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 2,741 155,800 SH   SOLE   155,800 0 0
Apple Computer Inc. COM 037833100 24 50 SH   SOLE   50 0 0
Bank of America Corp COM 060505104 296 21,440 SH   SOLE   21,440 0 0
Bank of Hawaii Corp. COM 062540109 27 500 SH   SOLE   500 0 0
Consumer Discret Select Sector ETF 81369Y407 10,057 165,875 SH   SOLE   165,875 0 0
Consumer Staples Spdr ETF 81369Y308 9,337 234,603 SH   SOLE   234,603 0 0
Costco Wholesale Corp COM 22160K105 23 200 SH   SOLE   200 0 0
CVS Corp. COM 126650100 14 250 SH   SOLE   250 0 0
Direxion Shares Etf ETF 25459Y207 477 9,550 SH   SOLE   9,550 0 0
Facebook Inc Class A COM 30303M102 326 6,500 SH   SOLE   6,500 0 0
Financial Spdr ETF 81369Y605 8,822 443,225 SH   SOLE   443,225 0 0
First Trust Consumer Discretio ETF 33734X101 6 191 SH   SOLE   191 0 0
First Trust Large Cap Fund ETF 33734K109 11 281 SH   SOLE   281 0 0
General Electric Co. COM 369604103 36 1,500 SH   SOLE   1,500 0 0
Google Inc. COM 38259P508 91 104 SH   SOLE   104 0 0
Gulf Keystone Petroleum Ltd. COM G4209G108 16 5,000 SH   SOLE   5,000 0 0
High Yield Muni Idx ETF ETF 57060U878 5,815 198,975 SH   SOLE   198,975 0 0
iShares Cohen & Steers Realty ETF 464287564 22,427 291,710 SH   SOLE   291,710 0 0
iShares Dow Jone Real Estate ETF 464287739 10 150 SH   SOLE   150 0 0
iShares High Yield Corp Bond F ETF 464288513 11,020 120,335 SH   SOLE   120,335 0 0
iShares iBoxx Corporate Bond F ETF 464287242 10,478 92,300 SH   SOLE   92,300 0 0
iShares MSCI EAFE Index ETF 464287465 874 13,695 SH   SOLE   13,695 0 0
iShares MSCI Emerging Markets ETF 464287234 19,494 478,327 SH   SOLE   478,327 0 0
iShares MSCI Japan Index ETF 464286848 633 53,100 SH   SOLE   53,100 0 0
iShares S&P 100 ETF 464287101 18,190 243,050 SH   SOLE   243,050 0 0
iShares S&P Mid Cap 400 ETF 464287507 74,956 603,800 SH   SOLE   603,800 0 0
iShares S&P Municipal Bond Fun ETF 464288414 1,515 14,500 SH   SOLE   14,500 0 0
iShares S&P Small Cap 600 ETF 464287804 60,344 604,650 SH   SOLE   604,650 0 0
Johnson & Johnson COM 478160104 23 260 SH   SOLE   260 0 0
JP Morgan Chase & Co. COM 46625H100 27 525 SH   SOLE   525 0 0
Midcap SPDR Trust Series 1 ETF 78467Y107 6 25 SH   SOLE   25 0 0
Onex Corporation COM 68272K103 19 360 SH   SOLE   360 0 0
Pfizer Inc. COM 717081103 32 1,100 SH   SOLE   1,100 0 0
PowerShares High Yield Corpora ETF 73936T557 10,403 553,075 SH   SOLE   553,075 0 0
PowerShares QQQ ETF 73935A104 55,892 708,575 SH   SOLE   708,575 0 0
Powershares S&P 500 High Beta ETF 73937B829 6,039 223,500 SH   SOLE   223,500 0 0
Rydex S&P Equal Weight ETF ETF 78355W106 56,788 870,975 SH   SOLE   870,975 0 0
Spdr Barclays High Yield ETF ETF 78464A417 6,154 154,450 SH   SOLE   154,450 0 0
SPDR S&P ETF Trust ETF 78462F103 58,441 347,840 SH   SOLE   347,840 0 0
Technology Spdr ETF 81369Y803 22 701 SH   SOLE   701 0 0
Vanguard Mid Cap ETF ETF 922908629 28 275 SH   SOLE   275 0 0
Western Refining Inc COM 959319104 23 750 SH   SOLE   750 0 0
Wisdomtree Jpn Hdgd Eqty ETF 97717W851 489 10,200 SH   SOLE   10,200 0 0