Popular U.S. Government Money Market Fund LLC
02/12/2026 | Press release | Distributed by Public on 02/12/2026 09:47
Semi-Annual Report by Investment Company (Form N-CSRS)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES
Investment Company Act file number 811-23868
POPULAR U.S. GOVERNMENT MONEY MARKET FUND, LLC
Popular Center North Building, Second Level (Fine Arts),
209 Muñoz Rivera Avenue,
San Juan, Puerto Rico 00918
Angel M. Rivera, Principal Executive Officer
Popular Center North Building, Second Level (Fine Arts),
209 Muñoz Rivera Avenue,
San Juan, Puerto Rico 00918
(787) 754-4488
Date of fiscal year end: June 30
Date of reporting period: July 1, 2025 - December 31, 2025
ITEM 1. REPORT TO STOCKHOLDERS.
(a) A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act, as amended ("Act"), is attached hereto.
Popular U.S. Government Money Market Fund, LLC
MMTXX
: Class A Non-Withholding Shares
Semi-Annual Shareholder Report - December 31, 2025
Fund Overview
This semi-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 December 31, 2025. 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 six months?
(based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A Non-Withholding Shares
|
$30
|
0.58%
|
Maturity Weightings
(% total investments)
|
Value
|
Value
|
|
Daily
|
52.4%
|
|
Weekly (excludes Daily)
|
47.6%
|
Fund Statistics as of 12/31/2025
|
Total Net Assets
|
$1,330,489,107
|
|
# of Portfolio Holdings
|
8
|
|
Investment Advisory Fees (Net of fees waived)
|
$1,474,303
|
Top Holdings as of 12/31/2025
(% of total investments)
|
U.S. Treasury Bill 01/02/26
|
19.49%
|
|
Federal National Mortgage Association 01/07/26
|
18.16%
|
|
U.S. Treasury Bill 01/06/26
|
17.23%
|
|
Federal National Mortgage Association 01/05/26
|
14.65%
|
|
Federal National Mortgage Association 01/09/26
|
12.21%
|
|
U.S. Treasury Bill 01/08/26
|
8.18%
|
|
South Street Securities, Tri-Party Agreement thu BNY 01/02/26
|
7.49%
|
|
Federal Home Loan Bank Discount Notes 01/05/26
|
2.59%
|
Where can I find additional information about the 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
Semi-Annual Shareholder Report - December 31, 2025
241S-MMTXX-25
Popular U.S. Government Money Market Fund, LLC
MMYXX
: Class A Withholding Shares
Semi-Annual Shareholder Report - December 31, 2025
Fund Overview
This semi-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 December 31, 2025. 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 six months?
(based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class A Withholding Shares
|
$30
|
0.58%
|
Maturity Weightings
(% total investments)
|
Value
|
Value
|
|
Daily
|
52.4%
|
|
Weekly (excludes Daily)
|
47.6%
|
Fund Statistics as of 12/31/2025
|
Total Net Assets
|
$1,330,489,107
|
|
# of Portfolio Holdings
|
8
|
|
Investment Advisory Fees (Net of fees waived)
|
$1,474,303
|
Top Holdings as of 12/31/2025
(% of total investments)
|
U.S. Treasury Bill 01/02/26
|
19.49%
|
|
Federal National Mortgage Association 01/07/26
|
18.16%
|
|
U.S. Treasury Bill 01/06/26
|
17.23%
|
|
Federal National Mortgage Association 01/05/26
|
14.65%
|
|
Federal National Mortgage Association 01/09/26
|
12.21%
|
|
U.S. Treasury Bill 01/08/26
|
8.18%
|
|
South Street Securities, Tri-Party Agreement thu BNY 01/02/26
|
7.49%
|
|
Federal Home Loan Bank Discount Notes 01/05/26
|
2.59%
|
Where can I find additional information about the 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 Withholding Shares
Semi-Annual Shareholder Report - December 31, 2025
241S-MMYXX-25
Popular U.S. Government Money Market Fund, LLC
MMGXX
: Class I Institutional Non-Withholding Shares
Semi-Annual Shareholder Report - December 31, 2025
Fund Overview
This semi-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 December 31, 2025. 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 six months?
(based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
|
Class I Institutional Non-Withholding Shares
|
$28
|
0.55%
|
Maturity Weightings
(% total investments)
|
Value
|
Value
|
|
Daily
|
52.4%
|
|
Weekly (excludes Daily)
|
47.6%
|
Fund Statistics as of 12/31/2025
|
Total Net Assets
|
$1,330,489,107
|
|
# of Portfolio Holdings
|
8
|
|
Investment Advisory Fees (Net of fees waived)
|
$1,474,303
|
Top Holdings as of 12/31/2025
(% of total investments)
|
U.S. Treasury Bill 01/02/26
|
19.49%
|
|
Federal National Mortgage Association 01/07/26
|
18.16%
|
|
U.S. Treasury Bill 01/06/26
|
17.23%
|
|
Federal National Mortgage Association 01/05/26
|
14.65%
|
|
Federal National Mortgage Association 01/09/26
|
12.21%
|
|
U.S. Treasury Bill 01/08/26
|
8.18%
|
|
South Street Securities, Tri-Party Agreement thu BNY 01/02/26
|
7.49%
|
|
Federal Home Loan Bank Discount Notes 01/05/26
|
2.59%
|
Where can I find additional information about the 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 I Institutional Non-Withholding Shares
Semi-Annual Shareholder Report - December 31, 2025
241S-MMGXX-25
Popular U.S. Government Money Market Fund, LLC
MMFXX
: Class I Institutional Withholding Shares
Semi-Annual Shareholder Report - December 31, 2025
Fund Overview
This semi-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 December 31, 2025. 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 six months?
(based on a hypothetical $10,000 investment)
|
Class Name
|
Costs of a $10,000 investmentFootnote Reference(1)
|
Costs paid as a percentage of a $10,000 investment
|
|
Class Institutional Withholding Shares
|
$36
|
0.72%
|
| Footnote | Description |
|
Footnote(1)
|
Annualized for periods less than one year. |
Maturity Weightings
(% total investments)
|
Value
|
Value
|
|
Daily
|
52.4%
|
|
Weekly (excludes Daily)
|
47.6%
|
Fund Statistics as of 12/31/2025
|
Total Net Assets
|
$1,330,489,107
|
|
# of Portfolio Holdings
|
8
|
|
Investment Advisory Fees (Net of fees waived)
|
$1,474,303
|
Top Holdings as of 12/31/2025
(% of total investments)
|
U.S. Treasury Bill 01/02/26
|
19.49%
|
|
Federal National Mortgage Association 01/07/26
|
18.16%
|
|
U.S. Treasury Bill 01/06/26
|
17.23%
|
|
Federal National Mortgage Association 01/05/26
|
14.65%
|
|
Federal National Mortgage Association 01/09/26
|
12.21%
|
|
U.S. Treasury Bill 01/08/26
|
8.18%
|
|
South Street Securities, Tri-Party Agreement thu BNY 01/02/26
|
7.49%
|
|
Federal Home Loan Bank Discount Notes 01/05/26
|
2.59%
|
Where can I find additional information about the 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 I Institutional Withholding Shares
Semi-Annual Shareholder Report - December 31, 2025
241S-MMFXX-25
(b) Not applicable.
