J.P. Morgan Money Market Funds

J.P Morgan Money Market Funds overview

Money Market Fund options

J.P Morgan Money Market Funds overview

Automatically invest liquidity directly from operating Demand Deposit Accounts (DDA)

Money Market Funds (MMFs) are fixed income mutual funds that invest in debt securities such as US Treasury bills, government repo and commercial paper.

Why use Money Market Funds?

Liquidity: access to funds same-day

Market based yield: earn competitive market-based yields through a diversified portfolio of short-term high-quality securities

Transparency: access daily rates, monthly holdings reports and monthly fact sheets detailing the performance of the money funds at a click of a button

Reporting and visibility: view cash and investment positions real-time through our online reporting engine on J.P. Morgan Access®

How to invest in MMFs?

Automatic sweep options

Intraday sweep to funds offered by JPMorgan Asset Management and seven other providers. Clients have access to an expanded list of fund options and share classes.
End-of-day sweeps to select share classes of J.P. Morgan money market funds.

Invest in MMFs directly through J.P. Morgan Access® Liquidity Solutions Initiate Portal

Note: US MMFs are regulated by the Securities and Exchange Commission (SEC) under the Investment Company Act of 1940. Rule 2a-7 of the act includes several conditions intended to limit risk in a money market fund’s portfolio by governing the credit quality, liquidity, diversification, and maturity of money market fund investments.

End-of-day Sweep

An end-of-day (EOD) automatic investment into MMF can be made based on pre-determined operating account target balance and investment cap. EOD sweeps are available for investment into select J.P. Morgan domestic and offshore MMF.

Maximize the value of balances in a DDA at EOD while maintaining full intraday liquidity
Principal is fully redeemed and automatically returned to DDA the next day at 9:30am ET
Interest is accrued daily, paid monthly (first business day of the following month)
The EOD Sweep requires a pre-defined investment cap

Fund options

J.P. Morgan U.S. Government
J.P. Morgan U.S. Treasury Plus
J.P. Morgan 100% U.S. Treasury Securities
J.P. Morgan U.S. Dollar Liquidity Fund (Offshore Investors Only)
J.P. Morgan U.S. Dollar Treasury Liquidity Fund (Offshore Investors Only)

Intraday Sweep

Optimize your liquidity with intraday investment sweep to MMFs to maintain sufficient funds for payments activity while deploying excess for yield.

The Intraday Sweep is a net purchase or redemption; the principal is returned to the account only when DDA balance falls below target
Cash balances are automatically rebalanced each business day to maintain client-determined DDA target balance, via subscription into or redemption from a designated MMF
Intraday Sweeps may require a sufficient target balance to cover wires/other transactions as principal is not automatically returned to operating account
Interest is accrued daily, paid monthly (first business day of the following month)

Fund options

J.P. Morgan
Black Rock
Dreyfus
Federated
Fidelity
Goldman Sachs
Invesco
Morgan Stanley

Direct Invest

Clients can self-direct their MMF trades through J.P. Morgan Access^®Liquidity Solutions – a consolidated liquidity management tool for near real-time visibility, trade initiation, redemption and self-administration.

The Intraday Sweep is a net purchase or redemption; the principal is returned to the account only when DDA balance falls below target
Cash balances are automatically rebalanced each business day to maintain client-determined DDA target balance, via subscription into or redemption from a designated MMF
Intraday Sweeps may require a sufficient target balance to cover wires/other transactions as principal is not automatically returned to operating account
Interest is accrued daily, paid monthly (first business day of the following month)

J.P. Morgan vs. First Republic

JPM vs hFRC Money Market Funds

Automated Sweeps

	JPM Intraday Sweep	JPM EOD MMF Sweep	hFRC Auto Sweep
Sweep Type	• Net sweep (account is rebalanced each day at sweep cut-off)	• Full Redemption sweep (round-trip)	• As needed based on client activity
Minimum Investment	• Follows prospectus minimums	• Refer to applicable service terms/agreement	• $250,000 checking minimum
Sweep Cut Off	• Investment sweep cut-off is one hour prior to fund close • Last investment sweep cut-off is 4:00 PM ET	• Investment sweep is the last transaction of the day • Redemption sweep occurs the next morning	• Investment sweep is the last transaction of the day • Purchases occur when end of day DDA balance exceeds the target balance • Redemptions occur when end of day DDA balance falls below target balance, sweep will cover any debit and return DDA to target balance (if available)
Late Day Payments/ Overdrafts	• To avoid overdrafts, clients should maintain a sufficient target balance for late day payments	• Account should be set up with a sufficient target balance to ensure payments are processed without delay to start the next business day	• Because the investment sweep is the last transaction of the day, overdrafts will not result from investment activity
Intraday Availability	• Principal is returned to the account at the applicable sweep cut-off time if the DDA balance falls below the pre-defined target • Account should be set up with a sufficient target balance to ensure payments are processed without delay	• Account should be set up with a sufficient target balance to ensure payments are processed without delay to start the next business day	• Clients have immediate, all-day access to the combined checking plus MMF balance (reflected as the Available Balance) in the linked checking account.
Dividend Pay Out	• Dividends Paid monthly • First Business Day of the Following Month	• Dividends Paid monthly • First Business Day of the Following Month	• Dividends Paid monthly • Last Business Day of the Month
Fund Options	Fund options: • JP Morgan Asset Management • Third party funds • Full fund complex / fund names shown next slide	Fund options: • JP Morgan Asset Management	Fund options: • Dreyfus Participant • JP Morgan Asset Management Reserve (Liquidity Advantage)

