Efficient Market Advisors

Efficient Market Advisors as of June 30, 2011

Portfolio Holdings for Efficient Market Advisors

Efficient Market Advisors holds 117 positions in its portfolio as reported in the June 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Spdr S&p 500 Etf (SPY) 16.9 $29M 218k 131.97
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 14.6 $25M 236k 104.95
iShares S&P MidCap 400 Index (IJH) 10.1 $17M 177k 97.70
iShares Russell 2000 Index (IWM) 8.6 $15M 176k 82.80
PIMCO 1-5 Year US TIPS Index Fund (STPZ) 8.3 $14M 266k 53.31
iShares iBoxx $ High Yid Corp Bond (HYG) 7.5 $13M 141k 91.31
iShares S&P US Pref Stock Idx Fnd (PFF) 4.8 $8.2M 207k 39.66
iShares Diversified Alternatives Trust 4.6 $7.8M 150k 51.94
iShares IBoxx $ Invest Grade Corp Bd (LQD) 4.6 $7.8M 71k 110.13
iShares MSCI EAFE Index Fund (EFA) 4.2 $7.2M 120k 60.14
SPDR S&P Homebuilders (XHB) 2.6 $4.4M 246k 18.06
iShares JPMorgan USD Emer Mkt Bnd Fd ETF (EMB) 2.0 $3.4M 31k 109.31
Vanguard Mid-Cap ETF (VO) 1.8 $3.1M 39k 80.42
Tearlab Corp 1.7 $2.9M 1.5M 1.90
Vanguard Emerging Markets ETF (VWO) 1.3 $2.2M 45k 48.63
Vanguard Large-Cap ETF (VV) 1.2 $2.0M 33k 60.59
NetApp (NTAP) 0.8 $1.3M 26k 52.78
McDonald's Corporation (MCD) 0.5 $919k 11k 84.29
Vanguard FTSE All-World ex-US ETF (VEU) 0.5 $767k 15k 49.83
iShares Lehman 1-3 Year Treas.Bond (SHY) 0.4 $709k 8.4k 84.26
Vanguard Small-Cap ETF (VB) 0.4 $656k 8.4k 78.08
Vanguard Europe Pacific ETF (VEA) 0.2 $418k 11k 38.11
SPDR Barclays Capital Intl Tresy Bd ETF (BWX) 0.2 $272k 4.4k 61.80
IndexIQ IQ ARB Merger Arbitrage ETF (MNA) 0.1 $254k 10k 25.18
Berkshire Hathaway (BRK.A) 0.1 $232k 2.00 116000.00
Rivus Bond Fund 0.1 $222k 12k 18.59
Home Depot (HD) 0.1 $189k 5.2k 36.26
iShares Dow Jones US Home Const. (ITB) 0.1 $169k 13k 12.72
ISHARES TR MSCI Small Cap msci small cap (SCZ) 0.1 $155k 3.6k 43.61
Vanguard Dividend Appreciation ETF (VIG) 0.1 $137k 2.5k 55.92
iShares FTSE EPRA/NAREIT Dev Gl Real ETF (IFGL) 0.1 $135k 4.3k 31.38
SPDR Barclays Capital High Yield B 0.1 $124k 3.1k 40.35
Vanguard Total World Stock Idx (VT) 0.1 $113k 2.3k 50.20
Zix Corporation 0.1 $100k 26k 3.85
Procter & Gamble Company (PG) 0.0 $76k 1.2k 63.33
iShares MSCI Japan Index 0.0 $63k 6.1k 10.37
iShares Lehman Aggregate Bond (AGG) 0.0 $63k 587.00 107.33
Vanguard Total Bond Market ETF (BND) 0.0 $68k 835.00 81.44
iShares MSCI United Kingdom Index 0.0 $62k 3.5k 17.69
Inventure Foods 0.0 $64k 16k 4.00
Microsoft Corporation (MSFT) 0.0 $52k 2.0k 26.00
Goldman Sachs (GS) 0.0 $53k 400.00 132.50
General Electric Company 0.0 $51k 2.7k 18.75
At&t (T) 0.0 $58k 1.9k 31.28
Medtronic 0.0 $44k 1.2k 38.26
Apple (AAPL) 0.0 $47k 140.00 335.71
iShares Russell Midcap Index Fund (IWR) 0.0 $45k 407.00 110.57
iShares Dow Jones Select Dividend (DVY) 0.0 $45k 850.00 52.94
iShares MSCI Germany Index Fund (EWG) 0.0 $45k 1.7k 26.85
PIMCO Enhanced Short Mat Str Fund ETF (MINT) 0.0 $54k 530.00 101.89
Johnson & Johnson (JNJ) 0.0 $35k 531.00 65.91
3M Company (MMM) 0.0 $29k 303.00 95.71
Qualcomm (QCOM) 0.0 $41k 730.00 56.16
