Popular Income Plus Fund Seeks Re-election of Directors, Auditor Ratification

TL;DR

**Vote FOR the incumbent directors and auditor; this is a standard, low-risk governance filing for Popular Income Plus Fund, Inc. with no red flags.**

AI Summary

Popular Income Plus Fund, Inc. (the "Fund") is holding its Annual Meeting of Shareholders on October 24, 2025, to elect three Directors and ratify Ernst & Young LLP as its independent registered public accounting firm for the fiscal year ending June 30, 2026. The Fund, an open-end, non-diversified investment company, reported 3,054,652.59 Class A Shares and 2,341,478.46 Class C Shares outstanding as of the September 5, 2025 record date. Key shareholders include National Financial Services, Inc. holding 2,244,303.91 Class A Shares and 1,007,343.42 Class C Shares, and Pershing LLC with 306,620.22 Class A Shares and 1,261,121.03 Class C Shares. The three incumbent Independent Directors, Enrique Vila del Corral, Jorge Vallejo, and Carlos Pérez, are standing for re-election. For the fiscal year ended June 30, 2025, Enrique Vila del Corral received $5,000.00 from the Fund and $41,000.00 from the Fund Complex, while Carlos Pérez received $5,000.00 from the Fund and $19,000.00 from the Fund Complex. Jorge Vallejo received $5,200.00 from the Fund and $38,480.00 from the Fund Complex. None of the Independent Directors own shares in the Fund itself, but all hold over $50,000 in the broader Popular Family of Funds.

Why It Matters

This DEF 14A filing outlines routine governance matters for Popular Income Plus Fund, Inc., an open-end investment company. For investors, the re-election of all three incumbent Independent Directors, including Chairman Enrique Vila del Corral, signals continuity in oversight and strategic direction. The ratification of Ernst & Young LLP as auditor provides assurance of financial transparency. In a competitive landscape, stable leadership and robust auditing practices are crucial for maintaining investor confidence, especially for a non-diversified fund operating in Puerto Rico, where local market expertise, as demonstrated by Director Jorge Vallejo's real estate background, is particularly valuable.

Risk Assessment

Risk Level: low — The filing primarily concerns routine corporate governance, specifically the re-election of three incumbent directors and the ratification of Ernst & Young LLP as the independent auditor. There are no proposals for significant structural changes, mergers, or contentious shareholder resolutions. The directors' compensation, such as Enrique Vila del Corral's $5,000.00 from the Fund, is clearly disclosed and appears standard for board service.

Analyst Insight

Investors should vote 'FOR' the re-election of the three incumbent directors and the ratification of Ernst & Young LLP, as these are standard governance proposals. Given the low-risk nature of the proposals, no immediate portfolio adjustments are warranted based solely on this filing.

Executive Compensation

Key Numbers

• 3,054,652.59 — Class A Shares outstanding (As of September 5, 2025 record date)
• 2,341,478.46 — Class C Shares outstanding (As of September 5, 2025 record date)
• $5,000.00 — Aggregate compensation from Fund for Enrique Vila del Corral (For fiscal year ended June 30, 2025)
• $41,000.00 — Total compensation from all Funds in Fund Complex for Enrique Vila del Corral (For fiscal year ended June 30, 2025)
• $5,000.00 — Aggregate compensation from Fund for Carlos Pérez (For fiscal year ended June 30, 2025)
• $19,000.00 — Total compensation from all Funds in Fund Complex for Carlos Pérez (For fiscal year ended June 30, 2025)
• $5,200.00 — Aggregate compensation from Fund for Jorge Vallejo (For fiscal year ended June 30, 2025)
• $38,480.00 — Total compensation from all Funds in Fund Complex for Jorge Vallejo (For fiscal year ended June 30, 2025)
• October 24, 2025 — Date of Annual Meeting of Shareholders (Meeting to be held at 10:00 a.m., Atlantic Standard Time)
• September 5, 2025 — Record date for shareholders entitled to vote (Shareholders of record on this date can vote at the Annual Meeting)