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
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
Semi-Annual
Financial
Statements
&
Other
Information
December
31,
2025
Popular
U.S.
Government
Money
Market
Fund,
LLC
SCHEDULE
OF
INVESTMENTS
(UNAUDITED)
December
31,
2025
2
See
Notes
to
Financial
Statements.
Principal
Security
Description
Rate
Maturity
Value
U.S.
Government
&
Agency
Obligations
-
92.8%
Discount
Notes
-
47.8%
$
34,600,000
Federal
Home
Loan
Bank
Discount
Notes
(a)
3.66%
01/05/26
$
34,585,968
195,500,000
Federal
National
Mortgage
Association
(a)
3.62
01/05/26
195,421,457
242,500,000
Federal
National
Mortgage
Association
(a)
3.41
01/07/26
242,362,179
163,060,000
Federal
National
Mortgage
Association
(a)
3.44
01/09/26
162,935,441
635,305,045
U.S.
Treasury
Securities
-
45.0%
260,100,000
U.S.
Treasury
Bill
(a)
3.61
01/02/26
260,073,997
230,000,000
U.S.
Treasury
Bill
(a)
3.44
01/06/26
229,890,199
109,200,000
U.S.
Treasury
Bill
(a)
3.45
01/08/26
109,126,724
599,090,920
Total
U.S.
Government
&
Agency
Obligations
(Cost
$1,234,395,965)
1,234,395,965
Repurchase
Agreement
-
7.5%
100,000,000
South
Street
Securities,
Tri-Party
Agreement
through
Bank
of
New
York,
dated
12/31/25,
due
01/02/26
in
the
amount
of
$100,020,556
(fully
collateralized
by
U.S.
Treasury
Securities,
2.75%
-
3.88%,
due
04/30/27
-
03/15/28,
valued
at
$102,021,036)
(Cost
$100,000,000)
3.70
01/02/26
100,000,000
Investments
-
100.3%
(Cost
$1,334,395,965)
$
1,334,395,965
Other
Assets
&
Liabilities,
Net
-
(0.3)%
(3,906,858)
Net
Assets
-
100.0%
$
1,330,489,107
(a)
Zero
coupon
bond.
Interest
rate
presented
is
yield
to
maturity.
Popular
U.S.
Government
Money
Market
Fund,
LLC
STATEMENT
OF
ASSETS
AND
LIABILITIES
(UNAUDITED)
December
31,
2025
3
See
Notes
to
Financial
Statements.
DE
ASSETS
Investments,
at
value,
at
amortized
cost
$
1,234,395,965
Repurchase
agreements,
at
amortized
cost
100,000,000
Total
investments,
at
amortized
cost
$
1,334,395,965
Cash
172,777
Receivables:
Interest
10,278
Prepaid
expenses
35,316
Total
Assets
1,334,614,336
LIABILITIES
Payables:
Distributions
payable
3,440,318
Accrued
Liabilities:
Investment
Adviser
fees
264,169
Trustees'
fees
and
expenses
4,174
Fund
services
fees
67,625
Other
expenses
348,943
Total
Liabilities
4,125,229
NET
ASSETS
$
1,330,489,107
COMPONENTS
OF
NET
ASSETS
Paid-in
capital
$
1,330,489,107
NET
ASSETS
$
1,330,489,107
SHARES
OF
BENEFICIAL
INTEREST
AT
NO
PAR
VALUE
(UNLIMITED
SHARES
AUTHORIZED)
Class
A
Non-Withholding
Shares
674,031,428
Class
A
Withholding
Shares
633,950,147
Class
I
Institutional
Non-Withholding
Shares
15,484,974
Class
I
Institutional
Withholding
Shares
7,022,558
NET
ASSET
VALUE,
OFFERING
AND
REDEMPTION
PRICE
PER
SHARE
Class
A
Non-Withholding
Shares
(based
on
net
assets
of
$674,031,428)
$
1.00
Class
A
Withholding
Shares
(based
on
net
assets
of
$633,950,147)
$
1.00
Class
I
Institutional
Non-Withholding
Shares
(based
on
net
assets
of
$15,484,974)
$
1.00
Class
I
Institutional
Withholding
Shares
(based
on
net
assets
of
$7,022,558)
$
1.00
Popular
U.S.
Government
Money
Market
Fund,
LLC
STATEMENT
OF
OPERATIONS
(UNAUDITED)
FOR
THE
SIX
MONTHS
ENDED
DECEMBER
31,
2025
4
See
Notes
to
Financial
Statements.
INVESTMENT
INCOME
Interest
income
$
24,722,181
Total
Investment
Income
24,722,181
EXPENSES
Investment
Adviser
fees
1,527,025
Fund
services
fees
366,317
Transfer
agent
fees:
Class
A
Non-Withholding
Shares
10,284
Class
A
Withholding
Shares
11,029
Class
I
Institutional
Non-Withholding
Shares
9,273
Class
I
Institutional
Withholding
Shares
11,771
Distribution
fees:
Class
A
Non-Withholding
Shares
805,701
Class
A
Withholding
Shares
695,770
Custodian
fees
11,046
Registration
fees:
Class
A
Non-Withholding
Shares
3,941
Class
A
Withholding
Shares
1,322
Class
I
Institutional
Non-Withholding
Shares
(589)
Class
I
Institutional
Withholding
Shares
1,142
Professional
fees
132,470
Trustees'
fees
and
expenses
7,215
Investment
Adviser
expense
reimbursements
recouped
9,372
Other
expenses
92,887
Total
Expenses
3,695,976
Fees
waived
(146,642)
Net
Expenses
3,549,334
NET
INVESTMENT
INCOME
21,172,847
INCREASE
IN
NET
ASSETS
RESULTING
FROM
OPERATIONS
$
21,172,847
Popular
U.S.
Government
Money
Market
Fund,
LLC
STATEMENTS
OF
CHANGES
IN
NET
ASSETS
5
See
Notes
to
Financial
Statements.
