# EDGAR Filing Document

**Accession Number:** 0001862970
**File Stem:** 0001398344-25-017442
**Filing Date:** 2025-9
**Character Count:** 140921
**Document Hash:** 596f521aeb5f362f9b1970a776993026
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017442.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001398344-25-017442

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**EFFECTIVENESS DATE**: 20250903

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Popular High Grade Fixed-Income Fund, Inc.
- **CENTRAL INDEX KEY:** 0001862970

**ORGANIZATION NAME:**
- **EIN:** 660614568
- **STATE OF INCORPORATION:** PR
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23697
- **FILM NUMBER:** 251289111

**BUSINESS ADDRESS:**
- **STREET 1:** PFS 209 MUNOZ RIVERA AVE.
- **STREET 2:** 2ND LEVEL
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00918
- **BUSINESS PHONE:** 7877544488

**MAIL ADDRESS:**
- **STREET 1:** PFS 209 MUNOZ RIVERA AVE.
- **STREET 2:** 2ND LEVEL
- **CITY:** SAN JUAN
- **STATE:** PR
- **ZIP:** 00918

## Series and Classes Contracts Data

### Popular High Grade Fixed-Income Fund (Series ID: S000074338)

| Class ID   | Class Name     | Ticker Symbol   |
|:---|:---|:---|
| C000232072 | Class A 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: 811-23697

**Popular High Grade Fixed-Income 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>June 30</u>

Date of reporting period: <u>July 1, 2024 - June 30, 2025</u>

Item 1. **Report to Stockholders.**

&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 HIGH GRADE FIXED-INCOME FUND, INC. – CLASS A SHARES

#### TICKER: PHGFX
ANNUAL SHAREHOLDER REPORT — June 30, 2025

## Fund Overview
This annual shareholder report contains important information about Popular High Grade Fixed-Income Fund, Inc. - Class A Shares for the period from July 1, 2024 to June 30, 2025. 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/high-grade-fixed-income-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 | $461 | 4.61% |

---

## How did the Fund perform during the last twelve months?
During the twelve-month period ended on June 30, 2025, the Popular High Grade Fixed-Income Fund, Inc. (the "Fund") Class A shares delivered a total return of 3.23%. The Fund's positive performance was primarily attributable to the returns of the portfolio positions and overall price appreciation of U.S. bonds. Over the period, the 10-year U.S. Treasury yield decreased by 17 basis points from 4.40% to 4.23%.

The Fund's results were partially offset by declines in the prices of Puerto Rico Sales Tax Revenue bonds held within the portfolio, as well as the impact of Fund expenses. As a result, performance trailed the primary benchmark for the period.

For the reporting period, the NAV of Class A shares increased by $0.04 to $4.85 and dividends of $0.11496 per share were paid. It is important to emphasize that the benchmark index does not have any expenses. The Fund declares monthly dividends and returns are shown before taxes without any tax advantage on dividends paid.

## How did the Fund perform since inception?

### Total Return Based on $10,000 Investment
![Growth of 10K Chart](i64e96e847d988c7fdf4417ff.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | Class A Shares - without sales charge | Class A Shares - with sales charge | Bloomberg US Aggregate Bond Index |
| 05/21 | $10000 | $9742 | $10000 |
| 06/21 | $10108 | $9847 | $10105 |
| 12/21 | $10049 | $9790 | $10112 |
| 06/22 | $8882 | $8653 | $9065 |
| 12/22 | $8357 | $8142 | $8796 |
| 06/23 | $8634 | $8412 | $8980 |
| 12/23 | $8957 | $8726 | $9282 |
| 06/24 | $8832 | $8604 | $9216 |
| 12/24 | $8935 | $8705 | $9398 |
| 06/25 | $9117 | $8882 | $9776 |

---

### Average Annual Total Returns as of June 30, 2025

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Popular High Grade Fixed-Income Fund, Inc. | 1 Year | Since Inception |
| Class A Shares - without sales charge (Incep. May 21, 2021) | 3.23% | -2.22% |
| Class A Shares - with sales charge | 0.72% | -2.84% |
| Bloomberg US Aggregate Bond Index | 6.08% | -0.55% |

---

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 June 30, 2025
* Total Net Assets$40,395,816

* # of Portfolio Holdings122

* Portfolio Turnover Rate8%

* Advisory Fees Paid During Reporting Period$286,979

* Total Assets$56,909,165

* Leverage$(16,150,050)

## What did the Fund invest in?

### Top Ten Holdings as of June 30, 2025

### (% of Net Assets)

---

| | |
|:---|:---|
| Top 10 | Top 10.1 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 07/01/2058 | 8.03% |
| Federal Farm Credit Banks Funding Corp. 11/28/2028 | 7.18% |
| Puerto Rico Housing Finance Authority 12/01/2028 | 6.92% |
| Ginnie Mae I Pool 04/15/2036 | 5.90% |
| Texas A&M University 05/15/2028 | 4.86% |
| Fannie Mae Pool 06/01/2036 | 4.18% |
| Development Authority of Gwinnett County 09/01/2046 | 4.15% |
| Microsoft Corp. 08/08/2036 | 3.84% |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue 07/01/2046 | 3.74% |
| Fannie Mae Pool 01/01/2036 | 3.42% |

---

### Maturity Weightings

### (% of Total Investments)
![Group By Maturity Chart](ic68e1b6dab3c892e3c2022b8.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| > 10 Years | 70.9% |
| 5-10 Years | 12.5% |
| 3-5 Years | 10.8% |
| 1-3 Years | 5.8% |

---

### Asset Class Weightings

### (% of Total Investments)
![Asset Class Weightings Chart](i3ec511306b80baa45bcdb427.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Puerto Rico Fannie Mae Bonds | 32.96% |
| Municipal Bonds | 22.17% |
| Puerto Rico Government Instrumentalities Tax Exempt Notes | 16.91% |
| Puerto Rico GNMA Bonds | 12.54% |
| US Government Sponsored Entities | 5.15% |
| Puerto Rico Agencies | 4.97% |
| Corporate Bonds | 4.29% |
| Puerto Rico Collateralized Mortgage Obligations | 1.01% |

---

## 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/high-grade-fixed-income-fund.

#### POPULAR HIGH GRADE FIXED-INCOME FUND, INC. – CLASS A SHARES

#### TICKER: PHGFX
ANNUAL SHAREHOLDER REPORT — June 30, 2025

## 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](i16149ee7702ae262e3d82209.jpg)

*Distributor, Popular Securities, LLC.*

#### Phone: 787-758-7400
73317S103–A–06302025**

&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;(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;(b) Not
 applicable.

&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;(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;(e) Not
 applicable.

&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. The Board has designated Enrique Vila del Corral as the Registrant's Audit Committee Financial Expert. Mr. Corral 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;(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 year ended June 30, 2024, were $55,500 and for the fiscal year ended June 30, 2025, were $56,610.

&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 June 30, 2024 and June 30, 2025 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;(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 year ended June 30, 2024, were $11,000 and for the
 fiscal year ended June 30, 2025, were $11,000.

&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"). The aggregate Other Fees billed
 by EY for the fiscal year ended June 30, 2024, were $0 and for the fiscal year ended June 30, 2025, were $0.

(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;(f) Not
 applicable.

&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 investment advisers and any entity controlling,
 controlled by or under common control with the advisers that provide ongoing services to the Registrant ("Non-Audit Fees")
 billed by EY for the fiscal year ended June 30, 2024, were $4,529,535 and for the fiscal year ended June 30, 2025, were $17,595,910.

&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;(i) Not
 applicable.

&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;(a) Not
 applicable to the Registrant.

&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;(a) The
 Schedule of Investments (as set forth in 17 CFR 210.12-12) is included in the financial statements filed under Item 7 of this Form N-CSR.

&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.**

![](fp0095110-1_01.jpg)

**Table of Contents**

---

| | |
|:---|:---|
| **Item 7 – Financial Statements and Financial Highlights for Open-End Management Investment Companies** | **1** |
| &nbsp;&nbsp;&nbsp;Schedule of Investments | 2 |
| &nbsp;&nbsp;&nbsp;Statement of Assets and Liabilities | 8 |
| &nbsp;&nbsp;&nbsp;Statement of Operations | 9 |
| &nbsp;&nbsp;&nbsp;Statements of Changes in Net Assets | 10 |
| &nbsp;&nbsp;&nbsp;Statement of Cash Flows | 11 |
| &nbsp;&nbsp;&nbsp;Financial Highlights | 12 |
| &nbsp;&nbsp;&nbsp;Notes to Financial Statements and Financial Highlights | 14 |
| &nbsp;&nbsp;&nbsp;Report of Independent Registered Public Accounting Firm | 27 |
| &nbsp;&nbsp;&nbsp;Other Information | 28 |
| **Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies** | **29** |
| **Item 9 – Proxy Disclosures for Open-End Management Investment Companies** | **30** |
| **Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies** | **31** |
| **Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract** | **32** |

---

Popular High Grade Fixed-Income Fund, Inc.

