fund
 has a single operating segment based on the fact that the CODM monitors the operating results of the Fund as a whole and the Fund's long-term
 strategic asset allocation is guided by the Fund's investment objective and principal investment strategies, as described in its prospectus,
 and executed by the Fund's portfolio management team, comprised of investment professionals employed by the Investment Adviser. The financial
 information provided to and reviewed by the CODM is consistent with that presented in the Fund's Schedule of Investments, Statement of
 Operation and Changes in Net Assets and Financial Highlights.

12 (787) 754-4488 \| www.popular.com

---

| | |
|:---|:---|
|  | Notes to Financial Statements |
| Popular Total Return Fund, Inc. | and Financial Highlights |

---

*March 31, 2026*

**NOTE 2. FAIR VALUE MEASUREMENTS**

Under GAAP, fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value measurement assumes that the transaction to sell the asset or transfer the liability occurs in the principal market for the asset or liability or, in the absence of a principal market, the most advantageous market for the asset or liability.

GAAP establishes a fair value hierarchy that prioritizes the inputs and valuation techniques used to measure fair value into three levels in order to increase consistency and comparability in fair value measurements and disclosures. The classification of assets and liabilities within the hierarchy is based on whether the inputs to the valuation methodology used for the fair value measurement are observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from independent sources. Unobservable inputs reflect the Fund's estimates about assumptions that market participants would use in pricing the asset or liability based on the best information available.

The hierarchy is broken down into three levels based on the reliability of inputs as follows:

---

| | |
|:---|:---|
| **Level 1** – | Unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. Valuation of these instruments does not need a significant degree of judgment since valuations are based on quoted prices that are readily available in an active market. |
| **Level 2** – | Quoted prices other than those included in Level 1 that are observable either directly or indirectly. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or that can be corroborated by observable market data for substantially the full term of the financial instrument. |
| **Level 3** – | Unobservable inputs are significant to the fair value measurement. Unobservable inputs reflect the Fund's own assumptions about assumptions that market participants would use in pricing the asset or liability. |

---

The Fund maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the observable inputs be used when available. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Fair value is based upon quoted market prices when available. If listed prices or quotes are not available, the Fund employs internally-developed models that primarily use market-based inputs including yield curves, interest rates, volatilities, and credit curves, among others. Valuation adjustments are limited to those necessary to ensure that the financial instrument's fair value is adequately representative of the price that would be received or paid in the marketplace. These adjustments include amounts that reflect counterparty credit quality, constraints on liquidity, and unobservable parameters that are applied consistently.

The estimated fair value may be subjective in nature and may involve uncertainties and matters of significant judgment for certain financial instruments. Changes in the underlying assumptions used in calculating fair value could significantly affect the results. In addition, the fair value estimates are based on outstanding balances without attempting to estimate the value of anticipated future business. Therefore, the estimated fair value may materially differ from the value that could actually be realized in a sale.

Annual Report \| Annual Report 13

---

| | |
|:---|:---|
|  | Notes to Financial Statements |
| Popular Total Return Fund, Inc. | and Financial Highlights |

---

*March 31, 2026*

On August 4, 2022, the Board of Directors of the Fund appointed the Investment Adviser as the Fund's Valuation Designee. The Valuation Designee is responsible for overseeing and implementing the procedures and functions related to the valuation of portfolio securities for the purpose of determining the NAV of the Fund. In addition, the Valuation Designee is responsible for determining:

● The fair valuation of all securities for which no price or value is available at the time the Fund's NAV is calculated on a particular day.

● The fair valuation of portfolio instruments for which the prices or values available do not, in the judgment of the Investment Adviser, represent the fair valuation of such portfolio instruments.

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

**Mortgage and other asset-backed securities:** Certain agency mortgage and other asset-backed securities ("MBS") are priced based on a bond's theoretical value derived from the prices of similar bonds; "similar" being defined by credit quality and market sector. Their fair value incorporates an option adjusted spread. The agency MBS are classified as Level 2. The pricing models for these securities usually consider tranche-level attributes, current market data, estimated cash flows and market-based yield spreads for each tranche, and incorporate deal collateral performance, as available.

**Exchange Traded Funds (ETFs):** ETFs are priced continuously during normal trading hours in an active exchange market. The NAV of ETFs is calculated at the end of each trading day, at market close. ETFs are classified as Level 1.

**Obligations of U.S. Government sponsored entities and U.S. Agency Securities:** The fair value of U.S. Government sponsored entities is based on quoted market prices for similar securities on an active market. U.S agency securities are priced based on a bond's theoretical value from similar bonds defined by credit quality and market sector and for which the fair value incorporates an option adjusted spread in deriving their fair value. These securities are classified as Level 2.

