AFAM Capital

13F File No.: Name: as of March 31, 2011

Portfolio Holdings for 13F File No.: Name:

13F File No.: Name: holds 226 positions in its portfolio as reported in the March 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Marathon Oil Corporation (MRO) 1.5 $7.9M 149k 53.31
Freeport-McMoRan Copper & Gold (FCX) 1.4 $7.0M 126k 55.55
Stage Stores 1.3 $6.9M 358k 19.22
Eaton Corporation 1.3 $6.8M 123k 55.44
Norfolk Southern (NSC) 1.3 $6.6M 96k 69.27
Anadarko Petroleum Corporation 1.2 $6.4M 78k 81.92
Walt Disney Company (DIS) 1.2 $6.3M 147k 43.09
Cephalon 1.2 $6.1M 81k 76.08
Chesapeake Energy Corporation 1.2 $6.1M 183k 33.52
Apache Corporation 1.1 $5.8M 44k 130.91
Whirlpool Corporation (WHR) 1.1 $5.8M 68k 85.36
Philip Morris International (PM) 1.1 $5.7M 87k 65.63
Diamond Offshore Drilling 1.1 $5.6M 73k 77.70
Exxon Mobil Corporation (XOM) 1.1 $5.7M 67k 84.13
Tutor Perini Corporation (TPC) 1.1 $5.4M 224k 24.36
L-3 Communications Holdings 1.1 $5.5M 70k 78.31
McKesson Corporation (MCK) 1.0 $5.4M 68k 79.05
DTE Energy Company (DTE) 1.0 $5.4M 110k 48.96
Ameriprise Financial (AMP) 1.0 $5.4M 88k 61.08
Palomar Medical Technologies 1.0 $5.3M 357k 14.85
Verizon Communications (VZ) 1.0 $5.3M 137k 38.54
Yamana Gold 1.0 $5.3M 427k 12.31
SPDR Barclays Capital High Yield B 1.0 $5.2M 128k 40.51
STMicroelectronics (STM) 1.0 $5.1M 410k 12.42
Comcast Corporation (CMCSA) 1.0 $5.0M 204k 24.72
JPMorgan Chase & Co. (JPM) 1.0 $5.0M 109k 46.10
Home Depot (HD) 1.0 $5.0M 135k 37.06
Walgreen Company 1.0 $5.0M 125k 40.14
Intel Corporation (INTC) 0.9 $4.8M 237k 20.18
International Business Machines (IBM) 0.9 $4.8M 29k 163.06
Harbin Electric 0.9 $4.8M 230k 20.69
Archer Daniels Midland Company (ADM) 0.9 $4.7M 132k 36.01
Petroleo Brasileiro SA (PBR) 0.9 $4.7M 115k 40.43
Hudson City Ban 0.9 $4.6M 472k 9.68
Nordstrom 0.9 $4.6M 102k 44.88
Covidien 0.9 $4.6M 88k 51.94
Microsoft Corporation (MSFT) 0.9 $4.5M 177k 25.39
Methanex Corp (MEOH) 0.9 $4.5M 144k 31.23
Weatherford International Lt reg 0.9 $4.5M 197k 22.60
Baxter International (BAX) 0.8 $4.4M 82k 53.78
Lockheed Martin Corporation (LMT) 0.8 $4.4M 55k 80.40
Prudential Financial (PRU) 0.8 $4.4M 71k 61.59
Nippon Telegraph & Telephone (NTTYY) 0.8 $4.4M 194k 22.49
Wal-Mart Stores (WMT) 0.8 $4.3M 82k 52.05
Abbott Laboratories (ABT) 0.8 $4.2M 86k 49.05
UnitedHealth (UNH) 0.8 $4.2M 93k 45.20
Tyson Foods (TSN) 0.8 $4.2M 217k 19.19
Celanese Corporation (CE) 0.8 $4.2M 94k 44.37
American Software (LGTY) 0.8 $4.0M 549k 7.38
Ingram Micro 0.8 $4.0M 190k 21.03
Aetna 0.7 $3.9M 103k 37.43
United Technologies Corporation 0.7 $3.8M 45k 84.64
Novartis (NVS) 0.7 $3.7M 69k 54.36
