WWW.MILES-CAPITAL.COM
1415 28TH STREET
SUITE 200
WEST DES MOINES,
IA 50266
515-244-5426
February 3, 2010
Ed Bartz, Law Clerk
Securities and Exchange Commission
100 F Street NE
Washington, DC 20549
RE: Iowa Public Agency Investment Trust (IPAIT) (811-07696)
Dear Mr. Bartz:
I would like to thank you for your helpful attitude during our telephone
conversation of December 13, 2010. The following is the response to the
issues we discussed:
1. CLOSING OF DIRECT GOVERNMENT OBLIGATION FUND (17A-7 TRANSACTION):
On September 9, 2010, the Direct Government Obligation Fund closed,
and the securities held therein were transferred under the 17A-7
procedure adopted by the Board of Trustees to the Diversified Fund.
The sole participant of the DGO fund invested its proceeds into the
Diversified Fund. The securities as of September 9, 2010 were bank
deposits and certificates of deposit only. There were no other
securities. The amortized cost to market report for each security
showed no value difference. Attached is that report. Both our SEC
counsel and our accounting firm were consulted prior to the
transaction to insure a smooth transition.
2. ANNUAL REPORT: You noted that Footnote 2 of Reg SX 12-12 requires
repurchase agreements to show the date and amount to be received
upon repurchase. I have asked KPMG to review our disclosure to
insure it is correct. KPMG is researching the issue, but the
initial response was that it is correct. IPAIT does not invest in
reverse repurchase agreements, and the repos are overnight
investments.
3. FIDELITY BOND FILING: You note that there is no recent filing of
the fidelity bond. IPAIT shares a fidelity bond with the Miles
Funds, Inc. and the joint fidelity bond has been filed with the SEC
in that file. Let me know if we need to go to the extra expense of
filing the bond in two different places.
4. INFORMATION STATEMENT: Should not include anything on cover page
that is not listed in the form. In other words, move the sponsoring
associations to another page. Items 1-8 should be a summary and
should state no more, no less than the instructions require. We
will reorganize the Information Statement so that Items 1-8 are in
summary form. We will add the date of the semiannual report (page 9
of current report). These changes will be made with the next post-
effective amendment.
5. STATEMENT OF ADDITIONAL INFORMATION: The Statement of Additional
Information shall list the Board members attributes which qualifies
them to serve as Board members. We will also clarify the chart to
include that the outside directorships are for the last five years.
These clarifications will be made with the next post-effective
amendment.
We appreciate your comments and assistance in this matter.
Respectfully submitted,
/s/
Vera Lichtenberger
Chief Compliance Officer
AMORTIZED COST vS. MARKET VALUE ANALYSIS REPORT
DATE: 9/8/2010 4:04:31 PM Main Database PAGE: 1
AMORTIZED COST VS. MARKET VALUE ANALYSIS REPORT
FUND ID: IPAIT
FUND NAME: Iowa Public Agency Investment Trust Div
** MARKET VALUE IS AMORTIZED COST IF SECURITY IS < 61 DAYS TO MATURITY
TICKER
SYMBOL SECURITY DESCRIPTION PAR VALUE AMORTIZED COST PRICE MARKET VALUE % DIFF. VALUE DIFF.
---------- ------------------------- ----------------- ----------------- ---------- ----------------- -------- ------------
3128X8RC FHLMC Var (3ML+7) 5,000,000.000 5,006,194.97 100.0929 5,004,645.00 -0.03096 -1,549.97
3128X8RC8 Var Due 03/09/11
3128X8VE FHLMC Var (3ML+5) 5,000,000.000 5,003,544.01 100.0932 5,004,660.00 0.02230 1,115.99
3128X8VE9 Var Due 04/07/11
31331GDY FFCB Var (1ML+25) 6,000,000.000 6,000,000.00 100.0437 6,002,622.00 0.04370 2,622.00
31331GDY2 Var Due 11/04/10
31331GQ4 FFCB Var (1ML+4) 6,000,000.000 6,002,450.00 100.0687 6,004,122.00 0.02786 1,672.00
31331GQ44 Var Due 09/15/11
31331JKK FFCB Var (1ML+1) 11,000,000.000 11,000,649.83 100.0077 11,000,847.00 0.00179 197.17
31331JKK8 Var Due 02/13/12
31331JNJ FFCB Var (1ML+2) 5,000,000.000 5,000,846.82 99.9928 4,999,640.00 -0.02413 -1,206.82
31331JNJ8 Var Due 05/14/12
313397G5 FHLMC DN 5,000,000.000 4,999,571.94 99.9969 4,999,845.00 0.00546 273.06
313397G54 0.000% Due 09/20/10
313397G6 FHLMC DN 5,000,000.000 4,999,583.02 99.9967 4,999,835.00 0.00504 251.98
313397G62 0.000% Due 09/21/10
