JPMorgan Federal Money Market Fund
VFVXX
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- JPMorgan Trust I - JPMorgan Federal Money Market Fund (VFVXX) is a money market fund that seeks current income while maintaining liquidity and a stable net asset value of $1.00 per share. The Fund, part of JPMorgan Trust I, invests exclusively in U.S. Treasury bills, notes and bonds, and other U.S. government obligations exempt from state and local income taxes, with a dollar-weighted average maturity of 60 days or less and average life of 120 days or less; it complies with Rule 2a-7 under the Investment Company Act of 1940. As of September 30, 2025, sector allocation stands at 68.1% U.S. Treasury debt, 19.9% U.S. government agency debt (coupon-paying notes), and 11.9% U.S. government agency debt (no-coupon discount notes), with daily liquid assets at 70.64% and weekly liquid assets at 70.93%; gross and net expenses are both 0.580%, supported by contractual fee waivers through June 30, 2026. The Fund targets institutional and retail investors for temporary cash management, seasonal operating cash, automated sweeps, and portfolio liquidity needs, maintaining a Moody's Aaa-mf rating. JPMorgan Trust I, with principal executive offices at 270 Park Avenue, New York, NY, houses the Fund, which holds approximately $8.45 billion in assets under the Morgan share class (CUSIP 4812A2769; inception April 20, 1994 for the Fund, May 9, 1994 for the class). In recent developments, the broader JPMorgan Asset Management division launched its first tokenized money market fund, My OnChain Net Yield Fund (MONY) via the Morgan Money platform in December 2025, investing solely in U.S. Treasuries and repurchase agreements collateralized by them, enhancing on-chain yield access for qualified investors through blockchain-enabled efficiency, transparency, and stablecoin subscriptions/redemptions; this reflects innovation amid SEC money market reforms, including compliance with updated liquidity and reporting rules phased in through 2024-2025. No specific acquisitions, funding rounds, or reorganizations directly impacted VFVXX in the last 1-2 years, though the Fund continues adapting to reforms eliminating redemption gates and enhancing transparency via Form N-CR/N-MFP filings.