AFAM Capital

13F File No.: Name: as of Dec. 31, 2010

Portfolio Holdings for 13F File No.: Name:

13F File No.: Name: holds 233 positions in its portfolio as reported in the December 2010 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Freeport-McMoRan Copper & Gold (FCX) 1.6 $7.4M 61k 120.09
Anadarko Petroleum Corporation 1.4 $6.5M 85k 76.16
Eaton Corporation 1.3 $6.1M 61k 101.51
Stage Stores 1.2 $5.7M 331k 17.34
Whirlpool Corporation (WHR) 1.2 $5.7M 64k 88.84
Walt Disney Company (DIS) 1.2 $5.6M 149k 37.51
Marathon Oil Corporation (MRO) 1.2 $5.4M 147k 37.03
Mosaic Company 1.1 $5.3M 69k 76.36
Yamana Gold 1.1 $5.2M 410k 12.80
Palomar Medical Technologies 1.1 $4.9M 348k 14.21
Philip Morris International (PM) 1.1 $4.9M 84k 58.54
Apache Corporation 1.0 $4.9M 41k 119.22
Exxon Mobil Corporation (XOM) 1.0 $4.8M 66k 73.12
L-3 Communications Holdings 1.0 $4.8M 68k 70.49
Cephalon 1.0 $4.8M 78k 61.72
Microsoft Corporation (MSFT) 1.0 $4.7M 169k 27.91
Ameriprise Financial (AMP) 1.0 $4.8M 83k 57.55
Verizon Communications (VZ) 1.0 $4.7M 132k 35.78
McKesson Corporation (MCK) 1.0 $4.7M 67k 70.37
Walgreen Company 1.0 $4.7M 121k 38.96
Chesapeake Energy Corporation 1.0 $4.7M 180k 25.91
Tutor Perini Corporation (TPC) 1.0 $4.6M 215k 21.41
Diamond Offshore Drilling 1.0 $4.6M 68k 66.88
DTE Energy Company (DTE) 1.0 $4.5M 99k 45.32
Comcast Corporation (CMCSA) 0.9 $4.5M 203k 21.97
Home Depot (HD) 0.9 $4.4M 127k 35.06
JPMorgan Chase & Co. (JPM) 0.9 $4.4M 104k 42.42
Intel Corporation (INTC) 0.9 $4.3M 207k 21.03
Weatherford International Lt reg 0.9 $4.4M 191k 22.80
Wal-Mart Stores (WMT) 0.9 $4.3M 79k 53.94
Nordstrom 0.9 $4.2M 99k 42.38
Methanex Corp (MEOH) 0.9 $4.2M 137k 30.40
International Business Machines (IBM) 0.9 $4.1M 28k 146.77
Petroleo Brasileiro SA (PBR) 0.9 $4.1M 108k 37.84
Abbott Laboratories (ABT) 0.8 $3.9M 82k 47.91
Harbin Electric 0.8 $3.9M 222k 17.35
Baxter International (BAX) 0.8 $3.8M 75k 50.62
Archer Daniels Midland Company (ADM) 0.8 $3.8M 126k 30.08
Covidien 0.8 $3.8M 83k 45.66
CSX Corporation (CSX) 0.8 $3.8M 58k 64.61
Prudential Financial (PRU) 0.8 $3.8M 64k 58.71
American Software (LGTY) 0.8 $3.8M 555k 6.77
Celanese Corporation (CE) 0.8 $3.7M 90k 41.17
Varian Semiconductor 0.8 $3.6M 99k 36.97
Activision Blizzard 0.8 $3.6M 291k 12.44
Lockheed Martin Corporation (LMT) 0.8 $3.6M 51k 69.90
Hasbro (HAS) 0.8 $3.5M 74k 47.18
Tyson Foods (TSN) 0.8 $3.5M 203k 17.22
Novartis (NVS) 0.8 $3.5M 59k 58.95
Coca-Cola Company (KO) 0.7 $3.4M 52k 65.77
UnitedHealth (UNH) 0.7 $3.4M 95k 36.11
Norfolk Southern (NSC) 0.7 $3.4M 54k 62.82
Bristol Myers Squibb (BMY) 0.7 $3.4M 128k 26.48
Nippon Telegraph & Telephone (NTTYY) 0.7 $3.4M 147k 22.94
