<PAGE> PAGE 1
000 B000000 06/30/1999
000 C000000 0000904140
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 IOWA PUBLIC AGENCY INVESTMENT TRUST
001 B000000 811-7696
001 C000000 5152445426
002 A000000 2203 GRAND AVENUE
002 B000000 DES MOINES
002 C000000 IA
002 D010000 50312
002 D020000 5338
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 2
007 C010100 1
007 C020100 DIVERSIFIED PORTFOLIO
007 C030100 N
007 C010200 2
007 C020200 DIRECT GOVERNMENT OBLIGATIONS PORTFOLIO
007 C030200 N
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A00AA01 INVESTORS MANAGEMENT GROUP, LTD.
008 B00AA01 A
008 C00AA01 801-17430
008 D01AA01 DES MOINES
008 D02AA01 IA
008 D03AA01 50312
008 D04AA01 5338
010 A00AA01 INVESTORS MANAGEMENT GROUP, LTD.
010 C01AA01 DES MOINES
010 C02AA01 IA
010 C03AA01 50312
010 C04AA01 5338
013 A00AA01 KPMG PEAT MARWICK LLP
013 B01AA01 DES MOINES
<PAGE> PAGE 2
013 B02AA01 IA
013 B03AA01 50309
015 A00AA01 NORWEST DES MOINES
015 B00AA01 C
015 C01AA01 DES MOINES
015 C02AA01 IA
015 C03AA01 50304
015 E01AA01 X
018 00AA00 Y
019 A00AA00 N
019 B00AA00 0
020 C000001 0
020 C000002 0
020 C000003 0
020 C000004 0
020 C000005 0
020 C000006 0
020 C000007 0
020 C000008 0
020 C000009 0
020 C000010 0
021 000000 0
022 A000001 SBC WARBURG PINCUS
022 B000001 13-3498485
022 C000001 14399606
022 D000001 0
022 A000002 MERRILL LYNCH CAPITAL MARKETS
022 B000002 13-5674085
022 C000002 6845589
022 D000002 0
022 A000003 SALOMON
022 B000003 13-3082694
022 C000003 6194767
022 D000003 0
022 A000004 JP MORGAN
022 B000004 13-3224016
022 C000004 3112098
022 D000004 0
022 A000005 SEATTLE NORTHWEST
022 B000005 91-1172183
022 C000005 86181
022 D000005 0
022 A000006 GOLDMANS SACHS
022 B000006 13-5108880
022 C000006 73853
022 D000006 0
022 A000007 ABN AMRO
022 B000007 36-3244388
022 C000007 18839
022 D000007 0
022 A000008 BANK OF AMERICA
<PAGE> PAGE 3
022 B000008 94-1687665
022 C000008 17035
022 D000008 0
022 A000009 FIRST TENNESSEE BANK
022 B000009 62-0201385
022 C000009 14488
022 D000009 0
022 A000010 NATIONS BANK
022 B000010 42-0175167
022 C000010 12375
022 D000010 0
023 C000000 31299384
023 D000000 0
024 00AA00 N
025 D00AA01 0
025 D00AA02 0
025 D00AA03 0
025 D00AA04 0
025 D00AA05 0
025 D00AA06 0
025 D00AA07 0
025 D00AA08 0
026 A000000 Y
026 B000000 N
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
029 00AA00 N
030 A00AA00 0
030 B00AA00 0.00
030 C00AA00 0.00
031 A00AA00 0
031 B00AA00 0
032 00AA00 0
033 00AA00 0
034 00AA00 N
035 00AA00 0
036 B00AA00 0
037 00AA00 N
038 00AA00 0
039 00AA00 N
040 00AA00 Y
041 00AA00 Y
049 00AA00 N
050 00AA00 N
051 00AA00 N
<PAGE> PAGE 4
052 00AA00 N
053 A00AA00 Y
053 B00AA00 Y
053 C00AA00 N
054 A00AA00 Y
054 B00AA00 Y
054 C00AA00 Y
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 Y
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
054 K00AA00 Y
054 L00AA00 Y
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 Y
055 A00AA00 N
055 B00AA00 N
056 00AA00 Y
057 00AA00 N
058 A00AA00 N
059 00AA00 Y
060 A00AA00 Y
060 B00AA00 Y
061 00AA00 0
066 A00AA00 N
067 00AA00 N
068 A00AA00 N
068 B00AA00 N
069 00AA00 N
070 A01AA00 Y
070 A02AA00 Y
070 B01AA00 N
070 B02AA00 N
070 C01AA00 N
070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
<PAGE> PAGE 5
070 J01AA00 N
070 J02AA00 N
070 K01AA00 N
070 K02AA00 N
070 L01AA00 N
070 L02AA00 N
070 M01AA00 N
070 M02AA00 N
070 N01AA00 N
070 N02AA00 N
070 O01AA00 N
070 O02AA00 N
070 P01AA00 N
070 P02AA00 N
