<SEC-DOCUMENT>0001558370-24-009632.txt : 20240628
<SEC-HEADER>0001558370-24-009632.hdr.sgml : 20240628
<ACCEPTANCE-DATETIME>20240628171909
ACCESSION NUMBER:		0001558370-24-009632
CONFORMED SUBMISSION TYPE:	11-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20231231
FILED AS OF DATE:		20240628
DATE AS OF CHANGE:		20240628

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			SAGA COMMUNICATIONS INC
		CENTRAL INDEX KEY:			0000886136
		STANDARD INDUSTRIAL CLASSIFICATION:	RADIO BROADCASTING STATIONS [4832]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				383042953
		STATE OF INCORPORATION:			FL
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		11-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-11588
		FILM NUMBER:		241086930

	BUSINESS ADDRESS:	
		STREET 1:		73 KERCHEVAL AVE
		CITY:			GROSSE POINTE FARMS
		STATE:			MI
		ZIP:			48236
		BUSINESS PHONE:		3138867070

	MAIL ADDRESS:	
		STREET 1:		73 KERCHEVAL AVE
		CITY:			GROSSE POINTE FARMS
		STATE:			MI
		ZIP:			48236
</SEC-HEADER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>sga-20231231x11k.htm
<DESCRIPTION>11-K
<TEXT>
<!--Enhanced HTML document created with Toppan Merrill Bridge  10.6.125.0--><!--Created on: 6/28/2024 09:10:30 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:8.82%;padding-right:8.82%;position:relative;"><div style="margin-top:21.6pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:2pt;padding-bottom:1pt;padding-top:1pt;text-align:center;text-indent:0pt;border-bottom:1.0pt solid #000000;border-top:3.0pt solid #000000;margin:0pt;"><a name="_top"></a><font style="font-size:2pt;font-weight:bold;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><font style="font-weight:bold;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">UNITED STATES</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt;"><b style="font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">Washington, D.C. 20549</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt 0pt 6pt 0pt;"><font style="font-weight:bold;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">_________________</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt 0pt 6pt 0pt;"><font style="font-weight:bold;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">FORM 11-K</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt 0pt 6pt 0pt;"><font style="font-weight:bold;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt 0pt 6pt 0pt;"><b style="font-weight:bold;">_________________</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt 0pt 6pt 0pt;"><font style="font-weight:bold;margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:14.4pt;text-align:center;text-indent:-14.4pt;margin:10.8pt 0pt 0pt 0pt;"><b style="font-family:'Wingdings';font-size:10.5pt;font-weight:bold;">&#254;</b><b style="font-family:'Arial Narrow';font-weight:bold;"> </b><b style="font-weight:bold;">ANNUAL REPORT PURSUANT TO SECTION 15( d ) OF THE SECURITIES EXCHANGE ACT OF 1934 </b><b style="font-weight:bold;"><br></b><font style="font-family:'Arial Narrow';font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:11.6pt 0pt 0pt 0pt;">OR</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:10.94pt 0pt 0pt 0pt;"><b style="font-family:'Wingdings';font-size:10.5pt;font-weight:bold;"> </b><b style="font-family:'Times New Roman';font-size:10.5pt;font-weight:bold;">&#9723;</b><b style="font-family:'Arial Narrow';font-weight:bold;"> </b><b style="font-weight:bold;">TRANSITION REPORT PURSUANT TO SECTION 15( d ) OF THE SECURITIES EXCHANGE ACT OF 1934</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:14.4pt;text-align:center;text-indent:-14.4pt;margin:10.8pt 0pt 0pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:14.4pt;text-align:center;text-indent:-14.4pt;margin:10.8pt 0pt 0pt 0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-left:14.4pt;text-align:center;text-indent:-14.4pt;margin:10.8pt 0pt 0pt 0pt;">For the fiscal year ended December 31, 2023</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:11.6pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.1pt;">Commission File Number 1-11588</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:11.6pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.1pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:11.6pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.1pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:10.8pt 0pt 0pt 0pt;"><b style="font-weight:bold;">Saga Communications, Inc. Employees&#8217; 401(k) Savings and Investment Plan </b><b style="font-weight:bold;"><br></b>(Full title of plan)</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:10.8pt 0pt 0pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">SAGA COMMUNICATIONS, INC.</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;"><font style="white-space:pre-wrap;"> (Name of issuer of the securities held pursuant to plan)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:11.64pt 0pt 0pt 0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:11.6pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.05pt;">73 Kercheval Avenue</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0.8pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.1pt;">Grosse Pointe Farms, Michigan 48236</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0.8pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.1pt;">(Full a</font><font style="letter-spacing:-0.05pt;">ddress of its principal executive office)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt 0pt 6pt 0pt;"><font style="margin-bottom:12pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:1pt;padding-top:1pt;border-bottom:3.0pt solid #000000;border-top:1px solid #000000;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';line-height:0pt;margin:0pt;"><font style="font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;margin-bottom:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.82%;margin-right:8.82%;margin-top:30pt;page-break-after:always;width:82.35%;border-width:0;"><div style="max-width:100%;padding-left:8.82%;padding-right:8.82%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0pt 12pt 0pt;">REQUIRED INFORMATION</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">THE SAGA COMMUNICATIONS, INC. EMPLOYEES&#8217; 401(K) SAVINGS AND INVESTMENT PLAN IS SUBJECT TO THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974 (ERISA). IN LIEU OF THE REQUIREMENTS OF ITEMS 1, 2 AND 3 OF FORM 11-K FOR ANNUAL REPORTS, THE FINANCIAL STATEMENTS AND SCHEDULES OF THE PLAN FOR THE TWO YEARS ENDED December 31, 2023 and 2022, WHICH HAVE BEEN PREPARED IN ACCORDANCE WITH THE FINANCIAL REPORTING REQUIREMENTS OF ERISA, ARE INCLUDED IN THIS REPORT.</p><p style="display:none;font-family:'Times New Roman','Times','serif';line-height:0pt;margin:0pt;"><font style="font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:43.2pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">2</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.82%;margin-right:8.82%;margin-top:30pt;page-break-after:always;width:82.35%;border-width:0;"><div style="max-width:100%;padding-left:8.82%;padding-right:8.82%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:9.95pt;text-align:center;margin:0.5pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.1pt;">Saga Communications, Inc.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:9.95pt;text-align:center;margin:0.85pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.05pt;">Employees&#8217; 401(k) Savings and Investment Plan</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:9.95pt;text-align:center;margin:11.64pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.1pt;">Table of Contents</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:9.95pt;text-align:center;margin:11.64pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.05pt;">Financial Statements and Supplemental Schedule</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:9.95pt;text-align:center;margin:11.64pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.1pt;">Years ended December 31, 2023 and 2022</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:9.95pt;text-align:center;margin:22.25pt 0pt 0pt 0pt;"><font style="font-size:9.95pt;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:top;width:89.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:10.14%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr><td style="vertical-align:top;width:89.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:top;width:10.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0.8pt 0pt 0pt;">Page</p></td></tr><tr><td style="vertical-align:top;width:89.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:top;width:10.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:top;width:89.85%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><a href="#Report_Ind_Reg_Pub_Acctg_Firm"><font style="font-style:normal;font-weight:normal;">Report of Independent Registered Public Accounting Firm</font></a></p></td><td style="vertical-align:top;width:10.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0.8pt 0pt 0pt;"><a href="#Report_Ind_Reg_Pub_Acctg_Firm"><font style="font-style:normal;font-weight:normal;">4</font></a></p></td></tr><tr><td style="vertical-align:top;width:89.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:top;width:10.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:top;width:89.85%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">FINANCIAL STATEMENTS:</p></td><td style="vertical-align:top;width:10.