Municipal 3Q21 Market Review & Outlook

October 12, 2021 — With municipal valuations at or through fair value, Sage remains focused on maximum tax-free income, solid credit fundamentals, and favorable risk-adjusted returns. Current market conditions warrant patience and prudence when deploying funds as valuations are not broadly reflective of long-term fiscal challenges, despite the recent fiscal support. With the strong and persistent technical environment, Sage will maintain a slightly long-to-neutral duration tilt and will rebalance exposure if market conditions change.