ITEM 7 – Financial Statements and Financial Highlights for

Open-End Management Investment Companies

Annual Report \| June 30, 2025 1

Popular High Grade Fixed-Income Fund, Inc. Schedule of Investments

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **Municipal Bonds (30.92%)** | **Municipal Bonds (30.92%)** |  |  |  |
| **California (0.90%)** | **California (0.90%)** |  |  |  |
| $355000 | Northern California Power Agency - Revenue Bonds (Series 2016) | 5.679% | 06/01/35 | $362799 |
| **Georgia (4.15%)** | **Georgia (4.15%)** |  |  |  |
| 2000000 | Development Authority of Gwinnett County - Revenue Bonds | 4.170% | 09/01/46 | 1677000 |
| **Maryland (7.93%)** | **Maryland (7.93%)** |  |  |  |
| 1250000 | County of Baltimore MD - General Obligation Unlimited Bonds (Series 2016) | 2.988% | 07/01/34 | 1097623 |
| 1250000 | County of Baltimore MD - General Obligation Unlimited Bonds (Series 2016) | 3.038% | 07/01/35 | 1081642 |
| 1200000 | County of Baltimore MD - General Obligation Unlimited Bonds (Series 2016) | 3.088% | 07/01/36 | 1022362 |
| **New York (0.15%)** | **New York (0.15%)** |  |  |  |
| 58717 | New York State Dormitory Authority - Revenue Bonds (Series 2010H) | 5.289% | 03/15/33 | 59481 |
| **Texas (12.62%)** | **Texas (12.62%)** |  |  |  |
| 600000 | Board of Regents of the University of Texas System - Revenue Bonds (Series 2016A) | 3.852% | 08/15/46 | 481489 |
| 795000 | Permanent University Fund - Texas A&M University System - Revenue Bonds (Series 2015B) | 3.600% | 07/01/36 | 713338 |
| 1000000 | Texas A&M University - Revenue Bonds (Series 2017A) | 3.231% | 05/15/27 | 985606 |
| 2000000 | Texas A&M University - Revenue Bonds (Series 2017A) | 3.331% | 05/15/28 | 1961618 |
| 1000000 | Texas A&M University - Revenue Bonds (Series 2017A) | 3.481% | 05/15/31 | 960130 |
| **Virginia (2.19%)** | **Virginia (2.19%)** |  |  |  |
| 945000 | Virginia Resources Authority - Revenue Bonds | 4.250% | 11/01/38 | 882884 |
| **Washington (2.98%)** | **Washington (2.98%)** |  |  |  |
| 1295000 | City of Seattle WA - General Obligation Limited Bonds (Series 2016B) | 2.875% | 04/01/32 | 1204140 |

---

*See Notes to Financial Statements*

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

Popular High Grade Fixed-Income Fund, Inc. Schedule of Investments

*June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **Municipal Bonds (continued)** |  |  |  |
| **Total Municipal Bonds** |  |  | $**12490112** |
| **(Cost $13,828,014)** |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **Puerto Rico Agencies (6.92%)** | **Puerto Rico Agencies (6.92%)** |  |  |  |
| $2700000 | Puerto Rico Housing Finance Authority - Revenue Bonds<sup>(a)</sup> | 6.750% | 12/01/28 | $2796953 |
| **Total Puerto Rico Agencies** | **Total Puerto Rico Agencies** |  |  | $**2796953** |
| **(Cost $2,838,345)** | **(Cost $2,838,345)** |  |  |  |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **Puerto Rico Government Instrumentalities Tax Exempt Notes (23.58%)** |  |  |  |
| 355000 Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue - Revenue Bonds (Series Capital Appreciation Restructured Series A-1)<sup>(a)(b)</sup> | 0.000% | 07/01/27 | 328078 |
| 346000 Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue - Revenue Bonds (Series Capital Appreciation Restructured Series A-1)<sup>(a)(b)</sup> | 0.000% | 07/01/29 | 295277 |
| 445000 Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue - Revenue Bonds (Series Capital Appreciation Restructured Series A-1)<sup>(a)(b)</sup> | 0.000% | 07/01/31 | 347195 |
| 501000 Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue - Revenue Bonds (Series Capital Appreciation Restructured Series A-1)<sup>(a)(b)</sup> | 0.000% | 07/01/33 | 356117 |
| 4775000 Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue - Revenue Bonds (Series Capital Appreciation Restructured Series A-1)<sup>(a)(b)</sup> | 0.000% | 07/01/46 | 1511993 |
| 3890000 Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue - Revenue Bonds (Series Capital Appreciation Restructured Series A-1)<sup>(a)(b)</sup> | 0.000% | 07/01/51 | 902646 |
| 367000 Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue - Revenue Bonds (Series Restructured Series A-1)<sup>(a)</sup> | 4.500% | 07/01/34 | 366982 |
| 57000 Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue - Revenue Bonds (Series Restructured Series A-2)<sup>(a)</sup> | 4.536% | 07/01/53 | 49516 |

---

*See Notes to Financial Statements*

Annual Report \| June 30, 2025 3

Popular High Grade Fixed-Income Fund, Inc. Schedule of Investments

*June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **Puerto Rico Government Instrumentalities Tax Exempt Notes (continued)** |  |  |  |
| $186000 Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue - Revenue Bonds (Series Restructured Series A-1)<sup>(a)</sup> | 4.550% | 07/01/40 | $178283 |
| 1364000 Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue - Revenue Bonds (Series Restructured Series A-1)<sup>(a)</sup> | 4.750% | 07/01/53 | 1254017 |
| 758000 Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue - Revenue Bonds (Series Restructured Series A-2)<sup>(a)</sup> | 4.784% | 07/01/58 | 690744 |
| 3450000 Puerto Rico Sales Tax Financing Corp. Sales Tax Revenue - Revenue Bonds (Series Restructured Series A-1)<sup>(a)</sup> | 5.000% | 07/01/58 | 3243443 |
| **Total Puerto Rico Government Instrumentalities Tax Exempt Notes** |  |  | $**9524291** |
| **(Cost $9,908,865)** |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **Puerto Rico GNMA Bonds (17.49%)<sup>(c)</sup>** | **Puerto Rico GNMA Bonds (17.49%)<sup>(c)</sup>** |  |  |  |
| $322580 | GNMA Pool 609097 | 5.000% | 06/15/38 | $324186 |
| 292436 | GNMA Pool 719882 | 5.000% | 08/15/39 | 297025 |
| 251911 | GNMA Pool 691686 | 5.000% | 02/15/40 | 255864 |
| 113895 | GNMA Pool 593621 | 5.500% | 12/15/32 | 114142 |
| 142555 | GNMA Pool 572021 | 5.500% | 01/15/33 | 143049 |
| 35059 | GNMA Pool 597878<sup>(d)</sup> | 5.500% | 02/15/33 | 34986 |
| 78512 | GNMA Pool 597885 | 5.500% | 04/15/33 | 78442 |
| 29411 | GNMA Pool 597888 | 5.500% | 05/15/33 | 29352 |
| 36929 | GNMA Pool 622056 | 5.500% | 03/15/34 | 38339 |
| 67988 | GNMA Pool 631039 | 5.500% | 01/15/35 | 70085 |
| 147260 | GNMA Pool 631045 | 5.500% | 03/15/35 | 152882 |
| 183621 | GNMA Pool 592837 | 5.500% | 06/15/35 | 190640 |
| 49385 | GNMA Pool 643745 | 5.500% | 07/15/35 | 50666 |
| 33474 | GNMA Pool 618256 | 5.500% | 07/15/35 | 34507 |
| 162783 | GNMA Pool 643758 | 5.500% | 01/15/36 | 167808 |
| 252243 | GNMA Pool 678611 | 5.500% | 11/15/38 | 261899 |
| 76776 | GNMA Pool 456374 | 6.000% | 02/15/29 | 79414 |
| 59918 | GNMA Pool 636530 | 6.000% | 05/15/30 | 61602 |
| 48757 | GNMA Pool 597883 | 6.000% | 05/15/33 | 48776 |
| 103355 | GNMA Pool 597887 | 6.000% | 05/15/33 | 105081 |
| 96603 | GNMA Pool 597899 | 6.000% | 08/15/33 | 100188 |
| 67600 | GNMA Pool 607382 | 6.000% | 08/15/33 | 70109 |
| 100717 | GNMA Pool 622036 | 6.000% | 08/15/33 | 105391 |
| 78730 | GNMA Pool 622041 | 6.000% | 09/15/33 | 81653 |
| 42017 | GNMA Pool 608642 | 6.000% | 07/15/34 | 43484 |
| 36694 | GNMA Pool 631050 | 6.000% | 03/15/35 | 37976 |

