9AT: SAGE ADVISORY SERVICES LTD CO

Adviser Profile

As of Date	03/30/2026
Registration	SEC, Approved, 09/24/1996
ADV Location	AUSTIN, TX, United States
Contact Info	512 xxxxxxx
Websites

AUM^*	28,427,771,682 25%
of that, discretionary	28,285,477,903 25%
Number of Employees	58 9%
of those in investment advisory functions	37 6%
Private Fund GAV^*	0
Avg Account Size	1,979,236 -29%
% High Net Worth	8.93% 204%
SMA’s	Yes
Private Funds	0

Adviser Type

- Large advisory firm
- An investment adviser (or subadviser) to an investment company

Client Types

- Individuals (other than high net worth individuals)
- High net worth individuals
- Investment companies
- Pooled investment vehicles
- Pension and profit sharing plans
- Charitable organizations
- State or municipal government entities
- Insurance companies
- Corporations or other businesses not listed above

Advisory Activities

- Portfolio management for individuals and/or small businesses
- Portfolio management for investment companies
- Portfolio management for pooled investment vehicles
- Portfolio management for businesses
- Pension consulting services

Compensation Arrangments

- A percentage of assets under your management
- Fixed fees (other than subscription fees)

Adviser	Hedge Fund	Liquidity Fund	Private Equity Fund	Real Estate Fund	Securitized Asset Fund	Venture Capital Fund	Other Fund	Total Private Fund GAV	AUM	#Funds
Adviser MAR VISTA INVESTMENT PARTNERS, LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.1b	#Funds-
Adviser POTOMAC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM3.3b	#Funds-
Adviser PACIFIC INCOME ADVISERS INC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM2.2b	#Funds-
Adviser PEARSON CREEK CAPITAL MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM284.8m	#Funds-
Adviser MEEDER ASSET MANAGEMENT, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM3.3b	#Funds-
Adviser ABBIT MANAGEMENT CORP	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM252.3m	#Funds-
Adviser GUIDED CHOICE ASSET MANAGEMENT, INC.	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM8.5b	#Funds-
Adviser RUSSELL INVESTMENTS	Hedge Fund-	Liquidity Fund1.7b	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV1.7b	AUM68.6b	#Funds1
Adviser FLEXIBLE PLAN INVESTMENTS LTD	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM1.5b	#Funds-
Adviser SSI INVESTMENT MANAGEMENT LLC	Hedge Fund-	Liquidity Fund-	Private Equity Fund-	Real Estate Fund-	Securitized Asset Fund-	Venture Capital Fund-	Other Fund-	Total Private Fund GAV-	AUM2.6b	#Funds-

Stock Ticker	Stock Name	$ Position	% Position	$ Change	# Change
Stck Ticker464287200	Stock NameISHARES TR	$ Position$21,254,000	% Position12.00%	$ Change-10.00%	# Change-6.00%
Stck Ticker78464A409	Stock NameSPDR SERIES TRUST	$ Position$21,366,000	% Position12.00%	$ Change41.00%	# Change54.00%
Stck Ticker35473P595	Stock NameFRANKLIN TEMPLETON ETF TR	$ Position$16,473,000	% Position9.00%	$ Change81.00%	# Change84.00%
Stck Ticker78463X889	Stock NameSPDR INDEX SHS FDS	$ Position$12,923,000	% Position7.00%	$ Change3.00%	# Change0.00%
Stck Ticker78464A292	Stock NameSPDR SERIES TRUST	$ Position$10,655,000	% Position6.00%	$ Change-3.00%	# Change0.00%
Stck Ticker47103U852	Stock NameJANUS DETROIT STR TR	$ Position$10,732,000	% Position6.00%	$ Change2.00%	# Change3.00%
Stck Ticker46434G103	Stock NameISHARES INC	$ Position$7,401,000	% Position4.00%	$ Change32.00%	# Change28.00%
Stck Ticker78464A797	Stock NameSPDR SERIES TRUST	$ Position$7,286,000	% Position4.00%	$ Change62.00%	# Change65.00%
Stck Ticker46137V324	Stock NameINVESCO EXCHANGE TRADED FD T	$ Position$6,228,000	% Position3.00%	$ Change	# Change
Stck Ticker03463K760	Stock NameANGEL OAK FUNDS TRUST	$ Position$5,323,000	% Position3.00%	$ Change3.00%	# Change3.00%

Brochure Summary

Overview

Principal Owners – In December 2023, Sage completed an agreement with Kudu Investment US, LLC (Kudu) to purchase a minority stake in Sage. As a result of Kudu’s minority investment, Sage’s ownership structure now consists of Common Shares with voting rights and a newly issued Class A revenue shares with no voting rights. All Common Shares with voting rights are owned entirely by Sage employees. All Class A shares which contain no voting rights are owned by Kudu. Kudu will not be involved in the day-to-day management of Sage and does not have any input in the investment decision making process. The Sage Executive Owners are:  Robert G. Smith III, its President and Co-Chief Investment Officer  Thomas Urano, Co-Chief Investment Officer  Robert Williams, Managing Member  Michael Walton, Managing Member  Robert Moser, Managing Member In addition, Sage has eleven other Managing Members that participate in the management of the firm. Other Information – Operational/Cybersecurity/Information Security Risks Sage added disclosures to “Other Information” section of the Brochure to disclose operational, cybersecurity and information security risks to current clients and prospects. Successful cyberattacks against Sage or third-party service providers could cause systems to fail, not operate properly or become disabled,

overloaded or damaged as a result of a number of factors, including events that are wholly or partially beyond our control, which could have a negative effect on our ability to conduct business activities. While the firm employs resources to protect assets and personally identifiable information, the firm cannot guarantee the protection of all such information, nor assure against all related losses in consideration of the real and evolving cybersecurity risks. Page 1 ver. 03/27/2023 ITEM 3 -TABLE OF CONTENTS Item 1- Cover Page i Item 2- Material Changes ii Item 3- Table of Contents 1 Principal Owners 2 Education and Experience 2 Assets Under Management (AUM) 2 Overview of Advisory Services 2 Investment Management 3 Investment Process and Committee 3 ESG Integration and Methodology 3 Investment Strategies 5 Wrap Accounts 5 Model Provision Services 5 Collective Investment Funds 6 Liability Directed Investment Solutions 6 Fiduciary (3(38)) Services 7 Insurance Company Services 7 Investment Advisory to Registered Investment Companies 7

SAGE ADVISORY SERVICES LTD CO

SAGE ADVISORY SERVICES LTD CO

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Top Holdings

Brochure Summary

Overview

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SAGE ADVISORY SERVICES LTD CO SAGE ADVISORY SERVICES LTD CO

Adviser Profile

Details

Adviser Type

Client Types

Advisory Activities

Compensation Arrangments

Reported AUM

Private Funds

Employees

Similar advisers

Top Holdings

Brochure Summary

Overview

SAGE ADVISORY SERVICES LTD CO

SAGE ADVISORY SERVICES LTD CO