Privacy Policy

Sage Advisory Services Ltd. Co.
5900 Southwest Parkway
Building 1, Suite 100
Austin, Texas 78735
512-327-5530

Sage Advisory Services, Ltd. Co. (“Sage” or the “Firm”) and our employees are committed to maintaining your right to privacy. Protecting the information we receive as part of our relationship with you is of primary importance to us. As a registered investment adviser, Sage must comply with SEC Regulation S-P (or other applicable regulations), which requires registered investment advisers to adopt policies and procedures to protect the "nonpublic personal information" of natural person consumers and customers and to disclose to such persons policies for protecting that information. Nonpublic personal information includes, but is not limited to nonpublic "personally identifiable financial information" plus any list, description or grouping of clients or customers that is derived from nonpublic personally identifiable financial information.

Collection of Information
During the course of our business relationship, Sage may collect nonpublic personal information. This information is normally given to us at the time you establish the relationship. The Firm also may collect information you give to us orally or based on your transactions with others or us.

Disclosure and Protection of Information
Sage does not share or disclose any nonpublic personal information (such as tax identification number or account holdings) about our current or former clients, except as permitted or required by law. All information remains confidential. Internally, Sage will safeguard your nonpublic personal information by restricting access to only those employees who provide products or services to you or those who need access to your information to service your account. We may be required to disclose that information to unaffiliated third parties, (i) as necessary to provide the service that the client has requested or authorized, or to maintain and service the client's account, such as to broker/dealers; (ii) as required by regulatory authorities or law enforcement officials who have jurisdiction over Sage, or as otherwise required by any applicable law; and (iii) to the extent reasonably necessary to prevent fraud and unauthorized transactions. In addition, we will maintain safeguards that meet federal and/or state standards to guard your nonpublic personal information. Employees are prohibited, either during or after termination of their employment, from disclosing nonpublic personal information to any person or entity outside Sage, including family members, except under the circumstances described above.

Privacy Notices
Sage will provide each natural person client with initial notice of our current policy when the client relationship is established. We shall also provide each such client with a new notice of the Firm's current privacy policies at least annually. If, at any time, Sage adopts material changes to its privacy policies, the Firm shall provide each such client with a revised Privacy Notice reflecting the new privacy policies. The Compliance Officer is responsible for ensuring that the required Privacy Notices are distributed to clients or customers of Sage. Our Privacy Notice is available upon request.

Revised: October 1, 2004