UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-22525
Managed Portfolio Series
(Exact name of registrant as specified in charter)
615 East Michigan Street
Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)
Brian Wiedmeyer, President
Managed Portfolio Series
c/o U.S. Bank Global Fund Services
777 East Wisconsin Ave., 6th Floor
Milwaukee, WI 53202
(Name and address of agent for service)
(414) 516-1712
Registrant’s telephone number, including area code
Date of fiscal year end: 06/30/2024
Date of reporting period: 06/30/2024
Item 1. Reports to Stockholders.
(a) |
LK Balanced Fund | ||
Institutional Class | LKBLX | ||
Annual Shareholder Report | June 30, 2024 |
Class Name | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment |
Institutional Class | $105 | 1.00% |
Top Contributors | |
↑ | Texas Pacific Land (TPL) |
↑ | Phillips 66 (PSX) |
↑ | Microsoft (MSFT) |
Top Detractors | |
↓ | Hershey Company (HSY) |
↓ | LKQ Corp (LKQ) |
↓ | Pfizer Inc (PFE) |
LK Balanced Fund | PAGE 1 | TSR_AR_56166Y503 |
1 Year | 5 Year | 10 Year | |
Institutional Class (without sales charge) | 10.55 | 7.94 | 6.37 |
S&P 500 TR | 24.56 | 15.05 | 12.86 |
Bloomberg US Aggregate Bond Index | 2.63 | -0.23 | 1.35 |
Lipper Balanced Funds Index | 12.57 | 7.26 | 6.52 |
* | The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. |
Net Assets | $29,776,354 |
Number of Holdings | 56 |
Net Advisory Fee | $80,342 |
Portfolio Turnover | 16% |
Top 10 Issuers | (%) |
United States Treasury Note/Bond | 6.6% |
Berkshire Hathaway | 5.4% |
Texas Pacific Land | 4.8% |
Microsoft | 4.3% |
Arthur J. Gallagher | 3.5% |
Phillips 66 | 3.0% |
Thermo Fisher Scientific | 3.0% |
Aflac | 2.7% |
Alphabet | 2.5% |
HCA Healthcare, Inc. | 2.4% |
LK Balanced Fund | PAGE 2 | TSR_AR_56166Y503 |
LK Balanced Fund | PAGE 3 | TSR_AR_56166Y503 |
(b) | Not applicable. |
Item 2. Code of Ethics.
The registrant has adopted a code of ethics that applies to the registrant’s principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.
A copy of the registrant’s Code of Ethics is filed herewith.
Item 3. Audit Committee Financial Expert.
The registrant’s board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. Leonard M. Rush is the “audit committee financial expert” and is considered to be “independent” as each term is defined in Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. “Audit services” refer to performing an audit of the registrant’s annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. “Audit-related services” refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. “Tax services” refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. There were no “Other Services” provided by the principal accountant. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.
FYE 06/30/2024 | FYE 06/30/2023 | |
(a) Audit Fees | $17,250 | $16,750 |
(b) Audit-Related Fees | $0 | $0 |
(c) Tax Fees | $3,500 | $3,500 |
(d) All Other Fees | $0 | $0 |
(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.
(e)(2) The percentage of fees billed by Cohen & Company applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:
FYE 06/30/2024 | FYE 06/30/2023 | |
Audit-Related Fees | 0% | 0% |
Tax Fees | 0% | 0% |
All Other Fees | 0% | 0% |
(f) Not applicable
(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant’s accountant for services to the registrant and to the registrant’s investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.
Non-Audit Related Fees | FYE 06/30/2024 | FYE 06/30/2023 |
Registrant | $0 | $0 |
Registrant’s Investment Adviser | $0 | $0 |
(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser is compatible with maintaining the principal accountant’s independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant’s independence.
(i) Not applicable
(j) Not applicable
Item 5. Audit Committee of Listed Registrants.
Not applicable
Item 6. Investments.
(a) | Schedule of Investments is included within the financial statements filed under Item 7 of this Form. |
(b) | Not applicable |
Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.