For
the
Six
Months
Ended
December
31,
2025
(Unaudited)
For
the
Year
Ended
June
30,
2025
OPERATIONS
Net
investment
income
$
21,172,847
$
25,615,802
Increase
in
Net
Assets
Resulting
from
Operations
21,172,847
25,615,802
DISTRIBUTIONS
TO
SHAREHOLDERS
Class
A
Non-Withholding
Shares
(11,193,694)
(12,165,760)
Class
A
Withholding
Shares
(9,626,240)
(12,766,969)
Class
I
Institutional
Non-Withholding
Shares
(264,367)
(555,927)
Class
I
Institutional
Withholding
Shares
(88,546)
(127,146)
Total
Distributions
Paid
(21,172,847)
(25,615,802)
CAPITAL
SHARE
TRANSACTIONS
Sale
of
shares:
Class
A
Non-Withholding
Shares
1,033,949,414
1,808,885,562
Class
A
Withholding
Shares
962,646,836
1,355,108,199
Class
I
Institutional
Non-Withholding
Shares
38,581,543
110,249,614
Class
I
Institutional
Withholding
Shares
27,532,165
31,604,626
Reinvestment
of
distributions:
Class
A
Non-Withholding
Shares
10,981,989
10,684,684
Class
A
Withholding
Shares
9,205,884
11,670,512
Class
I
Institutional
Non-Withholding
Shares
268,749
506,124
Class
I
Institutional
Withholding
Shares
82,365
116,897
Redemption
of
shares:
Class
A
Non-Withholding
Shares
(898,781,048)
(1,305,096,447)
Class
A
Withholding
Shares
(772,945,775)
(1,144,208,411)
Class
I
Institutional
Non-Withholding
Shares
(39,670,049)
(94,551,150)
Class
I
Institutional
Withholding
Shares
(24,218,189)
(28,095,306)
Increase
in
Net
Assets
from
Capital
Share
Transactions
347,633,884
756,874,904
Increase
in
Net
Assets
347,633,884
756,874,904
NET
ASSETS
Beginning
of
Period
982,855,223
225,980,319
End
of
Period
$
1,330,489,107
$
982,855,223
SHARE
TRANSACTIONS
Sale
of
shares:
Class
A
Non-Withholding
Shares
1,033,949,414
1,808,885,562
Class
A
Withholding
Shares
962,646,836
1,355,108,199
Class
I
Institutional
Non-Withholding
Shares
38,581,543
110,249,614
Class
I
Institutional
Withholding
Shares
27,532,165
31,604,626
Reinvestment
of
distributions:
Class
A
Non-Withholding
Shares
10,981,989
10,684,684
Class
A
Withholding
Shares
9,205,884
11,670,512
Class
I
Institutional
Non-Withholding
Shares
268,749
506,124
Class
I
Institutional
Withholding
Shares
82,365
116,897
Redemption
of
shares:
Class
A
Non-Withholding
Shares
(898,781,048)
(1,305,096,447)
Class
A
Withholding
Shares
(772,945,775)
(1,144,208,411)
Class
I
Institutional
Non-Withholding
Shares
(39,670,049)
(94,551,150)
Class
I
Institutional
Withholding
Shares
(24,218,189)
(28,095,306)
Increase
in
Shares
347,633,884
756,874,904
Popular
U.S.
Government
Money
Market
Fund,
LLC
FINANCIAL
HIGHLIGHTS
6
See
Notes
to
Financial
Statements.
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
the
period.
SS
For
the
Six
Months
Ended
December
31,
2025
(Unaudited)
For
the
Year
Ended
June
30,
2025
June
25,
2024
(a)
Through
June
30,
2024
CLASS
A
NON-WITHHOLDING
SHARES
NET
ASSET
VALUE,
Beginning
of
Period
$
1.00
$
1.00
$
1.00
INVESTMENT
OPERATIONS
Net
investment
income
(b)
0.02
0.04
0.00(c)
Total
from
Investment
Operations
0.02
0.04
0.00
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
investment
income
(0.02)
(0.04)
(0.00)(c)
Total
Distributions
to
Shareholders
(0.02)
(0.04)
(0.00)
NET
ASSET
VALUE,
End
of
Period
$
1.00
$
1.00
$
1.00
TOTAL
RETURN
1.77%(d)
3.89%
0.07%(d)
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Period
(000s
omitted)
$
674,031
$
527,881
$
13,407
Ratios
to
Average
Net
Assets:
Net
investment
income
3.48%(e)
3.71%
4.06%(e)
Net
expenses
0.58%(e)
0.72%
1.00%(e)
Gross
expenses
(f)
0.61%(e)
0.74%
7.71%(e)
(a)
Commencement
of
operations
of
the
Class
A
Non-Withholding
Shares.
(b)
Calculated
based
on
average
shares
outstanding
during
the
period.
(c)
Less
than
$0.01
per
share.
(d)
Not
annualized.
(e)
Annualized.
(f)
Reflects
the
expense
ratio
excluding
any
waivers
and/or
reimbursements.
Popular
U.S.
Government
Money
Market
Fund,
LLC
FINANCIAL
HIGHLIGHTS
7
See
Notes
to
Financial
Statements.
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
the
period.
For
the
Six
Months
Ended
December
31,
2025
(Unaudited)
For
the
Year
Ended
June
30,
2025
June
24,
2024
(a)
Through
June
30,
2024
CLASS
A
WITHHOLDING
SHARES
NET
ASSET
VALUE,
Beginning
of
Period
$
1.00
$
1.00
$
1.00
INVESTMENT
OPERATIONS
Net
investment
income
(b)
0.02
0.04
0.00(c)
Total
from
Investment
Operations
0.02
0.04
0.00
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
investment
income
(0.02)
(0.04)
(0.00)(c)
Total
Distributions
to
Shareholders
(0.02)
(0.04)
(0.00)
NET
ASSET
VALUE,
End
of
Period
$
1.00
$
1.00
$
1.00
TOTAL
RETURN
1.77%(d)
3.85%
0.08%(d)
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Period
(000s
omitted)
$
633,950
$
435,043
$
212,473
Ratios
to
Average
Net
Assets:
Net
investment
income
3.47%(e)
3.74%
4.04%(e)
Net
expenses
0.58%(e)
0.79%
1.00%(e)
Gross
expenses
(f)
0.61%(e)
0.81%
6.73%(e)
(a)
Commencement
of
operations
of
the
Class
A
Withholding
Shares.
(b)
Calculated
based
on
average
shares
outstanding
during
the
period.
(c)
Less
than
$0.01
per
share.
(d)
Not
annualized.
(e)
Annualized.
(f)
Reflects
the
expense
ratio
excluding
any
waivers
and/or
reimbursements.
Popular
U.S.
Government
Money
Market
Fund,
LLC
FINANCIAL
HIGHLIGHTS
8
See
Notes
to
Financial
Statements.
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
the
period.
For
the
Six
Months
Ended
December
31,
2025
(Unaudited)
For
the
Year
Ended
June
30,
2025
May
20,
2024
(a)
Through
June
30,
2024
CLASS
I
INSTITUTIONAL
NON-WITHHOLDING
SHARES
NET
ASSET
VALUE,
Beginning
of
Period
$
1.00
$
1.00
$
1.00
INVESTMENT
OPERATIONS
Net
investment
income
(b)
0.02
0.04
0.00(c)
Total
from
Investment
Operations
0.02
0.04
0.00
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
investment
income
(0.02)
(0.04)
(0.00)(c)
Total
Distributions
to
Shareholders
(0.02)
(0.04)
(0.00)
NET
ASSET
VALUE,
End
of
Period
$
1.00
$
1.00
$
1.00
TOTAL
RETURN
1.78%(d)
3.90%
0.49%(d)
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Period
(000s
omitted)
$
15,485
$
16,305
$
100
Ratios
to
Average
Net
Assets:
Net
investment
income
3.51%(e)
3.77%
4.30%(e)
Net
expenses
0.55%(e)
0.73%
1.00%(e)
Gross
expenses
(f)
0.61%(e)
0.79%
919.62%(e)
(a)
Commencement
of
operations
of
the
Class
I
Institutional
Non-Withholding
Shares.
