Efficient Market Advisors

Efficient Market Advisors as of Sept. 30, 2011

Portfolio Holdings for Efficient Market Advisors

Efficient Market Advisors holds 130 positions in its portfolio as reported in the September 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Spdr S&p 500 Etf (SPY) 17.3 $27M 240k 113.15
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 14.7 $23M 222k 103.98
iShares S&P MidCap 400 Index (IJH) 8.6 $14M 173k 77.99
iShares iBoxx $ High Yid Corp Bond (HYG) 7.2 $11M 137k 82.83
PIMCO 1-5 Year US TIPS Index Fund (STPZ) 7.1 $11M 211k 53.02
iShares Russell 2000 Index (IWM) 7.0 $11M 170k 64.30
iShares Diversified Alternatives Trust 5.5 $8.7M 178k 48.79
iShares S&P US Pref Stock Idx Fnd (PFF) 5.0 $7.8M 219k 35.61
iShares IBoxx $ Invest Grade Corp Bd (LQD) 4.8 $7.5M 67k 112.32
iShares MSCI EAFE Index Fund (EFA) 3.2 $5.0M 105k 47.78
Vanguard Large-Cap ETF (VV) 3.1 $4.8M 93k 51.65
SPDR S&P Homebuilders (XHB) 2.5 $4.0M 298k 13.29
iShares JPMorgan USD Emer Mkt Bnd Fd ETF (EMB) 2.2 $3.4M 32k 105.43
Vanguard Mid-Cap ETF (VO) 2.0 $3.1M 48k 65.11
Vanguard Emerging Markets ETF (VWO) 0.9 $1.4M 39k 35.82
Vanguard Dividend Appreciation ETF (VIG) 0.9 $1.4M 28k 48.77
Tearlab Corp 0.9 $1.3M 1.5M 0.90
Vanguard Small-Cap ETF (VB) 0.7 $1.1M 19k 61.36
Vanguard Europe Pacific ETF (VEA) 0.7 $1.1M 36k 30.14
Vanguard FTSE All-World ex-US ETF (VEU) 0.7 $1.0M 27k 38.71
McDonald's Corporation (MCD) 0.6 $958k 11k 87.87
NetApp (NTAP) 0.6 $865k 26k 33.92
iShares Lehman 1-3 Year Treas.Bond (SHY) 0.5 $783k 9.3k 84.62
iShares Dow Jones US Home Const. (ITB) 0.4 $597k 67k 8.96
Schwab Emerging Markets Equity ETF (SCHE) 0.2 $382k 18k 21.71
IndexIQ IQ ARB Merger Arbitrage ETF (MNA) 0.2 $326k 14k 24.07
iShares S&P 500 Index (IVV) 0.2 $277k 2.4k 113.71
SPDR Barclays Capital Intl Tresy Bd ETF (BWX) 0.2 $265k 4.4k 60.21
Rivus Bond Fund 0.1 $218k 12k 18.25
Home Depot (HD) 0.1 $171k 5.2k 32.80
Ishares Tr fltg rate nt (FLOT) 0.1 $169k 3.4k 49.33
ISHARES TR MSCI Small Cap msci small cap (SCZ) 0.1 $124k 3.6k 34.89
At&t (T) 0.1 $110k 3.9k 28.54
iShares FTSE EPRA/NAREIT Dev Gl Real ETF (IFGL) 0.1 $108k 4.3k 25.10
SPDR Barclays Capital High Yield B 0.1 $111k 3.1k 36.12
Exxon Mobil Corporation (XOM) 0.1 $100k 1.4k 72.67
Chevron Corporation (CVX) 0.1 $93k 1.0k 93.00
iShares Cohen & Steers Realty Maj. (ICF) 0.1 $92k 1.5k 61.37
Vanguard Total World Stock Idx (VT) 0.1 $88k 2.2k 40.67
Procter & Gamble Company (PG) 0.1 $76k 1.2k 63.33
iShares Lehman Aggregate Bond (AGG) 0.1 $71k 641.00 110.76
iShares MSCI Emerging Markets Indx (EEM) 0.0 $60k 1.7k 34.94
Verizon Communications (VZ) 0.0 $63k 1.7k 37.06
Apple (AAPL) 0.0 $63k 165.00 381.82
Ford Motor Company (F) 0.0 $63k 6.5k 9.69
PowerShares DB Com Indx Trckng Fund 0.0 $61k 2.4k 25.74
Zix Corporation 0.0 $69k 26k 2.65
Vanguard Total Bond Market ETF (BND) 0.0 $70k 835.00 83.83
Microsoft Corporation (MSFT) 0.0 $50k 2.0k 25.00
Johnson & Johnson (JNJ) 0.0 $50k 779.00 64.18
General Electric Company 0.0 $42k 2.8k 15.08
iShares MSCI Japan Index 0.0 $41k 4.3k 9.56
iShares Dow Jones Select Dividend (DVY) 0.0 $41k 850.00 48.24
iShares MSCI United Kingdom Index 0.0 $52k 3.5k 14.84
ProShares UltraPro S&P 500 (UPRO) 0.0 $40k 870.00 45.98
PIMCO Enhanced Short Mat Str Fund ETF (MINT) 0.0 $53k 530.00 100.00
Inventure Foods 0.0 $54k 14k 3.86
Goldman Sachs (GS) 0.0 $38k 400.00 95.00
Pfizer (PFE) 0.0 $38k 2.2k 17.67
Qualcomm (QCOM) 0.0 $35k 730.00 47.95
SPDR Gold Trust (GLD) 0.0 $26k 167.00 155.69
Humana (HUM) 0.0 $29k 400.00 72.50
