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
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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
MKTV (HYD) HIGH YLD MUNI	FETF	92189H409	3,898	62,737	SH		SOLE		62,737	0	0
VANE (EMLC) LC BOND	FETF	92189H300	645	20,985	SH		SOLE		20,985	0	0
VANE (HYEM) EM HIGH YIELD	FETF	92189F353	6,462	273,811	SH		SOLE		273,811	0	0
SPDR (XLC) COMMUNICATION	EETF	81369Y852	12,871	175,613	SH		SOLE		165,659	0	9,954
SPDR (XLK) TECHNOLOGY	EETF	81369Y803	23,904	180,119	SH		SOLE		169,792	0	10,327
SPDR (XLP) CONS STAPLE	EETF	81369Y308	10,604	155,512	SH		SOLE		146,597	0	8,915
SPDR (SPYD) S&P500 HIGH DIV	EETF	78468R788	974	25,292	SH		SOLE		25,292	0	0
SPDR (SRLN) SENIOR LOAN	FETF	78467V608	14,691	321,115	SH		SOLE		321,115	0	0
SPDR (XTN) S&P TRANSPO	EETF	78464A532	17,936	205,189	SH		SOLE		193,444	0	11,745
SPDR (PSK) WF PREF STK	FETF	78464A292	847	19,530	SH		SOLE		19,530	0	0
NUSH (NUSC) ESG SMALL CAP	EETF	67092P607	320	7,448	SH		SOLE		7,448	0	0
NUV (NULV) ESG LRG CAP VAL	EETF	67092P300	660	18,234	SH		SOLE		18,234	0	0
JAN (VNLA) SHORT DUR BOND FD	FETF	47103U886	573	11,410	SH		SOLE		11,410	0	0
JAN (JMBS) MBS BOND FD	FETF	47103U852	7,501	141,363	SH		SOLE		141,363	0	0
JAN (JAAA) AAA CLO	FETF	47103U845	398	7,879	SH		SOLE		7,879	0	0
JPM (JPST) ULTRA SHORT INC	FETF	46641Q837	11,866	233,808	SH		SOLE		233,808	0	0
ISH (ESGD) MSCI EAFE	EETF	46435G516	1,485	19,560	SH		SOLE		19,560	0	0
ISH (REM) MORTGAGE	EETF	46435G342	274	7,770	SH		SOLE		7,770	0	0
ISH (SHYG) HIGH YIELD 0-5YR CORP	FETF	46434V407	12,639	275,904	SH		SOLE		275,904	0	0
ISH (ESGE) MSCI EM SELECT	EETF	46434G863	326	7,530	SH		SOLE		7,530	0	0
ISH (IEFA) CORE EAFE	EETF	46432F842	46,862	650,408	SH		SOLE		615,782	0	34,626
ISH (QUAL) US QUALITY	EETF	46432F339	12,906	106,065	SH		SOLE		99,932	0	6,133
ISH (NEAR) SHORT BOND	FETF	46431W507	9,640	192,105	SH		SOLE		192,105	0	0
ISH (FLOT) FLOATING RATE BOND	FETF	46429B655	1,363	26,838	SH		SOLE		26,838	0	0
INV (PCY) EMERG MKT DEBT	FETF	46138E784	768	28,705	SH		SOLE		28,705	0	0
INV (RCD) S&P 500	EETF	46137V381	7,810	55,446	SH		SOLE		52,276	0	3,170
VAN (VTV) VALUE	EETF	922908744	28,105	213,903	SH		SOLE		201,678	0	12,225
VAN (VNQ) REIT	EETF	922908553	13,260	144,346	SH		SOLE		136,177	0	8,169
SCH (SCHD) US DIV	EETF	808524797	4,384	60,175	SH		SOLE		60,175	0	0
CBR (LRGE) LRG CAP GR ESG	EETF	524682200	757	15,114	SH		SOLE		15,114	0	0
ISH (EFV) MSCI EAFE VALUE	EETF	464288877	20,419	400,842	SH		SOLE		377,943	0	22,899
ISH (IGSB) 1-5 YEAR CREDIT	FETF	464288646	7,226	132,142	SH		SOLE		132,142	0	0
ISH (IGIB) INT CREDIT	FETF	464288638	1,768	29,866	SH		SOLE		29,866	0	0
ISH (MBB) MBS BOND FD	FETF	464288588	2,818	26,016	SH		SOLE		26,016	0	0
ISH (HYG) HIGH YLD	FETF	464288513	2,485	28,516	SH		SOLE		28,516	0	0
ISH (EMB) USD EMERGING	FETF	464288281	3,760	34,543	SH		SOLE		34,543	0	0
ISH (IJR) S&P SMALL CAP	EETF	464287804	12,905	118,895	SH		SOLE		113,586	0	5,309
ISH (IWO) RUSSELL 2000 GWTH	EETF	464287648	1,517	5,050	SH		SOLE		5,050	0	0
ISH (IYC) US CONSUMER SERVICES	EETF	464287580	13,072	174,802	SH		SOLE		164,992	0	9,810
ISH (IEF) BARCLAYS 7-10YR TSY	FETF	464287440	852	7,541	SH		SOLE		7,541	0	0
ISH (TLT) 20 PLUS YEAR TREAS	FETF	464287432	1,294	9,542	SH		SOLE		9,542	0	0
ISH (IVV) S&P500 CORE	EETF	464287200	41,294	103,816	SH		SOLE		101,566	0	2,250
ISH (EEMA) MSCI EM	EETF	464286426	22,880	253,070	SH		SOLE		238,579	0	14,491
ISH (DVYE) EM DIV	EETF	464286319	235	5,994	SH		SOLE		5,994	0	0
ISH (CEMB) EM DEBT	FETF	464286251	1,925	37,051	SH		SOLE		37,051	0	0
GS (GSLC) AB ETF	EETF	381430503	3,335	42,168	SH		SOLE		42,168	0	0
GS (GSIE) AB INTL	EETF	381430107	4,159	126,019	SH		SOLE		126,019	0	0
XTR (HYLB) HIGH YIELD CORP	FETF	233051432	10,671	213,426	SH		SOLE		213,426	0	0
XTR (HYDW) US HIGH YIELD	FETF	233051267	2,438	48,340	SH		SOLE		48,340	0	0
XTR (USSG) US LARGE CAP CORE	EETF	233051150	806	22,126	SH		SOLE		22,126	0	0