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
POWERSHARES EXCHANGE TRADED FD TR II SENIOR LN PORT NYSE ARCA INC	SENIOR LN PORT	73936Q769	625	26,300	SH		SOLE	NONE	0	0	26,300
VANGUARD BD INDEX FD INC TOTAL BD MARKET ETF	TOTAL BND MRKT	921937835	466	5,740	SH		SOLE	NONE	0	0	5,740
VANGUARD CHARLOTTE FUNDS TOTAL	INTL BD IDX ETF	92203J407	13,083	249,830	SH		SOLE	NONE	0	0	249,830
ISHARES INTERMEDIATE CREDIT BOND ETF	INTERM CR BD ETF	464288638	15,378	141,265	SH		SOLE	NONE	0	0	141,265
ISHARES SELECT DIVIDEND ETF	SELECT DIVID ETF	464287168	392	5,225	SH		SOLE	NONE	0	0	5,225
ISHARES MSCI EMERGING MARKETS ETF	MSCI EMG MKT ETF	464287234	1,763	44,500	SH		SOLE	NONE	0	0	44,500
ISHARES TRUST MSCI EAFE MIN VOLATIL ETF	EAFE MIN VOL ETF	46429B689	17,968	275,210	SH		SOLE	NONE	0	0	275,210
SPDR GOLD TR GOLD SHS	GOLD SHS	78463V107	7,768	69,130	SH		SOLE	NONE	0	0	69,130
PIMCO ETF TRUST 0-5 YR HIGH YLD CORP BD IDX ETF	0-5 HIGH YIELD	72201R783	12,464	124,805	SH		SOLE	NONE	0	0	124,805
ISHARES GOLD TRUST ISHARES ISIN #US4642851053 SEDOL #B0SF3S5	ISHARES	464285105	1,861	164,130	SH		SOLE	NONE	0	0	164,130
ISHARES INTERNATIONAL DIVIDEND ETF	INTL SEL DIV ETF	464288448	415	12,850	SH		SOLE	NONE	0	0	12,850
ISHARES US PHARMACEUTICALS ETF	U.S. PHARMA ETF	464288836	2,544	14,555	SH		SOLE	NONE	0	0	14,555
ISHARES CORE S&P MID-CAP ETF	CORE S&P MCP ETF	464287507	605	4,035	SH		SOLE	NONE	0	0	4,035
ISHARES CORE S&P SMALL-CAP ETF	CORE S&P SCP ETF	464287804	14,187	120,352	SH		SOLE	NONE	0	0	120,352
ISHARES RUSSELL 1000 VALUE ETF	RUS 1000 VAL ETF	464287598	7,423	71,970	SH		SOLE	NONE	0	0	71,970
ISHARES RUSSELL 2000 ETF	RUSSELL 2000 ETF	464287655	2,944	23,585	SH		SOLE	NONE	0	0	23,585
ISHARES RUSSELL 2000 VALUE ETF	RUS 2000 VAL ETF	464287630	1,025	10,060	SH		SOLE	NONE	0	0	10,060
ISHARES TR RUS MID-CAP ETF ISIN #US4642874998 SEDOL #B4ZD2Y9	RUS MID-CAP ETF	464287499	1,962	11,525	SH		SOLE	NONE	0	0	11,525
ISHARES U S REAL ESTATE ETF	U.S. REAL ES ETF	464287739	4,773	66,950	SH		SOLE	NONE	0	0	66,950
ISHARES IBOXX INVESTMENT GRADE CORPORATE BOND ETF	IBOXX INV CP ETF	464287242	6,248	54,000	SH		SOLE	NONE	0	0	54,000
ISHARES MBS ETF	MBS ETF	464288588	11,661	107,360	SH		SOLE	NONE	0	0	107,360
SPDR S&P MIDCAP 400 ETF TR UTSER1 S&PDCRP ISIN #US78467Y1073 SEDOL #2550688	UTSER1 S&PDCRP	78467Y107	1,671	6,120	SH		SOLE	NONE	0	0	6,120
MARKET VECTORS ETF TR AGRIBUSINESS ETF	AGRIBUS ETF	57060U605	4,740	86,000	SH		SOLE	NONE	0	0	86,000
ISHARES NATIONAL AMT FREE MUNI ISIN #US4642884146 SEDOL #B24DX21	NAT AMT FREE BD	464288414	13,737	126,955	SH		SOLE	NONE	0	0	126,955
POWERSHARES EXCHANGE TRADED FDS TST WILDER HILL CLEAN ENERGY P/F ISIN #US73935X5005 SEDOL #B621PV8	WNDRHLL CLN EN	73935X500	68	12,560	SH		SOLE	NONE	0	0	12,560
ISHARES US PREFERRED STOCK ETF	U.S. PFD STK ETF	464288687	1,121	28,640	SH		SOLE	NONE	0	0	28,640
POWERSHARES ACTIVELY MANAGED ETF TR S&P 500 DOWNSIDE HDGD PORT NYSE ARCA IN	S&P500 DWNHDGE	73935B805	16,310	630,710	SH		SOLE	NONE	0	0	630,710
