1Q20 Cash Balance Moderate Strategy

The Sage Cash Balance Moderate Strategy will seek to earn, on an annual basis, a return ranging between 4%-6%, while limiting volatility and downside risk. The Strategy will invest in the fixed-income, equity, and alternative market segments. A target asset allocation will be set at the beginning of each calendar year. Tactical allocation changes will be made throughout the year based on changing economic and market conditions. As the Strategy makes progress towards the annual return target, the risk profile of the Strategy will likely be reduced.