Key Players & Entities

• Popular Income Plus Fund, Inc. (company) — Registrant and open-end, non-diversified investment company
• Ernst & Young LLP (company) — Independent registered public accounting firm for fiscal year ending June 30, 2026
• Enrique Vila del Corral (person) — Director and Chairman of the Board, standing for re-election
• Jorge Vallejo (person) — Director, standing for re-election
• Carlos Pérez (person) — Director, standing for re-election
• National Financial Services, Inc. (company) — Clearing agent for Popular Securities, LLC, holding 2,244,303.91 Class A Shares and 1,007,343.42 Class C Shares
• Pershing LLC (company) — Holder of 306,620.22 Class A Shares and 1,261,121.03 Class C Shares
• Antonio J. Santos (person) — Secretary of Popular Income Plus Fund, Inc.
• ALPS Fund Services, Inc. (company) — Fund's administrator
• Popular Asset Management LLC (company) — Fund's Adviser

FAQ

Industry Context

Popular Income Plus Fund, Inc. operates within the regulated investment company sector, specifically as an open-end, non-diversified fund. This sector is characterized by stringent regulatory oversight under the 1940 Act and involves continuous offering of shares. Key trends include evolving investor demand for income-generating products and ongoing competition among fund providers.

Regulatory Implications

As a registered investment company under the 1940 Act, the Fund is subject to various regulations concerning its operations, disclosures, and governance. The ratification of Ernst & Young LLP as its independent auditor is a standard regulatory requirement to ensure financial transparency and compliance.

What Investors Should Do

1. Review the proposals for the Annual Meeting, particularly the election of Directors and ratification of the auditor.
2. Vote your shares by completing and returning the proxy card by the deadline to ensure your vote is counted.
3. Consider the compensation of the Independent Directors and their holdings in the broader Popular Family of Funds when evaluating their independence and oversight.

Key Dates

• 2025-10-24: Annual Meeting of Shareholders — Shareholders will vote on the election of Directors and ratification of the independent auditor.
• 2025-09-05: Record Date for Shareholders — Establishes the list of shareholders entitled to vote at the Annual Meeting.
• 2026-06-30: Fiscal Year End — The period for which Ernst & Young LLP is being ratified as the independent auditor.
• 2025-09-30: Proxy Statement Mailing Date — Indicates when shareholders are expected to receive the proxy materials for the meeting.

Glossary

DEF 14A

A filing with the U.S. Securities and Exchange Commission (SEC) that provides detailed information to shareholders when a company is soliciting their proxy votes. (This document is the proxy statement for Popular Income Plus Fund, Inc.'s annual meeting.)

Open-end, non-diversified investment company

An investment company that continuously offers its shares and is not required to hold a minimum percentage of its assets in securities from issuers other than itself. (Describes the structure and regulatory classification of Popular Income Plus Fund, Inc.)

1940 Act

The Investment Company Act of 1940, a U.S. federal law that regulates investment companies, including mutual funds. (Popular Income Plus Fund, Inc. is registered under this act.)

Record Date

A specific date set by a company to determine which shareholders are eligible to receive dividends, vote on corporate matters, or receive other distributions. (Shareholders of record on September 5, 2025, are entitled to vote at the Annual Meeting.)

Proxy Card

A document that authorizes another person to vote a shareholder's shares on their behalf at a shareholder meeting. (Shareholders are asked to complete and return a proxy card to vote on the proposals.)

Broker non-vote

A proxy submitted by a broker or nominee that indicates a lack of discretionary authority to vote on a particular matter. (Broker non-votes are counted as present for quorum but not voted on specific proposals.)

Year-Over-Year Comparison

This filing pertains to the upcoming Annual Meeting on October 24, 2025. Key information such as share counts (3,054,652.59 Class A, 2,341,478.46 Class C) and director compensation for the fiscal year ended June 30, 2025, are provided. Direct year-over-year comparisons of financial metrics like revenue or net income are not available in this proxy statement, which focuses on governance and auditor ratification.

Key Financial Figures

• $1,000 — of the Fund under the 1940 Act a fee of $1,000 per board and committee meeting attende
• $100,000 — s Enrique Vila del Corral None Over $100,000 Carlos Pérez None $50,001 &n
• $50,001 — r $100,000 Carlos Pérez None $50,001 – $100,000 Jorge Vallejo None

Filing Documents

• tm2527863d2_def14a.htm (DEF 14A) — 127KB
• 0001104659-25-096581.txt ( ) — 129KB
• S000074344
• C000232088
• C000232089
• C000232090

