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
iShares MSCI ACWI Index	COM	464288257	258	3,936	SH		SOLE		258	0	0
iShares Tr Lehman Bd Fd	COM	464287226	1,923	17,563	SH		SOLE		1,923	0	0
Vanguard Bond Index Fund	COM	921937819	28	335	SH		SOLE		28	0	0
Vanguard Bond Index Fund	COM	921937835	11	130	SH		SOLE		11	0	0
Vanguard Bond Index Fund	COM	921937827	58	732	SH		SOLE		58	0	0
Saba Cef Etf	COM	30151E806	1	60	SH		SOLE		1	0	0
Ishares TRUST Dow Jones	COM	464287168	181	1,962	SH		SOLE		181	0	0
iShares MSCI Emerging Markets Index	COM	464287234	6,761	163,337	SH		SOLE		6,761	0	0
iShares MSCI EAFE Index	COM	464287465	77,532	1,189,135	SH		SOLE		77,532	0	0
Ishares Msci Val Idx Fd	COM	464288877	103	2,000	SH		SOLE		103	0	0
Ishares Msci Israel Inx	COM	464286632	59	1,078	SH		SOLE		59	0	0
Market Vectors Etf	COM	57060U522	4	191	SH		SOLE		4	0	0
SPDR EMERGING SMALL CAP	COM	78463X756	6	121	SH		SOLE		6	0	0
First Dorsey Wright ETF	COM	33738R605	47	1,878	SH		SOLE		47	0	0
First TRUST Energy	COM	33734X127	87	6,505	SH		SOLE		87	0	0
Streettracks Gold TRUST	COM	863307104	1,528	12,943	SH		SOLE		1,528	0	0
SPDR GLOBAL NATURAL RESOURCES ETF	COM	78463X541	69	1,650	SH		SOLE		69	0	0
Ishares S&P Gsci Cmdty	COM	46428R107	1	100	SH		SOLE		1	0	0
iShares International Small	COM	78463X871	168	5,030	SH		SOLE		168	0	0
Ishares TRUST	COM	464288513	4	40	SH		SOLE		4	0	0
Ishares Tr Cohen & Steer	COM	449243104	37	363	SH		SOLE		37	0	0
Powershares S&P	COM	73937B688	16	500	SH		SOLE		16	0	0
Ishares Barclays 3-7 Yr Treas Bd Fd	COM	464288661	11	85	SH		SOLE		11	0	0
Ishares Core Msci	COM	46434G103	8	167	SH		SOLE		8	0	0
iShares FTSE Small Cap Ex-Nrth Amer	COM	464288497	3	58	SH		SOLE		3	0	0
Ishares S&P North Am Fd	COM	464287374	863	27,263	SH		SOLE		863	0	0
Ishares US	COM	464288836	16	100	SH		SOLE		16	0	0
iShares S&P Midcap Value	COM	464287705	105	709	SH		SOLE		105	0	0
iShares S&P MidCap 400 - Barra Growth	COM	464287606	30,326	154,235	SH		SOLE		30,326	0	0
iShares Core S&P Small Cap ETF	COM	464287804	30	434	SH		SOLE		30	0	0
Ishares S&P Smallcap	COM	464287879	69	492	SH		SOLE		69	0	0
Ishares S&P Glbl Indx Fd	COM	464287572	23	268	SH		SOLE		23	0	0
iShares S&P 500 Index	COM	464287200	1,897	7,794	SH		SOLE		1,897	0	0
iShares Russell 1000 Value	COM	464287598	2,641	22,680	SH		SOLE		2,641	0	0
iShares Russell 1000 Growth	COM	464287614	3,771	31,687	SH		SOLE		3,771	0	0
iShares Russell 2000	COM	464287655	34,213	242,780	SH		SOLE		34,213	0	0
iShares Russell 2000 Value	COM	464287630	736	6,188	SH		SOLE		736	0	0
iShares Russell Mid Cap Growth	COM	464287481	1,394	12,895	SH		SOLE		1,394	0	0
iShares Russell Midcap	COM	464287499	76	394	SH		SOLE		76	0	0
iShares Russell Midcap Value	COM	464287473	333	3,961	SH		SOLE		333	0	0
Ishares Russell 3000 Index	COM	464287689	615	4,271	SH		SOLE		615	0	0
Ishares DJ Tech Index	COM	464287721	140	1,000	SH		SOLE		140	0	0
iShares Dow Jones Total Market Index	COM	464287846	107	878	SH		SOLE		107	0	0
Spdr S&P Insurance Etf	COM	78464A789	2	22	SH		SOLE		2	0	0
Ishares Tr Gs Investop	COM	464287242	30	249	SH		SOLE		30	0	0
Spdr S&P 400 Mid Cap	COM	78464A839	23	238	SH		SOLE		23	0	0
iShares S&P National Muni Bond	COM	464288414	812	7,371	SH		SOLE		812	0	0
Powershs Exch Trad Fd Tr	COM	73935X302	23	1,364	SH		SOLE		23	0	0
Ishares S&P U S Pfd Fund	COM	464288687	9	225	SH		SOLE		9	0	0
Powershs Exch Trad Fd Tr	COM	73936T565	2	158	SH		SOLE		2	0	0
Powershs Exch Trad Fd Tr	COM	73935X286	47	881	SH		SOLE		47	0	0
Quality Care Propert	COM	747545101	2	100	SH		SOLE		2	0	0
Nasdaq 100 Shares	COM	631100104	117	850	SH		SOLE		117	0	0
First Tr Nasdaq 100 Fund	COM	337345102	12	186	SH		SOLE		12	0	0
