The Sage Capital Core Convertible Arbitrage Fund is a $96.2 million convertible arbitrage fund managed by Peter deLisser, Karen Heston, and Michael Ippolito. The fund employs a bottom-up strategy investing in small and mid-cap convertible securities and hedging with short positions in underlying stocks. Since inception in 1999, the fund has generated total returns of 111.16% and annualized returns of 4.56%, outperforming the Barclay Hedge Fund Index. Key risks include market volatility and illiquidity of smaller convertible securities.

1. Sage Capital Core Convertible Arbitrage Fund
Peter deLisser, Karen Heston, Michael Ippolito
665 South Orange Avenue, Suite 3,
Sarasota, FL 34236 USA
ph. +1-941-952-1032 fax +1-941-952-9033
http://www.sagecap.net
September 2015
Primary Category: Convertible Arbitrage
ANNUAL RETURNS
2011 2012 2013 2014 2015 YTD
Advisor -1.95% 2.96% 3.65% -1.72% 0.28%
Barclay HF -5.48% 8.25% 11.12% 2.88% 0.20%
Funds Managed (Mil.) $ 71.50 $ 71.60 $ 89.20 $ 87.30 $ 96.20
ACCOUNT INFORMATION REWARD/RISK RATIOS
3-Years Cumulative
Mgmt. Fee: 0.85% Open: Open Sharpe Ratio: 0.51 0.73
Incentive Fee: 0.00% High Water: No Sterling Ratio: 0.08 0.08
Min. Acc: $ 5000K Redemptions: Monthly Barclay Ratio: 0.45 0.85
Fund Assets: 96.2M Efficiency Index: 0.54 1.27
PERFORMANCE ANALYSIS GEO. ALLOCATIONS EXPOSURES
Start Date: January 1999 North America: 95% Long: 95%
Total Return Since Inception: 111.16% Western Europe: 0% Short: 45%
Compounded Annual Return: 4.56% Eastern Europe: 0% Net: 50%
Average Monthly ROR: 0.38% Pacific Rim: 0%
Std. Deviation of Monthly ROR: 1.04% Other: 5%
Winning Months: 150 Average Gain: 0.77%
Losing Months: 51 Average Loss: -0.77%
RELATIVE VOLATILITY CORRELATIONS
Loss of 25% or more: 0% Barclay Hedge: 0.63 S&P 500 0.47
Loss of 50% or more: 0% US Treasury Bonds: -0.18 EAFE 0.54
Loss of 75% or more: 0% World Bonds: 0.00
DRAWDOWN REPORT TIME WINDOWS
Length Recovery Length
Depth Start Date End Date Best Worst Average
(Mos.) (Mos.) (Mos.)
14.40% 6 8 May 08 Nov 08 1 3.48% -7.31% 0.38%
3.92% 7 17 Feb 11 Sep 11 3 7.30% -13.54% 1.16%
3.29% 4 7 Dec 04 Apr 05 6 13.69% -14.40% 2.35%
3.14% 8 * May 14 Jan 15 9 19.25% -13.73% 3.55%
3.00% 3 4 May 03 Aug 03 12 22.07% -13.30% 4.77%
2.97% 2 3 Apr 10 Jun 10 18 24.80% -10.98% 7.30%
1.21% 3 5 Apr 04 Jul 04 24 30.48% -8.02% 9.84%
Copyright© 2014 by BarclayHedge, Ltd., 2094 185th St., Suite 1B, Fairfield, IA 52556. Reproduction in any form without permission is forbidden. Reports are based on information and
data supplied by the subjects of each and from other sources, and are believed to be accurate, but must be accepted with no guarantee of completeness or accuracy by the publisher.

2. Sage Capital Core Convertible Arbitrage Fund
September 2015
V A M I vs B A R C L A Y vs S&P 500
RETURNS FOR PRECEDING 12-MO. PERIODS
DISTRIBUTION OF MONTHLY RETURNS
Copyright© 2014 by BarclayHedge, Ltd., 2094 185th St., Suite 1B, Fairfield, IA 52556. Reproduction in any form without permission is forbidden. Reports are based on information and
data supplied by the subjects of each and from other sources, and are believed to be accurate, but must be accepted with no guarantee of completeness or accuracy by the publisher.