Tsakos Energy Navigation 0.7 $3.8M 342k 10.98
Waste Management (WM) 0.7 $3.7M 98k 37.34
Coca-Cola Company (KO) 0.7 $3.6M 55k 66.34
Cisco Systems (CSCO) 0.7 $3.6M 211k 17.15
Vanguard Total Bond Market ETF (BND) 0.7 $3.7M 46k 80.02
Telefonaktiebolaget LM Ericsson (ERIC) 0.7 $3.5M 274k 12.86
McDonald's Corporation (MCD) 0.7 $3.5M 46k 76.08
Hasbro (HAS) 0.7 $3.4M 74k 46.83
Bristol Myers Squibb (BMY) 0.7 $3.4M 128k 26.43
BioMed Realty Trust 0.7 $3.4M 177k 19.02
Bank of New York Mellon Corporation (BK) 0.6 $3.3M 111k 29.87
Travelers Companies (TRV) 0.6 $3.3M 56k 59.48
BB&T Corporation 0.6 $3.3M 121k 27.45
Seagate Technology Com Stk 0.6 $3.3M 232k 14.41
Activision Blizzard 0.6 $3.3M 298k 10.97
iShares Lehman 7-10 Yr Treas. Bond (IEF) 0.6 $3.3M 35k 93.01
TCF Financial Corporation 0.6 $3.2M 203k 15.86
Thermo Fisher Scientific (TMO) 0.6 $3.2M 57k 55.54
NAVIOS MARITIME HOLDINGS INC Com Stk 0.6 $3.2M 555k 5.70
Goldman Sachs (GS) 0.6 $3.1M 20k 158.58
Apple (AAPL) 0.6 $3.1M 8.9k 348.49
Xyratex 0.6 $3.1M 277k 11.16
United Online 0.6 $3.1M 486k 6.30
E.I. du Pont de Nemours & Company 0.6 $3.0M 55k 54.96
Occidental Petroleum Corporation (OXY) 0.6 $3.0M 29k 104.49
Brocade Communications Systems 0.6 $3.0M 487k 6.15
Chevron Corporation (CVX) 0.5 $2.6M 25k 107.47
Diodes Incorporated (DIOD) 0.5 $2.7M 78k 34.06
Western Digital (WDC) 0.5 $2.6M 70k 37.28
American Eagle Outfitters (AEO) 0.5 $2.5M 159k 15.89
Olin Corporation (OLN) 0.5 $2.5M 110k 22.92
Rowan Companies 0.5 $2.5M 57k 44.18
Johnson & Johnson (JNJ) 0.5 $2.5M 42k 59.24
BHP Billiton (BHP) 0.5 $2.4M 26k 95.90
GrafTech International 0.5 $2.4M 118k 20.63
Mattel (MAT) 0.4 $2.2M 87k 24.93
WESCO International (WCC) 0.4 $2.2M 35k 62.49
Edison International (EIX) 0.4 $2.1M 59k 36.59
Wayside Technology (CLMB) 0.4 $2.1M 154k 13.73
Chubb Corporation 0.4 $2.1M 34k 61.32
Corning Incorporated (GLW) 0.4 $2.1M 101k 20.63
Devon Energy Corporation (DVN) 0.4 $2.1M 23k 91.78
American Science & Engineering 0.4 $2.1M 23k 92.36
M.D.C. Holdings 0.4 $2.1M 82k 25.35
Vishay Intertechnology (VSH) 0.4 $2.0M 114k 17.74
American Financial (AFG) 0.4 $2.0M 58k 35.03
D.R. Horton (DHI) 0.4 $2.0M 172k 11.65
Aceto Corporation 0.4 $2.0M 256k 7.97
Kraft Foods 0.4 $1.9M 61k 31.35
Heartland Payment Systems 0.4 $1.9M 106k 17.53
Caterpillar (CAT) 0.3 $1.8M 16k 111.33
Tidewater 0.3 $1.8M 30k 59.85
Hewlett-Packard Company 0.3 $1.8M 44k 40.98
Cal-Maine Foods (CALM) 0.3 $1.8M 61k 29.50
J.C. Penney Company 0.3 $1.7M 47k 35.92
Lam Research Corporation 0.3 $1.7M 30k 56.65
Phillips-Van Heusen Corporation 0.3 $1.7M 26k 65.03
Cooper Tire & Rubber Company 0.3 $1.6M 64k 25.76
Boeing Company (BA) 0.3 $1.6M 22k 73.95