Rydex Etf TRUST	COM	78355W304	71	1,200	SH		SOLE		71	0	0
DJ Wilshire REIT ETF	COM	78464A607	984	10,587	SH		SOLE		984	0	0
SPDR Dow Jones International Real Estate ETF	COM	78463X863	2,900	76,115	SH		SOLE		2,900	0	0
Schwab US Small Cap ETF	COM	808524607	106	1,652	SH		SOLE		106	0	0
Schwab Intl Small Cap ETF	COM	808524888	46	1,368	SH		SOLE		46	0	0
Sch US Div Equity Etf	COM	808524797	90	2,003	SH		SOLE		90	0	0
Schwab Emerging Markets Equity ETF	COM	808524706	22	875	SH		SOLE		22	0	0
Schwab FTSE Dev International	COM	808524805	131	4,113	SH		SOLE		131	0	0
Schwab US Large Cap Growth ETF	COM	808524300	361	5,708	SH		SOLE		361	0	0
Schwab US REIT ETF	COM	808524847	43	1,051	SH		SOLE		43	0	0
Schwab US Mid-Cap ETF	COM	808524508	70	1,455	SH		SOLE		70	0	0
Schwab Short-term US Trsy ETF	COM	808524862	11	226	SH		SOLE		11	0	0
Schwab US TIPS ETF	COM	808524870	11	200	SH		SOLE		11	0	0
Schwab Intm US Trsr ETF	COM	808524854	16	293	SH		SOLE		16	0	0
Schwab US Large Cap Value ETF	COM	808524409	352	7,012	SH		SOLE		352	0	0
Schwab US Large Cap ETF	COM	808524201	153	2,640	SH		SOLE		153	0	0
Spider Barclays Short Term	COM	78464A474	262	8,551	SH		SOLE		262	0	0
iShares MSCI EAFE Small Cap	COM	464288273	1,262	21,812	SH		SOLE		1,262	0	0
Proshs Ultrashrt S&P	COM	74347R883	0	18	SH		SOLE		0	0	0
Spdr S&P Dividend Etf	COM	78464A763	178	2,000	SH		SOLE		178	0	0
Proshares Short S&P	COM	74347B425	131	3,900	SH		SOLE		131	0	0
Spdr S&P 600 Small Cap	COM	78464A813	39	315	SH		SOLE		39	0	0
SPDR DJ Small Cap Growth	COM	78464A201	24,236	112,060	SH		SOLE		24,236	0	0
SPDR S&P 600 Small Cap Value ETF	COM	78464A300	69	578	SH		SOLE		69	0	0
SPDR Trust - S&P 500 Index	COM	78462F103	828	3,422	SH		SOLE		828	0	0
SPDR DJ Wilshire Large Cap Growth	COM	78464A409	71,936	608,393	SH		SOLE		71,936	0	0
SPDR S&P 500 Value ETF	COM	78464A508	54	477	SH		SOLE		54	0	0
iShares S&P Short Term Muni Fund	COM	464288158	1,591	15,045	SH		SOLE		1,591	0	0
Proshs Ultrashort Lehman	COM	74347R297	3	75	SH		SOLE		3	0	0
Ishares Tr Lehman Tips	COM	464287176	142	1,252	SH		SOLE		142	0	0
Credit Suisse ETN	COM	22542D571	0	1	SH		SOLE		0	0	0
Proshs Ultra Financials	COM	74347R743	317	3,050	SH		SOLE		317	0	0
Vanguard Small Cap ETf	COM	922908751	1,825	13,464	SH		SOLE		1,825	0	0
Vanguard Small Cap Value	COM	922908611	7	60	SH		SOLE		7	0	0
Vanguard Corp Bond Etf	COM	92206C870	4,517	51,608	SH		SOLE		4,517	0	0
Vanguard Corp Bond Etf	COM	92206C409	1,257	15,707	SH		SOLE		1,257	0	0
Vanguard Consumr Staples ETF	COM	92204A207	73	520	SH		SOLE		73	0	0
Vanguard Energy ETF	COM	92204A306	22	250	SH		SOLE		22	0	0
Vanguard MSCI EAFE ETF	COM	921943858	4	105	SH		SOLE		4	0	0
Vanguard Intl Eqty Index	COM	922042775	153	3,066	SH		SOLE		153	0	0
Vanguard Financials ETF	COM	92204A405	6	89	SH		SOLE		6	0	0
Vanguard Info Technology	COM	92204A702	4	30	SH		SOLE		4	0	0
Vanguard Div Apprciation	COM	921908844	2,674	28,860	SH		SOLE		2,674	0	0
Vanguard Reit	COM	922908553	748	8,991	SH		SOLE		748	0	0
VANGUARD CRSP US MID CAP VALUE INDE ETF	COM	022908512	34	331	SH		SOLE		34	0	0
Vanguard Total World	COM	922042742	2,040	30,212	SH		SOLE		2,040	0	0
Vanguard Total Stock Mkt	COM	922908769	6,028	48,436	SH		SOLE		6,028	0	0
Vanguard FTSE Emerging Markets	COM	922042858	32	782	SH		SOLE		32	0	0
Vanguard Whitehall Funds	COM	921946406	18	230	SH		SOLE		18	0	0
Sector Spdr Engy Select	COM	81369Y506	7	101	SH		SOLE		7	0	0
Rydex Etf TRUST	COM	78355W205	76	445	SH		SOLE		76	0	0
Sector Spdr Indl Select	COM	81369Y704	7	98	SH		SOLE		7	0	0
Sector Spdr Tr Con Stpls	COM	81369Y308	9	168	SH		SOLE		9	0	0
Sector Spdr Util Select	COM	81369Y886	5	105	SH		SOLE		5	0	0
Sector Spdr Health Fund	COM	81369Y209	5	61	SH		SOLE		5	0	0