POPULAR TOTAL RETURN FUND, INC. – CLASS A SHARES

TICKER: TRAFX

ANNUAL SHAREHOLDER REPORT — March 31, 2026

Fund Overview

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

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

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

Table Summary
	Class A Shares - without sales charge	Class A Shares - with sales charge	S&P Target Risk Growth Index	S&P 500^® Total Return Index
05/21	$10,000	$9,649	$10,000	$10,000
03/22	$9,943	$9,594	$9,965	$11,033
03/23	$9,153	$8,832	$9,425	$10,180
03/24	$10,382	$10,018	$10,789	$13,222
03/25	$10,827	$10,448	$11,465	$14,313
03/26	$12,163	$11,737	$13,169	$16,861

How did the Fund perform during the last twelve months?

For the fiscal year ended on March 31, 2026, the Popular Total Return Fund, Inc. (the “Fund”) Class A shares returned 12.34%. During the period, the NAV increased by $3.23, from $28.19 to $31.42, and it distributed an annual dividend of $0.25 per share.

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

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

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

Average Annual Total Returns as of March 31, 2026

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

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

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

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

Fund Statistics as of March 31, 2026

Total Net Assets$68,177,969
# of Portfolio Holdings44
Portfolio Turnover Rate18%
Advisory Fees Paid$348,250

What did the Fund invest in?

Top Ten Holdings

(% of Net Assets)

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

Portfolio Weightings

(% of Total Investments)

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

Asset Class Weightings

(% of Total Investments)

Table Summary
Value	Value
Equities -	56.83%
Fixed Income -	43.17%

Material Fund Changes

There have been no material fund changes during the reporting period.

Additional Information

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

POPULAR TOTAL RETURN FUND, INC. – CLASS A SHARES

TICKER: TRAFX

ANNUAL SHAREHOLDER REPORT — March 31, 2026

Householding

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

Distributor, Popular Securities, LLC.

Phone: 787-758-7400

U73175108–A–03312026

POPULAR TOTAL RETURN FUND, INC. – CLASS C SHARES

TICKER: TRCFX

ANNUAL SHAREHOLDER REPORT — March 31, 2026

Fund Overview

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

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

What were the Fund’s costs for the last year?

(based on a hypothetical $10,000 investment)

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

How did the Fund perform since inception?

Total Return Based on $10,000 Investment

Table Summary
	Class C Shares - without sales charge	Class C Shares - with sales charge	S&P Target Risk Growth Index	S&P 500^® Total Return Index
05/21	$10,000	$10,000	$10,000	$10,000
03/22	$9,879	$9,879	$9,965	$11,033
03/23	$9,027	$9,027	$9,425	$10,180
03/24	$10,162	$10,162	$10,789	$13,222
03/25	$10,514	$10,514	$11,465	$14,313
03/26	$11,728	$11,728	$13,169	$16,861

How did the Fund perform during the last twelve months?

For the fiscal year ended on March 31, 2026, the Popular Total Return Fund, Inc. (the “Fund”) Class C shares returned 11.54%. During the period, the NAV increased by $3.19, from $27.72 to $30.91, and it did not pay any dividends.

Average Annual Total Returns as of March 31, 2026

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

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

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

Fund Statistics as of March 31, 2026

Total Net Assets$68,177,969
# of Portfolio Holdings44
Portfolio Turnover Rate18%
Advisory Fees Paid$348,250

What did the Fund invest in?

Top Ten Holdings

(% of Net Assets)

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

Portfolio Weightings

(% of Total Investments)

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

Asset Class Weightings

(% of Total Investments)

Table Summary
Value	Value
Equities -	56.83%
Fixed Income -	43.17%

Material Fund Changes

There have been no material fund changes during the reporting period.

Additional Information

POPULAR TOTAL RETURN FUND, INC. – CLASS C SHARES

TICKER: TRCFX

ANNUAL SHAREHOLDER REPORT — March 31, 2026

Householding

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

Distributor, Popular Securities, LLC.

Phone: 787-758-7400

U73175306–A–03312026

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

ITEM 7 – Financial Statements and Financial Highlights for
Open-End Management Investment Companies

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

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

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:

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

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

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

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

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

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

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

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

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:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 March 31, 2026, the Fund had the following investments in issuers located in the United States of America that are not guaranteed by the U.S. Government:

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

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

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

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

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

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

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.

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

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

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

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

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.

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.

