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
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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 6,899 363,100 SH   SOLE   363,100 0 0
Apple Computer Inc. COM 037833100 288 3,100 SH   SOLE   3,100 0 0
Bank of America Corp COM 060505104 330 21,440 SH   SOLE   21,440 0 0
Bank of Hawaii Corp. COM 062540109 29 500 SH   SOLE   500 0 0
Costco Wholesale Corp COM 22160K105 23 200 SH   SOLE   200 0 0
Cummins Inc. COM 231021106 39 250 SH   SOLE   250 0 0
CVS Corp. COM 126650100 19 250 SH   SOLE   250 0 0
Direxion Shares Etf ETF 25459Y207 10 175 SH   SOLE   175 0 0
First Tr Nasdaq 100 Equal Weig ETF 337344105 38,935 998,590 SH   SOLE   998,590 0 0
First Tr NASDAQ Rising Div. ETF 33738R506 71 3,400 SH   SOLE   3,400 0 0
First Trust Consumer Discretio ETF 33734X101 6 191 SH   SOLE   191 0 0
First Trust Large Cap Fund ETF 33734K109 12 281 SH   SOLE   281 0 0
General Electric Co. COM 369604103 105 4,000 SH   SOLE   4,000 0 0
Google Inc Class A COM 38259P508 118 202 SH   SOLE   202 0 0
Google Inc Class C COM 38259P706 116 202 SH   SOLE   202 0 0
Gulf Keystone Petroleum Ltd. COM G4209G108 9 5,000 SH   SOLE   5,000 0 0
High Yield Muni Idx ETF ETF 57060U878 1,399 46,400 SH   SOLE   46,400 0 0
Hillenbrand Inc COM 431571108 11 350 SH   SOLE   350 0 0
iShares Cohen & Steers Realty ETF 464287564 1,109 12,700 SH   SOLE   12,700 0 0
iShares Dow Jone Real Estate ETF 464287739 14 200 SH   SOLE   200 0 0
iShares High Yield Corp Bond F ETF 464288513 15,821 166,185 SH   SOLE   166,185 0 0
iShares iBoxx Corporate Bond F ETF 464287242 8,139 68,250 SH   SOLE   68,250 0 0
iShares Russell 2000 Index ETF 464287655 54,312 457,130 SH   SOLE   457,130 0 0
iShares S&P Mid Cap 400 ETF 464287507 55,941 390,980 SH   SOLE   390,980 0 0
iShares S&P Municipal Bond Fun ETF 464288414 1,168 10,750 SH   SOLE   10,750 0 0
iShares S&P Small Cap 600 ETF 464287804 38,234 341,100 SH   SOLE   341,100 0 0
iShares Trust Dow Jones Select ETF 464287168 69 900 SH   SOLE   900 0 0
Johnson & Johnson COM 478160104 53 510 SH   SOLE   510 0 0
JP Morgan Chase & Co. COM 46625H100 30 525 SH   SOLE   525 0 0
Kapstone Paper & Pckg Cp COM 48562P103 10 300 SH   SOLE   300 0 0
Midcap SPDR Trust Series 1 ETF 78467Y107 7 25 SH   SOLE   25 0 0
Onex Corporation COM 68272K103 22 360 SH   SOLE   360 0 0
Pfizer Inc. COM 717081103 33 1,100 SH   SOLE   1,100 0 0
PowerShares High Yield Corpora ETF 73936T557 14,441 736,800 SH   SOLE   736,800 0 0
PowerShares QQQ ETF 73935A104 40,439 430,615 SH   SOLE   430,615 0 0
Proshares SP 500 Aristocrats E ETF 74348A467 69 1,500 SH   SOLE   1,500 0 0
Rydex S&P Equal Weight ETF ETF 78355W106 80,929 1,055,000 SH   SOLE   1,055,000 0 0
Spdr Barclays High Yield ETF ETF 78464A417 11,008 263,800 SH   SOLE   263,800 0 0
SPDR S&P ETF Trust ETF 78462F103 65,444 334,375 SH   SOLE   334,375 0 0
Technology Spdr ETF 81369Y803 27 701 SH   SOLE   701 0 0
Vanguard Mid Cap ETF ETF 922908629 24,063 202,775 SH   SOLE   202,775 0 0
Vanguard S&P 500 Etf New ETF 922908363 16,400 91,400 SH   SOLE   91,400 0 0
Vanguard Small Cap ETF ETF 922908751 9,018 77,000 SH   SOLE   77,000 0 0
Western Refining Inc COM 959319104 28 750 SH   SOLE   750 0 0