INDEPENDENT AUDITORS' REPORT
The Board of Trustees and Unitholders
Iowa Public Agency Investment Trust:
We have audited the accompanying statement of net assets of the Diversified
Portfolio of the Iowa Public Agecy Investment Trust (the Portfolio) as of June
30, 2000, and the related statements of operations for each of the years in the
five-year period then ended, statements of changes in net assets for each of the
years in the two-year period then ended, and financial highlights for each of
the years in the five-year period then ended. These financial statements and the
financial highlights are the responsibility of the Portfolio's management. Our
responsibility is to express an opinion on these financial statements and the
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform our audits to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Investment securities
held in custody are confirmed to us by the Custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of the Diversified Portfolio of
the Iowa Public Agency Investment Trust as of June 30, 2000, and the results of
its operations for each of the years in the five-year period then ended and the
changes in its net assets for each of the years in the two-year period then
ended, and the financial highlights for each of the years presented, in
conformity with generally accepted accounting principles.
KPMG LLP
Des Moines, Iowa
July 21, 2000
The Board of Trustees and Unitholders
Iowa Public Agency Investment Trust:
We have audited the accompanying statement of net assets of the Direct
Government Obligation Portfolio of the Iowa Public Agency Investment Trust (the
Portfolio) as of June 30, 2000, and the related statements of operations for
each of the years in the five-year period then ended, statements of changes in
net assets for each of the years in the two-year period then ended, and
financial highlights for each of the years in the five-year period then ended.
These financial statements and the financial highlights are the responsibility
of the Portfolio's management. Our responsibility is to express an opinion on
these financial statements and the financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform our audits to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements. Investment securities
held in custody are confirmed to us by the Custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of the Direct Government
Obligation Portfolio of the Iowa Public Agency Investment Trust as of June 30,
2000, and the results of its operations for each of the years in the five-year
period then ended and the changes in its net assets for each of the years in the
two-year period then ended, and the financial highlights for each of the years
presented, in conformity with generally accepted accounting principles.
KPMG LLP
Des Moines, Iowa
July 21, 2000