3. Sage Capital Core Convertible Arbitrage Fund
September 2015
UP CAPTURE VS S&P 500
DOWN CAPTURE VS S&P 500
LAST 48 MONTHS OF PERFORMANCE
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC YTD
-0.36-0.360.01-0.390.140.640.190.69-0.272015 0.28%
-0.74-0.51-0.64-0.59-0.26-0.14-0.030.210.330.110.450.092014 -1.72%
0.070.200.210.51-0.180.92-0.890.500.840.350.270.802013 3.65%
0.46-0.220.150.380.370.460.30-0.98-0.310.160.801.372012 2.96%
0.18-0.600.71 -1.95%2011
ASSETS UNDER MANAGEMENT FOR THE LAST 48 MONTHS ($ MILLIONS)
JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC
96.291.691.997.297.592.586.986.782.082015
87.39393.4104104.699.9295.395.390.189.889.789.292014
89.289.188.9678.878.473.572.973.568.167.667.372.12013
71.676.376.476.37670.770.470.270.971.17170.42012
71.571.471.82011
Copyright© 2014 by BarclayHedge, Ltd., 2094 185th St., Suite 1B, Fairfield, IA 52556. Reproduction in any form without permission is forbidden. Reports are based on information and
data supplied by the subjects of each and from other sources, and are believed to be accurate, but must be accepted with no guarantee of completeness or accuracy by the publisher.

4. Sage Capital Core Convertible Arbitrage Fund
September 2015
TRADING METHOD
KEY PRINCIPALS - BIO
Copyright© 2014 by BarclayHedge, Ltd., 2094 185th St., Suite 1B, Fairfield, IA 52556. Reproduction in any form without permission is forbidden. Reports are based on information and
data supplied by the subjects of each and from other sources, and are believed to be accurate, but must be accepted with no guarantee of completeness or accuracy by the publisher.
Convertible Arbitrage Strategy: Sage Capital's philosophy has always centered on providing investors with attractive risk-adjusted
returns regardless of broad market direction. We do this by specializing in the convertible securities market, a historically
inefficient sector of the fixed income markets and an attractive venue for raising new capital for industries, big and small.
Convertible arbitrage involves the purchase of convertible debentures or convertible preferred shares and the short sale of a
strategic percentage of the underlying common stock. It may also involve trading in call and put options. A convertible security's
price may be affected by a wide range of factors relating to securities markets and the economy as a whole including issuer credit
quality, security liquidity and market support, the price and volatility of the underlying common stock as well as changes in
prevailing interest rates and credit spreads. Our portfolio is focused on issues from the small to mid capitalization sector of the
convertible market which generally carry higher coupons and lower conversion premiums with elevated stock price volatility.
These issues tend to trade less efficiently and are more apt to be ignored by larger multi-strategy hedge funds. We then select
convertible arbitrage positions employing a bottom-up approach using our proprietary, statistical evaluation criteria while
maintaining diversification with respect to industries, individual holdings and security profiles. Portfolio interest rate risk is also
managed through an active hedging program. There is no incentive fee for this fund.
PETER deLISSER, President and Senior Partner
Education: Brown University, BA, 1973
In 1982, Mr.DeLisser was selected for admission to the Morgan Stanley Training Program in Securities Trading. Upon
graduation, Mr. DeLisser entered the firm's Convertible Securities department as a sales-trader. He spent six years marketing
convertible securities to major U.S. institutions and was part of the group responsible for investing Morgan Stanley's proprietary
capital in convertible arbitrage strategies. In April of 1988, Mr. DeLisser resigned from Morgan Stanley as a Vice President to
create the Sage Capital Limited Partnership Fund. He is the founder, president and senior partner of Sage Capital Management,
LLC, an Investment Advisory firm registered with the SEC and the State of Florida.
KAREN HESTON, Chief Investment Officer, Vice President and Partner
Education: Middlebury College, BA (1981), New York University, MBA (1990)
In 1981, Ms. Heston was selected for admission into Manufacturers Hanover Trust Company's Management Credit Training
Program. Upon graduation, she joined the Bank's Energy Division as a loan credit officer specializing in lending to the oilfield
service industry. In 1985, Ms. Heston transferred to the bank's Interest Rate Swap department. She spent four years marketing
derivative products to financial institutions before leaving the bank to complete her MBA degree. In 1990, Ms. Heston joined the
Interest Rate Derivatives Group of Security Pacific Merchant Bank. In 1991 she was recruited by Societe Generale, NY to join
their newly formed derivatives team as a Vice President and assumed responsibility for marketing interest rate hedge products to
the bank's corporate clients. Ms. Heston left Societe Generale in April 1993 to join Sage Capital as a portfolio manager. She
currently acts as the Chief Investment Officer to all funds and strategies.
MICHAEL IPPOLITO, CFA
Co-Portfolio Manager and Chief Compliance Officer
Vice President and Partner
Education: Washington State University, BA (1986)
In 1987, Mr. Ippolito joined a regional Certified Public Accounting firm in the Seattle, WA area, earning his CPA charter while
there. He assisted both public and private corporations in all audit, accounting and tax related matters. From 1991 through June of
1999, Mr. Ippolito worked in the wealth management industry as a financial consultant with UBS Financial Services. He managed
capital for wealthy individuals, trusts, estates, corporations and pension plans and consulted in all areas of business and personal
financial planning. He earned his Chartered Financial Analyst (CFA) designation in 1999 and is an active member of the CFA
Society of Tampa Bay. He also earned his Certified Financial Planner designation (CFP(R)) in 2008. Mr. Ippolito joined Sage
Capital as a portfolio manager in July 1999 and also acts as the firm's Chief Compliance Officer.