---

*See Notes to Financial Statements*

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

Popular High Grade Fixed-Income Fund, Inc. Schedule of Investments

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **Puerto Rico GNMA Bonds (17.49%)<sup>(c)</sup> (continued)** | **Puerto Rico GNMA Bonds (17.49%)<sup>(c)</sup> (continued)** |  |  |  |
| $131256 | GNMA Pool 618257 | 6.000% | 07/15/35 | $137360 |
| 143193 | GNMA Pool 643759 | 6.000% | 01/15/36 | 149850 |
| 98697 | GNMA Pool 643761 | 6.000% | 01/15/36 | 102351 |
| 2238432 | GNMA Pool 782087<sup>(d)</sup> | 6.000% | 04/15/36 | 2384446 |
| 66570 | GNMA Pool 647562 | 6.000% | 05/15/36 | 68900 |
| 192370 | GNMA Pool 638705 | 6.000% | 11/15/36 | 201631 |
| 64307 | GNMA Pool 663448 | 6.000% | 03/15/37 | 64316 |
| 106501 | GNMA Pool 678609 | 6.000% | 11/15/38 | 111455 |
| 29559 | GNMA Pool 572103 | 6.500% | 04/15/34 | 29568 |
| 71802 | GNMA Pool 572113 | 6.500% | 06/15/34 | 75569 |
| 43194 | GNMA Pool 572122 | 6.500% | 07/15/34 | 45460 |
| 56150 | GNMA Pool 572128 | 6.500% | 08/15/34 | 59095 |
| 17967 | GNMA Pool 572136 | 6.500% | 10/15/34 | 18910 |
| 42201 | GNMA Pool 592840 | 6.500% | 07/15/35 | 44415 |
| 123809 | GNMA Pool 592859 | 6.500% | 12/15/35 | 131176 |
| 2551 | GNMA Pool 618293 | 6.500% | 12/15/35 | 2565 |
| 45123 | GNMA Pool 592865 | 6.500% | 01/15/36 | 45205 |
| 62335 | GNMA Pool 592874 | 6.500% | 03/15/36 | 65610 |
| 34749 | GNMA Pool 592880 | 6.500% | 04/15/36 | 36572 |
| 136693 | GNMA Pool 678612 | 6.500% | 11/15/38 | 144827 |
| 166173 | GNMA Pool 678608 | 7.000% | 12/15/38 | 168781 |
| **Total Puerto Rico GNMA Bonds** | **Total Puerto Rico GNMA Bonds** |  |  | $7065608 |
| **(Cost $6,793,885)** | **(Cost $6,793,885)** |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **Puerto Rico Fannie Mae Bonds (45.98%)<sup>(e)</sup>** | **Puerto Rico Fannie Mae Bonds (45.98%)<sup>(e)</sup>** |  |  |  |
| 609052 | FNMA Pool AC0808 | 5.000% | 11/01/39 | 616628 |
| 178084 | FNMA Pool 758601 | 5.500% | 01/01/35 | 183661 |
| 141254 | FNMA Pool 745292 | 5.500% | 05/01/35 | 145083 |
| 946963 | FNMA Pool 827687<sup>(d)</sup> | 5.500% | 11/01/35 | 976759 |
| 374986 | FNMA Pool 827684<sup>(d)</sup> | 5.500% | 11/01/35 | 385611 |
| 389693 | FNMA Pool 827698<sup>(d)</sup> | 5.500% | 12/01/35 | 400946 |
| 330941 | FNMA Pool 827695 | 5.500% | 12/01/35 | 340257 |
| 249799 | FNMA Pool 829461<sup>(d)</sup> | 5.500% | 01/01/36 | 256786 |
| 189883 | FNMA Pool 850019 | 5.500% | 04/01/36 | 195366 |
| 244741 | FNMA Pool 850022 | 5.500% | 04/01/36 | 251676 |
| 266757 | FNMA Pool 827685<sup>(d)</sup> | 6.000% | 11/01/35 | 277937 |
| 39160 | FNMA Pool 827696 | 6.000% | 12/01/35 | 39800 |
| 1319074 | FNMA Pool 827712<sup>(d)</sup> | 6.000% | 01/01/36 | 1382794 |
| 261941 | FNMA Pool 827709<sup>(d)</sup> | 6.000% | 01/01/36 | 272916 |
| 914283 | FNMA Pool 849985<sup>(d)</sup> | 6.000% | 02/01/36 | 960983 |
| 553022 | FNMA Pool 849982<sup>(d)</sup> | 6.000% | 02/01/36 | 577968 |
| 147611 | FNMA Pool 850010<sup>(d)</sup> | 6.000% | 03/01/36 | 153094 |
| 925849 | FNMA Pool 850013<sup>(d)</sup> | 6.000% | 03/01/36 | 973143 |
| 421350 | FNMA Pool 850023<sup>(d)</sup> | 6.000% | 04/01/36 | 441520 |
| 261150 | FNMA Pool 850020<sup>(d)</sup> | 6.000% | 04/01/36 | 272098 |

---

*See Notes to Financial Statements*

Annual Report \| June 30, 2025 5

Popular High Grade Fixed-Income Fund, Inc. Schedule of Investments

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **Puerto Rico Fannie Mae Bonds (45.98%)<sup>(e)</sup> (continued)** | **Puerto Rico Fannie Mae Bonds (45.98%)<sup>(e)</sup> (continued)** |  |  |  |
| $780278 | FNMA Pool 850033<sup>(d)</sup> | 6.000% | 05/01/36 | $817954 |
| 73652 | FNMA Pool 850029<sup>(d)</sup> | 6.000% | 05/01/36 | 74833 |
| 733292 | FNMA Pool 850042<sup>(d)</sup> | 6.000% | 06/01/36 | 770756 |
| 77124 | FNMA Pool 850039 | 6.000% | 06/01/36 | 79443 |
| 182968 | FNMA Pool 850055 | 6.000% | 07/01/36 | 189578 |
| 784737 | FNMA Pool 850058 | 6.000% | 07/01/36 | 824822 |
| 91000 | FNMA Pool 850069 | 6.000% | 08/01/36 | 93735 |
| 196843 | FNMA Pool 881251 | 6.000% | 09/01/36 | 205405 |
| 467810 | FNMA Pool 881266<sup>(d)</sup> | 6.000% | 10/01/36 | 488261 |
| 78016 | FNMA Pool 881262 | 6.000% | 10/01/36 | 80358 |
| 118225 | FNMA Pool 881281 | 6.000% | 11/01/36 | 122496 |
| 1087174 | FNMA Pool 904973<sup>(d)</sup> | 6.000% | 02/01/37 | 1142747 |
| 175216 | FNMA Pool 904968<sup>(d)</sup> | 6.000% | 02/01/37 | 181541 |
| 291375 | FNMA Pool 905013<sup>(d)</sup> | 6.000% | 05/01/37 | 303230 |
| 754914 | FNMA Pool 909131<sup>(d)</sup> | 6.000% | 12/01/37 | 791412 |
| 170028 | FNMA Pool 953094 | 6.000% | 01/01/38 | 176338 |
| 75837 | FNMA Pool 835580 | 6.500% | 07/01/35 | 76916 |
| 422184 | FNMA Pool 850030<sup>(d)</sup> | 6.500% | 05/01/36 | 447474 |
| 860557 | FNMA Pool 850034<sup>(d)</sup> | 6.500% | 05/01/36 | 912136 |
| 1582155 | FNMA Pool 850043<sup>(d)</sup> | 6.500% | 06/01/36 | 1687126 |
| **Total Puerto Rico Fannie Mae Bonds** | **Total Puerto Rico Fannie Mae Bonds** |  |  | $18571587 |
| **(Cost $17,769,933)** | **(Cost $17,769,933)** |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **Puerto Rico Freddie Mac Bonds (1.41%)<sup>(f)</sup>** | **Puerto Rico Freddie Mac Bonds (1.41%)<sup>(f)</sup>** |  |  |  |
| 158378 | FGLMC Pool G08831<sup>(d)</sup> | 4.000% | 08/01/48 | 150047 |
| 20651 | FGLMC Pool D97957 | 5.500% | 01/01/26 | 20673 |
| 19557 | FGLMC Pool A35321 | 5.500% | 06/01/35 | 20145 |
| 362323 | FGLMC Pool A45241<sup>(d)</sup> | 6.000% | 02/01/35 | 379608 |
| 388 | FGLMC Pool A64760 | 6.000% | 07/01/37 | 403 |
| **Total Puerto Rico Freddie Mac Bonds** | **Total Puerto Rico Freddie Mac Bonds** |  |  | $570876 |
| **(Cost $561,512)** | **(Cost $561,512)** |  |  |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **Corporate Bonds (5.99%)** | **Corporate Bonds (5.99%)** |  |  |  |
| 1727000 | Microsoft Corp.<sup>(g)</sup> | 3.450% | 08/08/36 | 1551019 |
| 300000 | Microsoft Corp.<sup>(g)</sup> | 3.700% | 08/08/46 | 240990 |
| 750000 | Microsoft Corp.<sup>(g)</sup> | 3.750% | 02/12/45 | 626399 |
| **Total Corporate Bonds** | **Total Corporate Bonds** |  |  | $2418408 |
| **(Cost $2,781,568)** | **(Cost $2,781,568)** |  |  |  |

---

*See Notes to Financial Statements*

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

Popular High Grade Fixed-Income Fund, Inc. Schedule of Investments

*June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **US Government Sponsored Entities (7.18%)** | **US Government Sponsored Entities (7.18%)** |  |  |  |
| $3000000 | Federal Farm Credit Banks Funding Corp.<sup>(d)</sup> | 2.830% | 11/28/28 | $2900233 |
| **(Cost $2,974,902)** | **(Cost $2,974,902)** |  |  |  |
| **Total Investments (139.47%)** | **Total Investments (139.47%)** |  |  |  |
| **(Cost $57,457,024)** | **(Cost $57,457,024)** |  |  | $**56338068** |
| **Liabilities in Excess of Other Assets (-39.47%)** | **Liabilities in Excess of Other Assets (-39.47%)** |  |  | (15942252) |
| **NET ASSETS (100.00%)** | **NET ASSETS (100.00%)** |  |  | $**40395816** |

---

*<sup>(a)</sup>* *These securities are the exchanged bonds under the COFINA's Third Amended Plan of Adjustment (the "Plan").*

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* *Issued with a zero coupon. Income is recognized through the accretion of discount.* 

*<sup>(c)</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.*

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *A portion or all of the security has been pledged as collateral for securities sold under agreements to repurchase.* 

*<sup>(e)</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>(f)</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>(g)</sup>* *Security may be called before its maturity date.*