(a) |
Page | |||
Shares | Value | |||||
COMMON STOCKS - 67.6% | ||||||
Communication Services - 4.5% | ||||||
Alphabet - Class C | 4,000 | $ 733,680 | ||||
Walt Disney | 6,000 | 595,740 | ||||
1,329,420 | ||||||
Consumer Discretionary - 5.8% | ||||||
Asbury Automotive Group, Inc.(a) | 3,000 | 683,610 | ||||
LKQ | 12,200 | 507,398 | ||||
MarineMax(a) | 16,910 | 547,377 | ||||
1,738,385 | ||||||
Consumer Staples - 2.6% | ||||||
Crimson Wine Group(a) | 29,000 | 173,130 | ||||
Hershey | 3,300 | 606,639 | ||||
779,769 | ||||||
Energy - 11.0% | ||||||
Chevron | 4,000 | 625,680 | ||||
Civitas Resources | 5,000 | 345,000 | ||||
Phillips 66 | 6,300 | 889,371 | ||||
Texas Pacific Land | 1,950 | 1,431,826 | ||||
3,291,877 | ||||||
Financials - 18.9% | ||||||
Aflac | 9,000 | 803,790 | ||||
Arthur J. Gallagher | 4,000 | 1,037,240 | ||||
Berkshire Hathaway - Class A(a) | 2 | 1,224,482 | ||||
Berkshire Hathaway - Class B(a) | 1,000 | 406,800 | ||||
Brookfield Asset Management | 5,250 | 199,762 | ||||
Brookfield Corp. | 7,000 | 290,780 | ||||
Cullen/Frost Bankers | 5,500 | 558,965 | ||||
Fifth Third Bancorp | 18,000 | 656,820 | ||||
Nelnet, Inc. - Class A | 4,500 | 453,870 | ||||
5,632,509 | ||||||
Health Care - 14.1% | ||||||
Charles River Laboratories International(a) | 2,600 | 537,108 | ||||
Elevance Health | 1,000 | 541,860 | ||||
Enovis Corp.(a) | 10,000 | 452,000 | ||||
HCA Healthcare, Inc. | 2,200 | 706,816 | ||||
Johnson & Johnson | 4,500 | 657,720 | ||||
Pfizer | 15,000 | 419,700 | ||||
Thermo Fisher Scientific | 1,600 | 884,800 | ||||
4,200,004 | ||||||
Industrials - 4.6% | ||||||
Canadian Pacific Kansas City | 8,000 | 629,840 | ||||
Lincoln Electric Holdings | 3,100 | 584,784 | ||||
MSC Industrial Direct Co. - Class A | 1,820 | 144,344 | ||||
1,358,968 | ||||||
1 |
Shares | Value | |||||
COMMON STOCKS - (Continued) | ||||||
Information Technology - 5.1% | ||||||
Keysight Technologies(a) | 1,700 | $ 232,475 | ||||
Microsoft | 2,850 | 1,273,808 | ||||
1,506,283 | ||||||
Materials - 1.0% | ||||||
Vulcan Materials | 1,200 | 298,416 | ||||
TOTAL COMMON STOCKS (Cost $9,293,973) | 20,135,631 | |||||
Par | ||||||
CORPORATE BONDS - 22.1% | ||||||
Communication Services - 1.0% | ||||||
TWDC Enterprises 18, 3.00%, 02/13/2026 | $ 325,000 | 313,457 | ||||
Consumer Discretionary - 5.6% | ||||||
Genuine Parts Co., 6.50%, 11/01/2028 | 500,000 | 524,664 | ||||
Lowe's Companies, 3.38%, 09/15/2025 | 500,000 | 488,055 | ||||
Newell Brands, 3.90%, 11/01/2025 | 250,000 | 240,012 | ||||
Tractor Supply, 1.75%, 11/01/2030 | 500,000 | 407,111 | ||||
1,659,842 | ||||||
Consumer Staples - 1.7% | ||||||
JM Smucker, 3.50%, 03/15/2025 | 500,000 | 492,495 | ||||
Financials - 4.8% | ||||||
Charles Schwab, 5.38% to 06/01/2025 then 5 yr. CMT Rate + 4.97%, Perpetual | 500,000 | 495,564 | ||||
Old Republic International, 3.88%, 08/26/2026 | 500,000 | 483,511 | ||||
Prudential Financial, 5.13% to 02/28/2032 then 5 yr. CMT Rate + 3.16%, 03/01/2052 | 500,000 | 465,294 | ||||
1,444,369 | ||||||
Health Care - 3.2% | ||||||
Cardinal Health, 3.50%, 11/15/2024 | 500,000 | 495,733 | ||||
Laboratory Corporation of America Holdings, 1.55%, 06/01/2026 | 500,000 | 464,704 | ||||
960,437 | ||||||
Industrials - 2.4% | ||||||
Boeing, 2.20%, 02/04/2026 | 500,000 | 470,191 | ||||
Hexcel, 4.95%, 08/15/2025 | 250,000 | 247,395 | ||||
717,586 | ||||||
Information Technology - 1.7% | ||||||