070 Q01AA00 N
070 Q02AA00 N
070 R01AA00 N
070 R02AA00 N
077 A000000 N
078 000000 N
080 A00AA00 ST. PAUL
080 C00AA00 10000
081 A00AA00 Y
081 B00AA00 3
082 A00AA00 N
082 B00AA00 0
083 A00AA00 N
083 B00AA00 0
084 A00AA00 N
084 B00AA00 0
085 A00AA00 Y
085 B00AA00 N
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
028 A010100 39431
028 A020100 722
028 A030100 0
028 A040100 44685
028 B010100 48105
028 B020100 634
028 B030100 0
<PAGE> PAGE 6
028 B040100 44964
028 C010100 93448
028 C020100 762
028 C030100 0
028 C040100 47922
028 D010100 97369
028 D020100 886
028 D030100 0
028 D040100 111791
028 E010100 61909
028 E020100 834
028 E030100 0
028 E040100 68150
028 F010100 84133
028 F020100 685
028 F030100 0
028 F040100 115559
028 G010100 424395
028 G020100 4523
028 G030100 0
028 G040100 433071
028 H000100 0
042 A000100 0
042 B000100 0
042 C000100 0
042 D000100 0
042 E000100 0
042 F000100 0
042 G000100 100
042 H000100 0
043 000100 196
044 000100 0
045 000100 Y
046 000100 N
047 000100 Y
048 000100 0.000
048 A010100 150000
048 A020100 0.150
048 B010100 150000
048 B020100 0.125
048 C010100 0
048 C020100 0.000
048 D010100 0
048 D020100 0.000
048 E010100 0
048 E020100 0.000
048 F010100 0
048 F020100 0.000
048 G010100 0
048 G020100 0.000
048 H010100 0
<PAGE> PAGE 7
048 H020100 0.000
048 I010100 0
048 I020100 0.000
048 J010100 0
048 J020100 0.000
048 K010100 300000
048 K020100 0.095
062 A000100 Y
062 B000100 0.0
062 C000100 56.5
062 D000100 30.3
062 E000100 0.0
062 F000100 12.2
062 G000100 0.0
062 H000100 0.0
062 I000100 0.0
062 J000100 0.0
062 K000100 0.0
062 L000100 1.0
062 M000100 0.0
062 N000100 0.0
062 O000100 0.0
062 P000100 0.0
062 Q000100 0.0
062 R000100 0.0
063 A000100 55
063 B000100 0.0
064 A000100 Y
064 B000100 N
071 A000100 13178383
071 B000100 13167044
071 C000100 195199
071 D000100 67
072 A000100 12
072 B000100 10089
072 C000100 0
072 D000100 0
072 E000100 0
072 F000100 626
072 G000100 0
072 H000100 0
072 I000100 0
072 J000100 243
072 K000100 0
072 L000100 0
072 M000100 0
072 N000100 0
072 O000100 0
072 P000100 0
072 Q000100 0
072 R000100 0
<PAGE> PAGE 8
072 S000100 0
072 T000100 196
072 U000100 0
072 V000100 0
072 W000100 49
072 X000100 1114
072 Y000100 0
072 Z000100 8975
072AA000100 0
072BB000100 0
072CC010100 0
072CC020100 0
072DD010100 8975
072DD020100 0
072EE000100 0
073 A010100 0.0460
073 A020100 0.0000
073 B000100 0.0000
073 C000100 0.0000
074 A000100 7
074 B000100 57297
074 C000100 130076
074 D000100 0
074 E000100 0
074 F000100 0
074 G000100 0
074 H000100 0
074 I000100 0
074 J000100 0
074 K000100 0
074 L000100 0
074 M000100 1959
074 N000100 189339
074 O000100 0
074 P000100 73
074 Q000100 0
074 R010100 0
074 R020100 0
074 R030100 0
074 R040100 701
074 S000100 0
074 T000100 188565
074 U010100 188559
074 U020100 0
074 V010100 1.00
074 V020100 0.00
074 W000100 0.0000
074 X000100 365
074 Y000100 0
075 A000100 196089
075 B000100 0
<PAGE> PAGE 9
076 000100 0.00
028 A010200 988
028 A020200 256
028 A030200 0
028 A040200 2516
028 B010200 57
028 B020200 228
028 B030200 0
028 B040200 1020
028 C010200 68
028 C020200 252
028 C030200 0
028 C040200 1290
028 D010200 1218
028 D020200 242
028 D030200 0
028 D040200 2292
028 E010200 1157
028 E020200 243
028 E030200 0
028 E040200 3360
028 F010200 28578
028 F020200 285
028 F030200 0
028 F040200 8227
028 G010200 32066
028 G020200 1506
028 G030200 0
028 G040200 18705
028 H000200 0
042 A000200 0
042 B000200 0
042 C000200 0