(b)
Calculated
based
on
average
shares
outstanding
during
the
period.
(c)
Less
than
$0.01
per
share.
(d)
Not
annualized.
(e)
Annualized.
(f)
Reflects
the
expense
ratio
excluding
any
waivers
and/or
reimbursements.
Popular
U.S.
Government
Money
Market
Fund,
LLC
FINANCIAL
HIGHLIGHTS
9
See
Notes
to
Financial
Statements.
These
financial
highlights
reflect
selected
data
for
a
share
outstanding
throughout
the
period.
For
the
Six
Months
Ended
December
31,
2025
(Unaudited)
July
17,
2024
(a)
Through
June
30,
2025
CLASS
I
INSTITUTIONAL
WITHHOLDING
SHARES
NET
ASSET
VALUE,
Beginning
of
Period
$
1.00
$
1.00
INVESTMENT
OPERATIONS
Net
investment
income
(b)
0.04
0.04
Total
from
Investment
Operations
0.04
0.04
DISTRIBUTIONS
TO
SHAREHOLDERS
FROM
Net
investment
income
(0.02)
(0.04)
Total
Distributions
to
Shareholders
(0.02)
(0.04)
NET
ASSET
VALUE,
End
of
Period
$
1.00
$
1.00
TOTAL
RETURN
1.69%(c)
3.60%(c)
RATIOS/SUPPLEMENTARY
DATA
Net
Assets
at
End
of
Period
(000s
omitted)
$
7,023
$
3,626
Ratios
to
Average
Net
Assets:
Net
investment
income
3.32%(d)
3.62%(d)
Net
expenses
0.72%(d)
0.83%(d)
Gross
expenses
(e)
0.88%(d))
1.01%(d)
(a)
Commencement
of
operations
of
the
Class
I
Institutional
Withholding
Shares.
(b)
Calculated
based
on
average
shares
outstanding
during
the
period.
(c)
Not
annualized.
(d)
Annualized.
(e)
Reflects
the
expense
ratio
excluding
any
waivers
and/or
reimbursements.
Popular
U.S.
Government
Money
Market
Fund,
LLC
NOTES
TO
FINANCIAL
STATEMENTS
(UNAUDITED)
December
31,
2025
10
Note
1.
Organization
Popular
U.S.
Government
Money
Market
Fund,
LLC
(the
"Fund"
or
the
"Registrant")
is
a
Puerto
Rico
limited
liability
company
and
is
treated
as
a
foreign
corporation
for
U.S.
federal
income
tax
purposes
under
Part
I
of
Subchapter
M
of
Chapter
I
of
the
Internal
Revenue
Code
of
1986,
as
amended,
(the
"U.S.
Code")
commencing
with
its
taxable
year
ending
June
30,
2024.
The
Fund
is
organized
as
a
continuously
offered,
diversified,
open-end
management
investment
company
registered
under
the
Investment
Company
Act
of
1940,
as
amended
(the
"Act").
The
Fund
was
organized
under
the
laws
of
Puerto
Rico
on
August
17,
2022.
The
Fund
operates
in
a
manner
that
will
cause
it
to
be
exempt
from
Puerto
Rico
income
and
municipal
license
tax
under
the
Puerto
Rico
Internal
Revenue
Code
of
2011,
as
amended
(the
"PR
Code"),
and
the
Puerto
Rico
Municipal
Code,
as
amended
(the
"Municipal
Code"),
as
a
registered
investment
company.
The
Fund's
investment
objective
is
to
seek
to
provide
current
income
consistent
with
preservation
of
capital
and
liquidity.
Under
its
Third
Amended
and
Restated
Limited
Liability
Company
Agreement,
the
Fund
is
authorized
to
issue
an
unlimited
number
of
shares
of
beneficial
interest
without
par
value.
The
Fund's
first
registration
statement
became
effective
on
May
1,
2024
(commencement
of
operations).
The
Fund
currently
offers
Class
A
Withholding
Shares,
Class
A
Non-Withholding
Shares,
Class
I
Institutional
Withholding
Shares,
and
Class
I
Institutional
Non-Withholding
Shares.
Each
share
class
represents
an
ownership
interest
in
the
same
investment
portfolio
of
securities.
Class
I-Institutional
Non-Withholding
Shares,
Class
A
Withholding
Shares,
Class
A
Non-Withholding
Shares
and
Class
I
Institutional
Withholding
Shares
commenced
operations
on
May
20,
2024,
June
24,
2024,
June
25,
2024
and
July
17,
2024,
respectively.
The
Fund
operates
as
a
"government
money
market
fund,"
as
defined
in
Rule
2a-7
under
the
Act.
As
a
government
money
market
fund,
the
Fund:
(1)
is
permitted
to
use
the
amortized
cost
method
of
valuation
to
seek
to
maintain
a
$1.00
share
price,
and
(2)
must
invest
at
least
99.5%
of
its
total
assets
in
cash,
"government
securities"
(as
defined
in
Rule
2a-7)
and/or
repurchase
agreements
that
are
"collateralized
fully"
(i.e.,
backed
by
cash
or
government
securities).
Note
2.
Summary
of
Significant
Accounting
Policies
The
Fund
is
an
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
in
accordance
with
accounting
principles
generally
accepted
in
the
United
States
of
America
("GAAP"),
which
require
management
to
make
estimates
and
assumptions
that
affect
the
reported
amounts
of
assets
and
liabilities,
the
disclosure
of
contingent
liabilities
at
the
date
of
the
financial
statements,
and
the
reported
amounts
of
income
and
expenses
in
net
assets
from
operations
during
the
period.
Actual
amounts
could
differ
from
those
estimates.
The
following
summarizes
the
significant
accounting
policies
of
the
Fund:
Fair
Value
Measurements
Under
GAAP,
fair
value
is
defined
as
the
price
that
would
be
received
to
sell
an
asset
or
paid
to
transfer
a
liability
in
an
orderly
transaction
between
market
participants
at
the
measurement
date.
A
fair
value
measurement
assumes
that
the
transaction
to
sell
the
asset
or
transfer
the
liability
occurs
in
the
principal
market
for
the
asset
or
liability
or,
in
the
absence
of
a
principal
market,
the
most
advantageous
market
for
the
asset
or
liability.
GAAP
establishes
a
fair
value
hierarchy
that
prioritizes
the
inputs
and
valuation
techniques
used
to
measure
fair
value
into
three
levels
in
order
to
increase
consistency
and
comparability
in
fair
value
measurements
and
disclosures.
