Efficient Market Advisors

Efficient Market Advisors as of Dec. 31, 2011

Portfolio Holdings for Efficient Market Advisors

Efficient Market Advisors holds 119 positions in its portfolio as reported in the December 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Spdr S&p 500 Etf (SPY) 17.8 $30M 242k 125.50
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 13.9 $24M 228k 104.20
iShares S&P MidCap 400 Index (IJH) 9.0 $15M 175k 87.61
iShares Russell 2000 Index (IWM) 7.5 $13M 174k 73.75
PIMCO 1-5 Year US TIPS Index Fund (STPZ) 6.7 $11M 213k 53.36
iShares iBoxx $ High Yid Corp Bond (HYG) 6.6 $11M 126k 89.43
iShares Diversified Alternatives Trust 5.2 $8.8M 181k 48.75
iShares IBoxx $ Invest Grade Corp Bd (LQD) 4.4 $7.5M 66k 113.76
iShares S&P US Pref Stock Idx Fnd (PFF) 4.3 $7.3M 205k 35.62
SPDR S&P Homebuilders (XHB) 3.2 $5.5M 319k 17.10
Vanguard Large-Cap ETF (VV) 3.1 $5.3M 92k 57.29
iShares MSCI EAFE Index Fund (EFA) 3.0 $5.2M 105k 49.53
iShares JPMorgan USD Emer Mkt Bnd Fd ETF (EMB) 2.1 $3.7M 33k 109.75
Vanguard Mid-Cap ETF (VO) 1.9 $3.3M 46k 71.93
Tearlab Corp 1.0 $1.7M 1.5M 1.12
Vanguard Dividend Appreciation ETF (VIG) 1.0 $1.6M 30k 54.66
Vanguard Emerging Markets ETF (VWO) 0.9 $1.6M 41k 38.21
Vanguard Europe Pacific ETF (VEA) 0.8 $1.4M 45k 30.62
Vanguard Small-Cap ETF (VB) 0.8 $1.3M 18k 69.64
SPDR Barclays Capital High Yield B 0.7 $1.3M 33k 38.45
Vanguard FTSE All-World ex-US ETF (VEU) 0.7 $1.1M 28k 39.65
McDonald's Corporation (MCD) 0.6 $1.1M 11k 100.34
NetApp (NTAP) 0.5 $925k 26k 36.27
SPDR Wells Fargo Prfd Stk ETF (PSK) 0.5 $769k 18k 42.15
iShares Dow Jones US Home Const. (ITB) 0.4 $751k 63k 11.88
iShares Lehman 1-3 Year Treas.Bond (SHY) 0.4 $754k 8.9k 84.53
Schwab Emerging Markets Equity ETF (SCHE) 0.2 $391k 17k 22.89
Vanguard S&p 500 0.2 $368k 6.4k 57.48
IndexIQ IQ ARB Merger Arbitrage ETF (MNA) 0.2 $370k 15k 24.55
Ishares Tr fltg rate nt (FLOT) 0.2 $312k 6.4k 49.03
iShares S&P 500 Index (IVV) 0.1 $238k 1.9k 126.06
Home Depot (HD) 0.1 $219k 5.2k 42.01
Cutwater Select Income 0.1 $206k 11k 18.83
ISHARES TR MSCI Small Cap msci small cap (SCZ) 0.1 $147k 4.2k 34.88
United Sts Commodity Index F (USCI) 0.1 $150k 2.6k 58.55
At&t (T) 0.1 $117k 3.9k 30.36
Exxon Mobil Corporation (XOM) 0.1 $108k 1.3k 84.64
Chevron Corporation (CVX) 0.1 $106k 1.0k 106.00
iShares Cohen & Steers Realty Maj. (ICF) 0.1 $105k 1.5k 70.05
iShares FTSE EPRA/NAREIT Dev Gl Real ETF (IFGL) 0.1 $109k 4.3k 25.34
iShares MSCI Emerging Markets Indx (EEM) 0.1 $85k 2.2k 38.08
Procter & Gamble Company (PG) 0.1 $80k 1.2k 66.67
Vanguard REIT ETF (VNQ) 0.1 $86k 1.5k 57.95
Vanguard Total World Stock Idx (VT) 0.1 $93k 2.2k 42.98
Ford Motor Company (F) 0.0 $70k 6.5k 10.77
Zix Corporation 0.0 $73k 26k 2.81
iShares Lehman Aggregate Bond (AGG) 0.0 $65k 587.00 110.73
Microsoft Corporation (MSFT) 0.0 $52k 2.0k 26.00
Johnson & Johnson (JNJ) 0.0 $51k 779.00 65.47
Pfizer (PFE) 0.0 $47k 2.2k 21.86
General Electric Company 0.0 $50k 2.8k 17.95
Verizon Communications (VZ) 0.0 $48k 1.2k 40.00
Apple (AAPL) 0.0 $51k 125.00 408.00
iShares Dow Jones Select Dividend (DVY) 0.0 $46k 850.00 54.12
iShares MSCI United Kingdom Index 0.0 $55k 3.4k 16.26