042 D000200 0
042 E000200 0
042 F000200 0
042 G000200 100
042 H000200 0
043 000200 76
044 000200 0
045 000200 Y
046 000200 N
047 000200 Y
048 000200 0.000
048 A010200 150000
048 A020200 0.150
048 B010200 150000
048 B020200 0.125
048 C010200 0
048 C020200 0.000
048 D010200 0
<PAGE> PAGE 10
048 D020200 0.000
048 E010200 0
048 E020200 0.000
048 F010200 0
048 F020200 0.000
048 G010200 0
048 G020200 0.000
048 H010200 0
048 H020200 0.000
048 I010200 0
048 I020200 0.000
048 J010200 0
048 J020200 0.000
048 K010200 300000
048 K020200 0.095
062 A000200 Y
062 B000200 3.0
062 C000200 0.0
062 D000200 97.0
062 E000200 0.0
062 F000200 0.0
062 G000200 0.0
062 H000200 0.0
062 I000200 0.0
062 J000200 0.0
062 K000200 0.0
062 L000200 0.0
062 M000200 0.0
062 N000200 0.0
062 O000200 0.0
062 P000200 0.0
062 Q000200 0.0
062 R000200 0.0
063 A000200 7
063 B000200 0.0
064 A000200 Y
064 B000200 N
071 A000200 18121001
071 B000200 18116298
071 C000200 76024
071 D000200 238
072 A000200 12
072 B000200 3815
072 C000200 0
072 D000200 0
072 E000200 0
072 F000200 251
072 G000200 0
072 H000200 0
072 I000200 0
072 J000200 95
<PAGE> PAGE 11
072 K000200 0
072 L000200 0
072 M000200 0
072 N000200 0
072 O000200 0
072 P000200 0
072 Q000200 0
072 R000200 0
072 S000200 0
072 T000200 76
072 U000200 0
072 V000200 0
072 W000200 19
072 X000200 441
072 Y000200 0
072 Z000200 3375
072AA000200 0
072BB000200 0
072CC010200 0
072CC020200 0
072DD010200 3375
072DD020200 0
072EE000200 0
073 A010200 0.0440
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 85335
074 C000200 2502
074 D000200 0
074 E000200 0
074 F000200 0
074 G000200 0
074 H000200 0
074 I000200 0
074 J000200 0
074 K000200 0
074 L000200 0
074 M000200 84
074 N000200 87921
074 O000200 0
074 P000200 33
074 Q000200 0
074 R010200 0
074 R020200 0
074 R030200 0
074 R040200 292
074 S000200 0
074 T000200 87596
074 U010200 87596
<PAGE> PAGE 12
074 U020200 0
074 V010200 1.00
074 V020200 0.00
074 W000200 0.0000
074 X000200 4
074 Y000200 0
075 A000200 75784
075 B000200 0
076 000200 0.00
SIGNATURE MARY DOTTERER
TITLE COMPLIANCE OFFICER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000904140
<NAME> Iowa Public Agency Investment Trust
<SERIES>
<NUMBER> 01
<NAME> Diversified Portfolio
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 187372922
<INVESTMENTS-AT-VALUE> 187380063
<RECEIVABLES> 1959364
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 189339428
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 774138
<TOTAL-LIABILITIES> 774138
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 188565289
<SHARES-COMMON-STOCK> 188558836
<SHARES-COMMON-PRIOR> 177018714
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 188558836
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10089384
<OTHER-INCOME> 0
<EXPENSES-NET> 1113903
<NET-INVESTMENT-INCOME> 8975481
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 11540122
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8975481
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 912337019
<NUMBER-OF-SHARES-REDEEMED> 909772378
<SHARES-REINVESTED> 8975481
<NET-CHANGE-IN-ASSETS> 11540122
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 626204
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1113903
<AVERAGE-NET-ASSETS> 196088842
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .046
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .046
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.57
