Estate Counselors 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

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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
ADVANTAGE OIL & GAS LTD COM NPV ISIN #CA00765F1018 SEDOL #B66PKS8	COM	00765F101	130	30,060	SH		SOLE		0	0	30,060
ISHARES CORE TOTAL US BOND MARKET ETF	ETF	464287226	243	2,280	SH		SOLE		0	0	2,280
POWERSHARES EXCHANGE TRADED FD TR II SENIOR LN PORT NYSE ARCA INC	ETF	73936Q769	455	18,300	SH		SOLE		0	0	18,300
VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF	ETF	921937835	6,804	85,000	SH		SOLE		0	0	85,000
VANGUARD BD INDEX FD INC SHORT TERM BD ETF	ETF	921937827	1,452	3,070	SH		SOLE		0	0	3,070
SPDR SERIES TRUST BARCLAYS INTL ETF	ETF	78464A516	4,244	73,500	SH		SOLE		0	0	73,500
SPDR SERIES TRUST SHRT INTL ETF	ETF	78464A334	3,809	106,325	SH		SOLE		0	0	106,325
CALAMOS CONV OPPORTU NITIES & INCOME FD	COM	128117108	344	25,980	SH		SOLE		0	0	25,980
ISHARES INTERMEDIATE CREDIT BOND ETF	ETF	464288638	10,384	96,255	SH		SOLE		0	0	96,255
SPDR SER TR BARCLAYS CONV SECS ETF	ETF	78464A359	266	5,685	SH		SOLE		0	0	5,685
ISHARES SELECT DIVIDEND ETF	ETF	464287168	391	5,487	SH		SOLE		0	0	5,487
SPDR GOLD TR GOLD SHS	ETF	78463V107	4,388	37,790	SH		SOLE		0	0	37,790
PIMCO ETF TRUST 0-5 YR HIGH YLD CORP BD IDX ETF	ETF	72201R783	497	4,675	SH		SOLE		0	0	4,675
ISHARES GOLD TRUST ISHARES ISIN #US4642851053 SEDOL #B0SF3S5	ETF	464285105	3,154	270,000	SH		SOLE		0	0	270,000
ISHARES COHEN & STEERS REIT ET	ETF	464287564	176	2,356	SH		SOLE		0	0	2,356
ISHARES INTERNATIONAL DIVIDEND ETF	ETF	464288448	488	12,850	SH		SOLE		0	0	12,850
ISHARES US PHARMACEUTICALS ETF	ETF	464288836	2,192	18,565	SH		SOLE		0	0	18,565
ISHARES CORE S&P MID-CAP ETF	ETF	464287507	713	5,330	SH		SOLE		0	0	5,330
ISHARES CORE S&P SMALL-CAP ETF	ETF	464287804	1,385	12,692	SH		SOLE		0	0	12,692
ISHARES RUSSELL 1000 VALUE ETF	ETF	464287598	1,979	21,017	SH		SOLE		0	0	21,017
ISHARES RUSSELL 2000 ETF	ETF	464287655	15,117	131,039	SH		SOLE		0	0	131,039
ISHARES RUSSELL MIDCAP ETF	ETF	464287499	1,815	12,100	SH		SOLE		0	0	12,100
ISHARES U S ENERGY ETF	ETF	464287796	366	7,250	SH		SOLE		0	0	7,250
ISHARES U S REAL ESTATE ETF	ETF	464287739	4,845	76,800	SH		SOLE		0	0	76,800
ISHARES IBOXX INVESTMENT GRADE CORPORATE BOND ETF	ETF	464287242	3,370	29,510	SH		SOLE		0	0	29,510
ISHARES MBS ETF	ETF	464288588	11,744	112,305	SH		SOLE		0	0	112,305
SPDR S&P MIDCAP 400 ETF TR UNIT SER 1 STANDARD & POORS DEP RCPT	ETF	78467Y107	3,320	13,595	SH		SOLE		0	0	13,595