The
classification
of
assets
and
liabilities
within
the
hierarchy
is
based
on
whether
the
inputs
to
the
valuation
methodology
used
for
the
fair
value
measurement
are
observable
or
unobservable.
Observable
inputs
reflect
the
assumptions
market
participants
would
use
in
pricing
the
asset
or
liability
based
on
market
data
obtained
from
independent
sources.
Unobservable
inputs
reflect
the
Fund's
estimates
about
assumptions
that
market
participants
would
use
in
pricing
the
asset
or
liability
based
on
the
best
information
available.
The
hierarchy
is
broken
down
into
three
levels
based
on
the
reliability
of
inputs
as
follows:
Level
1
-
Unadjusted
quoted
prices
in
active
markets
for
identical
assets
or
liabilities
at
the
measurement
date.
Valuation
of
these
instruments
does
not
need
a
significant
degree
of
judgment
since
valuations
are
based
on
quoted
prices
that
are
readily
available
in
an
active
market.
Popular
U.S.
Government
Money
Market
Fund,
LLC
NOTES
TO
FINANCIAL
STATEMENTS
(UNAUDITED)
December
31,
2025
11
Level
2
-
Quoted
prices
other
than
those
included
in
Level
1
that
are
observable
either
directly
or
indirectly.
Level
2
inputs
include
quoted
prices
for
similar
assets
or
liabilities
in
active
markets,
quoted
prices
for
identical
or
similar
assets
or
liabilities
in
markets
that
are
not
active,
or
other
inputs
that
are
observable
or
that
can
be
corroborated
by
observable
market
data
for
substantially
the
full
term
of
the
financial
instrument.
Level
3
-
Unobservable
inputs
are
significant
to
the
fair
value
measurement.
Unobservable
inputs
reflect
the
Fund's
own
assumptions
about
assumptions
that
market
participants
would
use
in
pricing
the
asset
or
liability.
The
Fund
maximizes
the
use
of
observable
inputs
and
minimizes
the
use
of
unobservable
inputs
by
requiring
that
the
observable
inputs
be
used
when
available.
The
inputs
or
methodologies
used
for
valuing
securities
are
not
necessarily
an
indication
of
the
risk
associated
with
investing
in
those
securities.
Fair
value
is
based
upon
quoted
market
prices
when
available.
If
listed
prices
or
quotes
are
not
available,
the
Fund
employs
internally‐developed
models
that
primarily
use
market‐based
inputs
including
yield
curves,
interest
rates,
volatilities,
and
credit
curves,
among
others.
Valuation
adjustments
are
limited
to
those
necessary
to
ensure
that
the
financial
instrument's
fair
value
is
adequately
representative
of
the
price
that
would
be
received
or
paid
in
the
marketplace.
These
adjustments
include
amounts
that
reflect
counterparty
credit
quality,
constraints
on
liquidity,
and
unobservable
parameters
that
are
applied
consistently.
The
estimated
fair
value
may
be
subjective
in
nature
and
may
involve
uncertainties
and
matters
of
significant
judgment
for
certain
financial
instruments.
Changes
in
the
underlying
assumptions
used
in
calculating
fair
value
could
significantly
affect
the
results.
In
addition,
the
fair
value
estimates
are
based
on
outstanding
balances
without
attempting
to
estimate
the
value
of
anticipated
future
business.
Therefore,
the
estimated
fair
value
may
materially
differ
from
the
value
that
could
actually
be
realized
on
a
sale.
On
August
4,
2022,
the
Board
of
Directors
of
the
Fund
appointed
Popular
Asset
Management
LLC,
a
subsidiary
of
Popular,
Inc.,
as
the
Fund's
valuation
designee
within
the
meaning
of
1940
Act
Rule
2a-5
(the
"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
net
asset
value
of
the
Fund.
In
addition,
the
Valuation
Designee
is
responsible
for
determining:
-The
fair
valuation
of
all
securities
for
which
no
price
or
value
is
available
at
the
time
the
Fund's
net
asset
value
is
calculated
on
a
particular
day.
-The
fair
valuation
of
portfolio
instruments
for
which
the
prices
or
values
available
do
not,
in
the
judgment
of
the
investment
adviser,
represent
the
fair
valuation
of
such
portfolio
instruments.
Securities
are
valued
at
amortized
cost,
which
approximates
market
value.
This
method
of
valuation
is
designed
to
enable
the
Fund
to
price
its
shares
at
$1.00
per
share.
The
Fund
cannot
guarantee
that
its
net
asset
value
will
always
remain
at
$1.00
per
share.
In
valuing
the
Fund's
assets
as
of
December
31,
2025,
all
investments
of
the
Fund
are
valued
using
amortized
cost,
which
is
a
methodology
utilizing
Level
2
inputs.
Puerto
Rico
Taxation
of
the
Fund
Income
Taxes.
The
Fund
should
be
exempt
from
Puerto
Rico
income
tax
for
a
taxable
year
if
it
distributes
to
its
shareholders
at
least
90%
of
its
net
income
for
the
taxable
year
within
the
time
period
provided
by
the
PR
Code
(the
"90%
Distribution
Requirement").
In
determining
its
net
income
for
purposes
of
the
90%
Distribution
Requirement,
the
Fund
shall
not
take
into
account
capital
gains
and
losses
and
certain
items
of
income
(including
interest)
that
are
exempt
from
taxation
under
the
PR
Code.
The
Fund
intends
to
meet
the
90%
Distribution
Requirement
to
be
exempt
from
Puerto
Rico
income
tax.
Property
Taxes.
Under
the
provisions
of
the
Municipal
Code,
the
Fund
will
be
subject
to
property
taxes.
However,
property
of
the
Fund
that
consists
of
repurchase
agreements,
obligations
of
the
Government
of
Puerto
Rico
or
the
U.S.
Government
and
stocks
of
domestic
or
foreign
corporations
are
exempt
from
property
taxes
imposed
by
the
Municipal
Code.
Municipal
License
Taxes.
Under
Act
93-2013,
Puerto
Rico
registered
investment
companies
are
exempt
from
the
municipal
license
tax
imposed
by
the
Puerto
Rico
municipalities.
Pursuant
to
Article
1.007
of
the
Municipal
Code,
Puerto
Rico
municipalities
have
the
authority
to
impose
taxes
that
are
not
incompatible
with
the
taxes
imposed
by
the
Commonwealth
of
Puerto
Rico.
The
municipality
Popular
U.S.
Government
Money
Market
Fund,
LLC
NOTES
TO
FINANCIAL
STATEMENTS
(UNAUDITED)
December
31,
2025
12
of
San
Juan
may
disagree
with
the
holding
of
PR
Treasury
Determination
19-04
and
refuse
to
treat
the
Fund
as
a
registered
investment
company
under
Act
93-2013,
causing
the
imposition
of
municipal
license
taxes
of
1.5%
on
the
gross
revenues
of
the
Fund.
