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?
A Board of Trustees comprised of eligible participants provide oversight of the Trust. Water Walker Investments is hired by the Trust to provide investment management services. You can find our other Service Providers here.
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: AAAf/S1
How can an eligible entity join FL-FIT?
Please find the steps on the Enrollment Documents page.
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.