14 (787) 754-4488 \| www.popular.com

---

| | |
|:---|:---|
|  | Notes to Financial Statements |
| Popular Total Return Fund, Inc. | and Financial Highlights |

---

*March 31, 2026*

The following is a summary of the levels within the fair value hierarchy in which the Fund invests based on inputs used to determine the fair value of such securities as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value\*** | **Level 1 -**<br> **Quoted Prices** | **Level 2 -**<br> **Other Significant**<br> **Observable**<br> **Inputs** | **Level 3 -**<br> **Significant**<br> **Unobservable**<br> **Inputs** | **Total** |
| Puerto Rico GNMA Bonds |  | 9847706 |  | 9847706 |
| Puerto Rico Fannie Mae Bonds |  | 4955996 |  | 4955996 |
| Puerto Rico Freddie Mac Bonds |  | 707944 |  | 707944 |
| International Index Funds | 13453848 |  |  | 13453848 |
| US Government and Agency Obligations |  | 14021369 |  | 14021369 |
| US Index Funds | 25416891 | – | – | 25416891 |
| &nbsp;&nbsp;&nbsp;Total | $38870739 | $29533015 | $– | $68403754 |

---

*\** *Refer to the Fund's Schedule of Investments for a listing of securities by type.*

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

Temporary cash investments, if any, are valued at amortized cost, which approximates fair value. As of March 31, 2026 there were no temporary cash investments.

**NOTE 3. INVESTMENT ADVISORY, ADMINISTRATIVE, CUSTODIAN, DISTRIBUTOR, TRANSFER AGENCY ARRANGEMENTS, AND OTHER TRANSACTIONS WITH AFFILIATES**

Popular Asset Management LLC (the "Investment Adviser") acts as the investment adviser of the Fund. The investment advisory fee is calculated at an annual rate of 0.50% of the Fund's average total daily assets. During the year ended March 31, 2026 the investment advisory fee amounted to $348,250.

The Fund Administrator, together with certain affiliated entities, provide various administration, fund accounting, transfer agent and investor accounting services to the Fund. The fees related to these services shall be the greater of annual complex and per portfolio minimum fees or the application of a basis point fee schedule on the Fund starting at 0.06% of the Fund's average daily net assets. For the year ended March 31, 2026, the administrative fees and transfer agent fees amounted to $103,324 and $43,322, respectively. The Fund maintains its cash accounts with JPMorgan Chase. The Fund did not receive interest income from these accounts during the year ended March 31, 2026.

JPMorgan Chase provides custody services to the Fund. For the year ended March 31, 2026, the custody fees amounted to $8,651.

Annual Report \| Annual Report 15

---

| | |
|:---|:---|
|  | Notes to Financial Statements |
| Popular Total Return Fund, Inc. | and Financial Highlights |

---

*March 31, 2026*

Popular Securities LLC, an affiliate of the Fund, serves as the distributor (the "Distributor") of the shares of Common Stock of the Fund. Pursuant to a Distribution Plan, the Fund makes monthly payments to the Distributor for the distribution of the Fund's shares. The fees related to this service are calculated at an annual rate of 0.25% and 1.00% for Class A shares and Class C shares, respectively, of the Fund's daily average net assets of each class. For the year ended March 31, 2026, distribution fees amounted to $169,552 and $14,218 for Class A shares and Class C shares, respectively. During the year ended March 31, 2026, the distributor received no sales charges from sales of shares.

The officers of the Fund are also officers and directors of Banco Popular de Puerto Rico ("BPPR") or its affiliates. The three current directors of the Fund's Board are independent and are paid based upon an agreed fee of $1,000 per meeting. The three independent directors of the Fund also serve on the Fund's audit committee and are paid based upon an agreed fee of $1,000 per committee meeting. For the year ended March 31, 2026, the compensation expense for the three independent directors of the Fund was $14,490.

Prior to May 21, 2021, the Fund was not registered under the 1940 Act, and therefore was not subject to the restrictions contained therein regarding, among other things, transactions between the Fund, BPPR, the Distributor, or their respective affiliates ("Affiliated Transactions"). In that regard, the Board of Directors of the Fund adopted a set of procedures for Affiliated Transactions in an effort to address potential conflicts of interest that may arise.

Affiliates of the Fund may have lending, banking, brokerage, underwriting, or other business relationships with the issuers of the securities in which the Fund invests.

16 (787) 754-4488 \| www.popular.com

---

| | |
|:---|:---|
|  | Notes to Financial Statements |
| Popular Total Return Fund, Inc. | and Financial Highlights |

---

*March 31, 2026*

**NOTE 4. CAPITAL SHARE TRANSACTIONS**

The Fund is authorized to issue up to 2,000,000,020 shares of common stock, par value $0.01 per share, which may be divided into different series and classes.

Per the Fund's prospectus, shares may be exchanged for shares of the same class of any other fund that is part of the Popular Family of Funds.

