Unofficial Condensed Minutes of the Meeting of the Board of Trustees of the Iowa Public Agency Investment Trust The quarterly meeting of the Board of Trustees was held in-person and electronically on October 15, 2025 at the offices of the Iowa State Association of Counties, West Des Moines, Iowa, and via Microsoft Teams. Mark Roberts, Chair and Trustee, called the meeting to order at 10:32 a.m. Present in person were: Trustees: Craig Anderson, Tim Stiles, Nicole Lamb, Matthew Probasco, Dan Zomermaand and Ted Rasmusson; Officers: Alan Kemp, Andrea N.J. Woodard and Troy DeJoode; Guests: Kristin Cooper, Anita Tracy, Paul Kruse, Ben Nordin, RC Chainani, Caleb Walter, Cam Draude and Jennifer Vucinovich. Present electronically were: Trustees: Jesse Otto, Brent Hinson, and Guests: Charlie Czachor, Kate O'Connor and Lori Ragus. The Board unanimously approved the agenda and the minutes of the meeting of August 27, 2025. The Trustees unanimously received reports for the quarter ending September 30, 2025 from the Secretary, Treasurer, Legal Counsel, Marketer, Advisor, Administrator, including approval of financial statements, composition of portfolio, distribution of fees, and cash dividend payments, Compliance Officer, and Custodian. The Board reviewed and unanimously accepted the Executive Committee Charter. The Board reviewed and unanimously accepted the IPAIT Investment Policy, IPAIT Administrative Fund Investment Policy, and the IPAIT Shadow Pricing Policy. 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 2026 and 2027. The meeting was adjourned at 11:38 a.m. The Board unanimously approved for payment, the following schedule of bills: Ahlers & Cooney, PC $1,944; Auditor of State $250; Eide Bailly $25,100; Jester Insurance $29,441; Mileage Reimbursement $1,057.70; PMA $646,910.67; Lunch $538.52; US Bank $25,143.62; Sponsoring Associations $233,666.61. IOWA PUBLIC AGENCY INVESTMENT TRUST By ________________/s/___________________ Troy DeJoode, Secretary October 22 2025 LIOW0391838