3133XSVR FHLB 5,000,000.000 5,022,776.22 100.5441 5,027,205.00 0.08817 4,428.78
3133XSVR6 1.625% Due 01/21/11
3133XUYG FHLB 6,000,000.000 6,000,744.48 100.0336 6,002,016.00 0.02119 1,271.52
3133XUYG2 0.500% Due 10/18/10
313588CL FNMA DN 5,000,000.000 4,990,677.51 99.9236 4,996,180.00 0.11026 5,502.49
313588CL7 0.000% Due 02/28/11
313588CM FNMA DN 5,000,000.000 4,988,694.83 99.9183 4,995,915.00 0.14473 7,220.17
313588CM5 0.000% Due 03/01/11
31398AWQ FNMA 5,000,000.000 5,032,918.51 100.6978 5,034,890.00 0.03917 1,971.49
31398AWQ1 1.375% Due 04/28/11
912828JY U.S. Treasury Note 5,000,000.000 5,008,131.17 100.2695 5,013,475.00 0.10670 5,343.83
912828JY7 0.875% Due 01/31/11
CDA2011 Maquoketa State Bank 1,000,000.000 1,000,000.00 100.0000 * 1,000,000.00 0.00000 0.00
CD9996686 0.700% Due 01/20/11
CDJ2510P Peoples Bk-Rock Vall 1,000,000.000 1,000,000.00 100.0000 * 1,000,000.00 0.00000 0.00
CD9997536 0.530% Due 10/23/10
CDRA1311 CDARS West Bank 5,000,000.000 5,000,000.00 100.0000 * 5,000,000.00 0.00000 0.00
1.350% Due 01/13/11
CDRB0311 CDARS West Bank 5,000,000.000 5,000,000.00 100.0000 * 5,000,000.00 0.00000 0.00
0.750% Due 02/03/11
CDRB2411 CDARS West Bank 5,000,000.000 5,000,000.00 100.0000 * 5,000,000.00 0.00000 0.00
0.300% Due 02/24/11
CDRC0311 CDARS West Bank 4,500,000.000 4,500,000.00 100.0000 * 4,500,000.00 0.00000 0.00
7AMCD78S3 0.750% Due 03/03/11
CDRE0511 CDARS West Bank 5,000,000.000 5,000,000.00 100.0000 * 5,000,000.00 0.00000 0.00
7AMCD80N0 0.750% Due 05/05/11
CDRE1211 CDARS West Bank 5,000,000.000 5,000,000.00 100.0000 * 5,000,000.00 0.00000 0.00
7AMCD8208 0.750% Due 05/12/11
CDRG2111 CDARS West Bank 4,000,000.000 4,000,000.00 100.0000 * 4,000,000.00 0.00000 0.00
0.750% Due 07/21/11
CDRG2811 CDARS West Bank 5,000,000.000 5,000,000.00 100.0000 * 5,000,000.00 0.00000 0.00
0.650% Due 07/28/11
CDRI0111 CDARS West Bank 6,000,000.000 6,000,000.00 100.0000 6,000,000.00 0.00000 0.00
0.500% Due 09/01/11
CDRI230W CDARS West Bank 5,000,000.000 5,000,000.00 100.0000 * 5,000,000.00 0.00000 0.00
7AMCD7937 0.700% Due 09/23/10
CDRI2310 CDARS West Bank 5,000,000.000 5,000,000.00 100.0000 * 5,000,000.00 0.00000 0.00
1.350% Due 09/23/10
CDRI3010 CDARS West Bank 3,000,000.000 3,000,000.00 100.0000 * 3,000,000.00 0.00000 0.00
1.350% Due 09/30/10
CDRJ0710 CDARS West Bank 5,000,000.000 5,000,000.00 100.0000 * 5,000,000.00 0.00000 0.00
1.350% Due 10/07/10
CDRJ1410 CDARS West Bank 5,000,000.000 5,000,000.00 100.0000 * 5,000,000.00 0.00000 0.00
7AMCD7945 1.350% Due 10/14/10
DATE: 9/8/2010 4:04:31 PM Main Database PAGE: 2
AMORTIZED COST VS. MARKET VALUE ANALYSIS REPORT
FUND ID: IPAIT
FUND NAME: Iowa Public Agency Investment Trust Div
** MARKET VALUE IS AMORTIZED COST IF SECURITY IS < 61 DAYS TO MATURITY
TICKER
SYMBOL SECURITY DESCRIPTION PAR VALUE AMORTIZED COST PRICE MARKET VALUE % DIFF. VALUE DIFF.
---------- ------------------------- ----------------- ----------------- ---------- ----------------- -------- -----------
CDRK1210 CDARS West Bank 5,000,000.000 5,000,000.00 100.0000 * 5,000,000.00 0.00000 0.00
1.350% Due 11/12/10
CDRK1810 CDARS West Bank 5,000,000.000 5,000,000.00 100.0000 * 5,000,000.00 0.00000 0.00
1.350% Due 11/18/10
CDRL0210 CDARS West Bank 6,000,000.000 6,000,000.00 100.0000 * 6,000,000.00 0.00000 0.00
7AMCD7960 1.350% Due 12/02/10
CDRL0910 CDARS West Bank 5,000,000.000 5,000,000.00 100.0000 * 5,000,000.00 0.00000 0.00
7AMCD7978 1.350% Due 12/09/10
IMI0910 Morgan Stanley-IPAIT 150,227,000.000 150,227,000.00 100.0000 150,227,000.00 0.00000 0.00
0.19% due 9/ 9/10
NOW FNBO FNB Omaha NOW Acct 10,060,512.500 10,060,512.50 100.0000 10,060,512.50 0.00000 0.00
SA6000242 0.250%
NOW WEST West Bank NOW Acct 20,045,088.150 20,045,088.15 100.0000 20,045,088.15 0.00000 0.00
SA6000457 0.200%
NOWCITIZ Great Western NOW 10,028,928.350 10,028,928.35 100.0000 10,028,928.35 0.00000 0.00
SA6000267 Variable
WFPFDEP Wells Fargo PF Dep 4,906,267.820 4,906,267.82 100.0000 4,906,267.82 0.00000 0.00
SAA500170 Variable
WFSAVING Wells Fargo Savings 13,737,944.810 13,737,944.81 100.0000 13,737,944.81 0.00000 0.00
SAA500345 Variable
----------------- ----------------- -------- ---------
378,562,524.94 378,591,638.63 0.00769 29,113.69
09/08/10 OUTSTANDING SHARES: 379,193,166.400
NET ASSETS: 379,193,166.40
NET ASSETS LESS
AMORTIZED COST: 630,641.46
PRICE/SHARE @ MARKET 1.000077