Popular U.S. Government Money Market Fund, LLC

MMTXX

: Class A Non-Withholding Shares

Annual Shareholder Report - June 30, 2026

Fund Overview

This annual shareholder report contains important information about the Popular U.S. Government Money Market Fund, LLC (the "Fund") for the period of July 1, 2025 to June 30, 2026. You can find additional information about the Fund at https://www.popularfunds.com/us-government-money-market-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	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A Non-Withholding Shares	$58	0.57%

Maturity Weightings

(% total investments)

Table Summary
Value	Value
Daily	67.0%
Weekly (Excludes Daily)	33.0%

Fund Statistics as of 6/30/2026

Table Summary
Total Net Assets	$1,511,193,660
# of Portfolio Holdings	11
Investment Advisory Fees (Net of fees waived)	$3,138,484

Top Ten Holdings as of 6/30/2026

(% of total investments)

Table Summary
U.S. Treasury Bill 07/02/2026	20.04%
Federal National Mortgage Association 07/01/2026	12.80%
Federal National Mortgage Association 07/06/2026	11.65%
U.S. Treasury Bill 07/07/2026	10.06%
U.S. Treasury Bill 07/09/2026	10.05%
Federal Home Loan Mortgage Corporation 07/06/2026	8.57%
Federal Home Loan Mortgage Corporation 07/08/2026	8.11%
Federal Home Loan Mortgage Corporation 07/01/2026	7.46%
South Street Securities Repurchase Agreement 07/01/2026	6.60%
Tennessee Valley Authority 07/08/2026	4.09%

Where can I find additional information about the Fund?

An image of a QR code that, when scanned, navigates the user to the following URL: https://www.popularfunds.com/us-government-money-market-fund

If you wish to view additional information about the Fund; including but not limited to its prospectus, holdings, financial information, and proxy information, please visit https://www.popularfunds.com/us-government-money-market-fund.

Popular U.S. Government Money Market Fund, LLC

Class A Non-Withholding Shares

Annual Shareholder Report - June 30, 2026

241A-MMTXX-26

Popular U.S. Government Money Market Fund, LLC

MMYXX

: Class A Withholding Shares

Annual Shareholder Report - June 30, 2026

Fund Overview

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A Withholding Shares	$58	0.57%

Maturity Weightings

(% total investments)

Table Summary
Value	Value
Daily	67.0%
Weekly (Excludes Daily)	33.0%

Fund Statistics as of 6/30/2026

Table Summary
Total Net Assets	$1,511,193,660
# of Portfolio Holdings	11
Investment Advisory Fees (Net of fees waived)	$3,138,484

Top Ten Holdings as of 6/30/2026

(% of total investments)

Table Summary
U.S. Treasury Bill 07/02/2026	20.04%
Federal National Mortgage Association 07/01/2026	12.80%
Federal National Mortgage Association 07/06/2026	11.65%
U.S. Treasury Bill 07/07/2026	10.06%
U.S. Treasury Bill 07/09/2026	10.05%
Federal Home Loan Mortgage Corporation 07/06/2026	8.57%
Federal Home Loan Mortgage Corporation 07/08/2026	8.11%
Federal Home Loan Mortgage Corporation 07/01/2026	7.46%
South Street Securities Repurchase Agreement 07/01/2026	6.60%
Tennessee Valley Authority 07/08/2026	4.09%

Where can I find additional information about the Fund?

Popular U.S. Government Money Market Fund, LLC

Class A Withholding Shares

Annual Shareholder Report - June 30, 2026

241A-MMYXX-26

Popular U.S. Government Money Market Fund, LLC

MMGXX

: Class I Institutional Non-Withholding Shares

Annual Shareholder Report - June 30, 2026

Fund Overview

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I Institutional Non-Withholding Shares	$53	0.53%

Maturity Weightings

(% total investments)

Table Summary
Value	Value
Daily	67.0%
Weekly (Excludes Daily)	33.0%

Fund Statistics as of 6/30/2026

Table Summary
Total Net Assets	$1,511,193,660
# of Portfolio Holdings	11
Investment Advisory Fees (Net of fees waived)	$3,138,484

Top Ten Holdings as of 6/30/2026

(% of total investments)

Table Summary
U.S. Treasury Bill 07/02/2026	20.04%
Federal National Mortgage Association 07/01/2026	12.80%
Federal National Mortgage Association 07/06/2026	11.65%
U.S. Treasury Bill 07/07/2026	10.06%
U.S. Treasury Bill 07/09/2026	10.05%
Federal Home Loan Mortgage Corporation 07/06/2026	8.57%
Federal Home Loan Mortgage Corporation 07/08/2026	8.11%
Federal Home Loan Mortgage Corporation 07/01/2026	7.46%
South Street Securities Repurchase Agreement 07/01/2026	6.60%
Tennessee Valley Authority 07/08/2026	4.09%

Where can I find additional information about the Fund?

Popular U.S. Government Money Market Fund, LLC

Class I Institutional Non-Withholding Shares

Annual Shareholder Report - June 30, 2026

241A-MMGXX-26

Popular U.S. Government Money Market Fund, LLC

MMFXX

: Class I Institutional Withholding Shares

Annual Shareholder Report - June 30, 2026

Fund Overview

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

(based on a hypothetical $10,000 investment)

Table Summary
Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class Institutional Withholding Shares	$65	0.64%

Maturity Weightings

(% total investments)

Table Summary
Value	Value
Daily	67.0%
Weekly (Excludes Daily)	33.0%

Fund Statistics as of 6/30/2026

Table Summary
Total Net Assets	$1,511,193,660
# of Portfolio Holdings	11
Investment Advisory Fees (Net of fees waived)	$3,138,484

Top Ten Holdings as of 6/30/2026

(% of total investments)

Table Summary
U.S. Treasury Bill 07/02/2026	20.04%
Federal National Mortgage Association 07/01/2026	12.80%
Federal National Mortgage Association 07/06/2026	11.65%
U.S. Treasury Bill 07/07/2026	10.06%
U.S. Treasury Bill 07/09/2026	10.05%
Federal Home Loan Mortgage Corporation 07/06/2026	8.57%
Federal Home Loan Mortgage Corporation 07/08/2026	8.11%
Federal Home Loan Mortgage Corporation 07/01/2026	7.46%
South Street Securities Repurchase Agreement 07/01/2026	6.60%
Tennessee Valley Authority 07/08/2026	4.09%

Where can I find additional information about the Fund?

Popular U.S. Government Money Market Fund, LLC

Class I Institutional Withholding Shares

Annual Shareholder Report - June 30, 2026

241A-MMFXX-26

(b) Not applicable.

ITEM 2. CODE OF ETHICS.

(a) As of the end of the period covered by this report, Popular U.S. Government Money Market Fund (the “Registrant”) has adopted a code of ethics, which applies to its Principal Executive Officer and Principal Financial Officer (the “Code of Ethics”).