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

---

| | | |
|:---|:---|:---|
| **Common shares:** | **For the<br> Year Ended<br> March 31, 2026** | **For the<br> Year Ended<br> March 31, 2025** |
| **Class A Shares** |  |  |
| Common shares outstanding - beginning of period | 2279939 | 2564679 |
| Common shares issued | 98464 | 62958 |
| Common shares issued as reinvestment of dividends | 3490 | 9245 |
| Common shares redeemed | (248606) | (356943) |
| Common shares outstanding - end of period | 2133287 | 2279939 |
| **Class C Shares** |  |  |
| Common shares outstanding - beginning of period | 63393 | 115126 |
| Common shares issued | 643 | 253 |
| Common shares issued as reinvestment of dividends |  | 157 |
| Common shares redeemed | (26635) | (52143) |
| Common shares outstanding - end of period | 37401 | 63393 |

---

**NOTE 5. INVESTMENT TRANSACTIONS**

For the year ended March 31, 2026, the cost of purchases of investment securities, excluding short-term investments, was $12,705,699. Proceeds from sales, maturities, and paydowns of investment securities, excluding short-term investments, were $19,667,283. Purchases of long-term U.S. Government obligations during the year totaled $2,290,724 and proceeds from sales and maturities of such securities were $2,599,701.

All investment transactions were made with unaffiliated parties.

**NOTE 6. CONCENTRATION OF CREDIT RISK**

Concentrations of credit risk (whether on or off balance sheet) that arise from financial instruments exist for groups of customers or counterparties when they have similar economic characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic or other conditions. For this purpose, management of the Fund has determined to disclose any investment whose fair value is over 5% of Net Assets, both individually or in the aggregate. Moreover, collateralized investments have been excluded for this disclosure.

Annual Report \| Annual Report 17

---

| | |
|:---|:---|
|  | Notes to Financial Statements |
| Popular Total Return Fund, Inc. | and Financial Highlights |

---

*March 31, 2026*

The major concentration of credit risk arises from the Fund's investment securities in relation to the location of issuers. For calculation of concentration, all fixed-income securities guaranteed by the U.S. Government are excluded. As of March 31, 2026, the Fund had the following investments in issuers located in the United States of America that are not guaranteed by the U.S. Government:

---

| | | |
|:---|:---|:---|
| **Issuer** | **Aggregate Market Value** | **Percentage of Net Assets** |
| Vanguard S&P 500 ETF | 23589482 | 34.60% |
| Vanguard FTSE Developed Markets ETF | 10052806 | 14.74% |

---

As of March 31, 2026, the Fund has $302,117 on deposit with JPMorgan Chase, which represents approximately 0.44% of the net assets of the Fund.

As stated in the Fund's prospectus, the Fund will ordinarily invest at least 20% of its total assets in Puerto Rico obligations. Therefore, to the extent the securities are not guaranteed by the U.S. Government or any of its subdivisions, the Fund is more susceptible to factors affecting issuers of Puerto Rico obligations than an investment company that is not concentrated in Puerto Rico obligations to such degree.

**NOTE 7. COMPONENTS OF DISTRIBUTABLE EARNINGS**

As a result of certain reclassifications made for financial statements presentation, the Fund's net investment income and net realized gain on investments reflected in the financial statements differ from distributable net investment income and net realized gain on investments for tax purpose, respectively, as follows:

---

| | |
|:---|:---|
| Net Investment income | $468648 |
| Reclassification of realized gain/(loss) on securities' paydowns | (4008) |
| Distributable net investment income, for tax purposes | $464640 |
| Net realized gain on investments | $6386433 |
| Reclassification of realized gain/(loss) on securities' paydowns | 4008 |
| Net realized gain on investments, for tax purposes | $6390441 |

---

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

---

| | |
|:---|:---|
| Cost of investments for tax purposes | $57836004 |
| Gross appreciation | 12666 ,394 |
| Gross depreciation | (2098644) |
| Net appreciation/(depreciation) | $10567750 |

---

18 (787) 754-4488 \| www.popular.com

---

| | |
|:---|:---|
|  | Notes to Financial Statements |
| Popular Total Return Fund, Inc. | and Financial Highlights |

---

*March 31, 2026*

For the year ended on March 31, 2026, the undistributed net income and components of total distributable earnings were as follows:

---

| | |
|:---|:---|
| Undistributed net investment income | $294267 |
| Accumulated net appreciation/(depreciation) from investment | 10567750 |
| Accumulated net realized gain on investment | 57294245 |
| Total distributable earnings | $68156262 |

---

For the year ended on March 31, 2025, the undistributed net income and components of total distibutable earnings were as follows:

---

| | |
|:---|:---|
| Undistributed net investment income | $359110 |
| Accumulated net appreciation/(depreciation) from investment | 9461130 |
| Accumulated net realized gain on investment | 56175894 |
| Total distributable earnings | $65996134 |

---

**NOTE 8. RISKS AND UNCERTAINTIES**

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

**Market Risk.** Market risk is the risk that one or more markets in which the Fund invests will go down in value, including the possibility that the markets will go down sharply and unpredictably. There is a risk that you could lose all or a portion of your investment in the Fund and that the income you receive from your investment may vary. The value of your investment in the Fund will go up and down with the prices of the securities in which the Fund invests. The value of a security or other asset may decline due to changes in general market conditions, economic trends or events that are not specifically related to the issuer of the security or other asset, or factors that affect a particular issuer or issuers, exchange, country, group of countries, region, market, industry, group of industries, sector or asset class. Local, regional or global events such as war, acts of terrorism, the spread of infectious illness or other public health issues like pandemics or epidemics, recessions, or other events could have a significant impact on the Fund and its investments. The prices of equity securities change in response to many factors including the historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity. The values of debt securities and other fixed-income securities in which the Fund may invest also will be affected by market interest rates and the risk that the issuer may default on interest, principal or dividend payments. Specifically, since these types of securities pay fixed interest and dividends, their value may fall if market interest rates rise and rise if market interest rates fall.