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:top;width:89.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><a href="#Stmt_Net_Assets_Avail_Benefits"><font style="font-style:normal;font-weight:normal;">Statements of Net Assets Available for Benefits &#8211; December 31, 2023 and 2022</font></a></p></td><td style="vertical-align:top;width:10.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0.8pt 0pt 0pt;"><a href="#Stmt_Net_Assets_Avail_Benefits"><font style="font-style:normal;font-weight:normal;">5</font></a></p></td></tr><tr><td style="vertical-align:top;width:89.85%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><a href="#Stmt_Chgs_Net_Assets_Avail_Benefits"><font style="font-style:normal;font-weight:normal;">Statements of Changes in Net Assets Available for Benefits &#8211; Years ended December 31, 2023 and 2022</font></a></p></td><td style="vertical-align:top;width:10.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0.8pt 0pt 0pt;"><a href="#Stmt_Chgs_Net_Assets_Avail_Benefits"><font style="font-style:normal;font-weight:normal;">6</font></a></p></td></tr><tr><td style="vertical-align:top;width:89.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><a href="#Notes_to_Financial_Stmts"><font style="font-style:normal;font-weight:normal;">Notes to Financial Statements</font></a></p></td><td style="vertical-align:top;width:10.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0.8pt 0pt 0pt;"><a href="#Notes_to_Financial_Stmts"><font style="font-style:normal;font-weight:normal;">7</font></a></p></td></tr><tr><td style="vertical-align:top;width:89.85%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:top;width:10.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:top;width:89.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">SUPPLEMENTAL SCHEDULE:</p></td><td style="vertical-align:top;width:10.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:top;width:89.85%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><a href="#Sch_H_Assets_Held_at_End_of_Year"><font style="font-style:normal;font-weight:normal;">Schedule H line 4(i) - Schedule of Assets (Held at End of Year)</font></a></p></td><td style="vertical-align:top;width:10.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0.8pt 0pt 0pt;"><a href="#Sch_H_Assets_Held_at_End_of_Year"><font style="font-style:normal;font-weight:normal;">15</font></a></p></td></tr><tr><td style="vertical-align:top;width:89.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:top;width:10.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:top;width:89.85%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Other Information:</p></td><td style="vertical-align:top;width:10.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:top;width:89.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><a href="#Exhibit_index"><font style="font-style:normal;font-weight:normal;">Exhibit Index</font></a></p></td><td style="vertical-align:top;width:10.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0.8pt 0pt 0pt;"><a href="#Exhibit_index"><font style="font-style:normal;font-weight:normal;">16</font></a></p></td></tr><tr><td style="vertical-align:top;width:89.85%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><a href="#Signature"><font style="font-style:normal;font-weight:normal;">Signatures</font></a></p></td><td style="vertical-align:top;width:10.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0.8pt 0pt 0pt;"><a href="#Signature"><font style="font-style:normal;font-weight:normal;">17</font></a></p></td></tr><tr><td style="vertical-align:top;width:89.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><a style="font-family:&quot;'Times New Roman','Times','serif'&quot;;" href="sga-20231231xex23d1.htm"><font style="font-family:'Times New Roman','Times','serif';font-style:normal;font-weight:normal;">Consent of Independent Registered Public Accounting Firm</font></a></p></td><td style="vertical-align:top;width:10.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><a name="Report_Ind_Reg_Pub_Acctg_Firm"></a><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:43.2pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">3</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.82%;margin-right:8.82%;margin-top:30pt;page-break-after:always;width:82.35%;border-width:0;"><div style="max-width:100%;padding-left:8.82%;padding-right:8.82%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.15pt;text-align:center;margin:0pt;"><b style="font-weight:bold;letter-spacing:-0.1pt;">Report of Independent Registered Public Accounting Firm</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.69pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.05pt;">To the Plan Administrator and Plan Participants of</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:0pt;"><font style="letter-spacing:-0.1pt;">Saga Communications, Inc.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:0pt;"><font style="letter-spacing:-0.05pt;">Employees&#8217; 401(k) Savings and Investment Plan</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.15pt;margin:11.55pt 0pt 0pt 0pt;"><b style="font-weight:bold;letter-spacing:-0.1pt;">Opinion on the Financial Statements</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.69pt 0pt 0pt 0pt;">We have audited the accompanying statements of net assets available for benefits of the Saga Communications, Inc. Employees&#8217; 401(k) Savings and Investment Plan (the &#8220;Plan&#8221;) as of December 31, 2023 and 2022, and the related statements of changes in net assets available for benefits for the years then ended, and the related notes and supplemental schedule (collectively referred to as &#8220;the financial statements&#8221;). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2023 and 2022, and the changes in net assets available for benefits for the years then ended, in conformity with accounting principles generally accepted in the United States of America.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.15pt;margin:11.55pt 0pt 0pt 0pt;"><b style="font-weight:bold;letter-spacing:-0.05pt;">Basis for Opinion</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.69pt 0pt 0pt 0pt;">These financial statements are the responsibility of the Plan&#8217;s management. Our responsibility is to express an opinion on the Plan&#8217;s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.8pt 0pt 0pt 0pt;">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Plan is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Plan&#8217;s internal control over financial reporting. Accordingly, we express no such opinion.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.8pt 0pt 0pt 0pt;">Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.15pt;margin:11.55pt 0pt 0pt 0pt;"><b style="font-weight:bold;letter-spacing:-0.1pt;">Supplemental Information</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.69pt 0pt 24pt 0pt;">The accompanying supplemental schedule of assets (held at end of year) as of December 31, 2023 has been subjected to audit procedures performed in conjunction with the audit of the Plan&#39;s financial statements. The supplemental information is the responsibility of the Plan&#39;s management. Our audit procedures included determining whether the supplemental information reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental information. In forming our opinion on the supplemental information, we evaluated whether the supplemental information, including its form and content, is presented in conformity with the Department of Labor&#39;s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental information is fairly stated, in all material respects, in relation to the financial statements as a whole.</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:99.9%;"><tr><td style="vertical-align:top;width:24.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:22.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:44.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:8.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:24.13%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">/s/ UHY LLP</p></td><td style="vertical-align:top;width:22.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:44.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:8.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:46.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:44.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:8.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:46.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">We have served as the Company&#8217;s auditor since 2016.</p></td><td style="vertical-align:top;width:44.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:8.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td colspan="2" style="vertical-align:bottom;width:46.47%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:44.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:8.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:24.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Sterling Heights, Michigan</p></td><td style="vertical-align:top;width:22.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:44.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:8.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:24.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:22.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:44.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:8.