Aft, Forsyth & Sober 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
Bank of America Corp	COM	060505104	474	21,440	SH		SOLE		21,440	0	0
Bank of Hawaii Corp.	COM	062540109	44	500	SH		SOLE		500	0	0
First Tr Nasdaq 100 Equal Weig	ETF	337344105	266	5,765	SH		SOLE		5,765	0	0
Google Inc Class A	COM	062540109	79	100	SH		SOLE		100	0	0
Google Inc Class C	COM	38259P706	77	100	SH		SOLE		100	0	0
High Yield Muni Idx ETF	ETF	57060U878	11,857	399,500	SH		SOLE		399,500	0	0
iShares Cohen & Steers Realty	ETF	464287564	747	7,500	SH		SOLE		7,500	0	0
iShares Comex Gold Trust	ETF	464285105	43	3,850	SH		SOLE		3,850	0	0
IShares Core S&P Total U.S. St	ETF	464287150	180	3,500	SH		SOLE		3,500	0	0
iShares Dow Jone Real Estate	ETF	464287739	8	100	SH		SOLE		100	0	0
iShares High Yield Corp Bond F	ETF	464288513	734	8,475	SH		SOLE		8,475	0	0
iShares iBoxx Corporate Bond F	ETF	464287242	6,474	55,250	SH		SOLE		55,250	0	0
iShares S&P Mid Cap 400	ETF	464287507	513	3,100	SH		SOLE		3,100	0	0
iShares S&P Municipal Bond Fun	ETF	464288414	10,093	93,300	SH		SOLE		93,300	0	0
iShares S&P Small Cap 600	ETF	464287804	368	2,675	SH		SOLE		2,675	0	0
iShares S&P US Preferred Stock	ETF	464288687	10,598	284,825	SH		SOLE		284,825	0	0
PowerShares High Yield Corpora	ETF	73936T557	947	50,425	SH		SOLE		50,425	0	0
PowerShares QQQ ETF	ETF	73935A104	385	3,250	SH		SOLE		3,250	0	0
Rydex S&P Equal Weight ETF	ETF	78355W106	565	6,525	SH		SOLE		6,525	0	0
Spdr Barclays High Yield ETF	ETF	78464A417	403	11,050	SH		SOLE		11,050	0	0
Spdr Doubleline Ttl Rtrn	ETF	78467V848	12,039	248,800	SH		SOLE		248,800	0	0
SPDR S&P ETF Trust	ETF	78462F103	693	3,100	SH		SOLE		3,100	0	0
Vanguard Inter. Corp Bond ETF	ETF	92206C870	4,081	47,625	SH		SOLE		47,625	0	0