(d) There have been no waivers to the Registrant’s Code of Ethics during the period covered by this report.

(e) Not applicable.

(f) (1) A copy of the Code of Ethics is being filed under Item 19(a)(1) hereto.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a)(1) The Board of Directors has determined that it has an “audit committee financial expert” as that term is defined in Item 3 of Form N-CSR.

(a)(2) The audit committee financial expert, Mr. Miguel R. Venta is a non- “interested” Trustee (as defined in Item 3(a)(2) of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees: Audit fees are fees related to the audit of and review of the Fund’s financial statements included in annual reports and registration statements and other services that are normally provided by the independent registered public accounting firm in connection with statutory and regulatory filings or engagements (“Audit Fees”). The aggregate Audit Fees billed by Ernst & Young LLP (“EY”) for the fiscal years ended June 30, 2026 and June 30, 2025, were $67,555 and $56,100, respectively.

(b) Audit-Related Fees: 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. There were no aggregate fees billed in each of the fiscal years ended June 30, 2026 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.

(c) Tax Fees: Tax fees are fees associated with tax compliance, tax advice and tax planning (“Tax Fees”). The aggregate Tax Fees billed for professional services for tax compliance billed by EY for the fiscal years ended June 30, 2026 and June 30, 2025, were $11,000 and $11,000, respectively.

(d) All Other Fees: 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 years ended June 30, 2026 and June 30, 2025, were $0 and $0, respectively.

(e) (1) Audit Committee Pre-Approval Policies and Procedures: 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.

(f) Not applicable.

(g) Non-Audit Fees: The aggregate non-audit fees for services rendered to the Registrant, its co-investment advisers and any entity controlling, controlled by or under common control with the co-advisers that provide ongoing services to the Registrant (“Non-Audit Fees”) billed by EY for the fiscal years ended June 30, 2026 and June 30, 2025, were $18,977,163 and $17,595,910, respectively.

(h) Not applicable.

(i) Not applicable. The Registrant has not retained, for the preparation of the audit report on the financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board (the “PCAOB”) has determined that the PCAOB is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.

(j) Not applicable. The Registrant is not a “foreign issuer,” as defined in 17 CFR 240.3b-4.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. INVESTMENTS.

(a) Included as part of the financial statements filed under Item 7(a).

(b) Not applicable.

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

(a)

Popular

U.S.

Government

Money

Market

Fund,

LLC

STATEMENTS

CHANGES

NET

ASSETS

See

Notes

Financial

Statements.

For

the

Years

Ended

June

30,

2026

2025

OPERATIONS

Net

investment

income

42,723,540‌

25,615,802‌

Increase

Net

Assets

Resulting

from

Operations

42,723,540‌

25,615,802‌

DISTRIBUTIONS

SHAREHOLDERS

Class

Non-Withholding

(21,757,213‌)

(12,165,760‌)

Class

Withholding

(20,296,851‌)

(12,766,969‌)

Class

Institutional

Non-Withholding

(489,722‌)

(555,927‌)

Class

Institutional

Withholding

(179,754‌)

(127,146‌)

Total

Distributions

Paid

(42,723,540‌)

(25,615,802‌)

CAPITAL

TRANSACTIONS

Sale

Class

Non-Withholding

1,978,517,338‌

1,808,885,562‌

Class

Withholding

1,942,965,774‌

1,355,108,199‌

Class

Institutional

Non-Withholding

77,734,120‌

110,249,614‌

Class

Institutional

Withholding

49,139,209‌

31,604,626‌

Reinvestment

distributions:

Class

Non-Withholding

21,346,175‌

10,684,684‌

Class

Withholding

19,725,926‌

11,670,512‌

Class

Institutional

Non-Withholding

503,492‌

506,124‌

Class

Institutional

Withholding

174,557‌

116,897‌

Redemption

Class

Non-Withholding

(1,768,952,257‌)

(1,305,096,447‌)

Class

Withholding

(1,665,618,206‌)

(1,144,208,411‌)

Class

Institutional

Non-Withholding

(79,981,000‌)

(94,551,150‌)

Class

Institutional

Withholding

(47,216,691‌)

(28,095,306‌)

Increase

Net

Assets

from

Capital

Transactions

528,338,437‌

756,874,904‌

Increase

Net

Assets

528,338,437‌

756,874,904‌

NET

ASSETS

Beginning

Year

982,855,223‌

225,980,319‌

End

Year

1,511,193,660‌

982,855,223‌

TRANSACTIONS

Sale

Class

Non-Withholding

1,978,517,338‌

1,808,885,562‌

Class

Withholding

1,942,965,774‌

1,355,108,199‌

Class

Institutional

Non-Withholding

77,734,120‌

110,249,614‌

Class

Institutional

Withholding

49,139,209‌

31,604,626‌

Reinvestment

distributions:

Class

Non-Withholding

21,346,175‌

10,684,684‌

Class

Withholding

19,725,926‌

11,670,512‌

Class

Institutional

Non-Withholding

503,492‌

506,124‌

Class

Institutional

Withholding

174,557‌

116,897‌

Redemption

Class

Non-Withholding

(1,768,952,257‌)

(1,305,096,447‌)

Class

Withholding

(1,665,618,206‌)

(1,144,208,411‌)

Class

Institutional

Non-Withholding

(79,981,000‌)

(94,551,150‌)

Class

Institutional

Withholding

(47,216,691‌)

(28,095,306‌)

Increase

528,338,437‌

756,874,904‌

Popular

U.S.

Government

Money

Market

Fund,

LLC

NOTES

FINANCIAL

STATEMENTS

June

30,

2026

Note

Organization

Popular

U.S.

Government

Money

Market

Fund,

LLC

(the

“Fund”

the

“Registrant”)

Puerto

Rico

limited

liability

company

and

treated

foreign

corporation

for

U.S.

federal

income

tax

purposes

under

Part

Subchapter

Chapter

the

Internal

Revenue

Code

1986,

amended,

(the

“U.S.

Code”)

commencing

with

its

taxable

year

ending

June

30,

2024.

The

Fund

organized

continuously

offered,

diversified,

open-end

management

investment

company

registered

under

the

Investment

Company

Act

1940,

amended

(the

“Act”).

The

Fund

was

organized

under

the

laws

Puerto

Rico

August

17,

2022.

The

Fund

operates

manner

that

will

cause

exempt

from

Puerto

Rico

income

and

municipal

license

tax

under

the

Puerto

Rico

Internal

Revenue

Code

2011,

amended

(the

“PR

Code”),

and

the

Puerto

Rico

Municipal

Code,

amended

(the

“Municipal

Code”),

registered

investment

company.

