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	271	3,936	SH		SOLE		271	0	0
iShares Tr Lehman Bd Fd	COM	464287226	1,849	16,872	SH		SOLE		1,849	0	0
Vanguard Bond Index Fund	COM	921937835	159	1,936	SH		SOLE		159	0	0
Vanguard Bond Index Fund	COM	921937827	51	643	SH		SOLE		51	0	0
Saba Cef Etf	COM	30151E806	1	60	SH		SOLE		1	0	0
ISHARES CALIFORNIA MUNI BOND E TF	COM	464288356	16	132	SH		SOLE		16	0	0
Ishares TRUST Dow Jones	COM	464287168	178	1,906	SH		SOLE		178	0	0
iShares MSCI Emerging Markets Index	COM	464287234	7,258	161,964	SH		SOLE		7,258	0	0
iShares MSCI EAFE Index	COM	464287465	82,555	1,205,528	SH		SOLE		82,555	0	0
Ishares Msci Val Idx Fd	COM	464288877	89	1,631	SH		SOLE		89	0	0
Ishares Msci Israel Inx	COM	464286632	54	1,078	SH		SOLE		54	0	0
FIDELITY COVINGTON TRUST MSCI REAL ESATE INDEX ETF	COM	316092857	59	2,445	SH		SOLE		59	0	0
First Dorsey Wright ETF	COM	33738R605	49	1,878	SH		SOLE		49	0	0
First TRUST Energy	COM	33734X127	93	6,505	SH		SOLE		93	0	0
Streettracks Gold TRUST	COM	863307104	1,757	14,448	SH		SOLE		1,757	0	0
SPDR GLOBAL NATURAL RESOURCES ETF	COM	78463X541	95	2,056	SH		SOLE		95	0	0
Ishares S&P Gsci Cmdty	COM	46428R107	1	100	SH		SOLE		1	0	0
iShares International Small	COM	78463X871	176	5,030	SH		SOLE		176	0	0
Ishares Tr Cohen & Steer	COM	449243104	35	347	SH		SOLE		35	0	0
Ishares Core Msci Eafe	COM	46432F842	402	6,270	SH		SOLE		402	0	0
Ishares Core Msci	COM	46434G103	50	923	SH		SOLE		50	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	1,068	31,731	SH		SOLE		1,068	0	0
Ishares US	COM	464288836	16	100	SH		SOLE		16	0	0
iShares S&P MidCap 400 Index	COM	464287507	935	5,224	SH		SOLE		935	0	0
iShares S&P Midcap Value	COM	464287705	149	978	SH		SOLE		149	0	0
iShares S&P MidCap 400 - Barra Growth	COM	464287606	30,990	153,145	SH		SOLE		30,990	0	0
iShares Core S&P Small Cap ETF	COM	464287804	32	434	SH		SOLE		32	0	0
Ishares S&P Smallcap	COM	464287879	73	492	SH		SOLE		73	0	0
Ishares S&P Glbl Indx Fd	COM	464287572	24	268	SH		SOLE		24	0	0
ISHARES CORE S&P TOTAL U.S. ET F	COM	464287150	220	3,811	SH		SOLE		220	0	0
iShares Tr S&P 500 Value	COM	464287408	761	7,054	SH		SOLE		761	0	0
iShares S&P 500 Index	COM	464287200	1,971	7,794	SH		SOLE		1,971	0	0
iShares Russell 1000 Value	COM	464287598	2,688	22,683	SH		SOLE		2,688	0	0
iShares Russell 1000 Growth	COM	464287614	3,954	31,617	SH		SOLE		3,954	0	0
iShares Russell 2001	COM	464287655	36,784	248,238	SH		SOLE		36,784	0	0
iShares Russell 2000 Value	COM	464287630	758	6,107	SH		SOLE		758	0	0
iShares Russell 2000 Growth	COM	464287648	1,141	6,374	SH		SOLE		1,141	0	0
iShares Russell Mid Cap Growth	COM	464287481	1,471	12,998	SH		SOLE		1,471	0	0
iShares Russell Midcap	COM	464287499	78	394	SH		SOLE		78	0	0
iShares Russell Midcap Value	COM	464287473	308	3,626	SH		SOLE		308	0	0
Ishares Russell 3000 Index	COM	464287689	638	4,271	SH		SOLE		638	0	0
Ishares DJ Tech Index	COM	464287721	150	1,000	SH		SOLE		150	0	0
iShares Dow Jones Total Market Index	COM	464207846	111	878	SH		SOLE		111	0	0
Ishares Tr Gs Investop	COM	464287242	18	150	SH		SOLE		18	0	0
S & P Mid Cap 400 Dep Rcpts Mid Cap	COM	78467Y107	222	679	SH		SOLE		222	0	0
Munienhanced Fund Inc	COM	09253Y100	5	416	SH		SOLE		5	0	0
Ubs Ag Jersey 2040f	COM	902641646	38	1,500	SH		SOLE		38	0	0
iShares S&P National Muni Bond	COM	464288414	817	7,371	SH		SOLE		817	0	0
Nuveen Divd Adv Muni Fd	COM	67066V101	81	5,729	SH		SOLE		81	0	0
Ishares S&P U S Pfd Fund	COM	464288687	9	225	SH		SOLE		9	0	0