PowerShares DB Com Indx Trckng Fund 0.0 $26k 912.00 28.51
iShares MSCI Hong Kong Index Fund (EWH) 0.0 $27k 1.5k 18.62
Vanguard Total Stock Market ETF (VTI) 0.0 $40k 584.00 68.49
iShares Barclays TIPS Bond Fund (TIP) 0.0 $37k 332.00 111.45
iShares MSCI Australia Index Fund (EWA) 0.0 $26k 996.00 26.10
iShares MSCI Switzerland Index Fund (EWL) 0.0 $27k 1.0k 26.81
iShares MSCI France Index (EWQ) 0.0 $34k 1.2k 27.29
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
iShares FTSE/Xinhua China 25 Index (FXI) 0.0 $15k 346.00 43.35
Exxon Mobil Corporation (XOM) 0.0 $14k 176.00 79.55
Verizon Communications (VZ) 0.0 $19k 500.00 38.00
Deere & Company (DE) 0.0 $16k 200.00 80.00
Merck & Co (MRK) 0.0 $10k 285.00 35.09
Ford Motor Company (F) 0.0 $21k 1.5k 14.00
Google 0.0 $20k 40.00 500.00
Linn Energy 0.0 $23k 600.00 38.33
Applied Materials (AMAT) 0.0 $13k 1.0k 13.00
SPDR Gold Trust (GLD) 0.0 $24k 167.00 143.71
Teradyne (TER) 0.0 $22k 1.5k 14.67
Senomyx 0.0 $15k 3.0k 5.00
CBL & Associates Properties 0.0 $19k 1.1k 18.04
iShares MSCI Brazil Index (EWZ) 0.0 $17k 229.00 74.24
iShares S&P 500 Growth Index (IVW) 0.0 $11k 160.00 68.75
SPDR S&P MidCap 400 ETF (MDY) 0.0 $9.0k 50.00 180.00
iShares Cohen & Steers Realty Maj. (ICF) 0.0 $14k 193.00 72.54
Vanguard REIT ETF (VNQ) 0.0 $23k 375.00 61.33
iShares MSCI Italy Index 0.0 $22k 1.3k 17.54
Eaton Vance Limited Duration Income Fund (EVV) 0.0 $12k 700.00 17.14
Nuveen California Municipal Value Fund (NCA) 0.0 $9.0k 1.0k 9.00
PIMCO 15+ Year U.S. TIPS Index Fund (LTPZ) 0.0 $11k 203.00 54.19
Nuveen Ins Ca Tx Fr Adv Mun (NKX) 0.0 $13k 1.0k 13.00
Nuveen California Select Qlty Mun Inc Fu 0.0 $14k 1.0k 14.00
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 Insured California Premium Income (NPC) 0.0 $14k 1.0k 14.00
Nuveen CA Dividend Advantage Muni. Fund (NAC) 0.0 $13k 1.0k 13.00
Nuveen CA Div Adv Muni Fd 3 Ben Int 0.0 $13k 1.0k 13.00
Time Warner Cable 0.0 $999.960000 12.00 83.33
Pfizer (PFE) 0.0 $3.0k 150.00 20.00
Health Care SPDR (XLV) 0.0 $5.0k 142.00 35.21
Walt Disney Company (DIS) 0.0 $3.0k 75.00 40.00
Sony Corporation (SONY) 0.0 $3.0k 100.00 30.00
Nokia Corporation (NOK) 0.0 $6.0k 1.0k 6.00
Universal Corporation (UVV) 0.0 $8.0k 200.00 40.00
Aol 0.0 $77.320000 4.00 19.33
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 $443.520000 11.00 40.32
Abercrombie & Fitch (ANF) 0.0 $462.600000 6.00 77.10
Energy Select Sector SPDR (XLE) 0.0 $5.0k 67.00 74.63
Industrial SPDR (XLI) 0.0 $5.0k 141.00 35.46
JDS Uniphase Corporation 0.0 $14.829000 1.00 14.83
Technology SPDR (XLK) 0.0 $7.0k 286.00 24.48
Materials SPDR (XLB) 0.0 $3.0k 71.00 42.25
Consumer Staples Select Sect. SPDR (XLP) 0.0 $3.0k 99.00 30.30
Financial Select Sector SPDR (XLF) 0.0 $7.0k 479.00 14.61
Utilities SPDR (XLU) 0.0 $2.0k 58.00 34.48
Consumer Discretionary SPDR (XLY) 0.0 $7.0k 166.00 42.17
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 $8.0k 266.00 30.08
iShares MSCI Sweden Index (EWD) 0.0 $6.0k 203.00 29.56
Vanguard Telecommunication Services ETF (VOX) 0.0 $999.960000 13.00 76.92