Seagate Technology Com Stk 0.7 $3.3M 220k 15.03
Travelers Companies (TRV) 0.7 $3.2M 57k 55.70
BioMed Realty Trust 0.7 $3.1M 168k 18.65
BB&T Corporation 0.7 $3.1M 117k 26.29
Vanguard Total Bond Market ETF (BND) 0.7 $3.1M 38k 80.26
Goldman Sachs (GS) 0.7 $3.0M 18k 168.14
Aetna 0.7 $3.0M 100k 30.51
Occidental Petroleum Corporation (OXY) 0.7 $3.1M 31k 98.10
Telefonaktiebolaget LM Ericsson (ERIC) 0.6 $3.0M 259k 11.53
United Technologies Corporation 0.6 $3.0M 38k 78.71
United Online 0.6 $3.0M 448k 6.60
Cisco Systems (CSCO) 0.6 $2.9M 144k 20.23
Apple (AAPL) 0.6 $2.9M 9.0k 322.57
SPDR Barclays Capital High Yield B 0.6 $2.9M 73k 39.71
Thermo Fisher Scientific (TMO) 0.6 $2.9M 52k 55.36
TCF Financial Corporation 0.6 $2.9M 194k 14.81
Bank of New York Mellon Corporation (BK) 0.6 $2.7M 89k 30.20
E.I. du Pont de Nemours & Company 0.6 $2.7M 54k 49.87
Johnson & Johnson (JNJ) 0.6 $2.6M 43k 61.86
NAVIOS MARITIME HOLDINGS INC Com Stk 0.5 $2.5M 481k 5.28
Waste Management (WM) 0.5 $2.5M 68k 36.87
Brocade Communications Systems 0.5 $2.5M 471k 5.29
Western Digital (WDC) 0.5 $2.4M 72k 33.90
American Eagle Outfitters (AEO) 0.5 $2.4M 163k 14.63
Olin Corporation (OLN) 0.5 $2.4M 115k 20.52
Edison International (EIX) 0.5 $2.3M 61k 38.60
BHP Billiton (BHP) 0.5 $2.3M 25k 92.93
Chevron Corporation (CVX) 0.5 $2.3M 25k 91.24
Mattel (MAT) 0.5 $2.3M 89k 25.43
GrafTech International 0.5 $2.2M 113k 19.84
Rowan Companies 0.5 $2.2M 63k 34.91
Diodes Incorporated (DIOD) 0.5 $2.2M 80k 26.99
Aceto Corporation 0.5 $2.2M 242k 9.00
D.R. Horton (DHI) 0.5 $2.1M 176k 11.93
Tsakos Energy Navigation 0.5 $2.1M 211k 10.00
Corning Incorporated (GLW) 0.4 $2.0M 103k 19.32
American Financial (AFG) 0.4 $2.0M 61k 32.30
Cal-Maine Foods (CALM) 0.4 $2.0M 63k 31.58
American Science & Engineering 0.4 $2.0M 23k 85.23
Starbucks Corporation (SBUX) 0.4 $1.9M 59k 32.14
WESCO International (WCC) 0.4 $1.9M 36k 52.81
Hewlett-Packard Company 0.4 $1.9M 44k 42.10
EMC Corporation 0.4 $1.9M 82k 22.90
M.D.C. Holdings 0.4 $1.9M 65k 28.78
Chubb Corporation 0.4 $1.8M 30k 59.64
Devon Energy Corporation (DVN) 0.4 $1.8M 23k 78.52
iShares Lehman 7-10 Yr Treas. Bond (IEF) 0.4 $1.8M 19k 93.82
Wayside Technology (CLMB) 0.4 $1.8M 157k 11.26
Vishay Intertechnology (VSH) 0.4 $1.7M 119k 14.68
Kraft Foods 0.4 $1.7M 54k 31.51
Phillips-Van Heusen Corporation 0.4 $1.7M 27k 63.02
Tidewater 0.3 $1.6M 31k 53.86
Om 0.3 $1.7M 43k 38.52
McDonald's Corporation (MCD) 0.3 $1.6M 21k 76.78
J.C. Penney Company 0.3 $1.6M 48k 32.32
Ultratech 0.3 $1.5M 77k 19.88
Axis Capital Holdings (AXS) 0.3 $1.5M 43k 35.89
Lam Research Corporation 0.3 $1.5M 30k 51.77
Cooper Tire & Rubber Company 0.3 $1.5M 65k 23.58
Heartland Payment Systems 0.3 $1.5M 100k 15.42