**Credit Risk.** Credit risk is the risk that the issuer will be unable to pay the interest or principal on its obligations when due. The degree of credit risk depends on both the financial condition of the issuer and the terms of the obligation. The price of fixed-income securities will generally fall if the issuer defaults on its obligation to pay principal or interest, the rating agencies downgrade the issuer's credit ratings or other news affects the market's perception of the issuer's credit risk.

Annual Report \| Annual Report 19

---

| | |
|:---|:---|
|  | Notes to Financial Statements |
| Popular Total Return Fund, Inc. | and Financial Highlights |

---

*March 31, 2026*

**ETFs Risk.** An investment in the Fund is not equivalent to an investment in the underlying assets held by the Fund because of the operational fees and expenses incurred by the Fund. The Fund currently anticipates that the portion of its assets invested in equity securities will be primarily invested in shares of ETFs. Passive ETFs invest in a portfolio of securities that are designed to track closely the price and yield performance of different market indexes or segments. However, such funds will never be able to do so exactly because of operational fees and expenses incurred by the fund or because of the temporary unavailability of certain of the securities underlying the index. Investors should also be aware that by investing in the Fund, they may, in effect, incur the costs of two levels of investment management services, (1) the services provided by the Investment Adviser to the Fund and (2) the services provided by the managers or advisers of the various funds in which the Fund may invest. The market price of this type of investment on the securities exchange on which they are traded may be lower than their net asset value.

**Equity Securities Risk.** The price of equity securities has historically risen and fallen in periodic cycles. The value of equity securities purchased by the Fund could decline if the financial condition of the companies the Fund invests in declines or if overall market and economic conditions deteriorate.

**Interest Rate Risk**. Interest rate risk is the risk that interest rates will rise so that the value of the Fund's investments will fall. Also, the Fund's yield will tend to lag behind changes in short-term interest rates. In addition, during periods of rising interest rates, the average life of certain types of securities may be extended because of the right of the issuer to defer payments or make slower than expected principal payments. This may lock-in a below market interest rate, increase the security's duration (the estimated period until the security is paid in full), and reduce the value of the security. This is known as extension risk, which the Fund is also subject to. Conversely, during periods of declining interest rates, the issuer of a security may exercise its option to prepay principal earlier than scheduled in order to refinance at lower interest rates, forcing the Fund to reinvest in lower yielding securities. This is known as prepayment risk, which the Fund is also subject to.

**Mortgage- and Asset-Backed Securities Risks.** Mortgage-backed securities and asset-backed securities represent interests in "pools" of mortgages or other assets. Mortgage-backed and asset-backed securities, like traditional fixed-income securities, are subject to credit, interest rate, prepayment and extension risks. Mortgage-backed securities, in general, differ from investments in traditional debt securities in that, among other things, principal may be prepaid at any time due to prepayments by the obligors on the underlying obligations. Since a portion of the assets of the Fund are expected to be invested in mortgage-backed securities, the potential for increasing the Fund's exposure to these and other risks related to such securities might cause the market value of the Fund's investments to fluctuate more than otherwise would be the case.

20 (787) 754-4488 \| www.popular.com

---

| | |
|:---|:---|
|  | Notes to Financial Statements |
| Popular Total Return Fund, Inc. | and Financial Highlights |

---

*March 31, 2026*

**NOTE 9. INDEMNIFICATION**

In the normal course of business, the Fund enters into contracts that contain a variety of indemnifications. The Fund's maximum exposure under these agreements is unknown. However, the Fund has not paid prior claims or losses pursuant to these contracts and expects the risk of losses to be remote.

**NOTE 10. SUBSEQUENT EVENTS**

In preparing these financial statements, the Fund's management has evaluated events for potential recognition or disclosure through the date the financial statements were issued. Management has determined that there were no events that required disclosure in or adjustment to the accompanying financial statements.

Annual Report \| Annual Report 21

---

| | |
|:---|:---|
|  | Report of Independent |
| Popular Total Return Fund, Inc. | Registered Public Accounting Firm |

---

To the Shareholders and the Board of Directors of Popular Total Return Fund, Inc.

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Popular Total Return Fund Inc. (the "Fund"), including the schedule of investments, as of March 31, 2026, and 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 the Fund at March 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for each of the years in the two-year period then ended March 31, 2023, were audited by another independent registered public accounting firm whose report dated May 30, 2023, expressed and unqualified opinion on those financial highlights.