** 

**Reverse Repo Agreements**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Counterparty** | **Interest Rate** | **Acquisition Date** | **Maturity Date** | **Amount** |
| Goldman Sachs<sup>(a)</sup> | 4.55% | 06/25/2025 | 07/16/2025 | $(8510000) |
| J.P. Morgan Chase & Co<sup>(b)</sup> | 4.55% | 05/28/2025 | 07/02/2025 | (6146050) |
| Santander<sup>(c)</sup> | 4.80% | 06/09/2025 | 07/09/2025 | (502000) |
| South Street Securities<sup>(d)</sup> | 4.85% | 06/30/2025 | 07/01/2025 | (992000) |
|  |  |  |  | $(16150050) |

---

*<sup>(a)</sup>* *Collateralized by $130,780,159 par amount (9,018,243 current face) of FNMA, GNMA and Freddie Mac, 5.50%-6.50% due 2/1/35 to 12/1/37; Total fair value $9,483,351*

*<sup>(b)</sup>* *Collateralized by $69,490,701 par amount (6,174,897 current face) of FNMA, GNMA and FHLMC, 4.00%-6.50% due 2/15/33 to 8/1/48; Total fair value $6,457,226*

*<sup>(c)</sup>* *Collateralized by $5,884,627 par amount (530,287 Current Face) of FNMA, 6.00% due 3/1/36; Total fair value $557,375*

*<sup>(d)</sup>* *Collateralized by $7,781,803 par amount (1,067,209 Current Face) of FNMA and FFCB, 2.83%- 6.50% due 11/28/28 to 6/1/36; Total fair value $1,061,489*

*See Notes to Financial Statements*

Annual Report \| June 30, 2025 7

Popular High Grade Fixed-Income Fund, Inc. Statement of Assets and Liabilities

*June 30, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| Securities pledged as collateral under reverse repurchase agreements, at fair value (cost $16,150,050) | $17559441 |
| Investments in securities, at fair value (cost $41,306,974) | 38778627 |
|  | 56338068 |
| Cash and cash equivalents | 15279 |
| Interest receivable | 478330 |
| Prepaid and other assets | 77488 |
| **Total Assets** | 56909165 |
| **LIABILITIES:** |  |
| Payable for reverse repurchase agreements (Cost $16,150,050) | $16150050 |
| Interest payable on reverse repurchase agreements | 34471 |
| Payable for distributions to shareholders | 79747 |
| Payable for shareholder servicing | 88422 |
| Payable to Adviser, net of waiver | 20986 |
| Payable to fund accounting and administration | 12508 |
| Payable for Transfer Agency fees | 3862 |
| Payable to Directors | 5880 |
| Payable for Legal fees | 26808 |
| Payable for Compliance fees | 1070 |
| Payable for Custodian fees | 2967 |
| Payable for Audit fees | 61144 |
| Other payables | 25434 |
| **Total Liabilities** | 16513349 |
| **Net Assets** | $40395816 |
| **NET ASSETS CONSIST OF:** |  |
| Paid-in capital - $0.01 par value, 2,000,000,020 shares authorized, 8,324,370 issued and outstanding | $184859180 |
| Accumulated deficit | (144463364) |
| **Net Assets** | $40395816 |
| **PRICING OF SHARES:** |  |
| **Class A Shares** |  |
| Net Assets | $40395816 |
| Shares outstanding | 8324370 |
| Net asset value per share | $4.85 |

---

*See Notes to Financial Statements*

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

Popular High Grade Fixed-Income Fund, Inc. Statement of Operations

*For the Year Ended June 30, 2025*

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Interest | $3051354 |
| **Total Investment Income** | 3051354 |
| **EXPENSES:** |  |
| Investment Adviser fees | $318866 |
| Distribution Fees |  |
| &nbsp;&nbsp;&nbsp;Class A | 110901 |
| Accounting and Administration fees | 87963 |
| Compliance fees | 11381 |
| Transfer agent fees | 48118 |
| Interest on reverse repurchase agreements | 965314 |
| Audit fees | 87371 |
| Legal fees | 273796 |
| Custodian fees | 27083 |
| Director fees | 15419 |
| Printing fees | 22111 |
| Insurance fees | 72438 |
| Other fees | 37260 |
| Total expenses before waiver | 2078021 |
| Less fees waived by investment adviser | (31887) |
| **Total Expenses** | 2046134 |
| **Net Investment Income** | 1005220 |
| **Net Realized and Unrealized Gain/(Loss) on Investments:** |  |
| Net realized gain on: |  |
| &nbsp;&nbsp;&nbsp;Investments | (341927) |
| Net realized loss | (341927) |
| Net change in unrealized appreciation on: |  |
| &nbsp;&nbsp;&nbsp;Investments | 808902 |
| Net change in unrealized appreciation | 808902 |
| **Net Realized and Unrealized Gain on Investments** | 466975 |
| **Net Increase in Net Assets Resulting from Operations** | $1472195 |

---

*See Notes to Financial Statements*

Annual Report \| June 30, 2025 9

Popular High Grade Fixed-Income Fund, Inc. Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br> Year Ended<br> June 30, 2025** | **For the<br> Year Ended<br> June 30, 2024** |
| **NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $1005220 | $1180533 |
| &nbsp;&nbsp;&nbsp;Net realized loss | (341927) | (1126092) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 808902 | 975813 |
| **Net increase in net assets resulting from operations** | 1472195 | 1030254 |
| **DISTRIBUTIONS TO COMMON SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;**Class A** dividends | (1039226) | (1337328) |
| **Net decrease in net assets from distributions to shareholders** | (1039226) | (1337328) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| **Class A Common Shares:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from shares issued | 2068 | 144602 |
| &nbsp;&nbsp;&nbsp;Reinvestment of dividends | 120154 | 169497 |
| &nbsp;&nbsp;&nbsp;Cost of shares redeemed | (6856918) | (9244651) |
| **Net decrease in net assets from capital share transactions** | (6734696) | (8930552) |
| **Net Decrease in Net Assets** | (6301727) | (9237626) |
| **NET ASSETS:** |  |  |
| Beginning of period | 46697543 | 55935169 |
| End of period | $40395816 | $46697543 |

---

*See Notes to Financial Statements*

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

Popular High Grade Fixed-Income Fund, Inc. Statement of Cash Flows

*For the Year Ended June 30, 2025*

---

| | |
|:---|:---|
| **CASH FLOWS FROM OPERATING ACTIVITIES:** | |
| Net increase in net assets resulting from operations | $1472195 |
| Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: |  |
| Purchases of short-term investment securities | (4746290) |
| Proceeds from disposition of long-term investment securities | 10275277 |
| Proceeds from disposition of short-term investment securities | 4821000 |
| Amortization of premium and accretion of discount on investments, net | (150848) |
| Net realized (gain)/loss on: |  |
| Investments | 341927 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |
| Investments | (808902) |
| &nbsp;&nbsp;&nbsp;(Increase)/Decrease in assets: |  |
| Interest receivable | 98832 |
| &nbsp;&nbsp;&nbsp;Prepaid and other assets | 38224 |
| &nbsp;&nbsp;&nbsp;Increase/(Decrease) in liabilities: |  |
| Payable for shareholder servicing | 8937 |
| &nbsp;&nbsp;&nbsp;Payable for interest expense | 19106 |
| &nbsp;&nbsp;&nbsp;Payable to Transfer agency | (2764) |
| &nbsp;&nbsp;&nbsp;Payable to Adviser | (3949) |
| &nbsp;&nbsp;&nbsp;Payable to fund accounting and administration fees | (36029) |
| &nbsp;&nbsp;&nbsp;Payable to Directors and Officers | 219 |
| &nbsp;&nbsp;&nbsp;Payable for Audit fees | 14409 |
| &nbsp;&nbsp;&nbsp;Payable for Compliance fees | (2285) |
| &nbsp;&nbsp;&nbsp;Payable for Custodian fees | 1651 |
| &nbsp;&nbsp;&nbsp;Payable for Legal fees | (22977) |
| &nbsp;&nbsp;&nbsp;Other payables | (3377) |
| &nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | $11314356 |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |
| Cash payments from reverse repurchase agreements | $(578000667) |
| Cash receipts from reverse repurchase agreements | 574395717 |
| Shares redeemed | (6856918) |
| Proceeds from sale of capital shares | 2068 |
| Cash distributions paid to common shareholders - net of distributions | (932325) |
| **Net cash used in financing activities** | $(11392125) |
| **Net decrease in cash** | $(77769) |
| **Cash, beginning of year** | $93048 |
| **Cash, end of year** | $15279 |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:** |  |
| Cash paid during the period for interest expense on reverse repurchase agreements | $946208 |
| Reinvestment of distributions | $120154 |