LMI Aerospace 0.3 $1.5M 76k 20.21
Om 0.3 $1.5M 42k 36.55
Navistar International Corporation 0.3 $1.5M 21k 69.34
iShares Barclays 20+ Yr Treas.Bond (TLT) 0.3 $1.5M 16k 92.12
iShares Barclays Inter Crd Bd Fund ETF) (IGIB) 0.3 $1.5M 14k 105.30
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 0.3 $1.5M 14k 104.44
America Movil Sab De Cv spon adr l 0.3 $1.4M 25k 58.08
3M Company (MMM) 0.3 $1.4M 16k 93.49
V.F. Corporation (VFC) 0.3 $1.5M 15k 98.53
Symantec Corporation 0.3 $1.4M 77k 18.54
Axis Capital Holdings (AXS) 0.3 $1.4M 41k 34.92
Nabors Industries 0.3 $1.4M 47k 30.38
Nucor Corporation (NUE) 0.3 $1.4M 31k 46.03
Jack in the Box (JACK) 0.3 $1.4M 61k 22.68
Unum (UNM) 0.3 $1.4M 54k 26.25
Compuware Corporation 0.3 $1.4M 122k 11.55
Avnet (AVT) 0.3 $1.4M 42k 34.09
Pericom Semiconductor 0.3 $1.4M 133k 10.37
Nasdaq Omx (NDAQ) 0.3 $1.4M 52k 25.83
Stanley Black & Decker (SWK) 0.3 $1.4M 18k 76.59
BE Aerospace 0.3 $1.4M 38k 35.54
Texas Instruments Incorporated (TXN) 0.3 $1.3M 38k 34.56
Toll Brothers (TOL) 0.3 $1.3M 68k 19.77
Endurance Specialty Hldgs Lt 0.3 $1.4M 28k 48.83
AVX Corporation 0.2 $1.3M 85k 14.91
iShares Barclays TIPS Bond Fund (TIP) 0.2 $1.3M 12k 109.18
Taiwan Semiconductor Mfg (TSM) 0.2 $1.3M 103k 12.18
International Game Technology 0.2 $1.2M 77k 16.24
iShares iBoxx $ High Yid Corp Bond (HYG) 0.2 $1.2M 13k 91.95
Vanguard REIT ETF (VNQ) 0.2 $1.2M 20k 58.46
Wells Fargo & Company (WFC) 0.2 $1.1M 36k 31.70
eBay (EBAY) 0.2 $1.2M 37k 31.05
Pepsi (PEP) 0.2 $1.2M 18k 64.42
General Dynamics Corporation (GD) 0.2 $1.1M 15k 76.59
TriQuint Semiconductor 0.2 $1.1M 88k 12.91
Ducommun Incorporated (DCO) 0.2 $1.1M 47k 23.91
Market Vectors Emerging Mkts Local ETF 0.2 $1.1M 42k 26.89
Briggs & Stratton Corporation 0.2 $1.1M 47k 22.66
MetLife (MET) 0.2 $1.1M 25k 44.73
Carpenter Technology Corporation (CRS) 0.2 $1.1M 26k 42.72
Microchip Technology (MCHP) 0.2 $1.0M 27k 38.02
Arkansas Best Corporation 0.2 $1.0M 40k 25.91
SYSCO Corporation (SYY) 0.2 $965k 35k 27.71
Raytheon Company 0.2 $920k 18k 50.86
Bank of America Corporation (BAC) 0.2 $886k 66k 13.33
Best Buy (BBY) 0.2 $889k 31k 28.73
LTC Properties (LTC) 0.2 $898k 32k 28.35
Alpha & Omega Semiconductor (AOSL) 0.2 $900k 71k 12.68
Goodyear Tire & Rubber Company (GT) 0.2 $845k 56k 14.99
Eni S.p.A. (E) 0.2 $813k 17k 49.15
Digi International (DGII) 0.2 $839k 79k 10.56
Coach 0.1 $791k 15k 52.06
Helen Of Troy (HELE) 0.1 $776k 26k 29.38
Benchmark Electronics (BHE) 0.1 $768k 41k 18.96
Integrated Device Technology 0.1 $751k 102k 7.38
National Semiconductor Corporation 0.1 $729k 51k 14.33
Black Box Corporation 0.1 $719k 20k 35.17
Guess? (GES) 0.1 $719k 18k 39.35
