Instuitional Investor - Sage Advisory Services, Ltd.co.

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Spdr Series Trust		187,096	$19,553,000	10.26%
2.	Ishares Trust	IEF	25,393	$16,996,000	8.91%
3.	Ishares Trust	VLUE	137,308	$11,988,000	6.29%
4.	Spdr Series Trust		362,452	$11,986,000	6.29%
5.	Franklin Templeton Etf Tr - SENIOR LOAN ETF		390,553	$9,381,000	4.92%