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

We have audited the accompanying statement of assets and liabilities of Popular Total Return Fund Inc. (the “Fund”), including the schedule of investments, as of March 31, 2026, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the three years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund at March 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the three years in the period then ended, in conformity with U.S. generally accepted accounting principles.

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

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

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

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of March 31, 2026, by correspondence with the custodian, brokers and others. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

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.

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

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

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

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

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.

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.

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

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.

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.

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

Principal Amount/Description			Rate			Maturity	Value
Puerto Rico GNMA Bonds (14.44%)^(a)
$	198,306	GNMA Pool 733426		2.500	%	06/15/30	$	191,200
	63,410	GNMA Pool 783588		3.000	%	06/15/27		63,017
	508,270	GNMA Pool 758874		3.000	%	04/15/38		465,943
	692,227	GNMA Pool 635189		3.000	%	04/15/47		623,496
	633,072	GNMA Pool AZ5544		3.000	%	07/15/47		570,208
	353,535	GNMA Pool 609166		4.000	%	07/15/33		347,362
	319,057	GNMA Pool 711449		5.000	%	08/15/39		329,251
	16,900	GNMA Pool 636420		5.500	%	12/15/29		16,949
	29,551	GNMA Pool 528152		5.500	%	01/15/34		29,648
	22,308	GNMA Pool 608593		6.500	%	04/15/34		22,834
	971,597	GNMA II Pool BQ2084		2.000	%	02/20/36		895,106
	734,973	GNMA II Pool BQ2089		2.000	%	03/20/36		677,113
	766,440	GNMA II Pool BQ2072		2.000	%	11/20/50		625,606
	923,674	GNMA II Pool BZ3667		2.000	%	01/20/51		753,912
	1,023,377	GNMA II Pool BQ2080		2.000	%	01/20/51		835,367
	761,425	GNMA II Pool BQ2090		2.000	%	03/20/51		621,503
	598,711	GNMA II Pool 635160		2.500	%	01/20/47		519,924
	1,089,378	GNMA II Pool AD6342		3.000	%	08/20/47		981,241
	1,575,976	GNMA II Pool BQ2093		2.000	%	04/20/51		1,278,026
Total Puerto Rico GNMA Bonds							$	9,847,706
(Cost $11,494,313)

Principal Amount/Description			Rate			Maturity	Value
Puerto Rico Fannie Mae Bonds (7.27%)^(b)
	675,152	FNMA Pool BQ7430		1.500	%	09/01/36		607,511
	526,005	FNMA Pool CB1622		2.000	%	08/01/51		427,640
	400,431	FNMA Pool AX5539		3.000	%	07/01/46		360,630
	475,229	FNMA Pool CA7757		3.000	%	10/01/50		418,288
	1,231,050	FNMA Pool BQ7454		3.000	%	12/01/51		1,082,218
	162,772	FNMA Pool AV7031		3.500	%	11/01/29		160,529
	219,570	FNMA Pool AX5538		3.500	%	07/01/31		215,681
	1,908,348	FNMA Pool CB1152		3.000	%	07/01/51		1,683,499
Total Puerto Rico Fannie Mae Bonds							$	4,955,996
(Cost $5,202,051)

Principal Amount/Description			Rate			Maturity	Value
US Government and Agency Obligations (20.57%)
	1,075,000	U.S. Treasury Bond		3.875	%	08/15/33		1,055,306
	1,250,000	U.S. Treasury Bond		3.875	%	08/15/34		1,218,213
	1,180,000	U.S. Treasury Note		3.375	%	09/15/27		1,172,302
	550,000	U.S. Treasury Note		3.625	%	05/15/26		549,881
	1,250,000	U.S. Treasury Note		3.750	%	08/31/26		1,249,803

Principal Amount/Description			Rate			Maturity	Value
US Government and Agency Obligations (20.57%) (continued)
$	810,000	U.S. Treasury Note		4.250	%	01/15/28	$	815,727
	1,390,000	U.S. Treasury Note		4.375	%	07/31/26		1,392,925
	1,775,000	U.S. Treasury Note		4.375	%	11/30/28		1,799,545
	290,000	U.S. Treasury Note		4.875	%	04/30/26		290,255
	1,115,000	United States Treasury Bill^(d)		0.000	%	04/02/26		1,114,887
	3,370,000	United States Treasury Bill^(d)		0.000	%	04/23/26		3,362,525
Total US Government and Agency Obligations							$	14,021,369
(Cost $14,006,445)