5. Sage Capital Core Convertible Arbitrage Fund
September 2015
ADVISOR, INVESTMENT, OR INFORMATION DISCLAIMER
The funds are unregistered private investment funds or pools that employ different investment, hedging, leverage and
arbitrage methodologies with exposure to many different securities and futures markets. The funds are not subject to the
same regulatory requirements as mutual funds, including mutual funds requirements to provide certain periodic and
standardized pricing and valuation information to investors. You should note the following:
* The funds represent speculative investments and involve a high degree of risk. An investor could lose all or a
substantial portion of his or her investment.
* Any investment in the funds should be discretionary capital set aside strictly for speculative purposes.
* An investment in a fund is not suitable for all investors.
* The funds can be leveraged and a fund's performance can be volatile.
* Some funds may use a single advisor or employ a single strategy, which could mean a lack of diversification
* Some funds may execute a substantial portion of trades on foreign exchanges, which could mean higher risk.
* An investment in the funds may be illiquid and there are significant restrictions on transferring interests in a
fund. There is no secondary market for an investor's investment in a fund and none is expected to develop.
* A fund's fees and expenses - which may be substantial regardless of any positive return - will offset the fund's
trading profits.
* Some funds may involve complex tax structures and delays in distributing important tax information.
* This summary is not a complete list of the risks and other important disclosures involved in investing in the
funds and is subject to the more complete disclosures contained in the fund's respective offering documents,
which should be reviewed carefully.
* All performance information is believed to be Net All Fees unless otherwise specifically noted.
This material is provided for information purposes only as of the date hereof and is subject to change without notice. This
material may not be suitable for all investors and is not intended to be an offer, or the solicitation of any offer, to buy or
sell any securities. No offer or solicitation may be made prior to the delivery of appropriate offering documents to
qualified investors. The information contained herein including investment returns, valuations, fund targets and strategies,
has been supplied by the funds or their agents and although believed to be reliable, has not been independently verified
and cannot be guaranteed. We make no representations or warranties as to the accuracy or completeness of such
information. This material is not complete and is subject to the more complete disclosures and terms and conditions
contained in a particular fund's offering documents, which may be obtained directly from the fund. Although we may
provide our analysis, we do not provide due diligence on an investor's behalf and we are not responsible for an investor's
decision. Past performance is no guarantee of future results.