The

Fund’s

investment

objective

seek

provide

current

income

consistent

with

preservation

capital

and

liquidity.

Under

its

Third

Amended

and

Restated

Limited

Liability

Company

Agreement,

the

Fund

authorized

issue

unlimited

number

beneficial

interest

without

par

value.

The

Fund’s

first

registration

statement

became

effective

May

2024

(commencement

operations).

The

Fund

currently

offers

Class

Withholding

Shares,

Class

Non-Withholding

Shares,

Class

Institutional

Withholding

Shares,

and

Class

Institutional

Non-Withholding

Shares.

Each

class

represents

ownership

interest

the

same

investment

portfolio

securities.

Class

I-Institutional

Non-Withholding

Shares,

Class

Withholding

Shares,

Class

Non-Withholding

and

Class

Institutional

Withholding

commenced

operations

May

20,

2024,

June

24,

2024,

June

25,

2024

and

July

17,

2024,

respectively.

The

Fund

operates

“government

money

market

fund,”

defined

Rule

2a-7

under

the

Act.

government

money

market

fund,

the

Fund:

(1)

permitted

use

the

amortized

cost

method

valuation

seek

maintain

$1.00

price,

and

(2)

must

invest

least

99.5%

its

total

assets

cash,

“government

securities”

(as

defined

Rule

2a-7)

and/or

repurchase

agreements

that

are

“collateralized

fully”

(i.e.,

backed

cash

government

securities).

Note

Summary

Significant

Accounting

Policies

The

Fund

investment

company

and

follows

accounting

and

reporting

guidance

under

Financial

Accounting

Standards

Board

(“FASB”)

Accounting

Standards

Codification

Topic

946,

“Financial

Services

–

Investment

Companies.”

These

financial

statements

are

prepared

accordance

with

accounting

principles

generally

accepted

the

United

States

America

(“GAAP”),

which

require

management

make

estimates

and

assumptions

that

affect

the

reported

amounts

assets

and

liabilities,

the

disclosure

contingent

liabilities

the

date

the

financial

statements,

and

the

reported

amounts

income

and

expenses

net

assets

from

operations

during

the

period.

Actual

amounts

could

differ

from

those

estimates.

The

following

summarizes

the

significant

accounting

policies

the

Fund:

Fair

Value

Measurements

Under

GAAP,

fair

value

defined

the

price

that

would

received

sell

asset

paid

transfer

liability

orderly

transaction

between

market

participants

the

measurement

date.

fair

value

measurement

assumes

that

the

transaction

sell

the

asset

transfer

the

liability

occurs

the

principal

market

for

the

asset

liability

or,

the

absence

principal

market,

the

most

advantageous

market

for

the

asset

liability.

GAAP

establishes

fair

value

hierarchy

that

prioritizes

the

inputs

and

valuation

techniques

used

measure

fair

value

into

three

levels

order

increase

consistency

and

comparability

fair

value

measurements

and

disclosures.

The

classification

assets

and

liabilities

within

the

hierarchy

based

whether

the

inputs

the

valuation

methodology

used

for

the

fair

value

measurement

are

observable

unobservable.

Observable

inputs

reflect

the

assumptions

market

participants

would

use

pricing

the

asset

liability

based

market

data

obtained

from

independent

sources.

Unobservable

inputs

reflect

the

Fund’s

estimates

about

assumptions

that

market

participants

would

use

pricing

the

asset

liability

based

the

best

information

available.

The

hierarchy

broken

down

into

three

levels

based

the

reliability

inputs

follows:

Level

–

Unadjusted

quoted

prices

active

markets

for

identical

assets

liabilities

the

measurement

date.

Valuation

these

instruments

does

not

need

significant

degree

judgment

since

valuations

are

based

quoted

prices

that

are

readily

available

active

market.

Popular

U.S.

Government

Money

Market

Fund,

LLC

NOTES

FINANCIAL

STATEMENTS

June

30,

2026

Level

–

Quoted

prices

other

than

those

included

Level

that

are

observable

either

directly

indirectly.

Level

inputs

include

quoted

prices

for

similar

assets

liabilities

active

markets,

quoted

prices

for

identical

similar

assets

liabilities

markets

that

are

not

active,

other

inputs

that

are

observable

that

can

corroborated

observable

market

data

for

substantially

the

full

term

the

financial

instrument.

Level

–

Unobservable

inputs

are

significant

the

fair

value

measurement.

Unobservable

inputs

reflect

the

Fund’s

own

assumptions

about

assumptions

that

market

participants

would

use

pricing

the

asset

liability.

The

Fund

maximizes

the

use

observable

inputs

and

minimizes

the

use

unobservable

inputs

requiring

that

the

observable

inputs

used

when

available.

The

inputs

methodologies

used

for

valuing

securities

are

not

necessarily

indication

the

risk

associated

with

investing

those

securities.

Fair

value

based

upon

quoted

market

prices

when

available.

listed

prices

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

those

necessary

ensure

that

the

financial

instrument’s

fair

value

adequately

representative

the

price

that

would

received

paid

the

marketplace.

These

adjustments

include

amounts

that

reflect

counterparty

credit

quality,

constraints

liquidity,

and

unobservable

parameters

that

are

applied

consistently.

The

estimated

fair

value

may

subjective

nature

and

may

involve

uncertainties

and

matters

significant

judgment

for

certain

financial

instruments.

Changes

the

underlying

assumptions

used

calculating

fair

value

could

significantly

affect

the

results.

addition,

the

fair

value

estimates

are

based

outstanding

balances

without

attempting

estimate

the

value

anticipated

future

business.

Therefore,

the

estimated

fair

value

may

materially

differ

from

the

value

that

could

actually

realized

sale.

August

2022,

the

Board

Directors

the

Fund

appointed

Popular

Asset

Management

LLC,

subsidiary

Popular,

Inc.,

the

Fund’s

valuation

designee

within

the

meaning

1940

Act

Rule

2a-5

(the

“Valuation

Designee”).

The

Valuation

Designee

responsible

for

overseeing

and

implementing

the

procedures

and

functions

the

valuation

portfolio

securities

for

the

purpose

determining

the

net

asset

value

the

Fund.

addition,

the

Valuation

Designee

responsible

for

determining:

-The

fair

valuation

all

securities

for

which

price

value

available

the

time

the

Fund’s

net

asset

value

calculated

particular

day.

-The

fair

valuation

portfolio

instruments

for

which

the

prices

values

available

not,

the

judgment

the

investment

adviser,

represent

the

fair

valuation

such

portfolio

instruments.

Securities

are

valued

amortized

cost,

which

approximates

market

value.

This

method

valuation

designed

enable

the

Fund

price

its

$1.00

per

share.

The

Fund

cannot

guarantee

that

its

net

asset

value

will

always

remain

$1.00

per

share.

valuing

the

Fund’s

assets

June

30,

2026,

all

investments

the

Fund

are

valued

using

amortized

cost,

which

methodology

utilizing

Level

inputs.