---

*See Notes to Financial Statements*

Annual Report \| June 30, 2025 11

Popular High Grade Fixed-Income Fund, Inc. Financial Highlights

*The following table includes selected data for a share outstanding*

*throughout each period and other performance information.*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **For the<br> Year Ended <br> June 30,<br> 2025** | **For the<br> Year Ended <br> June 30,<br> 2024** | **For the<br> Year Ended <br> June 30,<br> 2023** | **For the<br> Year Ended<br> June 30,<br> 2022** | **For the<br> Year Ended<br> June 30,<br> 2021** |
| Net asset value - beginning of period | $4.81 | $4.83 | $5.15 | $6.08 | $6.11 |
| **Income/(loss) from investment operations:** |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 0.11 | 0.11 | 0.15 | 0.22 | 0.23 |
| Net realized and unrealized gain/(loss) | 0.04 | – | (0.30) | (0.94) | (0.05) |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations | 0.15 | 0.11 | (0.15) | (0.72) | 0.18 |
| **Less distributions:** |  |  |  |  |  |
| Dividends from net investment income | (0.11) | (0.13) | (0.17) | (0.21) | (0.21) |
| &nbsp;&nbsp;&nbsp;Total distributions | (0.11) | (0.13) | (0.17) | (0.21) | (0.21) |
| Net increase/(decrease) in net asset value | 0.04 | (0.02) | (0.32) | (0.93) | (0.03) |
| Net asset value - end of period | $4.85 | $4.81 | $4.83 | $5.15 | $6.08 |
| **Total Return<sup>(b)(c)</sup>** | 3.23% | 2.29% | (2.79%) | (12.13%) | 2.98% |
| **Supplemental Data:** |  |  |  |  |  |
| Net assets, end of period (in thousands) | $40396 | $46698 | $55935 | $67555 | $91195 |
| **Ratios to Average Net Assets<sup>(d)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ratio of gross expenses to average net assets<sup>(e)</sup> | 4.69% | 4.65% | 3.52% | 1.70% | 1.75% |
| &nbsp;&nbsp;&nbsp;Ratio of net expenses to average net assets<sup>(e)</sup> | 4.61% | 4.57% | 3.52% | 1.68% | 1.62% |
| &nbsp;&nbsp;&nbsp;Ratio of gross operating expenses to average net assets<sup>(f)</sup> | 2.51% | 2.19% | 1.82% | 1.53% | 1.65% |
| &nbsp;&nbsp;&nbsp;Interest and leverage related to expenses to average net assets | 2.18% | 2.46% | 1.70% | 0.17% | 0.10% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets<sup>(f)</sup> | 2.27% | 2.35% | 3.14% | 3.83% | 3.74% |
| **Portfolio turnover rate** | 8% | 0% | 0% | 0% | 0% |

---

*See Notes to Financial Statements*

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

Popular High Grade Fixed-Income Fund, Inc. Financial Highlights

*The following table includes selected data for a share outstanding*

*throughout each period and other performance information.*

*<sup>(a)</sup>* *Based on daily average outstanding common shares of $9,093,776 for the year ended June 30, 2025, $10,509,621 for the year ended June 30, 2024, $12,507,110 for the year ended June 30, 2023, 14,118,598 for the year ended June 30, 2022 and 15,617,148 for the year ended June 30, 2021.*

*<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 $44,347,604 for the year ended June 30, 2025, $50,158,864 for the year ended June 30, 2024, $61,279,330 for the year ended June 30, 2023, $81,204,185 for the year ended June 30, 2022 and $95,685,561 for the year ended June 30, 2021.*

*<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 \| June 30, 2025 13

Popular High Grade Fixed Income Fund, Inc. Notes to Financial Statements and Financial Highlights

*June 30, 2025*

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

Popular High Grade Fixed-Income Fund, Inc. (the "Fund") is a non-diversified, open-end investment company. The Fund is a corporation organized under the Investment Company Act of 1940, as amended (the "1940 Act") since May 21, 2021. The Fund was incorporated on August 13, 2002 and started operations on September 24, 2002.

The Fund's investment objective is to seek to provide a high level of current income that is consistent with the preservation of capital. There can be no assurance that the Fund will achieve its objectives.

**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 June 30, 2025, cash and cash equivalents of the Fund consisted of a time deposit open account amounting
 to $15,279 with JP 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 Commonwealth of Puerto Rico ("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.

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

Popular High Grade Fixed Income Fund, Inc. Notes to Financial Statements and Financial Highlights

*June 30, 2025*

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 loss on investments reflect the reclassification of permanent differences and of temporary differences between book and tax balances that become permanent (See Note 9).

&nbsp;&nbsp;&nbsp;&nbsp;*(d)* *Statement of Cash Flows –* The Fund invests in securities and distributes dividends from net investment
 income, which are paid in cash or reinvested at the discretion of common stockholders. Additional information on cash receipts and payments
 is presented in the Statement of Cash Flows.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(e)* *Share subscriptions and redemptions –* Shares of the Fund are sold at their Net Asset Value ("NAV"),
 which is determined daily, plus an initial sales charge of up to 2.50%. Shares of each class may be redeemed on each 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;*(f)* *Dividends and Distributions to Shareholders –* The Fund typically declares and pays monthly 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 \| June 30, 2025 15

Popular High Grade Fixed Income Fund, Inc. Notes to Financial Statements and Financial Highlights

*June 30, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;*(g)* *Futures Contracts –* Futures contracts provide for the future sale by one party and purchase by
 another party of a specified security at a specified future time and at a specific price. Stock index futures contracts are based on indices
 that reflect the market value of common stock of the firms included in the indices. Upon entering into a financial futures contract, the
 Fund is required to pledge to the broker an amount of cash, U.S. government securities, or other assets, equal to a certain percentage
 of the contract amount (initial margin deposit). Subsequent payments, known as "variation margin", are made or received by
 the Fund each day, depending on the daily fluctuations in the fair value of the underlying security. The Fund recognizes an unrealized
 gain or loss equal to the daily variation margin until the contract is closed out, at which time the Fund realizes a gain or loss. Positions
 in futures contracts may be closed only on an exchange or board of trade that furnishes a secondary market for such contracts. While the
 Fund plans to utilize futures contracts only if an active market exists for such contracts, there is no guarantee that a liquid market
 will exist for the contracts at a specified time. Risks exceed related amounts recognized in the Statement of Assets and Liabilities.
 The Fund's management enters into these transactions to simulate full investments of a portion of the Fund's assets in one
 or more market indices, to facilitate trading, to reduce transaction costs, and to seek higher investment returns.

 

Most U.S. futures exchanges limit the amount of fluctuation permitted in futures contract prices during a single trading day. The daily limit establishes the maximum amount that the price of a futures contract may vary either up or down from the previous day's settlement price at the end of a trading session. Once the daily limit has been reached in a particular type of futures contract, no trades may be made on that day at a price beyond that limit. The daily limit governs only price movement during a particular trading day and therefore does not limit potential losses, because the limit may prevent the liquidation of unfavorable positions. Futures contract prices have occasionally moved to the daily limit on several consecutive trading days with little or no trading, thereby preventing prompt liquidation of futures positions and subjecting some futures traders to substantial losses. During the year ended on June 30, 2025, the Fund did not invest in futures contracts.

 

&nbsp;&nbsp;&nbsp;&nbsp;*(h)* *Reverse Repurchase Agreements –* Under these agreements, the Fund sells securities, receives cash
 in exchange, and agrees to repurchase the securities at a mutually agreed date and price. Ordinarily, those counterparties with which
 the Fund enters into these agreements require delivery of collateral and are able to sell or repledge the collateral; however, the Fund
 retains effective control over such collateral through the agreement to repurchase the collateral on or by the maturity of the repurchase
 agreement. These transactions are treated as financings and recorded as liabilities. Therefore, no gain or loss is recognized on the transaction
 and the securities pledged as collateral remain recorded as assets of the Fund. These agreements involve the risk that the market value
 of the securities purchased with the proceeds from the sale of securities received by the Fund may decline below the price of the securities
 that the Fund is obligated to repurchase and that the value of the collateral posted by the Fund increases in value and the counterparty
 does not return it. Because the Fund borrows under repurchase agreements based on the estimated fair value of the pledged assets, the
 Fund's ongoing ability to borrow under its repurchase facilities may be limited and its lenders may initiate margin calls in the
 event of adverse changes in the market. A decrease in market value of the pledged assets may require the Fund to post additional collateral
 or otherwise sell assets at a time when it may not be in the best interest of the Fund to do so (See Note 6).

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

Popular High Grade Fixed Income Fund, Inc. Notes to Financial Statements and Financial Highlights

*June 30, 2025*

&nbsp;&nbsp;&nbsp;&nbsp;*(i)* *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 June 30, 2025, the Fund reduced interest income in the amount of
 $1,161 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 9).

 

&nbsp;&nbsp;&nbsp;&nbsp;*(j)* *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;*(k)* *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 by the identified 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.

**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.

Annual Report \| June 30, 2025 17

Popular High Grade Fixed Income Fund, Inc. Notes to Financial Statements and Financial Highlights

*June 30, 2025*

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.

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.

Fixed income securities including mortgage and other asset-backed securities ("MBS"), collateralized mortgage obligations, obligations of Puerto Rico and political subdivisions, obligations of U.S.

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

Popular High Grade Fixed Income Fund, Inc. Notes to Financial Statements and Financial Highlights

*June 30, 2025*

Government Sponsored Entities, State and Municipal Obligations, US Corporate Bonds are normally valued on the basis of quotes obtained from brokers and dealers or Pricing Services that use broker-dealer quotations, reported trades or valuation estimates from their internal pricing models. The Pricing Services' internal models use inputs that are observable such as issuer details, interest rates, yield curves, prepayment speeds, credit risks/spreads, default rates and quoted prices for similar assets. Securities that use similar valuation techniques and inputs as described above are categorized as Level 2 of the fair value hierarchy.

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 obtained from third party pricing service providers and 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.

**Collateralized mortgage obligations:** Agency and private collateralized mortgage obligations ("CMOs") are obtained from third party pricing service providers and based on a bond's theoretical value from similar bonds; "similar" being defined by credit quality and market sector. Their fair value incorporates an option adjusted spread. The option adjusted spread includes prepayment and volatility assumptions, ratings (whole loans collateral) and spread adjustments. CMO's that include a significant adjustment based on assumptions important to market participants, such as credit risk, source of payment, etc., are classified as Level 2.