From the Filing

DEF 14A 1 tm2527863d2_def14a.htm DEF 14A UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material Pursuant to § 240.14a-12 Popular Income Plus Fund, Inc. (Name of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): No fee required. Fee paid previously with preliminary materials. Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11. POPULAR INCOME PLUS FUND, INC. Popular Center, North Building Second Level (Fine Arts) 209 Muñoz Rivera Avenue San Juan, Puerto Rico 00918 NOTICE OF ANNUAL MEETING OF SHAREHOLDERS To Be Held on Friday, October 24, 2025 To the Shareholders of POPULAR INCOME PLUS FUND, INC. NOTICE IS HEREBY GIVEN that the Annual Meeting of Shareholders (the “Annual Meeting”) of Popular Income Plus Fund, Inc. (the “Fund”), a Puerto Rico corporation and an open-end, non-diversified investment company registered under the U.S. Investment Company Act of 1940, as amended (the “1940 Act”), will be held at Popular Center Lobby, Conference Hall C, 208 Ponce de León Avenue, San Juan, Puerto Rico, on Friday, October 24, 2025, at 10:00 a.m., Atlantic Standard Time, for the following purposes: 1. To elect three Directors of the Fund (PROPOSAL 1); 2. To ratify the selection by the Board of Directors of Ernst & Young LLP as the Fund’s independent registered public accounting firm for the fiscal year ending June 30, 2026 (PROPOSAL 2); and 3. To transact such other business as may properly come before the meeting or any continuation or adjournment thereof. These items are discussed in greater detail in the attached Proxy Statement. Only shareholders of record at the close of business on September 5, 2025, are entitled to notice of and to vote at the Annual Meeting or any adjournments. Shareholders will need to provide adequate proof of ownership of Fund shares to enter the Meeting. YOUR VOTE IS IMPORTANT REGARDLESS OF THE SIZE OF YOUR HOLDINGS IN THE FUND. WHETHER OR NOT YOU PLAN TO ATTEND THE MEETING, WE ASK THAT YOU PLEASE COMPLETE AND SIGN THE ENCLOSED PROXY CARD AND RETURN IT PROMPTLY IN THE ENCLOSED ENVELOPE, WHICH NEEDS NO POSTAGE. INSTRUCTIONS FOR THE PROPER EXECUTION OF THE PROXIES ARE SET FORTH ON THE ATTACHED PAGE. In San Juan, Puerto Rico, this 29 th day of September, 2025. By Order of the Board of Directors, Antonio J. Santos Secretary INSTRUCTIONS FOR SIGNING PROXY CARDS The following general rules for signing proxy cards may be of assistance to you and avoid the time and expense to the Fund involved in validating your vote if you fail to sign your proxy card property. 1. Individual Accounts : Sign your name exactly as it appears in the registration on the proxy card. 2. Joint Accounts : Either party may sign, but the name of the party signing should conform exactly to a name shown in the registration. 3. All Other Accounts : The capacity of the individuals signing the proxy card should be indicated unless it is reflected in the form of registration. For example: Registration Valid Signature Corporate Accounts (1) ABC Corp ABC Corp. (2) ABC Corp John Doe, Treasurer (3) ABC Corp. c/o John Doe, Treasurer John Doe Trust Accounts (1) ABC Trust Jane B. Doe, Trustee (2) Jane B. Doe, Trustee u/t/d/ 12/28/78 Jane Doe Custodial of Estate Accounts (1) John B. Smith, Cust. f/b/o John B. Smith, Jr. John B. Smith (2) John B. Smith John B. Smith, Jr., Executor POPULAR INCOME PLUS FUND, INC. Popular Center, North Building Second Level (Fine Arts) 209 Muñoz Rivera Avenue San Juan, Puerto Rico 00918 PROXY STATEMENT FOR ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON OCTOBER 24, 2025 This proxy statement (the “Proxy Statement”) is furnished in connection with the solicitation of proxies by the Board of Directors of Popular Income Plus Fund, Inc. (the “Fund”), a Puerto Rico corporation and an open-end, non-diversified investment company registered under the U.S. Investment Company Act of 1940, as amended (the “1940 Act”), for use at the Annual Meeting of Shareholders to be held on October 24, 2025, at Popular Center Lobby, Conference Hall D, 208 Ponce de León Avenue, San Juan, Puerto Rico 00918 at 10:00 a.m., Atlantic Standard Time, or at any adjournment or postponement thereof (the “Meeting”). At the Meeting, the shareholders of th

View Full Filing

View this DEF 14A filing on SEC EDGAR