Puerto

Rico

Taxation

the

Fund

Income

Taxes.

The

Fund

should

exempt

from

Puerto

Rico

income

tax

for

taxable

year

distributes

its

shareholders

least

90%

its

net

income

for

the

taxable

year

within

the

time

period

provided

the

Code

(the

“90%

Distribution

Requirement”).

determining

its

net

income

for

purposes

the

90%

Distribution

Requirement,

the

Fund

shall

not

take

into

account

capital

gains

and

losses

and

certain

items

income

(including

interest)

that

are

exempt

from

taxation

under

the

Code.

The

Fund

intends

meet

the

90%

Distribution

Requirement

exempt

from

Puerto

Rico

income

tax.

Property

Taxes.

Under

the

provisions

the

Municipal

Code,

the

Fund

will

subject

property

taxes.

However,

property

the

Fund

that

consists

repurchase

agreements,

obligations

the

Government

Puerto

Rico

the

U.S.

Government

and

stocks

domestic

foreign

corporations

are

exempt

from

property

taxes

imposed

the

Municipal

Code.

Municipal

License

Taxes.

Under

Act

93-2013,

Puerto

Rico

registered

investment

companies

are

exempt

from

the

municipal

license

tax

imposed

the

Puerto

Rico

municipalities.

Pursuant

Article

1.007

the

Municipal

Code,

Puerto

Rico

municipalities

have

the

authority

impose

taxes

that

are

not

incompatible

with

the

taxes

imposed

the

Commonwealth

Puerto

Rico.

The

municipality

Popular

U.S.

Government

Money

Market

Fund,

LLC

NOTES

FINANCIAL

STATEMENTS

June

30,

2026

San

Juan

may

disagree

with

the

holding

Treasury

Determination

19-04

and

refuse

treat

the

Fund

registered

investment

company

under

Act

93-2013,

causing

the

imposition

municipal

license

taxes

1.5%

the

gross

revenues

the

Fund.

United

States

Taxation

the

Fund

Income

Taxes.

For

purposes

the

U.S.

Code,

the

Fund

treated

foreign

corporation.

Based

certain

representations

made

the

Fund,

the

Fund

should

not

treated

engaged

trade

business

with

the

United

States

for

purposes

the

Code.

The

Fund

not

expected

engaged

U.S.

trade

business

for

U.S.

federal

income

tax

purposes.

foreign

corporation

not

engaged

U.S.

trade

business,

the

Fund

should

generally

not

subject

U.S.

federal

income

tax

gains

derived

from

the

sale

exchange

personal

property

any

other

income

from

sources

outside

the

U.S.

However,

determined

that

the

Fund

engaged

trade

business

within

the

United

States

for

purposes

the

U.S.

Code,

and

the

Fund

has

taxable

income

that

effectively

connected

with

such

U.S.

trade

business,

the

Fund

will

subject

the

regular

U.S.

corporate

income

tax

its

effectively

connected

taxable

income,

and

possibly

30%

branch

profits

tax

and

state

and

local

taxes

well.

Interest

received

the

Fund

from

U.S.

sources

certain

registered

obligations

(“Portfolio

Interest”)

and

gains

derived

the

Fund

from

the

sale

exchange

personal

property

(other

than

“United

States

Real

Property

Interest”,

such

term

defined

the

U.S.

Code)

are

not

subject

U.S.

federal

income

tax.

the

intent

the

Fund’s

management

derive

only

U.S.

source

interest

income

considered

Portfolio

Interest

with

respect

its

investments

U.S.

fixed-income

securities.

Moreover,

foreign

corporation

not

engaged

trade

business

the

U.S.,

the

Fund

should

only

subject

U.S.

federal

income

taxation

realizes

certain

items

U.S.

source

income

fixed

determinable

annual

periodic

nature,

which

case

the

Fund

should

subject

withholding

U.S.

federal

income

tax

30%

rate

certain

types

U.S.

source

income.

Dividends

from

sources

within

the

United

States

may

qualify

for

reduced

10%

rate

certain

conditions

are

met.

U.S.

Foreign

Account

Tax

Compliance

Act

(“FATCA”).

The

U.S.

Internal

Revenue

Code

imposes

30%

withholding

tax

upon

most

payments

U.S.

source

income

made

certain

“foreign

financial

institutions”

“non-financial

foreign

entities”

(including

“non-financial

foreign

territory

entities”),

unless

certain

certification

and

reporting

requirements

are

satisfied.

Payments

certain

grandfathered

obligations

are

not

subject

the

referenced

30%

withholding.

The

IRS

has

released

proposed

regulations,

which

taxpayers

may

rely

on,

that

eliminate

the

withholding

tax

under

FATCA

payments

proceeds

from

the

sale

property

that

could

give

rise

U.S.

source

interest

dividends.

Regulations

issued

the

U.S.

Department

the

Treasury

and

the

IRS

(the

“FATCA

Regulations”)

treat

the

Fund

“territory

non-financial

foreign

entity.”

Under

this

classification,

the

Fund

could

required

provide

the

payors

such

income

(except

with

respect

certain

grandfathered

obligations)

certain

information

with

respect

its

investors.

The

payors,

turn,

would

required

disclose

such

information

the

IRS.

Under

the

FATCA

Regulations,

the

Fund

would

not

have

provide

the

required

information

wholly

owned

directly

indirectly

investors

who

are

individual

bona

fide

residents

Puerto

Rico

for

purposes

Section

933

the

U.S.

Code,

otherwise

will

have

provide

the

information

with

respect

direct

and

indirect

substantial

U.S.

owners

the

Fund.

However,

the

Fund

has

elected

direct

reporting

non-financial

foreign

entity,

and

such,

required

provide

such

information

directly

the

IRS

filing

Form

8966

with

the

IRS.

the

Fund

unable

obtain

such

information

from

any

such

investor

otherwise

fails

unable

comply

with

the

requirements

the

U.S.

Code,

the

FATCA

Regulations

any

other

implementing

rules,

certain

payments

the

Fund

may

subject

30%

withholding

tax.

making

investment

the

Fund,

each

investor

agrees

provide

all

information

and

certifications

necessary

enable

the

Fund

comply

with

these

requirements.

ensure

that

the

investors

that

acquire

after

the

date

hereof

will

have

the

obligation

timely

provide

the

Fund

the

information

required

comply

with

the

U.S.

Code,

making

investment

shares,

each

investor

agrees

provide

all

information

and

certifications

necessary

enable

the

Fund

comply

with

these

requirements

and

authorizes

the

Fund

redeem

the

any

investor

that

fails

timely

provide

such

information

certifications.

addition,

any

investor

that

fails

timely

provide

the

requested

information

certifications

will

required

indemnify

the

Fund

for

the

entirety

the

30%

percent

tax

withheld

all

the

Fund’s

income

result

such

investor’s

failure

provide

the

information.

