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
ISHARES CORE U.S. AGGREGATE BOND ETF	CORE US AGGBD ET	464287226	227	2,060	SH		SOLE	NONE	0	0	2,060
VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF	TOTAL BND MRKT	921937835	7,001	85,000	SH		SOLE	NONE	0	0	85,000
VANGUARD CHARLOTTE FUNDS TOTAL INTERNATIONAL BOND INDEX ETF	INTL BD IDX ETF	92203J407	441	8,300	SH		SOLE	NONE	0	0	8,300
VANGUARD BD INDEX FD INC SHORT TERM BD ETF	SHORT TRM BOND	921937827	676	8,450	SH		SOLE	NONE	0	0	8,450
CALAMOS CONV OPP AND INC FD SH BEN INT ISIN #US1281171082 SEDOL #2963695	SH BEN INT	128117108	314	24,480	SH		SOLE	NONE	0	0	24,480
ISHARES INTERMEDIATE CREDIT BOND ETF	INTERM CR BD ETF	464288638	14,488	132,515	SH		SOLE	NONE	0	0	132,515
ISHARES SELECT DIVIDEND ETF	SELECT DIVID ETF	464287168	815	10,265	SH		SOLE	NONE	0	0	10,265
ISHARES TRUST MSCI EAFE MIN VOLATIL ETF	EAFE MIN VOL ETF	46429B689	12,383	200,690	SH		SOLE	NONE	0	0	200,690
ISHARES JP MORGAN USD EMERGING MARKETS BOND ETF	JP MOR EM MK ETF	464288281	2,030	18,500	SH		SOLE	NONE	0	0	18,500
SPDR GOLD TR GOLD SHS	GOLD SHS	78463V107	7,113	62,625	SH		SOLE	NONE	0	0	62,625
PIMCO ETF TRUST 0-5 YR HIGH YLD CORP BD IDX ETF	0-5 HIGH YIELD	72201R783	1,989	19,725	SH		SOLE	NONE	0	0	19,725
ISHARES GOLD TRUST ISHARES ISIN #US4642851053 SEDOL #B0SF3S5	ISHARES	464285105	2,947	257,630	SH		SOLE	NONE	0	0	257,630
ISHARES COHEN & STEERS REIT ET	COHEN&STEER REIT	464287564	203	2,095	SH		SOLE	NONE	0	0	2,095
ISHARES INTERNATIONAL DIVIDEND ETF	INTL SEL DIV ETF	464288448	433	12,850	SH		SOLE	NONE	0	0	12,850
ISHARES TR INTL TREASURY BD ETF	INTL TREA BD ETF	464288117	319	3,300	SH		SOLE	NONE	0	0	3,300
ISHARES US PHARMACEUTICALS ETF	U.S. PHARMA ETF	464288836	2,370	15,655	SH		SOLE	NONE	0	0	15,655
ISHARES CORE S&P MID-CAP ETF	CORE S&P MCP ETF	464287507	647	4,470	SH		SOLE	NONE	0	0	4,470
ISHARES CORE S&P SMALL-CAP ETF	CORE S&P SCP ETF	464287804	1,448	12,692	SH		SOLE	NONE	0	0	12,692
ISHARES RUSSELL 1000 VALUE ETF	RUS 1000 VAL ETF	464287598	2,216	21,230	SH		SOLE	NONE	0	0	21,230
ISHARES RUSSELL 2000 ETF	RUSSELL 2000 ETF	464287655	15,909	132,999	SH		SOLE	NONE	0	0	132,999
ISHARES RUSSELL 2000 VALUE ETF	RUS 2000 VAL ETF	464287630	313	3,075	SH		SOLE	NONE	0	0	3,075
ISHARES RUSSELL MIDCAP ETF ISIN #US4642874998 SEDOL #B4ZD2Y9	RUS MID-CAP ETF	464287499	2,015	12,060	SH		SOLE	NONE	0	0	12,060
ISHARES U S ENERGY ETF	U.S. ENERGY ETF	464287796	2,653	59,200	SH		SOLE	NONE	0	0	59,200
ISHARES U S REAL ESTATE ETF	U.S. REAL ES ETF	464287739	5,400	70,280	SH		SOLE	NONE	0	0	70,280
SPDR SER TR BARCLAYS HIGH YIELD BD ETF	BRC HGH YLD BD	78464A417	9,058	234,600	SH		SOLE	NONE	0	0	234,600
ISHARES MBS ETF	MBS ETF	464288588	12,511	114,445	SH		SOLE	NONE	0	0	114,445
SPDR S&P MIDCAP 400 ETF TR UNIT SER 1 STANDARD & POORS DEP RCPT	UTSER1 S&PDCRP	78467Y107	3,942	14,935	SH		SOLE	NONE	0	0	14,935
MARKET VECTORS ETF TR AGRIBUSINESS ETF	AGRIBUS ETF	57060U605	3,992	76,000	SH		SOLE	NONE	0	0	76,000
ISHARES NATIONAL AMT FREE MUNI ISIN #US4642884146 SEDOL #B24DX21	NAT AMT FREE BD	464288414	12,636	114,520	SH		SOLE	NONE	0	0	114,520
POWERSHARES EXCHANGE TRADED FDS TST WILDER HILL CLEAN ENERGY P/F ISIN #US73935X5005 SEDOL #B621PV8	WNDRHLL CLN EN	73935X500	56	10,660	SH		SOLE	NONE	0	0	10,660
ISHARES US PREFERRED STOCK ETF	U.S. PFD STK ETF	464288687	568	14,400	SH		SOLE	NONE	0	0	14,400
