Efficient Market Advisors

Efficient Market Advisors as of Dec. 31, 2015

Portfolio Holdings for Efficient Market Advisors

Efficient Market Advisors holds 170 positions in its portfolio as reported in the December 2015 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Vanguard S&p 500 Etf idx (VOO) 10.1 $47M 251k 186.93
Vanguard Europe Pacific ETF (VEA) 9.8 $46M 1.2M 36.72
iShares S&P MidCap 400 Index (IJH) 9.5 $44M 318k 139.32
Ishares Tr fltg rate nt (FLOT) 9.2 $43M 849k 50.44
Dbx Trackers db xtr msci eur (DBEU) 6.9 $32M 1.2M 25.85
iShares S&P SmallCap 600 Index (IJR) 6.5 $30M 275k 110.11
Vanguard Emerging Markets ETF (VWO) 5.4 $25M 764k 32.71
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 4.9 $23M 218k 104.60
Spdr Short-term High Yield mf (SJNK) 4.1 $19M 750k 25.69
Powershares Senior Loan Portfo mf 4.0 $19M 830k 22.40
Powershares Etf Tr Ii var rate pfd por 3.7 $17M 714k 24.26
PowerShares Listed Private Eq. 2.9 $14M 1.3M 10.52
First Trust Global Tactical etp (FTGC) 2.8 $13M 637k 20.31
iShares JPMorgan USD Emer Mkt Bnd Fd ETF (EMB) 2.0 $9.5M 90k 105.77
iShares S&P US Pref Stock Idx Fnd (PFF) 1.5 $7.2M 185k 38.85
Ishares Core Msci Eafe Etf core msci eafe (IEFA) 1.4 $6.7M 123k 54.38
Ishares Inc core msci emkt (IEMG) 1.4 $6.6M 167k 39.39
Ishares Tr cur hdg ms emu (HEZU) 1.4 $6.4M 247k 25.82
Powershares Act Mang Comm Fd db opt yld div 1.0 $4.6M 297k 15.61
Ssga Active Etf Tr blkstn gsosrln (SRLN) 1.0 $4.5M 98k 46.13
iShares Russell 2000 Index (IWM) 0.7 $3.3M 30k 112.63
Spdr S&p 500 Etf (SPY) 0.7 $3.2M 16k 203.86
Pimco Etf Tr 0-5 high yield (HYS) 0.6 $2.8M 30k 91.61
Vanguard Large-Cap ETF (VV) 0.5 $2.5M 27k 93.51
Schwab Strategic Tr us lrg cap etf (SCHX) 0.5 $2.4M 50k 48.58
Sch Us Mid-cap Etf etf (SCHM) 0.5 $2.4M 61k 40.07
Vanguard FTSE All-World ex-US ETF (VEU) 0.5 $2.2M 51k 43.42
PowerShares QQQ Trust, Series 1 0.4 $2.0M 18k 111.84
Vanguard Mid-Cap ETF (VO) 0.4 $1.9M 16k 120.10
Market Vectors Inv Gr 0.3 $1.6M 65k 24.67
Schwab U S Small Cap ETF (SCHA) 0.3 $1.5M 29k 52.10
iShares MSCI EAFE Index Fund (EFA) 0.3 $1.4M 24k 58.73
iShares iBoxx $ High Yid Corp Bond (HYG) 0.3 $1.4M 17k 80.60
SPDR Dow Jones Industrial Average ETF (DIA) 0.3 $1.2M 6.9k 173.96
Technology SPDR (XLK) 0.2 $1.2M 28k 42.82
McDonald's Corporation (MCD) 0.2 $1.1M 9.3k 118.13
Vanguard Total Stock Market ETF (VTI) 0.2 $1.1M 11k 104.30
WisdomTree Japan Total Dividend (DXJ) 0.2 $1.1M 22k 50.07
Vanguard Small-Cap ETF (VB) 0.2 $1.1M 9.7k 110.63
Wisdomtree Tr intl hedge eqt (HEDJ) 0.2 $1.1M 20k 53.81
Vanguard Total Bond Market ETF (BND) 0.2 $1.0M 13k 80.77
Consumer Discretionary SPDR (XLY) 0.2 $977k 13k 78.18
Proshares Tr priv eqty-lstd (PEX) 0.2 $898k 24k 36.73
Health Care SPDR (XLV) 0.1 $722k 10k 71.98
Vanguard Whitehall Fds Inc emerg mkt bd etf (VWOB) 0.1 $669k 9.1k 73.91
PowerShares DB US Dollar Index Bullish 0.1 $607k 24k 25.66
Financial Select Sector SPDR (XLF) 0.1 $582k 24k 23.83
Vanguard Dividend Appreciation ETF (VIG) 0.1 $525k 6.8k 77.77
Marcus & Millichap (MMI) 0.1 $532k 18k 29.12
Vanguard Short Term Corporate Bond ETF (VCSH) 0.1 $419k 5.3k 78.97
