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Efficient Market Advisors, LLC
> MCD
| Date | Name | Ticker | Shares | Change | Value | Change | Price |
| 03/31/2017 | MCDONALDS CORP | MCD | 8,901 | 0 | 1,154,000 | 71,000 | $129.65 |
| 12/31/2016 | MCDONALDS CORP | MCD | 8,901 | -424 | 1,083,000 | 7,000 | $121.67 |
| 09/30/2016 | MCDONALDS CORP | MCD | 9,325 | -160 | 1,076,000 | -65,000 | $115.39 |
| 06/30/2016 | MCDONALDS CORP | MCD | 9,485 | 9,485 | 1,141,000 | 1,141,000 | $120.30 |
| 03/31/2016 | MCDONALDS CORP | MCD | 9,278 | -1,625 | 1,166,000 | 117,000 | $125.67 |
| 12/31/2015 | MCDONALDS CORP | MCD | 9,278 | -1,625 | 1,096,000 | 47,000 | $118.13 |
| 09/30/2015 | MCDONALDS CORP | MCD | 9,281 | -1,622 | 914,000 | -135,000 | $98.48 |
| 06/30/2015 | MCDONALDS CORP | MCD | 9,828 | -1,075 | 934,000 | -115,000 | $95.03 |
| 03/31/2015 | MCDONALDS CORP | MCD | 9,828 | -1,075 | 958,000 | -91,000 | $97.48 |
| 12/31/2014 | MCDONALDS CORP | MCD | 9,828 | -1,075 | 921,000 | -128,000 | $93.71 |
| 09/30/2014 | MCDONALDS CORP | MCD | 10,378 | -525 | 984,000 | -65,000 | $94.82 |
| 06/30/2014 | MCDONALDS CORP | MCD | 10,378 | -525 | 1,045,000 | -4,000 | $100.69 |
| 03/31/2014 | MCDONALDS CORP | MCD | 10,378 | -525 | 1,017,000 | -32,000 | $98.00 |
| 12/31/2013 | MCDONALDS CORP | MCD | 10,388 | -515 | 1,008,000 | -41,000 | $97.04 |
| 09/30/2013 | MCDONALDS CORP | MCD | 10,903 | 0 | 1,049,000 | -30,000 | $96.21 |
| 06/30/2013 | MCDONALDS CORP | MCD | 10,903 | 0 | 1,079,000 | 117,000 | $98.96 |
| 03/31/2013 | MCDONALDS CORP | MCD | 10,903 | 0 | 1,087,000 | 125,000 | $99.70 |
| 12/31/2012 | MCDONALDS CORP | MCD | 10,903 | 0 | 962,000 | -38,000 | $88.23 |
| 09/30/2012 | MCDONALDS CORP | MCD | 10,903 | 0 | 1,000,000 | 35,000 | $91.72 |
| 06/30/2012 | MCDONALDS CORP | MCD | 10,903 | 0 | 965,000 | -105,000 | $88.51 |
| 03/31/2012 | MCDONALDS CORP | MCD | 10,903 | 0 | 1,070,000 | -24,000 | $98.14 |
| 12/31/2011 | MCDONALDS CORP | MCD | 10,903 | 0 | 1,094,000 | 136,000 | $100.34 |
| 09/30/2011 | MCDONALDS CORP | MCD | 10,903 | 0 | 958,000 | 39,000 | $87.87 |
| 06/30/2011 | MCDONALDS CORP | MCD | 10,903 | 10,903 | 919,000 | 919,000 | $84.29 |
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