ISHARES NATIONAL AMT FREE MUNI	ETF	464288414	10,456	100,790	SH		SOLE		0	0	100,790
POWERSHARES EXCHANGE TRADED FD TR DYNAMIC PHARMACEUTICALS PORTFOLIO	ETF	73935X799	735	13,735	SH		SOLE		0	0	13,735
POWERSHARES GLOBAL EXCHANGE TRADED I-30 LADDERED TREASURY PORTFOLIO ISIN #US73936T5240 SEDOL #B68TXM3	ETF	73936T524	3,192	108,830	SH		SOLE		0	0	108,830
POWERSHARES QQQ TR UNIT SER 1	ETF	73935A104	14,787	168,105	SH		SOLE		0	0	168,105
ROUNDYS INC COM USD0.01	COM	779268101	413	41,883	SH		SOLE		0	0	41,883
SPDR SER TR NUVEEN BARCLAYS SHORT TERM MUN BD ETF	ETF	78464A425	684	28,180	SH		SOLE		0	0	28,180
ISHARES 1-3 YEAR TREASURY BOND ETF	ETF	464287457	3,713	44,005	SH		SOLE		0	0	44,005
SPDR S&P 500 ETF TRUST UNIT SER 1 S&P	ETF	78462F103	18,075	97,867	SH		SOLE		0	0	97,867
ISHARES TIPS BOND ETF	ETF	464287176	5,235	47,634	SH		SOLE		0	0	47,634
VANGUARD INDEX FDS VANGUARD SMALL CAP VIPERS FORMERLY VANGUARD INDEX TR	ETF	922908751	2,580	23,469	SH		SOLE		0	0	23,469
VANGUARD SCOTTSDALE FDS SHORT TERM CORP	ETF	92206C409	11,308	141,735	SH		SOLE		0	0	141,735
VANGUARD SECTOR INDEX FDS VANGUARD CONSUMER STAPLES VIPERS	ETF	92204A207	8,173	74,250	SH		SOLE		0	0	74,250
VANGUARD INTL EQUITY INDEX FD INC FTSE ALL-WORLD EX-US INDEX FD ETF SHS	ETF	922042775	8,939	176,205	SH		SOLE		0	0	176,205
VANGUARD SPECIALIZED PORTFOLIOS DIV APPRECIATION INDEX FD VIPER SHS	ETF	921908844	688	9,140	SH		SOLE		0	0	9,140
VANGUARD MORTGAGE BACKED SECURITIES ETF	ETF	92206C771	328	6,425	SH		SOLE		0	0	6,425
VANGUARD INDEX FDS VANGUARD REIT ETF FORMERLY VANGUARD INDEX TR TO 05/24/01 REIT VIPER SHS	ETF	922908553	1,929	29,875	SH		SOLE		0	0	29,875
VANGUARD INDEX FDS VANGUARD MID CAP VIPERS FORMERLY VANGUARD INDEX TR	ETF	922908629	11,756	106,851	SH		SOLE		0	0	106,851
VANGUARD SECTOR INDEX FDS VANGUARD UTILS VIPERS	ETF	92204A876	789	9,470	SH		SOLE		0	0	9,470
VANGUARD INDEX FDS VANGUARD TOTAL STK MKT ETF	ETF	922908769	279	2,909	SH		SOLE		0	0	2,909
SPDR SER TR DB INTL GOVT INFLATION PROTECTED	ETF	78464A490	4,656	79,665	SH		SOLE		0	0	79,665
SECTOR SPDR TR SHS BEN INT ENERGY	ETF	81369Y506	3,960	44,745	SH		SOLE		0	0	44,745
SECTOR SPDR TR SHS BEN INT INDUSTRIAL	ETF	81369Y704	611	11,700	SH		SOLE		0	0	11,700
SECTOR SPDR TR SHS BEN INT CONSUMER STAPLES	ETF	81369Y308	2,027	47,160	SH		SOLE		0	0	47,160
SECTOR SPDR TR SHS BEN INT UTILITIES	ETF	81369Y886	12,324	324,582	SH		SOLE		0	0	324,582
SELECT SECTOR SPDR TR HEALTH CARE FORMERLY CONSUMER SVCS TO 06/24/2002	ETF	81369Y209	3,148	56,785	SH		SOLE		0	0	56,785
SPDR SER TR S&P PHARMACEUTICALS ETF	ETF	78464A722	10,407	118,300	SH		SOLE		0	0	118,300