Dividends

and

Distributions

Shareholders

–

Dividends

from

net

investment

income

are

declared

daily

and

paid

monthly.

The

Fund

will

distribute

net

realized

capital

gains

(including

net

short-term

capital

gains),

any,

least

annually;

however,

the

Fund

does

not

expect

realize

any

long-term

capital

gains

and

losses.

Popular

U.S.

Government

Money

Market

Fund,

LLC

NOTES

FINANCIAL

STATEMENTS

June

30,

2026

Allocation

Income,

Fund-level

Expenses,

and

Realized

and

Unrealized

Gains

Losses

–

The

Fund

uses

the

fair

value

outstanding

method

for

allocating

income,

fund‐level

expenses,

and

realized

gains

losses.

Under

this

method,

each

class

participates

based

the

total

net

asset

value

its

proportion

the

total

net

assets

the

Fund.

Class‐level

expenses

are

charged

directly

the

individual

classes

which

they

relate.

Other

–

Security

transactions

are

accounted

for

the

trade

date

(the

date

the

order

buy

sell

executed).

Realized

gains

and

losses

security

transactions

are

determined

the

identified

cost

method.

Premiums

and

discounts

securities

purchased

are

amortized

over

the

life

the

expected

life

the

respective

securities

using

the

straight

line

method

and

are

included

interest

income.

Interest

income

accrued

daily

except

when

collection

not

expected.

Commitments

and

Contingencies

–

the

normal

course

business,

the

Fund

enters

into

contracts

that

provide

general

indemnifications

the

Fund

the

counterparty

the

contract.

The

Fund’s

maximum

exposure

under

these

arrangements

dependent

future

claims

that

may

made

against

the

Fund

and,

therefore,

cannot

estimated;

however,

based

industry

experience,

the

risk

loss

from

such

claims

considered

remote.

Repurchase

Agreements

–

The

Fund

may

invest

repurchase

agreements.

repurchase

agreement

transaction

which

the

Fund

purchases

securities

and

simultaneously

commits

resell

the

securities

the

original

seller

(as

described

below)

agreed

upon

date

and

price

reflecting

market

rate

interest

unrelated

the

coupon

rate

maturity

the

purchased

securities.

Such

original

seller

may

(a)

broker-dealer

other

financial

institution

(b)

member

bank

the

Federal

Reserve

System

securities

dealer

who

member

national

securities

exchange

market

maker

U.S.

Government

securities.

Repurchase

agreements

carry

certain

risks

not

associated

with

direct

investments

securities,

including

possible

decline

the

market

value

the

underlying

securities

and

costs

the

Fund

the

other

party

the

repurchase

agreement

becomes

bankrupt,

that

the

Fund

delayed

prevented

from

exercising

its

rights

dispose

the

collateral

securities.

the

Fund’s

policy

only

enter

into

repurchase

agreements

with

banks

and

other

financial

institutions

which

are

deemed

the

Adviser

creditworthy.

connection

with

this

determination,

the

Fund's

Board

Directors,

its

designated

delegate,

has

evaluated

the

creditworthiness

approved

counterparties

required

under

Rule

2a-7

under

the

Investment

Company

Act

1940.

The

Fund

bears

the

risk

loss

the

event

that

the

counterparty

repurchase

agreement

defaults

its

obligations,

however,

this

risk

mitigated

through

the

Fund's

collateral

requirements,

counterparty

credit

review

process,

and

ongoing

monitoring

procedures.

The

obligation

the

counterparty

repurchase

securities

from

the

Fund

required

fully

collateralized

all

times.

Collateral

generally

consists

U.S.

Government

securities

and

maintained

value

least

102%

the

repurchase

price,

including

accrued

interest,

accordance

with

industry

practice

for

repurchase

agreements

collateralized

U.S.

Government

securities.

Repurchase

agreement

collateral

may

held

segregated

accounts

maintained

unaffiliated

third-party

custodian.

The

Fund

requires

that

the

collateral

received

repurchase

agreement

transaction

transferred

custodian

manner

sufficient

enable

the

Funds

obtain

collateral

the

event

counterparty

default.

the

counterparty

defaults

and

the

fair

value

the

collateral

declines,

realization

the

collateral

the

Funds

may

delayed

limited.

The

Fund

monitors

the

adequacy

the

collateral

daily

basis

and

can

require

the

seller

provide

additional

collateral

the

event

the

market

value

the

securities

pledged

falls

below

the

carrying

value

the

repurchase

agreement,

including

accrued

interest.

Repurchase

agreements

are

entered

into

the

Fund

under

Master

Repurchase

Agreements

(“MRA”)

which

permit

the

Fund,

under

certain

circumstances,

including

event

default

(such

bankruptcy

insolvency),

offset

payables

and/or

receivables

under

MRA

with

collateral

held

and/or

posted

the

counterparty

and

create

one

single

net

payment

due

from

the

Fund.

Popular

U.S.

Government

Money

Market

Fund,

LLC

NOTES

FINANCIAL

STATEMENTS

June

30,

2026

Financial

Instruments/Transactions

Summary

Offsetting

and

Netting

Arrangements:

For

financial

reporting

purposes

the

Fund

elects

not

offset

assets

and

liabilities

subject

MRA,

any,

the

Statement

Assets

and

Liabilities.

Therefore,

all

qualifying

transactions

are

presented

gross

basis

the

Statement

Assets

and

Liabilities.

June

30,

2026,

the

impact

netting

assets

and

liabilities

and

the

offsetting

collateral

pledged

received,

any,

based

contractual

netting/set-off

provisions

the

MRA

are

detailed

the

following

table.

Segment

Reporting

–

The

Fund’s

President

acts

the

Fund’s

chief

operating

decision

maker

(“CODM”),

defined

Topic

280,

assessing

performance

and

making

decisions

about

resource

allocation.

The

CODM

has

determined

that

the

Fund

has

single

operating

segment

based

the

fact

that

the

CODM

monitors

the

operating

results

the

Fund

whole

and

the

Fund’s

long-term

strategic

asset

allocation

guided

the

Fund's

investment

objective

and

principal

investment

strategies,

described

its

prospectus,

and

executed

the

Fund’s

portfolio

management

team,

comprised

investment

professionals

employed

the

Adviser.

The

Financial

information

provided

and

reviewed

the

CODM

consistent

with

that

presented

the

Fund’s

Schedule

Investments,

Statement

Operations,

Statements

Changes

Net

Assets

and

Financial

Highlights.

Note

Advisory

Fees,

Servicing

Fees

and

Other

Transactions

Investment

Adviser

–

Popular

Asset

Management

LLC

(the

“Adviser”),

the

Fund’s

investment

adviser.

