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Understanding the investment needs of Illinois public entities, IMET's creators established a strong, competitive, fund concept to meet their intermediate investing needs. IMET is the first fund to provide a convenient vehicle for investment of core cash, bond proceeds, capital funds and other one-to-three year dollars.


The Illinois Metropolitan Investment Fund (IMET) was developed in July 1996 as a cooperative endeavor to assist Illinois municipalities with the investment of their intermediate-term dollars. IMET was established as a not-for-profit investment fund under the Illinois Municipal Code. Currently serving 273 municipalities and public entities, IMET offers two separate investment vehicles to meet the investment needs of public entities.

IMET 1-3 Year Fund

The IMET 1-3 Year Fund is designed as an investment vehicle for public funds not required to be spent in the near term and are available for investment in securities with slightly longer average maturities. Although the 1-3 Year Fund is designed for funds that may be invested for a year or more, there is no minimum investment term and there are no “early” withdrawal/redemption fees or penalties for funds invested for less than one year.

The 1-3 Year Fund provides 5 day liquidity; participants are able to redeem investment shares with 5 business days notice to the IMET Operations desk. The IMET 1-3 Year Fund has a fluctuating net asset value (NAV) and an average portfolio maturity of 1-to-3 years. IMET invests exclusively in U.S. government backed securities (Treasuries and Agencies). Due to its investment policies and objectives, IMET carries the highest rating by Moody's, Aaa/bf. View Performance

IMET Convenience Fund

The IMET Convenience Fund (CVF) is a short-term money market instrument collateralized via FDIC Insurance, the FHLB LOC Program, and Government Securities at 110% on bank deposits. The IMET Convenience Fund provides for the convenient investment of bond proceeds, for the temporary investment of longer-term intermediate funds, and/or for cash management and liquidity purposes. The current rate is listed on IMET's home page.

Arbitrage Rebate Calculation Sevices

IMET has partnered with The Bank of New York Mellon Corporate Trust Company N.A. (BNY Mellon) to provide Arbitrage Rebate Calculation Services for our participants. The services are available to all IMET participants and are provided by The Bank of New York Mellon Corporate Trust Company N.A. BNY Mellon is dedicated to arbitrage compliance service for tax exempt bonds.

IMET participants benefit from special pool pricing to IMET for the calculation services provided by BNY Mellon, and under certain conditions, participants can take advantage of the calculation services at no charge to the participant.

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Why Invest in IMET?

By pooling the cash from many public entities and investing it in IMET's 1-3 Year Bond Fund Series and/or the Convenience Fund Series, IMET seeks to earn a higher return for its participants than could be achieved by individual investing. The combined purchasing power of IMET and its unique structure benefits participants. Numerous other advantages include:

Key Benefits

  • Purchasing Power
  • Exceptional Quality
  • Government-backed Instruments
  • Liquidity
  • Results-oriented
  • Unmatched Oversight
  • Approved for Operating and Pension Funds
  • Excellent Service with Professional Management

    More About Benefits

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