POWERSHARES EXCHANGE TRADED FD TR DYNAMIC PHARMACEUTICALS PORTFOLIO	DYN PHRMA PORT	73935X799	2,781	35,505	SH		SOLE	NONE	0	0	35,505
POWERSHARES GLOBAL EXCHANGE TRADED I-30 LADDERED TREASURY PORTFOLIO ISIN #US73936T5240 SEDOL #B68TXM3	I-30 LAD TREAS	73936T524	3,003	94,500	SH		SOLE	NONE	0	0	94,500
POWERSHARES QQQ TR UNIT SER 1	UNIT SER 1	73935A104	12,034	112,400	SH		SOLE	NONE	0	0	112,400
ROUNDYS INC COM USD0.01	COM	779268101	135	41,883	SH		SOLE	NONE	0	0	41,883
SPDR SER TR S&P DIVID ETF	S&P DIVID ETF	78464A763	1,139	14,950	SH		SOLE	NONE	0	0	14,950
ISHARES 1-3 YEAR TREASURY BOND ETF	1-3 YR TR BD ETF	464287457	7,018	82,710	SH		SOLE	NONE	0	0	82,710
SPDR S&P 500 ETF TRUST UNIT SER 1 S&P	TR UNIT	78462F103	19,414	94,312	SH		SOLE	NONE	0	0	94,312
ISHARES TIPS BOND ETF	TIPS BD ETF	464287176	448	4,000	SH		SOLE	NONE	0	0	4,000
ISHARES TRUST MSCI USA MINVOLATILITY ETF	USA MIN VOL ETF	46429B697	1,065	26,420	SH		SOLE	NONE	0	0	26,420
VANGUARD INDEX FDS VANGUARD SMALL CAP VIPERS FORMERLY VANGUARD INDEX TR	SMALL CP ETF	922908751	2,770	22,810	SH		SOLE	NONE	0	0	22,810
VANGUARD SCOTTSDALE FDS SHORT TERM CORP	SHRT TRM CORP BD	92206C409	22,979	288,765	SH		SOLE	NONE	0	0	288,765
VANGUARD SECTOR INDEX FDS VANGUARD CONSUMER STAPLES VIPERS	CONSUM STP ETF	92204A207	4,727	37,850	SH		SOLE	NONE	0	0	37,850
VANGUARD SPECIALIZED PORTFOLIOS DIV APPRECIATION INDEX FD VIPER SHS	DIV APP ETF	921908844	741	9,440	SH		SOLE	NONE	0	0	9,440
VANGUARD INDEX FDS VANGUARD REIT ETF FORMERLY VANGUARD INDEX TR TO 05/24/01 REIT VIPER SHS	REIT ETF	922908553	2,950	39,505	SH		SOLE	NONE	0	0	39,505
VANGUARD INDEX FDS VANGUARD MID CAP VIPERS FORMERLY VANGUARD INDEX TR	MID CAP ETF	922908629	1,766	13,860	SH		SOLE	NONE	0	0	13,860
VANGUARD SECTOR INDEX FDS VANGUARD UTILS VIPERS	UTILITIES ETF	92204A876	788	8,770	SH		SOLE	NONE	0	0	8,770
VANGUARD INDEX FDS VANGUARD TOTAL STK MKT ETF	TOTAL STK MKT	922908769	227	2,125	SH		SOLE	NONE	0	0	2,125
VANGUARD INTL EQUITY INDEX FDS FTSE EMERGING MKTS ETF	FTSE EMR MKT ETF	922042858	13,909	340,240	SH		SOLE	NONE	0	0	340,240
SECTOR SPDR TR SHS BEN INT ENERGY	SBI INT-ENERGY	81369Y506	4,240	56,425	SH		SOLE	NONE	0	0	56,425
SECTOR SPDR TR SHS BEN INT INDUSTRIAL	SBI INT-INDS	81369Y704	632	11,700	SH		SOLE	NONE	0	0	11,700
SECTOR SPDR TR SHS BEN INT CONSUMER STAPLES	SBI CONS STPLS	81369Y308	577	12,130	SH		SOLE	NONE	0	0	12,130
SECTOR SPDR TR SHS BEN INT UTILITIES	SBI INT-UTILS	81369Y886	6,315	152,335	SH		SOLE	NONE	0	0	152,335
SELECT SECTOR SPDR TR HEALTH CARE FORMERLY CONSUMER SVCS TO 06/24/2002	SBI HEALTHCARE	81369Y209	8,357	112,350	SH		SOLE	NONE	0	0	112,350
SELECT SECTOR SPDR TR CONSUMER DISCRETIONARY FORMERLY CYCLICAL/ TRANSN TO 06/24/2002	SBI CONS DISCR	81369Y407	874	11,440	SH		SOLE	NONE	0	0	11,440
SPDR SER TR S&P PHARMACEUTICALS ETF	S&P PHARMAC	78464A722	5,885	47,200	SH		SOLE	NONE	0	0	47,200