The

Adviser

receives

advisory

fee

annual

rate

equal

0.25%

the

Fund’s

average

annual

daily

net

assets.

The

Adviser

has

contractually

agreed

waive

fees

and/or

reimburse

expenses

the

extent

that

Total

Annual

Fund

Operating

Expenses

(excluding

interest,

taxes,

brokerage

commissions

and

extraordinary

expenses)

exceed

1.00%

the

average

daily

net

assets

class

the

Fund.

Any

amounts

contractually

waived

reimbursed

the

Adviser

will

subject

repayment

the

Fund

the

Adviser

within

three

years,

calculated

monthly

from

when

the

waiver

reimbursement

was

recorded.

Any

repayment

the

Fund

the

Adviser

will

not

cause

the

Fund’s

expenses

exceed

(i)

the

expense

limitation

the

time

the

fees

are

waived

and

(ii)

the

expense

limitation

effect

the

time

such

reimbursement.

The

expense

limitation

shall

effect

until

least

December

31,

2027.

The

Adviser

voluntarily

agreed

breakpoints

its

advisory

fee

upon

the

Fund

achieving

certain

asset

levels.

result,

the

Adviser's

effective

advisory

fee

rate

equal

annual

rate

0.20%

the

Fund’s

net

assets

exceeding

billion

and

less

than

$1.5

billion

and

equal

annual

rate

0.15%

the

Fund’s

net

assets

exceeding

$1.5

billion.

This

voluntary

waiver

separate

from,

and

addition

the

Adviser’s

contractual

expense

waiver/reimbursement

arrangement.

The

Adviser

may

waive

additional

fees

any

time.

These

voluntary

waivers

are

not

eligible

for

recoupment.

Other

service

providers

have

voluntarily

agreed

waive

portion

their

fees.

Other

waivers

are

not

eligible

for

recoupment.

For

the

year

ended

June

30,

2026,

fees

waived

and

expenses

reimbursed

the

Adviser

were

follows:

For

the

year

ended

June

30,

2026,

the

Adviser

recouped

$16,828

reflected

the

accompanying

Statement

Operations.

June

30,

2026,

the

Fund

had

$65,174

total

expenses,

that

were

waived

during

the

fiscal

year

ended

June

30,

2024,

that

are

subject

recapture

the

Adviser

through

the

fiscal

year

ending

June

30,

2027.

Distribution

–

Popular

Securities,

LLC

serves

the

Fund’s

distributor

(the

“Distributor”).

The

Distributor

wholly-owned

subsidiary

Popular,

Inc.,

the

parent

company

the

Adviser.

The

Adviser

may,

but

not

obligated

to,

make

payment

the

Distributor

for

its

service

Distributor

the

Fund

out

the

Adviser’s

advisory

fee

other

resources

the

Adviser,

The

Distributor

Description

Counterparty

Gross

Amount

Recognized

Assets/

(Liabilities)

the

Statement

Assets

and

Liabilities

Collateral

(Received)/

Posted

Not

Offset

the

Statement

Assets

and

Liabilities

(1)

Net

Amount

Repurchase

Agreement

South

Street

Securities

$100,000,000

$(100,000,000)

$–

(1)

The

value

the

collateral

received

the

Fund

normally

exceeded

the

value

the

repurchase

agreement

the

Fund.

See

the

Schedule

Investments

for

detailed

information

regarding

the

collateral

received

for

open

repurchase

agreements.

Investment

Adviser

Fees

Waived

Investment

Adviser

Expenses

Reimbursed

Other

Waivers

Total

Fees

Waived

and

Expenses

Reimbursed

$160,725

$–

$182,916

$343,641

Popular

U.S.

Government

Money

Market

Fund,

LLC

NOTES

FINANCIAL

STATEMENTS

June

30,

2026

not

affiliated

with

Atlantic

Fund

Administration,

LLC,

wholly

owned

subsidiary

Apex

Holdings

LLC

(d/b/a

Apex

Fund

Services)

(“Apex”)

their

affiliates.

The

Fund

has

adopted

Distribution

(12b-1)

Plan

(the

“Plan”)

for

Class

Withholding

and

Class

Non-Withholding

accordance

with

Rule

12b-1

the

Act.

Under

the

Plan,

the

Fund

pays

the

Distributor

and/

any

other

entity

authorized

the

Board

fee

0.25%

the

average

daily

net

assets

the

Class

Withholding

and

Class

Non-Withholding

Shares.

Other

Service

Providers

–

Apex

provides

fund

accounting,

fund

administration,

compliance

and

transfer

agency

services

the

Fund.

Apex

also

provides

certain

shareholder

report

production,

and

EDGAR

conversion

and

filing

services.

Pursuant

services

agreement

between

the

Fund

and

Apex,

the

Fund

pays

Apex

customary

fees

for

its

services.

Directors

and

Officers

–

officer,

director

employee

the

Adviser

any

affiliate

thereof

receives

any

compensation

from

the

Fund

for

serving

officer

director

the

Fund.

The

Fund

will

pay

each

director

who

not

officer,

director

employee

the

Adviser

affiliate

thereof

fee

$1,000

per

meeting

attended,

together

with

such

director’s

actual

travel

and

out-of-pocket

expenses

relating

attendance

meetings.

The

three

independent

directors

the

Fund

also

serve

the

Fund’s

audit

committee

and

are

paid

based

upon

agreed

fee

$1,000

per

committee

meeting.

Note

Risks

and

Uncertainties

Obligations

U.S.

Government

agencies

and

authorities

receive

varying

levels

support

and

may

not

backed

the

full

faith

and

credit

the

U.S.

Government,

which

could

affect

the

Fund’s

ability

recover

should

they

default.

assurance

can

given

that

the

U.S.

Government

will

provide

financial

support

its

agencies

and

authorities

not

obligated

law

so.

The

Fund’s

yield

will

vary

the

short-term

securities

its

portfolio

mature

are

sold

and

the

proceeds

are

reinvested

other

securities.

When

interest

rates

are

very

low

negative,

the

Fund

may

not

able

maintain

positive

yield

pay

Fund

expenses

out

current

income

without

impairing

the

Fund’s

ability

maintain

stable

net

asset

value.

Additionally,

inflation

may

outpace

and

diminish

investment

returns

over

time.

Recent

and

potential

future

changes

monetary

policy

made

central

banks

and/or

their

governments

may

affect

interest

rates.

Interest

rate

risk

the

risk

that

interest

rates

will

rise

that

the

value

the

Fund’s

investments

will

fall.

The

Fund’s

yield

will

tend

lag

behind

changes

prevailing

short‐term

interest

rates.

addition,

during

periods

rising

interest

rates,

the

average

life

certain

types

securities

may

extended

because

the

right

the

issuer

defer

payments

make

slower

than

expected

principal

payments.

