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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. Both the
Diversified and DGO portfolios have 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
and the DGO Fund were among the first local government investment pools in the
country to do so and have been formally regulated by the SEC since that
time.
Diversified Fund Facts as of June 30, 2009 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: $481 Million Benchmarks: iMoneyNet U.S. Government & Agencies Money Fund Report Index, 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 *formerly WB Capital Management Inc. 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%) Direct Government Obligation Fund Facts as of June 30, 2009 Investment Strategy/Goals: To provide a safe, liquid, effective investment alternative for the bond proceeds, operating and reserve funds for Iowa’s municipalities, counties, municipal utilities and other eligible public agencies that are limited to investment in only direct obligations of the U.S. government by jointly investing participant funds into a professionally managed portfolio of short-term, eligible marketable securities. Date of Inception: September 1, 1988 Total Net Assets: $53 Million Benchmarks: iMoneyNet U.S. Treasury & Repo Money Fund Report Index, 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 income from investment in a portfolio of U.S. Government securities as is consistent with, in order of priority, preservation of principal and provision of necessary liquidity. Investment Adviser: Miles Capital *formerly WB Capital Management Inc. 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
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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.