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:24.13%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">June 28, 2024</p></td><td style="vertical-align:top;width:22.34%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:44.68%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:8.83%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:1.35pt 0pt 0pt 0pt;"><font style="font-size:10.8pt;letter-spacing:-0.05pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';line-height:0pt;margin:0pt;"><font style="font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:43.2pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">4</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.82%;margin-right:8.82%;margin-top:30pt;page-break-after:always;width:82.35%;border-width:0;"><div style="max-width:100%;padding-left:8.82%;padding-right:8.82%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:9.9pt;text-align:center;margin:0.5pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.1pt;">Saga Communications, Inc.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:9.9pt;text-align:center;margin:0.89pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.05pt;">Employees&#8217; 401(k) Savings and Investment Plan</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:9.9pt;text-align:center;margin:11.69pt 0pt 5.8pt 0pt;"><font style="letter-spacing:-0.05pt;">Statements of Net Assets Available for Benefits</font><a name="Stmt_Net_Assets_Avail_Benefits"></a></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:69.11%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:11.98%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:12.12%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:0.98%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:69.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td colspan="6" style="vertical-align:bottom;width:28.75%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 5.8pt 0pt 0pt;"><b style="font-weight:bold;">December 31,</b></p></td><td style="vertical-align:bottom;width:0.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;width:69.11%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;width:13.14%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 1.8pt 0pt 0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;width:1.16%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;width:1.16%;border-bottom:1.0pt solid 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style="vertical-align:bottom;width:12.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:0.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:69.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Investments, at fair value</p></td><td style="vertical-align:bottom;width:1.15%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 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style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:12.12%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:0.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:69.11%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 18pt;">Employer contributions</p></td><td 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0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;border-bottom:6.75pt double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;width:12.12%;background:#cceeff;border-bottom:6.75pt double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">38,573,564</p></td><td style="vertical-align:bottom;width:0.98%;background:#cceeff;border-bottom:6.75pt double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-style:italic;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New 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style="vertical-align:bottom;width:69.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.07%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;width:13.05%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 1.8pt 0pt 0pt;"><b style="font-weight:bold;">2023</b></p></td><td style="vertical-align:bottom;width:1.25%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;width:1.07%;border-bottom:1.0pt solid 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style="vertical-align:bottom;width:1.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.07%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:12.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td 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Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.07%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:12.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:69.03%;margin:0pt;padding:0pt;"><p 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style="vertical-align:bottom;width:1.07%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:12.03%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">5,199,080</p></td><td style="vertical-align:bottom;width:1.32%;border-bottom:1px solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:69.03%;background:#cceeff;margin:0pt;padding:0pt;"><p 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0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.07%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:12.03%;background:#cceeff;border-top:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">5,199,080</p></td><td style="vertical-align:bottom;width:1.32%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:69.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.07%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:11.89%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.25%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.07%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:12.03%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.32%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:69.03%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 9pt;">Net increase (decrease) in net assets</p></td><td style="vertical-align:bottom;width:1.07%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:11.89%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">5,130,697</p></td><td style="vertical-align:bottom;width:1.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.07%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td 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Roman','Times','serif';line-height:0pt;margin:0pt;"><font style="font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:352.2pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">6</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.82%;margin-right:8.82%;margin-top:30pt;page-break-after:always;width:82.35%;border-width:0;"><div style="max-width:100%;padding-left:8.82%;padding-right:8.82%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.1pt;text-align:center;margin:0pt;"><font style="letter-spacing:-0.1pt;">Saga Communications, Inc.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.1pt;text-align:center;margin:0.69pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.05pt;">Employees&#8217; 401(k) Savings and Investment Plan</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.1pt;text-align:center;margin:11.5pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.05pt;">Notes to Financial Statements</font><a name="Notes_to_Financial_Stmts"></a></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.1pt;text-align:center;margin:11.5pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.1pt;">Years ended December 31, 2023 and 2022</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.15pt;margin:11.5pt 0pt 0pt 0pt;"><b style="font-weight:bold;letter-spacing:-0.1pt;">1. Description of Plan</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.75pt 0pt 0pt 0pt;">The following description of Saga Communications, Inc. Employees&#8217; 401(k) Savings and Investment Plan (the &#8220;Plan&#8221;) provides only general information. Saga Communications, Inc. (the &#8220;Company&#8221;) is the plan sponsor. Participants should refer to the summary plan description for more complete information.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.15pt;margin:11.5pt 0pt 0pt 0pt;"><b style="font-weight:bold;">General</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.75pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.1pt;">The Plan is a defined contribution plan which includes, as participants, all eligible employees who have completed 90 days of employment and reached the age of twenty-one. &#160;Beginning in September 2022, all newly hired eligible employees are automatically enrolled to defer 3% of their pay unless they choose a different amount. &#160;The Plan is administered by the Company and is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (&#8220;ERISA&#8221;). &#160;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Prudential Financial, Inc. (&#8220;Prudential&#8221;), the former trustee and recordkeeper for the Plan, was acquired by Empower on April 4, 2022. &#160;There were no significant changes to the plan as a result of this acquisition. &#160;Prudential/Empower was the Plan&#8217;s trustee and recordkeeper for the period January 1, 2022 to August 31, 2022. &#160;Principal Financial Group (&#8220;Principal&#8221;) is the Plan&#8217;s trustee and recordkeeper as of September 1, 2022. &#160;The plan administrator has overall responsibility for the operation and administration of the Plan. &#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.75pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.1pt;">The Plan was amended effective June 24, 2021 to update the default investment selection to the Prudential