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000904140
<NAME> Iowa Public Agency Investment Trust
<SERIES>
<NUMBER> 02
<NAME> Direct Government Obligation Portfolio
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 87836538
<INVESTMENTS-AT-VALUE> 87836586
<RECEIVABLES> 84927
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 87921513
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 325132
<TOTAL-LIABILITIES> 325132
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 87596381
<SHARES-COMMON-STOCK> 87596381
<SHARES-COMMON-PRIOR> 82865033
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 87596381
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3815354
<OTHER-INCOME> 0
<EXPENSES-NET> 440562
<NET-INVESTMENT-INCOME> 3374792
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 4731348
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3374792
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 38064288
<NUMBER-OF-SHARES-REDEEMED> 36707732
<SHARES-REINVESTED> 3374792
<NET-CHANGE-IN-ASSETS> 4731348
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 250664
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 440562
<AVERAGE-NET-ASSETS> 75783870
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .044
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .044
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> .58
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0
</TABLE>
INDEPENDENT AUDITORS' REPORT ON INTERNAL ACCOUNTING CONTROL
The Board of Trustees
Iowa Public Agency Investment Trust:
In planning and performing our audit of the financial statements of the
Diversified Portfolio and the Direct Government Obligation Portfolio of the Iowa
Public Agency Investment Trust (the Trust) for the for the year ended June 30,
1999, we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing procedures for the
purpose of expressing our opinion on the financial statements and to comply with
the requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Trust is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit pertain to the
entity's objective of preparing financial statements for external purposes that
are fairly presented in conformity with generally accepted accounting
principles. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and not be detected. Also, projection of any evaluation of internal control to
future periods is subject to the risk that procedures may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of internal control would not necessarily disclose all matters
of internal control that might be material weaknesses under standards
established by the American Institute of Certified Public Accountants. A
material weakness is a condition in which the design or operation of specific
internal control components does not reduce to a relatively low level the risk
that errors or fraud in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within a timely
period by employees in the normal course of performing their assigned functions.
However, we noted no matters involving internal control, including procedures
for safeguarding securities, that we consider to be material weaknesses as
defined above as of June 30, 1999.
This report is intended solely for the information and use of the Board of
Trustees and management of the Trust and the Securities and Exchange Commission.
KPMG, LLP
Des Moines, Iowa
July 23, 1999