This

may

lock‐in

below

market

interest

rate,

increase

the

security’s

duration

(the

estimated

period

until

the

security

paid

full),

and

reduce

the

value

the

security.

This

known

extension

risk,

which

the

Fund

also

subject

to.

Conversely,

during

periods

declining

interest

rates,

the

issuer

security

may

exercise

its

option

prepay

principal

earlier

than

scheduled

order

refinance

lower

interest

rates,

forcing

the

Fund

reinvest

lower

yielding

securities.

This

known

prepayment

risk,

which

the

Fund

also

subject

to.

The

Fund

may

enter

into

certain

types

repurchase

agreements.

the

event

default

repurchase

agreement

counterparty

under

any

repurchase

agreement

the

Fund

may

suffer

time

delays

and

incur

costs

possible

losses

connection

with

the

disposition

the

securities

underlying

such

repurchase

agreements.

the

event

default,

instead

the

contractual

fixed

rate

return,

the

rate

return

the

Fund

will

dependent

upon

intervening

fluctuations

the

market

values

such

underlying

securities

and

the

accrued

interest

the

underlying

securities.

such

event,

the

Fund

would

have

rights

against

the

respective

counterparty

for

breach

contract

with

respect

any

losses

resulting

from

market

fluctuations

following

the

failure

such

counterparty

perform.

addition,

fluctuations

the

amounts

paid

the

repurchase

agreements

entered

into

the

Fund,

may

reduce

the

amounts

available

for

dividend

distributions

shareholders.

The

yield

repurchase

agreements

depends

variety

factors,

including,

but

not

limited

to,

general,

municipal

and

fixed-income

securities

market

conditions,

the

amount

being

invested,

the

financial

condition

the

respective

counterparty,

and

the

maturity

and

credit

quality

the

security

involved

each

transaction.

The

Fund

intends

always

act

the

borrower

rather

than

the

lender

repurchase

agreements.

The

use

repurchase

agreements

may

involve

additional

risks

including

counterparty

risk.

The

Fund

intends

enter

into

repurchase

agreements

only

with

selected

counterparties

that

meet

certain

standards.

The

Fund’s

investments

are

classified

eligible

securities

according

Rule

2a-7,

and

their

credit

risks

have

been

determined

minimal

the

Adviser.

the

event

default

where

either

the

borrower

unable

pay

the

principal

the

lender

fails

return

the

collateral,

the

non-defaulting

party

will

have

contractual

remedies

pursuant

the

agreement

the

transaction.

REPORT

INDEPENDENT

REGISTERED

PUBLIC

ACCOUNTING

FIRM

the

Shareholders

and

Board

Directors

Popular

U.S.

Government

Money

Market

Fund

Opinion

the

Financial

Statements

have

audited

the

accompanying

statement

assets

and

liabilities

Popular

U.S.

Government

Money

Market

Fund,

LLC

(the

“Fund”),

including

the

schedule

investments,

June

30,

2026,

and

the

statements

operations

for

the

year

then

ended,

the

statements

changes

net

assets

for

each

the

two

years

the

period

then

ended

and

the

financial

highlights

for

each

the

three

years

the

period

then

ended

and

the

notes

(collectively

referred

the

“financial

statements”).

our

opinion,

the

financial

statements

present

fairly,

all

material

respects,

the

financial

position

the

Fund

June

30,

2026,

the

results

its

operations

for

the

year

then

ended,

the

changes

its

net

assets

for

each

the

two

years

the

period

then

ended,

and

its

financial

highlights

for

each

the

three

years

the

period

then

ended,

conformity

with

U.S.

generally

accepted

accounting

principles.

Basis

for

Opinion

These

financial

statements

are

the

responsibility

the

Fund’s

management.

Our

responsibility

express

opinion

the

Fund’s

financial

statements

based

our

audit.

are

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

("PCAOB")

and

are

required

independent

with

respect

the

Fund

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

the

Securities

and

Exchange

Commission

and

the

PCAOB.

conducted

our

audit

accordance

with

the

standards

the

PCAOB.

Those

standards

require

that

plan

and

perform

the

audit

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

material

misstatement,

whether

due

error

fraud.

The

Fund

not

required

have,

nor

were

engaged

perform,

audit

the

Fund’s

internal

control

over

financial

reporting.

part

our

audit,

are

required

obtain

understanding

internal

control

over

financial

reporting

but

not

for

the

purpose

expressing

opinion

the

effectiveness

the

Fund’s

internal

control

over

financial

reporting.

Accordingly,

express

such

opinion.

Our

audit

included

performing

procedures

assess

the

risks

material

misstatement

the

financial

statements,

whether

due

error

fraud,

and

performing

procedures

that

respond

those

risks.

Such

procedures

included

examining,

test

basis,

evidence

regarding

the

amounts

and

disclosures

the

financial

statements.

Our

procedures

included

confirmation

securities

owned

June

30,

2026,

correspondence

with

the

custodian,

brokers

and

others.

Our

audit

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

management,

well

evaluating

the

overall

presentation

the

financial

statements.

believe

that

our

audit

provides

reasonable

basis

for

our

opinion.

have

served

the

auditor

for

the

Popular

Family

Funds

since

2023.

San

Juan,

Puerto

Rico

August

25,

2026

Popular

U.S.

Government

Money

Market

Fund,

LLC

OTHER

INFORMATION

(UNAUDITED)

June

30,

2026

Change

and

Disagreements

with

Accountants

(Item

Form

N-CSR)

Not

applicable.

Proxy

Disclosure

(Item

Form

N-CSR)

Not

applicable.

Remuneration

Paid

Directors,

Officers,

and

Others

(Item

Form

N-CSR)

Please

see

financial

statements

Item

7a.

Statement

Regarding

the

Basis

for

the

Board’s

Approval

Investment

Advisory

Contract

(Item

Form

N-CSR)

Investment

Advisory

Agreement

Approval

The

Board

Directors

(the

“Board”)

the

Fund

met

May

14,

2026

(the

“Meeting”)

consider

the

continuance

the

Investment

Advisory

Agreement

(the

“Advisory

Agreement”)

and

between

the

Fund

and

the

Adviser.

such

meeting,

the

Board

participated

discussion

with

the

Investment

Adviser

and

considered

the

investment

strategy

used

pursuing

the

Fund’s

investment

objectives,

well

the

Fund’s

expenses.

The

Board

also

evaluated

issues

pertaining

industry

and

regulatory

developments,

compliance

procedures,

fund

governance,

and

other

issues

with

respect

the

Fund.

The

Board

also

met

executive

session

with

counsel

the

Independent

Directors

(as

defined

below)

discuss

the

materials

provided

the

Board

advance

the

meeting

connection

with

the

Board’s

consideration

the

Advisory

Agreement.

