-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Nh73Jd39YidygSqx05+H4ZL3U3ycMg36frj1nNhFhx0QvaTrD1KCKdqSt1iqxk/M
 cgmRSM3AP3R0OTppExKJfA==

<SEC-DOCUMENT>0000902664-05-001956.txt : 20051003
<SEC-HEADER>0000902664-05-001956.hdr.sgml : 20051003
<ACCEPTANCE-DATETIME>20051003162715
ACCESSION NUMBER:		0000902664-05-001956
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20051003
FILED AS OF DATE:		20051003
DATE AS OF CHANGE:		20051003

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sage Multi-Strategy Fund, L.L.C.
		CENTRAL INDEX KEY:			0001329992
		IRS NUMBER:				331118772

	BUSINESS ADDRESS:	
		STREET 1:		909 THIRD AVENUE, 28TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022
		BUSINESS PHONE:		212-908-9660

	MAIL ADDRESS:	
		STREET 1:		909 THIRD AVENUE, 28TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10022

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			REED DAVID C
		CENTRAL INDEX KEY:			0001292356

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21778
		FILM NUMBER:		051117925

	BUSINESS ADDRESS:	
		BUSINESS PHONE:		(609)655-4500

	MAIL ADDRESS:	
		STREET 1:		C/O 1ST CONSTITUTION BANCORP
		STREET 2:		2650 ROUTE 130
		CITY:			CRANBURY
		STATE:			NJ
		ZIP:			08512
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>firn3_ex.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2005-10-03</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001329992</issuerCik>
        <issuerName>Sage Multi-Strategy Fund, L.L.C.</issuerName>
        <issuerTradingSymbol>NONE</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001292356</rptOwnerCik>
            <rptOwnerName>REED DAVID C</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O SAGE CAPITAL MANAGEMENT</rptOwnerStreet1>
            <rptOwnerStreet2>909 THIRD AVENUE</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>None</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">No securities are beneficially owned by the Reporting Person.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ David C. Reed</signatureName>
        <signatureDate>2005-10-03</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----