**Basis for Opinion**

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

We conducted our audit 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 Fund is not required to have, nor were we engaged to perform, an audit of the Fund's internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian, brokers and others. Our audit 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 audit provides a reasonable basis for our opinion.

![](fp0098463-1_02.jpg)

We have served as the auditor of the Popular Family Funds since 2023.

San Juan, Puerto Rico

May 26, 2026

22 (787) 754-4488 \| www.popular.com

---

| | |
|:---|:---|
| Popular Total Return Fund, Inc. | Other Information |

---

*March 31, 2026 (Unaudited)*

**Statement Regarding Availability of Quarterly Portfolio Schedule**

The complete schedule of portfolio holdings is filed with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund's Form N-PORT reports is available on the Securities and Exchange Commission's website at http://www.sec.gov. The quarterly schedule of portfolio holdings will be made available upon request by calling 787-754-4488.

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

A description of the policies and procedures that are used by the Investment Adviser to vote proxies relating to the Fund's portfolio securities is available free of charge upon request, by calling 787-754-4488 and on the website of the Securities and Exchange Commission at http://www.sec.gov.

**Statement Regarding Availability of Proxy Voting Record**

Information regarding how the Investment Adviser voted proxies relating to portfolio securities during the most recent 12-month year ended June 30 is available free of charge upon request, by calling 787-754-4488 and on the website of the Securities and Exchange Commission at http://www.sec.gov.

Annual Report \| Annual Report 23

---

| | |
|:---|:---|
|  | Item 8 – Changes in and Disagreements |
|  | with Accountants for Open-End |
| Popular Total Return Fund, Inc. | Management Investment Companies |

---

*March 31, 2026 (Unaudited)*

Not applicable for this reporting period.

24 (787) 754-4488 \| www.popular.com

---

| | |
|:---|:---|
|  | Item 9 – Proxy Disclosures for Open-End |
| Popular Total Return Fund, Inc. | Management Investment Companies |

---

*March 31, 2026 (Unaudited)*

Not applicable for this reporting period.

Annual Report \| Annual Report 25

---

| | |
|:---|:---|
|  | Item 10 – Remuneration Paid to Directors,<br> Officers, and Others of Open-End |
| Popular Total Return Fund, Inc. | Management Investment Companies |

---

*March 31, 2026 (Unaudited)*

Included in Item 7.

26 (787) 754-4488 \| www.popular.com

---

| | |
|:---|:---|
|  | Item 11 – Statement Regarding Basis for |
| Popular Total Return Fund, Inc. | Approval of Investment Advisory Contract |

---

*March 31, 2026 (Unaudited)*

Not applicable for this reporting period.

Annual Report \| Annual Report 27

![](fp0098463-1_03.jpg)

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

Changes in and Disagreements with Accountants is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this report.

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

Proxy Disclosures are included as part of the Financial Statements and Financial Highlights filed under Item 7 of this report.

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

Remuneration Paid to Directors, Officers, and Others is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this report.

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

Statement Regarding Basis for approval of Investment Advisory Contract is included as part of the Financial Statements and Financial Highlights filed under Item 7 of this report.

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

Not applicable to Registrant.

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

Not applicable to Registrant.

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

Not applicable to Registrant.

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

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Directors, where those changes were implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2) of Regulation S-K, or this Item.

Item 16. **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal
 executive officer and principal financial officer have concluded that the Registrant's disclosure controls and procedures (as defined
 in Rule 30a-3(c) under the 1940 Act) are effective based on their evaluation of these controls and procedures as of a date within
 90 days of the filing date of this report.

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

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

Not applicable to Registrant.

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

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

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

Item 19. **Exhibits.**

(a)(1) [The Code of Ethics that applies to the Registrant's principal executive officer and principal financial officer required by Item 2 of Form N-CSR, is filed herewith.](fp0098463-1_ex99code.htm)

(a)(2) Not applicable.

(a)(3) [The certifications required by Rule 30a-2(a) of the 1940 Act are attached hereto as Exhibit 99.Cert.](fp0098463-1_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [The certifications by the Registrant's principal executive officer and principal financial officer, as required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as Exhibit 99.906Cert.](fp0098463-1_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Popular Total Return Fund, Inc. | Popular Total Return Fund, Inc. |
| By: | /s/ Angel M. Rivera |
|  | Angel M. Rivera |
|  | Principal Executive Officer/President |
| Date: | June 4, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this Report has been signed below on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| Popular Total Return Fund, Inc. | Popular Total Return Fund, Inc. |
| By: | /s/ James A. Gallo |
|  | James A. Gallo |
|  | Principal Financial Officer/Treasurer |
| Date: | June 4, 2026 |

---

## Ex-99.Code

**POPULAR FAMILY OF FUNDS**

**POPULAR HIGH GRADE FIXED-INCOME FUND, INC.**

**POPULAR TOTAL RETURN FUND, INC.**

**(the "Funds")**

**Code of Ethics for Principal Executive and Principal Financial Officers**

**1.** **Purpose of the Code** 

The Popular Family of Funds' code of ethics (this "Code") is intended to serve as the code of ethics described in Section 406 of The Sarbanes-Oxley Act of 2002 and Item 2 of Form N-CSR. This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, the Fund's adviser(s), co-adviser(s), sub-adviser(s), principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers, as defined herein, who are subject to this Code, such policies and procedures are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund's, investment adviser's, and principal underwriter's codes of ethics pursuant to Rule 17j-1 under the Investment Company Act of 1940 (the "1940 Act") are separate requirements applying to the Covered Officers and others, and are not part of this Code.

