Capital Directions Investment Advisors 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
Schwab US Broad Market ETF	COM	808524102	11	225	SH		SOLE		11	0	0
iShares Russell 1000 Growth	COM	464287614	3,115	31,459	SH		SOLE		3,115	0	0
iShares Russell 1000 Index	COM	434287622	15	130	SH		SOLE		15	0	0
iShares Russell 1000 Value	COM	464287598	2,330	22,593	SH		SOLE		2,330	0	0
iShares Russell 3000 Index	COM	464287689	530	4,271	SH		SOLE		530	0	0
iShares S&P 500 Index	COM	464287200	573	2,767	SH		SOLE		573	0	0
iShares S&P North America Fund	COM	464287374	821	22,630	SH		SOLE		821	0	0
iShares Tr S&P 500 Value	COM	464287408	602	6,532	SH		SOLE		602	0	0
Schwab US Large Cap	COM	808524201	73	1,490	SH		SOLE		73	0	0
Schwab US Large Cap Growth	COM	808524300	281	5,238	SH		SOLE		281	0	0
Schwab US Large Cap Value	COM	808524409	268	6,220	SH		SOLE		268	0	0
Spider DJ Wilshire Large Cap Growth	COM	78464A409	89,111	903,576	SH		SOLE		89,111	0	0
Spider S&P 500 Value	COM	78464A508	43	427	SH		SOLE		43	0	0
Spider Trust S&P 500 Index	COM	78462F103	160	776	SH		SOLE		160	0	0
Vanguard Div Appreciation	COM	921908844	2,048	26,069	SH		SOLE		2,048	0	0
Vanguard Energy	COM	92204A306	5	50	SH		SOLE		5	0	0
Vanguard Total Stock	COM	922908769	5,246	49,019	SH		SOLE		5,246	0	0
iShares Core S&P Small Cap	COM	464287804	11	92	SH		SOLE		11	0	0
iShares Russell 2000	COM	464287655	22,992	184,146	SH		SOLE		22,992	0	0
iShares Russell 2000 Growth	COM	464287648	1,148	7,430	SH		SOLE		1,148	0	0
iShares Russell 2000 Value	COM	464287630	776	7,613	SH		SOLE		776	0	0
iShares Russell Mid Cap Growth	COM	464287481	1,320	13,631	SH		SOLE		1,320	0	0
iShares Russell Midcap	COM	464287499	67	394	SH		SOLE		67	0	0
iShares Russell Midcap Value	COM	464287473	318	4,318	SH		SOLE		318	0	0
iShares S&P Midcap 400 Barra	COM	464287606	38,747	228,595	SH		SOLE		38,747	0	0
iShares S&P Midcap 400 Index	COM	464287507	108	724	SH		SOLE		108	0	0
iShares S&) Midap Value	COM	464287705	89	690	SH		SOLE		89	0	0
iShares S&P Small Cap	COM	464287879	34	285	SH		SOLE		34	0	0
S&P Mid Cap 400	COM	78467Y107	10	37	SH		SOLE		10	0	0
Schwab US Midcap ETF	COM	808524508	62	1,455	SH		SOLE		62	0	0
Schwab US Small Cap	COM	808524607	69	1,198	SH		SOLE		69	0	0
Spider DJ Small Cap Growth	COM	78464A201	36,923	194,127	SH		SOLE		36,923	0	0
Spider S&P Small Cap Value	COM	78464A300	31	296	SH		SOLE		31	0	0
Vanguard Small Cap	COM	922908751	1,489	12,260	SH		SOLE		1,489	0	0
iShares FTSE Small Cap	COM	464288497	3	58	SH		SOLE		3	0	0
iShares International Small	COM	78463X871	169	5,530	SH		SOLE		169	0	0
iShares MSCI ACWI EX US	COM	464288240	121	2,733	SH		SOLE		121	0	0
iShares MSCI ACWI Index	COM	464288257	216	3,636	SH		SOLE		216	0	0
iShares MSCI EAFE Index	COM	464287465	62,988	992,090	SH		SOLE		62,988	0	0
iShares MSCI EAFE Small Cap	COM	464288273	991	19,424	SH		SOLE		991	0	0
iShares MSCI Emerging Markets	COM	464287234	2,139	53,987	SH		SOLE		2,139	0	0
Schwab Emerging Markets Equity	COM	808524706	2	72	SH		SOLE		2	0	0
Schwab FTSE Dev International	COM	808524805	225	7,391	SH		SOLE		225	0	0
Schwab International Small Cap	COM	808524888	83	2,659	SH		SOLE		83	0	0
Vanguard International Equity Index	COM	922042775	235	4,846	SH		SOLE		235	0	0
DJ Wilshire REIT	COM	78464A607	945	11,201	SH		SOLE		945	0	0
iShares International Small	COM	78463X863	3,750	89,584	SH		SOLE		3,750	0	0
iShares Trust Cohen & Steer	COM	449243104	34	375	SH		SOLE		34	0	0
Schwab US REIT	COM	808524847	51	1,395	SH		SOLE		51	0	0
Vanguard REIT	COM	922908553	550	7,366	SH		SOLE		550	0	0
Streettracks Gold Trust	COM	863307104	1,478	13,152	SH		SOLE		1,478	0	0
iShares Trust Gs Investop	COM	464287242	165	1,424	SH		SOLE		165	0	0
iShares Trust Lehman Bond Fund	COM	464287226	3,079	28,309	SH		SOLE		3,079	0	0
iShares Trust Lehman TIPS	COM	464287176	1,174	10,480	SH		SOLE		1,174	0	0
Schwab Interim US Tr	COM	808524854	14	253	SH		SOLE		14	0	0
Vanguard Corp Bond	COM	92206C870	4,380	51,342	SH		SOLE		4,380	0	0
iShares S&P National Muni Bond	COM	464288414	562	5,197	SH		SOLE		562	0	0
iShares S&P Short Term Muni Fund	COM	464288158	1,637	15,492	SH		SOLE		1,637	0	0