Frequently Asked Questions
What are FL-FIT's investment objectives?
Florida Fixed Income Trust (“FL-FIT”) is an investment solution designed specifically to fit the needs of Florida’s local governments while protecting principal, providing liquidity and a market yield.
Who manages FL-FIT?
Who is eligible for FL-FIT?
All local governments within the State of Florida are eligible to invest in FL-FIT.
What type of securities does FL-FIT invest in?
Each FL-FIT investment pool has it’s own investment policy which is approved by the Board of Trustees. The investment policy adheres to current Florida Investment Statutes under Chapter 218.415.
Is FL-FIT rated?
Three of the FL-FIT pools have been rated by S&P Global Ratings. The Preferred Deposit Pool is comprised of FDIC Insured Deposits.
- Cash Pool: AAAf/S1+
- Enhanced Cash Pool: AAAf/S1
- 1-3 Year Pool: AA+f/S1
How can an eligible entity join FL-FIT?
Managing Your Account
What is the minimum requirement for investing in FL-FIT?
There is no minimum investment amount for FL-FIT.
What transaction fees does FL-FIT charge?
FL-FIT does not charge any transaction fees. All trust related expenses are paid directly by FL-FIT, and the corresponding fee schedule is determined by the pool (or pools) in which a client participates. Please see the Information Statement.
What are the limits on the number of transactions?
FL-FIT does not limit the number of transactions.
Does FL-FIT limit the number of subaccounts?
FL-FIT does not limit the number of subaccounts.
What are FL-FIT's business hours?
The FL-FIT offices are open Monday thru Friday from 9:00 a.m. until 5:00 p.m. EST. Please consult the Holiday Calendar page at www.fl-fit.com/holidays for FL-FIT office closures.
What are the daily cut-offs for transactions?
Cash Pool (CP) and Preferred Deposit Pool (PDP) participants:
- Trades entered by 1:00 PM ET will settle the same business day.
- Trades entered after 1:00 PM ET will settle the following business day.
Enhanced Cash Pool (ECP) and 1-3 Year Pool (1-3 Yr) participants:
- Trades entered by 1:00 PM ET will settle the following business day.
- Trades entered after 1:00 PM ET will settle in two business days.
What are the fees associated with wires?
FL-FIT does not charge any banking fees to its participants. However, your bank may have wiring fees, so we always recommend checking with a representative at your bank to discuss the potential costs.
When are the FL-FIT monthly statements delivered?
FL-FIT monthly statements are uploaded to Shareholder’s Client Portal by the fifth business day of the month.