Keysight Technologies, 4.55%, 10/30/2024 | 250,000 | 249,332 | ||||
KLA, 4.65%, 11/01/2024 | 250,000 | 249,259 | ||||
498,591 | ||||||
Utilities - 1.7% | ||||||
Black Hills, 1.04%, 08/23/2024 | 500,000 | 496,418 | ||||
TOTAL CORPORATE BONDS (Cost $6,780,087) | 6,583,195 | |||||
2 |
Par | Value | |||||
U.S. TREASURY OBLIGATIONS - 6.6% | ||||||
United States Treasury Note/Bond | ||||||
2.38%, 08/15/2024 | $ 500,000 | $498,109 | ||||
2.25%, 11/15/2024 | 500,000 | 494,228 | ||||
2.00%, 02/15/2025 | 500,000 | 489,785 | ||||
2.75%, 05/15/2025 | 500,000 | 489,734 | ||||
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,973,582) | 1,971,856 | |||||
U.S. GOVERNMENT AGENCY ISSUES - 3.4% | ||||||
Federal Home Loan Bank, 5.00%, 01/26/2034 | 500,000 | 496,424 | ||||
Federal Home Loan Mortgage Corp, 5.63%, 05/15/2034 (b) | 500,000 | 500,460 | ||||
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $1,000,000) | 996,884 | |||||
Shares | ||||||
SHORT-TERM INVESTMENT - 0.2% | ||||||
Money Market Fund - 0.2% | ||||||
First American Government Obligations - Class Z, 5.19%(c) | 47,408 | 47,408 | ||||
TOTAL SHORT-TERM INVESTMENT (Cost $47,408) | 47,408 | |||||
TOTAL INVESTMENTS - 99.9% (Cost $19,095,050) | $29,734,974 | |||||
Other Assets in Excess of Liabilities - 0.1% | 41,380 | |||||
TOTAL NET ASSETS - 100.0% | $29,776,354 | |||||
(a) | Non-income producing security. |
(b) | Step coupon bond. The rate disclosed is as of June 30, 2024. |
(c) | The rate shown represents the 7-day effective yield as of June 30, 2024. |
3 |
ASSETS: | |||
Investments, at value (Cost: $19,095,050) | $29,734,974 | ||
Dividends & interest receivable | 97,436 | ||
Prepaid expenses | 3,759 | ||
Total assets | 29,836,169 | ||
LIABILITIES: | |||
Payable for fund administration & accounting fees | 13,224 | ||
Payable for audit fees | 21,886 | ||
Payable to investment adviser | 7,739 | ||
Payable for trustee fees | 5,341 | ||
Payable for transfer agent fees & expenses | 5,042 | ||
Payable for compliance fees | 2,582 | ||
Accrued expenses | 4,001 | ||
Total liabilities | 59,815 | ||
NET ASSETS | $29,776,354 | ||
NET ASSETS CONSIST OF: | |||
Paid-in capital | $17,336,794 | ||
Total distributable earnings | 12,439,560 | ||
Net assets | $29,776,354 | ||
Shares issued and outstanding(1) | 547,210 | ||
Net asset value, redemption price and offering price per share | $54.41 | ||
(1) | Unlimited shares authorized, without par value. |
4 |
INVESTMENT INCOME: | |||
Dividend income | $ 324,970 | ||
Less: Foreign taxes withheld | (4,209) | ||
Interest income | 399,606 | ||
Total investment income | 720,367 | ||
EXPENSES: | |||
Investment adviser fees (See Note 4) | 214,085 | ||
Fund administration & accounting fees (See Note 4) | 81,716 | ||
Transfer agent fees & expenses (See Note 4) | 25,375 | ||
Trustee fees | 22,498 | ||
Audit fees | 21,883 | ||
Compliance fees (See Note 4) | 15,084 | ||
Legal fees | 11,593 | ||
Federal & state registration fees | 7,461 | ||
Postage & printing fees | 7,119 | ||
Other expenses | 6,942 | ||
Custody fees (See Note 4) | 5,433 | ||
Total expenses before waiver | 419,189 | ||
Less: waiver from investment adviser (See Note 4) | (133,743) | ||
Net expenses | 285,446 | ||
NET INVESTMENT INCOME | 434,921 | ||
REALIZED AND UNREALIZED GAIN ON INVESTMENTS: | |||
Net realized gain on investments | 1,820,986 | ||
Net change in unrealized appreciation/depreciation on investments | 629,431 | ||