United
States
Taxation
of
the
Fund
Income
Taxes.
For
purposes
of
the
U.S.
Code,
the
Fund
is
treated
as
a
foreign
corporation.
Based
on
certain
representations
made
by
the
Fund,
the
Fund
should
not
be
treated
as
engaged
in
a
trade
or
business
with
the
United
States
for
purposes
of
the
Code.
The
Fund
is
not
expected
to
be
engaged
in
a
U.S.
trade
or
business
for
U.S.
federal
income
tax
purposes.
As
a
foreign
corporation
not
engaged
in
a
U.S.
trade
or
business,
the
Fund
should
generally
not
be
subject
to
U.S.
federal
income
tax
on
gains
derived
from
the
sale
or
exchange
of
personal
property
or
any
other
income
from
sources
outside
the
U.S.
However,
if
it
is
determined
that
the
Fund
is
engaged
in
a
trade
or
business
within
the
United
States
for
purposes
of
the
U.S.
Code,
and
the
Fund
has
taxable
income
that
is
effectively
connected
with
such
U.S.
trade
or
business,
the
Fund
will
be
subject
to
the
regular
U.S.
corporate
income
tax
on
its
effectively
connected
taxable
income,
and
possibly
to
a
30%
branch
profits
tax
and
state
and
local
taxes
as
well.
Interest
received
by
the
Fund
from
U.S.
sources
on
certain
registered
obligations
("Portfolio
Interest")
and
gains
derived
by
the
Fund
from
the
sale
or
exchange
of
personal
property
(other
than
a
"United
States
Real
Property
Interest",
as
such
term
is
defined
in
the
U.S.
Code)
are
not
subject
to
U.S.
federal
income
tax.
It
is
the
intent
of
the
Fund's
management
to
derive
only
U.S.
source
interest
income
considered
to
be
Portfolio
Interest
with
respect
to
its
investments
in
U.S.
fixed-income
securities.
Moreover,
as
a
foreign
corporation
not
engaged
in
trade
or
business
in
the
U.S.,
the
Fund
should
only
be
subject
to
U.S.
federal
income
taxation
if
it
realizes
certain
items
of
U.S.
source
income
of
a
fixed
or
determinable
annual
or
periodic
nature,
in
which
case
the
Fund
should
be
subject
to
withholding
of
U.S.
federal
income
tax
at
a
30%
rate
on
certain
types
of
U.S.
source
income.
Dividends
from
sources
within
the
United
States
may
qualify
for
a
reduced
10%
rate
if
certain
conditions
are
met.
U.S.
Foreign
Account
Tax
Compliance
Act
("FATCA").
The
U.S.
Internal
Revenue
Code
imposes
a
30%
withholding
tax
upon
most
payments
of
U.S.
source
income
made
to
certain
"foreign
financial
institutions"
or
"non-financial
foreign
entities"
(including
"non-financial
foreign
territory
entities"),
unless
certain
certification
and
reporting
requirements
are
satisfied.
Payments
on
certain
grandfathered
obligations
are
not
subject
to
the
referenced
30%
withholding.
The
IRS
has
released
proposed
regulations,
which
taxpayers
may
rely
on,
that
eliminate
the
withholding
tax
under
FATCA
on
payments
of
proceeds
from
the
sale
of
property
that
could
give
rise
U.S.
source
interest
or
dividends.
Regulations
issued
by
the
U.S.
Department
of
the
Treasury
and
the
IRS
(the
"FATCA
Regulations")
treat
the
Fund
as
a
"territory
non-financial
foreign
entity."
Under
this
classification,
the
Fund
could
be
required
to
provide
to
the
payors
of
such
income
(except
with
respect
to
certain
grandfathered
obligations)
certain
information
with
respect
to
its
investors.
The
payors,
in
turn,
would
be
required
to
disclose
such
information
to
the
IRS.
Under
the
FATCA
Regulations,
the
Fund
would
not
have
to
provide
the
required
information
if
it
is
wholly
owned
directly
or
indirectly
by
investors
who
are
individual
bona
fide
residents
of
Puerto
Rico
for
purposes
of
Section
933
of
the
U.S.
Code,
otherwise
it
will
have
to
provide
the
information
with
respect
to
direct
and
indirect
substantial
U.S.
owners
of
the
Fund.
However,
the
Fund
has
elected
to
register
as
a
direct
reporting
non-financial
foreign
entity,
and
as
such,
it
is
required
to
provide
such
information
directly
to
the
IRS
by
filing
Form
8966
with
the
IRS.
If
the
Fund
is
unable
to
obtain
such
information
from
any
such
investor
or
otherwise
fails
or
is
unable
to
comply
with
the
requirements
of
the
U.S.
Code,
the
FATCA
Regulations
or
any
other
implementing
rules,
certain
payments
to
the
Fund
may
be
subject
to
a
30%
withholding
tax.
By
making
an
investment
in
the
Fund,
each
investor
agrees
to
provide
all
information
and
certifications
necessary
to
enable
the
Fund
to
comply
with
these
requirements.
To
ensure
that
the
investors
that
acquire
shares
after
the
date
hereof
will
have
the
obligation
to
timely
provide
the
Fund
the
information
required
to
comply
with
the
U.S.
Code,
by
making
an
investment
in
shares,
each
investor
agrees
to
provide
all
information
and
certifications
necessary
to
enable
the
Fund
to
comply
with
these
requirements
and
authorizes
the
Fund
to
redeem
the
shares
of
any
investor
that
fails
to
timely
provide
such
information
or
certifications.
In
addition,
any
investor
that
fails
to
timely
provide
the
requested
information
or
certifications
will
be
required
to
indemnify
the
Fund
for
the
entirety
of
the
30%
percent
tax
withheld
on
all
of
the
Fund's
income
as
a
result
of
such
investor's
failure
to
provide
the
information.
Dividends
and
Distributions
to
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),
if
any,
at
least
annually;
however,
the
Fund
does
not
expect
to
realize
any
long-term
capital
gains
and
losses.
Popular
U.S.
Government
Money
Market
Fund,
LLC
NOTES
TO
FINANCIAL
STATEMENTS
(UNAUDITED)
December
31,
2025
13
Allocation
of
Income,
Fund-level
Expenses,
and
Realized
and
Unrealized
Gains
or
Losses
-
The
Fund
uses
the
fair
value
of
shares
outstanding
method
for
allocating
income,
fund‐level
expenses,
and
realized
gains
or
losses.
Under
this
method,
each
class
of
shares
participates
based
on
the
total
net
asset
value
of
its
shares
in
proportion
to
the
total
net
assets
of
the
Fund.
Class‐level
expenses
are
charged
directly
to
the
individual
classes
to
which
they
relate.
Other
-
Security
transactions
are
accounted
for
on
the
trade
date
(the
date
the
order
to
buy
or
sell
is
executed).
Realized
gains
and
losses
on
security
transactions
are
determined
on
the
identified
cost
method.
