Ticker	Issuer	Shares	Value	%	Est. Cost	Unrealized	Class	CUSIP
—	AMERCO	249,600	$40.41M	13.2%	$161.90	—	Common	23586100
—	Flotek	840,671	$16.81M	5.5%	$17.94	—	Common	343389102
—	Mannkind	16,270,000	$16.59M	5.4%	$1.09	—	Cv 5.75%	56400PAC6
—	Allstate	327,000	$15.73M	5.1%	$48.12	—	Common	20002101
—	Mannkind	15,005,000	$14.55M	4.8%	$0.97	—	Cv 3.75%	56400PAA0
IBM	IBM	74,100	$13.34M	4.4%	$117.27	-4.9%	Common	459200101
PFE	PFIZER INC	432,000	$12.1M	4.0%	$16.46	-0.6%	Common	717081103
—	MERCK & CO INC	261,500	$11.57M	3.8%	$44.23	—	Common	589331107
ABBV	Abbvie	234,300	$9.685M	3.2%	$26.55	+2.3%	Common	00287Y109
—	Nextera Energy	124,000	$9.632M	3.1%	$77.68	—	Common	302571104
—	Abbott	234,300	$8.172M	2.7%	$34.88	—	Common	2824100
—	XM Sirius	4,000,000	$7.6M	2.5%	$1.90	—	Cv 7%	98375YAU0
—	Endeavor	11,750,000	$7.189M	2.3%	$0.61	—	Cv 5.5%	29257MAD2
—	Unisource Energy	175,000	$7.175M	2.3%	$41.00	—	Common	909205106
—	Titan Wheel	425,000	$7.169M	2.3%	$16.87	—	Common	88830m102
—	Diamond Foods	323,000	$6.702M	2.2%	$20.75	—	Common	252603105
—	Petroquest	203,000	$6.682M	2.2%	$33.00	—	Pfd 6.875%	716748207
—	Calpine	294,849	$6.259M	2.0%	$21.23	—	Common	131347304
—	C&J Energy	300,000	$5.811M	1.9%	$19.37	—	Common	12467B304
RLI	RLI CORP	76,000	$5.807M	1.9%	$11.16	+11.5%	Common	749607107
—	Omega Protein	640,270	$5.749M	1.9%	$8.98	—	Common	68210P107
—	Sandridge Energy	60,000	$5.58M	1.8%	$93.00	—	Pfd 8.5%	80007P604
—	Bunge	75,000	$5.4M	1.8%	$72.00	—	Common	G16962105
—	Intermune	4,500,000	$5.4M	1.8%	$1.11	—	Cv 2.5%	45884XAF0
—	Direct TV	86,500	$5.33M	1.7%	$61.62	—	Common	25490A101
EDAP	EDAP	1,565,494	$4.273M	1.4%	$2.73	—	Common	268311107
—	American Railcar	100,000	$4M	1.3%	$38.37	—	Common	02916P103
—	Viropharma	2,000,000	$4M	1.3%	$1.64	—	Cv 2%	928241AH1
—	Bunge	37,400	$3.8M	1.2%	$101.60	—	Pfd 4.875%	32549322
—	BPZ Resources	3,000,000	$2.478M	0.8%	$0.83	—	Cv 6.5%	055639aa6
—	ELAN CORP PLC	165,900	$2.345M	0.8%	$14.14	—	Common	284131208
—	AES CORP Pfd. C	46,400	$2.32M	0.8%	$50.00	—	Pfd 6.75%	00808N202
—	Integrys Energy	36,094	$2.109M	0.7%	$58.43	—	Common	92931B106
—	GAINSCO INC	240,727	$2.106M	0.7%	$8.75	—	Common	363127200
—	Ashland	25,000	$2.087M	0.7%	$83.48	—	Common	44209104
—	Titan Wheel	1,000,000	$1.9M	0.6%	$1.90	—	Cv 5.625%	888305aa7
—	Supernus	1,500,000	$1.875M	0.6%	$1.25	—	Cv 7.5%	868459AA6
KGC	Kinross	344,848	$1.758M	0.6%	$5.82	-9.1%	Common	496902404
—	INTERNET CAPITAL	153,300	$1.747M	0.6%	$11.40	—	Common	46059C205
—	Intermune	1,500,000	$1.6M	0.5%	$1.07	—	Cv 5.0%	45884XAD5
—	DURECT CORP	1,215,973	$1.276M	0.4%	$1.05	—	Common	266605104
—	Rochester Medical	84,800	$1.249M	0.4%	$14.73	—	Common	771497104
—	Pepco Holding	60,900	$1.156M	0.4%	$18.98	—	Common	713291102
—	Sandridge Energy	182,168	$1.093M	0.4%	$4.76	—	Common	80007P307
—	Agenus	233,515	$885K	0.3%	$3.79	—	Common	00847G705
—	DeCode Genetics	24,787,000	$867K	0.3%	$0.03	—	Cv 3.5%	243586AB0
—	Astrotech	1,070,073	$749K	0.2%	$0.70	—	Common	846243400
—	US Ecology	25,300	$671K	0.2%	$26.52	—	Common	91732J102
XEL	XEL Energy	24,511	$665K	0.2%	$19.76	-3.3%	Common	98389B100
—	Double Eagle	156,919	$615K	0.2%	$3.92	—	Common	258570209
XOM	Exxon	5,184	$435K	0.1%	$53.69	+0.9%	Common	30231G102
XPL	Solitario	254,040	$406K	0.1%	$1.22	-23.0%	Common	8342EP107
—	Midway Games	2,700,000	$381K	0.1%	$0.14	—	Cv 6%	598148AB0
—	Hospira	10,000	$312K	0.1%	$31.20	—	Common	441060100
—	Kellogg	4,436	$237K	0.1%	$38.95	-0.3%	Common	487836108
—	Oscient Pharm Corp	2,499,575	$129K	0.0%	$0.05	—	Cv 12.5%	68812RAD7