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
OMB APPROVAL
OMB Number: 3235-0006
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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
Alerian MLP ETF ETF 00162Q866 2,811 157,500 SH   SOLE   157,500 0 0
Apple Computer Inc. COM 037833100 20 50 SH   SOLE   50 0 0
Bank of America Corp COM 060505104 276 21,440 SH   SOLE   21,440 0 0
Bank of Hawaii Corp. COM 062540109 25 500 SH   SOLE   500 0 0
Brookfield Asset Mgmt, Inc. COM 112585104 23 650 SH   SOLE   650 0 0
Brookfield Prop Part Lpf COM G16249107 1 36 SH   SOLE   36 0 0
Consumer Discret Select Sector ETF 81369Y407 9,437 167,325 SH   SOLE   167,325 0 0
Consumer Staples Spdr ETF 81369Y308 9,377 236,378 SH   SOLE   236,378 0 0
Costco Wholesale Corp COM 22160K105 22 200 SH   SOLE   200 0 0
CVS Corp. ETF 126650100 14 250 SH   SOLE   250 0 0
Direxion Shares Etf COM 25459Y207 289 6,450 SH   SOLE   6,450 0 0
Facebook Inc Class A COM 30303M102 162 6,500 SH   SOLE   6,500 0 0
Financial Spdr ETF 81369Y605 8,695 447,175 SH   SOLE   447,175 0 0
First Trust Consumer Discretio ETF 33734X101 5 191 SH   SOLE   191 0 0
First Trust Large Cap Fund ETF 33734K109 10 281 SH   SOLE   281 0 0
General Electric Co. COM 369604103 35 1,500 SH   SOLE   1,500 0 0
Google Inc. COM 38259P508 92 104 SH   SOLE   104 0 0
Gulf Keystone Petroleum Ltd. COM G4209G108 11 5,000 SH   SOLE   5,000 0 0
High Yield Muni Idx ETF ETF 57060U878 6,720 219,675 SH   SOLE   219,675 0 0
iShares Barclays 7-10 Year Tre ETF 464287440 16 155 SH   SOLE   155 0 0
iShares Cohen & Steers Realty ETF 464287564 23,493 291,410 SH   SOLE   291,410 0 0
iShares Dow Jone Real Estate ETF 464287739 13 200 SH   SOLE   200 0 0
iShares High Yield Corp Bond F ETF 464288513 11,624 127,910 SH   SOLE   127,910 0 0
iShares iBoxx Corporate Bond F ETF 464287242 11,723 103,150 SH   SOLE   103,150 0 0
iShares MSCI EAFE Index ETF 464287465 786 13,713 SH   SOLE   13,713 0 0
iShares MSCI Emerging Markets ETF 464287234 18,430 478,702 SH   SOLE   478,702 0 0
iShares MSCI Japan Index ETF 464286848 273 24,350 SH   SOLE   24,350 0 0
iShares S&P 100 ETF 464287101 17,487 243,050 SH   SOLE   243,050 0 0
iShares S&P Mid Cap 400 ETF 464287507 68,948 596,950 SH   SOLE   596,950 0 0
iShares S&P Municipal Bond Fun ETF 464288414 2,594 24,700 SH   SOLE   24,700 0 0
iShares S&P Small Cap 600 ETF 464287804 53,780 595,500 SH   SOLE   595,500 0 0
iShares S&P US Preferred Stock ETF 464288687 5 140 SH   SOLE   140 0 0
Johnson & Johnson COM 478160104 22 260 SH   SOLE   260 0 0
JP Morgan Chase & Co. COM 46625H100 28 525 SH   SOLE   525 0 0
Midcap SPDR Trust Series 1 ETF 78467Y107 5 25 SH   SOLE   25 0 0
Onex Corporation COM 68272K103 16 360 SH   SOLE   360 0 0
Pfizer Inc. COM 717081103 31 1,100 SH   SOLE   1,100 0 0
PowerShares High Yield Corpora ETF 73936T557 11,526 618,350 SH   SOLE   618,350 0 0
PowerShares QQQ ETF 73935A104 50,075 702,615 SH   SOLE   702,615 0 0
Powershares S&P 500 High Beta ETF 73937B829 5,196 209,350 SH   SOLE   209,350 0 0
Rydex S&P Equal Weight ETF ETF 78355W106 52,095 850,250 SH   SOLE   850,250 0 0
Spdr Barclays High Yield ETF ETF 78464A417 6,276 158,925 SH   SOLE   158,925 0 0
SPDR S&P ETF Trust ETF 78462F103 54,774 341,440 SH   SOLE   341,440 0 0
Technology Spdr ETF 81369Y803 21 701 SH   SOLE   701 0 0
Utilities Select SPDR ETF ETF 81369Y886 20 520 SH   SOLE   520 0 0
Vanguard Mid Cap ETF ETF 922908629 26 275 SH   SOLE   275 0 0
Western Refining Inc COM 959319104 21 750 SH   SOLE   750 0 0
Wisdomtree Jpn Hdgd Eqty ETF 97717W851 79 1,725 SH   SOLE   1,725 0 0
Brookfield Infrastructure Part COM G16252101 1 18 SH   SOLE   18 0 0