Iowa Public Agency Investment Trust

The Iowa Public Agency Investment Trust, or IPAIT, was created pursuant to Iowa Code Chapter 28E in 1987 to enable eligible Iowa public agencies to safely and effectively invest their available operating and reserve funds. The Diversified portfolio has followed established money market mutual fund parameters designed to maintain a $1 per unit net asset value since inception and were registered with the Securities and Exchange Commission (SEC) in accordance with 17 C.F.R. Section 270.2a-7 in May 1993. The Diversified Fund was among the first local government investment pools in the country to do so and have been formally regulated by the SEC since that time.

The Fund continues to be focused upon it's investment objectives as stated in the IPAIT Investment Policy reproduced in the Investment Section of the IPAIT Annual Report. These goals, in order of priority are safety of invested principal, followed by maintenance of adequate liquidity, followed by evaluation of available yield. Within these objectives, each Fund strives to provide participants with the best available rates of return for legally authorized investments.

Diversified Fund Facts as of June 30, 2011

Investment Strategy/Goals: To provide a safe, liquid, effective investment alternative for the operating and reserve funds for Iowa’s municipalities, counties, municipal utilities and other eligible public agencies by jointly investing participant funds in a professionally managed portfolio of short-term, high-quality, legally authorized marketable securities.

Date of Inception: November 13, 1987

Total Net Assets: $524 Million

Benchmarks: Money Market Index U.S. Government & Agencies, Iowa Code Chapter 74A 32-89 day Public Funds Rates, and Iowa Code Chapter 74A 90-179 day Public Funds Rates.

Performance Objective: To provide the highest level of current income from investment in a portfolio of U.S. Government and agency securities, certificates of deposit in Iowa financial institutions and other authorized securities collateralized by U.S. government and agency securities as is consistent with, in order of priority, preservation of principal and provision of necessary liquidity.

Investment Adviser: Miles Capital

Management Fees: Sliding scale from nine basis points (0.09%) to five and one-half basis points (0.055%)

Total Expense Ratio: Sliding scale from thirty-eight basis points (0.38%) to thirty-two basis points (0.32%)

Board of Trustees

Dianne Kiefer, Chair
Craig Hall, Vice Chair
Susan Vavroch, Second Vice Chair
Lynn Miller, Board Member
Wayne Northey, Board Member
Charles Rieken, Board Member
Don Kerker, Board Member
Richard Heidloff, Board Member
Tom Hanafan, Board Member

LINKS:

Sponsoring Associations
Custodian
Investment Adviser
Legal Counsel
Independent Auditor
Administration
Program Development

© 2007 Iowa Public Agency Investment Trust

Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. An investment in the fund is not insured or guaranteed by the FDIC or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund. Any investment company (i.e. Mutual Fund or Money Market Fund) referred to is not a bank, and investment products offered by it are not backed or guaranteed by any bank, nor are they insured by the FDIC, and they may lose value.