All Covered Officers must become familiar and fully comply with this Code. Because this Code cannot and does not cover every applicable law or provide answers to all questions that might arise, all Covered Officers are expected to use common sense about what is right and wrong, including a sense of when it is proper to seek guidance from others on the appropriate course of conduct.

The purpose of this Code is to set standards for the Covered Officers that are reasonably designed to deter wrongdoing and to promote:

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

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

&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to the appropriate
persons as set forth in the Code; and

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

**2.** **Covered Persons** 

This Code applies to the Fund's principal executive officers and principal financial officers, principal accounting officer or controller or any persons performing similar functions on behalf of the Fund (the "Covered Officers"). Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest. Covered Officers are expected to act in accordance with the standards set forth in this Code.

**3.** **Honest and Ethical Conduct** 

&nbsp;&nbsp;&nbsp;&nbsp;A. Honesty, Diligence and Professional Responsibility

Covered Officers are expected to observe both the letter and the spirit of the ethical principles contained in this Code. Covered Officers must perform their duties and responsibilities for the Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· with honesty, diligence, and a commitment to professional and ethical
responsibility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· carefully, thoroughly and in a timely manner; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· in conformity with applicable professional and technical standards.

Covered Officers who are certified public accountants are expected to carry out their duties and responsibilities in a manner consistent with the principles governing the accounting profession, including any guidelines or principles issued by the Public Company Accounting Oversight Board or the American Institute of Certified Public Accountants from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;B. Objectivity/Avoidance of Undisclosed Conflicts of Interest

Covered Officers are expected to maintain objectivity and avoid undisclosed conflicts of interest. In the performance of their duties and responsibilities for the Fund, Covered Officers must not subordinate their judgment to personal gain and advantage, or be unduly influenced by their own interests or by the interests of others. Covered Officers must avoid participation in any activity or relationship that constitutes a conflict of interest unless that conflict has been completely disclosed to affected parties and waived by the Directors on behalf of the Fund. Further, Covered Officers should avoid participation in any activity or relationship that could create the appearance of an undisclosed conflict of interest.

A conflict of interest would generally arise if, for instance, a Covered Officer directly or indirectly participates in any investment, interest, association, activity or relationship that may impair or appear to impair the Covered Officer's objectivity or interfere with the interests of, or the Covered Officer's service to, the Fund.

Any Covered Officer who may be involved in a situation or activity that might be a conflict of interest or give the appearance of a conflict of interest must report such situation or activity using the reporting procedures set forth in Section 6 (Reporting and Accountability).

Each Covered Officer must not

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· use his or her personal influence or personal relationships improperly to influence investment decisions
or financial reporting by the Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· cause the Fund to take action, or fail to take actions, for the individual personal benefit of the Covered
Officer rather than the benefit of the Fund; or

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

Each Covered Officer is responsible for his or her compliance with this conflict of interest policy.

&nbsp;&nbsp;&nbsp;&nbsp;C. Preparation of Financial Statements

Covered Officers must not knowingly make any misrepresentations regarding the Fund's financial statements or any facts in the preparation of the Fund's financial statements, and must comply with all applicable laws, standards, principles, guidelines, rules and regulations in the preparation of the Fund's financial statements. This section is intended to prohibit

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· making, or permitting or directing another to make, materially false
or misleading entries in the Fund's financial statements or records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· failing to correct the Fund's financial statements or records
that are materially false or misleading when he or she has the authority to record an entry; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· signing, or permitting or directing another to sign, a document containing
materially false or misleading financial information.

Covered Officers must be scrupulous in their application of generally accepted accounting principles. No Covered Officer may (i) express an opinion or state affirmatively that the financial statements or other financial data of the Fund are presented in conformity with generally accepted accounting principles, or (ii) state that he or she is not aware of any material modifications that should be made to such statements or data in order for them to be in conformity with generally accepted accounting principles If in either case such Covered Officer knows or should know that such statements or data contain any departure from generally accepted accounting principles then in effect in the United States.

Covered Officers must follow the laws, standards, principles, guidelines, rules and regulations established by all applicable governmental bodies, commissions or other regulatory agencies in the preparation of financial statements, records and related information. If a Covered Officer prepares financial statements, records or related information for purposes of reporting to such bodies, commissions or regulatory agencies, the Covered Officer must follow the requirements of such organizations in addition to generally accepted accounting principles.