Premiums
and
discounts
on
securities
purchased
are
amortized
over
the
life
or
the
expected
life
of
the
respective
securities
using
the
straight
line
method
and
are
included
in
interest
income.
Interest
income
is
accrued
daily
except
when
collection
is
not
expected.
Commitments
and
Contingencies
-
In
the
normal
course
of
business,
the
Fund
enters
into
contracts
that
provide
general
indemnifications
by
the
Fund
to
the
counterparty
to
the
contract.
The
Fund's
maximum
exposure
under
these
arrangements
is
dependent
on
future
claims
that
may
be
made
against
the
Fund
and,
therefore,
cannot
be
estimated;
however,
based
on
industry
experience,
the
risk
of
loss
from
such
claims
is
considered
remote.
Repurchase
Agreements
-
The
Fund
may
invest
in
repurchase
agreements.
A
repurchase
agreement
is
a
transaction
in
which
the
Fund
purchases
securities
and
simultaneously
commits
to
resell
the
securities
to
the
original
seller
(as
described
below)
at
an
agreed
upon
date
and
price
reflecting
a
market
rate
of
interest
unrelated
to
the
coupon
rate
or
maturity
of
the
purchased
securities.
Such
original
seller
may
be
(a)
a
broker-dealer
or
other
financial
institution
or
(b)
a
member
bank
of
the
Federal
Reserve
System
or
a
securities
dealer
who
is
a
member
of
a
national
securities
exchange
or
is
a
market
maker
in
U.S.
Government
securities.
Repurchase
agreements
carry
certain
risks
not
associated
with
direct
investments
in
securities,
including
possible
decline
in
the
market
value
of
the
underlying
securities
and
costs
to
the
Fund
if
the
other
party
to
the
repurchase
agreement
becomes
bankrupt,
so
that
the
Fund
is
delayed
or
prevented
from
exercising
its
rights
to
dispose
of
the
collateral
securities.
Repurchase
agreement
collateral
may
be
held
in
segregated
accounts
maintained
by
an
unaffiliated
third-party
custodian.
The
Fund's
repurchase
agreements
are
not
subject
to
master
netting
agreements.
Segment
Reporting
-
The
Fund's
President
acts
as
the
Fund's
chief
operating
decision
maker
("CODM"),
as
defined
in
Topic
280,
assessing
performance
and
making
decisions
about
resource
allocation.
The
CODM
has
determined
that
that
the
Fund
has
a
single
operating
segment
based
on
the
fact
that
the
CODM
monitors
the
operating
results
of
the
Fund
as
a
whole
and
the
Fund's
long-term
strategic
asset
allocation
is
guided
by
the
Fund's
investment
objective
and
principal
investment
strategies,
as
described
in
its
prospectus,
and
executed
by
the
Fund's
portfolio
management
team,
comprised
of
investment
professionals
employed
by
the
Adviser.
The
Financial
information
provided
to
and
reviewed
by
the
CODM
is
consistent
with
that
presented
in
the
Fund's
Schedule
of
Investments,
Statement
of
Operations,
Statements
of
Changes
in
Net
Assets
and
Financial
Highlights.
Note
3.
Advisory
Fees,
Servicing
Fees
and
Other
Transactions
Investment
Adviser
-
Popular
Asset
Management
LLC
(the
"Adviser"),
is
the
Fund's
investment
adviser.
The
Adviser
receives
an
advisory
fee
at
an
annual
rate
equal
to
0.25%
of
the
Fund's
average
annual
daily
net
assets.
The
Adviser
has
contractually
agreed
to
waive
fees
and/or
reimburse
expenses
to
the
extent
that
Total
Annual
Fund
Operating
Expenses
(excluding
interest,
taxes,
brokerage
commissions
and
extraordinary
expenses)
exceed
1.00%
of
the
average
daily
net
assets
of
a
class
of
the
Fund.
Any
amounts
contractually
waived
or
reimbursed
by
the
Adviser
will
be
subject
to
repayment
by
the
Fund
to
the
Adviser
within
three
years,
calculated
monthly
from
when
the
waiver
or
reimbursement
was
recorded.
Any
repayment
by
the
Fund
to
the
Adviser
will
not
cause
the
Fund's
expenses
to
exceed
(i)
the
expense
limitation
at
the
time
the
fees
are
waived
and
(ii)
the
expense
limitation
in
effect
at
the
time
of
such
reimbursement.
The
expense
limitation
shall
be
in
effect
until
at
least
December
31,
2026.
The
Adviser
voluntarily
agreed
to
waive
a
portion
of
its
advisory
fee
equal
to
an
annual
rate
of
0.20%
of
the
Fund's
net
assets
exceeding
$1
billion
and
less
than
$1.5
billion
and
equal
to
an
annual
rate
of
0.15%
of
the
Fund's
net
assets
exceeding
$1.5
billion.
This
voluntary
waiver
is
separate
from,
and
in
addition
to
the
Adviser's
contractual
expense
waiver/reimbursement
arrangement.
The
Adviser
may
waive
additional
fees
at
any
time.
These
voluntary
waivers
are
not
eligible
for
recoupment.
Other
service
providers
have
voluntarily
agreed
to
waive
a
portion
of
their
fees.
Other
waivers
are
not
eligible
for
recoupment.
For
the
period
ended
December
31,
2025,
fees
waived
and
expenses
reimbursed
by
the
Adviser
were
as
follows:
Popular
U.S.
Government
Money
Market
Fund,
LLC
NOTES
TO
FINANCIAL
STATEMENTS
(UNAUDITED)
December
31,
2025
14
For
the
period
ended
December
31,
2025,
the
Adviser
recouped
$9,372
as
reflected
on
the
accompanying
Statement
of
Operations.
As
of
December
31,
2025,
the
Fund
had
$72,641
in
total
expenses,
that
were
waived
during
the
fiscal
year
ended
June
30,
2024,
that
are
subject
to
recapture
by
the
Adviser
through
the
fiscal
year
ending
June
30,
2027.
Distribution
-
Popular
Securities,
LLC
serves
as
the
Fund's
distributor
(the
"Distributor").
The
Distributor
is
a
wholly-owned
subsidiary
of
Popular,
Inc.,
the
parent
company
of
the
Adviser.
The
Adviser
may,
but
is
not
obligated
to,
make
a
payment
to
the
Distributor
for
its
service
as
Distributor
to
the
Fund
out
of
the
Adviser's
advisory
fee
or
other
resources
of
the
Adviser,
The
Distributor
is
not
affiliated
with
Atlantic
Fund
Administration,
LLC,
a
wholly
owned
subsidiary
of
Apex
US
Holdings
LLC
(d/b/a
Apex
Fund
Services)
("Apex")
or
their
affiliates.
The
Fund
has
adopted
a
Distribution
(12b-1)
Plan
(the
"Plan")
for
Class
A
Withholding
Shares
and
Class
A
Non-Withholding
Shares
in
accordance
with
Rule
12b-1
of
the
Act.
