SAGE ADVISORY SERVICES, LTD.CO.

5900 SOUTHWEST PARKWAY, AUSTIN, Texas, 78735, (512) 327-5530

Report Date: 03/31/2013

Institutional Holdings information is filed by major institutions on form 13-F with the Securities and Exchange Commission.

Company	Class	Value of Shares ($1,000s)	Change in Value ($1,000s)	Change (%)	Shares Held
SPDR S&P 500 ETF TR	TR UNIT	148,872	-3,317	(2.18)	900,572
ISHARES TR	S&P 500 VALUE	109,854	52,344	91.02	1,412,918
ISHARES TR	S&P 100 IDX FD	93,566	-642	(0.68)	1,254,576
VANGUARD INTL EQUITY INDEX FD	FTSE EMR MKT ETF	79,323	30,510	62.50	1,851,831
ISHARES TR	BARCLYS MBS BD	73,831	-8,414	(10.23)	690,265
ISHARES TR	MSCI EAFE INDEX	54,051	32	.06	879,595
ISHARES TR	BARCLYS 7-10 YR	37,155	12,879	53.06	349,137
ISHARES TR	BARCLYS CR BD	37,079	-37	(0.1)	330,533
SPDR GOLD TRUST	GOLD SHS	35,785	4,762	15.35	267,528
ISHARES TR	US PFD STK IDX	29,350	3,940	15.50	718,843
WISDOMTREE TR	EM LCL DEBT FD	28,652	28,652	New	550,262
ISHARES TR	IBOXX INV CPBD	21,922	21,922	New	183,460
VANGUARD BD INDEX FD INC	SHORT TRM BOND	17,519	1,664	10.50	216,825
VANGUARD WHITEHALL FDS INC	HIGH DIV YLD	5,834		New	100,750
ISHARES TR	MSCI VAL IDX		-53,664	Sold Out	0
ISHARES TR	BARCLYS INTER CR		-22,906	Sold Out	0
ISHARES TR	BARCLYS 10-20YR		-10,058	Sold Out	0
POWERSHARES DB CMDTY IDX TRACK	UNIT BEN INT		-26,616	Sold Out	0