iShares Lehman 1-3 Year Treas.Bond (SHY) 0.1 $744k 8.9k 83.76
U.S. Bancorp (USB) 0.1 $674k 26k 26.41
Lithia Motors (LAD) 0.1 $690k 47k 14.57
Carnival Corporation (CCL) 0.1 $603k 16k 38.35
Medtronic 0.1 $604k 15k 39.37
Total (TTE) 0.1 $646k 11k 61.01
Accenture (ACN) 0.1 $608k 11k 54.96
New York Community Ban 0.1 $616k 36k 17.26
TTM Technologies (TTMI) 0.1 $634k 35k 18.16
iShares Gold Trust 0.1 $636k 45k 14.01
Nordic American Tanker Shippin (NAT) 0.1 $622k 25k 24.84
iShares MSCI Australia Index Fund (EWA) 0.1 $634k 24k 26.63
iShares MSCI Switzerland Index Fund (EWL) 0.1 $609k 24k 25.31
Smith-Midland Corporation (SMID) 0.1 $621k 289k 2.15
Genuine Parts Company (GPC) 0.1 $557k 10k 53.60
World Wrestling Entertainment 0.1 $569k 45k 12.57
US Ecology 0.1 $552k 32k 17.44
Delta Apparel (DLAPQ) 0.1 $588k 41k 14.29
iShares MSCI Taiwan Index 0.1 $580k 39k 14.86
Raymond James Financial (RJF) 0.1 $522k 14k 38.25
Vascular Solutions 0.1 $518k 47k 10.92
iShares IBoxx $ Invest Grade Corp Bd (LQD) 0.1 $499k 4.6k 108.13
Darden Restaurants (DRI) 0.1 $457k 9.3k 49.15
Tor Dom Bk Cad (TD) 0.1 $464k 5.2k 88.65
Parker-Hannifin Corporation (PH) 0.1 $406k 4.3k 94.79
Oracle Corporation (ORCL) 0.1 $425k 13k 33.46
Flextronics International Ltd Com Stk (FLEX) 0.1 $422k 57k 7.47
Cheesecake Factory Incorporated (CAKE) 0.1 $420k 14k 30.12
Western Union Company (WU) 0.1 $363k 18k 20.80
Spdr S&p 500 Etf (SPY) 0.1 $341k 2.6k 132.68
Newell Rubbermaid (NWL) 0.1 $349k 18k 19.11
Progress Software Corporation (PRGS) 0.1 $352k 12k 29.08
Gap (GAP) 0.1 $345k 15k 22.65
Exelon Corporation (EXC) 0.1 $352k 8.5k 41.26
Intevac (IVAC) 0.1 $343k 28k 12.39
Ship Finance Intl 0.1 $379k 18k 20.76
Direxion Daily Large Cp Bull 3X (SPXL) 0.1 $383k 4.6k 83.84
Vanguard Europe Pacific ETF (VEA) 0.1 $346k 9.3k 37.29
Direxion Daily Dpd Mkts Bull 3X 0.1 $364k 5.1k 71.09
W.R. Berkley Corporation (WRB) 0.1 $328k 10k 32.24
NutriSystem 0.1 $308k 21k 14.51
Synaptics, Incorporated (SYNA) 0.1 $304k 11k 26.99
Vanguard Emerging Markets ETF (VWO) 0.1 $310k 6.3k 49.00
Direxion Daily Emr Mkts Bull 3x 0.1 $298k 7.2k 41.31
Aetrium (ATRM) 0.1 $320k 186k 1.72
HSBC Holdings (HSBC) 0.1 $252k 4.9k 51.84
Nike (NKE) 0.1 $246k 3.3k 75.58
Procter & Gamble Company (PG) 0.1 $242k 3.9k 61.69
Ingersoll-rand Co Ltd-cl A 0.1 $236k 4.9k 48.21
A. O. Smith Corporation (AOS) 0.1 $280k 6.3k 44.35
FedEx Corporation (FDX) 0.0 $219k 2.3k 93.39
International Rectifier Corporation 0.0 $207k 6.3k 33.05
JetBlue Airways Corporation (JBLU) 0.0 $138k 22k 6.26
Fifth Third Ban (FITB) 0.0 $163k 12k 13.88
Trident Microsystems (TRID) 0.0 $160k 139k 1.15
Communications Systems 0.0 $172k 11k 15.41