Shares/Description			Value
EXCHANGE TRADED FUNDS (57.01%)
International Index Funds (19.73%)
	156,879	Vanguard FTSE Developed Markets ETF	$	10,052,806
	62,924	Vanguard FTSE Emerging Markets ETF		3,401,042
				13,453,848

US Index Funds (37.28%)
	2,490	iShares Russell 2000 ETF		617,520
	4,213	Vanguard Mid-Cap ETF		1,209,889
	39,477	Vanguard S&P 500 ETF		23,589,482
				25,416,891
TOTAL EXCHANGE TRADED FUNDS
(Cost $26,254,343)				38,870,739

Total Investments (100.33%)
(Cost $57,836,004)			$	68,403,754

Liabilities in Excess of Other Assets (-0.33%)				(225,785	)
NET ASSETS (100.00%)			$	68,177,969

ASSETS:
Investments in securities, at fair value (cost $57,836,004)		68,403,754
Cash and cash equivalents		302,117
Interest receivable		111,489
Receivable for fund shares issued		82,552
Prepaid and other assets		19,529
Total Assets		68,919,441

LIABILITIES:
Payable for fund shares redeemed		7,070
Payable for distributions to shareholders		529,483
Payable for shareholder servicing		14,439
Payable to Adviser		29,419
Payable to fund accounting and administration		13,338
Payable for Transfer Agency fees		3,023
Payable to Directors		5,880
Payable for Legal fees		20,096
Payable for Compliance fees		1,102
Payable for Custodian fees		1,020
Payable for Audit fees		69,178
Other payables		47,424
Total Liabilities		741,472
Net Assets	$	68,177,969

NET ASSETS CONSIST OF:
Paid-in capital - $0.01 par value, 2,000,000,020 shares authorized, 2,170,688 issued and outstanding	$	21,707
Total distributable earnings		68,156,262
Net Assets	$	68,177,969

PRICING OF SHARES:
Class A Shares
Net Assets	$	67,021,793
Shares outstanding		2,133,287
Net asset value per share	$	31.42
Class C Shares
Net Assets		1,156,176
Shares outstanding		37,401
Net asset value per share	$	30.91

INVESTMENT INCOME:
Interest	$	988,605
Dividends (net of withholding tax $80,644)		629,431
Total Investment Income		1,618,036

EXPENSES:
Investment Adviser fees	$	348,250
Distribution Fees
Class A		169,552
Class C		14,218
Accounting and Administration fees		103,324
Compliance fees		13,445
Transfer agent fees		43,322
Audit fees		57,395
Legal fees		224,089
Custodian fees		8,651
Director fees		14,490
Registration fees		5,720
Printing fees		25,765
Insurance fees		68,436
Other fees		52,731
Total Expenses		1,149,388
Net Investment Income		468,648

Net Realized and Unrealized Gain/(Loss) on Investments:
Net realized gain on:
Investments		6,386,433
Net change in unrealized appreciation on:
Investments		1,106,615
Net Realized and Unrealized Gain on Investments		7,493,048
Net Increase in Net Assets Resulting from Operations	$	7,961,696

	For the Year Ended March 31, 2026			For the Year Ended March 31, 2025
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	468,648		$	291,993
Net realized gain		6,386,433			5,241,314
Net change in unrealized appreciation/depreciation		1,106,615			(2,373,660	)
Net increase in net assets resulting from operations		7,961,696			3,159,647

DISTRIBUTIONS TO COMMON SHAREHOLDERS:
Class A dividends		(529,483	)		(262,066	)
Class C dividends		–			–
Net decrease in net assets from distributions to shareholders		(529,483	)		(262,066	)

CAPITAL SHARE TRANSACTIONS:
Class A Common Shares:
Proceeds from shares issued		2,973,962			1,773,899
Reinvestment of dividends		98,389			251,101
Cost of shares redeemed		(7,570,653	)		(10,180,667	)
Net decrease in net assets from capital share transactions		(4,498,302	)		(8,155,667	)
Class C Common Shares:
Proceeds from shares issued		18,780			7,200
Reinvestment of dividends		–			4,196
Cost of shares redeemed		(794,289	)		(1,428,788	)
Net decrease in net assets from capital share transactions		(775,509	)		(1,417,392	)

Net Increase/(Decrease) in Net Assets		2,158,402			(6,675,478	)

NET ASSETS:
Beginning of period		66,019,567			72,695,045
End of period	$	68,177,969		$	66,019,567