Boeing Company (BA) 0.3 $1.5M 23k 65.24
Pericom Semiconductor 0.3 $1.5M 137k 10.98
America Movil Sab De Cv spon adr l 0.3 $1.4M 25k 57.36
Oceaneering International (OII) 0.3 $1.4M 20k 73.62
International Game Technology 0.3 $1.4M 79k 17.68
BE Aerospace 0.3 $1.4M 38k 37.03
Compuware Corporation 0.3 $1.4M 122k 11.67
Avnet (AVT) 0.3 $1.4M 42k 33.04
AVX Corporation 0.3 $1.3M 87k 15.43
Williams-Sonoma (WSM) 0.3 $1.4M 38k 35.70
Taiwan Semiconductor Mfg (TSM) 0.3 $1.3M 103k 12.54
Hudson City Ban 0.3 $1.3M 103k 12.74
Nucor Corporation (NUE) 0.3 $1.3M 30k 43.83
Jack in the Box (JACK) 0.3 $1.3M 63k 21.13
Unum (UNM) 0.3 $1.3M 54k 24.22
Symantec Corporation 0.3 $1.3M 78k 16.75
Toll Brothers (TOL) 0.3 $1.3M 70k 19.01
Nasdaq Omx (NDAQ) 0.3 $1.3M 54k 23.73
Manitowoc Company 0.3 $1.3M 97k 13.12
Texas Instruments Incorporated (TXN) 0.3 $1.3M 39k 32.51
Endurance Specialty Hldgs Lt 0.3 $1.3M 28k 46.06
Navistar International Corporation 0.3 $1.3M 22k 57.91
iShares Lehman 1-3 Year Treas.Bond (SHY) 0.3 $1.3M 15k 83.99
Stanley Black & Decker (SWK) 0.3 $1.2M 18k 66.89
LMI Aerospace 0.3 $1.2M 77k 16.00
V.F. Corporation (VFC) 0.2 $1.2M 14k 86.15
Caterpillar (CAT) 0.2 $1.1M 12k 93.63
Wells Fargo & Company (WFC) 0.2 $1.1M 37k 30.99
Arkansas Best Corporation 0.2 $1.1M 41k 27.42
MetLife (MET) 0.2 $1.1M 25k 44.45
Nabors Industries 0.2 $1.1M 48k 23.46
Union Pacific Corporation (UNP) 0.2 $1.1M 12k 92.66
Best Buy (BBY) 0.2 $1.1M 32k 34.29
General Dynamics Corporation (GD) 0.2 $1.1M 15k 70.99
Brightpoint 0.2 $1.1M 126k 8.73
Carpenter Technology Corporation (CRS) 0.2 $1.1M 27k 40.24
Automatic Data Processing (ADP) 0.2 $1.0M 23k 46.27
eBay (EBAY) 0.2 $1.0M 38k 27.84
Williams Companies (WMB) 0.2 $1.0M 42k 24.73
TriQuint Semiconductor 0.2 $1.0M 89k 11.69
Ducommun Incorporated (DCO) 0.2 $1.0M 48k 21.78
Pepsi (PEP) 0.2 $1.0M 15k 65.36
HealthStream (HSTM) 0.2 $996k 124k 8.04
Coach 0.2 $919k 17k 55.29
Spectra Energy 0.2 $943k 38k 25.00
Bank of America Corporation (BAC) 0.2 $909k 68k 13.35
Digi International (DGII) 0.2 $894k 81k 11.10
Guess? (GES) 0.2 $891k 19k 47.32
Microchip Technology (MCHP) 0.2 $840k 25k 34.20
Raytheon Company 0.2 $864k 19k 46.32
LTC Properties (LTC) 0.2 $866k 31k 28.07
Helen Of Troy (HELE) 0.2 $785k 26k 29.72
Black Box Corporation 0.2 $809k 21k 38.29
Vascular Solutions 0.2 $791k 68k 11.72
iShares Barclays 20+ Yr Treas.Bond (TLT) 0.2 $812k 8.6k 94.10
Carnival Corporation (CCL) 0.2 $728k 16k 46.10
Fortune Brands 0.2 $756k 13k 60.24
Benchmark Electronics (BHE) 0.2 $747k 41k 18.16
U.S. Bancorp (USB) 0.1 $726k 27k 26.96
Goodyear Tire & Rubber Company (GT) 0.1 $681k 58k 11.85
Integrated Device Technology 0.1 $695k 104k 6.66