If a Covered Officer and his or her supervisor have a disagreement or dispute relating to the preparation of financial statements or the recording of transactions, the Covered Officer should take the following steps to ensure that the situation does not constitute an impermissible subordination of judgment:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Covered Officer should consider whether (i) the entry or the failure
to record a transaction in the records, or (ii) the financial statement presentation or the nature or omission of disclosure in the financial
statements, as proposed by the supervisor, represents the use of an acceptable alternative and does not materially misrepresent the facts
or result in an omission of a material fact. If, after appropriate research or consultation, the Covered Officer concludes that the matter
has authoritative support and/or does not result in a material misrepresentation, the Covered Officer need do nothing further.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the Covered Officer concludes that the financial statements or records
could be materially misstated as a result of the supervisor's determination, the Covered Officer should follow the reporting procedures
set forth in Section 6 (Reporting and Accountability).

&nbsp;&nbsp;&nbsp;&nbsp;D. Obligations in Dealing with the Independent Auditor of the Fund

In dealing with the Fund's independent auditor, Covered Officers must be candid and not knowingly misrepresent facts or knowingly fail to disclose material facts, and must respond to specific inquiries and requests by the Fund's independent auditor.

Covered Officers must not take any action, or direct any person to take any action, to fraudulently influence, coerce, manipulate or mislead the Fund's independent auditor in the performance of an audit of the Fund's financial statements for the purpose of rendering such financial statements materially misleading.

**4.** **Full, Fair, Accurate, Timely and Understandable Disclosure** 

The Fund's policy is to provide full, fair, accurate, timely, and understandable disclosure in reports and documents that the Fund files with, or submits to, the SEC and in any other public communications by the Fund. The Fund has designed and implemented Disclosure Controls and Procedures to carry out this policy.

Covered Officers are expected to familiarize themselves with the disclosure requirements generally applicable to the Fund, and to use their best efforts to promote, facilitate, and prepare full, fair, accurate, timely, and understandable disclosure in all reports and documents that the Fund files with, or submits to, the SEC and in any other public communications by the Fund.

Covered Officers must review the Fund's Disclosure Controls and Procedures to ensure they are aware of and carry out their duties and responsibilities in accordance with the Disclosure Controls and Procedures and the disclosure obligations of the Fund. Covered Officers are responsible for monitoring the integrity and effectiveness of the Fund's Disclosure Controls and Procedures.

**5.** **Compliance with Applicable Laws, Rules and Regulations** 

Covered Officers are expected to know, respect and comply with all laws, rules and regulations applicable to the conduct of the Fund's business. If a Covered Officer is in doubt about the legality or propriety of an action, business practice or policy, the Covered Officer should seek advice from the Covered Officer's supervisor or the Fund's legal counsel.

In the performance of their work, Covered Officers must not knowingly be a party to any illegal activity or engage in acts that are discreditable to the Fund.

Covered Officers are expected to promote the Fund's compliance with applicable laws, rules and regulations. To promote such compliance, Covered Officers may establish and maintain mechanisms to educate employees carrying out the finance and compliance functions of the Fund about any applicable laws, rules or regulations that affect the operation of the finance and compliance functions and the Fund generally.

**6.** **Reporting and Accountability** 

All Covered Officers will be held accountable for adherence to this Code. Each Covered Officer must, upon the Fund's adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer or upon the effectiveness of an amendment to the Code as set forth in Section 9 (Amendment)), affirm in writing to the Board that he/she has received, read, and understands this Code by signing the Acknowledgement Form attached hereto as Appendix A. Thereafter, each Covered Officer, on an annual basis, must affirm to the Board that he/she has complied with the requirements of this Code.

Covered Officers may not retaliate against any other Covered Officer of the Fund or their affiliated persons for reports of potential violations that are made in good faith.

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

&nbsp;&nbsp;&nbsp;&nbsp;· Any Covered Officer who knows of any violation of this Code or who questions whether a situation, activity
or practice is acceptable must immediately report such practice to the Fund's Chief Compliance Officer. The Chief Compliance Officer
shall take appropriate action to investigate any reported potential violations. If, after such investigation, the Chief Compliance Officer
believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action. Any matter that the
Chief Compliance Officer believes is a violation will be reported to the Chairman of the Board of Directors. The Chief Compliance Officer
shall respond to the Covered Officer within a reasonable period of time.

&nbsp;&nbsp;&nbsp;&nbsp;· If the Covered Officer is not satisfied with the response of the Chief Compliance Officer, the Covered
Officer shall report the matter to the Chairman of the Board of Directors. If the Chairman is unavailable, the Covered Officer may report
the matter to any other member of the Board of Directors. The person receiving the report shall consider the matter, refer it to the full
Board of Directors if he or she deems appropriate, and respond to the Covered Officer within a reasonable amount of time. If the Board
of Directors concurs that a violation has occurred, it will consider appropriate action, which may include review of and appropriate modifications
to applicable policies and procedures or notification to appropriate personnel of the investment adviser or its board.