**Obligations of Puerto Rico and political subdivisions:** Fair value of Puerto Rico obligations and political subdivisions are obtained from third-party pricing service providers. They are segregated and the like characteristics divided into specific sectors. Market inputs used in the evaluation process include all or some of the following: trades, bid price or spread, quotes, benchmark curves including but not limited to Treasury benchmarks, swap curves, and discount and capital rates. These bonds are classified as Level 2.

**Obligations of U.S. Government sponsored entities, and U.S. Agency Securities:** The fair value of U.S. Government sponsored entities are obtained from third-party pricing service providers and based on quoted market prices for similar securities on an active market. U.S. agency securities are classified as Level 2. U.S. agency structured notes 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.

**U.S. Corporate Bonds:** The fair value of corporate bonds is obtained from third-party pricing service providers that use a pricing methodology based on an active exchange market and based on quoted market prices for similar securities for which the fair value incorporates a credit spread in deriving their fair value. These securities are classified as Level 2.

Annual Report \| June 30, 2025 19

Popular High Grade Fixed Income Fund, Inc. Notes to Financial Statements and Financial Highlights

*June 30, 2025*

**Futures contracts:** The fair value of futures contracts is based on quoted market prices obtained from an active exchange market. Futures contracts involve Ten Year U.S. Treasury Notes and are classified as Level 1.

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>\*</sup>** | **Level 1 -<br> Quoted Prices** | **Level 2 -<br> Other Significant<br> Observable<br> Inputs** | **Level 3 -<br> Significant<br> Unobservable <br> Inputs** | **Total** |
| Municipal Bonds | $– | $12490112 | $– | $12490112 |
| Puerto Rico Agencies |  | 2796953 |  | 2796953 |
| Puerto Rico Government Instrumentalities Tax Exempt Notes |  | 9524291 |  | 9524291 |
| Puerto Rico GNMA Bonds |  | 7065608 |  | 7065608 |
| Puerto Rico Fannie Mae Bonds |  | 18571587 |  | 18571587 |
| Puerto Rico Collateralized Mortgage Obligations |  | 570876 |  | 570876 |
| Corporate Bonds |  | 2418408 |  | 2418408 |
| US Government Sponsored Entities | – | 2900233 | – | 2900233 |
| &nbsp;&nbsp;&nbsp;Total | $– | $56338068 | $– | $56338068 |

---

*\** *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 June 30, 2025.

Temporary cash investments, if any, are valued at amortized cost, which approximates fair value. As of June 30, 2025, there were no temporary cash investments.

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

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 Daily Total Assets. For the year ended on June 30, 2025, the investment advisory fee amounted to $318,866.

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 an 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 total assets. For the year ended June 30, 2025, the accounting and administrative fees and transfer agent fees amounted to $87,963 and $48,118, respectively. The Fund maintains its cash accounts with JPMorgan Chase. The Fund did not receive interest income from these accounts during the year ended June 30, 2025.

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

Popular High Grade Fixed Income Fund, Inc. Notes to Financial Statements and Financial Highlights

*June 30, 2025*

JPMorgan Chase provides custody services to the Fund. For the year ended June 30, 2025, the custody fees amounted to $27,083.

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% of the Fund's daily average net assets. For the year ended June 30, 2025, distribution fees amounted to $110,901.

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 June 30, 2025, the compensation expense for the three independent directors of the Fund was $15,419.

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.

**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, consisting of 1,900,000,000 Class A shares, 20 Class B shares, and 100,000,000 shares of preferred stock. Neither Class B shares nor preferred stock have been issued by the Fund as of June 30, 2025.

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.

Annual Report \| June 30, 2025 21

Popular High Grade Fixed Income Fund, Inc. Notes to Financial Statements and Financial Highlights

*June 30, 2025*

Capital share transactions for the year ended June 30, 2025, and the year ended June 30, 2024 were as follows:

---

| | | |
|:---|:---|:---|
| **Common shares:** | **For the<br> Year Ended<br> June 30, 2025** | **For the<br> Year Ended<br> June 30, 2024** |
| **Class A Shares** |  |  |
| Common shares outstanding - beginning of period | 9707712 | 11582899 |
| Common shares issued | 423 | 30861 |
| Common shares issued as reinvestment of dividends | 24607 | 35590 |
| Common shares redeemed | (1408372) | (1941639) |
| Common shares outstanding - end of period | 8324370 | 9707712 |

---

**NOTE 5. INVESTMENT TRANSACTIONS**

The cost of securities purchased for the year ended June 30, 2025 were $4,746,290 and proceeds from sales, maturities, and paydowns of portfolio securities, excluding short-term transactions, for the year ended June 30, 2025 were $15,096,277. Investment transactions in long-term U.S. Government Obligations for the year ended June 30, 2025 were $4,746,290 for securities purchased and $11,158,011 for the proceeds from sales.

All investment transactions were made with unaffiliated parties.

**NOTE 6. REVERSE REPURCHASE AGREEMENTS**

---

| | |
|:---|:---|
| Weighted average interest rate at end of the year | 4.58% |
| Maximum aggregate balance outstanding at any time during the period | $30156452.0 |
| Average balance outstanding during the period | 19032743.0 |
| Average interest rate during the period | 5.07% |

---

As of June 30, 2025, interest rates on reverse repurchase agreements ranged from 4.55% to 4.85% with maturities up June 30, 2025. Some of the outstanding agreements to repurchase as of period-end may be called by the counterparty before its maturity date.

As of June 30, 2025, investment securities with fair values amounting to $17,559,441 are pledged as collateral for reverse repurchase agreements. Interest rates on collateral ranged from 2.83% to 6.50% and maturity dates ranged from 11/28/28 to 8/01/48. The counterparties have the right to sell or repledge the assets during the term of the reverse repurchase agreement with the Fund. Interest payable on reverse repurchase agreements amounted to $34,471 as of June 30, 2025.

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

Popular High Grade Fixed Income Fund, Inc. Notes to Financial Statements and Financial Highlights

*June 30, 2025*

As of June 30, 2025, the total value of reverse repurchase agreements were as follows:

---

| | | |
|:---|:---|:---|
| **Counterparty** | **Amount** | **%** |
| Unaffiliated | $16150050 | 100% |
| Total | $16150050 | 100% |

---

**NOTE 7. SHORT TERM FINANCIAL INSTRUMENTS**

The fair market value of short-term financial instruments, which include $16,150,050 in reverse repurchase agreements, are substantially the same as the carrying amounts reflected in the Statement of Assets and Liabilities as these are reasonable estimates of fair value, given the relatively short period of time between origination of the instrument and their expected realization. There are no long-term financial debt instruments outstanding as of June 30, 2025.

**NOTE 8. 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.

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 June 30, 2025, the Fund held corporate bonds with an aggregate market value of $2,418,408, representing 5.99% of the Fund's net assets. As of June 30, 2025, the Fund had the following investments in issuers located in Puerto Rico that are not guaranteed by the U.S. Government:

---

| | | |
|:---|:---|:---|
| **Issuer** | **Aggregate Market Value** | **Percentage of Net Assets** |
| Puerto Rico Fannie Mae | $18571587 | 45.98% |
| Puerto Rico Government Instrumentalities | 9524291 | 23.58% |
| Puerto Rico Agencies | 2796953 | 6.92% |

---

As of June 30, 2025, the Fund had $15,279 on deposit with JPMorgan Chase, which represents approximately 0.04% 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 (the "20% Investment Requirement"). 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.

Annual Report \| June 30, 2025 23

Popular High Grade Fixed Income Fund, Inc. Notes to Financial Statements and Financial Highlights

*June 30, 2025*

**NOTE 9. COMPONENTS OF DISTRIBUTABLE EARNINGS**

As a result of certain reclassifications made for financial statement 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 | $1005220 |
| Reclassification of realized gain (loss) on securities' paydowns | 1161 |
| Distributable net investment income for tax purposes | $1006381 |
| Net realized loss on investments | $(341927) |
| Reclassification of realized gain (loss) on securities' paydowns | (1161) |
| Net realized loss on investments, for tax purposes | $(343088) |

---

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

---

| | |
|:---|:---|
| Cost of investment for tax purposes | $57457024 |
| Gross appreciation | 1129661 |
| Gross depreciation | (2248617) |
| Net appreciation/(depreciation) | $(1118956) |

---

For the year ended June 30, 2025, the Fund distributed $1,039,226 to shareholders. The undistributed net investment income and accumulated net realized loss on investments (for tax purposes) as of June 30, 2025, were as follows:

---

| | |
|:---|:---|
| Undistributed net investment income, beginning of the year | $999325 |
| Distributable net investment income for the year | 1006381 |
| Dividends | (1039226) |
| Undistributed net investment income, end of the year | $966480 |
| Accumulated net realized loss on investments, beginning of the year | $(143967800) |
| Net realized loss on investments for the year | (343088) |
| Accumulated net realized loss on investments, end of the year | $(143310888) |

---

**NOTE 10. 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.

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

Popular High Grade Fixed Income Fund, Inc. Notes to Financial Statements and Financial Highlights

*June 30, 2025*

**NOTE 11. 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.

**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 is 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.

Annual Report \| June 30, 2025 25

Popular High Grade Fixed Income Fund, Inc. Notes to Financial Statements and Financial Highlights

*June 30, 2025*

**NOTE 12. SUBSEQUENT EVENTS**

On July 30, 2025, the Board of Directors declared an ordinary net investment income dividend of $0.00958 per common share, which will paid on August 15, 2025 to common shareholders of record as of July 31, 2025.

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.