GoalMaker asset allocation program which bases participants&#8217; default allocation on age. &#160;This default investment was made in accordance with specific results under which the fiduciaries of the Plan, including the Company, the trustee and the plan administrator, will be relieved of any legal liability for any losses resulting from the default investments. &#160;This amendment did not have an impact on the Plan&#8217;s financial statements. In September 2022, the default investment selection was changed to RetireView by Principal. &#160;The plan sponsor, with information and recommendations from its financial professional, selects the investment options that will be used to populate the RetireView models. &#160;These models are reviewed annually and adjustments are made if necessary. </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.75pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.1pt;">The Setting Every Community Up for Retirement Enhancement Act 2.0 of 2022 (the SECURE Act 2.0) was signed into law December 29, 2022. This law, among other things, includes several required and optional provisions that will impact employee benefit plans that go into effect at various times through 2027. The provisions that were required to be implemented on or after December 29, 2022 are: 1) the change of the RMD age from 72 to 73, 2) a reduction in the excise tax due for failure to take a RMD, 3) the ability for fiduciaries to not have to recoup inadvertent overpayments to plan participants (though the Plan must still be made whole), and 4) limits the time to recontribute amounts taken for qualified birth or adoption distributions from an unlimited time period to 3 years. The optional provisions that could be implemented on or after December 29, 2022 are: 1) the ability to give de minimimis incentives to boost employee participation in an employee benefit plan, 2) to allow employer match or non-elective contributions to be to made on a Roth basis, 3) to allow an employer to elect if hardship withdrawals can be self-certified by participants, and 4) to allow for distributions related to disasters and terminal illness.&#160; </font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.75pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.1pt;">The Plan has elected to adopt the following provisions of the Secure Act 2.0.&#160; </font><font style="letter-spacing:-0.1pt;">The Plan will be amended for any provisions elected in accordance with applicable law and IRS guidance.</font></p><div style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><font style="display:inline-block;min-width:18pt;white-space:nowrap;">&#9679;</font><font style="letter-spacing:-0.1pt;">Allow participants to self-certify they have an event that constitutes a hardship</font></div><div style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><font style="display:inline-block;min-width:18pt;white-space:nowrap;">&#9679;</font><font style="letter-spacing:-0.1pt;">Allow participants to take a disaster-related distribution</font></div><div style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-left:18pt;margin-top:0pt;text-align:justify;text-indent:0pt;"><font style="display:inline-block;min-width:18pt;white-space:nowrap;">&#9679;</font><font style="letter-spacing:-0.1pt;">Allow participants to take a distribution from the Plan if they have been diagnosed with a terminal illness</font></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><font style="font-weight:bold;letter-spacing:-0.1pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:93.6pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">7</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.82%;margin-right:8.82%;margin-top:30pt;page-break-after:always;width:82.35%;border-width:0;"><div style="max-width:100%;padding-left:8.82%;padding-right:8.82%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.1pt;text-align:center;margin:0pt;"><font style="letter-spacing:-0.1pt;">Saga Communications, Inc.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.1pt;text-align:center;margin:0.69pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.05pt;">Employees&#8217; 401(k) Savings and Investment Plan</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.1pt;text-align:center;margin:11.5pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.05pt;">Notes to Financial Statements (continued)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Restatement</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Effective January 1, 2022, the Plan was amended and restated to the IRS approved third submission restatement. &#160;On September 1, 2022, a new trustee and record keeper were appointed and the Plan was transitioned to an amended and restated IRS approved document. &#160;Plan assets were transferred to the new trustee into funds comparable to those offered by the previous trustee. &#160;The conversion initiated a blackout period beginning August 29, 2022 through September 18, 2022. &#160;During the blackout period, funds could not be applied to the employee-selected funds with the trustee or withdrawn from the Plan until the trustee could accurately complete the conversion. &#160;During this period, employee contributions continued to be made through payroll deductions, and the contributions were deposited and held in the Plan&#8217;s designated conversion account until completion of the blackout period. &#160;At the end of the blackout period, such funds were transferred to the investment options requested by each participant. &#160;No significant changes were made as a result of the restatement and transition. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.15pt;margin:11.5pt 0pt 0pt 0pt;"><b style="font-weight:bold;letter-spacing:-0.1pt;">Contributions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.75pt 0pt 0pt 0pt;">Contributions to participants&#8217; accounts are effected through voluntary payroll deductions. Participants may contribute 1% - 50% of their compensation. Annual contributions for each participant are subject to the participation and discrimination standards of Internal Revenue Code Section 401(k). &#160;Participants who have attained age 50 before the end of the Plan year are eligible to make catch-up contributions. &#160;Beginning in September 2022, participants were able to designate all or a portion of their 401(k) elective deferral contributions as pre-tax elective deferral contributions or Roth elective deferral contributions. &#160;No reduction was required for corrective distributions of excess contributions and related earnings for the years ended December 31, 2023 and 2022, in order to meet the necessary compliance requirements under ERISA and IRS rules. &#160;If any refunds were made for 2023 and 2022 they would be presented in the statement of changes in net assets available for benefits for the related year.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.1pt;margin:11.5pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.05pt;">Upon enrollment, a participant may direct their contributions to any of the Plan&#8217;s fund options.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.8pt 0pt 0pt 0pt;">The Company may make discretionary matching contributions to the Plan, which are contributed in the form of Saga Communications, Inc. Class A Common Stock. The participant may immediately transfer those dollars to other investment options.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.8pt 0pt 0pt 0pt;">For the 2023 and 2022 plan years, the Company made discretionary contributions of $267,689 and $256,401, respectively, which was allocated to participants up to a maximum of 25% of the first 7.5% of qualified earnings contributed by the participant for the related plan year, not to exceed $1,200 for those participants employed at the end of the 2023 and 2022 plan year.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.8pt 0pt 0pt 0pt;"><b style="font-weight:bold;letter-spacing:-0.05pt;">Participant Accounts</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.75pt 0pt 0pt 0pt;">Each participant&#8217;s account is credited with the participant&#8217;s contributions and allocations of the Company&#8217;s discretionary contributions and Plan earnings. The benefit to which a participant is entitled is the benefit that can be provided from the participant&#8217;s account.</p><p style="display:none;font-family:'Times New Roman','Times','serif';line-height:0pt;margin:0pt;"><font style="font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:93.6pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">8</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.82%;margin-right:8.82%;margin-top:30pt;page-break-after:always;width:82.35%;border-width:0;"><div style="max-width:100%;padding-left:8.82%;padding-right:8.82%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:center;margin:0pt;"><font style="letter-spacing:-0.1pt;">Saga Communications, Inc.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:center;margin:0pt;"><font style="letter-spacing:-0.05pt;">Employees&#8217; 401(k) Savings and Investment Plan</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:center;margin:10.8pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.05pt;">Notes to Financial Statements (continued)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:center;margin:10.8pt 0pt 0pt 0pt;"><font style="font-size:10.8pt;letter-spacing:-0.05pt;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.15pt;margin:11.5pt 0pt 0pt 0pt;"><b style="font-weight:bold;letter-spacing:-0.1pt;">Vesting</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.75pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.05pt;">Participants are immediately vested in their contributions and the employer discretionary match plus actual earnings thereon.