Costco Wholesale Corporation (COST) 0.1 $292k 1.8k 161.33
Home Depot (HD) 0.1 $275k 2.1k 132.02
NetApp (NTAP) 0.1 $292k 11k 26.55
Spdr Euro Stoxx 50 Etf (FEZ) 0.1 $216k 6.3k 34.39
Schwab International Equity ETF (SCHF) 0.0 $172k 6.3k 27.48
Exxon Mobil Corporation (XOM) 0.0 $156k 2.0k 77.92
Chevron Corporation (CVX) 0.0 $117k 1.3k 89.93
General Electric Company 0.0 $133k 4.3k 31.09
At&t (T) 0.0 $156k 4.5k 34.50
Procter & Gamble Company (PG) 0.0 $119k 1.5k 79.28
PowerShares VRDO Tax Free Weekly Por ETF 0.0 $125k 5.0k 25.00
PowerShares Preferred Portfolio 0.0 $148k 9.9k 14.95
Nuveen California Municipal Value Fund (NCA) 0.0 $122k 11k 10.84
Nuveen CA Select Tax-Free Incom Port (NXC) 0.0 $125k 8.0k 15.62
Cutwater Select Income 0.0 $133k 7.3k 18.20
Microsoft Corporation (MSFT) 0.0 $112k 2.0k 55.58
Goldman Sachs (GS) 0.0 $72k 400.00 180.00
Verizon Communications (VZ) 0.0 $70k 1.5k 46.36
Apple (AAPL) 0.0 $77k 730.00 105.48
Humana (HUM) 0.0 $71k 400.00 177.50
iShares MSCI Japan Index 0.0 $85k 7.0k 12.18
SPDR Barclays Capital High Yield B 0.0 $86k 2.5k 33.79
SPDR Nuveen Barclays Cap Clfrn Mncpl Bnd 0.0 $73k 3.0k 24.33
Invesco Van Kampen Cal Val Mun Inc Trust (VCV) 0.0 $74k 5.6k 13.20
SPDR Wells Fargo Prfd Stk ETF (PSK) 0.0 $76k 1.7k 44.60
Blackrock MuniHoldings CA Insrd Fnd (MUC) 0.0 $74k 5.0k 14.95
Nuveen Calif Municpal Valu F 0.0 $100k 5.9k 16.97
Facebook Inc cl a (META) 0.0 $94k 900.00 104.44
American Express Company (AXP) 0.0 $52k 754.00 68.97
Berkshire Hathaway (BRK.B) 0.0 $59k 450.00 131.11
Johnson & Johnson (JNJ) 0.0 $42k 405.00 103.70
Pfizer (PFE) 0.0 $65k 2.0k 32.31
Cisco Systems (CSCO) 0.0 $60k 2.2k 27.15
International Business Machines (IBM) 0.0 $46k 335.00 137.31
iShares S&P 500 Index (IVV) 0.0 $63k 306.00 205.88
Qualcomm (QCOM) 0.0 $25k 500.00 50.00
Ford Motor Company (F) 0.0 $61k 4.3k 14.19
Oracle Corporation (ORCL) 0.0 $29k 793.00 36.57
iShares MSCI EMU Index (EZU) 0.0 $32k 906.00 35.32
Miller Industries (MLR) 0.0 $65k 3.0k 21.67
CPI Aerostructures (CVU) 0.0 $52k 5.3k 9.81
iShares Lehman Aggregate Bond (AGG) 0.0 $63k 587.00 107.33
Achillion Pharmaceuticals 0.0 $36k 3.4k 10.71
Motorcar Parts of America (MPAA) 0.0 $68k 2.0k 34.00
Alerian Mlp Etf 0.0 $48k 4.0k 12.00
iShares Lehman 1-3 Year Treas.Bond (SHY) 0.0 $34k 405.00 83.95
Vanguard European ETF (VGK) 0.0 $41k 823.00 49.82
iShares MSCI Germany Index Fund (EWG) 0.0 $28k 1.1k 26.64
Mfs Calif Mun 0.0 $59k 5.0k 11.80
Nuveen Ins Ca Tx Fr Adv Mun (NKX) 0.0 $31k 2.0k 15.32
Nuveen CA Dividend Advantage Muni. Fund (NAC) 0.0 $32k 2.0k 15.64
Schwab Emerging Markets Equity ETF (SCHE) 0.0 $62k 3.2k 19.59
Fs Investment Corporation 0.0 $39k 4.3k 8.97
Ishares msci uk 0.0 $56k 3.5k 16.22
Healthcare Tr Amer Inc cl a 0.0 $39k 1.5k 26.66
Global Net Lease 0.0 $25k 3.1k 8.06
Barrick Gold Corp (GOLD) 0.0 $5.0k 700.00 7.14
Time Warner Cable 0.0 $2.0k 12.00 166.67
JPMorgan Chase & Co. (JPM) 0.0 $20k 310.00 64.52
Bank of America Corporation (BAC) 0.0 $17k 1.0k 17.00
Caterpillar (CAT) 0.0 $20k 300.00 66.67
Coca-Cola Company (KO) 0.0 $22k 503.00 43.74
Waste Management (WM) 0.0 $1.0k 11.00 90.91