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

Popular High Grade Fixed Income Fund, Inc. Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of Popular High Grade Fixed-Income Fund, Inc.

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of Popular High Grade Fixed-Income Fund, Inc. (the "Fund"), including the schedule of investments, as of June 30, 2025, and the related statements of operations and cash flows for the year then ended, the statements of changes in net assets and the financial highlights for each of the two 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 June 30, 2025, the results of its operations and its cash flows for the year then ended, and the changes in its net assets and its financial highlights for each of the two years in the period then ended, in conformity with U.S. generally accepted accounting principles.

The financial highlights for each of the periods in the three-year period ended June 30, 2023, were audited by another independent registered public accounting firm whose report dated August 30, 2023, expressed an 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 audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the 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 audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The 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 audits, 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 audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of June 30, 2025, by correspondence with the custodian, brokers and others. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

![](fp0095110-1_02.jpg)

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

San Juan, Puerto Rico

August 26, 2025

Annual Report \| June 30, 2025 27

Popular High Grade Fixed Income Fund, Inc. Other Information

*June 30, 2025 (Unaudited)*

**Shareholder Meeting**

The Annual Meeting of Shareholders of the Fund was held on October 24, 2024 (the "Annual Meeting"). The voting results for the proposals considered at the Annual Meeting were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;1. Election of Directors. The shareholders of the Fund elected Jorge I. Vallejo, Carlos A. Pérez and Enrique
 Vila del Corral to the Board of Directors to serve for a term from the time of their election until their respective successors are elected
 and qualified or until their earlier death or removal.

---

| | | |
|:---|:---|:---|
| **Name of Director** | **Votes cast "For"** | **Votes "Against/Withheld"** |
| Jorge I. Vallejo | 8354975 | 510668 |
| Carlos A. Pérez | 8354975 | 510668 |
| Enrique Vila del Corral | 8291374 | 574269 |

---

&nbsp;&nbsp;&nbsp;&nbsp;2. Independent Auditors. The shareholders of the Fund ratified the selection of Ernst & Young LLP as the
 independent auditors of the Fund for the fiscal year ending December 31, 2024.

---

| | | |
|:---|:---|:---|
| **For** | **Against** | **Abstain** |
| 8823691 | 41450 | 502 |

---

**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 Fund's 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, 2024 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.

28 (787) 754-4488 \| www.popularfunds.com

Popular High Grade Fixed Income Fund, Inc. Item 8 – Changes in and Disagreements with Accountants for Open-End Management Investment Companies

*June 30, 2025 (Unaudited)*

On May 31, 2023, PricewaterhouseCoopers LLC ("PWC") was dismissed as the independent registered public accounting firm to the Popular High Grade Fixed-Income Fund. The Audit Committee of the Board participated in, and approved, the decision to change the independent registered public accounting firm on May 31, 2023.

PwC's reports on the Fund's financial statements for the two years ended June 30, 2023 and June 30, 2022 did not contain an adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope or accounting principle.

During the two years ended June 30, 2023 and June 30, 2022, and the subsequent interim period through August 30, 2023 (i) there were no disagreements with PwC on any matter of accounting principles or practices, financial statement disclosure or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of PwC, would have caused them to make reference to the subject matter of the disagreements in connection with their reports on the Fund's financial statements for the two years, and (ii) there were no "reportable events" of the kind described in Item 304(a)(1)(v) of Regulation S-K.

The Fund requested that PwC furnish it with a letter addressed to the U.S. Securities and Exchange Commission (the "SEC") stating PwC agrees with the statements.

The Audit Committee of the Board approved the engagement of Ernst & Young LLP ("EY") as the Fund's independent registered public accounting firm for the year ended December 31, 2024 and subsequently approved EY to continue to serve as the Fund's independent registered public accounting firm for the fiscal year ending June 30, 2025. During the Fund's two years ended June 30, 2023 and June 30, 2022, and the subsequent interim period through August 30, 2023, neither the Fund, nor anyone on its behalf, consulted with EY on items which: (1) concerned the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on the Fund's financial statements, and no written report or oral advice was provided to the Fund that EY concluded was an important factor considered by the Fund in reaching a decision as to any accounting, auditing, or financial reporting issue; or (ii) concerned the subject of a disagreement (as defined in paragraph (a)(1)(iv) of Item 304 of Regulation S-K) or reportable events (as described in paragraph (a)(1)(v) of said Item 304). The selection of EY does not reflect any disagreements with or dissatisfaction by the Fund or the Fund's Board of Directors with the performance of the Fund's prior independent auditors PWC for the fiscal years ended June 30, 2023 and June 30, 2022.

EY, with offices located at Parque las Americas 1, San Juan, Puerto Rico, has been selected by the Fund's Audit Committee, which selection has been ratified by a vote of the Board of Directors, including a majority of the Independent Directors, to serve as the Fund's independent auditors for the fiscal year ended June 30, 2025. EY has advised the Fund of its independence with respect to the Fund, in accordance with the applicable requirements of the SEC.

Annual Report \| June 30, 2025 29

Popular High Grade Fixed Income Fund, Inc. Item 9 – Proxy Disclosures for Open-End Management Investment Companies

*June 30, 2025 (Unaudited)*

Not applicable for this reporting period.

30 (787) 754-4488 \| www.popularfunds.com

Popular High Grade Fixed Income Fund, Inc. Item 10 – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

*June 30, 2025 (Unaudited)*

Included under Item 7 in the Notes to Financial Statements.

Annual Report \| June 30, 2025 31

Popular High Grade Fixed Income Fund, Inc. Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract

*June 30, 2025 (Unaudited)*

The Board of Directors (the "Board") of Popular High Grade Fixed-Income Fund, Inc. (the "Fund") met on May 15, 2025 (the "Meeting") to consider the approval of the Investment Advisory Agreement (the "Advisory Agreement") by and between the Fund and Popular Asset Management LLC, the Fund's investment adviser (the "Investment Adviser"). At such meeting, the Board participated in comparative performance reviews with the portfolio managers of the Investment Adviser, in conjunction with other Fund service providers, and considered various investment and trading strategies used in pursuing the Fund's investment objectives. The Board also evaluated issues pertaining to industry and regulatory developments, compliance procedures, fund governance, and other issues with respect to the Fund and received and participated in reports and presentations provided by the Investment Adviser with respect to such matters.

The independent members of the Board (collectively, the "Independent Directors") were assisted throughout the contract review process by Willkie Farr & Gallagher LLP, as their independent legal counsel. The Board relied upon the advice of such counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each such factor. The conclusions reached with respect to the Advisory Agreement were based on a comprehensive evaluation of all the information provided and not any single factor. Moreover, each Director may have placed varying emphasis on particular factors in reaching conclusions with respect to the Advisory Agreement. In evaluating the Advisory Agreement, including the specific fee structures, and other terms of such agreement, the Board were informed by multiple years of analysis and discussion amongst themselves and the Investment Adviser. The Board, including a majority of Independent Directors, concluded that the terms of the Advisory Agreement for the Fund were fair and reasonable and that the Investment Adviser's fees were reasonable in light of the services provided to the Fund.

**Nature, Extent and Quality of Services.** In evaluating the Advisory Agreement, the Board considered, the nature, extent and quality of the Investment Adviser's services to the Fund.

The Board considered the vast array of management, oversight, and administrative services the Investment Adviser provides to manage and operate the Fund, and the increases of such services over time due to new or revised market, regulatory or other developments, such as liquidity management and cybersecurity programs, and the resources and capabilities necessary to provide these services. The Independent Directors recognized that the Investment Adviser provides portfolio management services for the Fund. In addition to portfolio management, the Board considered the wide range of administrative or non advisory services the Investment Adviser provides to manage and operate the Fund (in addition to those provided by other third parties). These services include, but are not limited to, administrative services (such as providing the employees and officers necessary for the Fund's operations); operational expertise (such as providing portfolio accounting and addressing complex pricing issues, corporate actions, foreign registrations and foreign filings, as may be necessary); oversight of third-party service providers (such as coordinating and evaluating the services of the Fund's custodian, transfer agent and other intermediaries); board support and administration (such as overseeing the organization of the Board and committee meetings and preparing or overseeing the timely preparation of various materials and/or presentations for such meetings); fund share transactions (monitoring daily purchases and redemptions), shareholder communications (such as overseeing the preparation of annual and semi-annual and other periodic shareholder reports); tax administration; and compliance services (such as helping to maintain and update the Fund's compliance program and related policies and procedures as necessary or appropriate to meet new or revised regulatory requirements and reviewing such program annually; overseeing the preparation of the Fund's registration statements and regulatory filings; overseeing the valuation of portfolio securities and daily pricing; helping to ensure the Fund complies with its portfolio limitations and restrictions; voting proxies on behalf of the Fund; monitoring the liquidity of the portfolios; providing compliance training for personnel; and evaluating the compliance programs of the Fund's service providers). In evaluating such services, the Board considered, among other things, whether the Fund has operated in accordance with its investment objective(s) and the Fund's record of compliance with its investment restrictions and regulatory requirements.

32 (787) 754-4488 \| www.popularfunds.com

Popular High Grade Fixed Income Fund, Inc. Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract

*June 30, 2025 (Unaudited)*

In addition to the services provided by the Investment Adviser, the Independent Directors also considered the risks borne by the Investment Adviser in managing the Fund in a highly regulated industry, including various material entrepreneurial, reputational and regulatory risks. Based on their review, the Independent Directors found that, overall, the nature, extent and quality of services provided under the Advisory Agreement was satisfactory on behalf of the Fund.