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.15pt;margin:11.5pt 0pt 0pt 0pt;"><b style="font-weight:bold;letter-spacing:-0.1pt;">Notes Receivable from Participants</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.8pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.1pt;">Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. Loan terms range from 1-5 years or up to 15 years for the purchase of a primary residence. The loans are secured by the balance in the participant&#8217;s account, and bear interest at a rate as determined by the Plan Administrator which approximates the prime interest rate in effect on the first business day of the calendar quarter in which the loan originates plus 1%. &#160;The current range of interest rates for outstanding notes receivable from participants is 4.25% - 9.5%. &#160;Principal and interest are paid ratably through payroll deductions and are credited to the participant&#8217;s account. &#160;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.15pt;margin:11.5pt 0pt 0pt 0pt;"><b style="font-weight:bold;letter-spacing:-0.1pt;">Distributions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.8pt 0pt 0pt 0pt;">Participants or their beneficiaries may receive distributions of their account balances upon the earlier of reaching age 59-1/2, death or termination of service, as defined in the Plan. Further, the Plan Administrator may permit a participant who experiences a qualified financial hardship, as defined in the Plan, to receive a distribution of a portion of the participant&#8217;s account balance. Such distributions are generally made in a lump sum. &#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.15pt;margin:11.5pt 0pt 0pt 0pt;"><b style="font-weight:bold;letter-spacing:-0.1pt;">Plan Termination</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.75pt 0pt 0pt 0pt;">Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provision of ERISA.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.15pt;margin:11.5pt 0pt 0pt 0pt;"><b style="font-weight:bold;letter-spacing:-0.05pt;">Administrative Expenses</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.75pt 0pt 0pt 0pt;">Certain expenses of maintaining the Plan are paid by the Plan, unless otherwise paid by the Company. Expenses paid by the Company are excluded from these financial statements. Fees related to the administration of participant distributions are charged directly to the participant&#8217;s account and are reported as part of benefit payments. &#160;Total administrative expenses for December 31, 2023 and 2022 were $30,989 and $52,746, respectively. &#160;Investment-related expenses are included in net appreciation of fair value of investments. Personnel and facilities of the Company have been used by the Plan for its accounting and other activities at no charge to the Plan.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="white-space:pre-wrap;">The Plan also receives fee concessions from administrative providers which are reported as part of investment income.  These funds are allocated to participant accounts and reported as part of the appreciation in their investments.  Total fee concessions for December 31, 2023 and 2022 were $47,413 and $13,340, respectively.</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';line-height:0pt;margin:0pt;"><font style="font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:199.2pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">9</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.82%;margin-right:8.82%;margin-top:30pt;page-break-after:always;width:82.35%;border-width:0;"><div style="max-width:100%;padding-left:8.82%;padding-right:8.82%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.1pt;text-align:center;margin:0pt;"><font style="letter-spacing:-0.1pt;">Saga Communications, Inc.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.1pt;text-align:center;margin:0.69pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.05pt;">Employees&#8217; 401(k) Savings and Investment Plan</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.1pt;text-align:center;margin:11.5pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.05pt;">Notes to Financial Statements (continued)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.15pt;margin:11.5pt 0pt 0pt 0pt;"><b style="font-weight:bold;letter-spacing:-0.05pt;">2. Significant Accounting Policies</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.15pt;margin:11.44pt 0pt 0pt 0pt;"><b style="font-weight:bold;letter-spacing:-0.05pt;">Basis of Accounting</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.75pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.05pt;">The financial statements have been prepared on the accrual basis of accounting in conformity with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;).</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.15pt;margin:11.5pt 0pt 0pt 0pt;"><b style="font-weight:bold;letter-spacing:-0.05pt;">Payment of Benefits</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.1pt;margin:11.44pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.05pt;">Benefits are recorded when paid.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.15pt;margin:11.5pt 0pt 0pt 0pt;"><b style="font-weight:bold;letter-spacing:-0.05pt;">Notes Receivable from Participants</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.75pt 0pt 0pt 0pt;">Notes receivable from participants represent participant loans that are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from participants is recorded when it is earned. No allowance for credit losses had been recorded as of December 31, 2023 and 2022. If a participant ceases to make loan repayments and the plan administrator deems the participant loan to be a distribution, then the participant loan balance is reduced and a benefit payment is recorded.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.15pt;margin:11.5pt 0pt 0pt 0pt;"><b style="font-weight:bold;letter-spacing:-0.05pt;">Investment Valuation and Income Recognition</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.75pt 0pt 0pt 0pt;">The Plan&#8217;s investments are stated at fair value (except for the fully benefit-responsive investment contract, which is reported at contract value). Fair value is based upon the last traded or current bid prices in active markets. Where there are no readily available last traded or current bid prices, fair value estimation procedures are used in determining asset values. These estimation procedures might result in fair values that are different from the values that would exist in a ready market due to the potential subjectivity in the estimates. See Note 3 for a discussion of fair value measurements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.8pt 0pt 0pt 0pt;">Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the ex-dividend date.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.15pt;margin:11.5pt 0pt 0pt 0pt;"><b style="font-weight:bold;letter-spacing:-0.05pt;">Use of Estimates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.75pt 0pt 0pt 0pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes and supplemental schedule. Actual results could differ from those estimates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.75pt 0pt 0pt 0pt;"><b style="font-weight:bold;">Contributions</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.75pt 0pt 0pt 0pt;">Contributions from participants and the associated Company matching contributions are recorded in the year in which the employee contributions are withheld from compensation. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="display:none;font-family:'Times New Roman','Times','serif';line-height:0pt;margin:0pt;"><font style="font-size:0pt;visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:136.8pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt;">10</p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-bottom:30pt;margin-left:8.82%;margin-right:8.82%;margin-top:30pt;page-break-after:always;width:82.35%;border-width:0;"><div style="max-width:100%;padding-left:8.82%;padding-right:8.82%;position:relative;"><div style="margin-top:30pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.1pt;text-align:center;margin:0pt;"><font style="letter-spacing:-0.1pt;">Saga Communications, Inc.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.1pt;text-align:center;margin:0.69pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.05pt;">Employees&#8217; 401(k) Savings and Investment Plan</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.1pt;text-align:center;margin:11.5pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.05pt;">Notes to Financial Statements (continued)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Recently Adopted Accounting Standards</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-family:'Aptos';font-weight:bold;visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">Effective January 1, 2023, the Plan adopted accounting standards update (ASU) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (FASB ASC 326), which significantly changed how entities measure credit losses for most financial assets.