POWERSHARES ACTIVELY MANAGED ETF TR S&P 500 DOWNSIDE HDGD PORT NYSE ARCA IN	S&P500 DWNHDGE	73935B805	16,933	608,430	SH		SOLE	NONE	0	0	608,430
POWERSHARES EXCHANGE TRADED FD TR DYNAMIC PHARMACEUTICALS PORTFOLIO	DYN PHRMA PORT	73935X799	691	10,385	SH		SOLE	NONE	0	0	10,385
POWERSHARES GLOBAL EXCHANGE TRADED I-30 LADDERED TREASURY PORTFOLIO ISIN #US73936T5240 SEDOL #B68TXM3	I-30 LAD TREAS	73936T524	13,599	413,100	SH		SOLE	NONE	0	0	413,100
PROVECTUS BIOPHARMACEUTICALS INC COM USD0.001	COM	74373P108	8	10,000	SH		SOLE	NONE	0	0	10,000
POWERSHARES QQQ TR UNIT SER 1	UNIT SER 1	73935A104	6,643	64,335	SH		SOLE	NONE	0	0	64,335
ROUNDYS INC COM USD0.01	COM	779268101	203	41,883	SH		SOLE	NONE	0	0	41,883
SPDR SER TR NUVEEN BARCLAYS SHORT ISIN #US78464A4250 SEDOL #B28LXF4	NUVN BR SHT MUNI	78464A425	684	28,180	SH		SOLE	NONE	0	0	28,180
ISHARES 1-3 YEAR TREASURY BOND ETF	1-3 YR TR BD ETF	464287457	6,985	82,710	SH		SOLE	NONE	0	0	82,710
HIGHLAND FDS I HIGHLAND/IBOXX SR LN ETF	HI LD IBOXX SRLN	430101774	442	23,000	SH		SOLE	NONE	0	0	23,000
SPDR S&P 500 ETF TRUST UNIT SER 1 S&P	TR UNIT	78462F103	20,319	98,857	SH		SOLE	NONE	0	0	98,857
VANGUARD INDEX FDS VANGUARD SMALL CAP VIPERS FORMERLY VANGUARD INDEX TR	SMALL CP ETF	922908751	2,661	22,810	SH		SOLE	NONE	0	0	22,810
VANGUARD SCOTTSDALE FDS SHORT TERM CORP	SHRT TRM CORP BD	92206C409	11,608	145,780	SH		SOLE	NONE	0	0	145,780
VANGUARD SECTOR INDEX FDS VANGUARD CONSUMER STAPLES VIPERS	CONSUM STP ETF	92204A207	10,251	81,850	SH		SOLE	NONE	0	0	81,850
VANGUARD INTL EQUITY INDEX FD INC FTSE ALL-WORLD EX-US INDEX FD ETF SHS	ALLWRLD EX US	922042775	4,315	92,085	SH		SOLE	NONE	0	0	92,085
VANGUARD SPECIALIZED PORTFOLIOS DIV APPRECIATION INDEX FD VIPER SHS	DIV APP ETF	921908844	742	9,140	SH		SOLE	NONE	0	0	9,140
VANGUARD INDEX FDS VANGUARD REIT ETF FORMERLY VANGUARD INDEX TR TO 05/24/01 REIT VIPER SHS	REIT ETF	922908553	3,065	37,845	SH		SOLE	NONE	0	0	37,845
VANGUARD INDEX FDS VANGUARD MID CAP VIPERS FORMERLY VANGUARD INDEX TR	MID CAP ETF	922908629	13,469	109,010	SH		SOLE	NONE	0	0	109,010
VANGUARD SECTOR INDEX FDS VANGUARD UTILS VIPERS	UTILITIES ETF	92204A876	898	8,770	SH		SOLE	NONE	0	0	8,770
VANGUARD INDEX FDS VANGUARD TOTAL STK MKT ETF	TOTAL STK MKT	922908769	249	2,345	SH		SOLE	NONE	0	0	2,345
VANGUARD INDEX FDS VANGUARD GROWTH VIPERS FORMERLY VANGUARD INDEX TR	GROWTH ETF	922908736	964	9,230	SH		SOLE	NONE	0	0	9,230
VANGUARD INTL EQUITY INDEX FDS FTSE EMERGING MKTS ETF	FTSE EMR MKT ETF	922042858	583	14,570	SH		SOLE	NONE	0	0	14,570
SPDR SER TR DB INTL GOVT INFLATION PROTECTED	DB INT GVT ETF	78464A490	3,422	60,090	SH		SOLE	NONE	0	0	60,090
SECTOR SPDR TR SHS BEN INT ENERGY	SBI INT-ENERGY	81369Y506	1,346	17,005	SH		SOLE	NONE	0	0	17,005
SECTOR SPDR TR SHS BEN INT INDUSTRIAL	SBI INT-INDS	81369Y704	662	11,700	SH		SOLE	NONE	0	0	11,700
SECTOR SPDR TR SHS BEN INT CONSUMER STAPLES	SBI CONS STPLS	81369Y308	2,537	52,310	SH		SOLE	NONE	0	0	52,310
SECTOR SPDR TR SHS BEN INT UTILITIES	SBI INT-UTILS	81369Y886	17,946	380,047	SH		SOLE	NONE	0	0	380,047
SELECT SECTOR SPDR TR HEALTH CARE FORMERLY CONSUMER SVCS TO 06/24/2002	SBI HEALTHCARE	81369Y209	9,304	136,065	SH		SOLE	NONE	0	0	136,065
SPDR SER TR S&P PHARMACEUTICALS ETF	S&P PHARMAC	78464A722	5,096	47,200	SH		SOLE	NONE	0	0	47,200