Net realized and unrealized gain on investments | 2,450,417 | ||
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS | $2,885,338 | ||
5 |
Year Ended June 30, | ||||||
2024 | 2023 | |||||
OPERATIONS: | ||||||
Net investment income | $434,921 | $341,922 | ||||
Net realized gain on investments | 1,820,986 | 980,306 | ||||
Net change in unrealized appreciation/depreciation on investments | 629,431 | 1,548,330 | ||||
Net increase in net assets resulting from operations | 2,885,338 | 2,870,558 | ||||
CAPITAL SHARE TRANSACTIONS: | ||||||
Proceeds from shares sold | 601,929 | 461,903 | ||||
Proceeds from reinvestment of distributions | 1,764,553 | 1,084,052 | ||||
Payments for shares redeemed | (1,076,680) | (3,664,268) | ||||
Net increase (decrease) in net assets resulting from capital share transactions | 1,289,802 | (2,118,313) | ||||
DISTRIBUTIONS TO SHAREHOLDERS: | (1,778,497) | (1,084,052) | ||||
Total increase (decrease) in net assets | 2,396,643 | (331,807) | ||||
NET ASSETS: | ||||||
Beginning of year | 27,379,711 | 27,711,518 | ||||
End of year | $29,776,354 | $27,379,711 | ||||
6 |
Year Ended June 30, | |||||||||||||||
2024 | 2023 | 2022 | 2021 | 2020 | |||||||||||
PER SHARE DATA: | |||||||||||||||
Net asset value, beginning of year | $52.54 | $49.26 | $59.34 | $45.19 | $50.19 | ||||||||||
INVESTMENT OPERATIONS: | |||||||||||||||
Net investment income | 0.83 | 0.66 | 0.49 | 0.56 | 0.61 | ||||||||||
Net realized and unrealized gain (loss) on investments | 4.48 | 4.59 | (4.29) | 16.63 | (4.01) | ||||||||||
Total from investment operations | 5.31 | 5.25 | (3.80) | 17.19 | (3.40) | ||||||||||
LESS DISTRIBUTIONS FROM: | |||||||||||||||
Net investment income | (1.05) | (0.26) | (0.56) | (0.52) | (0.64) | ||||||||||
Net realized gains | (2.39) | (1.71) | (5.72) | (2.52) | (0.96) | ||||||||||
Total distributions | (3.44) | (1.97) | (6.28) | (3.04) | (1.60) | ||||||||||
Net asset value, end of year | $54.41 | $52.54 | $49.26 | $59.34 | $45.19 | ||||||||||
TOTAL RETURN | 10.55% | 10.72% | (7.50)% | 39.33% | (7.12)% | ||||||||||
SUPPLEMENTAL DATA AND RATIOS: | |||||||||||||||
Net assets, end of year (in millions) | $29.8 | $27.4 | $27.7 | $30.3 | $23.7 | ||||||||||
Ratio of expenses to average net assets: | |||||||||||||||
Before expense waiver | 1.46% | 1.47% | 1.38% | 1.49% | 1.45% | ||||||||||
After expense waiver | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% | ||||||||||
Ratio of net investment income to average net assets: | |||||||||||||||
After expense waiver | 1.52% | 1.22% | 0.86% | 1.02% | 1.18% | ||||||||||
Portfolio turnover rate | 16% | 18% | 14% | 21% | 4% | ||||||||||
7 |
8 |
Level 1 – | Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access. |
Level 2 – | Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data. |
Level 3 – | Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available. |
9 |
Level 1 | Level 2 | Level 3 | Total | |||||||||
Common Stocks | $ 20,135,631 | $ — | $ — | $ 20,135,631 | ||||||||
Corporate Bonds | — | 6,583,195 | — | 6,583,195 | ||||||||
United States Government Bonds | — | 2,968,740 | — | 2,968,740 | ||||||||
Short-Term Investment | 47,408 | — | — | 47,408 | ||||||||
Total Investments in Securities | $20,183,039 | $9,551,935 | $— | $29,734,974 | ||||||||
Expiration | Amount | ||
July 2024 – June 2025 | $115,812 | ||
July 2025 – June 2026 | $131,231 | ||
July 2026 – June 2027 | $133,743 | ||
