Efficient Market Advisors

Efficient Market Advisors as of March 31, 2011

Portfolio Holdings for Efficient Market Advisors

Efficient Market Advisors holds 108 positions in its portfolio as reported in the March 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Spdr S&p 500 Etf (SPY) 15.3 $25M 190k 132.59
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 13.7 $23M 216k 104.44
iShares S&P MidCap 400 Index (IJH) 10.3 $17M 173k 98.71
iShares Russell 2000 Index (IWM) 8.8 $15M 172k 84.17
iShares iBoxx $ High Yid Corp Bond (HYG) 7.9 $13M 142k 91.96
PIMCO 1-5 Year US TIPS Index Fund (STPZ) 6.1 $10M 189k 53.42
iShares IBoxx $ Invest Grade Corp Bd (LQD) 4.8 $8.0M 74k 108.20
iShares S&P US Pref Stock Idx Fnd (PFF) 4.8 $7.8M 198k 39.65
iShares MSCI EAFE Index Fund (EFA) 4.4 $7.2M 120k 60.08
iShares Cohen & Steers Realty Maj. (ICF) 4.0 $6.5M 93k 70.12
iShares Diversified Alternatives Trust 3.6 $6.0M 118k 50.83
SPDR S&P Homebuilders (XHB) 2.5 $4.1M 226k 18.21
PowerShares DB Com Indx Trckng Fund 2.1 $3.4M 113k 30.51
Vanguard Mid-Cap ETF (VO) 2.0 $3.3M 42k 80.55
Tearlab Corp 1.9 $3.2M 1.5M 2.14
Vanguard Emerging Markets ETF (VWO) 1.2 $1.9M 40k 48.94
Vanguard Large-Cap ETF (VV) 1.1 $1.8M 30k 60.77
NetApp (NTAP) 0.8 $1.3M 27k 48.15
Vanguard REIT ETF (VNQ) 0.7 $1.1M 19k 58.45
Vanguard FTSE All-World ex-US ETF (VEU) 0.5 $793k 16k 49.33
Vanguard Small-Cap ETF (VB) 0.4 $665k 8.4k 79.01
iShares Lehman 1-3 Year Treas.Bond (SHY) 0.4 $622k 7.4k 83.70
SPDR Barclays Capital Intl Tresy Bd ETF (BWX) 0.2 $289k 4.8k 59.83
IndexIQ IQ ARB Merger Arbitrage ETF (MNA) 0.2 $298k 12k 25.51
Berkshire Hathaway (BRK.A) 0.1 $251k 2.00 125500.00
Rivus Bond Fund 0.1 $233k 13k 18.00
Home Depot (HD) 0.1 $193k 5.2k 37.02
iShares MSCI Emerging Markets Indx (EEM) 0.1 $186k 3.8k 48.55
iShares Dow Jones US Home Const. (ITB) 0.1 $170k 13k 13.26
iShares FTSE EPRA/NAREIT Dev Gl Real ETF (IFGL) 0.1 $171k 5.4k 31.45
ISHARES TR MSCI Small Cap msci small cap (SCZ) 0.1 $154k 3.6k 43.33
Vanguard Dividend Appreciation ETF (VIG) 0.1 $124k 2.2k 55.61
iShares MSCI Japan Index 0.1 $121k 12k 10.35
SPDR Barclays Capital High Yield B 0.1 $120k 3.0k 40.64
Medtronic 0.1 $91k 2.3k 39.57
Zix Corporation 0.1 $96k 26k 3.69
iShares JPMorgan USD Emer Mkt Bnd Fd ETF (EMB) 0.1 $93k 872.00 106.65
iShares MSCI United Kingdom Index 0.1 $90k 5.0k 17.89
iShares MSCI Australia Index Fund (EWA) 0.1 $85k 3.2k 26.52
Vanguard Total World Stock Idx (VT) 0.1 $81k 1.6k 49.88
Goldman Sachs (GS) 0.0 $63k 400.00 157.50
Procter & Gamble Company (PG) 0.0 $74k 1.2k 61.67
iShares Lehman Aggregate Bond (AGG) 0.0 $62k 587.00 105.62
Inventure Foods 0.0 $65k 17k 3.82
Microsoft Corporation (MSFT) 0.0 $51k 2.0k 25.50
General Electric Company 0.0 $55k 2.7k 20.22
At&t (T) 0.0 $57k 1.9k 30.74
Apple (AAPL) 0.0 $49k 140.00 350.00