Quality Care Propert	COM	747545101	2	100	SH		SOLE		2	0	0
Nasdaq 100 Shares	COM	631100104	124	850	SH		SOLE		124	0	0
First Tr Nasdaq 100 Fund	COM	337345102	13	186	SH		SOLE		13	0	0
Rydex Etf TRUST	COM	78355W304	74	1,200	SH		SOLE		74	0	0
DJ Wilshire REIT ETF	COM	78464A607	996	10,766	SH		SOLE		996	0	0
SPDR Dow Jones International Real Estate ETF	COM	78463X863	3,059	79,709	SH		SOLE		3,059	0	0
Schwab US Small Cap ETF	COM	808524607	116	1,719	SH		SOLE		116	0	0
Schwab US Broad Market ETF	COM	808524102	137	2,250	SH		SOLE		137	0	0
Schwab Intl Small Cap ETF	COM	808524888	43	1,195	SH		SOLE		43	0	0
Sch US Div Equity Etf	COM	808524797	94	2,014	SH		SOLE		94	0	0
Schwab Emerging Markets Equity ETF	COM	808524706	38	1,400	SH		SOLE		38	0	0
Schwab FTSE Dev International	COM	808524805	203	6,077	SH		SOLE		203	0	0
Schwab US Large Cap Growth ETF	COM	808524300	307	4,641	SH		SOLE		307	0	0
Schwab US REIT ETF	COM	808524847	72	1,761	SH		SOLE		72	0	0
Schwab US Mid-Cap ETF	COM	808524508	77	1,544	SH		SOLE		77	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	316	6,103	SH		SOLE		316	0	0
Schwab US Large Cap ETF	COM	808524201	159	2,640	SH		SOLE		159	0	0
Spider Barclays Short Term	COM	78464A474	192	6,252	SH		SOLE		192	0	0
iShares MSCI EAFE Small Cap	COM	464288273	1,332	21,479	SH		SOLE		1,332	0	0
Proshs Ultrashrt S&P	COM	74347R883	0	4	SH		SOLE		0	0	0
Spdr S&P Dividend Etf	COM	78464A763	183	2,000	SH		SOLE		183	0	0
Proshares Short S&P	COM	74347B425	125	3,900	SH		SOLE		125	0	0
Spdr S&P 600 Small Cap	COM	78464A813	41	315	SH		SOLE		41	0	0
SPDR DJ Small Cap Growth	COM	78464A201	25,299	111,012	SH		SOLE		25,299	0	0
SPDR S&P 600 Small Cap Value ETF	COM	78464A300	49	390	SH		SOLE		49	0	0
SPDR Trust - S&P 500 Index	COM	78462F103	840	3,344	SH		SOLE		840	0	0
SPDR DJ Wilshire Large Cap Growth	COM	78464A409	74,194	598,722	SH		SOLE		74,194	0	0
SPDR S&P 500 Value ETF	COM	78464A508	56	477	SH		SOLE		56	0	0
ISHARES 0-5 YR TIPS BOND ETF	COM	46429B747	28	282	SH		SOLE		28	0	0
iShares S&P Short Term Muni Fund	COM	464288158	1,594	15,045	SH		SOLE		1,594	0	0
Proshs Ultrashort Lehman	COM	74347R297	3	75	SH		SOLE		3	0	0
Ishares Tr Lehman Tips	COM	464287176	101	888	SH		SOLE		101	0	0
Credit Suisse ETN	COM	22542D571	0	1	SH		SOLE		0	0	0
Proshs Ultra Financials	COM	74347R743	344	3,050	SH		SOLE		344	0	0
Vanguard Small Cap ETf	COM	922908751	1,825	12,911	SH		SOLE		1,825	0	0
Vanguard Small Cap Value	COM	922908611	4	35	SH		SOLE		4	0	0
Vanguard Corp Bond Etf	COM	92206C870	5,086	57,786	SH		SOLE		5,086	0	0
Vanguard Corp Bond Etf	COM	92206C409	1,390	17,342	SH		SOLE		1,390	0	0
Vanguard Consumr Staples ETF	COM	92204A207	72	520	SH		SOLE		72	0	0
Vanguard Energy ETF	COM	92204A306	23	250	SH		SOLE		23	0	0
Vanguard MSCI EAFE ETF	COM	921943858	4	98	SH		SOLE		4	0	0
Vanguard Intl Eqty Index	COM	922042775	104	1,971	SH		SOLE		104	0	0
Vanguard Div Apprciation	COM	921908844	2,662	28,080	SH		SOLE		2,662	0	0
Vanguard Reit	COM	922908553	790	9,508	SH		SOLE		790	0	0
VANGUARD CRSP US MID CAP VALUE INDE ETF	COM	922908520	2	17	SH		SOLE		2	0	0
VANGUARD CRSP US MID CAP VALUE INDE ETF	COM	922908520	33	314	SH		SOLE		33	0	0
Vanguard Total World	COM	922042742	2,137	30,212	SH		SOLE		2,137	0	0
Vanguard Total Stock Mkt	COM	922908769	6,209	47,936	SH		SOLE		6,209	0	0
Vanguard Value Etf	COM	922908744	13	127	SH		SOLE		13	0	0
Vanguard FTSE Emerging Markets	COM	922042858	22	512	SH		SOLE		22	0	0
Vanguard Whitehall Funds	COM	921946406	19	231	SH		SOLE		19	0	0
Rydex Etf TRUST	COM	78355W205	80	447	SH		SOLE		80	0	0