10 |
Year Ended June 30, | ||||||
2024 | 2023 | |||||
Shares sold | 11,534 | 8,917 | ||||
Shares issued to holders in reinvestment of dividends | 34,776 | 20,896 | ||||
Shares redeemed | (20,177) | (71,296) | ||||
Net increase (decrease) in shares outstanding | 26,133 | (41,483) | ||||
U.S. Government Securities | Other Securities | ||||||||
Purchases | Sales | Purchases | Sales | ||||||
$1,000,000 | $0 | $3,288,396 | $4,446,034 | ||||||
Aggregate Gross Appreciation | Aggregate Gross Depreciation | Net Unrealized Appreciation | Federal Income Tax Cost | ||||||
$11,062,253 | $(422,329) | $10,639,924 | $19,095,050 | ||||||
Undistributed Ordinary Income | Undistributed Long-Term Capital Gains | Net Unrealized Appreciation | Total Distributable Earnings | ||||||
$228,541 | $1,571,095 | $10,639,924 | $12,439,560 | ||||||
Ordinary Income* | Long-Term Capital Gains | Total | ||||
$547,650 | $1,230,847 | $1,778,497 | ||||
Ordinary Income* | Long-Term Capital Gains | Total | ||||
$144,393 | $939,659 | $1,084,052 | ||||
* | For federal income tax purposes, distributions of short-term capital gains are treated as ordinary income. |
11 |
12 |
13 |
14 |
15 |
(b) | Financial Highlights are included within the financial statements filed under Item 7 of this Form.” |
Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.
There were no changes in or disagreements with accountants during the period covered by this report.
Item 9. Proxy Disclosure for Open-End Investment Companies.
There were no matters submitted to a vote of shareholders during the period covered by this report.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.
See Item 7(a).
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
See Item 7(a).
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable to open-end investment companies.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable to open-end investment companies.
Item 15. Submission of Matters to a Vote of Security Holders.
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of trustees.
Item 16. Controls and Procedures.
(a) | The Registrant’s [Principal Executive Officer] and [Principal Financial Officer] have reviewed the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider. |
(b) | There were no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting. |
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies
Not applicable to open-end investment companies.
Item 18. Recovery of Erroneously Awarded Compensation.
Not applicable
Item 19. Exhibits.
(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant’s securities are listed. Not applicable.
(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.
(5) | Change in the registrant’s independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. Not applicable to open-end investment companies and ETFs. |
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith. |
SIGNATURES |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | Managed Portfolio Series |
By (Signature and Title)* | /s/ Brian R. Wiedmeyer | ||
Brian R. Wiedmeyer, President |
Date | 09/04/2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/ Brian R. Wiedmeyer | ||
Brian R. Wiedmeyer, President |
Date | 09/04/2024 |
By (Signature and Title)* | /s/ Benjamin J. Eirich | ||
Benjamin J. Eirich, Treasurer |
Date | 09/04/2024 |
* Print the name and title of each signing officer under his or her signature.