Self-directed investment

	JPM Direct Invest	hFRC Manual Trade
Investment Type	• Client Directed	✔ Same as JPM Direct Invest
Full Investment	• Clients may invest the available balances in their DDA. • Late credits may remain on balance sheet overnight	• Clients may invest balances + $250,000 in their DDA • MMF Trades settle in omnibus account T+1
Minimum Investment	• Follows prospectus minimums	• None
Sweep Cut Off	• 30 mins prior fund close	• Transfers processed up to 7pm ET
Late Day Payments/ Overdrafts	• To avoid overdrafts, client should reserve sufficient balances for late day payments	✔ Same as JPM Direct Invest
Availability/ Credit Requirements	• Debit for Investment immediately following trade submission	• Funds immediately available for use once processed
Dividend Pay Out	• Dividends paid monthly • Business Day 1 of Following Month	✔ Same as JPM Direct Invest • Last Business Day of Investment Month
Fund Options	• JP Morgan Asset Management • Third party funds • Full fund complex / fund names shown next slide	• Dreyfus Participant Shares • JP Morgan Asset Management Reserve Share Class
Monthly Maintenance Fee	• None	• None
Contingency Trades	• Dedicated Money Market Service Desk can be reached via phone	• Off Balance Sheet Solutions team in San Francisco & in New York

J.P. Morgan Direct Invest

Investment initiation

Investment Initiation via J.P. Morgan Access® Liquidity Solutions enables direct investment in MMFs offered by top tier fund providers including J.P. Morgan, Blackrock, Dreyfus, Federated, Fidelity, Goldman Sachs, Invesco and Morgan Stanley.

Actively invest in multiple funds, with multiple providers, from single DDA based on available balances
Select from a variety of fund options to meet your Individual needs, including:

Government/Treasury funds (Stable NAV)

Prime funds (Floating NAV)

Submit trades up to 30 minutes prior to the fund’s cut-off time
Redemption proceeds are returned to the account within 30 minutes of submission for stable NAV funds or upon NAV confirmation for floating NAV funds (approximately 90 minutes following next NAV cut-off)

Investment initiation

Simplified trade initiation by selecting the fund of choice on the Investment Initiation screen

Visibility of current day positions by fund and account
Previously selected funds only available on the Product Options screen, to eliminate the risk of investing in an unauthorized fund

Initiate Screen provides details on available cash balance and current position by fund
Trades for multiple funds can be placed from a single screen
Next NAV Strike Cut-off, Fund Cut-off and count down to NAV strike are available allowing for efficient tracking of trading deadlines

Redemption initiation

Redeem funds by selecting MMF on the Redeem page

All redeemable positions visible on a single screen
Redemptions for one or more positions in the account can be made from Redeem Screen
Next NAV Strike Cut-off, Fund Cut-off and count down to NAV strike are available allowing for efficient tracking of trading deadlines

Reporting

On demand reporting is available within the Reports tab under Liquidity Solutions on J.P. Morgan Access®. All reports can be customized by account, date range, output format and can be scheduled to run at a desired frequency.

Daily activity report: One day or historical view of investment and redemption activity related to actively traded MMF investments
Positions report: One day or historical view of MMF holdings via active investment from the J.P. Morgan Access® Liquidity Solutions portal
Rate history report: One day or historical view of daily yield on previously selected MMFs. This report may help with making more informed investment decisions
Monthly MMF activity report: Monthly report detailing redemption, investment and dividend activity, as well as changes in market value of portfolio. The report is available on the third business day of the month following the activity
Historical reporting available for up to 13 months

Money Market Fund options

Fund Complex	Fund Name
JPMAM	• J.P. Morgan Prime • J.P. Morgan U.S. Government • J.P. Morgan U.S. Treasury Plus • J.P. Morgan 100% U.S. Treasury Securities • J.P. Morgan Federal • J.P. Morgan U.S. Dollar Liquidity Fund (Offshore Investors Only) • J.P. Morgan U.S. Dollar Treasury Liquidity Fund (Offshore Investors Only)
BlackRock	• Blackrock MuniCash • Blackrock Fed Trust • Blackrock Treasury Trust • Blackrock TempCash • Blackrock TempFund • Blackrock Fed Fund • Blackrock T-Fund
Dreyfus	• Dreyfus Tax Exempt Cash Management • Dreyfus Government Securities Cash Management • Dreyfus Treasury Securities Cash Management • Dreyfus Cash Management • Dreyfus Government Cash Management • Dreyfus Treasury Obligations Cash Management
Fidelity	• Fidelity (FIMM) Treasury Only Portfolio • Fidelity (FIMM) Government Portfolio • Fidelity (FIMM) Treasury Portfolio

Fund Complex	Fund Name
Federated	• Federated Government Obligations Tax-Managed • Federated U.S. Treasury Cash Reserves Fund • Federated Government Obligations Fund • Federated Prime Obligations Fund • Federated Prime Value Obligations Fund • Federated Treasury Obligations Fund
Goldman Sachs	• Goldman Sachs Financial Square Treasury Solutions Fund • Goldman Sachs Financial Square Treasury Instruments • Goldman Sachs Financial Square Government • Goldman Sachs Financial Square Money Market • Goldman Sachs Financial Square Prime Obligations • Goldman Sachs Financial Square Treasury Obligations • Goldman US$ Liquid Reserves Fund (Offshore Investors Only) • Goldman USD Treasury Liquid Reserves Fund (Offshore Investors Only)
Invesco	• Invesco Liquid Assets Portfolio • Invesco STIC Prime Portfolio • Invesco Government & Agency Portfolio • Invesco Treasury Portfolio • Invesco Treasury Obligations Portfolio
Morgan Stanley	• Morgan Stanley Money Market • Morgan Stanley Prime • Morgan Stanley Government • Morgan Stanley Government Securities • Morgan Stanley Treasury Portfolio • Morgan Stanley Tax-Exempt

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