National Semiconductor Corporation 0.1 $700k 51k 13.76
Lithia Motors (LAD) 0.1 $694k 49k 14.29
Forest Oil Corporation 0.1 $633k 17k 37.96
SYSCO Corporation (SYY) 0.1 $664k 23k 29.38
New York Community Ban 0.1 $662k 35k 18.86
Terex Corporation (TEX) 0.1 $653k 21k 31.04
iShares iBoxx $ High Yid Corp Bond (HYG) 0.1 $663k 7.3k 90.33
Nordic American Tanker Shippin (NAT) 0.1 $674k 26k 26.01
Medtronic 0.1 $600k 16k 37.09
iShares Barclays TIPS Bond Fund (TIP) 0.1 $617k 5.7k 107.44
Vanguard REIT ETF (VNQ) 0.1 $617k 11k 55.38
Cabela's Incorporated 0.1 $573k 26k 21.74
Total (TTE) 0.1 $543k 10k 53.45
Accenture (ACN) 0.1 $542k 11k 48.51
TTM Technologies (TTMI) 0.1 $577k 39k 14.92
Life Partners Holdings 0.1 $544k 28k 19.14
US Ecology 0.1 $550k 32k 17.37
Delta Apparel (DLAPQ) 0.1 $555k 41k 13.49
Genuine Parts Company (GPC) 0.1 $496k 9.7k 51.30
Smith-Midland Corporation (SMID) 0.1 $506k 289k 1.75
Darden Restaurants (DRI) 0.1 $459k 9.9k 46.49
NutriSystem 0.1 $490k 23k 21.03
Flextronics International Ltd Com Stk (FLEX) 0.1 $457k 58k 7.85
World Wrestling Entertainment 0.1 $482k 34k 14.24
Raymond James Financial (RJF) 0.1 $448k 14k 32.73
Aetrium (ATRM) 0.1 $457k 194k 2.35
Oracle Corporation (ORCL) 0.1 $401k 13k 31.33
Intevac (IVAC) 0.1 $413k 30k 14.02
Cheesecake Factory Incorporated (CAKE) 0.1 $441k 14k 30.64
Insteel Industries (IIIN) 0.1 $426k 34k 12.50
Market Vectors Emerging Mkts Local ETF 0.1 $432k 16k 26.67
Berkshire Hathaway (BRK.B) 0.1 $373k 4.7k 80.22
Progress Software Corporation (PRGS) 0.1 $382k 9.0k 42.44
Parker-Hannifin Corporation (PH) 0.1 $393k 4.6k 86.35
Ship Finance Intl 0.1 $365k 17k 21.53
Western Union Company (WU) 0.1 $324k 18k 18.56
Newell Rubbermaid (NWL) 0.1 $344k 19k 18.18
Gap (GAP) 0.1 $337k 15k 22.12
Exelon Corporation (EXC) 0.1 $330k 7.9k 41.58
Synaptics, Incorporated (SYNA) 0.1 $344k 12k 29.40
Tor Dom Bk Cad (TD) 0.1 $334k 4.5k 74.35
iShares Gold Trust 0.1 $332k 24k 13.89
iShares MSCI Taiwan Index 0.1 $306k 20k 15.63
HSBC Holdings (HSBC) 0.1 $259k 5.1k 51.04
iShares FTSE/Xinhua China 25 Index (FXI) 0.1 $282k 6.5k 43.11
Nike (NKE) 0.1 $278k 3.3k 85.41
W.R. Berkley Corporation (WRB) 0.1 $285k 10k 27.34
Trident Microsystems (TRID) 0.1 $274k 154k 1.78
iShares IBoxx $ Invest Grade Corp Bd (LQD) 0.1 $275k 2.5k 108.48
iShares MSCI Switzerland Index Fund (EWL) 0.1 $296k 12k 25.06
FedEx Corporation (FDX) 0.1 $229k 2.5k 92.90
Procter & Gamble Company (PG) 0.1 $246k 3.8k 64.33
Ingersoll-rand Co Ltd-cl A 0.1 $231k 4.9k 47.19
A. O. Smith Corporation (AOS) 0.1 $240k 6.3k 38.01
Fifth Third Ban (FITB) 0.0 $200k 14k 14.69
Communications Systems 0.0 $175k 13k 14.04
AuthenTec 0.0 $179k 72k 2.50
JetBlue Airways Corporation (JBLU) 0.0 $150k 23k 6.60