Efficient Market Advisors

Efficient Market Advisors as of Dec. 31, 2010

Portfolio Holdings for Efficient Market Advisors

Efficient Market Advisors holds 113 positions in its portfolio as reported in the December 2010 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Spdr S&p 500 Etf (SPY) 14.8 $22M 174k 125.75
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 14.1 $21M 200k 104.28
iShares S&P MidCap 400 Index (IJH) 10.5 $16M 172k 90.69
iShares Russell 2000 Index (IWM) 9.1 $14M 172k 78.24
iShares iBoxx $ High Yid Corp Bond (HYG) 8.0 $12M 131k 90.29
PIMCO 1-5 Year US TIPS Index Fund (STPZ) 5.9 $8.7M 165k 52.58
iShares IBoxx $ Invest Grade Corp Bd (LQD) 4.8 $7.1M 66k 108.44
iShares S&P US Pref Stock Idx Fnd (PFF) 4.7 $7.0M 180k 38.80
iShares MSCI EAFE Index Fund (EFA) 4.1 $6.1M 105k 58.22
iShares Cohen & Steers Realty Maj. (ICF) 3.9 $5.7M 87k 65.72
iShares Diversified Alternatives Trust 3.5 $5.2M 103k 50.55
SPDR S&P Homebuilders (XHB) 2.4 $3.5M 203k 17.39
Vanguard Mid-Cap ETF (VO) 2.3 $3.5M 47k 74.45
Tearlab Corp 2.3 $3.4M 1.6M 2.19
PowerShares DB Com Indx Trckng Fund 1.8 $2.6M 95k 27.55
Vanguard Large-Cap ETF (VV) 1.2 $1.7M 30k 57.60
NetApp (NTAP) 1.0 $1.5M 27k 54.96
Vanguard REIT ETF (VNQ) 0.7 $987k 18k 55.36
Vanguard FTSE All-World ex-US ETF (VEU) 0.5 $753k 16k 47.72
iShares Lehman 1-3 Year Treas.Bond (SHY) 0.5 $722k 8.6k 83.92
Vanguard Small-Cap ETF (VB) 0.5 $716k 9.9k 72.65
Rivus Bond Fund 0.3 $426k 24k 17.71
IndexIQ IQ ARB Merger Arbitrage ETF (MNA) 0.2 $328k 13k 24.67
SPDR Barclays Capital Intl Tresy Bd ETF (BWX) 0.2 $291k 5.0k 58.38
Celgene Corporation 0.2 $257k 4.4k 59.08
Berkshire Hathaway (BRK.A) 0.2 $241k 2.00 120500.00
iShares Dow Jones US Home Const. (ITB) 0.2 $236k 18k 13.20
ISHARES TR MSCI Small Cap msci small cap (SCZ) 0.1 $186k 4.4k 42.13
Home Depot (HD) 0.1 $183k 5.2k 35.10
iShares JPMorgan USD Emer Mkt Bnd Fd ETF (EMB) 0.1 $162k 1.5k 107.21
iShares MSCI Emerging Markets Indx (EEM) 0.1 $151k 3.2k 47.74
iShares MSCI Japan Index 0.1 $128k 12k 10.94
iShares FTSE EPRA/NAREIT Dev Gl Real ETF (IFGL) 0.1 $139k 4.5k 30.95
Zix Corporation 0.1 $111k 26k 4.27
SPDR Barclays Capital High Yield B 0.1 $115k 2.9k 39.83
Medtronic 0.1 $85k 2.3k 36.96
iShares MSCI United Kingdom Index 0.1 $87k 5.0k 17.30
iShares MSCI Australia Index Fund (EWA) 0.1 $82k 3.2k 25.59
Inventure Foods 0.1 $82k 19k 4.32
Gains 0.1 $85k 9.4k 9.04
Goldman Sachs (GS) 0.1 $67k 400.00 167.50
Procter & Gamble Company (PG) 0.1 $77k 1.2k 64.17
Vanguard Dividend Appreciation ETF (VIG) 0.1 $79k 1.5k 52.67
Vanguard Total World Stock Idx (VT) 0.1 $72k 1.5k 47.90
Microsoft Corporation (MSFT) 0.0 $56k 2.0k 28.00
3M Company (MMM) 0.0 $52k 605.00 85.95
At&t (T) 0.0 $54k 1.9k 29.13
Technology SPDR (XLK) 0.0 $59k 2.3k 25.15
iShares Lehman Aggregate Bond (AGG) 0.0 $62k 587.00 105.62
iShares Russell Midcap Index Fund (IWR) 0.0 $53k 517.00 102.51
General Electric Company 0.0 $50k 2.7k 18.38
Apple (AAPL) 0.0 $45k 140.00 321.43
iShares MSCI Hong Kong Index Fund (EWH) 0.0 $37k 1.9k 19.13
iShares MSCI Brazil Index (EWZ) 0.0 $43k 559.00 76.92