&nbsp;&nbsp;&nbsp;&nbsp;· If the Board of Directors determines that a Covered Officer violated this Code, failed to report a known
or suspected violation of this Code, or provided intentionally false or malicious information in connection with an alleged violation
of this Code, the Board of Directors may take disciplinary action against any such Covered Officer to the extent the Board of Directors
deems appropriate. No Covered Officer will be disciplined for reporting a concern in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;· To the extent possible and as allowed by law, reports will be treated as confidential. The Fund may report
violations of the law to the appropriate authorities.

**7.** **Disclosure of this Code** 

This Code, and any applicable waivers under Section 8 (Waivers) or amendments under Section 9 (Amendments), shall be disclosed to the public by at least one of the following methods in the manner prescribed by the SEC, and as otherwise required by law:

&nbsp;&nbsp;&nbsp;&nbsp;· filing a copy of this Code as an exhibit to the Fund's annual
report on Form N-CSR;

&nbsp;&nbsp;&nbsp;&nbsp;· posting the text of this Code on the Fund's Internet website and
disclosing, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted this Code on its Internet website;
or

&nbsp;&nbsp;&nbsp;&nbsp;· providing an undertaking in the Fund's most recent report on Form
N-CSR to provide a copy of this Code to any person without charge upon request, and explaining the manner in which such a request may
be made.

**8.** **Waivers** 

Any waiver of this Code, including an implicit waiver, granted to a Covered Officer may be made only by the Board of Directors or a committee of the Board to which such responsibility has been delegated, and must be disclosed by the Fund in the manner prescribed by law and as set forth above in Section 7 (Disclosure of this Code).

**9.** **Amendments** 

This Code may be amended by the affirmative vote of a majority of the Board of Directors, including a majority of the independent Directors. Any amendment of this Code must be disclosed by the Fund in the manner prescribed by law and as set forth above in Section 7 (Disclosure of this Code), unless such amendment is deemed to be technical, administrative, or otherwise non-substantive. Any amendments to this Code will be provided to the Covered Officers promptly upon adoption, as well as a new Acknowledgment Form.

**10.** **Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Board of Directors of the Fund, the Chief Compliance Officer of the Fund, the legal counsel to the Fund, legal counsel to the independent Directors and such other persons as a majority of the Board of Directors, including a majority of the independent s, shall determine to be appropriate.

*Approved: May 19, 2021*

*Updated: February 22, 2024, January 30, 2026, May 27, 2026.*

 

**Appendix A**

**Popular Asset Management LLC**

Certification and Acknowledgment of Receipt of Code of Ethics for Principal Executive Officers and Principal Financial Officers

I acknowledge and certify that I have received a copy of Popular Funds Code of Ethics for Principal Executive Officers and Principal Financial Officers (the "Code"). I understand and agree that it is my responsibility to read and familiarize myself with the policies and procedures contained in the Code and to abide by those policies and procedures.

I acknowledge and certify that I have read and understand the Code.

---

| | |
|:---|:---|
| Date | Print Name |
|  | Signature |

---

## Ex-99.Cert

**Exhibit 99.Cert**

I, Angel M. Rivera, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Popular Total Return
Fund, Inc. (the "Registrant");

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Popular Total Return Fund, Inc. | Popular Total Return Fund, Inc. |
| By: | /s/ Angel M. Rivera |
|  | Angel M. Rivera |
|  | Principal Executive Officer/President |
| Date: | June 4, 2026 |

---

I, James A. Gallo, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Popular Total Return Fund, Inc. (the "Registrant");

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

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

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

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

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

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

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

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

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

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

---

| | |
|:---|:---|
| Popular Total Return Fund, Inc. | Popular Total Return Fund, Inc. |
| By: | /s/ James A. Gallo |
|  | James A. Gallo |
|  | Principal Financial Officer/Treasurer |
| Date: | June 4, 2026 |

---

## Exhibit 99.906

**Exhibit 99.906Cert**

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR (the "Report") for the period ended March 31, 2026 (the "Form N-CSR") of Popular Total Return Fund, Inc. (the "Company").

I, Angel M. Rivera, the Principal Executive Officer/President of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Registrant's periodic report on Form N-CSR for the period ended March 31, 2026, fully complies
with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: | June 4, 2026 |
| By: | /s/ Angel M. Rivera |
|  | Angel M. Rivera |
|  | Principal Executive Officer/President |

---

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR (the "Report") for the period ended March 31, 2026 (the "Form N-CSR") of Popular Total Return Fund, Inc. (the "Company").

I, James A. Gallo, the Principal Financial Officer/Treasurer of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the Registrant's periodic report on Form N-CSR for the period ended March 31, 2026 fully complies
with the requirements of Section 13(a) or Section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: | June 4, 2026 |
| By: | /s/ James A. Gallo |
|  | James A. Gallo |
|  | Principal Financial Officer/Treasurer |

---