Sage Capital Core Convertible Arbitrage FundPeter deLisser, Karen Heston, Michael Ippolito

665 South Orange Avenue, Suite 3, Sarasota, FL 34236 USA

ph. +1-941-952-1032 fax +1-941-952-9033http://www.sagecap.net

August 2015Primary Category: Convertible Arbitrage

ANNUAL RETURNS2011 2012 2013 2014 2015 YTD

Advisor -1.95% 2.96% 3.65% -1.72% 0.65%Barclay HF -5.48% 8.25% 11.12% 2.88% 0.57%Funds Managed (Mil.) $ 71.50 $ 71.60 $ 89.20 $ 87.30 $ 91.60

ACCOUNT INFORMATION REWARD/RISK RATIOS3-Years Cumulative

Mgmt. Fee: 0.85% Open: Open Sharpe Ratio: 0.68 0.74Incentive Fee: 0.00% High Water: No Sterling Ratio: 0.10 0.10Min. Acc: $ 5000K Redemptions: Monthly Barclay Ratio: 0.59 0.86Fund Assets: 91.6M Efficiency Index: 0.70 1.28

PERFORMANCE ANALYSIS GEO. ALLOCATIONS EXPOSURESStart Date: January 1999 North America: 95% Long: 95%Total Return Since Inception: 111.92% Western Europe: 0% Short: 45%Compounded Annual Return: 4.61% 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: 50 Average Loss: -0.78%

RELATIVE VOLATILITY CORRELATIONSLoss of 25% or more: 0% Barclay Hedge: 0.63 S&P 500 0.47Loss of 50% or more: 0% US Treasury Bonds: -0.18 EAFE 0.54Loss of 75% or more: 0% World Bonds: 0.00

DRAWDOWN REPORT TIME WINDOWSLength 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% 1.17%3.29% 4 7 Dec 04 Apr 05 6 13.69% -14.40% 2.37%3.14% 8 * May 14 Jan 15 9 19.25% -13.73% 3.57%3.00% 3 4 May 03 Aug 03 12 22.07% -13.30% 4.80%2.97% 2 3 Apr 10 Jun 10 18 24.80% -10.98% 7.35%1.21% 3 5 Apr 04 Jul 04 24 30.48% -8.02% 9.90%

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 anddata 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.

Sage Capital Core Convertible Arbitrage FundAugust 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 anddata 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.

Sage Capital Core Convertible Arbitrage FundAugust 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-0.360.01-0.390.140.640.190.69-0.272015 0.65%

-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%0.18-0.600.71-1.29 -1.95%2011

ASSETS UNDER MANAGEMENT FOR THE LAST 48 MONTHS ($ MILLIONS)JAN FEB MAR APR MAY JUN JUL AUG SEP OCT NOV DEC

91.691.997.297.592.586.986.782.08201587.39393.4104104.699.9295.395.390.189.889.789.29201489.289.188.9678.878.473.572.973.568.167.667.372.1201371.676.376.476.37670.770.470.270.971.17170.4201271.571.471.871.32011

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 anddata 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.

Sage Capital Core Convertible Arbitrage FundAugust 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 anddata 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-adjustedreturns regardless of broad market direction. We do this by specializing in the convertible securities market, a historicallyinefficient 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 astrategic percentage of the underlying common stock. It may also involve trading in call and put options. A convertible security'sprice may be affected by a wide range of factors relating to securities markets and the economy as a whole including issuer creditquality, security liquidity and market support, the price and volatility of the underlying common stock as well as changes inprevailing interest rates and credit spreads. Our portfolio is focused on issues from the small to mid capitalization sector of theconvertible 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 selectconvertible arbitrage positions employing a bottom-up approach using our proprietary, statistical evaluation criteria whilemaintaining diversification with respect to industries, individual holdings and security profiles. Portfolio interest rate risk is alsomanaged through an active hedging program. There is no incentive fee for this fund.

PETER deLISSER, President and Senior PartnerEducation: Brown University, BA, 1973In 1982, Mr.DeLisser was selected for admission to the Morgan Stanley Training Program in Securities Trading. Upongraduation, Mr. DeLisser entered the firm's Convertible Securities department as a sales-trader. He spent six years marketingconvertible securities to major U.S. institutions and was part of the group responsible for investing Morgan Stanley's proprietarycapital in convertible arbitrage strategies. In April of 1988, Mr. DeLisser resigned from Morgan Stanley as a Vice President tocreate 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 PartnerEducation: 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 TrainingProgram. Upon graduation, she joined the Bank's Energy Division as a loan credit officer specializing in lending to the oilfieldservice industry. In 1985, Ms. Heston transferred to the bank's Interest Rate Swap department. She spent four years marketingderivative products to financial institutions before leaving the bank to complete her MBA degree. In 1990, Ms. Heston joined theInterest Rate Derivatives Group of Security Pacific Merchant Bank. In 1991 she was recruited by Societe Generale, NY to jointheir newly formed derivatives team as a Vice President and assumed responsibility for marketing interest rate hedge products tothe bank's corporate clients. Ms. Heston left Societe Generale in April 1993 to join Sage Capital as a portfolio manager. Shecurrently acts as the Chief Investment Officer to all funds and strategies.

MICHAEL IPPOLITO, CFA Co-Portfolio Manager and Chief Compliance OfficerVice President and PartnerEducation: 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 whilethere. He assisted both public and private corporations in all audit, accounting and tax related matters. From 1991 through June of1999, Mr. Ippolito worked in the wealth management industry as a financial consultant with UBS Financial Services. He managedcapital for wealthy individuals, trusts, estates, corporations and pension plans and consulted in all areas of business and personalfinancial planning. He earned his Chartered Financial Analyst (CFA) designation in 1999 and is an active member of the CFASociety of Tampa Bay. He also earned his Certified Financial Planner designation (CFP(R)) in 2008. Mr. Ippolito joined SageCapital as a portfolio manager in July 1999 and also acts as the firm's Chief Compliance Officer.

Sage Capital Core Convertible Arbitrage FundAugust 2015

ADVISOR, INVESTMENT, OR INFORMATION DISCLAIMER

The funds are unregistered private investment funds or pools that employ different investment, hedging, leverage andarbitrage methodologies with exposure to many different securities and futures markets. The funds are not subject to thesame regulatory requirements as mutual funds, including mutual funds requirements to provide certain periodic andstandardized 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 asubstantial 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 afund. 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'strading 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 thefunds 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. Thismaterial may not be suitable for all investors and is not intended to be an offer, or the solicitation of any offer, to buy orsell any securities. No offer or solicitation may be made prior to the delivery of appropriate offering documents toqualified 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 verifiedand cannot be guaranteed. We make no representations or warranties as to the accuracy or completeness of suchinformation. This material is not complete and is subject to the more complete disclosures and terms and conditionscontained in a particular fund's offering documents, which may be obtained directly from the fund. Although we mayprovide our analysis, we do not provide due diligence on an investor's behalf and we are not responsible for an investor'sdecision. Past performance is no guarantee of future results.