Unofficial Condensed Minutes of the Meeting of the Board of Trustees of the Iowa Public Agency Investment Trust The quarterly and annual meeting of the Board of Trustees was held in-person and electronically August 27, 2025 at the offices of the Iowa State Association of Counties, West Des Moines, Iowa, and via Microsoft Teams. Dan Zomermaand, Chair and Trustee, called the meeting to order at 10:30 a.m. Present in person were: Trustees: Tim Stiles, Craig Anderson, Mark Roberts and Jesse Otto; Officers: Alan Kemp, Troy DeJoode, and Andrea N.J. Woodard; Guests: Nicole Lamb, Ted Rasmusson, Matthew Probasco, Kristin Cooper, RC Chainani, Charlie Czachor, Cam Draude, Paul Kruse, Ben Nordin and Caleb Walter. Present electronically were: Trustees: Brent Hinson, Jeff Nemmers and Steven Pick. Guests: Jennifer Vucinovich, Kate O'Connor, Wes Karsten and Holly Engelhart. The Board unanimously approved the agenda, and the minutes of the April 16, 2025 meeting. The Board reviewed and unanimously accepted the IPAIT Annual Report and IPAIT independent auditor's report for fiscal year 2025 and approved the engagement of Clifton Larsen Allen, LLP, who was selected as auditor and tax preparer for the fiscal year ending June 30, 2026 as recommended by the Executive Committee. The Board unanimously appointed Ted Rasmusson to serve the remainder of Sandy Ross's three-year term ending in 2026. The Board unanimously appointed Nicole Lamb, Matthew Probasco, and Dan Zomermaand as Trustees to serve a three-year term. The Board unanimously appointed the following officers and authorized them to perform the duties of their offices: Chair: Mark Roberts; Vice Chair: Tim Stiles; Second Vice-Chair: Ted Rasmusson; Secretary: Troy DeJoode; Assistant Secretary: Andrea N.J. Woodard; Treasurer: Alan Kemp. The Trustees unanimously received and approved reports for the quarter ending June 30, 2025 from the Secretary, Treasurer, Legal Counsel, Marketer, Advisor, Administrator, Compliance Officer, and Custodian. The Board reviewed and unanimously approved the fund transaction report, the portfolio composition report, the payment of fees, and the dividend payments. The Board heard a presentation on a financial cashflow tool offered by PTMA. The Board then reviewed and unanimously approved the list of repurchase agreement providers and financial depositories. The Board noted proposed meeting dates for calendar years 2025 through 2027. The meeting was adjourned at 12:05 p.m. The Board unanimously approved for payment, the following schedule of bills: Ahlers & Cooney, PC $4,519.10; Lunch Reimbursement $425.16; Mileage Reimbursement $667.80; Des Moines Register $61.00; PMA $686,745.12 US Bank $32,704.30; Sponsoring Associations $253,695.10. IOWA PUBLIC AGENCY INVESTMENT TRUST By ________________/s/___________________ Troy DeJoode, Secretary September 11 2025 LIOW0367180