Technology SPDR (XLK) 0.0 $50k 1.9k 26.23
iShares MSCI Brazil Index (EWZ) 0.0 $43k 559.00 76.92
iShares Russell Midcap Index Fund (IWR) 0.0 $44k 407.00 108.11
Financial Select Sector SPDR (XLF) 0.0 $43k 2.6k 16.46
iShares MSCI South Korea Index Fund (EWY) 0.0 $49k 767.00 63.89
iShares MSCI Taiwan Index 0.0 $45k 3.0k 14.93
iShares Dow Jones Select Dividend (DVY) 0.0 $44k 850.00 51.76
iShares MSCI Canada Index (EWC) 0.0 $46k 1.4k 33.55
Johnson & Johnson (JNJ) 0.0 $31k 531.00 58.38
Health Care SPDR (XLV) 0.0 $25k 768.00 32.55
3M Company (MMM) 0.0 $28k 303.00 92.41
Qualcomm (QCOM) 0.0 $40k 730.00 54.79
Energy Select Sector SPDR (XLE) 0.0 $32k 406.00 78.82
Industrial SPDR (XLI) 0.0 $28k 756.00 37.04
Teradyne (TER) 0.0 $27k 1.5k 18.00
iShares MSCI Hong Kong Index Fund (EWH) 0.0 $37k 1.9k 19.13
Consumer Discretionary SPDR (XLY) 0.0 $28k 708.00 39.55
Vanguard Total Stock Market ETF (VTI) 0.0 $33k 476.00 69.33
iShares MSCI Malaysia Index Fund 0.0 $39k 2.6k 14.84
iShares MSCI Germany Index Fund (EWG) 0.0 $40k 1.5k 26.06
iShares MSCI France Index (EWQ) 0.0 $38k 1.4k 26.84
SPDR Barclays Capital 1-3 Month T- 0.0 $35k 763.00 45.87
AU Optronics 0.0 $9.0k 1.0k 9.00
iShares FTSE/Xinhua China 25 Index (FXI) 0.0 $21k 471.00 44.59
Exxon Mobil Corporation (XOM) 0.0 $15k 176.00 85.23
Verizon Communications (VZ) 0.0 $19k 500.00 38.00
Nokia Corporation (NOK) 0.0 $9.0k 1.0k 9.00
Universal Corporation (UVV) 0.0 $9.0k 200.00 45.00
Deere & Company (DE) 0.0 $19k 200.00 95.00
Google 0.0 $23k 40.00 575.00
Linn Energy 0.0 $23k 600.00 38.33
Materials SPDR (XLB) 0.0 $15k 374.00 40.11
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 $18k 588.00 30.61
SPDR S&P MidCap 400 ETF (MDY) 0.0 $9.0k 50.00 180.00
iShares MSCI Chile Inv. Mt. Idx (ECH) 0.0 $22k 301.00 73.09
iShares MSCI All Peru Capped Index Fund (EPU) 0.0 $16k 357.00 44.82
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 $10k 1.0k 10.00
Morgan Stanley California Quality (IQC) 0.0 $11k 1.0k 11.00
Nuveen Insured California Premium Income (NPC) 0.0 $13k 1.0k 13.00
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
Pfizer (PFE) 0.0 $3.0k 150.00 20.00
Walt Disney Company (DIS) 0.0 $3.0k 75.00 40.00
Sony Corporation (SONY) 0.0 $3.0k 100.00 30.00
Intel Corporation (INTC) 0.0 $5.0k 250.00 20.00
Aol 0.0 $82.920000 4.00 20.73
International Business Machines (IBM) 0.0 $6.0k 35.00 171.43
Pepsi (PEP) 0.0 $4.0k 58.00 68.97
Starbucks Corporation (SBUX) 0.0 $403.480000 11.00 36.68
Abercrombie & Fitch (ANF) 0.0 $426.360000 6.00 71.06
JDS Uniphase Corporation 0.0 $20.830000 1.00 20.83
ProShares UltraShort S&P500 0.0 $6.0k 300.00 20.00
iShares Dow Jones U.S. Index Fund (IYY) 0.0 $1.0k 15.00 66.67
iShares Russell 3000 Value Index (IUSV) 0.0 $5.0k 50.00 100.00
Nuveen California Municipal Value Fund (NCA) 0.0 $8.0k 1.0k 8.00