Unofficial Condensed Minutes of the Meeting of the Board of Trustees of the Iowa Schools Joint Investment Trust The quarterly and annual meeting of the Board of Trustees was held on September 18, 2025 at the offices of Iowa Association of School Boards, Des Moines, Iowa, and electronically, via Zoom. Elizabeth Brennan, Chair and Trustee, called the meeting to order at 11:13 a.m. Also present were: Trustees: Vice Chair and Trustee, Jared McDonald, Greg Ebeling, Shashank Aurora, Mary Poulter, and Jim Green; D.T. Magee, Ex-officio Trustee and Secretary, and Calvin VandeKrol, Ex-officio Assistant Secretary. Guests: Stephanie Rousseau, Roger Shaffer (via Zoom), Kristin Cooper, John Koppes, Ryan Engelstad (via Zoom), Charlie Czachor, Paul Kruse, Caleb Walter, Cam Draude, Paula Cooper (via Zoom), Kate O'Connor (via Zoom), Jennifer Vucinovich, Laurie Mount and Bethany Jessen. The Board unanimously approved the agenda and the minutes of the May 22, 2025 meeting. The Board unanimously reappointed Liz Brennan and Jared McDonald as Trustees for a term ending September, 2028. The Board unanimously elected the following officers for one-year terms: Elizabeth Brennan as Chair, Jared McDonald as Vice Chair, D.T. Magee as Secretary; and Shashank Aurora as Treasurer and Assistant Secretary. The Board reviewed and accepted the Auditors Report and Annual Report for Fiscal Year ending June 30, 2025 and received and approved the 2025 Federal and State Tax Returns. The Board reviewed and approved the quarterly and compliance reports from the Treasurer, Administrator, Marketer, Advisor, Custodian, and Legal Counsel. The Board unanimously approved the Shadow Pricing policy, the ISJIT Investment Policy, and the ISJIT Administrative Fund Investment Policy. The Board reviewed and unanimously approved the list of financial depositories. The Board reviewed and unanimously approved the General Purpose Resolution. The Board reviewed meeting dates for calendar years 2025 and 2026. The meeting was adjourned at 12:30 p.m. The Board unanimously approved for payment, the following schedule of bills: Ahlers & Cooney P.C. $5,683.70; PMA $705,054.84; RBC GAM $226,804.58; IASB $324,009.73; US Bank $16,066.40; S&P $24,395.00; Jester Insurance $38,408.00. IOWA SCHOOLS JOINT INVESTMENT TRUST By ________________/s/___________________ D.T. Magee, Secretary September 30 2025 LIOW0378069