iShares MSCI Hong Kong Index Fund (EWH) 0.0 $32k 2.3k 14.21
iShares Russell 1000 Growth Index (IWF) 0.0 $32k 603.00 53.07
iShares Russell Midcap Index Fund (IWR) 0.0 $36k 407.00 88.45
iShares Barclays TIPS Bond Fund (TIP) 0.0 $38k 332.00 114.46
iShares MSCI Germany Index Fund (EWG) 0.0 $33k 1.8k 18.21
iShares MSCI Spain Index (EWP) 0.0 $28k 862.00 32.48
iShares MSCI France Index (EWQ) 0.0 $28k 1.5k 19.30
iShares MSCI Italy Index 0.0 $25k 2.1k 11.75
SPDR Barclays Cptl Shrt Term Corp Bd ETF (SPSB) 0.0 $36k 1.2k 30.69
SPDR Barclays Capital 1-3 Month T- 0.0 $35k 763.00 45.87
3M Company (MMM) 0.0 $22k 303.00 72.61
Paychex (PAYX) 0.0 $11k 400.00 27.50
Medtronic 0.0 $19k 575.00 33.04
Deere & Company (DE) 0.0 $13k 200.00 65.00
Merck & Co (MRK) 0.0 $9.0k 285.00 31.58
Pepsi (PEP) 0.0 $16k 258.00 62.02
iShares Russell 1000 Value Index (IWD) 0.0 $22k 382.00 57.59
Google 0.0 $21k 40.00 525.00
Linn Energy 0.0 $21k 600.00 35.00
Applied Materials (AMAT) 0.0 $10k 1.0k 10.00
Teradyne (TER) 0.0 $17k 1.5k 11.33
Technology SPDR (XLK) 0.0 $8.0k 318.00 25.16
Senomyx 0.0 $11k 3.0k 3.67
CBL & Associates Properties 0.0 $12k 1.1k 11.40
iShares S&P 500 Growth Index (IVW) 0.0 $10k 160.00 62.50
iShares S&P MidCap 400 Growth (IJK) 0.0 $12k 129.00 93.02
Financial Select Sector SPDR (XLF) 0.0 $8.0k 653.00 12.25
Vanguard Total Stock Market ETF (VTI) 0.0 $21k 357.00 58.82
iShares MSCI Singapore Index Fund 0.0 $20k 1.8k 10.99
Vanguard REIT ETF (VNQ) 0.0 $19k 375.00 50.67
iShares MSCI Australia Index Fund (EWA) 0.0 $13k 665.00 19.55
iShares MSCI Switzerland Index Fund (EWL) 0.0 $8.0k 380.00 21.05
Eaton Vance Limited Duration Income Fund (EVV) 0.0 $10k 700.00 14.29
Nuveen California Municipal Value Fund (NCA) 0.0 $9.0k 1.0k 9.00
PIMCO High Income Fund (PHK) 0.0 $17k 1.5k 11.30
PIMCO 15+ Year U.S. TIPS Index Fund (LTPZ) 0.0 $13k 203.00 64.04
Eaton Vance California Mun. Income Trust (CEV) 0.0 $14k 1.1k 12.65
Nuveen Ins Ca Tx Fr Adv Mun (NKX) 0.0 $13k 1.0k 13.00
Nuveen California Select Qlty Mun Inc Fu 0.0 $15k 1.0k 15.00
Eaton Vance Calif Mun Bd 0.0 $12k 1.0k 12.00
Morgan Stanley California Quality (IQC) 0.0 $13k 1.0k 13.00
Nuveen Insured California Premium Income (NPC) 0.0 $14k 1.0k 14.00
Nuveen CA Dividend Advantage Muni. Fund (NAC) 0.0 $14k 1.0k 14.00
Nuveen CA Div Adv Muni Fd 3 Ben Int 0.0 $13k 1.0k 13.00
Market Vectors Inv Gr 0.0 $21k 900.00 23.33
Time Warner Cable 0.0 $999.960000 12.00 83.33
Health Care SPDR (XLV) 0.0 $6.0k 182.00 32.97
Walt Disney Company (DIS) 0.0 $2.0k 75.00 26.67
Intel Corporation (INTC) 0.0 $4.0k 200.00 20.00
Nokia Corporation (NOK) 0.0 $6.0k 1.0k 6.00
Universal Corporation (UVV) 0.0 $7.0k 200.00 35.00
Aol 0.0 $48.960000 4.00 12.24
International Business Machines (IBM) 0.0 $6.0k 35.00 171.43
Starbucks Corporation (SBUX) 0.0 $386.100000 11.00 35.10
Abercrombie & Fitch (ANF) 0.0 $338.160000 6.00 56.36
Frontier Communications 0.0 $2.0k 288.00 6.94
Energy Select Sector SPDR (XLE) 0.0 $6.0k 95.00 63.16
Industrial SPDR (XLI) 0.0 $4.0k 141.00 28.37
JDS Uniphase Corporation 0.0 $9.880000 1.00 9.88
iShares Russell 2000 Value Index (IWN) 0.0 $4.0k 78.00 51.28
iShares Russell 2000 Growth Index (IWO) 0.0 $7.0k 91.00 76.92
Consumer Staples Select Sect. SPDR (XLP) 0.0 $2.0k 69.00 28.99
SPDR S&P MidCap 400 ETF (MDY) 0.0 $7.0k 50.00 140.00
Consumer Discretionary SPDR (XLY) 0.0 $6.0k 166.00 36.14
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
General Motors Company (GM) 0.0 $6.0k 281.00 21.35
iShares S&P MidCap 400 Value Index (IJJ) 0.0 $7.0k 102.00 68.63