Financial Select Sector SPDR (XLF) 0.0 $40k 2.5k 15.82
iShares MSCI South Korea Index Fund (EWY) 0.0 $48k 787.00 60.99
iShares MSCI Taiwan Index 0.0 $48k 3.1k 15.72
iShares Dow Jones Select Dividend (DVY) 0.0 $42k 850.00 49.41
Vanguard Total Stock Market ETF (VTI) 0.0 $39k 597.00 65.33
iShares MSCI Malaysia Index Fund 0.0 $38k 2.6k 14.46
iShares MSCI Canada Index (EWC) 0.0 $42k 1.4k 30.63
iShares MSCI Germany Index Fund (EWG) 0.0 $37k 1.5k 24.10
Johnson & Johnson (JNJ) 0.0 $33k 531.00 62.15
Health Care SPDR (XLV) 0.0 $34k 1.1k 31.22
Qualcomm (QCOM) 0.0 $36k 730.00 49.32
Ford Motor Company (F) 0.0 $24k 1.4k 16.90
Google 0.0 $24k 40.00 600.00
SPDR Gold Trust (GLD) 0.0 $34k 245.00 138.78
Energy Select Sector SPDR (XLE) 0.0 $28k 406.00 68.97
Industrial SPDR (XLI) 0.0 $26k 756.00 34.39
iShares MSCI Mexico Inv. Mt. Idx. (EWW) 0.0 $31k 494.00 62.75
iShares MSCI Chile Inv. Mt. Idx (ECH) 0.0 $24k 301.00 79.73
iShares MSCI France Index (EWQ) 0.0 $35k 1.4k 24.72
Direxion Daily 30-Yr Trsry Bear 3X Shrs 0.0 $26k 600.00 43.33
AU Optronics 0.0 $10k 1.0k 10.00
iShares FTSE/Xinhua China 25 Index (FXI) 0.0 $20k 471.00 42.46
Sealed Air (SEE) 0.0 $10k 400.00 25.00
Nokia Corporation (NOK) 0.0 $10k 1.0k 10.00
Deere & Company (DE) 0.0 $17k 200.00 85.00
Linn Energy 0.0 $22k 600.00 36.67
Teradyne (TER) 0.0 $21k 1.5k 14.00
Materials SPDR (XLB) 0.0 $14k 354.00 39.55
CBL & Associates Properties 0.0 $18k 1.1k 17.09
iShares S&P 500 Growth Index (IVW) 0.0 $11k 160.00 68.75
Consumer Staples Select Sect. SPDR (XLP) 0.0 $15k 520.00 28.85
SPDR S&P MidCap 400 ETF (MDY) 0.0 $8.0k 50.00 160.00
Consumer Discretionary SPDR (XLY) 0.0 $22k 585.00 37.61
iShares MSCI All Peru Capped Index Fund (EPU) 0.0 $16k 317.00 50.47
Eaton Vance Limited Duration Income Fund (EVV) 0.0 $11k 700.00 15.71
Nuveen California Select Qlty Mun Inc Fu 0.0 $13k 1.0k 13.00
Eaton Vance Calif Mun Bd 0.0 $11k 1.0k 11.00
Morgan Stanley California Quality (IQC) 0.0 $12k 1.0k 12.00
Nuveen CA Dividend Advantage Muni. Fund (NAC) 0.0 $12k 1.0k 12.00
Nuveen CA Div Adv Muni Fd 3 Ben Int 0.0 $12k 1.0k 12.00
Time Warner Cable 0.0 $999.960000 12.00 83.33
Exxon Mobil Corporation (XOM) 0.0 $6.0k 76.00 78.95
Pfizer (PFE) 0.0 $3.0k 150.00 20.00
Walt Disney Company (DIS) 0.0 $3.0k 75.00 40.00
Intel Corporation (INTC) 0.0 $5.0k 250.00 20.00
Quiksilver 0.0 $4.0k 860.00 4.65
JetBlue Airways Corporation (JBLU) 0.0 $999.900000 90.00 11.11
Aol 0.0 $87.120000 4.00 21.78
International Business Machines (IBM) 0.0 $5.0k 35.00 142.86
Pepsi (PEP) 0.0 $4.0k 58.00 68.97
Starbucks Corporation (SBUX) 0.0 $369.270000 11.00 33.57
Abercrombie & Fitch (ANF) 0.0 $344.760000 6.00 57.46
JDS Uniphase Corporation 0.0 $25.050000 1.00 25.05
Vanguard Emerging Markets ETF (VWO) 0.0 $91.850000 2.00 45.92
iShares Dow Jones U.S. Index Fund (IYY) 0.0 $1.0k 15.00 66.67
iShares Russell 3000 Value Index (IUSV) 0.0 $4.0k 50.00 80.00
Vanguard Total Bond Market ETF (BND) 0.0 $1.0k 7.00 142.86
Piedmont Office Realty Trust (PDM) 0.0 $7.0k 324.00 21.60
Nuveen Insured California Premium Income (NPC) 0.0 $4.0k 300.00 13.33