Under
the
Plan,
the
Fund
pays
the
Distributor
and/
or
any
other
entity
as
authorized
by
the
Board
a
fee
of
up
to
0.25%
of
the
average
daily
net
assets
of
the
Class
A
Withholding
Shares
and
Class
A
Non-Withholding
Shares.
Other
Service
Providers
-
Apex
provides
fund
accounting,
fund
administration,
compliance
and
transfer
agency
services
to
the
Fund.
Apex
also
provides
certain
shareholder
report
production,
and
EDGAR
conversion
and
filing
services.
Pursuant
to
a
services
agreement
between
the
Fund
and
Apex,
the
Fund
pays
Apex
customary
fees
for
its
services.
Directors
and
Officers
-
No
officer,
director
or
employee
of
the
Adviser
or
of
any
affiliate
thereof
receives
any
compensation
from
the
Fund
for
serving
as
an
officer
or
director
of
the
Fund.
The
Fund
will
pay
each
director
who
is
not
an
officer,
director
or
employee
of
the
Adviser
or
an
affiliate
thereof
a
fee
of
$1,000
per
meeting
attended,
together
with
such
director's
actual
travel
and
out-of-pocket
expenses
relating
to
attendance
at
meetings.
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.
Note
4.
Risks
and
Uncertainties
Obligations
of
U.S.
Government
agencies
and
authorities
receive
varying
levels
of
support
and
may
not
be
backed
by
the
full
faith
and
credit
of
the
U.S.
Government,
which
could
affect
the
Fund's
ability
to
recover
should
they
default.
No
assurance
can
be
given
that
the
U.S.
Government
will
provide
financial
support
to
its
agencies
and
authorities
if
it
is
not
obligated
by
law
to
do
so.
The
Fund's
yield
will
vary
as
the
short-term
securities
in
its
portfolio
mature
or
are
sold
and
the
proceeds
are
reinvested
in
other
securities.
When
interest
rates
are
very
low
or
negative,
the
Fund
may
not
be
able
to
maintain
a
positive
yield
or
pay
Fund
expenses
out
of
current
income
without
impairing
the
Fund's
ability
to
maintain
a
stable
net
asset
value.
Additionally,
inflation
may
outpace
and
diminish
investment
returns
over
time.
Recent
and
potential
future
changes
in
monetary
policy
made
by
central
banks
and/or
their
governments
may
affect
interest
rates.
Interest
rate
risk
is
the
risk
that
interest
rates
will
rise
so
that
the
value
of
the
Fund's
investments
will
fall.
The
Fund's
yield
will
tend
to
lag
behind
changes
in
prevailing
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.
The
Fund
may
engage
in
repurchase
agreements,
which
are
transactions
in
which
the
Fund
sells
a
security
to
a
counterparty
and
agrees
to
buy
it
back
at
a
specified
time
and
price
in
a
specified
currency.
Repurchase
agreements
involve
the
risk
that
the
buyer
of
the
securities
sold
by
the
Fund
might
be
unable
to
deliver
the
securities
when
the
Fund
seeks
to
repurchase
them
and
may
be
unable
to
replace
the
securities
or
only
at
a
higher
cost.
Investment
Adviser
Fees
Waived
Investment
Adviser
Expenses
Reimbursed
Other
Waivers
Total
Fees
Waived
and
Expenses
Reimbursed
$52,722
$-
$93,920
$146,642
Popular
U.S.
Government
Money
Market
Fund,
LLC
NOTES
TO
FINANCIAL
STATEMENTS
(UNAUDITED)
December
31,
2025
15
The
Fund's
investments
are
classified
as
eligible
securities
according
to
Rule
2a-7,
and
their
credit
risks
have
been
determined
to
be
minimal
by
the
Adviser.
Note
5.
Federal
Tax
Information
The
tax
character
of
distributions
reported
on
the
Statement
of
Changes
in
Net
Assets
for
the
period
ended
June
30,
2024
and
year
ended
June
30,
2025
were
as
follows:
As
of
June
30,
2025,
there
were
no
distributable
earnings
on
a
tax
basis.
Note
6.
Subsequent
Events
Management
has
evaluated
all
subsequent
transactions
and
events
through
the
date
on
which
these
financial
statements
were
issued
and
had
determined
that
no
additional
items
require
adjustment
to
or
disclosure
in
the
financial
statements.
2025
2024
Ordinary
Income
$25,615,802
$169,015
Popular
U.S.
Government
Money
Market
Fund,
LLC
OTHER
INFORMATION
(UNAUDITED)
December
31,
2025
16
Change
in
and
Disagreements
with
Accountants
(Item
8
of
Form
N-CSR)
Not
applicable.
Proxy
Disclosure
(Item
9
of
Form
N-CSR)
Not
applicable.
Remuneration
Paid
to
Directors,
Officers,
and
Others
(Item
10
of
Form
N-CSR)
Please
see
financial
statements
in
Item
7a.
Statement
Regarding
the
Basis
for
the
Board's
Approval
of
Investment
Advisory
Contract
(Item
11
of
Form
N-CSR)
Not
applicable.
Investment
Adviser
Popular
Asset
Management
LLC
209
Muñoz
Rivera
Avenue
Popular
Center
North
Tower,
4th
Floor
San
Juan,
Puerto
Rico
00918
Administrator
&
Fund
Management
Apex
Fund
Services
190
Middle
Street,
Suite
101
Portland,
ME
04101
Custodian
JPMorgan
Chase
Bank,
N.A.
383
Madison
Avenue
New
York,
NY
10017
Legal
Counsel
Pietrantoni
Méndez
&
Alvarez
LLC
208
Ponce
de
León
Avenue,
Floor
19
San
Juan,
Puerto
Rico
00918
Ropes
&
Gray
LLP
Prudential
Tower
800
Boylston
Street
Boston,
MA
02199
Independent
Registered
Public
Accountant
Ernst
&
Young,
LLP
Parque
las
Americas
1
235
Calle
Federico
Costa,
Suite
410
San
Juan,
Puerto
Rico
00918
Directors
&
Officers
Jorge
I.
Vallejo
Director
Carlos
A.
Pérez
Director
Miguel
R.
Venta
Director
Angel
M.
Rivera
President
James
Gallo
Treasurer
Antonio
J.
Santos
Secretary
Remember
that
shares
of
the
Fund:
Are
not
bank
deposits
and
are
not
insured
by
the
FDIC
or
any
other
governmental
agency.
Are
not
obligations
of
or
guaranteed
by
Banco
Popular
de
Puerto
Rico
or
any
other
bank.
Are
subject
to
investment
risks,
including
possible
loss
of
the
principal
amount
invested.
(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.
Not applicable.
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) Not applicable.
(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, President
|
||
|
Date
|
February 12, 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, President
|
||
|
Date
|
February 12, 2026
|
|
By
|
/s/ James Gallo
|
|
|
James Gallo, Treasurer
|
||
|
Date
|
February 12, 2026
|
Popular U.S. Government Money Market Fund LLC published this content on February 12, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 12, 2026 at 15:47 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]