&#160; The most significant change in the standard is a shift from the incurred loss methodology to an expected loss methodology.&#160; Financial assets held by the Plan that are subject to the guidance in FASB ASC 326 were employer contributions receivable.&#160; There was no material impact to the financial statements as a result of the adoption of ASU 2016-13.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.15pt;margin:11.5pt 0pt 0pt 0pt;"><b style="font-weight:bold;letter-spacing:-0.05pt;">3. Fair Value Measurements</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.75pt 0pt 0pt 0pt;">Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. 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The mutual funds held by the Plan are deemed to be actively traded.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.15pt;text-align:justify;margin:11.5pt 0pt 0pt 0pt;"><i style="font-style:italic;letter-spacing:-0.05pt;white-space:pre-wrap;">     </i><i style="font-style:italic;letter-spacing:-0.05pt;">Saga Common Stock&#8211; </i><font style="letter-spacing:-0.05pt;">The Saga common stock is the Company&#8217;s Class A common stock valued at the closing price reported on the NASDAQ exchange.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;text-align:justify;margin:10.75pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.1pt;">The methods described above may produce a fair value calculation that may not be indicative of net realizable value or reflective of future values. 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style="vertical-align:bottom;width:37.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:11.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><div 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style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:2.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:11.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:11.78%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:37.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td colspan="14" style="vertical-align:bottom;width:60.53%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 13.8pt 0pt 0pt;"><b style="font-weight:bold;">Assets at Fair Value as of December 31, 2023</b></p></td><td style="vertical-align:bottom;width:1%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;width:37.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;width:12.85%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 1.8pt 0pt 0pt;"><b style="font-weight:bold;">Level 1</b></p></td><td style="vertical-align:bottom;width:1.16%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;width:1.16%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;width:13.87%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 1.8pt 0pt 0pt;"><b style="font-weight:bold;">Level 2</b></p></td><td style="vertical-align:bottom;width:1.16%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;width:1.16%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td colspan="2" 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0pt;"><b style="font-weight:bold;">Total</b></p></td><td style="vertical-align:bottom;width:1%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;width:37.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td colspan="2" style="vertical-align:bottom;width:12.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 1.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td colspan="2" style="vertical-align:bottom;width:13.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 1.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td colspan="2" style="vertical-align:bottom;width:13.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New 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0pt;">&#160;</p></td><td style="vertical-align:bottom;width:2.61%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;width:11.25%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">&#8212;</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;width:11.78%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">30,071,622</p></td><td style="vertical-align:bottom;width:1%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:37.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0.8pt 0pt 0pt;">Saga Common Stock</p></td><td style="vertical-align:bottom;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;border-bottom:1.0pt solid 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Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:11.25%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">&#8212;</p></td><td style="vertical-align:bottom;width:1.16%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:2.61%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:11.25%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">&#8212;</p></td><td style="vertical-align:bottom;width:1.16%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:11.78%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">3,148,399</p></td><td style="vertical-align:bottom;width:1%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:37.31%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0.8pt 0pt 0pt;">Investments at fair value</p></td><td style="vertical-align:bottom;width:1.15%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;border-bottom:6.75pt double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;width:11.69%;background:#cceeff;border-bottom:6.75pt double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">33,220,021</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;border-bottom:6.75pt double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;border-bottom:6.75pt double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:2.61%;background:#cceeff;border-bottom:6.75pt double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;width:11.25%;background:#cceeff;border-bottom:6.75pt double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">&#8212;</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;border-bottom:6.75pt double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;border-bottom:6.75pt double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:2.61%;background:#cceeff;border-bottom:6.75pt double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;width:11.25%;background:#cceeff;border-bottom:6.75pt double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">&#8212;</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;border-bottom:6.75pt double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;border-bottom:6.75pt double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;border-bottom:6.75pt double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;width:11.78%;background:#cceeff;border-bottom:6.75pt double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">33,220,021</p></td><td style="vertical-align:bottom;width:1%;background:#cceeff;border-bottom:6.75pt double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;width:100%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:37.31%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.15%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:11.69%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:2.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:11.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:2.61%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:11.25%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:11.86%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td><td style="vertical-align:bottom;width:0.92%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"></div></div></td></tr><tr><td style="vertical-align:bottom;width:37.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td colspan="14" style="vertical-align:bottom;width:60.61%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 13.8pt 0pt 0pt;"><b style="font-weight:bold;">Assets at Fair Value as of December 31, 2022</b></p></td><td style="vertical-align:bottom;width:0.92%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;width:37.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;width:12.85%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 1.8pt 0pt 0pt;"><b style="font-weight:bold;">Level 1</b></p></td><td style="vertical-align:bottom;width:1.16%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;width:1.16%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;width:13.87%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:0pt 1.8pt 0pt 0pt;"><b style="font-weight:bold;">Level 2</b></p></td><td style="vertical-align:bottom;width:1.16%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td style="vertical-align:bottom;width:1.16%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td><td colspan="2" style="vertical-align:bottom;width:13.87%;border-bottom:1.0pt solid 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style="vertical-align:bottom;width:0.92%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><b style="font-weight:bold;">&#160;</b></p></td></tr><tr><td style="vertical-align:bottom;width:37.31%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td colspan="2" style="vertical-align:bottom;width:12.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 1.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td colspan="2" style="vertical-align:bottom;width:13.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 1.