Federated Investors has decided to liquidate the Federated Alabama Municipal Cash Trust (ALMXX).
“The fund's adviser and its distributor recommended the liquidation of the fund based on a determination that the fund is no longer economically viable given its asset size, annual maintenance costs, and low prospects for future growth,” according to the firm.
The fund will be closed to new investments on May 21 and liquidated on September 20. It launched in December 1993 and was managed by Jeff Kozemchak. The fund managed just over $26 million as of May 17, according to Bloomberg.