Sage Advisory Services, Ltd.Co. 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

OMB APPROVAL

OMB Number:		3235-0006
Expires:	Oct 31, 2018
Estimated average burden
hours per response:		23.8

COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ISH (IEF) BARCLAYS 7-10YR TSY	FETF	464287440	27,634	256,206	SH		SOLE		6,469	0	249,737
ISH (EFA) MSCI EAFE	EETF	464287465	179,745	3,135,272	SH		SOLE		528,013	0	2,607,259
ISH (IWM) RUSSELL 2000	EETF	464287655	1,816	16,627	SH		SOLE		16,627	0	0
ISH (HYG) HIGH YLD	FETF	464288513	18,021	216,445	SH		SOLE		113,724	0	102,721
ISH (MBB) MBS BOND FD	FETF	464288588	64,234	585,970	SH		SOLE		14,827	0	571,143
ISH (CIU) INT CREDIT	FETF	464288638	16,478	151,743	SH		SOLE		3,831	0	147,912
ISH (CSJ) 1-3 YEAR CREDIT	FETF	464288646	11,080	105,388	SH		SOLE		2,627	0	102,761
ISH (IEI) 3-7 YEAR TREAS	FETF	464288661	11,146	89,444	SH		SOLE		2,220	0	87,224
ISH (PFF) PREF STK INDX	FETF	464288687	18,579	481,331	SH		SOLE		254,104	0	227,227
ISH (CLY) 10+ YEAR CREDIT	FETF	464289511	21,639	380,091	SH		SOLE		9,662	0	370,429
VAN (BSV) SHORT BD FD	FETF	921937827	18,103	225,187	SH		SOLE		67	0	225,120
VAN (VYM) HIGH DVD YLD	EETF	921946406	1,455	23,231	SH		SOLE		23,231	0	0
VAN (VGK) FTSE EUROPE	EETF	922042874	25,402	516,730	SH		SOLE		87,083	0	429,647
SPDR (SPY) S&P 500	EETF	78462F103	248,649	1,297,278	SH		SOLE		227,355	0	1,069,923
SPDR (CWB) CONVERTIBLE	FETF	78464A359	10,047	224,669	SH		SOLE		29,101	0	195,568
WIS (HEDJ) EUROPE	EETF	97717X701	50,445	923,058	SH		SOLE		156,493	0	766,565