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td colspan="2" style="vertical-align:bottom;width:13.87%;margin:0pt;padding:0pt;"><p style="font-family:'Times New 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Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0.8pt 0pt 0pt;">Mutual Funds</p></td><td style="vertical-align:bottom;width:1.15%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;width:11.69%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">25,973,686</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td 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Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:11.25%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">&#8212;</p></td><td style="vertical-align:bottom;width:1.16%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;border-bottom:1.0pt solid transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:2.61%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td 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Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;width:11.69%;background:#cceeff;border-bottom:6.75pt double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">28,995,486</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;border-bottom:6.75pt double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;border-bottom:6.75pt double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:2.61%;background:#cceeff;border-bottom:6.75pt double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;width:11.25%;background:#cceeff;border-bottom:6.75pt double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">&#8212;</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;border-bottom:6.75pt double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;border-bottom:6.75pt double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:2.61%;background:#cceeff;border-bottom:6.75pt double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;width:11.25%;background:#cceeff;border-bottom:6.75pt double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">&#8212;</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;border-bottom:6.75pt double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;border-bottom:6.75pt double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;border-bottom:6.75pt double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">$</p></td><td style="vertical-align:bottom;width:11.86%;background:#cceeff;border-bottom:6.75pt double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">28,995,486</p></td><td style="vertical-align:bottom;width:0.92%;background:#cceeff;border-bottom:6.75pt double transparent;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">&#160;</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">&#160;</p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:180pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New 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Roman','Times','serif';font-size:10pt;line-height:10.1pt;text-align:center;margin:0.69pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.05pt;">Employees&#8217; 401(k) Savings and Investment Plan</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.1pt;text-align:center;margin:11.5pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.05pt;">Notes to Financial Statements (continued)</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.15pt;margin:11.5pt 0pt 0pt 0pt;"><b style="font-weight:bold;letter-spacing:-0.05pt;">4. 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Fund</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:31.17%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Mutual Fund</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">3,609,130</p></td><td style="vertical-align:bottom;width:1.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:3.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:38.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Morgan Stanley Institutional Advantage I Fund</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:31.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Mutual Fund</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">3,464,621</p></td><td style="vertical-align:bottom;width:1.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.15%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:38.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Thornburg Strategic Income T6 Fund</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:31.17%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Mutual Fund</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">2,820,113</p></td><td style="vertical-align:bottom;width:1.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:3.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:38.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Fidelity Advisor Total Bond I Fund</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:31.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Mutual Fund</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">2,730,954</p></td><td style="vertical-align:bottom;width:1.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.15%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:38.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Fidelity 500 Index Fund</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:31.17%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Mutual Fund</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">2,647,050</p></td><td style="vertical-align:bottom;width:1.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:3.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:38.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Fidelity International Index Fund</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:31.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Mutual Fund</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">2,104,849</p></td><td style="vertical-align:bottom;width:1.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.15%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:38.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Fidelity US Bond Index Fund</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:31.17%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Mutual Fund</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">2,027,774</p></td><td style="vertical-align:bottom;width:1.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:3.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:38.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Fidelity Mid Cap Index Fund</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:31.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Mutual Fund</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">1,264,751</p></td><td style="vertical-align:bottom;width:1.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.15%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:38.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Allspring Special Mid Cap Value A Fund</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:31.17%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Mutual Fund</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">1,111,993</p></td><td style="vertical-align:bottom;width:1.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:3.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:38.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">BlackRock Mid-Cap Growth Equity Portfolio Institutional Fund</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:31.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Mutual Fund</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">1,026,701</p></td><td style="vertical-align:bottom;width:1.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.15%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:38.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Fidelity Advisor Small Cap Value I Fund</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:31.17%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Mutual Fund</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">955,875</p></td><td style="vertical-align:bottom;width:1.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:3.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:38.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Fidelity Small Cap Index Fund</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:31.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Mutual Fund</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">914,481</p></td><td style="vertical-align:bottom;width:1.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.15%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:38.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Putnam Small Cap Growth A Fund</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:31.17%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Mutual Fund</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">781,146</p></td><td style="vertical-align:bottom;width:1.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:3.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:38.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">American Funds New Work R2 Fund</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:31.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Mutual Fund</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">608,678</p></td><td style="vertical-align:bottom;width:1.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.15%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:38.