Inventure Foods 0.0 $52k 14k 3.71
Goldman Sachs (GS) 0.0 $36k 400.00 90.00
Qualcomm (QCOM) 0.0 $40k 730.00 54.79
Google 0.0 $26k 40.00 650.00
PowerShares DB Com Indx Trckng Fund 0.0 $41k 1.5k 26.85
Humana (HUM) 0.0 $35k 400.00 87.50
iShares MSCI Japan Index 0.0 $39k 4.3k 9.10
iShares MSCI Hong Kong Index Fund (EWH) 0.0 $26k 1.7k 15.35
iShares Russell Midcap Index Fund (IWR) 0.0 $40k 407.00 98.28
Vanguard Total Stock Market ETF (VTI) 0.0 $42k 660.00 63.64
iShares MSCI Germany Index Fund (EWG) 0.0 $27k 1.4k 19.47
iShares MSCI Spain Index (EWP) 0.0 $26k 862.00 30.16
iShares MSCI France Index (EWQ) 0.0 $28k 1.5k 19.30
iShares MSCI Italy Index 0.0 $26k 2.1k 12.22
SPDR Barclays Capital 1-3 Month T- 0.0 $35k 763.00 45.87
3M Company (MMM) 0.0 $25k 303.00 82.51
Paychex (PAYX) 0.0 $12k 400.00 30.00
Medtronic 0.0 $22k 575.00 38.26
Deere & Company (DE) 0.0 $15k 200.00 75.00
Merck & Co (MRK) 0.0 $11k 285.00 38.60
Pepsi (PEP) 0.0 $17k 258.00 65.89
Linn Energy 0.0 $23k 600.00 38.33
Teradyne (TER) 0.0 $20k 1.5k 13.33
Senomyx 0.0 $10k 3.0k 3.33
CBL & Associates Properties 0.0 $17k 1.1k 16.14
iShares S&P 500 Growth Index (IVW) 0.0 $11k 160.00 68.75
SPDR Dow Jones Industrial Average ETF (DIA) 0.0 $14k 115.00 121.74
Vanguard Total Bond Market ETF (BND) 0.0 $13k 151.00 86.09
iShares MSCI Singapore Index Fund 0.0 $22k 2.0k 11.08
iShares MSCI Australia Index Fund (EWA) 0.0 $14k 665.00 21.05
iShares MSCI Switzerland Index Fund (EWL) 0.0 $9.0k 380.00 23.68
Eaton Vance Limited Duration Income Fund (EVV) 0.0 $11k 700.00 15.71
Nuveen California Municipal Value Fund (NCA) 0.0 $10k 1.0k 10.00
Eaton Vance California Mun. Income Trust (CEV) 0.0 $14k 1.1k 12.65
Nuveen Ins Ca Tx Fr Adv Mun (NKX) 0.0 $15k 1.0k 15.00
Nuveen California Select Qlty Mun Inc Fu 0.0 $15k 1.0k 15.00
Eaton Vance Calif Mun Bd 0.0 $13k 1.0k 13.00
Morgan Stanley California Quality (IQC) 0.0 $14k 1.0k 14.00
Nuveen Insured California Premium Income (NPC) 0.0 $16k 1.0k 16.00
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 $14k 1.0k 14.00
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 $3.0k 75.00 40.00
Intel Corporation (INTC) 0.0 $5.0k 200.00 25.00
Nokia Corporation (NOK) 0.0 $5.0k 1.0k 5.00
Aol 0.0 $60.160000 4.00 15.04
Telefonaktiebolaget LM Ericsson (ERIC) 0.0 $286.200000 30.00 9.54
International Business Machines (IBM) 0.0 $6.0k 35.00 171.43
Starbucks Corporation (SBUX) 0.0 $1.0k 11.00 90.91
Abercrombie & Fitch (ANF) 0.0 $273.960000 6.00 45.66
Frontier Communications 0.0 $999.360000 288.00 3.47
Energy Select Sector SPDR (XLE) 0.0 $7.0k 95.00 73.68
Industrial SPDR (XLI) 0.0 $5.0k 141.00 35.46
JDS Uniphase Corporation 0.0 $11.780000 1.00 11.78
Technology SPDR (XLK) 0.0 $8.0k 318.00 25.16
Consumer Staples Select Sect. SPDR (XLP) 0.0 $2.0k 69.00 28.99
Financial Select Sector SPDR (XLF) 0.0 $8.0k 653.00 12.25
SPDR S&P MidCap 400 ETF (MDY) 0.0 $8.0k 50.00 160.00
Consumer Discretionary SPDR (XLY) 0.0 $6.0k 166.00 36.14
iShares Dow Jones U.S. Index Fund (IYY) 0.0 $999.900000 22.00 45.45
iShares Russell 3000 Value Index (IUSV) 0.0 $4.0k 50.00 80.00
General Motors Company (GM) 0.0 $6.0k 283.00 21.20