UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                              Washington, DC 20549

                                    FORM N-PX

                     ANNUAL REPORT OF PROXY VOTING RECORD OF
                    REGISTERED MANAGEMENT INVESTMENT COMPANY

                  Investment Company Act file number: 811-7696

                       IOWA PUBLIC AGENCY INVESTMENT TRUST
               (Exact Name of Registrant as Specified in Charter)

                                1415 28th Street
                           West Des Moines, Iowa 50266
               (Address of Principal Executive Offices) (Zip Code)

                     (515) 244-5426 (Registrant's Telephone
                          Numbers, Including Area Code)

                              Elizabeth Grob, Esq.
                              Ahlers & Cooney, P.C.
                           100 Court Avenue, Suite 600
                             Des Moines, Iowa 50309
                     (Name and Address of Agent for Service)

                                   Copies to:


VERA LICHTENBERGER                     JOHN C. MILES, ESQ.
 IOWA PUBLIC AGENCY INVESTMENT TRUST   DONALD F. BURT, ESQ.
1415 28th STREET, SUITE 200            CLINE, WILLIAMS, WRIGHT, JOHNSON &
WEST DES MOINES, IOWA 50266              OLDFATHER,LLP
                                       Suite 1900, 233 S. 13TH STREET
                                       LINCOLN, NEBRASKA 68508





Date of fiscal year end: June 30
Date of reporting period: July 1, 2004 - June 30, 2005

The Registrant owned no securities in the period for which proxies were
solicited or voted.

SIGNATURES

Pursuant to the requirements of the Investment Company Act of 1940, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

Registrant                       Iowa Public Agency Investment Trust

By (Signature and Title)         /s/ Don Kerker
                                 -----------------------------------------
                                 Don Kerker, Chairman of the Board of Trustees
                                          (Principal Executive Officer)

Date August 24, 2005