POPULAR CORE EQUITY FUND1

QUARTERLY REPORT 12/31/20 - 03/31/21

Number of Wtd. Avg.Market Cap. Beta Dividend Yield Price to Turnover

166 1.04 1.46% 36.2 6.7 21%

Sector Returns3,5

Sector Name 3-Month Return

12-Month Return Best / Worst Contributor for the Quarter

Financial Services

2.0% 66.6% Alphabet (Google) ↑18% Apple ↓ 8%Technology

15.9% 67.3% JP Morgan ↑21% Visa ↓ 3%Health Care 3.2% 34.0% Abbott ↑10% Veeva Systems

3.1% 70.3% L Brands ↑66% Amazon.com ↓ 5%Producer Durables 11.4% 69.6% Caterpillar Transdigm Group ↓ 5%Energy 30.8% 75.1% Exxon Mobil Enphase Energy

Consumer Staples 1.1% 28.4% ↑11% Procter & Gamble 2%U 2.8% 19.5% AT&T 7% Vistra Energy

Materials & Processing 9.1% 78.3% Avery Dennison Sherwin Williams

Holdings5

Top Holdings as % of P

Microsoft 5.01%

Apple 5.30%

Johnson & Johnson 1.70%

3.57%

Alphabet (Google) 3.46%

Facebook 2.09%

JP Morgan 1.46%

Berkshire Hathaway 1.43%

The Home Depot 1.33%

AT&T 1.27%

Top Ten 26.62%

Sectors5

P

Financial Services

27.4%Technology

17.0%

15.5%Health Care

Consumer Discretionary 13.2%

Energy

9.5%Producer Durables

6.2%

Utilities

4.4%Consumer Staples

3.8%

Materials & Processing 3.0%

NAV Movement Combined4

05/26/2005 - 03/31/2021 Class A & C Shares

T 2 T US large-The Popular Core E Puerto Rico in 2005. Except as otherwise noted,

Returns3

Fund performance as of 03/31/2021

3-Month 1-Year

Class A Shares (POPCREQ) 6.09% 57.45% 14.48% 11.78%

Class C Shares (POPCREC) 5.91% 56.38% 13.69% 10.99%

CVS Caremark

D

March 31, 2021.

Sales Charges6

Class A Class CMaximum Sales Charge (Load) imposed on Purchases Sales 5.00% 0.30%

Maximum Deferred Sales Charge (Load) on Redemptions None 1.00%

Max.Sales Charge6

6

5.00% Class A 1.49%Class C 2.19%

↓9%↓

↓

1%

P / E Ratio

Amazon.com

3-Year Annualized

13.85%

13.05%

5-Year Annualized

10-Year Annualized

↑19%↑

↑28%↑38%

$428.0 billion

Class A Dividend Yield:Class C Dividend Yield: 0.52% N/A

↓ 17%

↓ 8%

5.00

7.00

9.00

11.00

13.00

15.00

17.00

19.00

21.00

23.00

25.00

27.00

29.00

31.00

33.00

Aug-

06

Apr-0

6

Dec-

05

May

-05

Dec-

06Ap

r-07

Aug-

07De

c-07

Apr-0

8Au

g-08

Dec-

08Ap

r-09

Aug-

09De

c-09

Apr-1

0Au

g-10

Dec-

10Ap

r-11

Aug-

11De

c-11

Apr-1

2Au

g-12

Dec-

12Ap

r-13

Aug-

13De

c-13

Apr-1

4Au

g-14

Dec-

14Ap

r-15

Aug-

15De

c-15

Apr-1

6Au

g-16

Dec-

16Ap

r-17

Aug-

17De

c-17

Apr-1

8

Aug-

18De

c-18

Aug-

19De

c-19

Apr-2

0Au

g-20

Dec-

20M

ar-2

1

Apr-1

9

POPULAR CORE EQUITY FUND1

1. T Popular P .sutcepsorPuerto R

Puerto Rico. An investment in the Funds entails certain fees, charges and expenses.

ABanco Popular de Puerto R

for long-term investors and may not be suitable for all investors. The Fund should not be viewed as a vehicle for trading purposes. Tin the Investment Company Act of Puerto Rico and may invest up to 25% of its assets (or more in certain limited circumstances) in a single issuer. Trisk which is more fully described in the Fund’s prospectus. The Fund is not registered as an investment company with the U Exchange Commission, and the

U Exchange Commission. Please consult with your broker to determine whether an investment in the Funds is suitable for your investment goals and objectives. Each of the Funds is an affiliate of Banco Popular de Puerto Rico, Popular Securities, and Popular, Inc. The brokerage products and services are offered by Popular Securities, a registered broker/dealer and member of FINRA and SIPC. Popular Securities is a subsidiary of Popular, Inc. and an affiliate of Banco Popular de Puerto Rico. Popular, Inc. and Banco Popular de Puerto Rico are not registered broker-dealers. Investment products are not insured by the FDIC, are not obligations of, or guaranteed by Banco Popular de Puerto Rico and involve risks, including possible loss of principal invested.

2. T The Fund should not be viewed as a vehicle for trading purposes. Investment in the Fund is designed primarily for and is suitable for long-term investors.

3. Performance data quoted represents past performance. Tthe performance quoted. Pstated. TThis fund was created on 05/26/2005. The data provided has not been audited. T

4. The graph represents the overall NAV movement for all Fund Classes and does not necessarily correspond to the NAV movement of each individual Fund Class during the periods depicted in the graph. As of 03/31/2021, the NAV for Class A and C shares was U.S. $33.08, and $31.37, respectively.

5. T An investment in the Fund is

6. Certain fees, charges and expenses may apply to an investment in the fund. There is no guarantee that actual expenses will be the same as those included and that various fees payable to the fund’s service providers may be voluntarily waived. T

THIS REPORT IS EXCLUSIVELY FOR SHAREHOLDERS AND NOT FOR PUBLIC DISTRIBUTION.

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