The

independent

members

the

Board

(collectively,

the

“Independent

Directors”)

were

assisted

throughout

the

contract

review

process

Willkie

Farr

Gallagher

LLP,

their

independent

legal

counsel.

The

Board

relied

upon

the

advice

such

counsel

and

their

own

business

judgment

determining

the

material

factors

considered

evaluating

the

Advisory

Agreement

and

the

weight

given

each

such

factor.

The

conclusions

reached

with

respect

the

Advisory

Agreement

were

based

comprehensive

evaluation

all

the

information

provided

and

not

any

single

factor.

Moreover,

each

Director

may

have

placed

varying

emphasis

particular

factors

reaching

conclusions

with

respect

the

Advisory

Agreement.

evaluating

the

Advisory

Agreement,

including

the

specific

fee

structures,

and

other

terms

such

agreement,

the

Board

were

informed

analysis

and

discussion

amongst

themselves

and

the

Investment

Adviser.

The

Board,

including

majority

Independent

Directors,

concluded

that

the

terms

the

Advisory

Agreement

for

the

Fund

were

fair

and

reasonable

and

that

the

Investment

Adviser’s

fees

were

reasonable

light

the

services

provided

the

Fund.

Nature,

Extent

and

Quality

Services

evaluating

the

Advisory

Agreement,

the

Board

considered,

the

nature,

extent

and

quality

the

Investment

Adviser’s

services

the

Fund.

The

Board

considered

the

management,

oversight,

and

administrative

services

the

Investment

Adviser

provides

manage

and

operate

the

Fund.

Based

their

review,

the

Independent

Directors

found

that,

overall,

the

nature,

extent

and

quality

services

provided

under

the

Advisory

Agreement

was

satisfactory

behalf

the

Fund.

Investment

Performance

the

Fund

evaluating

the

quality

the

services

provided

the

Investment

Adviser,

the

Board

received

and

considered

the

investment

performance

the

Fund.

this

regard,

the

Board

received

and

reviewed

report

(the

“Broadridge

Report”)

prepared

Broadridge

which

generally

provided

the

Fund’s

performance

data

absolute

basis

and

compared

the

performance

unaffiliated

comparable

funds

“Broadridge

Peer

Group”)

for

one

year

period.

Fees

and

Expenses

part

its

review,

the

Board

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,

any)

paid

the

Fund

the

Investment

Adviser

light

the

nature,

extent

and

quality

the

services

provided.

The

Board

also

considered

the

net

total

expense

ratio

the

Fund

relation

the

Broadridge

Peer

Group.

Popular

U.S.

Government

Money

Market

Fund,

LLC

OTHER

INFORMATION

(UNAUDITED)

June

30,

2026

Profitability

conjunction

with

their

review

fees,

the

Independent

Directors

reviewed

information

reflecting

the

Investment

Adviser’s

financial

condition,

including

financial

statements

the

Investment

Adviser

for

the

year

ended

December

31,

2025.

The

Independent

Directors

also

reviewed

the

profitability

information

for

the

Investment

Adviser

derived

from

its

relationship

with

the

Fund

for

the

period

July

2025

through

March

31,

2026

actual

and

adjusted

basis,

described

below.

Economies

Scale

and

Whether

Levels

Reflect

These

Economies

Scale

evaluating

the

reasonableness

the

investment

advisory

fees,

the

Board

considered

the

existence

any

economies

scale

the

provision

services

the

Investment

Adviser

and

whether

those

economies

are

appropriately

shared

with

the

Fund.

The

Independent

Directors

considered

that

economies

scale

may

shared

various

ways

including

breakpoints

the

management

fee

schedule,

fee

waivers

and/or

expense

limitations,

pricing

Fund

scale

inception

other

means.

The

Board

and

the

Independent

Directors

observed

that

the

Investment

Adviser

had

implemented

voluntary

breakpoints

the

management

fees

paid

the

Fund

assets

exceeding

billion,

which

the

Investment

Adviser

intended

make

contractual.

Considering

the

factors

above,

the

Independent

Directors

concluded

the

Investment

Adviser’s

use

breakpoints

the

management

fee

was

acceptable

and

that

any

economies

scale

that

exist

are

adequately

reflected

the

Investment

Adviser’s

fee

structure.

Indirect

Benefits

The

Independent

Directors

received

and

considered

information

regarding

indirect

benefits

the

Investment

Adviser

may

receive

result

its

relationship

with

the

Fund.

The

Independent

Directors

further

considered

the

reputational

and/or

marketing

benefits

the

Investment

Adviser

may

receive

result

its

association

with

the

Fund.

The

Independent

Directors

took

these

indirect

benefits

into

account

when

accessing

the

level

advisory

fees

paid

the

Investment

Adviser

and

concluded

that

the

indirect

benefits

received

were

reasonable.

Conclusion

The

Board

did

not

identify

any

single

factor

being

paramount

importance,

and

different

Directors

may

have

given

different

weight

different

factors.

The

Board

reviewed

memorandum

from

counsel

the

Independent

Directors

discussing

the

legal

standards

applicable

its

consideration

the

Advisory

Agreement.

Based

its

review,

including

consideration

each

the

factors

referenced

above,

the

Board

determined,

the

exercise

its

business

judgment,

that

the

advisory

arrangement,

outlined

the

Advisory

Agreement,

was

fair

and

reasonable

light

the

services

performed,

expenses

incurred

and

such

other

matters

the

Board

considered

relevant.

(b) Not applicable.

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

Not applicable.

ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

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

Included as part of the Annual Financial Statements and Other Information under Item 7(a).

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

Included as part of the Annual Financial Statements and Other Information under Item 7(a).

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END

MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

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

Not applicable.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

The Registrant does not accept nominees to the Board of Directors from shareholders.

ITEM 16. CONTROLS AND PROCEDURES

(a) The Principal Executive Officer and the Principal Financial Officer, in their capacities as principal executive officer and principal financial officer of the registrant, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) are effective, based on their evaluation of these controls and procedures as of a date within 90 days prior to the filing date of this report.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) that occurred during the Reporting Period that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

ITEM 19. EXHIBITS.

(a)(1) Code of Ethics (filed herewith).

(a)(2) Not applicable.

(a)(3) Certifications pursuant to Rule 30a-2(a) and Section 302 of the Sarbanes-Oxley Act of 2002 (filed herewith).

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) of the Act, and Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).

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.

Registrant Popular U.S. Government Money Market Fund

By	/s/ Angel M. Rivera
	Angel M. Rivera, Principal Executive Officer

Date	August 25, 2026

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

By	/s/ Angel M. Rivera
	Angel M. Rivera, Principal Executive Officer

Date	August 25, 2026

By	/s/ James Gallo
	James Gallo, Principal Financial Officer

Date	August 25, 2026