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Cohen &amp; Steers Realty Shares Fund</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:31.17%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Mutual Fund</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">40,141</p></td><td style="vertical-align:bottom;width:1.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.15%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:38.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:31.17%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:9.98%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:bottom;width:1.14%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;"><font style="margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr><td style="vertical-align:bottom;width:3.09%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">*</p></td><td style="vertical-align:bottom;width:1.15%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:38.93%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Saga Communications, Inc.</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:31.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Common Stock</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:9.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:9.98%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 0.8pt 0pt 0pt;">3,148,399</p></td><td style="vertical-align:bottom;width:1.14%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td></tr><tr><td style="vertical-align:bottom;width:3.09%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">*</p></td><td style="vertical-align:bottom;width:1.15%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:38.93%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Participant loans receivable</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:31.17%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">Interest rates 4.25% - 9.5%</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:9.86%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:9.98%;background:#cceeff;border-bottom:1px solid 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style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:31.17%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:9.86%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0.8pt 0pt 0pt;">&#160;</p></td><td style="vertical-align:bottom;width:1.16%;border-bottom:3px double 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style="border-collapse:collapse;font-size:16pt;height:max-content;padding-left:0pt;padding-right:0pt;table-layout:auto;width:103.58%;"><tr style="height:1pt;"><td style="vertical-align:top;width:1.16%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:4.14%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td><td style="vertical-align:top;width:94.68%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"></div></div></td></tr><tr style="height:12.85pt;"><td style="vertical-align:top;width:1.16%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 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5.4pt;"><div style="height:1.1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:12.63%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1.1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:2.52%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1.1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New 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style="vertical-align:top;width:19.37%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:3.36%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:12.63%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.52%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:42.95%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;">SAGA COMMUNICATIONS, INC. 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style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.52%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:42.95%;border-top:1.0pt solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:5pt;margin:6pt 64.8pt 0pt 0pt;">Annette Calcaterra </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1pt;margin:10.8pt 64.8pt 0pt 0pt;">Vice President of Human Resources</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1pt;margin:10.8pt 64.8pt 0pt 0pt;">and Plan Administrator</p></td><td style="vertical-align:top;width:19.13%;margin:0pt;padding:0pt 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Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.52%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:42.95%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:19.13%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:24.05pt;"><td style="vertical-align:top;width:19.37%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 0pt 0pt 0pt;">Date: June 28, 2024</p></td><td style="vertical-align:top;width:3.36%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:12.63%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.52%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:42.95%;border-bottom:1.0pt solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;">/s/ Catherine Bobinski</p></td><td style="vertical-align:top;width:19.13%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:24.05pt;"><td style="vertical-align:top;width:19.37%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:3.36%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:12.63%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.52%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:42.95%;border-top:1.0pt solid #000000;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10pt;margin:0pt;"><font style="letter-spacing:-0.1pt;">Catherine Bobinski</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:0pt;">Senior Vice President and <br>Chief Accounting Officer</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:19.13%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr><tr style="height:24.75pt;"><td style="vertical-align:top;width:19.37%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:3.36%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:12.63%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:2.52%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:42.95%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td><td style="vertical-align:top;width:19.13%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 64.8pt 0pt 0pt;"><font style="font-size:10.8pt;margin-right:0pt;visibility:hidden;">&#8203;</font></p></td></tr></table></div><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p></div><div style="clear:both;display:table;margin-bottom:30pt;min-height:27.35pt;width:100%;"><div style="display:table-cell;vertical-align:bottom;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;margin:12pt 0pt 0pt 0pt;"><font style="text-transform:uppercase;">17</font></p></div></div></div><hr style="background-color:#000000;clear:both;color:#000000;height:2pt;line-height:0;margin-left:8.82%;margin-right:8.82%;margin-top:30pt;page-break-after:avoid;width:82.35%;border-width:0;"></body></html>
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<TYPE>EX-23.1
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<DESCRIPTION>EX-23.1
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<!--Enhanced HTML document created with Toppan Merrill Bridge  10.6.125.0--><!--Created on: 6/28/2024 09:10:28 PM (UTC)--><!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd"><html><head><meta charset="UTF-8"><title></title></head><body><div style="margin-top:30pt;"></div><div style="max-width:100%;padding-left:8.82%;padding-right:8.82%;position:relative;"><div style="clear:both;max-width:100%;position:relative;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><b style="font-weight:bold;">Exhibit 23.1</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="visibility:hidden;">&#8203;</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.05pt;text-align:center;margin:11.44pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.05pt;">Consent of Independent Registered Public Accounting Firm</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:10.8pt;margin:10.8pt 0pt 0pt 0pt;"><font style="letter-spacing:-0.1pt;">We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 333-63321) pertaining to the Saga Communications, Inc. Employees&#8217; 401(k) Savings and Investment Plan of our report dated June 28, 2024 with respect to the financial statements and supplemental schedule of the Saga Communications, Inc. Employees&#8217; 401(k) Savings and Investment Plan included in this Annual Report (Form 11-K) for the year ended December 31, 2023.</font></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:9.95pt;margin:11.55pt 0pt 0pt 0pt;"><font style="font-size:9.95pt;letter-spacing:-0.1pt;text-decoration-line:underline;text-decoration-style:solid;visibility:hidden;">&#8203;</font></p><div align="left"><table style="border-collapse:collapse;font-size:16pt;height:max-content;width:99.9%;"><tr style="height:1pt;"><td style="vertical-align:top;width:25.02%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:62.56%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:7.14%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font style="font-size:1pt;visibility:hidden;">&#8203;</font></p></div></div></td><td style="vertical-align:top;width:5.26%;margin:0pt;padding:0pt 5.4pt 0pt 5.4pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="position:absolute;top:0pt;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><font 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