Walt Disney Company (DIS) 0.0 $8.0k 77.00 103.90
Carnival Corporation (CCL) 0.0 $5.0k 100.00 50.00
Microchip Technology (MCHP) 0.0 $1.0k 15.00 66.67
Newmont Mining Corporation (NEM) 0.0 $7.0k 400.00 17.50
Paychex (PAYX) 0.0 $21k 400.00 52.50
Intel Corporation (INTC) 0.0 $7.0k 216.00 32.41
Merck & Co (MRK) 0.0 $15k 291.00 51.55
American Electric Power Company (AEP) 0.0 $18k 303.00 59.41
Starbucks Corporation (SBUX) 0.0 $2.0k 28.00 71.43
Washington Real Estate Investment Trust (ELME) 0.0 $5.0k 200.00 25.00
Dr Pepper Snapple 0.0 $12k 132.00 90.91
Frontier Communications 0.0 $999.360000 288.00 3.47
PowerShares DB Com Indx Trckng Fund 0.0 $7.0k 510.00 13.73
iShares MSCI Hong Kong Index Fund (EWH) 0.0 $14k 717.00 19.53
Exeter Res Corp 0.0 $990.000000 3.0k 0.33
iShares MSCI Brazil Index (EWZ) 0.0 $13k 641.00 20.28
iShares IBoxx $ Invest Grade Corp Bd (LQD) 0.0 $1.0k 11.00 90.91
iShares S&P 500 Growth Index (IVW) 0.0 $12k 100.00 120.00
iShares Russell Midcap Index Fund (IWR) 0.0 $1.0k 8.00 125.00
iShares MSCI Mexico Inv. Mt. Idx. (EWW) 0.0 $12k 249.00 48.19
Market Vector Russia ETF Trust 0.0 $14k 976.00 14.34
iShares MSCI South Korea Index Fund (EWY) 0.0 $15k 296.00 50.68
Tesla Motors (TSLA) 0.0 $1.0k 4.00 250.00
iShares Dow Jones Select Dividend (DVY) 0.0 $3.0k 34.00 88.24
SPDR S&P Dividend (SDY) 0.0 $7.0k 100.00 70.00
iShares Cohen & Steers Realty Maj. (ICF) 0.0 $19k 188.00 101.06
General Motors Company (GM) 0.0 $999.940000 17.00 58.82
iShares MSCI Canada Index (EWC) 0.0 $13k 598.00 21.74
iShares MSCI Singapore Index Fund 0.0 $13k 1.3k 10.24
Vanguard REIT ETF (VNQ) 0.0 $2.0k 22.00 90.91
iShares MSCI Australia Index Fund (EWA) 0.0 $19k 990.00 19.19
iShares MSCI Switzerland Index Fund (EWL) 0.0 $23k 756.00 30.42
Tortoise Energy Infrastructure 0.0 $4.0k 149.00 26.85
iShares MSCI France Index (EWQ) 0.0 $21k 858.00 24.48
Eaton Vance Tax-Managed Global Dive Eq (EXG) 0.0 $9.0k 1.0k 9.00
PowerShares Dynamic Tech Sec 0.0 $21k 528.00 39.77
PowerShares Dynamic Indls Sec Port 0.0 $10k 233.00 42.92
PowerShares Dynamic Basic Material 0.0 $10k 205.00 48.78
WisdomTree MidCap Dividend Fund (DON) 0.0 $8.0k 100.00 80.00
Vanguard Total World Stock Idx (VT) 0.0 $2.0k 39.00 51.28
Eaton Vance California Mun. Income Trust (CEV) 0.0 $15k 1.1k 13.55
Eaton Vance Calif Mun Bd 0.0 $13k 1.0k 13.00
Nuveen CA Div Adv Muni Fd 3 Ben Int 0.0 $14k 1.0k 14.00
Schwab U S Broad Market ETF (SCHB) 0.0 $5.0k 111.00 45.05
PowerShares Dynamic Heathcare Sec 0.0 $22k 391.00 56.27
WisdomTree DEFA Equity Income Fund (DTH) 0.0 $7.0k 186.00 37.63
PowerShares Dynamic Finl Sec Fnd 0.0 $5.0k 174.00 28.74
Citigroup (C) 0.0 $10k 200.00 50.00
Credit Suisse Nassau Brh invrs vix sterm 0.0 $15k 564.00 26.60
Schwab Strategic Tr us aggregate b (SCHZ) 0.0 $1.0k 14.00 71.43
Expedia (EXPE) 0.0 $3.0k 26.00 115.38
Tortoise Pipeline & Energy 0.0 $15k 1.0k 15.00
Solarcity 0.0 $999.960000 13.00 76.92
Violin Memory 0.0 $21k 24k 0.89
United Development Funding closely held st 0.0 $19k 1.8k 10.86
Xenia Hotels & Resorts (XHR) 0.0 $11k 698.00 15.76
Vareit, Inc reits 0.0 $4.0k 500.00 8.00