**Investment Performance of the Fund.** In evaluating the quality of the services provided by the Investment Adviser, the Board also received and considered the investment performance of the Fund. In this regard, the Board received and reviewed a report (the "Broadridge Report") prepared by Broadridge which generally provided the Fund's performance data for the one , three , five , and ten year periods ended December 31, 2023 (or for the periods available for the Fund that did not exist for part of the foregoing timeframe) on an absolute basis and as compared to the performance of unaffiliated comparable funds (a "Broadridge Peer Group"). The Board was provided with information describing the methodology Broadridge used to create the Broadridge Peer Group. The performance data prepared for the review of the Advisory Agreement supplements the performance data the Board received throughout the year as the Board regularly reviews and meets with portfolio manager(s) during the year to discuss, in relevant part, the performance of the Fund.

**Fees and Expenses.** As part of its review, the Board also considered, among other things, the contractual management fee rate and the net management fee rate (i.e., the management fee after taking into account expense reimbursements and/or fee waivers, if any) paid by the Fund to the Investment Adviser in light of the nature, extent and quality of the services provided. The Board also considered the net total expense ratio of the Fund in relation to those of a comparable group of funds. The Board considered the net total expense ratio of the Fund (expressed as a percentage of average net assets) as the expense ratio is more reflective of the shareholder's costs in investing in the Fund.

In evaluating the management fee rate, the Board considered the Investment Adviser's rationale for proposing the management fee rate of the Fund which included its evaluation of, among other things, the value of the potential service being provided (e.g., the expertise of the Investment Adviser with the proposed strategy), the competitive marketplace (i.e., the uniqueness of the Fund and the fees of competitor funds) and the economics to the Investment Adviser (e.g., the costs of operating the Fund). The Board considered, among other things, the expense limitations and/or fee waivers proposed by the Investment Adviser to keep expenses to certain levels and reviewed the amounts the Investment Adviser had waived or reimbursed over the last fiscal years; and the costs incurred and resources necessary in effectively managing mutual funds, particularly given the costs in attracting and maintaining quality and experienced portfolio managers and research staff. The Board further considered a Fund's net management fee and net total expense ratio in light of its performance history.

Annual Report \| June 30, 2025 33

Popular High Grade Fixed Income Fund, Inc. Item 11 – Statement Regarding Basis for Approval of Investment Advisory Contract

*June 30, 2025 (Unaudited)*

**Profitability.** In conjunction with their review of fees, the Independent Directors reviewed information reflecting the Investment Adviser's financial condition. The Independent Directors reviewed the consolidated financial statements of the Investment Adviser for the year ended December 31, 2024. The Independent Directors also considered the overall financial condition of the Investment Adviser and the Investment Adviser's representations regarding the stability of the firm, its operating margins, and the manner in which it funds its future financial commitments, such as employee deferred compensation programs. The Independent Directors also reviewed the profitability information for the Investment Adviser derived from its relationship with the Fund for the fiscal year ended June 30, 2024 on an actual and adjusted basis, as described below. The Independent Directors evaluated, among other things, the Investment Adviser's revenues, expenses and net income (pre tax and after tax) and the net profit margins (pre tax and after tax). The Independent Directors also reviewed the level of profitability realized by the Investment Adviser including and excluding distribution expenses incurred by the Investment Adviser from its own resources.

**Economies of Scale and Whether Fee Levels Reflect These Economies of Scale.** In evaluating the reasonableness of the investment advisory fees, the Board considered the existence of any economies of scale in the provision of services by the Investment Adviser and whether those economies are appropriately shared with the Fund. In its review, the Independent Directors recognized that economies of scale are difficult to assess or quantify, particularly on a Fund by Fund basis, and certain expenses may not decline with a rise in assets. The Independent Directors further considered that economies of scale may be shared in various ways including breakpoints in the management fee schedule, fee waivers and/or expense limitations, pricing of Fund at scale at inception or other means.

The Board considered that not all funds have breakpoints in their fee structures and that breakpoints are not the exclusive means of sharing potential economies of scale. The Board and the Independent Directors considered the Investment Adviser's statement that it believes that breakpoints would not be appropriate for the Fund at this time given uncertainties regarding the direction of the economy, rising inflation, increasing costs for personnel and systems, and growth or contraction in the Fund's assets, all of which could negatively impact the profitability of the Investment Adviser. Considering the factors above, the Independent Directors concluded the absence of breakpoints in the management fee was acceptable and that any economies of scale that exist are adequately reflected in the Investment Adviser's fee structure.

**Indirect Benefits.** The Independent Directors received and considered information regarding indirect benefits the Investment Adviser may receive as a result of its relationship with the Fund. The Independent Directors further considered the reputational and/or marketing benefits the Investment Adviser may receive as a result of its association with the Fund. The Independent Directors took these indirect benefits into account when accessing the level of advisory fees paid to the Investment Adviser and concluded that the indirect benefits received were reasonable.

34 (787) 754-4488 \| www.popularfunds.com

![](fp0095110-1_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)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101), or this Item.

Item 16. **Controls and Procedures.**

&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;(b) There
 was no change 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 has materially affected, or is reasonably likely to materially affect, the Registrant's internal
 control over financial reporting.

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

Not applicable to Registrant.

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

&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;(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.](fp0095110-1_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.](fp0095110-1_ex99cert.htm)

(a)(4) Not applicable.

&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.](fp0095110-1_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 High Grade Fixed-Income Fund, Inc. | Popular High Grade Fixed-Income Fund, Inc. |
| By: | /s/ Angel M. Rivera |
|  | Angel M. Rivera |
|  | Principal Executive Officer/President |
| Date: | September 3, 2025 |

---

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

---

| | |
|:---|:---|
| Popular High Grade Fixed-Income Fund, Inc. | Popular High Grade Fixed-Income Fund, Inc. |
| By: | /s/ James A. Gallo |
|  | James A. Gallo |
|  | Principal Financial Officer/Treasurer |
| Date: | September 3, 2025 |

---

## Ex-99.Code

**POPULAR FAMILY OF FUNDS**

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

**POPULAR TOTAL RETURN FUND, INC.**

**POPULAR INCOME PLUS FUND, INC.**

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

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Purpose of the Code** 

The Popular Family of Funds (the "Trust") 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:

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

● 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;

● compliance with applicable governmental laws, rules and regulations;

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

● accountability for adherence to the Code.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Honest and Ethical Conduct** 

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

● with honesty, diligence, and a commitment to professional and ethical responsibility;

● carefully, thoroughly and in a timely manner; and

● 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;&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 Managers 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

● 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;

● 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

● 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;&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

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

● 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

● 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:

● 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.

● 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;&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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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.

&nbsp;&nbsp;&nbsp;&nbsp;**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:

● 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 Managers. The Chief Compliance Officer shall respond to the Covered Officer within a reasonable period of time.

● 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 Managers. If the Chairman is unavailable, the Covered Officer may report the matter to any other member of the Board of Managers. The person receiving the report shall consider the matter, refer it to the full Board of Managers if he or she deems appropriate, and respond to the Covered Officer within a reasonable amount of time. If the Board of Managers 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.

● If the Board of Managers 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 Managers may take disciplinary action against any such Covered Officer to the extent the Board of Managers deems appropriate. No Covered Officer will be disciplined for reporting a concern in good faith.

● 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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:

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

● 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

● 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.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Waivers** 

Any waiver of this Code, including an implicit waiver, granted to a Covered Officer may be made only by the Board of Managers 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).

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Amendments** 

This Code may be amended by the affirmative vote of a majority of the Board of Managers, including a majority of the independent Managers. 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.

&nbsp;&nbsp;&nbsp;&nbsp;**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 Managers of the Fund, the Chief Compliance Officer of the Fund, the legal counsel to the Fund, legal counsel to the independent managers and such other persons as a majority of the Board of Managers, including a majority of the independent Managers, shall determine to be appropriate.

*Approved: May 19, 2021*

*Updated: February 22, 2024* 

**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 High Grade Fixed-Income 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;(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;(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;(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;(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;(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;(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 High Grade Fixed-Income Fund, Inc. | Popular High Grade Fixed-Income Fund, Inc. |
| By: | /s/ Angel M. Rivera |
|  | Angel M. Rivera |
|  | Principal Executive Officer/President |
| Date: | September 3, 2025 |

---

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 High Grade Fixed-Income 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;(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;(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;(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;(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 High Grade Fixed-Income Fund, Inc. | Popular High Grade Fixed-Income Fund, Inc. |
| By: | /s/ James A. Gallo |
|  | James A. Gallo |
|  | Principal Financial Officer/Treasurer |
| Date: | September 3, 2025 |

---

## 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 June 30, 2025 (the "Form N-CSR") of Popular High Grade Fixed-Income Fund, Inc. (the "Company").

I, Angel M. Rivera, the President of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Registrant's periodic report on Form N-CSR for the period ended June 30, 2025 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;(ii) the
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Company.

Dated: September 3, 2025

---

| | |
|:---|:---|
| 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 June 30, 2025 (the "Form N-CSR") of Popular High Grade Fixed-Income Fund, Inc. (the "Company").

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 Registrant's periodic report on Form N-CSR for the period ended June 30, 2025 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;(ii) the
 information contained in the Report fairly presents, in all material respects, the financial
 condition and results of operations of the Company.

---

| | |
|:---|:---|
| Dated: | September 3, 2025 |
| By: | /s/ James A. Gallo |
|  | James A. Gallo |
|  | Principal Financial Officer/Treasurer |

---