	For the Year Ended March 31, 2026			For the Year Ended March 31, 2025			For the Year Ended March 31, 2024			For the Year Ended March 31, 2023			For the Year Ended March 31, 2022
Net asset value - beginning of period	$	28.19		$	27.14		$	24.14		$	26.42		$	25.93
Income/(loss) from investment operations:
Net investment income^(a)		0.21			0.12			0.24			0.17			0.15
Net realized and unrealized gain/(loss)		3.27			1.04			3.00			(2.27	)		0.45
Total income/(loss) from investment operations		3.48			1.16			3.24			(2.10	)		0.60
Less distributions:
Dividends from net investment income		(0.25	)		(0.11	)		(0.24	)		(0.18	)		(0.11	)
Total distributions		(0.25	)		(0.11	)		(0.24	)		(0.18	)		(0.11	)
Net increase/(decrease) in net asset value		3.23			1.05			3.00			(2.28	)		0.49
Net asset value - end of period	$	31.42		$	28.19		$	27.14		$	24.14		$	26.42
Total Return^(b)(c)		12.34	%		4.29	%		13.43	%		(7.95	%)		2.30	%
Supplemental Data:
Net assets, end of period (in thousands)	$	67,022		$	64,262		$	69,611		$	68,310		$	74,219
Ratios to Average Net Assets^(d)
Ratio of gross expenses to average net assets^(e)		1.64	%		1.88	%		1.43	%		1.37	%		1.28	%
Ratio of net expenses to average net assets^(e)		1.64	%		1.88	%		1.43	%		1.37	%		1.28	%
Ratio of net investment income to average net assets^(f)		0.69	%		0.43	%		0.94	%		0.73	%		0.55	%
Portfolio turnover rate		18	%		21	%		11	%		18	%		21	%

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

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.

Investments in Securities at Value*	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Puerto Rico GNMA Bonds		–		9,847,706		–		9,847,706
Puerto Rico Fannie Mae Bonds		–		4,955,996		–		4,955,996
Puerto Rico Freddie Mac Bonds		–		707,944		–		707,944
International Index Funds		13,453,848		–		–		13,453,848
US Government and Agency Obligations		–		14,021,369		–		14,021,369
US Index Funds		25,416,891		–		–		25,416,891
Total	$	38,870,739	$	29,533,015	$	–	$	68,403,754

Common shares:	For the Year Ended March 31, 2026			For the Year Ended March 31, 2025
Class A Shares
Common shares outstanding - beginning of period		2,279,939			2,564,679
Common shares issued		98,464			62,958
Common shares issued as reinvestment of dividends		3,490			9,245
Common shares redeemed		(248,606	)		(356,943	)
Common shares outstanding - end of period		2,133,287			2,279,939
Class C Shares
Common shares outstanding - beginning of period		63,393			115,126
Common shares issued		643			253
Common shares issued as reinvestment of dividends		–			157
Common shares redeemed		(26,635	)		(52,143	)
Common shares outstanding - end of period		37,401			63,393

Issuer	Aggregate Market Value		Percentage of Net Assets
Vanguard S&P 500 ETF		23,589,482		34.60	%
Vanguard FTSE Developed Markets ETF		10,052,806		14.74	%

Net Investment income	$	468,648
Reclassification of realized gain/(loss) on securities’ paydowns		(4,008	)
Distributable net investment income, for tax purposes	$	464,640

Net realized gain on investments	$	6,386,433
Reclassification of realized gain/(loss) on securities’ paydowns		4,008
Net realized gain on investments, for tax purposes	$	6,390,441

Cost of investments for tax purposes	$	57,836,004
Gross appreciation		12,666 ,394
Gross depreciation		(2,098,644	)
Net appreciation/(depreciation)	$	10,567,750

Undistributed net investment income	$	294,267
Accumulated net appreciation/(depreciation) from investment		10,567,750
Accumulated net realized gain on investment		57,294,245
Total distributable earnings	$	68,156,262

Undistributed net investment income	$	359,110
Accumulated net appreciation/(depreciation) from investment		9,461,130
Accumulated net realized gain on investment		56,175,894
Total distributable earnings	$	65,996,134

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

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

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

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

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

	Popular Total Return Fund, Inc.

	By:	/s/ Angel M. Rivera
		Angel M. Rivera
		Principal Executive Officer/President

	Date:	June 4, 2026

	Popular Total Return Fund, Inc.

	By:	/s/ James A. Gallo
		James A. Gallo
		Principal Financial Officer/Treasurer

	Date:	June 4, 2026